Landmark Apartment Trust Inactive 10-K24 Mar 142013 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2013	Mar. 20, 2014	Jun. 30, 2013
Document And Entity Information [Abstract]	'	'	'
Document Type	'10-K	'	'
Amendment Flag	'false	'	'
Document Period End Date	31-Dec-13	'	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'
Entity Registrant Name	'Landmark Apartment Trust of America, Inc.	'	'
Entity Central Index Key	'0001347523	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Entity Filer Category	'Non-accelerated Filer	'	'
Entity Common Stock, Shares Outstanding	'	25,251,833	'
Entity Public Float	'	'	$173

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Real estate investments:	'	'
Operating properties, net	$1,410,513	$725,568
Cash and cash equivalents	4,349	2,447
Accounts receivable	1,085	1,879
Other receivables due from affiliates	2,544	1,613
Restricted cash	29,690	9,889
Goodwill	9,679	'
Real estate and escrow deposits	2,536	529
Investments in unconsolidated entities	11,156	'
Identified intangible assets, net	35,849	7,548
Other assets, net	19,289	5,543
Total assets	1,526,690	755,016
Liabilities:	'	'
Mortgage loan payables, net	838,434	479,494
Unsecured notes payable to affiliates	5,784	'
Unsecured note payable	'	500
Credit facility	145,200	'
Accounts payable and accrued liabilities	31,488	16,054
Other payables due to affiliates	915	183
Acquisition contingent consideration	4,030	'
Security deposits, prepaid rent and other liabilities	6,954	5,970
Total liabilities	1,242,099	549,956
Stockholders' equity:	'	'
Common stock, $0.01 par value; 300,000,000 shares authorized; 25,182,988 and 20,655,646 shares issued and outstanding as of December 31, 2013 and December 31, 2012, respectively	252	207
Additional paid-in capital	224,340	186,546
Accumulated other comprehensive loss, net	-178	-260
Accumulated deficit	-165,216	-125,572
Total stockholders' equity	59,198	60,921
Redeemable non-controlling interests in operating partnership	221,497	144,139
Non-controlling interest partner	3,896	'
Total equity	284,591	205,060
Total liabilities and equity	1,526,690	755,016
Series A Preferred Stock	'	'
Liabilities:	'	'
Cumulative non-convertible redeemable preferred stock	'	38,204
Series B Preferred Stock	'	'
Liabilities:	'	'
Cumulative non-convertible redeemable preferred stock	'	9,551
Series D Preferred Stock	'	'
Liabilities:	'	'
Cumulative non-convertible redeemable preferred stock	$209,294	'

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Statement Of Financial Position [Abstract]	'	'
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	25,182,988	20,655,646
Common stock, shares outstanding	25,182,988	20,655,646

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues:	'	'	'
Rental income	$125,399	$49,822	$35,587
Other property revenues	15,919	6,530	4,424
Management fee income	4,167	2,645	2,865
Reimbursed income	11,504	10,407	11,207
Total revenues	156,989	69,404	54,083
Expenses:	'	'	'
Rental expenses	63,661	25,735	18,223
Property lease expense	2,678	4,208	2,402
Reimbursed expense	11,504	10,407	11,207
General, administrative and other expense	15,791	13,029	8,198
Acquisition-related expenses	13,736	19,894	1,270
Loss from unconsolidated entities	159	'	59
Depreciation and amortization	72,491	17,596	11,109
Impairment loss	'	5,397	390
Total expenses	180,020	96,266	52,858
Other income/(expense):	'	'	'
Interest expense, net	-35,651	-13,369	-10,287
Preferred dividends classified as interest expense	-15,854	-2,023	'
Disposition right income	1,757	'	'
Loss on debt and preferred stock extinguishment	-10,220	'	'
Loss from continuing operations before income tax	-82,999	-42,254	-9,062
Income tax benefit	3,532	'	'
Loss from continuing operations	-79,467	-42,254	-9,062
Income from discontinued operations	10,555	659	116
Net income/loss	-68,912	-41,595	-8,946
Less: Net loss attributable to redeemable non-controlling interest in operating partnership	35,285	6,735	'
Less : Net loss attributable to non-controlling interest partner	1,021	'	'
Net loss attributable to common stockholders	-32,606	-34,860	-8,946
Other comprehensive loss:	'	'	'
Change in cash flow hedges attributable to redeemable non-controlling interests in operating partnership	174	50	'
Change in cash flow hedges	-40	-310	'
Comprehensive loss attributable to common stockholders	($32,472)	($35,120)	($8,946)
Earnings per weighted average common share - basic and diluted:	'	'	'
Loss per common share from continuing operations attributable to common stockholders	($1.66)	($1.75)	($0.46)
Income per common share from discontinued operations	$0.22	$0.03	$0.01
Net loss per common share attributable to common stockholders - basic and diluted	$1.44	($1.72)	($0.45)
Weighted average number of common shares outstanding - basic and diluted	22,689,573	20,244,130	19,812,886
Weighted average number of common units held by non-controlling interests - basic and diluted	23,526,216	3,911,026	'

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total Stockholders' Equity	Redeemable Non - Controlling Interests Operating Partnership	Non - Controlling Interest
In Thousands, except Share data	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total Stockholders' Equity		Non - Controlling Interest
Balance at Dec. 31, 2010	$106,158	$196	$174,704	'	($68,742)	$106,158	'	'
Balance (in Shares) at Dec. 31, 2010	'	19,632,818	'	'	'	'	'	'
Change in cash flow hedges	'	'	'	'	'	'	'	'
Issuance of vested and non vested restricted common stock, Shares	'	4,000	'	'	'	'	'	'
Issuance of vested and nonvested restricted common stock	8	'	8	'	'	8	'	'
Offering costs	-48	'	-48	'	'	-48	'	'
Issuance of common stock to our former advisor (in shares)	'	15,741	'	'	'	'	'	'
Issuance of common stock to our former advisor	141	'	141	'	'	141	'	'
Amortization of deferred compensation and LTIP unit compensation	22	'	22	'	'	22	'	'
Issuance of common stock under the DRIP (in shares)	'	283,394	'	'	'	'	'	'
Issuance of common stock under the DRIP	2,692	3	2,689	'	'	2,692	'	'
Distributions	-6,904	'	'	'	-6,904	-6,904	'	'
Net loss attributable to redeemable non-controlling interests in operating partnership	'	'	'	'	'	'	'	'
Net loss attributable to non-controlling interest partner	'	'	'	'	'	'	'	'
Net loss attributable to common stockholders	-8,946	'	'	'	-8,946	-8,946	'	'
Balance at Dec. 31, 2011	93,123	199	177,516	'	-84,592	93,123	'	'
Balance (in Shares) at Dec. 31, 2011	'	19,935,953	'	'	'	'	'	'
Change in cash flow hedges	-310	'	'	'	'	'	'	'
Unrealized loss on cash flow hedges	-310	'	'	-260	'	-260	-50	'
Issuance of common stock (in shares)	'	482,655	'	'	'	'	'	'
Issuance of common stock	3,934	5	3,929	'	'	3,934	'	'
Issuance of vested and non vested restricted common stock, Shares	'	4,000	'	'	'	'	'	'
Issuance of vested and nonvested restricted common stock	8	'	8	'	'	8	'	'
Offering costs	-7	'	-7	'	'	-7	'	'
Issuance of common stock to our former advisor (in shares)	'	13,992	'	'	'	'	'	'
Issuance of common stock to our former advisor	126	'	126	'	'	126	'	'
Amortization of deferred compensation and LTIP unit compensation	42	'	42	'	'	42	'	'
Issuance of common stock under the DRIP (in shares)	'	219,046	'	'	'	'	'	'
Issuance of common stock under the DRIP	1,951	3	1,948	'	'	1,951	'	'
Issuance of LTIP units	2,984	'	2,984	'	'	2,984	'	'
Distributions	-7,505	'	'	'	-6,120	-6,120	-1,385	'
Issuance of limited partnership units for acquisition of properties	152,309	'	'	'	'	'	152,309	'
Net loss attributable to redeemable non-controlling interests in operating partnership	-6,735	'	'	'	'	'	-6,735	'
Net loss attributable to non-controlling interest partner	'	'	'	'	'	'	'	'
Net loss attributable to common stockholders	-34,860	'	'	'	-34,860	-34,860	'	'
Balance at Dec. 31, 2012	205,060	207	186,546	-260	-125,572	60,921	144,139	'
Balance (in Shares) at Dec. 31, 2012	'	20,655,646	'	'	'	'	'	'
Change in cash flow hedges	-40	'	'	82	'	82	-122	'
Issuance of common stock (in shares)	'	4,294,026	'	'	'	'	'	'
Issuance of common stock	34,996	43	34,953	'	'	34,996	'	'
Issuance of vested and non vested restricted common stock, Shares	'	5,000	'	'	'	'	'	'
Issuance of vested and nonvested restricted common stock	8	'	8	'	'	8	'	'
Offering costs	-367	'	-367	'	'	-367	'	'
Issuance of LTIP units	800	'	800	'	'	800	'	'
Amortization of deferred compensation and LTIP unit compensation	542	'	542	'	'	542	'	'
Issuance of common stock under the DRIP (in shares)	'	228,316	'	'	'	'	'	'
Issuance of common stock under the DRIP	1,860	2	1,858	'	'	1,860	'	'
Distributions	-14,672	'	'	'	-7,038	-7,038	-7,551	-83
Issuance of limited partnership units for acquisition of properties	120,316	'	'	'	'	'	120,316	'
Net loss attributable to redeemable non-controlling interests in operating partnership	-35,285	'	'	'	'	'	-35,285	'
Capital contribution from non-controlling interest partner	5,000	'	'	'	'	'	'	5,000
Net loss attributable to non-controlling interest partner	-1,021	'	'	'	'	'	'	-1,021
Net loss attributable to common stockholders	-32,606	'	'	'	-32,606	-32,606	'	'
Balance at Dec. 31, 2013	$284,591	$252	$224,340	($178)	($165,216)	$59,198	$221,497	$3,896
Balance (in Shares) at Dec. 31, 2013	'	25,182,988	'	'	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES	'	'	'
Net loss	($68,912)	($41,595)	($8,946)
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities:	'	'	'
Depreciation and amortization (including deferred financing costs, debt discount and discontinued operations)	74,685	20,501	14,004
Gain on sale of operating property	-10,034	'	'
Disposition right income	-1,757	'	'
Loss on debt and preferred stock extinguishment	10,220	'	'
Deferred income tax benefit	-3,532	'	'
Accretion expense related to preferred stock	2,566	655	'
Fair value adjustment related to warrant liabilities	-527	-315	'
Fair value adjustment related to derivative liability	-2,400	'	'
Fair value adjustment related to acquisition contingent consideration	-715	'	'
Equity based compensation	1,350	3,160	171
Issuance of redeemable non-controlling interests in operating partnership for services rendered in the acquisition of properties	6,693	'	'
Issuance of common stock for services rendered for the Recapitalization Transaction	'	1,834	'
Bad debt expense	1,323	373	276
Impairment loss	'	5,397	390
Loss from unconsolidated entities	159	'	59
Unconsolidated entity distributions	49	'	'
Changes in operating assets and liabilities:	'	'	'
Increase in operating assets	-9,157	-2,295	-42
Increase/(decrease) in operating liabilities	6,731	2,469	-427
Net cash provided by/(used in) operating activities	6,742	-9,816	5,485
CASH FLOWS FROM INVESTING ACTIVITIES	'	'	'
Acquisition of real estate operating properties, net	-368,455	-62,074	'
Proceeds from the sale of operating properties, net	48,480	'	'
Acquisition of consolidated joint venture, net of cash acquired	'	'	-129
Contributions to unconsolidated entities	'	'	-568
Cash received from property management termination fees	'	173	117
Acquisition of unconsolidated entities	-216	'	'
Capital expenditures	-15,969	-2,671	-1,328
Purchase deposits on real estate acquisitions	-2,007	-529	'
Change in restricted cash- capital replacement reserves	-14,370	-1,479	-167
Net cash used in investing activities	-352,537	-66,580	-2,075
CASH FLOWS FROM FINANCING ACTIVITIES	'	'	'
Proceeds from the issuance of mortgage loan payables	140,759	45,722	'
Payments on mortgage loan payables	-79,110	-1,982	-875
Borrowings on unsecured note payable	'	500	'
Payments on unsecured note payable	'	-7,750	'
Borrowings on credit facility	145,200	'	'
Proceeds from the issuance of common stock	16,752	'	'
Proceeds from the issuance of redeemable preferred stock	219,763	50,000	'
Redemption of preferred stock	-60,000	'	'
Payment of prepayment penalties and deferred financing costs	-22,790	-4,128	'
Security deposits	'	'	43
Payment of offering costs	-367	-7	-58
Distributions paid to common stockholders	-4,878	-4,152	-4,703
Distributions paid to holders of LTIP Units	-195	'	'
Distributions to non-controlling interest partner	-83	'	'
Distributions paid to redeemable non-controlling interests in operating partnership	-7,354	-451	'
Net cash provided by/(used in) financing activities	347,697	77,752	-5,593
NET CHANGE IN CASH AND CASH EQUIVALENTS	1,902	1,356	-2,183
CASH AND CASH EQUIVALENTS - Beginning of period	2,447	1,091	3,274
CASH AND CASH EQUIVALENTS - End of period	4,349	2,447	1,091
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:	'	'	'
State income taxes	242	327	190
Financing Activities:	'	'	'
Mortgage loan payables assumed with the acquisition of properties	321,438	192,712	'
Unsecured notes payable to affiliate	5,284	'	'
Issuance of redeemable non-controlling interests in operating partnership for acquisition of properties and the ELRM Transaction including settlement of contingent consideration	107,184	152,309	'
Issuance of common stock to pay down unsecured note payable to affiliate	5,000	'	'
Issuance of common stock for the acquisition of properties	8,244	2,100	'
Issuance of common stock related to the purchase of 500,000 Class A units in Timbercreek U.S .Multi-Residential (U.S. Holding L.P.	16,752	'	'
Assumption by purchaser of mortgage loan payable on the sale of a property	21,612	'	'
Issuance of common stock under the DRIP	1,860	1,951	2,692
Change in other comprehensive loss	40	310	'
Mortgage Loan Payables	'	'	'
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:	'	'	'
Interest paid	30,915	15,069	12,215
Preferred Stock	'	'	'
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:	'	'	'
Interest paid	14,643	281	'
Redeemable Non - Controlling Interests Operating Partnership	'	'	'
Financing Activities:	'	'	'
Issuance of redeemable non-controlling interest in operating partnership for the investment in unconsolidated entities	6,147	'	'
Issuance of redeemable non-controlling interests in operating partnership due to reinvestment of distribution	300	'	'
Contribution from non-controlling interest partner	5,000	'	'
Distributions declared but not paid	836	934	'
Common Stock	'	'	'
Financing Activities:	'	'	'
Distributions declared but not paid	630	516	508
LTIP Units	'	'	'
Financing Activities:	'	'	'
Distributions declared but not paid	'	9	'
Class A Units	'	'	'
CASH FLOWS FROM FINANCING ACTIVITIES	'	'	'
Proceeds from the issuance of common stock	5,000	'	'
Financing Activities:	'	'	'
Issuance of common stock related to the purchase of 500,000 Class A units in Timbercreek U.S .Multi-Residential (U.S. Holding L.P.	$5,000	'	'

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Dec. 31, 2013
Statement Of Cash Flows [Abstract]	'
Number of Common stock purchased	500,000

Organization_and_Description_o

Organization and Description of Business	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Organization and Description of Business	'
	1	Organization and Description of Business
	Landmark Apartment Trust of America, Inc., a Maryland corporation, was incorporated on December 21, 2005. We conduct substantially all of our operations through Landmark Apartment Trust of America Holdings, LP, or our operating partnership. We are in the business of acquiring, holding and managing a diverse portfolio of quality apartment communities with stable cash flows and growth potential in select metropolitan areas in the Southern United States. We may also acquire and have acquired other real estate-related investments. We focus primarily on investments that produce current income. We are self-administered and self-managed, in that we provide our own investment, administrative and management services internally through our own employees. We have qualified and elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Code, for federal income tax purposes and we intend to continue to be taxed as a REIT.
	Between July 19, 2006 and July 17, 2011, we raised a total of $187.1 million in connection with our continuous offering of shares of our common stock. On February 24, 2011, our board of directors adopted the Second Amended and Restated Distribution Reinvestment Plan, or the DRIP, to be effective as of March 11, 2011. The DRIP is designed to offer our existing stockholders a simple and convenient method of purchasing additional shares of our common stock by reinvesting cash distributions. The DRIP offers up to 10,000,000 shares of our common stock for reinvestment for a maximum offering of up to $95 million. Distributions are reinvested in shares of our common stock at a price equal to the most recently disclosed per share value, as determined by our board of directors. Effective as of August 3, 2012, our board of directors determined that the fair value of our common stock is $8.15 per share. Accordingly, $8.15 is the per share price used for the purchases of shares pursuant to the DRIP until such time as our board of directors provides a new estimate of share value.
	As disclosed previously, on August 3, 2012, we and our operating partnership entered into definitive agreements (the agreements and the transactions thereunder collectively referred to as the Recapitalization Transaction) to acquire a total of 22 properties, which included 21 multifamily apartment communities and one parcel of undeveloped land, or the Contributed Properties, containing an aggregate of 6,079 units. The aggregate consideration for the Contributed Properties consisted generally of common units of limited partnership interests in the operating partnership, cash and assumed mortgage indebtedness. As of December 31, 2013, we had completed the acquisition of 21 of the 22 Contributed Properties.
	As of December 31, 2013, we consolidated 67 apartment communities, including one property held through a consolidated joint venture, and two parcels of undeveloped land with an aggregate of 19,594 apartment units, which had an aggregate gross carrying value of $1.5 billion. We call these properties our consolidated owned properties. We held a non-controlling interest in two apartment communities with an aggregate of 750 apartment units which are accounted for under the equity method. We also consolidate the operations of one apartment community with 236 apartment units owned by unaffiliated third parties and leased by a wholly-owned subsidiary of our company. We also serve as the third-party manager for an additional 33 properties which have an aggregate of 11,829 apartment units of which we have no ownership interest. These properties are managed by ATA Property Management, LLC, or our Property Manager, which also includes Elco Landmark Residential Holdings, LLC’s, or ELRH, an integrated real estate operating company which we acquired in 2013.

	See Note 3, Real Estate Investments — Real Estate Acquisitions, Note 12, Equity — Common Stock, Note 13, Non-Controlling Interest — Redeemable Non-Controlling Interests in Operating Partnership, and Note 15, Business Combinations — 2013 Property Acquisitions, for additional information.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	2	Summary of Significant Accounting Policies
	The summary of significant accounting policies presented below is designed to assist in understanding our consolidated financial statements. Such consolidated financial statements and the accompanying notes thereto are the representations of our management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America, or GAAP, in all material respects, and have been consistently applied in preparing our accompanying consolidated financial statements.
	Certain prior year amounts have been reclassified to conform to the current year presentation due to the breakout of warrant liabilities from our Series A Cumulative Non-Convertible Redeemable Preferred Stock, or our Series A Preferred Stock, and our Series B Cumulative Non-Convertible Redeemable Preferred Stock, or our Series B Preferred Stock, into security deposits, prepaid rent and other liabilities in the consolidated balance sheets, reimbursed revenues and reimbursed expenses related to our Property Manager, and the breakout of impairment loss from depreciation and amortization in the consolidated statements of comprehensive loss.
	Basis of Presentation
	Our accompanying consolidated financial statements include our accounts and those of our operating partnership, the wholly-owned and controlled subsidiaries of our operating partnership. We operate in an umbrella partnership REIT structure in which wholly-owned subsidiaries of our operating partnership own all of our properties we acquire. We are the sole general partner of our operating partnership, and as of December 31, 2013 and 2012 we owned approximately 42.4% and 52.5%, respectively, of the general partnership interest in our operating partnership, and the limited partners owned approximately 57.6% and 47.5%, respectively, of the operating partnership interest. Because we are the sole general partner of our operating partnership and have unilateral control over its management and major operating decisions, the accounts of our operating partnership are consolidated in our consolidated financial statements. All significant intercompany accounts and transactions are eliminated in consolidation.
	Use of Estimates
	The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions.
	Cash and Cash Equivalents
	Cash and cash equivalents consist of all highly liquid investments with a maturity of three months or less when purchased.

	Restricted Cash
	Restricted cash is comprised of security deposits, impound reserve accounts for property taxes, insurance and capital improvements and replacements.
	Revenue Recognition
	We recognize revenue in accordance with ASC Topic 605, Revenue Recognition, or ASC Topic 605, and ASC Topic 840, Leases. ASC Topic 605 requires that all four of the following basic criteria be met before revenue is realized or realizable and earned: (1) there is persuasive evidence that an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the seller’s price to the buyer is fixed and determinable; and (4) collectability is reasonably assured.
	We lease multifamily residential apartments under operating leases and substantially all of our apartment leases are for a term of one year or less. Rental income and other property revenues are recorded when due from tenants and is recognized monthly as it is earned pursuant to the terms of the underlying leases. Other property revenues consist primarily of utility rebillings and administrative, application and other fees charged to tenants, including amounts recorded in connection with early lease terminations. Early lease termination amounts are recognized when received and realized. Expense reimbursements are recognized and presented in accordance with ASC Subtopic 605-45, Revenue Recognition — Principal Agent Considerations, or ASC Subtopic 605-45. ASC Subtopic 605-45 requires that these reimbursements be recorded on a gross basis, as we are generally the primary obligor with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier and have credit risk.
	Management fees are recognized when earned in accordance with each management contract. We receive fees for property management and related services provided to third parties. These fees are recognized in management fee income on the consolidated statements of comprehensive loss. Management fees are based on a percentage of revenues for the month as defined in the related property management agreements. We also pay certain payroll and related costs related to the operations of third party properties that we manage. Under terms of the related management agreements, these costs are reimbursed by the third party property owners and recognized by us as revenue as they are characterized by GAAP as “out of pocket” expenses incurred in the performance of a service. A portion of our management fee income and reimbursed income is received from Timbercreek U.S. Multi-Residential Opportunity Fund # 1, or the Timbercreek Fund, and Elco Landmark Residential Management, LLC, or ELRM, which are affiliated entities.
	Properties Held for Sale
	We account for our properties held for sale in accordance with ASC Topic 360, Property, Plant and Equipment, or ASC Topic 360, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets and requires that, in a period in which a component of an entity either has been disposed of or is classified as held for sale, the statements of operations for current and prior periods shall report the results of operations of the component as discontinued operations. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our consolidated balance sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value.
	In accordance with ASC Topic 360, at such time as a property is held for sale, such property is carried at the lower of (1) its carrying amount or (2) fair value less costs to sell. In addition, a property being held for sale ceases to be depreciated. We classify operating properties as properties held for sale in the period in which all of the following criteria are met:

		•	management, having the authority to approve the action, commits to a plan to sell the asset;

		•	the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets;

		•	an active program to locate a buyer and other actions required to complete the plan to sell the asset has been initiated;

		•	the sale of the asset is probable and the transfer of the asset is expected to qualify for recognition as a completed sale within one year;

		•	the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and

		•	given the actions required to complete the plan to sell the asset, it is unlikely that significant changes to the plan would be made or that the plan would be withdrawn.
	During the year ended December 31, 2013, we disposed of two properties. We did not dispose of any properties during the years ended December 31, 2012 and 2011. As of December 31, 2013 and 2012, we did not have any properties classified as held for sale. For additional information on property disposals, see Note 4, Real Estate Disposition Activities.
	Purchase Price Allocation
	Real Estate Investments
	In accordance with ASC Topic 805, Business Combinations, we, with assistance from independent valuation specialists, allocate the purchase price of acquired properties to tangible and identified intangible assets and liabilities based on their respective fair values. The allocation to tangible assets (building and land) is based upon our determination of the value of the property as if it were to be replaced and vacant using comparable sales, cost data and discounted cash flow models similar to those used by independent appraisers. Allocations are made at the fair market value for furniture, fixtures and equipment on the premises based on a cost approach.
	The value allocable to the above or below market component of the acquired in-place leases is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between: (1) the contractual amounts to be paid pursuant to the lease over its remaining term and (2) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above market leases, if any, would be included in identified intangible assets, net in our accompanying consolidated balance sheets and will be amortized to rental income over the remaining non-cancelable lease term of the acquired leases with each property. The amounts allocated to below market lease values, if any, would be included in security deposits, prepaid rent and other liabilities, net in our accompanying consolidated balance sheets and would be amortized to rental income over the remaining non-cancelable lease term plus below market renewal options, if such renewal options are reasonably assured and deemed bargain renewal options, of the acquired leases with each property.
	The total amount of other intangible assets acquired is further allocated to in-place lease costs and the value of tenant relationships based on management’s evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics considered by us in allocating these values include the nature and extent of the credit quality and expectations of lease renewals, among other factors. The amounts allocated to in-place lease costs are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized to depreciation and amortization expense over the average remaining non-cancelable lease term of the acquired leases. The amounts allocated to the value of tenant relationships are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized to depreciation and amortization expense over the average remaining non-cancelable lease term of the acquired leases.

	The value allocable to above or below market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage at the time of assumption. The amounts allocated to above or below market debt are included in mortgage loan payables, net in our accompanying consolidated balance sheets and are amortized to interest expense over the remaining term of the assumed mortgage.
	These allocations are subject to change based on information received within one year of the purchase related to one or more events identified at the time of purchase which confirm the value of an asset or liability received in an acquisition of property.
	Management Company
	The assets and liabilities of businesses acquired are recorded at their respective fair values as of the acquisition date. We obtained third-party valuations of material intangible assets acquired, including tenant relationships, which were based on management’s inputs and assumptions relating primarily to the expected cash flows. The fair values of the intangible assets acquired are based on the expected discounted cash flows of the identified intangible assets. Costs in excess of the net fair values of assets and liabilities acquired are recorded as goodwill. Finite-lived intangible assets are amortized using a method of amortization consistent with our expected future cash flows in the period in which those assets are expected to be received. We do not amortize indefinite lived intangibles and goodwill.
	We through our Property Manager, acquired the property management business of ELRM and certain of its affiliates on March 14, 2013. Results of operations for the property management business are reflected in our consolidated statements of comprehensive loss for the period subsequent to the acquisition date through December 31, 2013. See Note 15, Business Combinations – ELRM Transaction, for more detailed information.
	Goodwill and Identified Intangible Assets, Net
	Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any non-controlling interests in the acquired business, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill is not amortized, but is tested for impairment on an annual basis or in interim periods if events or circumstances indicate potential impairment.
	We acquired the property management business of ELRM and certain of its affiliates on March 14, 2013, including the in-place workforce, which created approximately $6.8 million of goodwill. We refer to this acquisition as the ELRM Transaction. For the year ended December 31, 2013, we recorded an increase to goodwill of $2.9 million, and a corresponding decrease to acquisition contingent consideration of $600,000, a decrease to identified intangible asset, net of $3.3 million and a decrease of $1 million to deferred liability, net, respectively, as a measurement period adjustment as we obtained the necessary information to quantify the value of intangible assets acquired. Our annual impairment test date was December 31, 2013. No impairment was recorded. As of December 31, 2013 and 2012, we had goodwill of $9.7 and $0 million, respectively, included in our accompanying consolidated balance sheets. For additional information regarding goodwill, see Note 15, Business Combinations.
	Identified intangible assets, net, consists of in-place lease intangibles from property acquisitions; trade name and trademark intangibles and property management contract intangibles from the ELRM Transaction in the first quarter of 2013; and a disposition fee right intangible resulting from the acquisition of the remaining 50% ownership interest in NNN/Mission Residential Holdings, LLC, or NNN/MR Holdings, in the second quarter of 2011. In-place lease intangibles are amortized on a straight-line basis over their respective estimated useful lives and property management contracts are amortized on a basis consistent with estimated cash flows from these intangible assets. Both are evaluated for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. Trade name and trademarks have an indefinite life and are not amortized. Disposition fee right intangibles are not amortized but are realized in the event that any of the leased apartment communities are sold. During December 31, 2013, we purchased three of the four apartment communities and wrote down $1.3 million of our disposition fee right intangible. We did not have any disposition fee right intangible write downs during 2012 and 2011.
	For the year ended December 31, 2012, there was an impairment loss of $5.4 million resulting from the termination of property management contracts of our Property Manager for 33 properties owned by unaffiliated third parties with no future source of income related to such contacts, using a Level 3 fair value measurement. This event triggered an immediate and full impairment of the goodwill in the amount of $3.8 million and of tenant relationship intangibles, net, and an expected termination fee intangible in the amount of $1.6 million.
	Operating Properties, Net
	We carry our operating properties at historical cost less accumulated depreciation. The cost of operating properties includes the cost of land and completed buildings and related improvements. Expenditures that increase the service life of properties are capitalized and the cost of maintenance and repairs is charged to expense as incurred. The cost of building and improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and improvements, ranging primarily from 10 to 40 years. Land improvements are depreciated over the estimated useful lives ranging primarily from five to 15 years. Furniture, fixtures and equipment is depreciated over the estimated useful lives ranging primarily from five to 15 years. When depreciable property is retired, replaced or disposed of, the related costs and accumulated depreciation is removed from the accounts and any gain or loss is reflected in operations.
	An operating property is evaluated for potential impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Impairment losses are recorded on an operating property when indicators of impairment are present and the carrying amount of the asset is greater than the sum of the future undiscounted cash flows expected to result from the use and eventual disposition of the asset. We would recognize an impairment loss to the extent the carrying amount exceeds the fair value of the property. For the years ended December 31, 2013, 2012 and 2011, we recorded no impairment losses to operating properties.
	Fair Value Measurements
	We follow ASC Topic 820, Fair Value Measurements and Disclosures, or ASC Topic 820, to account for the fair value of certain assets and liabilities. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC Topic 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances.
	ASC Topic 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).
	Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, that are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
	Other Assets, Net
	Other assets, net consist primarily of deferred financing costs, prepaid expenses and deposits. Deferred financing costs include amounts paid to lenders and others to obtain financing. Such costs are amortized using the straight-line method over the term of the related loan, which approximates the effective interest rate method. Amortization of deferred financing costs is included in interest expense in our accompanying consolidated statements of comprehensive loss.
	Derivative Financial Instruments
	We utilize derivative financial instruments to manage interest rate risk and generally designate these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our consolidated balance sheets as either an asset or liability and measured quarterly at their fair value. Derivatives that are not designated by us to be a hedge have the change in fair value recorded in interest expense in our accompanying consolidated statements of comprehensive loss. Derivatives that are designated by us to be a hedge have the changes in fair value that are deemed effective reflected in other comprehensive income or loss. The ineffective component of cash flow hedges, if any, is recorded in earnings.
	Other Comprehensive Loss
	Accumulated other comprehensive loss, as reflected in the consolidated statements of equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships.

	Advertising Costs
All advertising costs are expensed as incurred and reported as rental expenses in our accompanying consolidated statements of comprehensive loss. During the years ended December 31, 2013, 2012 and 2011, total advertising expense was $1.7 million, $678,000 and $470,000, respectively.
Stock Compensation
We follow ASC Topic 718, Compensation — Stock Compensation, or ASC Topic 718, to account for our stock compensation pursuant to our 2006 Incentive Award Plan, or the 2006 Award Plan, and the 2012 Other Equity-Based Award Plan, or the 2012 Award Plan. See Note 12, Equity — 2006 Incentive Award Plan and 2012 Other Equity-Based Award Plan, for a further discussion of grants under our 2006 Award Plan and the 2012 Award Plan.
Income Taxes
For federal income tax purposes, we have elected to be taxed as a REIT under Sections 856 through 860 of the Code beginning with our taxable year ended December 31, 2006, and we intend to continue to be taxed as a REIT. To qualify as a REIT for federal income tax purposes, we must meet certain organizational and operational requirements, including a requirement to pay distributions to our stockholders of at least 90% of our annual taxable income, excluding net capital gains. As a REIT, we generally will not be subject to federal income tax on net income that we distribute to our stockholders.
The acquisitions of the Contributed Properties are intended to be treated, in whole or in part, for federal income tax purposes as tax-deferred contributions in exchange for limited partnership units in our operating partnership.
For certain multifamily properties that we have acquired through the issuance of limited partnership units, we have entered into tax protection agreements which are intended to protect the contributing investors against receiving the special allocation of taxable “built-in” gain described above upon a future disposition by the operating partnership of the apartment communities. Under the Code, taxable gain recognized upon a sale of an asset contributed to a partnership must be allocated to the contributing partner in a manner that takes into account the variation between the tax basis and the fair market value of the asset at the time of the contribution
We are subject to state and local income taxes in some jurisdictions, and in certain circumstances we may also be subject to federal excise taxes on undistributed income. In addition, certain of our activities must be conducted by subsidiaries which elect to be treated as taxable REIT subsidiaries, or TRSs. TRSs are subject to both federal and state income taxes. The tax years 2009-2012 remain open to examination by the major taxing jurisdictions to which we are subject. We recognize tax penalties relating to unrecognized tax benefits as additional tax expense. Interest relating to unrecognized tax benefits is recognized as interest expense.
Income taxes are provided for under the asset and liability method and consider differences between the tax and financial accounting bases. The tax effects of these differences are reflected on the balance sheet as deferred income taxes and measured using the effective tax rate expected to be in effect when the differences reverse. ASC Topic 740, Income Taxes, or ASC Topic 740, also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion of the deferred tax assets will not be realized. During the first quarter of 2013, we evaluated the ability to realize our deferred tax asset, which was previously offset by a valuation allowance. Due to a deferred tax liability resulting from the ELRM Transaction, we believe it is more likely than not that our deferred tax asset will be realized.

We follow ASC Topic 740 to recognize, measure, present and disclose in our consolidated financial statements uncertain tax positions that we have taken or expect to take on a tax return. Management has evaluated our income tax positions and concluded that we have no uncertain income tax positions at December 31, 2013 and 2012. We are not currently under audit by any tax jurisdiction.
Equity Method Investments
We use the equity method to account for investments in entities that we do not have a controlling financial interest or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the investee. For an investment accounted for under the equity method, our share of net earnings or losses is reflected as income when earned and distributions are credited against our investment as received.
We continually evaluate our investments in unconsolidated joint ventures when events or changes in circumstances indicate that there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, and the relationships with the other joint venture partners and its lenders. If we believe that the decline in fair value is temporary, no impairment is recorded. If we determine that the decrease in the value of the investment is other than temporary, the amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. The aforementioned factors are taken as a whole by management in determining the valuation of our investment property. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our consolidated financial statements.
Segment Disclosure
ASC Topic 280, Segment Reporting, establishes standards for reporting financial and descriptive information about a public entity’s reportable segments. We have determined that we have one reportable segment, with activities related to investing in and managing apartment communities. Our investments in real estate are geographically diversified and management evaluates operating performance on an individual property level. However, as each of our apartment communities has similar economic characteristics, tenants and products and services, our apartment communities both owned and leased have been aggregated into one reportable segment for the years ended December 31, 2013, 2012 and 2011. The operations of our Property Manager, excluding reimbursed costs, are not material to our consolidated statements of comprehensive loss and therefore, have been aggregated with our apartment communities both owned and leased.
Recently Issued Accounting Pronouncements
In February 2013, FASB issued ASU 2013-02, Other Comprehensive Income (Topic 220), or ASU 2013-02. ASU 2013-02 requires companies to report changes in accumulated other comprehensive income, or AOCI. For significant items reclassified out of AOCI to net income in their entirety, reporting is required about the effect of the reclassifications on the respective line items where net income is presented. Additionally, for items that are not reclassified to net income in their entirety, a cross reference to other disclosures is required in the notes. ASU 2013-02 is effective for interim and fiscal years beginning after December 15, 2012, or the first quarter of 2013 for calendar-year companies. The adoption of ASU 2013-02 has no material impact on our consolidated financial statements.

Real_Estate_Investments

Real Estate Investments	12 Months Ended
Real Estate Investments	Dec. 31, 2013
Real Estate [Abstract]	'
Real Estate Investments	'
	3	Real Estate Investments

	Our investments in our consolidated owned properties, net consisted of the following as of December 31, 2013 and 2012 (in thousands):



			December 31,
			2013				2012
	Land		$	221,595			$	103,159
	Land improvements			118,652				61,242
	Building and improvements(1)			1,129,619				609,241
	Furniture, fixtures and equipment			30,567				17,515

				1,500,433				791,157

	Less: accumulated depreciation			(89,920	)			(65,589	)

			$	1,410,513			$	725,568



	-1	Includes $10.4 million of direct construction costs for our repositioning activities as of December 31, 2013. We anticipate that the repositioning activities related to these apartment communities will be completed during the first half of 2014. There were no direct construction costs for our repositioning activities as of December 31, 2012.

	Depreciation expense for the years ended December 31, 2013, 2012 and 2011 was $35.1 million $13.7 million, and $10.8 million, respectively.



	Real Estate Acquisitions

	During the year ended December 31, 2013, we completed the acquisition of 38 consolidated apartment communities and one parcel of undeveloped land, as set forth below (in thousands, except unit data):



	Property Description		Date		Number				Total
			Acquired		of Units				Purchase
									Price per
									Purchase
									Agreement
	Richmond on the Fairway — Lawrenceville, GA		January 31, 2013			243			$	10,500
	Landmark at Brighton Colony — Charlotte, NC		February 28, 2013			276				30,000
	Landmark at Greenbrooke Commons — Charlotte, NC		February 28, 2013			279				34,000
	Landmark at Mallard Creek — Charlotte, NC		28-Mar-13			240				18,750
	Monterra Pointe — Arlington, TX		29-Mar-13			200				12,088
	Palisades at Bear Creek — Euless, TX		29-Mar-13			120				8,050
	Crestmont Reserve — Dallas, TX		29-Mar-13			242				18,800
	Kensington Station — Bedford, TX		March 29, 2013			238				15,150
	Reserve at River Walk — Columbia, SC		30-Apr-13			220				15,255
	Victoria Park — Charlotte, NC		30-Apr-13			380				20,500
	Landmark at Barton Creek — Austin, TX		28-Jun-13			298				37,500
	Landmark at Monaco Gardens — Charlotte, NC		28-Jun-13			276				20,881
	Grand Terraces — Charlotte, NC		1-Jul-13			240				15,750
	Stanford Reserve — Charlotte, NC		1-Jul-13			310				15,100
	Courtyards on the River — Tampa, FL		1-Jul-13			296				16,250
	Fountain Oaks — Jacksonville, FL		1-Jul-13			160				7,000
	Caveness Farms — Wake Forest, NC		3-Jul-13			288				26,675
	Lexington on the Green — Raleigh, NC		3-Jul-13			384				23,500
	Landmark at Wynton Pointe — Nashville, TN		23-Jul-13			380				32,390
	Landmark at Gleneagles — Dallas, TX		23-Jul-13			590				42,250
	Landmark at Prescott Woods — Austin, TX		23-Jul-13			364				24,300
	Avondale by the Lakes — St. Petersburg, FL		25-Jul-13			304				18,446
	Landmark at Stafford Landing — Ocoee, FL(1)		31-Jul-13			522				34,800
	Landmark at Savoy Square — Clearwater, FL		16-Aug-13			182				10,000
	Landmark at Ocean Breeze — Melbourne, FL		16-Aug-13			224				9,400
Grand Arbor Reserve — Raleigh, NC		20-Aug-13			297				22,750
Landmark at Battleground Park — Greensboro, NC		September 9, 2013			240				14,780
Landmark at Glenview Reserve — Nashville, TN		9-Sep-13			360				22,300
Landmark at Lyncrest Reserve — Nashville, TN		September 20, 2013			260				21,220
Landmark at Preston Wood — Richardson, TX		September 20, 2013			194				12,250
Landmark at Woodland Trace — Casselberry, FL		3-Oct-13			384				26,800
Landmark at Grayson Park — Tampa, FL		3-Oct-13			408				32,000
Collin Creek — Plano, TX		10-Oct-13			314				21,450
Landmark at Lancaster Place — Calera, AL		16-Oct-13			240				17,710
Lancaster Place Land — Calera, AL		16-Oct-13			N/A				290
Landmark at Courtyard Villas — Mesquite, TX		30-Oct-13			256				21,400
Landmark at Sutherland Park — Plano, TX		30-Oct-13			480				33,370
Landmark at Avery Place — Tampa, FL		26-Nov-13			264				18,400
Landmark at Deerfield Glen — Hoover, AL		26-Nov-13			320				23,000

Total Acquired Properties								$	805,055



-1	We own a 60.19% controlling interest in Landmark at Stafford Landing, LLC, the entity that owns the Landmark of Stafford Landing property. The entity is consolidated due to our controlling financial interest in Landmark at Stafford Landing, LLC.

Real_Estate_Disposition_Activi

Real Estate Disposition Activities	12 Months Ended
Real Estate Disposition Activities	Dec. 31, 2013
Discontinued Operations And Disposal Groups [Abstract]	'
Real Estate Disposition Activities	'
	4	Real Estate Disposition Activities

	During the year ended December 31, 2013, we sold two apartment communities with an aggregate of 700 apartment units for a combined purchase price of $71.7 million. We received cash proceeds of $24.5 million net of outstanding mortgage notes payable of $45.6 million secured by the apartment communities and other closing costs and adjustments of $1.5 million. As of the date of disposal, the properties had a net carrying value of $60.2 million.

	The operations have been presented as income from discontinued operations in the accompanying consolidated statements of comprehensive loss. The gain on sale from these properties is classified in income from discontinued operations on the consolidated statements of comprehensive loss.

	Accordingly, certain reclassifications have been made to prior years to reflect discontinued operations consistent with current year presentation.

	The following is a summary of income from discontinued operations for the periods presented (dollars in thousands):



			Year Ended December 31,
			2013			2012			2011
	Rental income		$	3,604		$	7,374		$	6,898
	Other property revenues			584			991			882

	Total revenues			4,188			8,365			7,780
	Rental expenses			(1,583	)		(3,119	)		(3,026	)
	Interest expense, net			(1,057	)		(2,127	)		(2,206	)
	Depreciation and amortization expense			(1,027	)		(2,460	)		(2,432	)

	Total expenses			(3,667	)		(7,706	)		(7,664	)

	Income before net gain on the sale of property			521			659			116
	Net gain on the sale of property			10,034			—			—

	Income from discontinued operations		$	10,555		$	659		$	116
	Less: Net income from discontinued operations attributable to redeemable non-controlling interests in operating partnership			5,486			107			—

	Income from discontinued operations attributable to common stockholders		$	5,069		$	552		$	116


	We had no real estate dispositions for the years ended December 31, 2012 and 2011.

Investments_in_Unconsolidated_

Investments in Unconsolidated Entities

12 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Investments in Unconsolidated Entities

As of December 31, 2013, we held non-controlling interests in the following investments which are accounted for under the equity method (in thousands, except unit data):

Investment Description

Date

Number

Total

Percentage

Acquired

of Units

Investment at

Ownership

December 31,

2013

Landmark at Waverly Place — Melbourne, FL

November 18, 2013

208

1,158

The Fountains — Palm Beach Gardens, FL

December 6, 2013

542

4,998

Timbercreek U.S. Multi-Residential (U.S.) Holding L.P. — 500,000 Class A Units

20-Dec-13

N/A

5,000

7.5

Total investments

11,156

On November 18, 2013, we acquired an interest in the Landmark at Waverly Place property through our joint venture with Elco Landmark at Waverly Place Management LLC. We own a 20% non-controlling interest and our joint venture partner owns an 80% controlling interest in Landmark at Waverly Place, LLC, the entity that owns the Landmark of Waverly Place property. As of November 18, 2013, the difference between the carrying value of our initial investment in Landmark of Waverly Place property and the amount of underlying equity in net assets was $674,500.

On December 6, 2013, we acquired an interest in the Fountains property through our joint venture with Elco Landmark at Garden Square Management, LLC. We own a 20% non-controlling interest and our joint venture partner owns an 80% controlling interest in Landmark at Garden Square, LLC, the entity that owns the Fountains property. As of December 6, 2013, the difference between the carrying value of our initial investment in The Fountains property and the amount of underlying equity in net assets was $2.2 million.

On December 20, 2013, we purchased the 500,000 Class A Units in Timbercreek U.S. Multi-Residential (U.S.) Holding L.P., or Timbercreek, for consideration in the amount of $5 million, therefore, becoming a limited partner in Timbercreek. At December 31, 2013, we owned approximately 7.5% of the limited partnership interest in Timbercreek.

Identified_Intangible_Assets_N

Identified Intangible Assets, Net	12 Months Ended
Identified Intangible Assets, Net	Dec. 31, 2013
Goodwill And Intangible Assets Disclosure [Abstract]	'
Identified Intangible Assets, Net	'
	6	Identified Intangible Assets, Net

	Identified intangible assets, net consisted of the following as of December 31, 2013 and 2012 (in thousands):

			December 31,
			2013		2012(2)
	Disposition fee rights(1)		$	284	$	1,580
	In-place leases, net of accumulated amortization of $39.1 million and $3.9 million as of December 31, 2013 and 2012, respectively (with a weighted average remaining life of 3.6 months and 4.7 months as of December 31, 2013 and 2012, respectively)			16,662		5,968
	Trade name and trade marks (indefinite lives)			200		—
	Property management contracts, net of accumulated amortization of $2.2 million and $0 as of December 31, 2013 and 2012, respectively (with a weighted average remaining life of 165.3 months and 0 months as of December 31, 2013 and 2012, respectively)			18,703		—

			$	35,849	$	7,548



	-1	On March 28, 2013, June 28, 2013 and October 10, 2013, we purchased three apartment communities which were owned by unaffiliated third parties and leased by subsidiaries of NNN/MR Holdings, a wholly owned subsidiary of our company. Pursuant to each master lease, or other operative agreement, between each master tenant subsidiary of NNN/MR Holdings and the respective third-party property owners, NNN/MR Holdings was entitled to a 5% disposition fee of the purchase price in the event that any of the leased properties were sold. We recognized disposition fee right intangibles at the time of our acquisition of NNN/MR Holdings in the aggregate amount of $1.3 million for those three leased properties. Based on the aggregate purchase price we paid for the properties of $61.1 million, the resulting disposition fee due to NNN/MR Holdings was $3.1 million and the consideration paid at acquisition was accordingly reduced by this amount. The excess of the disposition fee over the recorded disposition fee right intangible during the year ended December 31, 2013 was $1.8 million, and was recorded as disposition right income in our consolidated statements of comprehensive loss.


	-2	As of December 31, 2012, there was an impairment loss of $1.6 million of identified intangible assets, resulting from the termination of our property management contracts for 33 multifamily apartment communities owned by unaffiliated third parties during the fourth quarter of 2012. This event triggered an immediate and full impairment of the tenant relationship intangible in the amount of $1.3 million and an expected termination fee intangible totaling $310,000. See Note 2, Summary of Significant Accounting Policies — Goodwill and Identified Intangible Assets, Net, for further discussion.

	As of December 31, 2013 and 2012, we had below market lease intangibles, net, of $870,000 and $0, respectively, which are classified as a liability in security deposits, prepaid rent and other liabilities in our consolidated balance sheets. We amortize our net lease above market intangibles on a straight-line basis as an increase to rental income.

	Amortization expense recorded on the identified intangible assets, net for the years ended December 31, 2013, 2012 and 2011 was $37.4 million, $3.9 million, and $389,000, respectively.

	Estimated amortization expense on the identified intangible assets as of December 31, 2013 is as follows (in thousands):



	Year		Amount
	2014		$	18,821
	2015			3,475
	2016			3,313
	2017			3,169
	2018			1,322
	Thereafter			4,395

	Total		$	34,495

Other_Assets_Net

Other Assets, Net	12 Months Ended
Other Assets, Net	Dec. 31, 2013
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]	'
Other Assets, Net	'
	7	Other Assets, Net

	Other assets, net consisted of the following as of December 31, 2013 and 2012 (in thousands):



			December 31,
			2013		2012
	Deferred financing costs, net of accumulated amortization of $4.4 million and $1.8 million as of December 31, 2013 and 2012, respectively		$	14,513	$	4,509
	Prepaid expenses and deposits			4,298		992
	Fair value of interest rate cap agreements			478		42

			$	19,289	$	5,543


	Amortization expense recorded on the deferred financing costs for the years ended December 31, 2013, 2012 and 2011 was $3.9 million, $686, 000, and $297,000, respectively.

Debt

Debt	12 Months Ended
Debt	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Debt	'
	8	Debt

	Our mortgage loan payables, net, unsecured notes payable to affiliates and variable rate secured credit facility with Bank of America, N.A. and certain other lenders, or the Credit Facility, as of December 31, 2013 and 2012, are summarized below (in thousands):



			December 31,
			2013		2012
	Mortgage loan payables — fixed		$	652,345	$	353,102
	Mortgage loan payables — variable			175,120		116,719

	Total secured fixed and variable rate debt			827,465		469,821
	Premium, net			10,969		9,673

	Total mortgage loan payables, net			838,434		479,494
	Credit Facility			145,200		—

	Total secured fixed and variable rate debt, net		$	983,634	$	479,494

	Unsecured notes payable to affiliates		$	5,784	$	—
	Unsecured note payable			—		500

	Total unsecured notes		$	5,784	$	500


	Scheduled payments and maturities of mortgage loan payables, net, unsecured notes payable to affiliates and the Credit Facility at December 31, 2013 were as follows (in thousands):



	Year		Secured notes		Secured notes		Unsecured notes
	Year		payments(1)		maturities		maturities
	2014		$	13,085	$	—	$	—
	2015			10,721		311,416		500
	2016			9,695		96,792		—
	2017			9,056		99,725		—
	2018			7,216		120,436		5,284
	Thereafter			13,320		281,203		—

			$	63,093	$	909,572	$	5,784



	-1	Secured note payments are comprised of the principal pay downs for mortgage loan payables and the Credit Facility.

	Mortgage Loan Payables, Net

	Mortgage loan payables, net were $838.4 million ($827.5 million, excluding mark to market) and $479.5 million ($469.8 million, excluding mark to market) as of December 31, 2013 and 2012, respectively. As of December 31, 2013, we had 47 fixed rate and ten variable rate mortgage loans with effective interest rates ranging from 2.37% to 6.58% per annum and a weighted average effective interest rate of 4.70% per annum. As of December 31, 2013, we had $663.3 million ($652.3 million, excluding mark to market) of fixed rate debt, or 79.1% of mortgage loan payables, at a weighted average interest rate of 5.18% per annum and $175.1 million of variable rate debt, or 20.9% of mortgage loan payables, at a weighted average effective interest rate of 2.92% per annum. As of December 31, 2012, we had 26 fixed rate and six variable rate mortgage loans with effective interest rates ranging from 2.46% to 6.58% per annum, and a weighted average effective interest rate of 4.66% per annum. As of December 31, 2012, we had $362.7 million ($353.1 million, excluding market to market) of fixed rate debt, or 75.7% of mortgage loan payables, at a weighted average interest rate of 5.21% per annum and $116.7 million of variable rate debt, or 24.3% of mortgage loan payables, at a weighted average effective interest rate of 3.01% per annum.

	We are required by the terms of certain loan documents to meet certain financial covenants, such as minimum net worth and liquidity amounts, and comply with certain financial reporting requirements. As of December 31, 2013 and 2012, we were in compliance with all such requirements. Most of the mortgage loan payables may be prepaid in whole but not in part, subject to prepayment premiums and certain tax protection agreements that we are a party to. As of December 31, 2013, 16 of our mortgage loan payables had monthly interest-only payments, while 41 of our mortgage loan payables as of December 31, 2013 had monthly principal and interest payments.

	Unsecured Notes Payable to Affiliates

	On March 14, 2013, as part of the consideration for the ELRM Transaction, we entered into an unsecured note payable to Elco Landmark Residential Holdings II, or Holdings II, an affiliate of ELRH, in the principal amount of $10 million. On December 20, 2013, we repaid $5 million of the outstanding principal amount on the note by issuing to Holdings II 613,497 shares of restricted common stock. Between May 10, 2013 and September 23, 2013, as part of the earnout consideration in connection with the ELRM Transaction, we also issued to Holdings II unsecured promissory notes in the aggregate principal amount of $284,000. These unsecured notes payable to affiliate mature on the earliest of the fifth anniversary from the applicable date of issuance or the date of our company’s initial public offering on a national securities exchange. Simple interest is payable monthly or can be accrued until maturity at an annual rate of 3% at our option.

	As of December 31, 2013, the outstanding principal amount under the unsecured note payable to Legacy Galleria, LLC, or the Legacy Unsecured Note, was $500,000. The Legacy Unsecured Note was issued as part of the purchase of the Landmark at Magnolia Glen property on October 19, 2012. The Legacy Unsecured Note matures on August 3, 2015. Interest is payable monthly at an annual rate based on a benchmark index from the limited partnership unit distributions dividend rate or 3.68%. On July 31, 2013, Legacy Galleria, LLC became our affiliate. In connection with the joint venture transaction with Legacy at Stafford Landing, LLC, our joint venture partner, the Legacy Unsecured Note was recorded as an unsecured note payable to affiliates in our consolidated balance sheets as of December 31, 2013.

	Credit Facility

	The Credit Facility is in the aggregate maximum principal amount of $130 million and, subject to certain terms and conditions, can be increased by up to an additional $50 million upon approval from the lender and holders of our 8.75% the Series D Cumulative Non-Convertible Preferred Stock, par value $0.01 per share, or our Series D Preferred Stock. The amount available under the Credit Facility is based on the lesser of the following: (i) the aggregate commitments of all lenders and (ii) a percentage of the appraised value for all collateral properties. The credit agreement of the Credit Facility permits multiple term loan draws, which are only available to be drawn for six months following the closing date of the Credit Facility. On October 10, 2013, we exercised our option to increase aggregate borrowings available under the Credit Facility from $130 million to $145.2 million and drew down the amount of $15.2 million to fund the acquisition of one property. As of December 31, 2013, the amount available to be drawn on the incremental facility was $34.8 million and 13 of our properties were pledged as collateral under the Credit Facility. See Note 18, Subsequent Events, for additional information.

	The Credit Facility will mature on March 7, 2015, subject to an extension of the maturity date to March 7, 2016 if certain conditions are satisfied. Pursuant to the terms of the credit agreement, we and certain of our indirect subsidiaries guaranteed all of the obligations of the operating partnership and each other guarantor under the credit agreement and the related loan documents. From time to time, the operating partnership may cause additional subsidiaries to become guarantors under the credit agreement.

	All borrowings under the Credit Facility bear interest at an annual rate equal to, at our option, (i) the highest of (A) the federal funds rate, plus one-half of 1% and a margin that fluctuates based on our debt yield, (B) the rate of interest as publicly announced from time to time by Bank of America, N.A. as its prime rate, plus a margin that fluctuates based on our debt yield or (C) the Eurodollar Rate (as defined in the credit agreement) for a one-month interest period plus 1% and a margin that fluctuates based upon our debt yield or (ii) the Eurodollar Rate (as defined in the credit agreement) plus a margin that fluctuates based upon our debt yield. As of December 31, 2013, our current annual interest rate was 3.15% on principal outstanding of $130 million, which represents the Eurodollar Rate, based on a six month interest period plus a margin of 2.75% and 5% on principal outstanding of $15.2 million, which represents the prime rate plus a margin of 1.75%. We are required by the terms of the Credit Facility to meet certain financial covenants, such as minimum net worth and liquidity amounts, and comply with certain financial reporting requirements. As of December 31, 2013, we were in compliance with all such requirements.

Loss on Debt Extinguishment

The Credit Facility proceeds were used, in part, to refinance existing mortgage loan payables. Certain of the refinanced mortgage loan payables were subject to prepayment penalties and write off of unamortized deferred financing costs that totaled $684,000 during the year ended December 31, 2013.

Preferred_Stock_and_Warrants_t

Preferred Stock and Warrants to Purchase Common Stock	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Preferred Stock and Warrants to Purchase Common Stock	'
	9	Preferred Stock and Warrants to Purchase Common Stock

	Series A Preferred Stock and Series B Preferred Stock

	We previously issued and sold, for cash, 5,000,000 shares of Series A Preferred Stock, at a price of $10.00 per share, and 1,000,000 shares of Series B Preferred Stock, at a price of $10.00 per share. On June 28, 2013, we redeemed all of the issued and outstanding shares of the Series A Preferred Stock and the Series B Preferred Stock using proceeds from our issuance of the Series D Preferred Stock. Accordingly, as of December 31, 2013, no shares of Series A Preferred Stock or Series B Preferred Stock were issued or outstanding. As of December 31, 2012, the aggregate amount in issued shares of the Series A Preferred Stock was $38.2 million, and the aggregate amount in issued shares of the Series B Preferred Stock, was $9.6 million.

	Based on the requirement for redemption for cash, the Series A Preferred Stock and the Series B Preferred Stock were classified as a liability in our consolidated balance sheet as of December 31, 2012. The preferred share liability was accreted through June 28, 2013. For the years ended December 31, 2013 and 2012, we recorded $635,000 and $655,000, respectively, in accretion, which was recorded as interest expense in our consolidated statements of comprehensive loss. No accretion was recorded in interest expense in 2011. We redeemed the Series A Preferred Stock and the Series B Preferred Stock in the amounts of $50 million and $10 million, respectively, and wrote off the remaining unamortized discount in the amount of $1.3 million, which is recorded as loss on debt and preferred stock extinguishments in our consolidated statements of comprehensive loss. Refer to Warrants to Purchase Common Stock below. The Series A Preferred Stock and the Series B Preferred Stock were considered equity securities for federal income tax purposes.

	The Series A Preferred Stock and the Series B Preferred Stock were entitled to a 9.75% annual distribution based on $10.00 per share recorded as preferred dividends classified as interest expense in consolidated statements of comprehensive loss through June 28, 2013. For the years ended December 31, 2013 and 2012, we incurred $2.7 million and $2 million, respectively, in interest expense to holders of the Series A Preferred Stock and Series B Preferred Stock. As of December 31, 2013 and 2012, there were $0 and $1.7 million, respectively, of aggregate accumulated distributions accrued but not paid to holders of the Series A Preferred Stock and the Series B Preferred Stock.

	As of June 28, 2013, in connection with the redemption of the Series A Preferred Stock and the Series B Preferred Stock, we incurred a $9.5 million loss on preferred stock extinguishment consisting of $6.4 million in prepayment penalties, a write off in the amount of $2.5 million in unamortized loan discount and deferred financing costs, and $600,000 in redemption fees, which are recorded in the consolidated statements of comprehensive loss in loss on debt and preferred stock extinguishment.

	Series D Preferred Stock

	As of December 31, 2013, we had issued an aggregate of 20,976,300 shares of Series D Preferred Stock to iStar Apartment Holdings LLC, or iStar, and BREDS II Q Landmark LLC, or BREDS, at $10.00 per share. Holders of the Series D Preferred Stock are entitled to cumulative cash dividends of 14.47% per annum, compounded monthly. A portion of the cumulative cash dividend equal to 8.75% per annum compounded monthly, or the Current Dividend, is payable in cash on the 15^th day of each month while the remaining amount is accrued and must be paid prior to the redemption of the Series D Preferred Stock. The Company, however, may elect to pay up to the full amount of accrued dividends on each dividend payment date. Our failure to pay in full, in cash, any Current Dividend on any applicable payment date will constitute an event of default, which could result in the dividend rate being increased to 19.97% per annum, of which 11% per annum compounded monthly will be due as the Current Dividend on the 15^th of each month. Furthermore, we are restricted, subject to certain exceptions, from declaring or paying any distributions (or setting aside any funds for the payment of distributions) on our common stock at an amount greater than the current distribution rate or redeeming, repurchasing or otherwise acquiring shares of our common stock, in either case, unless full cumulative dividends on the Series D Preferred Stock have been or contemporaneously are declared and paid in full in cash for all past dividend periods. Series D Preferred Stock dividends are recorded as preferred dividends classified as interest expense in consolidated statements of comprehensive loss. For the year ended December 31, 2013, we incurred preferred dividends classified as interest expense of $13.1 million related to Series D Preferred Stock.

	In addition to other preferential rights upon voluntary or involuntary liquidation, dissolution or winding up of our affairs, each holder of Series D Preferred Stock is entitled to receive liquidating distributions in cash in an amount equal to $10.00 per share plus any accrued and unpaid dividends due under the agreement, before any distribution or payment is made to the holders of our common stock upon any voluntary or involuntary liquidation, dissolution or winding up of our affairs.

	We are required to redeem all outstanding shares of Series D Preferred Stock on June 28, 2016, subject to a one year extension, for a cash payment to the holders of the Series D Preferred Stock in an amount per share equal to $10.00 plus any accrued and unpaid dividends due under the agreement. Based on the requirement of redemption for cash, the Series D Preferred Stock is classified as a liability in our consolidated balance sheet as of December 31, 2013. Failure to redeem the Series D Preferred Stock by any mandatory redemption date (as extended) will trigger increases in dividends due under the agreement. If an event of default occurs on our mortgage loan payables, net, the Credit Facility or other indebtedness and is continuing after an applicable cure period, there will then be an event of default on the Series D Preferred Stock.



	In addition, in the event of a triggering event as defined in the Series D Preferred Stock agreement, we are obligated to redeem not less than 50% of the shares of the Series D Preferred Stock then outstanding, at a certain premium. This redemption feature meets the requirements to be accounted for separately as a derivative financial instrument. We measured the fair value of this derivative at the issuance date and recorded a liability for approximately $13.5 million with a corresponding discount recorded to the value of the Series D Preferred Stock. As of December 31, 2013, the fair value of this derivative was $11.1 million. The derivative is recorded at fair value for each reporting period, with changes in fair value being recorded through general, administrative and other expense. For the year ended December 31, 2013, the income was $2.4 million. The Series D Preferred Stock discount is accreted to its face value through the redemption date as interest expense. Interest expense recorded for the accretion of the Series D Preferred Stock discount for the year ended December 31, 2013 was $1.9 million. The Series D Preferred Stock and the derivative are presented together in the consolidated balance sheets as Series D cumulative non-convertible redeemable preferred stock with derivative in the amount of $209.3 million as of December 31, 2013.

	Warrants to Purchase Common Stock

	In connection with the issuances of the Series A Preferred Stock and the Series B Preferred Stock, we issued warrants to purchase an aggregate of $60 million in shares of our common stock at an exercise price per share of common stock equal to: (i) $9.00 if the warrants are being exercised in connection with a “change of control” (as such term is defined in the form of warrant); or (ii) the greater of $9.00 and 80% of the public offering price of our common stock in our first underwritten public offering, in conjunction with which our common stock is listed for trading on the New York Stock Exchange if the warrants are being exercised during the 60-day period following such underwritten public offering. The warrants remained outstanding subsequent to the redemption of the Series A Preferred Stock and the Series B Preferred Stock and will become exercisable at any time and from time to time prior to their expiration following the completion of an underwritten public offering and in connection with a change of control. In general, the August 3, 2012 and February 27, 2013 warrants will immediately expire and cease to be exercisable upon the earliest to occur of: (i) the close of business on the later of August 3, 2015; (ii) the close of business on the date that is 60 days after the completion of the underwritten public offering (or the next succeeding business day); (iii) the consummation of a “Qualified Company Acquisition” (as such term is defined in the form of warrant); and (iv) the cancellation of the warrants by our company, at its option or at the option of the warrant holder, in connection with a change of control (other than a Qualified Company Acquisition).

	We measured the fair value of the warrants as of December 31, 2013 and December 31, 2012 resulting in our recording $1.8 million and $1.9 million, respectively, reflected in security deposits, prepaid rent and other liabilities in our consolidated balance sheets. The warrants are recorded at fair value for each reporting period with changes in fair value being recorded in general, administrative and other expense in the consolidated statements of comprehensive loss. See Note 14, Fair Value of Derivatives and Financial Instruments, for further discussion of our fair valuation on a recurring basis.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2013
Commitments And Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	10	Commitments and Contingencies
	Litigation
	We are not aware of any material pending legal proceedings other than ordinary routine litigation incidental to our business.
	Our general, administrative and other expenses on the consolidated statements of comprehensive loss for the years ended December 31, 2012 and 2011 reflect professional fees of $2.1 million and $1.3 million, respectively, related to litigation in connection with the termination of our proposed purchase of several apartment communities, which the court ruled in our favor and is no longer outstanding. In total, we incurred $3.4 million in fees related to the litigation. We incurred no such expense in the year ended December 31, 2013.
	Environmental Matters
	We follow a policy of monitoring our properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at our properties, we are not currently aware of any environmental liability with respect to our properties that would have a material effect on our consolidated financial position, results of operations or cash flows. Further, we are not aware of any material environmental liability or any unasserted claim or assessment with respect to an environmental liability that we believe would require additional disclosure or the recording of a loss contingency.
	Acquisition Contingent Consideration
	We incurred certain contingent consideration in connection with the ELRM Transaction during the first quarter of 2013. In consideration for the contribution to the operating partnership of ELRH’s economic rights to earn property management fees for managing certain real estate assets, the operating partnership agreed to issue up to $10 million in restricted limited partnership units to ELRH. Additionally, ELRH has the opportunity to earn additional consideration in the form of restricted limited partnership units and a promissory note through a contingent consideration arrangement, which is based on projected fees that we would earn in connection with new property management agreements for properties that may be acquired by ELRH and certain of its affiliates. We recorded an estimated fair value of $6.7 million for this contingent consideration on March 14, 2013, which was recorded in acquisition contingent consideration in our condensed consolidated balance sheets as of March 31, 2013. During the year ended December 31, 2013, this liability was reduced by $2 million for achieving the contingency and by an adjustment to the fair value calculation of $715,000. As of December 31, 2013, we determined that the fair value of the acquisition contingent consideration was $4 million. We issued $1.1 million in restricted limited partnership units and we issued promissory notes in the aggregate principal amount of $284,000 to settle a portion of the achieved contingency. The remaining $568,000 in achieved contingencies is recorded in other payables due to affiliates in our consolidated balance sheets and will be paid 50% in restricted limited partnership units and 50% in promissory notes. The change in fair value of $715,000 is recorded in general, administrative and other expense on our consolidated statements of comprehensive loss. See Note 14, Fair Value of Derivatives and Financial Instruments, for further discussion of our fair valuation on a recurring basis.
	Omnibus Agreement
	On December 31, 2013, we entered into an agreement, or the Omnibus Agreement with ELRH, Elco Holdings Ltd., an Israeli public corporation, or EH, and Elco North America Inc., a Delaware corporation, or ENA. EH is the parent company of ENA. The principal purposes of the Omnibus Agreement and the transactions contemplated thereunder are to (i) enable us to acquire an interest in a total of 26 separate apartment communities from ELRH and certain of its affiliates (10 of which have been acquired as of December 31, 2013, including two apartment communities that we account for under the equity method); and (ii) enable a restructuring transaction of ENA. During January 2014, we acquired ownership or ownership interest in the remaining 16 apartment communities which are further discussed in Note 18, Subsequent Events.

Related_Party_Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	11. Related	Party Transactions

	The transactions listed below cannot be construed to be at arm’s length and the results of our operations may be different than if such transactions were conducted with non-related parties.



	Advisory Agreement with Former Advisor

	From February 2011 until August 3, 2012, we were externally advised by ROC REIT Advisors, LLC, or our Former Advisor, pursuant to an advisory agreement. Our Former Advisor is affiliated with us in that two of our executive officers, Stanley J. Olander, Jr. and Gustav G. Remppies, together own a majority interest in our Former Advisor. The advisory agreement was terminated on August 3, 2012 in connection with our Recapitalization Transaction and no advisory fees have been paid since then.

	As compensation for services rendered in connection with the management of our assets, we paid a monthly asset management fee to our Former Advisor equal to one-twelfth of 0.30% of our average invested assets as of the last day of the immediately preceding quarter. The asset management fee was payable monthly in arrears in cash equal to 0.25% of our average invested assets and in shares of our common stock equal to 0.05% of our average invested assets. For the years ended December 31, 2012 and 2011, we incurred $678,000 and $944,000, respectively, in asset management fees to our Former Advisor, which is included in general, administrative and other expense in our accompanying consolidated statements of comprehensive loss. Included in asset management fees to our Former Advisor are 13,992 and 15,741 shares of common stock valued at $9.00 per share or $126,000 and $141,000, that were issued to our Former Advisor for its services for the years ended December 31, 2012 and 2011, respectively. The advisory agreement also provided for the payment of certain subordinated performance fees upon the termination of the advisory agreement. For each of the years ended December 31, 2012 and 2011, we did not incur or pay any such fees.

	In addition to the compensation paid to our Former Advisor pursuant to the advisory agreement, we paid directly or reimbursed our Former Advisor for all the expenses our Former Advisor paid or incurred in connection with the services provided to us. We reimbursed our Former Advisor $143,000 and $162,000 in operating expenses for the years ended December 31, 2012 and 2011, respectively. Due to the termination of the advisory agreement on August 3, 2012, we do not expect to incur these expenses in the future.

	Lease for Principal Executive Offices

	In connection with our acquisition of the property management business of ELRM, we, through our operating partnership, entered into a lease agreement with Marlu Associates, Ltd., a Florida limited partnership, as the landlord, for office space located in Jupiter, Florida. Marlu Associates, Ltd. is an affiliated entity with Joseph G. Lubeck, our executive chairman. The lease has a term of five years with an aggregate rental of approximately $165,000 over the term of the lease. See Note 15, Business Combinations – ELRM Transaction, for more information on the acquisition of the property management business of ELRM.

	ELRM and Management Support Services Agreement

	In connection with the Recapitalization Transaction, on August 3, 2012, our Property Manager entered into a management support services agreement with ELRM. During the period from January 1, 2013 to March 14, 2013, 16 of the 34 properties we owned had management support services performed by ELRM, while 16 of our other properties had accounting services performed by ELRM. Pursuant to the management support services agreement, ELRM was entitled to receive a fee equal to 3% of the gross receipts for each Contributed Property. ELRM also received a fee equal to 2% of the gross receipts for our other properties. The management support services agreement and the additional accounting services provided by ELRM were terminated in connection with the ELRM Transaction on March 14, 2013; accordingly, we no longer pay the management support services and accounting fees to ELRM. See Note 15, Business Combinations — ELRM Transaction, for more information on the acquisition of the property management business of ELRM.



	Messrs. Lubeck and Salkind, two of our directors, directly or indirectly, owned a pecuniary interest in ELRM. Although at the time the management support services agreement was negotiated Messrs. Lubeck and Salkind were not related parties, we consider these arrangements to be a related party transaction due to the length of time these services were provided to us by ELRM and the consideration we paid ELRM for such services. We incurred approximately $418,000 in both management support services fees and accounting services performed by ELRM for each of the years ended December 31, 2013 and 2012, which are included in general, administrative and other expense in the consolidated statements of comprehensive loss. From January 1, 2013 through March 14, 2013, ELRM performed management support services and accounting services for 32 of our 34 properties. During 2012, ELRM performed management support services and accounting services for 29 of our 31 properties. As of December 31, 2013 and 2012, we had $915,000 and $183,000, respectively, due to our managed properties as part of the normal operations of our Property Manager and due to ELRH, in connection with the ELRM Transaction and management support services performed by ELRM, which were recorded in other payables due to affiliates in our consolidated balance sheets.

	We are also reimbursed between 25% and 100% by ELRH for the salaries we pay to certain of our employees. Amounts reimbursed represent management’s estimate of these employees’ time spent on behalf of ELRH. For the year ended December 31, 2013, we were reimbursed $644,000 by ELRH.

	As of December 31, 2013 and 2012, we had $2.5 million and $1.6 million outstanding, respectively, that were recorded in other receivables due from affiliates. The amounts outstanding represented amounts due from our managed properties as part of the normal operations of our Property Manager and due from ELRH related to the acquisition of certain of the Contributed Properties and the ELRM Transaction.

	Timbercreek U.S. Multi-Residential Opportunity Fund #1

	As part of the ELRM Transaction, we acquired certain property management contracts and the rights to earn property management fees and back-end participation for managing certain real estate assets acquired by Timbercreek U.S. Multi-Residential Opportunity Fund # 1, or the Timbercreek Fund, an Ontario, Canada limited partnership. Also, during the period from the closing date of the ELRM Transaction and ending on the date that is 18 months thereafter, we had a commitment to purchase 500,000 Class A Units in Timbercreek U.S Multi-Residential (U.S.) Holding, L.P., or Timbercreek, in exchange for consideration of $5 million. On December 20, 2013, we purchased the 500,000 Class A Units in Timbercreek for consideration in the amount of $5 million, therefore, becoming a limited partner is Timbercreek. Timbercreek is a limited partner in the Timbercreek Fund. Mr. Lubeck and our chief investment officer, Elizabeth Troung, serve on the Investment Committee of the Timbercreek Fund.

Equity

Equity	12 Months Ended
	Dec. 31, 2013
Equity [Abstract]	'
Equity	'
	12	Equity

	Preferred Stock

	Our charter authorizes us to issue 50,000,000 shares of our preferred stock, par value $0.01 per share. As of December 31, 2013 we had issued and outstanding 20,976,300 shares of Series D Preferred Stock. As of December 31, 2012, we had issued 4,000,000 shares of Series A Preferred Stock and 1,000,000 shares of Series B Preferred Stock and as of March 31, 2013, we had issued an additional 1,000,000 shares of Series A Preferred Stock, all of which were fully redeemed as of December 31, 2013. See Note 9, Preferred Stock and Warrants to Purchase Common Stock.



	Common Stock

	Our charter authorizes us to issue up to 300,000,000 shares of our common stock. As of December 31, 2013 and 2012, we had 25,182,988 and 20,655,646 shares, respectively, of our common stock issued and outstanding.

	The following are the equity transactions for our common stock during the year ended December 31, 2013:


		•		1,011,817 shares of common stock were issued in connection with the acquisition of two properties.


		•		2,055,215 shares of common stock were issued for cash and used in the acquisition of certain properties.


		•		1,226,994 shares of common stock were issued related to the purchase of 500,000 Class A units in Timbercreek U.S. Multi-Residential (U.S) Holding L.P. and for the repayment of $5 million on our $10 million unsecured note payable to affiliate.


		•		228,316 shares of common stock were issued pursuant to the DRIP.


		•		5,000 shares of restricted common stock were issued to our independent directors pursuant to the terms and conditions of the 2006 Award Plan.

	Our distributions are subject to approval by our board of directors. Our common stock distributions for the years ended December 31, 2013, 2012 and 2011 totaled $0.30, $0.30 and $0.35 per share, respectively.

	We report earnings (loss) per share pursuant to ASC Topic 260, Earnings Per Share. Basic earnings (loss) per share attributable for all periods presented are computed by dividing net income (loss) attributable to common shares for the period by the weighted average number of common shares outstanding during the period using the two class method. Diluted earnings (loss) per share is calculated by dividing the net income (loss) attributable to common shares for the period by the weighted average number of common and dilutive securities outstanding during the period. Nonvested shares of our restricted common stock give rise to potentially dilutive shares of our common stock. As of December 31, 2013, 2012 and 2011, there were 7,400, 5,400 shares and 6,600 shares, respectively, of nonvested shares of our restricted common stock outstanding, but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during these periods. The long-term investment plan units, or LTIP Units, could potentially dilute the basis earnings per share in future periods but were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. Further, the warrants were not included in the computation of diluted earnings per share and also would have been anti-dilutive for the periods presented.

	Limited Partnership Units

	As of December 31, 2013 and 2012, we had issued 33,450,957 and 18,688,321 limited partnership units to our non-controlling interest holders, respectively, for a preliminary total consideration of $272.6 million and $152.3 million, respectively, in relation to the acquisition of properties and the ELRM Transaction. In connection with the ELRM Transaction, ELRH and certain of its affiliates can receive up to an additional $5.2 million in limited partnership units based upon the preliminary valuation of these units. The limited partnership units issued as part of the ELRM Transaction are restricted and will vest in equal amounts over a period of five years, subject to certain accelerated vesting and cancellation provisions. See Note 13, Non-Controlling Interest, for additional information on our limited partnership units.

	LTIP Units

	As of December 31, 2013 and, 2012, we had issued 720,322 and 366,120 LTIP Units under the 2012 Award Plan (as defined below), respectively, to certain of our executive officers as incentive compensation. On March 14, 2013, we issued 256,042 restricted LTIP Units, in connection with the ELRM Transaction. The restricted LTIP Units will vest in equal amounts over a period of three years, subject to certain cancellation provisions.



	Second Amended and Restated Distribution Reinvestment Plan

	On February 24, 2011, our board of directors adopted the Second Amended and Restated DRIP, which became effective March 11, 2011. The DRIP, which allows participating stockholders to purchase additional shares of our common stock through the reinvestment of distributions, subject to certain conditions, offers up to 10,000,000 shares of our common stock for reinvestment for a maximum offering of up to $95 million. Pursuant to the DRIP, distributions are reinvested in shares of our common stock at a price equal to the most recently disclosed per share value, as determined by our board of directors. Effective as of August 3, 2012, our board of directors determined that the fair value of a share of our common stock is $8.15 per share. Accordingly, $8.15 is the per share price used for the purchases of shares pursuant to the DRIP until such time as our board of directors provides a new estimate of share value.

	For the years ended December 31, 2013, 2012 and 2011, $1.9 million, $2 million and $2.7 million, respectively, in distributions were reinvested, and 228,316, 219,046 and 283,394 shares of our common stock, respectively, were issued pursuant to the DRIP.

	2006 Incentive Award Plan

	We adopted our 2006 Award Plan, pursuant to which our board of directors or a committee of our independent directors may make grants of options, restricted common stock awards, stock purchase rights, stock appreciation rights or other awards to our independent directors, employees and consultants. The maximum number of shares of our common stock that may be issued pursuant to our 2006 Award Plan is 2,000,000, subject to adjustment under specified circumstances.

	Shares of restricted common stock may not be sold, transferred, exchanged, assigned, pledged, hypothecated or otherwise encumbered. Such restrictions expire upon vesting. Shares of restricted common stock have full voting rights and rights to dividends. For the years ended December 31, 2013, 2012 and 2011, we recognized compensation expense of $31,000, $50,000 and $30,000, respectively, related to the restricted common stock grants ultimately expected to vest, which has been reduced for estimated forfeitures. ASC Topic 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Stock compensation expense is included in general, administrative and other in our accompanying consolidated statements of comprehensive loss.

	As of December 31, 2013 and 2012, there was $54,000 and $44,000, respectively, of total unrecognized compensation expense, net of estimated forfeitures, related to the nonvested shares of our restricted common stock. As of December 31, 2013, this expense is expected to be recognized over a remaining weighted average period of 2.73 years.



	As of December 31, 2013 and 2012, the fair value of the nonvested shares of our restricted common stock was $60,310 and $54,000, respectively, based upon an $8.15 and $10.00 weighted average per share price at grant date, respectively. A summary of the status of the nonvested shares of our restricted common stock as of December 31, 2013 and 2012, and the changes for the years ended December 31, 2013 and 2012, is presented below:



		Restricted			Weighted
		Common			Average Grant
		Stock			Date Fair
					Value
Balance — December 31, 2011			6,600		$	10
Granted			4,000			10
Vested			(5,200	)		10

Balance — December 31, 2012			5,400		$	10

Granted			5,000		$	8.15
Vested			(3,000	)		8.15

Balance — December 31, 2013			7,400			9
Expected to vest — December 31, 2013			7,400		$	8.15


2012 Other Equity-Based Award Plan

In connection with the Recapitalization Transaction, our board of directors adopted the 2012 Award Plan, which is intended to assist our company and its affiliates in recruiting and retaining individuals and other service providers with ability and initiative by enabling such persons or entities to participate in the future success of the Company and its affiliates and to associate their interests with those of the Company and its stockholders. The 2012 Award Plan is also intended to complement the purposes and objectives of the 2006 Award Plan through the grant of “other equity-based awards” under the 2012 Award Plan.

Administration of the 2012 Award Plan. The 2012 Award Plan will be administered by the administrator of our 2006 Award Plan. This summary uses the term “administrator” to refer to our board of directors or the compensation committee of our board of directors, as applicable. The administrator will approve all terms of other equity-based awards under the 2012 Award Plan. The administrator will also approve who will receive other equity-based awards under the 2012 Award Plan and the number of shares of common stock subject to each other equity-based award.

Eligibility. All employees of the Company or any subsidiary of the Company and any member of our board of directors are eligible to participate in the 2012 Award Plan. In addition, any other individual who provides significant services to the Company or a subsidiary of the Company (including any individual who provides services to the Company or a subsidiary of the Company by virtue of employment with, or providing services to, the operating partnership) is eligible to participate in the 2012 Award Plan if the administrator, in its sole discretion, determines that the participation of such individual is in our best interest.

Share Authorization. The maximum aggregate number of shares of the Company’s common stock that may be issued under the 2012 Award Plan, together with the number of shares issued under the 2006 Award Plan, is 2,000,000 shares of common stock.



Reallocation of Shares. If any award or grant under the 2012 Award Plan (including LTIP Units) or the 2006 Award Plan expires, is forfeited or is terminated without having been exercised or is paid in cash without a requirement for the delivery of common stock, then any common stock covered by such lapsed, cancelled, expired, unexercised or cash-settled portion of such award or grant and any forfeited, lapsed, cancelled or expired LTIP Units shall be available for the grant of additional other equity-based awards and other awards under the 2006 Award Plan. Any common stock tendered or withheld to satisfy the grant or exercise price or tax withholding obligation pursuant to any other equity-based award under the 2012 Award Plan will not reduce the number of shares of common stock available under the 2012 Award Plan or the 2006 Award Plan.

Other Equity-Based Awards; LTIP Units. The administrator may grant other equity-based awards under the 2012 Award Plan, including LTIP Units. Other equity-based awards are payable in cash, shares of common stock or other equity, or a combination thereof, as determined by the administrator. The terms and conditions of other equity-based awards are determined by the administrator.

LTIP Units are a special class of partnership interest in the operating partnership. Each LTIP Unit awarded will be deemed equivalent to an award of one share of common stock under the 2012 Award Plan, reducing the aggregate share authorization under the 2012 Award Plan and the 2006 Award Plan on a one-for-one basis (i.e., each such unit shall be treated as an award of common stock). The Company will not receive a tax deduction for the value of any LTIP Units granted to participants. The vesting period and other forfeiture restrictions for any LTIP Units, if any, will be determined at the time of issuance. LTIP Units, whether or not vested, will receive the same periodic per unit distributions as the limited partnership units issued by the operating partnership, which distributions will generally equal per share distributions on shares of the Company’s common stock.

Initially, LTIP Units will not have full parity with the limited partnership units issued by the operating partnership with respect to liquidating distributions. Under the terms of the LTIP Units, the operating partnership will revalue its assets upon the occurrence of certain specified events, and any increase in the operating partnership’s valuation from the time of grant until such event will be allocated first to the holders of LTIP Units to equalize the capital accounts of such holders with the capital accounts of holders of limited partnership units. Upon equalization of the capital accounts of the holders of LTIP Units with the other holders of limited partnership units, the LTIP Units will achieve full parity with the limited partnership units for all purposes, including with respect to liquidating distributions. If such parity is reached, vested LTIP Units may be converted into an equal number of limited partnership units at any time, and thereafter enjoy all the rights of the limited partnership units, including redemption/exchange rights. However, there are circumstances under which such parity would not be reached. Until and unless such parity is reached, the value that a holder of LTIP Units will realize for a given number of vested LTIP Units will be less than the value of an equal number of shares of the Company’s common stock.

Amendment; Duration. Our board of directors may amend or terminate the 2012 Award Plan at any time; provided, however, that no amendment may adversely impair the rights of participants with respect to outstanding other equity-based awards, including holders of LTIP Units. In addition, an amendment will be contingent on approval of the Company’s stockholders if the amendment would materially increase the aggregate number of shares of common stock that may be issued under the 2012 Award Plan together with the number of shares that may be issued under the 2006 Award Plan (except as provided in connection with certain adjustments related to changes in the Company’s capital structure). No other equity-based awards may be granted under the 2012 Award Plan after January 5, 2016, which is the day before the tenth anniversary of the date that the 2006 Award Plan was adopted by our board of directors. Other equity-based awards, including LTIP Units, granted before such date shall remain valid in accordance with their terms.

Non_Controlling_Interests

Non - Controlling Interests	12 Months Ended
	Dec. 31, 2013
Noncontrolling Interest [Abstract]	'
Non - Controlling Interests	'
	13.	Non - Controlling Interests

	Redeemable Non-Controlling Interests in Operating Partnership

	Redeemable non-controlling interests in operating partnership represent the limited partnership interests in our operating partnership held by third party entities. The limited partnership units have the rights and preferences as set forth in our partnership agreement, and may, following a 12-month holding period, become redeemable at the option of the holder, at which time we have the discretion to exchange the limited partnership units for either (i) shares of our common stock on a one-for-one basis or (ii) a cash amount equal to the product of (A) the number of redeemed limited partnership units, multiplied by (B) the “cash amount” (as defined in our partnership agreement). However, if our common stock has not become listed or admitted to trading on any national securities exchange at the time of redemption and we elect to redeem the limited partnership units for cash rather than unrestricted common stock, the cash redemption amount will be $8.15 per redeemed operating partnership unit. These non-controlling interests are recorded as equity in our consolidated balance sheet due to our ability at our sole discretion to redeem limited partnership units for unregistered shares.

	As of December 31, 2013, we had issued 33,450,957 limited partnership units for a total consideration of $272.6 million in relation to the acquisition of apartment communities and the ELRM Transaction. If the limited partnership units were to be redeemed, the total redemption value is $272.6 million as of December 31, 2013.

	For the years ended December 31, 2013 and 2012, distributions paid on these limited partnership units were in the amount of $7.6 million and $451,000, respectively.

	For the years ended December 31, 2013 and 2012, $300,000 and $0, respectively, in distributions were reinvested and 35,738 and 0, respectively, limited partnership units were issued.

	Non-Controlling Interest in Joint Venture

	Non-controlling interest represents interests of our joint venture partner in one consolidated multifamily property acquired in 2013, and is presented as part of equity in the consolidated balance sheets since these interests are not redeemable. As of December 31, 2013, the amount of non-controlling interest was $3.9 million. During the year ended December 31, 2013, net loss attributable to non-controlling interest was $1.0 million.

Fair_Value_of_Derivatives_and_

Fair Value of Derivatives and Financial Instruments	12 Months Ended
Fair Value of Derivatives and Financial Instruments	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Fair Value of Derivatives and Financial Instruments	'
	14. Fair	Value of Derivatives and Financial Instruments

	ASC Topic 825, Financial Instruments, requires disclosure of the fair value of financial instruments, whether or not recognized on the face of the balance sheet. Fair value is defined under ASC Topic 820.

	We consider the carrying values of cash and cash equivalents, accounts receivable, other receivables due from affiliates, restricted cash, real estate and escrow deposits, accounts payable and accrued liabilities, and other payables due to affiliates to approximate fair value for these financial instruments because of the short period of time between origination of the instruments and their expected realization.

	We have entered into interest rate cap agreements which effectively cap the interest rate on five of our variable rate mortgage loans at a weighted cap rate of 3.68%. An interest rate cap involves the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium. As of December 31, 2013, the notional aggregate amount of the interest rate cap agreements was $102.1 million with the latest maturity date being July 1, 2018. We have paid total premiums to date of $676,000 in connection with the execution of the interest rate cap agreements. As of December 31, 2013 and 2012, the interest rate cap agreements were recorded at an aggregate net fair value of $478,000 and $42,000, respectively, and were included in other assets, net, in our consolidated balance sheets. The fair value of our rate cap agreement is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rate rises above the strike rate of the cap and is a Level 2 fair value calculation. These derivatives are not intended by us to be a hedge instrument, and the change in fair value is recorded to interest expense in the consolidated statements of comprehensive loss. For the years ended December 31, 2013, 2012 and 2011, the change in fair value resulted in an increase to interest expense of $142,000, $55,000, and $0, respectively.

	We assess the effectiveness of qualifying cash flow hedges both at inception and on an on-going basis. The fair values of the hedging derivatives and non-designated derivatives that are in an asset position are recorded in other assets, net on the accompanying consolidated balance sheets. The fair value of derivatives that are in a liability position are included in security deposits, prepaid rent and other liabilities on the accompanying consolidated balance sheets.

	We have entered into interest rate swap agreements, or the hedging derivatives, for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. We do not enter into derivative transactions for trading or other speculative purposes. These swaps were transacted to reduce our exposure to fluctuations in interest rates on future debt issuances. The fair value of our swap agreements is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rate rises above or below the strike rate of the future floating rate and is a Level 2 fair value calculation.

	In October 2012, we entered into three interest rate swaps in the aggregate amount of $12.4 million, in connection with which we agreed to pay a fixed rate of interest in exchange for a floating rate of interest at a future date. On March 7, 2013, we paid off the three related mortgage loan payables using borrowings on our Credit Facility and closed the three interest rate swap agreements for an aggregate of $12.4 million.

	On July 31, 2013 and August 16, 2013, we entered into two interest rate swap agreements. We entered into these interest rate swap agreements for the notional amount of $32.1 million, where we have agreed to pay a fixed rate of interest in exchange for a floating rate of interest at a future date.

	We have determined that the interest rate swaps qualify as effective cash flow hedges and we have recorded the effective portion of cumulative changes in the fair value of the hedging derivatives in accumulated other comprehensive loss in the consolidated statements of equity. Amounts recorded in accumulated other comprehensive loss will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow. To adjust the hedging derivatives in qualifying cash flow hedges to their fair value and recognize the impact of hedge accounting, we recorded $(40,000) and $(310,000) in other comprehensive loss for the years ended December 31, 2013 and 2012, respectively. We did not record other comprehensive loss for the year ended December 31, 2011.



	The following table summarizes our derivative arrangements and the consolidated hedging derivatives at December 31, 2013 and December 31, 2012, (in thousands, except interest rates):



			December 31, 2013								December 31, 2012
			Non-				Cash Flow				Non-				Cash Flow
			designated				Hedges				designated				Hedges
			Hedges								Hedges
			Interest				Interest				Interest				Interest
			Rate Caps				Rate Swaps				Rate Caps				Rate Swaps
	Notional balance		$	102,065			$	32,100			$	22,670			$	12,442
	Weighted average interest rate(1)			2.81	%			2.38	%			2.48	%			3.72	%
	Weighted average capped interest rate			3.68	%			N/A				5.45	%			N/A
	Earliest maturity date			15-Mar				20-Jul				17-Aug				19-Oct
	Latest maturity date			18-Jul				20-Aug				17-Aug				19-Oct
	Estimated fair value, asset/(liability)		$	478			$	(350	)		$	42			$	(310	)


	-1	For interest rate caps, this represents the weighted average interest rate on the debt.

	The table below presents our liabilities measured/disclosed at fair value on a recurring basis as of December 31, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):



			Quoted Prices				Significant				Significant				Total Fair Value				Carrying
			in Active				Other				Unobservable				Estimate at				Value at
			Markets for				Observable				Inputs				December 31,				December 31,
			Identical Assets				Inputs				(Level 3)				2013				2013
			(Level 1)				(Level 2)
	Liabilities
	Mortgage loan payables, net(1)		$	—			$	858,658			$	—			$	858,658			$	838,434
	Unsecured notes payable to			—				—				5,784				5,784				5,784
	affiliates(2)			—				—				5,784				5,784				5,784
	Credit Facility(1)			—				145,247				—				145,247				145,200
	Acquisition contingent			—				—				4,030				4,030				4,030
	consideration(3)			—				—				4,030				4,030				4,030
	Warrants(4)			—				—				1,789				1,789				1,789
	Series D preferred stock derivative(5)			—				—				11,100				11,100				11,100

	Liabilities at fair value		$	—			$	1,003,905			$	22,703			$	1,026,608			$	1,006,337



-1	The fair value is estimated using borrowing rates available to us for debt instruments with similar terms and maturities.


-2	The fair value is not determinable due to the related party nature of the unsecured notes payable to affiliates, other than the Legacy Unsecured Note. The fair value of the Legacy Unsecured Note is based on a benchmark index from the limited partnership unit distributions dividend rate; therefore, we consider the fair value of the Legacy Unsecured Note to be equal to the carrying value.


-3	The fair value is based on management’s inputs and assumptions relating primarily to the expected cash flows, and the timing of such cash flows, from the economic rights we acquired in connection with the ELRM Transaction that enables us to earn property management fees and subordinated participation distributions with respect to certain real estate assets.


-4	The fair value of the warrants is estimated using the Monte-Carlo Simulation.


-5	The fair value of the Series D Preferred Stock derivative, which relates to the mandatory redemption of 50% of the Series D Preferred Stock outstanding as of the date of a triggering event as defined in the Series D Preferred Stock agreement for a premium, is determined using a modeling technique based on significant unobservable inputs calculated using a probability-weighted approach. Significant inputs include the expected timing of a triggering event, the expected timing of additional issuances of Series D Preferred Stock, and the discount rate.

The table below presents our liabilities measured/disclosed at fair value on a recurring basis as of December 31, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):



		Quoted Prices				Significant				Significant				Total Fair Value				Carrying
		in Active				Other				Unobservable				Estimate at				Value at
		Markets for				Observable				Inputs				December 31,				December 31,
		Identical Assets				Inputs				(Level 3)				2012				2012
		(Level 1)				(Level 2)
Liabilities
Mortgage loan payables, net(1)		$	—			$	498,824			$	—			$	498,824			$	479,494
Unsecured notes payable(2)			—				—				500				500				500
Warrants(3)			—				—				1,918				1,918				1,918

Liabilities at fair value		$	—			$	498,824			$	2,418			$	501,242			$	481,912



-1	The fair value is estimated using borrowing rates available to us for debt instruments with similar terms and maturities.


-2	The fair value of the Legacy Unsecured Note is based on a benchmark index from the limited partnership unit distributions dividend rate; therefore, we consider the fair value of the Legacy Unsecured Note to be equal to the carrying value.


-3	The fair value of the warrants is estimated using the Monte-Carlo Simulation.

The table below provides a reconciliation of the fair values of acquisition contingent consideration, warrant liability and Series D preferred stock derivative measured on a recurring basis for which the Company has designated as Level 3 (in thousands):



		Acquisition				Warrants				Series D
		Contingent								Preferred
		Consideration								Stock
										Derivative
Balance at December 31, 2012		$	—			$	1,918			$	—
Additions			6,737				398				13,500
Change due to liability realized			(1,992	)			—				—
Changes in fair value(1)			(715	)			(527	)			(2,400	)

Balance at December 31, 2013		$	4,030			$	1,789			$	11,100



-1	Reflected in general, administrative and other expense on the consolidated statements of comprehensive loss for the year ended December 31, 2013.

There were no transfers between Level 1, Level 2 and Level 3 of the fair value hierarchy during the year ended December 31, 2013.

Business_Combinations

Business Combinations	12 Months Ended
Business Combinations	Dec. 31, 2013
Business Combinations [Abstract]	'
Business Combinations	'
	15. Business	Combinations
	2013 Property Acquisitions
	For the year ended December 31, 2013, we completed the acquisition of 38 consolidated apartment communities and one parcel of undeveloped land, including one property held through a consolidated joint venture, adding a total of 11,273 apartment units to our property portfolio. The aggregate purchase price was approximately $805.1 million, plus closing costs and acquisition fees of $12.2 million, which are included in acquisition-related expenses in our accompanying consolidated statements of comprehensive loss. See Note 3, Real Estate Investments — Real Estate Acquisitions, for a listing of the properties acquired and the dates of the acquisitions.
	Results of operations for the property acquisitions are reflected in our consolidated statements of comprehensive loss for the year ended December 31, 2013 for the period subsequent to the acquisition dates. For the period from the acquisition dates through December 31, 2013, we recognized $46.3 million in revenues and $31.8 million in net loss for the newly acquired properties.
	The following table summarizes the fair value of the assets acquired and liabilities assumed at the time of acquisition (dollars in thousands):


			December 31, 2013
	Land		$	127,657
	Land improvements			61,317
	Building and improvements			562,009
	Furniture, fixtures and equipment			13,799
	In-place leases			45,879
	(Above)/below market leases			(3,375	)
	Fair market value of assumed debt			(321,438	)
	Other assets/liabilities, net			(12,943	)

	Total			472,905
	Equity/limited partnership unit consideration			(104,450	)

	Net cash consideration		$	368,455

	In accordance with ASC Topic 805, we allocated the purchase price of the 38 apartment communities and one parcel of undeveloped land to the fair value of assets acquired and liabilities assumed, including allocating to the intangibles associated with the in-place leases, above/below market leases and assumed debt. Certain allocations as of December 31, 2013 are subject to change based on finalization of the value of consideration paid and information to be received related to one or more events at the time of purchase, which confirm the value of an asset acquired or a liability assumed in an acquisition of a property. The purchase price accounting is final with no adjustments for all property acquisitions prior to March 31, 2013.
	2012 Property Acquisitions
	For the year ended December 31, 2012, we completed the acquisition of 16 consolidated apartment communities and an undeveloped parcel of land, adding a total of 5,402 apartment units to our property portfolio. The aggregate purchase price was $432.8 million, plus closing costs and acquisition fees of $1.0 million, which are included in acquisition related expenses in our accompanying consolidated statements of comprehensive loss.

	Results of operations for the property acquisitions are reflected in our consolidated statements of comprehensive loss for the year ended December 31, 2012 for the period subsequent to the acquisition dates. For the period from the acquisition dates through December 31, 2012, we recognized $10.6 million in revenues and $4.1 million in net loss for the newly acquired properties.
	The following table summarizes the fair value of the assets acquired and liabilities assumed at the time of acquisition (in thousands):


			December 31, 2012
	Land		$	57,412
	Land improvements			36,976
	Building and improvements			300,736
	Furniture, fixtures and equipment			5,082
	In-place leases			9,673
	Fair market value of assumed debt			(192,684	)
	Other assets/liabilities, net			(712	)

	Total			216,483
	Equity/limited partnership unit consideration			(154,409	)

	Net cash consideration		$	62,074

	In accordance with ASC Topic 805, we allocated the purchase price of the 16 apartment communities and the undeveloped parcel of land to the fair value of assets acquired and liabilities assumed, including allocating to the intangibles associated with the in-place leases and assumed debt. The purchase price accounting is final with no adjustments since December 31, 2012.
	2011 Property Acquisitions
	There were no property acquisitions in 2011.
	ELRM Transaction
	In connection with the ELRM Transaction, we acquired the property management business of ELRH and certain of its affiliates on March 14, 2013. Results of operations for the property management business are reflected in our consolidated statements of comprehensive loss for the period subsequent to the acquisition date through December 31, 2013. For the period from March 14, 2013 through December 31, 2013, we recognized $4 million in revenues and $53,000 in consolidated net loss before income tax benefit, and transaction related costs of approximately $175,000 were recorded as a component of acquisition-related expenses.

	The purchase price allocation for the ELRM Transaction is subject to certain adjustments for finalization of the value of consideration paid and information to be received related to one or more events at the time of purchase, which confirm the value of an asset acquired or a liability assumed in a business combination. Our purchase price allocation related to the ELRM Transaction is as follows (in thousands):


			Property
			Management
			Business
	Assets:
	Furniture, fixtures and equipment		$	81
	Other assets, net			150
	Identified intangible assets, net(1)(3)			21,070
	Goodwill(2)(3)			9,679

	Total purchase price			30,980
Accounts payable and accrued liabilities			(196	)
Unsecured notes payable to affiliate			(10,000	)
Limited partnership units			(9,839	)
Acquisition contingent consideration			(6,734	)
Deferred tax liability, net			(4,211	)

Cash paid		$	0


-1	Included in identified intangible assets, net on the consolidated balance sheets, as of December 31, 2013.

-2	Included as goodwill on the consolidated balance sheets, as of December 31, 2013. Our annual impairment test date was December 31, 2013. Goodwill reflects the value of ELRM’s assembled work force and the deferred tax liability.

-3	In the third quarter of the year ended December 31, 2013, we recorded an increase to goodwill of $3.3 million and a decrease to identified intangible assets of $3.3 million as a measurement period adjustment as we obtained the necessary information to quantify the value of intangible assets acquired during the quarter. During the fourth quarter of the year ended December 31, 2013 we recorded a decrease of $1 million to goodwill and a decrease of $1 million to deferred tax liability, net.
Pro Forma Financial Data (Unaudited)
Assuming the acquisitions of the 38 consolidated apartment communities and the ELRM Transaction discussed above had occurred on January 1, 2012, pro forma revenues, net loss, net loss attributable to controlling interest and net loss per common share attributable to controlling interest — basic and diluted, would have been as follows for the years ended December 31, 2013 and December 31, 2012 (in thousands, except per share data):


		Year Ended December 31,
		2013				2012
Revenues		$	210,158			$	160,219
Net loss		$	(28,795	)		$	(99,043	)
Net loss attributable to controlling interest		$	(13,829	)		$	(82,998	)
Net loss per common share attributable to controlling interest — basic and diluted		$	(0.61	)		$	(4.10	)
The pro forma results are not necessarily indicative of the operating results that would have been obtained had these transactions occurred at the beginning of the periods presented, nor are they necessarily indicative of future operating results.

Joint Venture Acquisition
On December 31, 2010, we, through ATA-Mission, LLC, a wholly-owned subsidiary of our operating partnership, acquired a 50% ownership interest in NNN/MR Holdings, which serves as a holding company for the master tenants of four apartment communities located in Plano and Garland, Texas and Charlotte, North Carolina, with an aggregate of 1,066 units. As of December 31, 2012, the primary assets of NNN/MR Holdings consisted of four master leases through which the master tenants operated the four apartment communities. We were not previously affiliated with NNN/MR Holdings.
On June 17, 2011, we, through ATA-Mission, LLC, acquired the remaining 50% ownership interest in NNN/MR Holdings for $200,000. Accordingly, as of December 31, 2012, we owned an indirect 100% interest in NNN/MR Holdings and each of its subsidiaries and managed the four properties leased by such subsidiaries.
Prior to and until we purchased the remaining 50% ownership interest in NNN/MR Holdings, we accounted for the then unconsolidated joint venture under the equity method of accounting. We recognized earnings or losses from our investment in the unconsolidated joint venture, consisting of our proportionate share of the net earnings or loss of the joint venture. For the year ended December 31, 2011, we recognized $59,000 in expenses, which are included in loss from unconsolidated joint venture on the accompanying consolidated financial statements as of December 31, 2011. After we purchased the remaining ownership interest in NNN/MR Holdings, and became its sole owner, we consolidated it on our accompanying consolidated financial statements. As part of the acquisition of the remaining 50% ownership interest in NNN/MR Holdings, we re-evaluated the initial 50% ownership interest and recognized a loss of $390,000 on the purchase of the remaining interest, which is included in impairment loss on the accompanying consolidated statements of comprehensive loss.
In connection with the acquisition of the remaining 50% ownership interest in NNN/MR Holdings, we also recognized a disposition fee right intangible of approximately $1.6 million that is included in identified intangible assets, net on the accompanying consolidated balance sheets, and an above market lease obligation of approximately $1.2 million that is included in security deposits, prepaid rent and other liabilities on the accompanying consolidated balance sheets. Pursuant to each master lease, or other operative agreement, between each master tenant subsidiary of NNN/MR Holdings and the respective third-party property owners, NNN/MR Holdings was entitled to a 5% disposition fee of the purchase price in the event that any of the leased properties were sold. On March 28, 2013, June 28, 2013 and October 10, 2013, three of the leased apartment communities were sold to our company. We recognized disposition fee right intangibles at the time of our acquisition in the amount of $1.6 million, of which $1.3 million related to these three apartment communities. Based on the aggregate purchase price we paid for these three apartment communities of $61.1 million, the resulting disposition fee due to NNN/MR Holdings was $3.1 million and the consideration paid at acquisition was accordingly reduced by this amount. The excess of the disposition fee over the recorded disposition fee right intangible during the year ended December 31, 2013 was $1.8 million, and was recorded as disposition right income in our consolidated statements of comprehensive loss.
Results of operations for the joint venture acquisition are reflected in our consolidated statements of comprehensive loss for the year ended December 31, 2011 for the period subsequent to June 17, 2011. For the period from June 17, 2011 through December 31, 2011, we recognized approximately $4.6 million in revenues and $255,000 in net loss related to NNN/MR Holdings.

Income_Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	16. Income	Taxes
	We have qualified and elected to be taxed as a REIT under the Code for federal income tax purposes and we intend to continue to be taxed as a REIT. To qualify as a REIT for federal income tax purposes, we must meet certain organizational and operational requirements, including a requirement to pay distributions to our stockholders of at least 90% of our annual taxable income, excluding net capital gains. As a REIT, we generally will not be subject to federal income tax on net income that we distribute to our stockholders. We are subject to state and local income taxes in some jurisdictions, and in certain circumstances we may also be subject to federal excise taxes on undistributed income. In addition, certain of our activities must be conducted by subsidiaries which elect to be treated as a TRS, which is subject to both federal and state income taxes.
	Our Property Manager is organized as a TRS and accordingly is subject to income taxation. The Property Manager has incurred taxable losses since inception and did not have an income tax provision or benefit prior to December 31, 2013 due to the recording of a full valuation allowance against its deferred tax assets. During the first quarter of 2013, we evaluated the ability to realize our deferred tax asset, which was previously offset by a full valuation allowance. Due to a deferred tax liability resulting from the ELRM Transaction, we determined it is more likely than not that our deferred tax asset will be realized. Accordingly, an income tax benefit of $3.5 million was recognized for the year ended December 31, 2013, which includes a reversal of the prior valuation allowance of $2.7 million.
	The components of deferred tax assets and liabilities are as follows as of December 31, 2013 and 2012 (in thousands).


			December 31,			December 31,
			2013			2012
	Deferred tax assets:
	Goodwill and intangibles		$	1,730		$	1,884
	Acquisition costs			444			468
	Net operating loss			1,340			469
	Other			68			—

	Total deferred tax assets			3,582			2,821

	Less valuation allowance			—			(2,728	)

	Net deferred tax asset		$	3,582		$	93

	Deferred tax liabilities:
	ELRM intangibles		$	(3,587	)	$	—
	Depreciation			(7	)		(5	)
	Prepaids			(423	)		(4	)
	Other			—			(84	)

	Total deferred tax liabilities			(4,017	)		(93	)

	Net deferred tax liability		$	(435	)	$	—

	As of December 31, 2013, we have recorded a net deferred tax liability of $400,000, which is classified in security deposits, prepaid rent and other liabilities in the consolidated balance sheets. Total net operating loss carry forward for federal income tax purposes was approximately $3.6 million as of December 31, 2013. The net operating loss carry forward will expire beginning 2031.


			December 31, 2013			December 31, 2012			December 31, 2011
			Amount			Amount			Amount
	Loss from continuing operations		$	(82,999	)	$	(42,254	)	$	(9,062	)
	Tax effect at statutory rate			(29,050	)		(14,789	)		(3,172	)
	REIT income			15,990			10,253			3,102
	Non-controlling interests			12,496			2,357			—
	Valuation allowance			(2,728	)		2,174			65
	State taxes			(242	)		—			—
	Other			2			5			5

	Total tax benefit		$	(3,532	)	$	—		$	—

Selected_Quarterly_Financial_D

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
Selected Quarterly Financial Data (Unaudited)	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]	'
Selected Quarterly Financial Data (Unaudited)	'
	17	Selected Quarterly Financial Data (Unaudited)
	Set forth below is the unaudited selected quarterly financial data. We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the unaudited selected quarterly financial data when read in conjunction with our consolidated financial statements (in thousands, except share and per share data).


			Quarter Ended
			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
	Revenues(1)		$	53,020		$	44,415		$	34,097		$	25,457
	Expenses(1)			(60,060	)		(56,913	)		(35,791	)		(27,256	)

	Loss from operations(1)			(7,040	)		(12,498	)		(1,694	)		(1,799	)
	Other expense, net(1)			(19,581	)		(15,840	)		(17,281	)		(7,266	)

	Net loss from continuing operations before tax(1)			(26,621	)		(28,338	)		(18,975	)		(9,065	)
	Income tax benefit/(expense)(1)			454			(41	)		286			2,833

	Loss from continuing operations(1)			(26,167	)		(28,379	)		(18,689	)		(6,232	)
	Income from discontinued operations(1)			15			3,471			218			6,851

	Net (loss)/income			(26,152	)		(24,908	)		(18,471	)		619
	Less: Net loss/(income) attributable to redeemable noncontrolling interests in operating partnership			13,803			12,640			9,137			(295	)
	Net loss attributable to non-controlling interest			599			422			—			—

	Net (loss)/income attributable to common stockholders		$	(11,750	)	$	(11,846	)	$	(9,334	)	$	324

	Earnings per weighted average common share — basic and diluted:
	Loss from continuing operations		$	(0.49	)	$	(0.57	)	$	(0.43	)	$	(0.13	)
	Income from discontinued operations(1)			—			0.07			—			0.15

	Net (loss)/income per common share attributable to common stockholders — basic and diluted		$	(0.49	)	$	(0.50	)	$	(0.43	)	$	0.02

	Weighted average number of common shares outstanding — basic and diluted			24,073,724			23,847,912			21,755,583			21,034,949



			Quarter Ended
			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
	Revenues(1)		$	23,964		$	16,267		$	14,622		$	14,551
	Expenses(1)			(33,157	)		(33,478	)		(14,964	)		(14,667	)

	Loss from operations(1)			(9,193	)		(17,211	)		(342	)		(116	)
	Other expense, net(1)			(6,086	)		(4,232	)		(2,537	)		(2,537	)

	Net loss from continuing operations before tax(1)			(15,279	)		(21,443	)		(2,879	)		(2,653	)
	Income tax (expense)/benefit(1)			—			—			—			—

	Net loss from continuing operations(1)			(15,279	)		(21,443	)		(2,879	)		(2,653	)
	Income from discontinued operations(1)			140			203			213			103

	Net loss			(15,139	)		(21,240	)		(2,666	)		(2,550	)
	Less: Net loss attributable to non-controlling interests			6,489			246			—			—

	Net loss attributable to common stockholders		$	(8,650	)	$	(20,994	)	$	(2,666	)	$	(2,550	)

	Earnings per weighted average common share — basic and diluted:
	Loss from continuing operations		$	(0.43	)	$	(1.04	)	$	(0.14	)	$	(0.13	)
	Income from discontinued operations(1)			0.01			0.01			0.01			—

	Net loss per common share attributable to common stockholders — basic and diluted		$	(0.42	)	$	(1.03	)	$	(0.13	)	$	(0.13	)

	Weighted average number of common shares outstanding — basic and diluted			20,634,664			20,331,515			20,030,624			19,974,467


	-1	Amounts for the quarters ended March 31 and June 30, 2013 and 2012, will not equal previously reported results due to reclassification between income from continuing operations and income from discontinued operations.

Subsequent_Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2013
Subsequent Events [Abstract]	'
Subsequent Events	'
	18	Subsequent Events
	Series E Preferred Stock
	On January 7, 2014, our company and the operating partnership entered into a series of definitive agreements which collectively set forth the terms and conditions pursuant to which we agreed to issue and sell for cash to iStar and BREDS, an aggregate of up to $74.0 million in shares of 9.25% Series E Cumulative Non-Convertible Preferred Stock, par value $0.01 per share, or the Series E Preferred Stock, a new series of our preferred stock. We also entered into a Securities Purchase Agreement with the investors, pursuant to which we issued and sold, and iStar purchased, for cash, 933,438 shares of Series E Preferred Stock, at a price of $10.00 per share, for an aggregate of $9.3 million, and BREDS purchased, for cash, 5,866,562 shares of Series E Preferred Stock, at a price of $10.00 per share, for an aggregate of $58.7 million. In addition, during a period of up to six months and subject to certain conditions, we can require the investors to purchase, on the same pro rata basis as their initial purchase of shares of Series E Preferred Stock, up to an aggregate of 600,000 additional shares of Series E Preferred Stock for cash at a price of $10.00 per share, for an aggregate of $6 million. The proceeds from the sale of the Series E Preferred Stock have been or will be used primarily to acquire and renovate additional apartment communities.
	Real Estate Acquisitions
	Subsequent to December 31, 2013, we acquired the following properties (in thousands, except number of units and percentages).


	Property Description(1)		Date Acquired	Number		Total		Encumbrances		Percentage
				of Units		Purchase				Ownership
						Price
	Landmark at Chesterfield — Pineville, NC(2)		January 7, 2014		250	$	19,250	$	10,600		61.2	%
	Landmark at Coventry Pointe — Lawrenceville, GA(2)		7-Jan-14		250		26,250		16,500		61.2	%
	Landmark at Grand Oasis — Suwanee, GA(2)		7-Jan-14		434		45,570		28,200		61.2	%
	Landmark at Rosewood — Dallas, TX(2)		7-Jan-14		232		12,760		7,000		61.2	%
	Lake Village East — Garland, TX(2)(3)		9-Jan-14		329		18,900		9,200		100	%
	Lake Village North — Garland, TX(2)(4)		9-Jan-14		847		60,670		30,200		100	%
	Lake Village West — Garland, TX(2)(5)		9-Jan-14		294		18,900		13,000		100	%
	Landmark at Laurel Heights — Mesquite, TX(2)(6)		9-Jan-14		286		21,160		14,000		100	%
	Landmark at Bella Vista — Duluth, GA(2)		January 15, 2014		564		31,854		—		100	%
	Landmark at Maple Glen — Orange Park, FL(2)		15-Jan-14		358		29,800		14,400		51.1	%
	Landmark at Pine Court — Columbia, SC		23-Jan-14		316		20,300		15,600		100	%
	Landmark at Spring Creek — Garland, TX		6-Feb-14		236		10,300		7,800		92.6	%

	-1	We have not completed the purchase accounting for these properties.
	-2	Included in the Omnibus Agreement.
	-3	Includes Lakeshore Lakeview Apartments, Lakeway Harbor Apartments and Lakeway Point Apartments. We consolidated these into one property called Lake Village East.
	-4	Includes Lakeway 36 Apartments, Lakeway Place Apartments, Lakeway Trace Apartments and Lakeway Meadows Apartments. We consolidated these into one property called Lake Village North.
	-5	Includes Lakeway Colony Apartments.
	-6	Includes Windridge Apartments and Highlands at Galloway Apartments. We consolidated these into one property called Landmark at Laurel Heights.
	Credit Facility Increase
	On January 15, 2014, we exercised our option to increase the aggregate borrowings available under the Credit Facility from $145.2 million to $165.9 million and drew down the amount of $20.7 million to fund the acquisition of the Bella Vista Property. Additionally, we and the other loan parties entered into a Fourth Amendment and Waiver to the Credit Agreement.
	Bank Hapoalim Line of Credit
	On January 22, 2014, we entered into an agreement with Bank Hapoalim to extend to us a revolving line of credit in the aggregate principal amount of up to $10 million to be used for working capital and general corporate uses. Our revolving line of credit will mature due on January 22, 2015, subject to an extension of the maturity date to January 22, 2016 if certain conditions are satisfied and we have pledged $1.5 million in cash and equity interest in certain of our subsidiaries as collateral. Our revolving line of credit bears an annual interest rate equal to the Eurodollar Rate plus a 3.00% margin.

REAL_ESTATE_OPERATING_PROPERTI

REAL ESTATE OPERATING PROPERTIES AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2013
Real Estate And Accumulated Depreciation Disclosure [Abstract]	'
REAL ESTATE OPERATING PROPERTIES AND ACCUMULATED DEPRECIATION	'

	LANDMARK APARTMENT TRUST OF AMERICA, INC.

	SCHEDULE III — REAL ESTATE OPERATING PROPERTIES AND

	ACCUMULATED DEPRECIATION

	(in thousands)

	December 31, 2013



						Initial Cost to Company									Gross Amount at Which Carried at
						Initial Cost to Company									Close of Period
			Encumbrances			Land			Building,			Cost Capitalized			Land			Building,			Total(2)			Accumulated			Date of		Date
									Improvements			Subsequent to						Improvements						Depreciation(2)(4)			Construction		Acquired
									and			Acquisition(1)						and
									Fixtures									Fixtures
	Towne Crossing Apartments		$	13,622		$	2,041		$	19,079		$	589		$	2,041		$	19,668		$	21,709		$	(5,082	)		2004		8/29/07
	Villas of El Dorado			13,600			1,622			16,741			788			1,622			17,529			19,151			(4,575	)		2002		11/2/07
	Bella Ruscello Luxury Apartment Homes			12,640			1,620			15,510			497			1,620			16,007			17,627			(2,391	)		2008		3/24/10
	Mission Rock Ridge Apartments			13,633			2,201			17,364			171			2,201			17,535			19,736			(2,409	)		2003		9/30/10
	Landmark at Ridgewood Preserve			—			1,289			6,449			112			1,289			6,561			7,850			(376	)		1979		10/22/12
	Landmark at Heritage Fields			—			1,683			9,734			117			1,683			9,851			11,534			(520	)		1979		10/22/12
	Manchester Park			—			1,104			3,820			117			1,104			3,937			5,041			(209	)		1983		10/22/12
	Monterra Pointe			—			1,541			10,225			26			1,541			10,251			11,792			(316	)		1984		3/29/13
	Kensington Station			—			1,864			12,946			122			1,864			13,068			14,932			(362	)		1983		3/29/13
	Crestmont Reserve			—			2,274			15,928			100			2,274			16,028			18,302			(440	)		1989		3/29/13
	Palisades at Bear Creek			—			1,814			6,069			79			1,814			6,148			7,962			(201	)		1984		3/29/13
	Landmark at Gleneagles			26,374			7,249			32,631			1,680			7,249			34,311			41,560			(547	)		1986		7/23/13
	Landmark at Preston Wood			8,024			1,765			10,132			413			1,765			10,545			12,310			(94	)		1979		9/20/13
	Collin Creek			—			4,439			17,011			322			4,439			17,333			21,772			(109	)		1988		10/9/13
	Landmark at Courtyard Villas			13,979			3,355			16,744			193			3,355			16,937			20,292			(110	)		1999		10/30/13
	Landmark at Sutherland Park			21,744			5,872			25,210			354			5,872			25,564			31,436			(158	)		1981		10/30/13
	Dallas, TX			123,616			41,733			235,593			5,680			41,733			241,273			283,006			(17,899	)
	Milana Reserve Apartments			10,201			3,605			14,828			136			3,605			14,964			18,569			(700	)		1985		10/1/12
	Lofton Meadows Apartments			7,416			2,187			8,730			95			2,187			8,825			11,012			(509	)		1986		10/10/12
	Landmark at Grand Palms			20,538			10,985			30,309			188			10,985			30,497			41,482			(1,556	)		1988		10/31/12
	Courtyards on the River			11,730			2,607			12,356			296			2,607			12,652			15,259			(305	)		1972		7/1/13
	Avondale by the Lakes			11,884			3,298			14,298			121			3,298			14,419			17,717			(247	)		1973		7/25/13
	Landmark at Savoy Square			6,842			1,797			7,769			71			1,797			7,840			9,637			(120	)		1970		8/16/13
	Landmark at Grayson Park			15,840			4,802			25,424			51			4,802			25,475			30,277			(213	)		1988		10/3/13
	Landmark at Avery Place			9,077			3,257			14,362			14			3,257			14,376			17,633			(51	)		1981		11/26/13
	Tampa, FL			93,528			32,538			128,076			972			32,538			129,048			161,586			(3,701	)
	Residences at Braemar			8,629			1,564			13,718			308			1,564			14,026			15,590			(3,484	)		2005		6/29/07
	Landmark at Brighton Colony			24,105			2,869			26,128			76			2,869			26,204			29,073			(693	)		2008/2012		2/28/13
	Landmark at Greenbrooke Commons			25,179			3,824			28,529			80			3,824			28,609			32,433			(738	)		2005/2008		2/28/13
	Landmark at Mallard Creek			14,065			2,591			16,120			407			2,591			16,527			19,118			(481	)		1999		3/28/13
	Victoria Park			—			4,730			14,612			117			4,730			14,729			19,459			(416	)		1990		4/30/13
	Landmark at Monaco Gardens			14,600			2,963			17,917			512			2,963			18,429			21,392			(407	)		1990		6/28/13
	Grand Terraces			—			2,130			12,934			60			2,130			12,994			15,124			(255	)		1999/2002		7/1/13
	Stanford Reserve			11,519			2,546			11,541			310			2,546			11,851			14,397			(262	)		1984		7/1/13
	Charlotte, NC			98,097			23,217			141,499			1,870			23,217			143,369			166,586			(6,736	)
	Creekside Crossing			17,000			5,233			20,699			283			5,233			20,982			26,215			(4,520	)		2003		6/26/08
	Kedron Village			—			4,057			26,144			418			4,057			26,562			30,619			(6,058	)		2001		6/27/08
	Landmark at Creekside Grand			27,119			4,127			48,455			110			4,127			48,565			52,692			(2,220	)		2005		10/4/12
	Parkway Grand			19,370			6,142			22,803			121			6,142			22,924			29,066			(1,035	)		2002		11/8/12
	Richmond on the Fairway			8,142			2,699			7,455			1,373			2,699			8,828			11,527			(262	)		1977		1/31/13
	Atlanta, GA			71,631			22,258			125,556			2,305			22,258			127,861			150,119			(14,095	)
	Landmark at Magnolia Glen			35,224			1,351			70,442			764			1,351			71,206			72,557			(3,765	)		1996		10/19/12
	Landmark at Lancaster Place			10,540			484			16,425			12			484			16,437			16,921			(98	)		2006		10/16/13
	Landmark at Deerfield Glen			13,200			2,564			18,903			9			2,564			18,912			21,476			(64	)		1972		11/26/13
Birmingham, AL			58,964			4,399			105,770			785			4,399			106,555			110,954			(3,927	)
Arboleda Apartments			16,746			4,051			25,928			344			4,051			26,272			30,323			(5,097	)		2007		3/31/08
Landmark at Barton Creek			26,018			10,201			25,718			861			10,201			26,579			36,780			(558	)		1980		6/28/13
Landmark at Prescott Woods			14,976			7,449			15,828			852			7,449			16,680			24,129			(260	)		1986		7/23/13
Austin, TX			57,740			21,701			67,474			2,057			21,701			69,531			91,232			(5,915	)
Esplanade Apartments			8,849			1,079			14,566			287			1,079			14,853			15,932			(738	)		2008		9/14/12
Landmark at Stafford Landing			26,100			5,971			25,883			1,875			5,971			27,758			33,729			(405	)		1997/1999		7/31/13
Landmark at Woodland Trace			14,757			3,009			20,889			42			3,009			20,931			23,940			(159	)		1988/2005		10/3/13
Orlando, FL			49,706			10,059			61,338			2,204			10,059			63,542			73,601			(1,302	)
Landmark at Wynton Pointe			19,498			5,653			25,654			429			5,653			26,083			31,736			(391	)		1989		7/23/13
Landmark at Glenview Reserve			14,189			2,856			17,828			535			2,856			18,363			21,219			(150	)		1988/1989		9/9/13
Landmark at Lyncrest Reserve			14,447			3,680			16,922			288			3,680			17,210			20,890			(138	)		1984/1985		9/20/13
Nashville, TN			48,134			12,189			60,404			1,252			12,189			61,656			73,845			(679	)
Lexington on the Green			18,212			3,418			18,385			199			3,418			18,584			22,002			(384	)		1979		7/3/13
Caveness Farms			21,947			2,896			22,386			47			2,896			22,433			25,329			(460	)		1998		7/3/13
Grand Arbor Reserve			16,926			3,036			18,061			68			3,036			18,129			21,165			(258	)		1968		8/20/13
Raleigh, NC			57,085			9,350			58,832			314			9,350			59,146			68,496			(1,102	)
Walker Ranch Apartment Homes			20,000			3,025			28,273			377			3,025			28,650			31,675			(7,627	)		2004		10/31/06
Hidden Lake Apartment Homes			19,218			3,031			29,540			730			3,031			30,270			33,301			(6,545	)		2004		12/28/06
San Antonio, TX			39,218			6,056			57,813			1,107			6,056			58,920			64,976			(14,172	)
Grand Isles at Baymeadows			—			6,189			25,407			129			6,189			25,536			31,725			(1,145	)		1988		11/8/12
Fountain Oaks			5,400			803			5,754			235			803			5,989			6,792			(171	)		1987		7/1/13
Jacksonville, FL			5,400			6,992			31,161			364			6,992			31,525			38,517			(1,316	)
Park at Northgate			10,295			1,870			14,958			622			1,870			15,580			17,450			(4,299	)		2002		6/12/07
Landmark at Emerson Park			22,670			3,802			26,032			190			3,802			26,222			30,024			(1,293	)		2008		8/30/12
Houston, TX			32,965			5,672			40,990			812			5,672			41,802			47,474			(5,592	)
Landmark at Grand Meadows			6,100			2,101			9,022			151			2,101			9,173			11,274			(528	)		1974		10/11/12
Landmark at Ocean Breeze			6,000			1,124			7,132			20			1,124			7,152			8,276			(120	)		1985		8/16/13
Melbourne, FL			12,100			3,225			16,154			171			3,225			16,325			19,550			(648	)
Reserve at Mill Landing			12,615			2,042			20,994			229			2,042			21,223			23,265			(1,125	)		2000		11/6/12
Reserve at River Walk			—			2,262			12,392			62			2,262			12,454			14,716			(327	)		1992		4/30/13
Columbia, SC			12,615			4,304			33,386			291			4,304			33,677			37,981			(1,452	)
The Heights at Olde Towne			10,359			2,513			14,957			742			2,513			15,699			18,212			(3,248	)		1972		12/21/07
The Myrtles at Olde Towne			19,878			3,698			33,319			425			3,698			33,744			37,442			(6,402	)		2004		12/21/07
Overlook At Daytona			16,420			4,986			17,071			230			4,986			17,301			22,287			(772	)		1961		8/28/12
Bay Breeze Villas — Cape Coral			9,375			2,640			14,132			182			2,640			14,314			16,954			(757	)		2000		8/30/12
Landmark at Battleground Park			10,634			1,675			12,624			452			1,675			13,076			14,751			(103	)		1990		9/9/13
Other			66,666			15,512			92,103			2,031			15,512			94,134			109,646			(11,282	)
Seabreeze Daytona Undeveloped Land			—			2,100			—			—			2,100			—			2,100			—			—		8/28/12
Lancaster Place Undeveloped Land			—			290			—			—			290			—			290			—			—		10/16/13
Corporate			—			—			—			474			—			474			474			(102	)		—		11/5/10
Total		$	827,465		$	221,595		$	1,256,149		$	22,689		$	221,595		$	1,278,838		$	1,500,433	(3)	$	(89,920	)
-1	The cost capitalized subsequent to acquisition is net of dispositions.


-2	The changes in total real estate and accumulated depreciation for the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands):



		Total Real Estate			Accumulated Depreciation
Balance as of December 31, 2010		$	386,972		$	36,302
Additions			1,328			13,152
Dispositions			(19	)		(19	)

Balance as of December 31, 2011		$	388,281		$	49,435
Acquisitions			400,206			—
Additions			2,670			16,154
Dispositions			—			—

Balance as of December 31, 2012		$	791,157		$	65,589
Acquisitions			764,782			—
Additions			16,961			36,597
Dispositions			(72,467	)		(12,266	)

Balance as of December 31, 2013		$	1,500,433		$	89,920



-3	The aggregate cost of our real estate for federal income tax purposes is estimated to be $1.1 billion.


-4	The cost of building and improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and improvements, ranging primarily from 10 to 40 years. Land improvements are depreciated over the estimated useful lives ranging primarily from five to 15 years. Furniture, fixtures and equipment is depreciated over the estimated useful lives ranging primarily from five to 15 years.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Basis of Presentation	'

	Basis of Presentation

	Our accompanying consolidated financial statements include our accounts and those of our operating partnership, the wholly-owned and controlled subsidiaries of our operating partnership. We operate in an umbrella partnership REIT structure in which wholly-owned subsidiaries of our operating partnership own all of our properties we acquire. We are the sole general partner of our operating partnership, and as of December 31, 2013 and 2012 we owned approximately 42.4% and 52.5%, respectively, of the general partnership interest in our operating partnership, and the limited partners owned approximately 57.6% and 47.5%, respectively, of the operating partnership interest. Because we are the sole general partner of our operating partnership and have unilateral control over its management and major operating decisions, the accounts of our operating partnership are consolidated in our consolidated financial statements. All significant intercompany accounts and transactions are eliminated in consolidation.
Use of Estimates	'

	Use of Estimates

	The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions.
Cash and Cash Equivalents	'

	Cash and Cash Equivalents

	Cash and cash equivalents consist of all highly liquid investments with a maturity of three months or less when purchased.
Restricted Cash	'

	Restricted Cash

	Restricted cash is comprised of security deposits, impound reserve accounts for property taxes, insurance and capital improvements and replacements.
Revenue Recognition	'

	Revenue Recognition

	We recognize revenue in accordance with ASC Topic 605, Revenue Recognition, or ASC Topic 605, and ASC Topic 840, Leases. ASC Topic 605 requires that all four of the following basic criteria be met before revenue is realized or realizable and earned: (1) there is persuasive evidence that an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the seller’s price to the buyer is fixed and determinable; and (4) collectability is reasonably assured.

	We lease multifamily residential apartments under operating leases and substantially all of our apartment leases are for a term of one year or less. Rental income and other property revenues are recorded when due from tenants and is recognized monthly as it is earned pursuant to the terms of the underlying leases. Other property revenues consist primarily of utility rebillings and administrative, application and other fees charged to tenants, including amounts recorded in connection with early lease terminations. Early lease termination amounts are recognized when received and realized. Expense reimbursements are recognized and presented in accordance with ASC Subtopic 605-45, Revenue Recognition — Principal Agent Considerations, or ASC Subtopic 605-45. ASC Subtopic 605-45 requires that these reimbursements be recorded on a gross basis, as we are generally the primary obligor with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier and have credit risk.

	Management fees are recognized when earned in accordance with each management contract. We receive fees for property management and related services provided to third parties. These fees are recognized in management fee income on the consolidated statements of comprehensive loss. Management fees are based on a percentage of revenues for the month as defined in the related property management agreements. We also pay certain payroll and related costs related to the operations of third party properties that we manage. Under terms of the related management agreements, these costs are reimbursed by the third party property owners and recognized by us as revenue as they are characterized by GAAP as “out of pocket” expenses incurred in the performance of a service. A portion of our management fee income and reimbursed income is received from Timbercreek U.S. Multi-Residential Opportunity Fund # 1, or the Timbercreek Fund, and Elco Landmark Residential Management, LLC, or ELRM, which are affiliated entities.
Properties Held for Sale	'
	Properties Held for Sale
	We account for our properties held for sale in accordance with ASC Topic 360, Property, Plant and Equipment, or ASC Topic 360, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets and requires that, in a period in which a component of an entity either has been disposed of or is classified as held for sale, the statements of operations for current and prior periods shall report the results of operations of the component as discontinued operations. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our consolidated balance sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value.
	In accordance with ASC Topic 360, at such time as a property is held for sale, such property is carried at the lower of (1) its carrying amount or (2) fair value less costs to sell. In addition, a property being held for sale ceases to be depreciated. We classify operating properties as properties held for sale in the period in which all of the following criteria are met:

		•	management, having the authority to approve the action, commits to a plan to sell the asset;

		•	the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets;

		•	an active program to locate a buyer and other actions required to complete the plan to sell the asset has been initiated;

		•	the sale of the asset is probable and the transfer of the asset is expected to qualify for recognition as a completed sale within one year;

		•	the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and

		•	given the actions required to complete the plan to sell the asset, it is unlikely that significant changes to the plan would be made or that the plan would be withdrawn.
	During the year ended December 31, 2013, we disposed of two properties. We did not dispose of any properties during the years ended December 31, 2012 and 2011. As of December 31, 2013 and 2012, we did not have any properties classified as held for sale. For additional information on property disposals, see Note 4, Real Estate Disposition Activities.
Purchase Price Allocation	'
	Purchase Price Allocation
	Real Estate Investments
	In accordance with ASC Topic 805, Business Combinations, we, with assistance from independent valuation specialists, allocate the purchase price of acquired properties to tangible and identified intangible assets and liabilities based on their respective fair values. The allocation to tangible assets (building and land) is based upon our determination of the value of the property as if it were to be replaced and vacant using comparable sales, cost data and discounted cash flow models similar to those used by independent appraisers. Allocations are made at the fair market value for furniture, fixtures and equipment on the premises based on a cost approach.
	The value allocable to the above or below market component of the acquired in-place leases is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between: (1) the contractual amounts to be paid pursuant to the lease over its remaining term and (2) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above market leases, if any, would be included in identified intangible assets, net in our accompanying consolidated balance sheets and will be amortized to rental income over the remaining non-cancelable lease term of the acquired leases with each property. The amounts allocated to below market lease values, if any, would be included in security deposits, prepaid rent and other liabilities, net in our accompanying consolidated balance sheets and would be amortized to rental income over the remaining non-cancelable lease term plus below market renewal options, if such renewal options are reasonably assured and deemed bargain renewal options, of the acquired leases with each property.
	The total amount of other intangible assets acquired is further allocated to in-place lease costs and the value of tenant relationships based on management’s evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics considered by us in allocating these values include the nature and extent of the credit quality and expectations of lease renewals, among other factors. The amounts allocated to in-place lease costs are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized to depreciation and amortization expense over the average remaining non-cancelable lease term of the acquired leases. The amounts allocated to the value of tenant relationships are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized to depreciation and amortization expense over the average remaining non-cancelable lease term of the acquired leases.

	The value allocable to above or below market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage at the time of assumption. The amounts allocated to above or below market debt are included in mortgage loan payables, net in our accompanying consolidated balance sheets and are amortized to interest expense over the remaining term of the assumed mortgage.
	These allocations are subject to change based on information received within one year of the purchase related to one or more events identified at the time of purchase which confirm the value of an asset or liability received in an acquisition of property.
	Management Company
	The assets and liabilities of businesses acquired are recorded at their respective fair values as of the acquisition date. We obtained third-party valuations of material intangible assets acquired, including tenant relationships, which were based on management’s inputs and assumptions relating primarily to the expected cash flows. The fair values of the intangible assets acquired are based on the expected discounted cash flows of the identified intangible assets. Costs in excess of the net fair values of assets and liabilities acquired are recorded as goodwill. Finite-lived intangible assets are amortized using a method of amortization consistent with our expected future cash flows in the period in which those assets are expected to be received. We do not amortize indefinite lived intangibles and goodwill.
	We through our Property Manager, acquired the property management business of ELRM and certain of its affiliates on March 14, 2013. Results of operations for the property management business are reflected in our consolidated statements of comprehensive loss for the period subsequent to the acquisition date through December 31, 2013. See Note 15, Business Combinations – ELRM Transaction, for more detailed information.



Goodwill and Identified Intangible Assets, Net	'
	Goodwill and Identified Intangible Assets, Net
	Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any non-controlling interests in the acquired business, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill is not amortized, but is tested for impairment on an annual basis or in interim periods if events or circumstances indicate potential impairment.
	We acquired the property management business of ELRM and certain of its affiliates on March 14, 2013, including the in-place workforce, which created approximately $6.8 million of goodwill. We refer to this acquisition as the ELRM Transaction. For the year ended December 31, 2013, we recorded an increase to goodwill of $2.9 million, and a corresponding decrease to acquisition contingent consideration of $600,000, a decrease to identified intangible asset, net of $3.3 million and a decrease of $1 million to deferred liability, net, respectively, as a measurement period adjustment as we obtained the necessary information to quantify the value of intangible assets acquired. Our annual impairment test date was December 31, 2013. No impairment was recorded. As of December 31, 2013 and 2012, we had goodwill of $9.7 and $0 million, respectively, included in our accompanying consolidated balance sheets. For additional information regarding goodwill, see Note 15, Business Combinations.
	Identified intangible assets, net, consists of in-place lease intangibles from property acquisitions; trade name and trademark intangibles and property management contract intangibles from the ELRM Transaction in the first quarter of 2013; and a disposition fee right intangible resulting from the acquisition of the remaining 50% ownership interest in NNN/Mission Residential Holdings, LLC, or NNN/MR Holdings, in the second quarter of 2011. In-place lease intangibles are amortized on a straight-line basis over their respective estimated useful lives and property management contracts are amortized on a basis consistent with estimated cash flows from these intangible assets. Both are evaluated for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. Trade name and trademarks have an indefinite life and are not amortized. Disposition fee right intangibles are not amortized but are realized in the event that any of the leased apartment communities are sold. During December 31, 2013, we purchased three of the four apartment communities and wrote down $1.3 million of our disposition fee right intangible. We did not have any disposition fee right intangible write downs during 2012 and 2011.
	For the year ended December 31, 2012, there was an impairment loss of $5.4 million resulting from the termination of property management contracts of our Property Manager for 33 properties owned by unaffiliated third parties with no future source of income related to such contacts, using a Level 3 fair value measurement. This event triggered an immediate and full impairment of the goodwill in the amount of $3.8 million and of tenant relationship intangibles, net, and an expected termination fee intangible in the amount of $1.6 million.
Operating Properties, Net	'

	Operating Properties, Net

	We carry our operating properties at historical cost less accumulated depreciation. The cost of operating properties includes the cost of land and completed buildings and related improvements. Expenditures that increase the service life of properties are capitalized and the cost of maintenance and repairs is charged to expense as incurred. The cost of building and improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and improvements, ranging primarily from 10 to 40 years. Land improvements are depreciated over the estimated useful lives ranging primarily from five to 15 years. Furniture, fixtures and equipment is depreciated over the estimated useful lives ranging primarily from five to 15 years. When depreciable property is retired, replaced or disposed of, the related costs and accumulated depreciation is removed from the accounts and any gain or loss is reflected in operations.

	An operating property is evaluated for potential impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Impairment losses are recorded on an operating property when indicators of impairment are present and the carrying amount of the asset is greater than the sum of the future undiscounted cash flows expected to result from the use and eventual disposition of the asset. We would recognize an impairment loss to the extent the carrying amount exceeds the fair value of the property. For the years ended December 31, 2013, 2012 and 2011, we recorded no impairment losses to operating properties.
Fair Value Measurements	'

	Fair Value Measurements

	We follow ASC Topic 820, Fair Value Measurements and Disclosures, or ASC Topic 820, to account for the fair value of certain assets and liabilities. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC Topic 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances.

	ASC Topic 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

	Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, that are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
Other Assets, Net	'

	Other Assets, Net

	Other assets, net consist primarily of deferred financing costs, prepaid expenses and deposits. Deferred financing costs include amounts paid to lenders and others to obtain financing. Such costs are amortized using the straight-line method over the term of the related loan, which approximates the effective interest rate method. Amortization of deferred financing costs is included in interest expense in our accompanying consolidated statements of comprehensive loss.
Derivative Financial Instruments	'

	Derivative Financial Instruments

	We utilize derivative financial instruments to manage interest rate risk and generally designate these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our consolidated balance sheets as either an asset or liability and measured quarterly at their fair value. Derivatives that are not designated by us to be a hedge have the change in fair value recorded in interest expense in our accompanying consolidated statements of comprehensive loss. Derivatives that are designated by us to be a hedge have the changes in fair value that are deemed effective reflected in other comprehensive income or loss. The ineffective component of cash flow hedges, if any, is recorded in earnings.
Other Comprehensive Loss	'

	Other Comprehensive Loss

	Accumulated other comprehensive loss, as reflected in the consolidated statements of equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships.
Advertising Costs	'

	Advertising Costs

	All advertising costs are expensed as incurred and reported as rental expenses in our accompanying consolidated statements of comprehensive loss. During the years ended December 31, 2013, 2012 and 2011, total advertising expense was $1.7 million, $678,000 and $470,000, respectively.
Stock Compensation	'

	Stock Compensation

	We follow ASC Topic 718, Compensation — Stock Compensation, or ASC Topic 718, to account for our stock compensation pursuant to our 2006 Incentive Award Plan, or the 2006 Award Plan, and the 2012 Other Equity-Based Award Plan, or the 2012 Award Plan. See Note 12, Equity — 2006 Incentive Award Plan and 2012 Other Equity-Based Award Plan, for a further discussion of grants under our 2006 Award Plan and the 2012 Award Plan.
Income Taxes	'

	Income Taxes

	For federal income tax purposes, we have elected to be taxed as a REIT under Sections 856 through 860 of the Code beginning with our taxable year ended December 31, 2006, and we intend to continue to be taxed as a REIT. To qualify as a REIT for federal income tax purposes, we must meet certain organizational and operational requirements, including a requirement to pay distributions to our stockholders of at least 90% of our annual taxable income, excluding net capital gains. As a REIT, we generally will not be subject to federal income tax on net income that we distribute to our stockholders.

	The acquisitions of the Contributed Properties are intended to be treated, in whole or in part, for federal income tax purposes as tax-deferred contributions in exchange for limited partnership units in our operating partnership.

	For certain multifamily properties that we have acquired through the issuance of limited partnership units, we have entered into tax protection agreements which are intended to protect the contributing investors against receiving the special allocation of taxable “built-in” gain described above upon a future disposition by the operating partnership of the apartment communities. Under the Code, taxable gain recognized upon a sale of an asset contributed to a partnership must be allocated to the contributing partner in a manner that takes into account the variation between the tax basis and the fair market value of the asset at the time of the contribution

	We are subject to state and local income taxes in some jurisdictions, and in certain circumstances we may also be subject to federal excise taxes on undistributed income. In addition, certain of our activities must be conducted by subsidiaries which elect to be treated as taxable REIT subsidiaries, or TRSs. TRSs are subject to both federal and state income taxes. The tax years 2009-2012 remain open to examination by the major taxing jurisdictions to which we are subject. We recognize tax penalties relating to unrecognized tax benefits as additional tax expense. Interest relating to unrecognized tax benefits is recognized as interest expense.

	Income taxes are provided for under the asset and liability method and consider differences between the tax and financial accounting bases. The tax effects of these differences are reflected on the balance sheet as deferred income taxes and measured using the effective tax rate expected to be in effect when the differences reverse. ASC Topic 740, Income Taxes, or ASC Topic 740, also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion of the deferred tax assets will not be realized. During the first quarter of 2013, we evaluated the ability to realize our deferred tax asset, which was previously offset by a valuation allowance. Due to a deferred tax liability resulting from the ELRM Transaction, we believe it is more likely than not that our deferred tax asset will be realized.



	We follow ASC Topic 740 to recognize, measure, present and disclose in our consolidated financial statements uncertain tax positions that we have taken or expect to take on a tax return. Management has evaluated our income tax positions and concluded that we have no uncertain income tax positions at December 31, 2013 and 2012. We are not currently under audit by any tax jurisdiction.
Equity Method Investments	'

	Equity Method Investments

	We use the equity method to account for investments in entities that we do not have a controlling financial interest or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the investee. For an investment accounted for under the equity method, our share of net earnings or losses is reflected as income when earned and distributions are credited against our investment as received.

	We continually evaluate our investments in unconsolidated joint ventures when events or changes in circumstances indicate that there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, and the relationships with the other joint venture partners and its lenders. If we believe that the decline in fair value is temporary, no impairment is recorded. If we determine that the decrease in the value of the investment is other than temporary, the amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. The aforementioned factors are taken as a whole by management in determining the valuation of our investment property. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our consolidated financial statements.
Segment Disclosure	'

	Segment Disclosure

	ASC Topic 280, Segment Reporting, establishes standards for reporting financial and descriptive information about a public entity’s reportable segments. We have determined that we have one reportable segment, with activities related to investing in and managing apartment communities. Our investments in real estate are geographically diversified and management evaluates operating performance on an individual property level. However, as each of our apartment communities has similar economic characteristics, tenants and products and services, our apartment communities both owned and leased have been aggregated into one reportable segment for the years ended December 31, 2013, 2012 and 2011. The operations of our Property Manager, excluding reimbursed costs, are not material to our consolidated statements of comprehensive loss and therefore, have been aggregated with our apartment communities both owned and leased.
Recently Issued Accounting Pronouncements	'

	Recently Issued Accounting Pronouncements

	In February 2013, FASB issued ASU 2013-02, Other Comprehensive Income (Topic 220), or ASU 2013-02. ASU 2013-02 requires companies to report changes in accumulated other comprehensive income, or AOCI. For significant items reclassified out of AOCI to net income in their entirety, reporting is required about the effect of the reclassifications on the respective line items where net income is presented. Additionally, for items that are not reclassified to net income in their entirety, a cross reference to other disclosures is required in the notes. ASU 2013-02 is effective for interim and fiscal years beginning after December 15, 2012, or the first quarter of 2013 for calendar-year companies. The adoption of ASU 2013-02 has no material impact on our consolidated financial statements.

Real_Estate_Investments_Tables

Real Estate Investments (Tables)	12 Months Ended
Real Estate Investments (Tables)	Dec. 31, 2013
Real Estate [Abstract]	'
Investments in Consolidated Owned Properties	'

	Our investments in our consolidated owned properties, net consisted of the following as of December 31, 2013 and 2012 (in thousands):



			December 31,
			2013				2012
	Land		$	221,595			$	103,159
	Land improvements			118,652				61,242
	Building and improvements(1)			1,129,619				609,241
	Furniture, fixtures and equipment			30,567				17,515

				1,500,433				791,157

	Less: accumulated depreciation			(89,920	)			(65,589	)

			$	1,410,513			$	725,568



	-1	Includes $10.4 million of direct construction costs for our repositioning activities as of December 31, 2013. We anticipate that the repositioning activities related to these apartment communities will be completed during the first half of 2014. There were no direct construction costs for our repositioning activities as of December 31, 2012.
Investment of Contributed Parties at Time of Acquisition	'

	During the year ended December 31, 2013, we completed the acquisition of 38 consolidated apartment communities and one parcel of undeveloped land, as set forth below (in thousands, except unit data):



	Property Description		Date		Number				Total
			Acquired		of Units				Purchase
									Price per
									Purchase
									Agreement
	Richmond on the Fairway — Lawrenceville, GA		January 31, 2013			243			$	10,500
	Landmark at Brighton Colony — Charlotte, NC		February 28, 2013			276				30,000
	Landmark at Greenbrooke Commons — Charlotte, NC		February 28, 2013			279				34,000
	Landmark at Mallard Creek — Charlotte, NC		28-Mar-13			240				18,750
	Monterra Pointe — Arlington, TX		29-Mar-13			200				12,088
	Palisades at Bear Creek — Euless, TX		29-Mar-13			120				8,050
	Crestmont Reserve — Dallas, TX		29-Mar-13			242				18,800
	Kensington Station — Bedford, TX		March 29, 2013			238				15,150
	Reserve at River Walk — Columbia, SC		30-Apr-13			220				15,255
	Victoria Park — Charlotte, NC		30-Apr-13			380				20,500
	Landmark at Barton Creek — Austin, TX		28-Jun-13			298				37,500
	Landmark at Monaco Gardens — Charlotte, NC		28-Jun-13			276				20,881
	Grand Terraces — Charlotte, NC		1-Jul-13			240				15,750
	Stanford Reserve — Charlotte, NC		1-Jul-13			310				15,100
	Courtyards on the River — Tampa, FL		1-Jul-13			296				16,250
	Fountain Oaks — Jacksonville, FL		1-Jul-13			160				7,000
	Caveness Farms — Wake Forest, NC		3-Jul-13			288				26,675
	Lexington on the Green — Raleigh, NC		3-Jul-13			384				23,500
	Landmark at Wynton Pointe — Nashville, TN		23-Jul-13			380				32,390
	Landmark at Gleneagles — Dallas, TX		23-Jul-13			590				42,250
	Landmark at Prescott Woods — Austin, TX		23-Jul-13			364				24,300
	Avondale by the Lakes — St. Petersburg, FL		25-Jul-13			304				18,446
	Landmark at Stafford Landing — Ocoee, FL(1)		31-Jul-13			522				34,800
	Landmark at Savoy Square — Clearwater, FL		16-Aug-13			182				10,000
	Landmark at Ocean Breeze — Melbourne, FL		16-Aug-13			224				9,400
	Grand Arbor Reserve — Raleigh, NC		20-Aug-13			297				22,750
	Landmark at Battleground Park — Greensboro, NC		September 9, 2013			240				14,780
	Landmark at Glenview Reserve — Nashville, TN		9-Sep-13			360				22,300
	Landmark at Lyncrest Reserve — Nashville, TN		September 20, 2013			260				21,220
	Landmark at Preston Wood — Richardson, TX		September 20, 2013			194				12,250
	Landmark at Woodland Trace — Casselberry, FL		3-Oct-13			384				26,800
	Landmark at Grayson Park — Tampa, FL		3-Oct-13			408				32,000
	Collin Creek — Plano, TX		10-Oct-13			314				21,450
	Landmark at Lancaster Place — Calera, AL		16-Oct-13			240				17,710
	Lancaster Place Land — Calera, AL		16-Oct-13			N/A				290
	Landmark at Courtyard Villas — Mesquite, TX		30-Oct-13			256				21,400
	Landmark at Sutherland Park — Plano, TX		30-Oct-13			480				33,370
	Landmark at Avery Place — Tampa, FL		26-Nov-13			264				18,400
	Landmark at Deerfield Glen — Hoover, AL		26-Nov-13			320				23,000

	Total Acquired Properties								$	805,055



	-1	We own a 60.19% controlling interest in Landmark at Stafford Landing, LLC, the entity that owns the Landmark of Stafford Landing property. The entity is consolidated due to our controlling financial interest in Landmark at Stafford Landing, LLC.

Real_Estate_Disposition_Activi1

Real Estate Disposition Activities (Tables)	12 Months Ended
Real Estate Disposition Activities (Tables)	Dec. 31, 2013
Discontinued Operations And Disposal Groups [Abstract]	'
Schedule of Income Loss from Discontinued Operations	'

	The following is a summary of income from discontinued operations for the periods presented (dollars in thousands):



		Year Ended December 31,
		2013			2012			2011
	Rental income	$	3,604		$	7,374		$	6,898
	Other property revenues		584			991			882

	Total revenues		4,188			8,365			7,780
	Rental expenses		(1,583	)		(3,119	)		(3,026	)
	Interest expense, net		(1,057	)		(2,127	)		(2,206	)
	Depreciation and amortization expense		(1,027	)		(2,460	)		(2,432	)

	Total expenses		(3,667	)		(7,706	)		(7,664	)

	Income before net gain on the sale of property		521			659			116
	Net gain on the sale of property		10,034			—			—

	Income from discontinued operations	$	10,555		$	659		$	116
	Less: Net income from discontinued operations attributable to redeemable non-controlling interests in operating partnership		5,486			107			—

	Income from discontinued operations attributable to common stockholders	$	5,069		$	552		$	116

Investments_in_Unconsolidated_1

Investments in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Schedule of Non Controlling Investments Under Equity Method Investments

As of December 31, 2013, we held non-controlling interests in the following investments which are accounted for under the equity method (in thousands, except unit data):

Investment Description

Date

Number

Total

Percentage

Acquired

of Units

Investment at

Ownership

December 31,

2013

Landmark at Waverly Place — Melbourne, FL

November 18, 2013

208

1,158

The Fountains — Palm Beach Gardens, FL

December 6, 2013

542

4,998

Timbercreek U.S. Multi-Residential (U.S.) Holding L.P. — 500,000 Class A Units

20-Dec-13

N/A

5,000

7.5

Total investments

11,156

Identified_Intangible_Assets_N1

Identified Intangible Assets, Net (Tables)	12 Months Ended
Identified Intangible Assets, Net (Tables)	Dec. 31, 2013
Goodwill And Intangible Assets Disclosure [Abstract]	'
Identified Intangible Assets, Net	'

	Identified intangible assets, net consisted of the following as of December 31, 2013 and 2012 (in thousands):

			December 31,
			2013		2012(2)
	Disposition fee rights(1)		$	284	$	1,580
	In-place leases, net of accumulated amortization of $39.1 million and $3.9 million as of December 31, 2013 and 2012, respectively (with a weighted average remaining life of 3.6 months and 4.7 months as of December 31, 2013 and 2012, respectively)			16,662		5,968
	Trade name and trade marks (indefinite lives)			200		—
	Property management contracts, net of accumulated amortization of $2.2 million and $0 as of December 31, 2013 and 2012, respectively (with a weighted average remaining life of 165.3 months and 0 months as of December 31, 2013 and 2012, respectively)			18,703		—

			$	35,849	$	7,548



	-1	On March 28, 2013, June 28, 2013 and October 10, 2013, we purchased three apartment communities which were owned by unaffiliated third parties and leased by subsidiaries of NNN/MR Holdings, a wholly owned subsidiary of our company. Pursuant to each master lease, or other operative agreement, between each master tenant subsidiary of NNN/MR Holdings and the respective third-party property owners, NNN/MR Holdings was entitled to a 5% disposition fee of the purchase price in the event that any of the leased properties were sold. We recognized disposition fee right intangibles at the time of our acquisition of NNN/MR Holdings in the aggregate amount of $1.3 million for those three leased properties. Based on the aggregate purchase price we paid for the properties of $61.1 million, the resulting disposition fee due to NNN/MR Holdings was $3.1 million and the consideration paid at acquisition was accordingly reduced by this amount. The excess of the disposition fee over the recorded disposition fee right intangible during the year ended December 31, 2013 was $1.8 million, and was recorded as disposition right income in our consolidated statements of comprehensive loss.


	-2	As of December 31, 2012, there was an impairment loss of $1.6 million of identified intangible assets, resulting from the termination of our property management contracts for 33 multifamily apartment communities owned by unaffiliated third parties during the fourth quarter of 2012. This event triggered an immediate and full impairment of the tenant relationship intangible in the amount of $1.3 million and an expected termination fee intangible totaling $310,000. See Note 2, Summary of Significant Accounting Policies — Goodwill and Identified Intangible Assets, Net, for further discussion.
Estimated Amortization Expense on the Identified Intangible Assets	'
	Estimated amortization expense on the identified intangible assets as of December 31, 2013 is as follows (in thousands):



	Year		Amount
	2014		$	18,821
	2015			3,475
	2016			3,313
	2017			3,169
	2018			1,322
	Thereafter			4,395

	Total		$	34,495

Other_Assets_Net_Tables

Other Assets, Net (Tables)	12 Months Ended
Other Assets, Net (Tables)	Dec. 31, 2013
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]	'
Other Assets, Net	'

	Other assets, net consisted of the following as of December 31, 2013 and 2012 (in thousands):



		December 31,
		2013		2012
	Deferred financing costs, net of accumulated amortization of $4.4 million and $1.8 million as of December 31, 2013 and 2012, respectively	$	14,513	$	4,509
	Prepaid expenses and deposits		4,298		992
	Fair value of interest rate cap agreements		478		42

		$	19,289	$	5,543

Debt_Tables

Debt (Tables)	12 Months Ended
Debt (Tables)	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Mortgage Loan Payable, Net	'

	Our mortgage loan payables, net, unsecured notes payable to affiliates and variable rate secured credit facility with Bank of America, N.A. and certain other lenders, or the Credit Facility, as of December 31, 2013 and 2012, are summarized below (in thousands):



			December 31,
			2013		2012
	Mortgage loan payables — fixed		$	652,345	$	353,102
	Mortgage loan payables — variable			175,120		116,719

	Total secured fixed and variable rate debt			827,465		469,821
	Premium, net			10,969		9,673

	Total mortgage loan payables, net			838,434		479,494
	Credit Facility			145,200		—

	Total secured fixed and variable rate debt, net		$	983,634	$	479,494

	Unsecured notes payable to affiliates		$	5,784	$	—
	Unsecured note payable			—		500

	Total unsecured notes		$	5,784	$	500

Scheduled Payments and Maturities of Mortgage Loan Payables, Net, Unsecured Note Payables and Credit Facility	'

	Scheduled payments and maturities of mortgage loan payables, net, unsecured notes payable to affiliates and the Credit Facility at December 31, 2013 were as follows (in thousands):



	Year		Secured notes		Secured notes		Unsecured notes
	Year		payments(1)		maturities		maturities
	2014		$	13,085	$	—	$	—
	2015			10,721		311,416		500
	2016			9,695		96,792		—
	2017			9,056		99,725		—
	2018			7,216		120,436		5,284
	Thereafter			13,320		281,203		—

			$	63,093	$	909,572	$	5,784



	-1	Secured note payments are comprised of the principal pay downs for mortgage loan payables and the Credit Facility.

Equity_Tables

Equity (Tables)	12 Months Ended
Equity (Tables)	Dec. 31, 2013
Equity [Abstract]	'
Status of Nonvested Shares of Restricted Common Stock	'

	A summary of the status of the nonvested shares of our restricted common stock as of December 31, 2013 and 2012, and the changes for the years ended December 31, 2013 and 2012, is presented below:



		Restricted			Weighted
		Common			Average Grant
		Stock			Date Fair
					Value
	Balance — December 31, 2011		6,600		$	10
	Granted		4,000			10
	Vested		(5,200	)		10

	Balance — December 31, 2012		5,400		$	10

	Granted		5,000		$	8.15
	Vested		(3,000	)		8.15

	Balance — December 31, 2013		7,400			9
	Expected to vest — December 31, 2013		7,400		$	8.15

Fair_Value_of_Derivatives_and_1

Fair Value of Derivatives and Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Summary of Derivative Arrangements and Consolidated Hedging Derivatives	'

	The following table summarizes our derivative arrangements and the consolidated hedging derivatives at December 31, 2013 and December 31, 2012, (in thousands, except interest rates):



			December 31, 2013						December 31, 2012
			Non-			Cash Flow			Non-			Cash Flow
			designated			Hedges			designated			Hedges
			Hedges						Hedges
			Interest			Interest			Interest			Interest
			Rate Caps			Rate Swaps			Rate Caps			Rate Swaps
	Notional balance		$	102,065		$	32,100		$	22,670		$	12,442
	Weighted average interest rate(1)			2.81	%		2.38	%		2.48	%		3.72	%
	Weighted average capped interest rate			3.68	%		N/A			5.45	%		N/A
	Earliest maturity date			15-Mar			20-Jul			17-Aug			19-Oct
	Latest maturity date			18-Jul			20-Aug			17-Aug			19-Oct
	Estimated fair value, asset/(liability)		$	478		$	(350	)	$	42		$	(310	)


	-1	For interest rate caps, this represents the weighted average interest rate on the debt.
Liabilities Measured at Fair Value on Recurring Basis	'

	The table below presents our liabilities measured/disclosed at fair value on a recurring basis as of December 31, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):



			Quoted Prices			Significant			Significant			Total Fair Value			Carrying
			in Active			Other			Unobservable			Estimate at			Value at
			Markets for			Observable			Inputs			December 31,			December 31,
			Identical Assets			Inputs			(Level 3)			2013			2013
			(Level 1)			(Level 2)
	Liabilities
	Mortgage loan payables, net(1)		$	—		$	858,658		$	—		$	858,658		$	838,434
	Unsecured notes payable to			—			—			5,784			5,784			5,784
	affiliates(2)			—			—			5,784			5,784			5,784
	Credit Facility(1)			—			145,247			—			145,247			145,200
	Acquisition contingent			—			—			4,030			4,030			4,030
	consideration(3)			—			—			4,030			4,030			4,030
	Warrants(4)			—			—			1,789			1,789			1,789
	Series D preferred stock derivative(5)			—			—			11,100			11,100			11,100

	Liabilities at fair value		$	—		$	1,003,905		$	22,703		$	1,026,608		$	1,006,337



	-1	The fair value is estimated using borrowing rates available to us for debt instruments with similar terms and maturities.


	-2	The fair value is not determinable due to the related party nature of the unsecured notes payable to affiliates, other than the Legacy Unsecured Note. The fair value of the Legacy Unsecured Note is based on a benchmark index from the limited partnership unit distributions dividend rate; therefore, we consider the fair value of the Legacy Unsecured Note to be equal to the carrying value.


	-3	The fair value is based on management’s inputs and assumptions relating primarily to the expected cash flows, and the timing of such cash flows, from the economic rights we acquired in connection with the ELRM Transaction that enables us to earn property management fees and subordinated participation distributions with respect to certain real estate assets.


	-4	The fair value of the warrants is estimated using the Monte-Carlo Simulation.


	-5	The fair value of the Series D Preferred Stock derivative, which relates to the mandatory redemption of 50% of the Series D Preferred Stock outstanding as of the date of a triggering event as defined in the Series D Preferred Stock agreement for a premium, is determined using a modeling technique based on significant unobservable inputs calculated using a probability-weighted approach. Significant inputs include the expected timing of a triggering event, the expected timing of additional issuances of Series D Preferred Stock, and the discount rate.

	The table below presents our liabilities measured/disclosed at fair value on a recurring basis as of December 31, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):



			Quoted Prices			Significant			Significant			Total Fair Value			Carrying
			in Active			Other			Unobservable			Estimate at			Value at
			Markets for			Observable			Inputs			December 31,			December 31,
			Identical Assets			Inputs			(Level 3)			2012			2012
			(Level 1)			(Level 2)
	Liabilities
	Mortgage loan payables, net(1)		$	—		$	498,824		$	—		$	498,824		$	479,494
	Unsecured notes payable(2)			—			—			500			500			500
	Warrants(3)			—			—			1,918			1,918			1,918

	Liabilities at fair value		$	—		$	498,824		$	2,418		$	501,242		$	481,912



	-1	The fair value is estimated using borrowing rates available to us for debt instruments with similar terms and maturities.


	-2	The fair value of the Legacy Unsecured Note is based on a benchmark index from the limited partnership unit distributions dividend rate; therefore, we consider the fair value of the Legacy Unsecured Note to be equal to the carrying value.


	-3	The fair value of the warrants is estimated using the Monte-Carlo Simulation.
Reconciliation of Fair Value of Acquisition Contingent Consideration and Warrant Liability Measured on Recurring Basis	'

	The table below provides a reconciliation of the fair values of acquisition contingent consideration, warrant liability and Series D preferred stock derivative measured on a recurring basis for which the Company has designated as Level 3 (in thousands):



			Acquisition			Warrants			Series D
			Contingent						Preferred
			Consideration						Stock
									Derivative
	Balance at December 31, 2012		$	—		$	1,918		$	—
	Additions			6,737			398			13,500
	Change due to liability realized			(1,992	)		—			—
	Changes in fair value(1)			(715	)		(527	)		(2,400	)

	Balance at December 31, 2013		$	4,030		$	1,789		$	11,100



	-1	Reflected in general, administrative and other expense on the consolidated statements of comprehensive loss for the year ended December 31, 2013.

Business_Combinations_Tables

Business Combinations (Tables)	12 Months Ended
Business Combinations (Tables)	Dec. 31, 2013
Fair Value of Property Management Business	'

	Our purchase price allocation related to the ELRM Transaction is as follows (in thousands):




			Property
			Management
			Business
	Assets:
	Furniture, fixtures and equipment		$	81
	Other assets, net			150
	Identified intangible assets, net(1)(3)			21,070
	Goodwill(2)(3)			9,679

	Total purchase price			30,980
	Accounts payable and accrued liabilities			(196	)
	Unsecured notes payable to affiliate			(10,000	)
	Limited partnership units			(9,839	)
	Acquisition contingent consideration			(6,734	)
	Deferred tax liability, net			(4,211	)

	Cash paid		$	0




	-1	Included in identified intangible assets, net on the consolidated balance sheets, as of December 31, 2013.



	-2	Included as goodwill on the consolidated balance sheets, as of December 31, 2013. Our annual impairment test date was December 31, 2013. Goodwill reflects the value of ELRM’s assembled work force and the deferred tax liability.



	-3	In the third quarter of the year ended December 31, 2013, we recorded an increase to goodwill of $3.3 million and a decrease to identified intangible assets of $3.3 million as a measurement period adjustment as we obtained the necessary information to quantify the value of intangible assets acquired during the quarter. During the fourth quarter of the year ended December 31, 2013 we recorded a decrease of $1 million to goodwill and a decrease of $1 million to deferred tax liability, net.
Proforma Revenues, Net Loss, Net Loss Attributable to Controlling Interest and Net Loss Per Common Share Attributable to Controlling Interest - Basic and Diluted	'

	Assuming the acquisitions of the 38 consolidated apartment communities and the ELRM Transaction discussed above had occurred on January 1, 2012, pro forma revenues, net loss, net loss attributable to controlling interest and net loss per common share attributable to controlling interest — basic and diluted, would have been as follows for the years ended December 31, 2013 and December 31, 2012 (in thousands, except per share data):



			Year Ended December 31,
			2013			2012
	Revenues		$	210,158		$	160,219
	Net loss		$	(28,795	)	$	(99,043	)
	Net loss attributable to controlling interest		$	(13,829	)	$	(82,998	)
	Net loss per common share attributable to controlling interest — basic and diluted		$	(0.61	)	$	(4.10	)
2013 Property Acquisitions	'
Fair Value of Assets Acquired and Liabilities Assumed at Time of Acquisition	'
	The following table summarizes the fair value of the assets acquired and liabilities assumed at the time of acquisition (dollars in thousands):


			December 31, 2013
	Land		$	127,657
	Land improvements			61,317
	Building and improvements			562,009
	Furniture, fixtures and equipment			13,799
	In-place leases			45,879
	(Above)/below market leases			(3,375	)
	Fair market value of assumed debt			(321,438	)
	Other assets/liabilities, net			(12,943	)

	Total			472,905
	Equity/limited partnership unit consideration			(104,450	)

	Net cash consideration		$	368,455

2012 Property Acquisitions	'
Fair Value of Assets Acquired and Liabilities Assumed at Time of Acquisition	'

	The following table summarizes the fair value of the assets acquired and liabilities assumed at the time of acquisition (in thousands):



			December 31, 2012
	Land		$	57,412
	Land improvements			36,976
	Building and improvements			300,736
	Furniture, fixtures and equipment			5,082
	In-place leases			9,673
	Fair market value of assumed debt			(192,684	)
	Other assets/liabilities, net			(712	)

	Total			216,483
	Equity/limited partnership unit consideration			(154,409	)

	Net cash consideration		$	62,074

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
Deferred Income Tax Assets and Liabilities	'
	The components of deferred tax assets and liabilities are as follows as of December 31, 2013 and 2012 (in thousands).


		December 31,			December 31,
		2013			2012
	Deferred tax assets:
	Goodwill and intangibles	$	1,730		$	1,884
	Acquisition costs		444			468
	Net operating loss		1,340			469
	Other		68			—

	Total deferred tax assets		3,582			2,821

	Less valuation allowance		—			(2,728	)

	Net deferred tax asset	$	3,582		$	93

	Deferred tax liabilities:
	ELRM intangibles	$	(3,587	)	$	—
	Depreciation		(7	)		(5	)
	Prepaids		(423	)		(4	)
	Other		—			(84	)

	Total deferred tax liabilities		(4,017	)		(93	)

	Net deferred tax liability	$	(435	)	$	—


Net Operating Loss Carry Forward for Federal Income Tax Purposes	'



		December 31, 2013			December 31, 2012			December 31, 2011
		Amount			Amount			Amount
	Loss from continuing operations	$	(82,999	)	$	(42,254	)	$	(9,062	)
	Tax effect at statutory rate		(29,050	)		(14,789	)		(3,172	)
	REIT income		15,990			10,253			3,102
	Non-controlling interests		12,496			2,357			—
	Valuation allowance		(2,728	)		2,174			65
	State taxes		(242	)		—			—
	Other		2			5			5

	Total tax benefit	$	(3,532	)	$	—		$	—

Selected_Quarterly_Financial_D1

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
Selected Quarterly Financial Data (Unaudited) (Tables)	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]	'
Quarterly Financial Data	'
	Set forth below is the unaudited selected quarterly financial data. We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the unaudited selected quarterly financial data when read in conjunction with our consolidated financial statements (in thousands, except share and per share data).


			Quarter Ended
			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
	Revenues(1)		$	53,020		$	44,415		$	34,097		$	25,457
	Expenses(1)			(60,060	)		(56,913	)		(35,791	)		(27,256	)

	Loss from operations(1)			(7,040	)		(12,498	)		(1,694	)		(1,799	)
	Other expense, net(1)			(19,581	)		(15,840	)		(17,281	)		(7,266	)

	Net loss from continuing operations before tax(1)			(26,621	)		(28,338	)		(18,975	)		(9,065	)
	Income tax benefit/(expense)(1)			454			(41	)		286			2,833

	Loss from continuing operations(1)			(26,167	)		(28,379	)		(18,689	)		(6,232	)
	Income from discontinued operations(1)			15			3,471			218			6,851

	Net (loss)/income			(26,152	)		(24,908	)		(18,471	)		619
	Less: Net loss/(income) attributable to redeemable noncontrolling interests in operating partnership			13,803			12,640			9,137			(295	)
	Net loss attributable to non-controlling interest			599			422			—			—

	Net (loss)/income attributable to common stockholders		$	(11,750	)	$	(11,846	)	$	(9,334	)	$	324

	Earnings per weighted average common share — basic and diluted:
	Loss from continuing operations		$	(0.49	)	$	(0.57	)	$	(0.43	)	$	(0.13	)
	Income from discontinued operations(1)			—			0.07			—			0.15

	Net (loss)/income per common share attributable to common stockholders — basic and diluted		$	(0.49	)	$	(0.50	)	$	(0.43	)	$	0.02

	Weighted average number of common shares outstanding — basic and diluted			24,073,724			23,847,912			21,755,583			21,034,949



			Quarter Ended
			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
	Revenues(1)		$	23,964		$	16,267		$	14,622		$	14,551
	Expenses(1)			(33,157	)		(33,478	)		(14,964	)		(14,667	)

	Loss from operations(1)			(9,193	)		(17,211	)		(342	)		(116	)
	Other expense, net(1)			(6,086	)		(4,232	)		(2,537	)		(2,537	)

	Net loss from continuing operations before tax(1)			(15,279	)		(21,443	)		(2,879	)		(2,653	)
	Income tax (expense)/benefit(1)			—			—			—			—

	Net loss from continuing operations(1)			(15,279	)		(21,443	)		(2,879	)		(2,653	)
	Income from discontinued operations(1)			140			203			213			103

	Net loss			(15,139	)		(21,240	)		(2,666	)		(2,550	)
	Less: Net loss attributable to non-controlling interests			6,489			246			—			—

	Net loss attributable to common stockholders		$	(8,650	)	$	(20,994	)	$	(2,666	)	$	(2,550	)

	Earnings per weighted average common share — basic and diluted:
	Loss from continuing operations		$	(0.43	)	$	(1.04	)	$	(0.14	)	$	(0.13	)
	Income from discontinued operations(1)			0.01			0.01			0.01			—

	Net loss per common share attributable to common stockholders — basic and diluted		$	(0.42	)	$	(1.03	)	$	(0.13	)	$	(0.13	)

	Weighted average number of common shares outstanding — basic and diluted			20,634,664			20,331,515			20,030,624			19,974,467


	-1	Amounts for the quarters ended March 31 and June 30, 2013 and 2012, will not equal previously reported results due to reclassification between income from continuing operations and income from discontinued operations.

Subsequent_Events_Tables

Subsequent Events (Tables)	12 Months Ended
Subsequent Events (Tables)	Dec. 31, 2013
Subsequent Events [Abstract]	'
Properties Acquired	'
	Subsequent to December 31, 2013, we acquired the following properties (in thousands, except number of units and percentages).


	Property Description(1)		Date Acquired	Number		Total		Encumbrances		Percentage
				of Units		Purchase				Ownership
						Price
	Landmark at Chesterfield — Pineville, NC(2)		January 7, 2014		250	$	19,250	$	10,600		61.2	%
	Landmark at Coventry Pointe — Lawrenceville, GA(2)		7-Jan-14		250		26,250		16,500		61.2	%
	Landmark at Grand Oasis — Suwanee, GA(2)		7-Jan-14		434		45,570		28,200		61.2	%
	Landmark at Rosewood — Dallas, TX(2)		7-Jan-14		232		12,760		7,000		61.2	%
	Lake Village East — Garland, TX(2)(3)		9-Jan-14		329		18,900		9,200		100	%
	Lake Village North — Garland, TX(2)(4)		9-Jan-14		847		60,670		30,200		100	%
	Lake Village West — Garland, TX(2)(5)		9-Jan-14		294		18,900		13,000		100	%
	Landmark at Laurel Heights — Mesquite, TX(2)(6)		9-Jan-14		286		21,160		14,000		100	%
	Landmark at Bella Vista — Duluth, GA(2)		January 15, 2014		564		31,854		—		100	%
	Landmark at Maple Glen — Orange Park, FL(2)		15-Jan-14		358		29,800		14,400		51.1	%
	Landmark at Pine Court — Columbia, SC		23-Jan-14		316		20,300		15,600		100	%
	Landmark at Spring Creek — Garland, TX		6-Feb-14		236		10,300		7,800		92.6	%

	-1	We have not completed the purchase accounting for these properties.
	-2	Included in the Omnibus Agreement.
	-3	Includes Lakeshore Lakeview Apartments, Lakeway Harbor Apartments and Lakeway Point Apartments. We consolidated these into one property called Lake Village East.
	-4	Includes Lakeway 36 Apartments, Lakeway Place Apartments, Lakeway Trace Apartments and Lakeway Meadows Apartments. We consolidated these into one property called Lake Village North.
	-5	Includes Lakeway Colony Apartments.
	-6	Includes Windridge Apartments and Highlands at Galloway Apartments. We consolidated these into one property called Landmark at Laurel Heights.

Organization_and_Description_o1

Organization and Description of Business - Additional Information (Detail) (USD $)

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

1 Months Ended

Aug. 03, 2012

Jul. 17, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Feb. 24, 2011

Dec. 31, 2010

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2010

Dec. 31, 2013

Aug. 03, 2012

Dec. 31, 2013

Aug. 03, 2012

Oct. 10, 2013

Jun. 28, 2013

Mar. 28, 2013

Property

Consolidated joint venture

ELRM

NNN/MR Holdings

Non - Controlling Interest

Acquisition One

Multifamily Properties

Property

Community

Property

JointVentures

ELRM

Property

NNN/MR Holdings

Property

Organization and Nature of Operations [Line Items]

Shares issued in public offerings

187,100,000

Shares issued in public offerings, distribution reinvestment plan

10,000,000

Amended and Restated DRIP maximum offering

$95,000,000

Amended and restated distribution reinvestment plan common stock share price

$8.15

Number of real estate properties acquired

Number of properties

Parcel of undeveloped land

Number of units in real estate properties

6,079

1,066

Acquisition of total properties

Number of properties

Carrying value of properties

$1,500,433,000

$791,157,000

$388,281,000

$386,972,000

Non controlling interest in unconsolidated joint ventures

Number of apartment units

19,594

236

750

Number of Units, Managed Properties

11,829

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Additional Information 1 (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	Property	Property	Property
Accounting Policies [Abstract]	'	'	'
General partnership interest rate	42.40%	52.50%	'
Limited partnership interest rate	57.60%	47.50%	'
Property Sold	2	0	0
Properties held for sale	$0	$0	'

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Additional Information 2 (Detail) (USD $)

3 Months Ended

12 Months Ended

1 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Jun. 30, 2011

Mar. 14, 2013

Dec. 31, 2012

Oct. 10, 2013

Jun. 28, 2013

Mar. 28, 2013

Tenant relationships - expected termination fees

NNN/MR Holdings

ELRM

Multifamily Properties

Community

Tenant relationships - expected termination fees

NNN/MR Holdings

Property

Summary Of Significant Accounting Policies [Line Items]

Goodwill

$6,800,000

Increase (decrease) in goodwill

-1,000,000

3,300,000

2,900,000

Decrease to acquisition contingent consideration

600,000

Decrease to identified intangible assets

3,300,000

Decrease to deferred liability, net

1,000,000

Goodwill

9,679,000

Acquisition of ownership interest in subsidiary

50.00%

Number of apartment communities

Number of properties purchased

Disposition fee intangible assets

1,300,000

Impairment loss of identified intangible assets

5,397,000

390,000

310,000

1,600,000

Number of properties terminated

Impairment of goodwill

$5,400,000

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Additional Information 3 (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	Segment	Segment	Segment
Summary Of Significant Accounting Policies [Line Items]	'	'	'
Total advertising expense	$1,700	$678	$470
Distributions from taxable income percentage required to qualify as a REIT for federal income tax purposes	90.00%	'	'
Number of reportable segments	1	1	1
Building and Improvements	'	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'	'
Property plant and equipment estimated useful live	'10 to 40 years	'	'
Land Improvements	'	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'	'
Property plant and equipment estimated useful live	'5 to 15 years	'	'
Furniture, Fixtures and Equipment	'	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'	'
Property plant and equipment estimated useful live	'5to 15 years	'	'

Investments_in_Consolidated_Ow

Investments in Consolidated Owned Properties (Detail) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Investments in consolidated properties	'		'
Land	$221,595		$103,159
Land improvements	118,652		61,242
Building and improvements	1,129,619	[1]	609,241	[1]
Furniture, fixtures and equipment	30,567		17,515
Real estate investments, gross	1,500,433		791,157
Less: accumulated depreciation	-89,920		-65,589
Real estate investments, net	$1,410,513		$725,568

[1]	Includes $10.4 million of direct construction costs for our repositioning activities as of December 31, 2013. We anticipate that the repositioning activities related to these apartment communities will be completed during the first half of 2014. There were no direct construction costs for our repositioning activities as of December 31, 2012.

Investments_in_Consolidated_Ow1

Investments in Consolidated Owned Properties (Parenthetical) (Detail) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Real Estate [Line Items]	'		'
Direct construction cost	$1,129,619	[1]	$609,241	[1]
Building and Improvements	'		'
Real Estate [Line Items]	'		'
Direct construction cost	$10,400		$0

[1]	Includes $10.4 million of direct construction costs for our repositioning activities as of December 31, 2013. We anticipate that the repositioning activities related to these apartment communities will be completed during the first half of 2014. There were no direct construction costs for our repositioning activities as of December 31, 2012.

Real_Estate_Investments_Additi

Real Estate Investments - Additional Information (Detail) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate [Abstract]	'	'	'
Depreciation expense	$35.10	$13.70	$10.80

Investment_of_Contributed_Part

Investment of Contributed Parties at Time of Acquisition (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
	Property
Business Acquisition [Line Items]	'
Total Purchase Price per Purchase Agreement	$805,055
Richmond on the Fairway - Lawrenceville, GA	'
Business Acquisition [Line Items]	'
Date Acquired	31-Jan-13
Number of Units	243
Total Purchase Price per Purchase Agreement	10,500
Landmark at Brighton Colony - Charlotte, NC	'
Business Acquisition [Line Items]	'
Date Acquired	28-Feb-13
Number of Units	276
Total Purchase Price per Purchase Agreement	30,000
Landmark at Greenbrooke Commons - Charlotte, NC	'
Business Acquisition [Line Items]	'
Date Acquired	28-Feb-13
Number of Units	279
Total Purchase Price per Purchase Agreement	34,000
Landmark at Mallard Creek - Charlotte, NC	'
Business Acquisition [Line Items]	'
Date Acquired	28-Mar-13
Number of Units	240
Total Purchase Price per Purchase Agreement	18,750
Monterra Pointe	'
Business Acquisition [Line Items]	'
Date Acquired	29-Mar-13
Number of Units	200
Total Purchase Price per Purchase Agreement	12,088
Palisades at Bear Creek - Euless, TX	'
Business Acquisition [Line Items]	'
Date Acquired	29-Mar-13
Number of Units	120
Total Purchase Price per Purchase Agreement	8,050
Crestmont Reserve - Dallas, TX	'
Business Acquisition [Line Items]	'
Date Acquired	29-Mar-13
Number of Units	242
Total Purchase Price per Purchase Agreement	18,800
Kensington Station - Bedford, TX	'
Business Acquisition [Line Items]	'
Date Acquired	29-Mar-13
Number of Units	238
Total Purchase Price per Purchase Agreement	15,150
Reserve at River Walk - Columbia, SC	'
Business Acquisition [Line Items]	'
Date Acquired	30-Apr-13
Number of Units	220
Total Purchase Price per Purchase Agreement	15,255
Victoria Park - Charlotte, NC	'
Business Acquisition [Line Items]	'
Date Acquired	30-Apr-13
Number of Units	380
Total Purchase Price per Purchase Agreement	20,500
Landmark at Barton Creek - Austin, TX	'
Business Acquisition [Line Items]	'
Date Acquired	28-Jun-13
Number of Units	298
Total Purchase Price per Purchase Agreement	37,500
Landmark at Monaco Gardens - Charlotte, NC	'
Business Acquisition [Line Items]	'
Date Acquired	28-Jun-13
Number of Units	276
Total Purchase Price per Purchase Agreement	20,881
Grand Terraces - Charlotte, NC	'
Business Acquisition [Line Items]	'
Date Acquired	1-Jul-13
Number of Units	240
Total Purchase Price per Purchase Agreement	15,750
Stanford Reserve - Charlotte, NC	'
Business Acquisition [Line Items]	'
Date Acquired	1-Jul-13
Number of Units	310
Total Purchase Price per Purchase Agreement	15,100
Courtyards on the River	'
Business Acquisition [Line Items]	'
Date Acquired	1-Jul-13
Number of Units	296
Total Purchase Price per Purchase Agreement	16,250
Fountain Oaks - Jacksonville Fl	'
Business Acquisition [Line Items]	'
Date Acquired	1-Jul-13
Number of Units	160
Total Purchase Price per Purchase Agreement	7,000
Caveness Farms - Wake Forest, NC	'
Business Acquisition [Line Items]	'
Date Acquired	3-Jul-13
Number of Units	288
Total Purchase Price per Purchase Agreement	26,675
Lexington on the Green - Raleigh, NC	'
Business Acquisition [Line Items]	'
Date Acquired	3-Jul-13
Number of Units	384
Total Purchase Price per Purchase Agreement	23,500
Landmark at Wynton Pointe - Nashville, TN	'
Business Acquisition [Line Items]	'
Date Acquired	23-Jul-13
Number of Units	380
Total Purchase Price per Purchase Agreement	32,390
Landmark at Gleneagles - Dallas, TX	'
Business Acquisition [Line Items]	'
Date Acquired	23-Jul-13
Number of Units	590
Total Purchase Price per Purchase Agreement	42,250
Landmark at Prescott Woods - Austin, TX	'
Business Acquisition [Line Items]	'
Date Acquired	23-Jul-13
Number of Units	364
Total Purchase Price per Purchase Agreement	24,300
Avondale by the Lakes - St. Petersburg, FL	'
Business Acquisition [Line Items]	'
Date Acquired	25-Jul-13
Number of Units	304
Total Purchase Price per Purchase Agreement	18,446
Landmark at Stafford Landing - Ocoee, FL	'
Business Acquisition [Line Items]	'
Date Acquired	31-Jul-13
Number of Units	522
Total Purchase Price per Purchase Agreement	34,800
Landmark at Savoy Square - Clearwater, FL	'
Business Acquisition [Line Items]	'
Date Acquired	16-Aug-13
Number of Units	182
Total Purchase Price per Purchase Agreement	10,000
Landmark at Ocean Breeze - Melbourne, FL	'
Business Acquisition [Line Items]	'
Date Acquired	16-Aug-13
Number of Units	224
Total Purchase Price per Purchase Agreement	9,400
Grand Arbor Reserve - Raleigh, NC	'
Business Acquisition [Line Items]	'
Date Acquired	20-Aug-13
Number of Units	297
Total Purchase Price per Purchase Agreement	22,750
Landmark at Battleground Park - Greensboro, NC	'
Business Acquisition [Line Items]	'
Date Acquired	9-Sep-13
Number of Units	240
Total Purchase Price per Purchase Agreement	14,780
Landmark at Glenview Reserve - Nashville, TN	'
Business Acquisition [Line Items]	'
Date Acquired	9-Sep-13
Number of Units	360
Total Purchase Price per Purchase Agreement	22,300
Landmark at Lyncrest Reserve - Nashville, TN	'
Business Acquisition [Line Items]	'
Date Acquired	20-Sep-13
Number of Units	260
Total Purchase Price per Purchase Agreement	21,220
Landmark at Preston Wood - Richardson, TX	'
Business Acquisition [Line Items]	'
Date Acquired	20-Sep-13
Number of Units	194
Total Purchase Price per Purchase Agreement	12,250
Landmark at Woodland Trace	'
Business Acquisition [Line Items]	'
Date Acquired	3-Oct-13
Number of Units	384
Total Purchase Price per Purchase Agreement	26,800
Landmark at Grayson Park	'
Business Acquisition [Line Items]	'
Date Acquired	3-Oct-13
Number of Units	408
Total Purchase Price per Purchase Agreement	32,000
Collin Creek	'
Business Acquisition [Line Items]	'
Date Acquired	10-Oct-13
Number of Units	314
Total Purchase Price per Purchase Agreement	21,450
Landmark at Lancaster Place	'
Business Acquisition [Line Items]	'
Date Acquired	16-Oct-13
Number of Units	240
Total Purchase Price per Purchase Agreement	17,710
Lancaster Place Land Calera AL	'
Business Acquisition [Line Items]	'
Date Acquired	16-Oct-13
Total Purchase Price per Purchase Agreement	290
Landmark at Courtyard Villas	'
Business Acquisition [Line Items]	'
Date Acquired	30-Oct-13
Number of Units	256
Total Purchase Price per Purchase Agreement	21,400
Landmark at Sutherland Park	'
Business Acquisition [Line Items]	'
Date Acquired	30-Oct-13
Number of Units	480
Total Purchase Price per Purchase Agreement	33,370
Landmark at Avery Place	'
Business Acquisition [Line Items]	'
Date Acquired	26-Nov-13
Number of Units	264
Total Purchase Price per Purchase Agreement	18,400
Landmark at Deerfield Glen	'
Business Acquisition [Line Items]	'
Date Acquired	26-Nov-13
Number of Units	320
Total Purchase Price per Purchase Agreement	$23,000

Investment_of_Contributed_Part1

Investment of Contributed Parties at Time of Acquisition (Parenthetical) (Detail) (Landmark at Stafford Landing - Ocoee, FL)	Dec. 31, 2013
Landmark at Stafford Landing - Ocoee, FL	'
Business Acquisition [Line Items]	'
Controlling interest by controlling owners	60.19%

Real_Estate_Disposition_Activi2

Real Estate Disposition Activities - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	Property	Property	Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'
Property Sold	2	0	0
Dispositions	$72,467,000	'	$19,000
Cash proceeds from sale of real estate	24,500,000	'	'
Settlement of mortgage note payable	45,600,000	'	'
Net carrying value of operating property	60,200,000	'	'
The apartment communities and other closing costs and adjustments	$1,500,000	'	'
Real Estate	'	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'
Number of Apartment units	700	'	'

Schedule_of_Income_Loss_from_D

Schedule of Income Loss from Discontinued Operations (Detail) (USD $)

3 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Statement Of Financial Position [Abstract]

Rental income

$3,604

$7,374

$6,898

Other property revenues

584

991

882

Total revenues

4,188

8,365

7,780

Rental expenses

-1,583

-3,119

-3,026

Interest expense, net

-1,057

-2,127

-2,206

Depreciation and amortization expense

-1,027

-2,460

-2,432

Total expenses

-3,667

-7,706

-7,664

Income before net gain on the sale of property

521

659

116

Net gain on the sale of property

10,034

Income from discontinued operations

[1]

3,471

[1]

218

[1]

6,851

[1]

140

[1]

203

[1]

213

[1]

103

[1]

10,555

659

116

Less: Net income from discontinued operations attributable to redeemable non-controlling interests in operating partnership

5,486

107

Income from discontinued operations attributable to common stockholders

$5,069

$552

$116

[1]

Amounts for the quarters ended March 31 and June 30, 2013 and 2012, will not equal previously reported results due to reclassification between income from continuing operations and income from discontinued operations.

Schedule_of_Non_Controlling_In

Schedule of Non Controlling Investments Under Equity Method Investments (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013
In Thousands, unless otherwise specified			Landmark at Waverly Place - Melbourne, FL	The Fountains - Palm Beach Gardens, FL	Timbercreek U.S. Multi-Residential (U.S.) Holding L.P
			Property	Property
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Date Acquired	'	'	18-Nov-13	6-Dec-13	20-Dec-13
Number of apartment communities	'	'	208	542	'
Equity method investments, cash considerations	$11,156	'	$1,158	$4,998	$5,000
Percentage Ownership	'	'	20.00%	20.00%	7.50%

Investments_in_Unconsolidated_2

Investments in Unconsolidated Entities - Additional Information (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2103	Dec. 31, 2013	Nov. 18, 2013	Dec. 06, 2013	Dec. 20, 2013	Dec. 31, 2013
			Landmark at Waverly Place, LLC	The Fountains - Palm Beach Gardens, FL	Elco Landmark	Elco Landmark at Garden Square Management, LLC	Common Stock	Equity Method Investments
					Landmark at Waverly Place, LLC	Landmark at Garden Square, LLC
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'	'	'	'
Difference between carrying value of initial investment and underlying equity	'	'	$674,500	$2,200,000	'	'	'	'
Percentage of partnership interest	7.50%	'	'	'	'	'	'	'
Equity method investments, cash considerations	$11,156,000	'	'	$4,998,000	'	'	'	$5,000,000
Number of Common stock purchased	500,000	'	'	'	'	'	500,000	'
Controlling interest ownership percentage	'	'	'	'	8.00%	8.00%	'	'

Identified_Intangible_Assets_N2

Identified Intangible Assets, Net (Detail) (USD $)

Dec. 31, 2013

Dec. 31, 2012

Oct. 10, 2013

Jun. 28, 2013

Mar. 28, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

In Thousands, unless otherwise specified

NNN/MR Holdings

Trade names and Trade marks

Disposition fee rights

In-place leases

Property Management Contracts

Landmark at Mallard Creek - Charlotte, NC

Community

Finite-Lived Intangible Assets [Line Items]

Identified intangible assets, net

$34,495

$284

$1,580

$16,662

$5,968

$18,703

Identified indefinite intangible assets, net

200

Total

$35,849

$7,548

Number of apartment communities purchased

Identified_Intangible_Assets_N3

Identified Intangible Assets, Net (Parenthetical) (Detail) (USD $)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Aug. 03, 2012

Dec. 31, 2012

Dec. 31, 2013

In-place leases

Property Management Contracts

Tenant relationships - expected termination fees

Tenant relationships

Landmark at Mallard Creek - Charlotte, NC

Multifamily Properties

Landmark at Monaco Gardens - Charlotte, NC

Property

Unaffiliated third parties

Tenant relationships - expected termination fees

Landmark at Mallard Creek - Charlotte, NC

Community

Unaffiliated third parties

Disposition fee rights

Finite-Lived Intangible Assets [Line Items]

Accumulated amortization

$39,100,000

$3,900,000

$2,200,000

Weighted average remaining life

'3 months 18 days

'4 months 21 days

'165 months 9 days

'0 months

Percentage of disposition fee

5.00%

Aggregate purchase price

805,055,000

18,750,000

1,300,000

Disposition fee

61,100,000

Excess of disposition fee over disposition fee right

3,100,000

Disposition fee right intangible

1,757,000

1,800,000

Impairment loss identified intangible assets

$5,397,000

$390,000

$310,000

$1,300,000

$1,600,000

Number of properties

Identified_Intangible_Assets_N4

Identified Intangible Assets, Net - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Goodwill And Intangible Assets Disclosure [Abstract]	'	'	'
Net Lease intangibles liability	$870,000	$0	'
Amortization expense	$37,400,000	$3,900,000	$389,000

Estimated_Amortization_Expense

Estimated Amortization Expense on Identified Intangible Assets (Detail) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2013
Goodwill And Intangible Assets Disclosure [Abstract]	'
2014	$18,821
2015	3,475
2016	3,313
2017	3,169
2018	1,322
Thereafter	4,395
Total	$34,495

Other_Assets_Net_Detail

Other Assets, Net (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]	'	'
Deferred financing costs, net of accumulated amortization	$14,513	$4,509
Prepaid expenses and deposits	4,298	992
Fair value of interest rate cap agreements	478	42
Other assets, net	$19,289	$5,543

Other_Assets_Net_Parenthetical

Other Assets, Net (Parenthetical) (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]	'	'
Deferred financing costs, accumulated amortization	$4.40	$1.80

Other_Assets_Net_Additional_In

Other Assets, Net - Additional Information (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]	'	'	'
Amortization expense of deferred financing costs	$3,900	$686	$297

Mortgage_Loan_Payable_Net_Deta

Mortgage Loan Payable, Net (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Participating Mortgage Loans [Line Items]	'	'
Mortgage loan payables	$827,465	$469,821
Premium	10,969	9,673
Total mortgage loan payables, net	838,434	479,494
Credit facility	145,200	'
Total secured fixed and variable rate debt, net	983,634	479,494
Unsecured notes payable to affiliate	5,784	'
Unsecured note payable	'	500
Total unsecured notes	5,784	500
Fixed Rate Mortgage Debt	'	'
Participating Mortgage Loans [Line Items]	'	'
Mortgage loan payables	652,345	353,102
Variable Rate Mortgage Debt	'	'
Participating Mortgage Loans [Line Items]	'	'
Mortgage loan payables	$175,120	$116,719

Scheduled_Payments_and_Maturit

Scheduled Payments and Maturities of Mortgage Loan Payables, Net, Unsecured Note Payables and Credit Facility (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Notes payable and other borrowings [Line Items]	'	'
Unsecured notes maturities, Total	$5,784	$500
Secured Notes Maturities	'	'
Notes payable and other borrowings [Line Items]	'	'
2014	'	'
2015	311,416	'
2016	96,792	'
2017	99,725	'
2018	120,436	'
Thereafter	281,203	'
Secured notes maturities, Total	909,572	'
Secured Notes Payment	'	'
Notes payable and other borrowings [Line Items]	'	'
2014	13,085	'
2015	10,721	'
2016	9,695	'
2017	9,056	'
2018	7,216	'
Thereafter	13,320	'
Secured Note Payments, Total	63,093	'
Unsecured Notes Maturities	'	'
Notes payable and other borrowings [Line Items]	'	'
2014	'	'
2015	500	'
2016	'	'
2017	'	'
2018	5,284	'
Thereafter	'	'

Debt_Additional_Information_De

Debt - Additional Information (Detail) (USD $)

12 Months Ended

0 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jan. 31, 2014

Dec. 20, 2013

Mar. 14, 2013

Dec. 20, 2013

Mar. 14, 2013

Sep. 23, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

MortgageLoan

Unsecured Notes Payable

Eurodollar

London Interbank Offered Rate

Prime Rate [Member]

Elrm Transaction Unsecured Note Payable To Affiliate

ELRM

Variable Rate Secured Credit Facility

Fixed Rate Mortgage Debt

Variable Rate Debt

Monthly Interest-Only Payment

Monthly Principal and Interest Payments

Restricted Common Stock

Unsecured Promissory Note

Property

Federal Fund Rate

Eurodollar

Cumulative Non Convertible Series D Preferred Stock [Member]

Incremental Credit Facility

MortgageLoan

CreditFacility

Mortgage Loans on Real Estate [Line Items]

Mortgage loan payables before discount

$827,465,000

$469,821,000

$663,300,000

$362,700,000

$169,200,000

$116,700,000

Mortgage loan payables, net of discount or mark to market

838,434,000

479,494,000

652,300,000

353,100,000

175,100,000

Number of mortgage loans, fixed rate

Number of mortgage loans, variable rate

'10

Interest rate, minimum

2.37%

2.46%

Interest rate, maximum

6.58%

Weighted average interest rate

4.70%

4.66%

5.18%

5.21%

2.92%

3.01%

Percentage of Mortgage loans payable

79.10%

75.70%

20.90%

24.30%

Number of mortgage loans

Interest rate on unsecured promissory note

3.00%

Notes Payable

500,000

10,000,000

Business Acquisition Contingent Consideration Payable

284,000

Payments on unsecured note payable

7,750,000

5,000,000

Payments on unsecured note payable, shares

613,497

Unsecured note payable

500,000

Interest margin rate

1.75%

3.68%

Credit Agreement, maturity date

3-Aug-15

7-Mar-15

Secured credit agreement terms

'The amount available under the Credit Facility is based on the lesser of the following (i) the aggregate commitments of all lenders and (ii) a percentage of the appraised value for all collateral properties. The credit agreement of the Credit Facility permits multiple term loan draws, which are only available to be drawn for six months following the closing date of the Credit Facility. As of December 31, 2013, 13 of our properties were pledged as collateral under the Credit Facility.

Properties pledged as collateral under credit agreement

Secured credit amount utilized

15,200,000

Aggregate maximum principal amount

130,000,000

Line of credit facility outstanding amount

130,000,000

Aggregate increased maximum principal amount

145,200,000

Line of credit facility, available borrowing capacity

34,800,000

Number of credit facility

Additional borrowing capacity

50,000,000

Preferred stock, par value

$0.01

Debt instrument, interest rate percentage

8.75%

Credit Agreement, maturity date if extended

7-Mar-16

Secured credit interest rate description

'All borrowings under the credit agreement bear interest at an annual rate equal to, at our option, (i) the highest of (A) the federal funds rate, plus one-half of 1.0% and a margin that fluctuates based on our debt yield, (B) the rate of interest as publicly announced from time to time by Bank of America, N.A. as its prime rate, plus a margin that fluctuates based on our debt yield or (C) the Eurodollar Rate (as defined in the credit agreement) for a one-month interest period plus 1.0% and a margin that fluctuates based upon our debt yield or (ii) the Eurodollar Rate (as defined in the credit agreement) plus a margin that fluctuates based upon our debt yield.

One-month interest period plus

5.00%

2.75%

0.50%

1.00%

Annual interest rate

3.15%

Principal outstanding

15,200,000

130,000,000

Prepayment penalties on mortgage loan

$684,000

Preferred_Stock_and_Warrants_t1

Preferred Stock and Warrants to Purchase Common Stock - Additional Information (Detail) (USD $)	0 Months Ended	12 Months Ended
	Jun. 28, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Preferred Securities And Warrants [Line Items]	'	'	'	'
Accretion expense	'	$2,566,000	$655,000	'
Write off of accretion expense	'	1,300,000	'	'
Accretion recorded on interest expense	'	'	'	0
Accumulated distribution accrued	'	0	1,700,000	'
Interest expense related to preferred shares distribution	'	2,700,000	2,000,000	'
Percentage of annual distributions on preferred shares	'	9.75%	'	'
Liquidation preference of preferred stock	'	$10	'	'
Preferred dividends classified as interest expense	'	15,854,000	2,023,000	'
Income	'	15,791,000	13,029,000	8,198,000
Loss on extinguishment of preferred stock	9,500,000	'	'	'
Issued non-detachable warrants to purchase aggregate shares of common stock	'	60,000,000	'	'
Class of warrant or right, exercise Price of warrants or rights	'	9	'	'
Public offering price of common stock	'	80.00%	'	'
Warrant exercisable period	'	'60 days	'	'
Close of business date after the completion of IPO	'	'60 days	'	'
Liability related to non-detachable warrants	'	1,800,000	1,900,000	'
Preferred Stock	'	'	'	'
Preferred Securities And Warrants [Line Items]	'	'	'	'
Extinguishment of preferred stock, prepayment penalty	6,400,000	'	'	'
Extinguishment of preferred stock, write off of unamortized financing costs	2,500,000	'	'	'
Extinguishment of preferred stock, redemption fee	600,000	'	'	'
Series D Preferred Stock	'	'	'	'
Preferred Securities And Warrants [Line Items]	'	'	'	'
Accretion expense	'	1,900,000	'	'
Preferred Stock Cumulative Dividend Rate Per Annum	'	14.47%	'	'
Preferred Stock Dividend Rate Percentage Increase	'	19.97%	'	'
Preferred dividends classified as interest expense	'	13,100,000	'	'
Entitlement to liquidation distributions	'	$10	'	'
Redemption price per share	'	$10	'	'
Preferred stock redemption percentage	'	50.00%	'	'
Fair value of derivative liability	'	13,500,000	'	'
Fair value, derivative	'	11,100,000	'	'
Cumulative non-convertible redeemable preferred stock	'	209,294,000	'	'
Series D Preferred Stock \| Minimum	'	'	'	'
Preferred Securities And Warrants [Line Items]	'	'	'	'
Preferred stock redemption percentage	'	50.00%	'	'
Series D Preferred Stock \| Current Dividend	'	'	'	'
Preferred Securities And Warrants [Line Items]	'	'	'	'
Preferred Stock Cumulative Dividend Rate Per Annum	'	8.75%	'	'
Preferred Stock Dividend Rate Percentage Increase	'	11.00%	'	'
Series D Preferred Stock \| Derivative [Member]	'	'	'	'
Preferred Securities And Warrants [Line Items]	'	'	'	'
Income	'	2,400,000	'	'
Series D Preferred Stock \| iStar and BREDS	'	'	'	'
Preferred Securities And Warrants [Line Items]	'	'	'	'
Preferred stock issued	'	20,976,300	'	'
Price per share	'	$10	'	'
Series A Preferred Stock	'	'	'	'
Preferred Securities And Warrants [Line Items]	'	'	'	'
Preferred stock issued	'	5,000,000	'	'
Price per share	'	$10	'	'
Preferred stock shares, Outstanding	'	0	'	'
Preferred stock, value outstanding	'	'	38,200,000	'
Preferred stock redeemed	'	50,000,000	'	'
Cumulative non-convertible redeemable preferred stock	'	'	38,204,000	'
Series B Preferred Stock	'	'	'	'
Preferred Securities And Warrants [Line Items]	'	'	'	'
Preferred stock issued	'	1,000,000	'	'
Price per share	'	$10	'	'
Preferred stock shares, Outstanding	'	0	'	'
Preferred stock, value outstanding	'	'	9,600,000	'
Preferred stock redeemed	'	10,000,000	'	'
Cumulative non-convertible redeemable preferred stock	'	'	9,551,000	'
Series A and B Preferred Stock	'	'	'	'
Preferred Securities And Warrants [Line Items]	'	'	'	'
Accretion expense	'	$635,000	$655,000	'

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	12 Months Ended							12 Months Ended	0 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Mar. 14, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Jan. 01, 2014	Dec. 31, 2013
					Other Payable Due To Affiliate [Member]	Restricted Limited Partnership Units	ELRM	Elco Landmark Residential Holdings, Llc [Member]	Elco Landmark Residential Holdings, Llc [Member]	Elco Landmark Residential Holdings, Llc [Member]
							Promissory note payable in operating Partnership		Subsequent Event	Equity Method Investments
Commitments and Contingencies [Line Items]	'	'	'	'	'	'	'	'	'	'
Professional fees	'	$2,100,000	$1,300,000	'	'	'	'	'	'	'
Litigation expense	0	'	3,400,000	'	'	'	'	'	'	'
Operating partnership	'	'	'	'	'	'	10,000,000	'	'	'
Estimated fair value	0	'	'	6,700,000	'	'	'	'	'	'
Acquisition contingent consideration reduced	2,000,000	'	'	'	568,000	1,100,000	'	'	'	'
Percentage of consideration paid in restricted limited partnership units	50.00%	'	'	'	'	'	'	'	'	'
Percentage of consideration paid in promissory notes	50.00%	'	'	'	'	'	'	'	'	'
Adjustment to fair value of contingent consideration	4,000,000	'	'	'	'	'	'	'	'	'
Changes in fair value recorded in general, administrative and other expenses	$715,000	'	'	'	'	'	'	'	'	'
Total number of apartments to be acquired	'	'	'	'	'	'	'	26	'	'
Number of apartments Acquired	'	'	'	'	'	'	'	10	16	2

Related_Party_Transactions_Adv

Related Party Transactions - Advisory Agreement with Former Advisor - Additional Information (Detail) (USD $)	0 Months Ended	12 Months Ended		0 Months Ended		12 Months Ended	0 Months Ended
	Feb. 24, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
				Former Advisor	Former Advisor	Former Advisor	Former Advisor	Former Advisor
							Common Shares	Common Shares
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'
Payment of monthly asset management fee of average invested assets	'	'	'	'	'	'One-twelfth of 0.30%	'	'
Percentage of asset management fee payable in cash on average invested assets	'	'	'	0.25%	'	'	'	'
Percentage of asset management fee payable in shares on average invested assets	'	'	'	0.05%	'	'	'	'
Asset management fees incurred	'	'	'	$678,000	$944,000	'	$126,000	$141,000
Asset management fees paid in shares	'	'	'	'	'	'	13,992	15,741
Common stock price per share	$8.15	'	'	'	'	'	$9	$9
Reimbursement of operating expenses	'	$143,000	$162,000	'	'	'	'	'

Related_Party_Transactions_Lea

Related Party Transactions - Lease for Principal Executive Offices - Additional Information (Detail) (USD $)	0 Months Ended
In Thousands, unless otherwise specified	Nov. 19, 2010
Related Party Transactions [Abstract]	'
Lease term	'5 years
Aggregate lease rental	$165

Related_Party_Transactions_ELR

Related Party Transactions - ELRM and Management Support Services Agreement - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
	Property	Dec. 31, 2012
Related Party Transaction [Line Items]	'	'
Number of properties	67	'
Management support fees	$418,000	$418,000
Other receivable due from affiliates	2,544,000	1,613,000
Number of stock units purchased	500,000	'
Class A Units	'	'
Related Party Transaction [Line Items]	'	'
Number of stock units purchased	500,000	'
Amount of consideration paid	5,000,000	'
ELRM	'	'
Related Party Transaction [Line Items]	'	'
Accounts payable due to affiliates, net	915,000	183,000
Number of properties	32	29
ELRM	'	'
Related Party Transaction [Line Items]	'	'
Number of properties	33	'
Costs reimbursed	644,000	'
Other receivable due from affiliates	2,500,000	1,600,000
Commitments \| Class A Units	'	'
Related Party Transaction [Line Items]	'	'
Number of stock units purchased	500,000	'
Amount of consideration paid	$5,000,000	'
Contributed Properties	'	'
Related Party Transaction [Line Items]	'	'
Number of properties	16	'
Percentage of fees equal to gross receipts	3.00%	'
Non-contributed Properties	'	'
Related Party Transaction [Line Items]	'	'
Number of properties	16	'
Other Properties [Member]	'	'
Related Party Transaction [Line Items]	'	'
Percentage of fees equal to gross receipts	2.00%	'
Maximum	'	'
Related Party Transaction [Line Items]	'	'
Number of properties	34	'
Number of properties	34	31
Maximum \| ELRM	'	'
Related Party Transaction [Line Items]	'	'
Reimbursement percentage	100.00%	'
Minimum \| ELRM	'	'
Related Party Transaction [Line Items]	'	'
Reimbursement percentage	25.00%	'

Equity_Additional_Information_

Equity - Additional Information (Detail) (USD $)

0 Months Ended

12 Months Ended

Feb. 24, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Mar. 14, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Unsecured Notes Payable

Former Advisor

Follow-on offering

Redeemable Non - Controlling Interests Operating Partnership

Affiliated Properties

Restricted Common Stock

Restricted LTIP Units

Series A Preferred Stock

Series B Preferred Stock

Series D Preferred Stock

Class A Units

2006 Incentive Award Plan

2006 Award Plan and 2012 Award Plan

Distribution Reinvestment Plan

Independent Directors

Subsequent Event

Restricted Common Stock

Property

Stockholders Equity Note Disclosure [Line Items]

Preferred stock, shares authorized

50,000,000

Preferred stock, par value

$0.01

Preferred stock, shares issued

4,000,000

1,000,000

20,976,300

Additional Preferred shares issued

1,000,000

Preferred stock Shares outstanding

4,000,000

1,000,000

20,976,300

Common stock, shares authorized

300,000,000

Common stock, shares issued

25,182,988

20,655,646

Common stock, shares outstanding

25,182,988

20,655,646

Issuance of common stock, shares

1,226,994

5,000

1,011,817

Properties Acquired

Common stock issued in connection with acquisition

2,055,215

Number of Common stock purchased

500,000

Repayment of unsecured note payable

$5,000,000

Unsecured note payable to affiliate

10,000,000

Common stock distributions reinvestment, shares

228,316

219,046

283,394

228,316

Common stock distributions per share

$0.30

$0.35

Shares excluded from computation of diluted earnings per share

7,400

5,400

6,600

Number of Limited Partnership Units issued

33,450,957

18,688,321

Limited partnership units for a total consideration

272,600,000

152,300,000

Additional limited partnership units to The Elco Parties

5,200,000

Number of years restricted limited partnership subject to vesting and cancellation

'5 years

Long-term incentive plan issued

720,322

366,120

256,042

Maximum DRIP reinvestment shares

10,000,000

Maximum proceeds from reinvestment

95,000,000

Purchase price for shares under the Amended and Restated DRIP

$8.15

Amendment effective date

'March 11, 2011

Common stock distributions reinvestment, amount

1,860,000

1,951,000

2,692,000

Number of shares authorized for issuance

2,000,000

Compensation expense of restricted stock

1,350,000

3,160,000

171,000

31,000

50,000

30,000

Unrecognized compensation expense

54,000

44,000

Unrecognized compensation expense, recognition period

'2 years 8 months 23 days

Fair value of restricted common stock

$60,310

$54,000

Weighted average price per share of restricted stock

$8.15

$10

Status_of_Nonvested_Shares_of_

Status of Nonvested Shares of Restricted Common Stock (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Equity [Abstract]	'	'
Restricted Common Stock, Beginning Balance	5,400	6,600
Restricted Common Stock, Granted	5,000	4,000
Restricted Common Stock, Vested	-3,000	-5,200
Restricted Common Stock, Ending Balance	7,400	5,400
Weighted Average Grant Date Fair Value, Beginning Balance	$10	$10
Restricted Common Stock, Expected to vest, Ending Balance	7,400	'
Weighted Average Grant Date Fair Value, Granted	$8.15	$10
Weighted Average Grant Date Fair Value, Vested	$8.15	$10
Weighted Average Grant Date Fair Value, Ending Balance	$9	$10
Expected to vest, Ending Balance	$8.15	'

NonControlling_Interests_Addit

Non-Controlling Interests - Additional Information (Detail) (USD $)	3 Months Ended				12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Noncontrolling Interest [Line Items]	'	'	'	'	'	'	'
Distributions paid on these limited partnership units	'	'	'	'	$7,600,000	$451,000	'
Capital accounts distribution reinvested	'	'	'	'	300,000	0	'
Capital accounts distribution units issued	'	'	'	'	35,738	0	'
Non-controlling interest	3,896,000	'	'	'	3,896,000	'	'
Net loss attributable to non-controlling interests	599,000	422,000	6,489,000	246,000	1,021,000	'	'
Redeemable Non - Controlling Interests Operating Partnership	'	'	'	'	'	'	'
Noncontrolling Interest [Line Items]	'	'	'	'	'	'	'
Partnership agreement holding period	'	'	'	'	'12 months	'	'
Cash redemption amount	'	'	'	'	$8.15	'	'
Number of Limited Partnership Units issued	33,450,957	'	18,688,321	'	33,450,957	18,688,321	'
Limited partnership units for a total consideration	272,600,000	'	'	'	272,600,000	'	'
Limited partnership units redemption value	$272,600,000	'	'	'	$272,600,000	'	'
Controlling ownership interest percent	57.50%	'	52.50%	'	57.50%	52.50%	'
Non-Controlling ownership interest percent	42.50%	'	47.50%	'	42.50%	47.50%	'

Fair_Value_of_Derivatives_and_2

Fair Value of Derivatives and Financial Instruments - Additional Information (Detail) (USD $)	12 Months Ended									12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Mar. 07, 2013	Dec. 31, 2013	Aug. 16, 2013	Jul. 31, 2013	Mar. 07, 2013	Oct. 31, 2012	Dec. 31, 2013
				Derivative	Interest Rate Swaps	Interest Rate Swaps	Interest Rate Swaps	Interest Rate Swaps	Interest Rate Swaps	Interest Rate Caps
						Derivative	Derivative	MortgageLoan	Derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'	'	'	'	'	'
Weighted average capped rate	3.68%	'	'	'	'	'	'	'	'	'
Interest rate cap agreements notional amount	'	'	'	'	'	'	'	'	'	$102,100,000
Interest rate cap agreements maturity date	'	'	'	'	'	'	'	'	'	7-Jan-18
Premiums in connection with the execution of the interest rate cap agreements	676,000	'	'	'	'	'	'	'	'	'
Fair value of cap rate agreements	478,000	42,000	'	'	'	'	'	'	'	'
Interest Expense in Fair Value	142,000	55,000	0	'	'	'	'	'	'	'
Interest rate swap agreement	'	'	'	'	'	2	2	'	3	'
Notional amounts of interest rate agreements	'	'	'	'	32,100,000	'	'	'	12,400,000	'
Number of Interest rate swap agreement closed	'	'	'	3	'	'	'	'	'	'
Number of mortgage loan closed	'	'	'	'	'	'	'	3	'	'
Interest rate swap agreement closed amount	'	'	'	12,400,000	'	'	'	'	'	'
Gains losses on hedging derivatives qualifying as cash flow hedges	($40,000,000)	($310,000,000)	'	'	'	'	'	'	'	'

Summary_of_Derivative_Arrangem

Summary of Derivative Arrangements and Consolidated Hedging Derivatives (Detail) (USD $)

Dec. 31, 2013

Oct. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

In Thousands, unless otherwise specified

Interest Rate Swaps

Non-designated Hedges

Cash Flow Hedges

Interest Rate Caps

Interest Rate Swaps

Minimum

Maximum

Minimum

Maximum

Derivative [Line Items]

Notional balance

$32,100

$12,400

$102,065

$22,670

$32,100

$12,442

Weighted average interest rate

2.81%

[1]

2.48%

[1]

2.38%

[1]

3.72%

[1]

Weighted average capped interest rate

3.68%

5.45%

Maturity date

'2015-03

'2017-08

'2018-07

'2017-08

'2020-07

'2019-10

'2020-08

'2019-10

Estimated fair value, asset/(liability)

$478

$42

($350)

($310)

[1]

For interest rate caps, this represents the weighted average interest rate on the debt.

Liabilities_Measured_at_Fair_V

Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'		'
Mortgage loan payables, net	$838,434		$479,494
Quoted Prices In Active Markets For Identical Assets (Level 1)	'		'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'		'
Mortgage loan payables, net	'	[1]	'	[1]
Unsecured notes payable to affiliates	'	[2]	'
Unsecured notes payable	'		'	[3]
Credit facility	'	[1]	'
Acquisition contingent consideration	'	[4]	'
Warrants	'	[5]	'	[5]
Liabilities at fair value	'		'
Liabilities at fair value	'		'
Quoted Prices In Active Markets For Identical Assets (Level 1) \| Series D Preferred Stock	'		'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'		'
Series D preferred stock derivative	'	[6]	'
Significant Other Observable Inputs (Level 2)	'		'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'		'
Mortgage loan payables, net	858,658	[1]	498,824	[1]
Unsecured notes payable to affiliates	'	[2]	'
Unsecured notes payable	'		'	[3]
Credit facility	145,247	[1]	'
Acquisition contingent consideration	'	[4]	'
Warrants	'	[5]	'	[5]
Liabilities at fair value	'		498,824
Liabilities at fair value	1,003,905		'
Significant Other Observable Inputs (Level 2) \| Series D Preferred Stock	'		'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'		'
Series D preferred stock derivative	'	[6]	'
Significant Unobservable Inputs (Level 3)	'		'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'		'
Mortgage loan payables, net	'	[1]	'	[1]
Unsecured notes payable to affiliates	5,784	[2]	'
Unsecured notes payable	'		500	[3]
Credit facility	'	[1]	'
Acquisition contingent consideration	4,030	[4]	'
Warrants	1,789	[5]	1,918	[5]
Liabilities at fair value	'		2,418
Liabilities at fair value	22,703		'
Significant Unobservable Inputs (Level 3) \| Series D Preferred Stock	'		'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'		'
Series D preferred stock derivative	'11100	[6]	'
Fair Value Estimate	'		'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'		'
Mortgage loan payables, net	858,658	[1]	498,824	[1]
Unsecured notes payable to affiliates	5,784	[2]	'
Unsecured notes payable	'		500	[3]
Credit facility	145,247	[1]	'
Acquisition contingent consideration	4,030	[4]	'
Warrants	1,789	[5]	1,918	[5]
Liabilities at fair value	'		501,242
Liabilities at fair value	1,026,608		'
Fair Value Estimate \| Series D Preferred Stock	'		'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'		'
Series D preferred stock derivative	'11100	[6]	'
Carrying Value	'		'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'		'
Mortgage loan payables, net	838,434	[1]	479,494	[1]
Unsecured notes payable to affiliates	5,784	[2]	'
Unsecured notes payable	'		500	[3]
Credit facility	145,200	[1]	'
Acquisition contingent consideration	4,030	[4]	'
Warrants	1,789	[5]	1,918	[5]
Liabilities at fair value	'		481,912
Liabilities at fair value	$1,006,337		'
Carrying Value \| Series D Preferred Stock	'		'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'		'
Series D preferred stock derivative	'11100	[6]	'

[1]	The fair value is estimated using borrowing rates available to us for debt instruments with similar terms and maturities.
[2]	The fair value is not determinable due to the related party nature of the unsecured notes payable to affiliates, other than the Legacy Unsecured Note. The fair value of the Legacy Unsecured Note is based on a benchmark index from the limited partnership unit distributions dividend rate; therefore, we consider the fair value of the Legacy Unsecured Note to be equal to the carrying value.
[3]	The fair value of the Legacy Unsecured Note is based on a benchmark index from the limited partnership unit distributions dividend rate; therefore, we consider the fair value of the Legacy Unsecured Note to be equal to the carrying value.
[4]	The fair value is based on management's inputs and assumptions relating primarily to the expected cash flows, and the timing of such cash flows, from the economic rights we acquired in connection with the ELRM Transaction that enables us to earn property management fees and subordinated participation distributions with respect to certain real estate assets.
[5]	The fair value of the warrants is estimated using the Monte-Carlo Simulation.
[6]	The fair value of the Series D Preferred Stock derivative, which relates to the mandatory redemption of 50% of the Series D Preferred Stock outstanding as of the date of a triggering event as defined in the Series D Preferred Stock agreement for a premium, is determined using a modeling technique based on significant unobservable inputs calculated using a probability-weighted approach. Significant inputs include the expected timing of a triggering event, the expected timing of additional issuances of Series D Preferred Stock, and the discount rate.

Liabilities_Measured_at_Fair_V1

Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) (Series D Preferred Stock)	12 Months Ended
	Dec. 31, 2013
Series D Preferred Stock	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'
Redemption of Series D Preferred Stock	50.00%

Reconciliation_of_Fair_Value_o

Reconciliation of Fair Value of Acquisition Contingent Consideration and Warrant Liability Measured on Recurring Basis (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Warrants	'
Fair Value Measurement [Line Items]	'
Balance at December 31, 2012	$1,918
Additions	398
Change due to liability realized	'
Changes in fair value	-527	[1]
Balance at December 31, 2013	1,789
Acquisition Contingent Consideration	'
Fair Value Measurement [Line Items]	'
Balance at December 31, 2012	'
Additions	6,737
Change due to liability realized	-1,992
Changes in fair value	-715	[1]
Balance at December 31, 2013	4,030
Series D Preferred Stock Derivative	'
Fair Value Measurement [Line Items]	'
Balance at December 31, 2012	'
Additions	13,500
Change due to liability realized	'
Changes in fair value	-2,400	[1]
Balance at December 31, 2013	$11,100

[1]	Reflected in general, administrative and other expense on the consolidated statements of comprehensive loss for the year ended December 31, 2013.

Business_Combinations_Addition

Business Combinations - Additional Information (Detail) (USD $)

12 Months Ended

0 Months Ended

6 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

10 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Aug. 03, 2012

Dec. 31, 2013

Dec. 31, 2012

Jun. 17, 2011

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Mar. 28, 2013

Dec. 31, 2011

Dec. 31, 2013

Aug. 03, 2012

Oct. 10, 2013

Jun. 28, 2013

Mar. 28, 2013

Dec. 31, 2013

Dec. 31, 2012

Property

Disposition fee rights

NNN/MR Holdings

Multifamily Properties

Consolidated Joint Ventures

Property portfolio

Property Acquisitions

ELRM Acquisition

2013 Property Acquisitions

2012 Property Acquisitions

Community

Property

Disposition fee rights

Property

NNN/MR Holdings

Property

Disposition fee rights

Business Acquisition [Line Items]

Acquisition of total properties

Additions of apartment units

11,273

5,402

Aggregate purchase price

$805,055,000

$61,100,000

$805,100,000

$432,800,000

Acquisition-related expense

13,736,000

19,894,000

1,270,000

59,000

175,000

12,200,000

1,000,000

Revenue

210,158,000

160,219,000

4,000,000

46,300,000

10,600,000

Net Income (loss)

-28,795,000

-99,043,000

53,000

31,800,000

4,100,000

Acquisition of ownership interest in subsidiary

50.00%

Number of properties

Rentable square units

6,079

1,066

Number of master leases

Remaining ownership interest acquired

50.00%

Cash consideration for ownership interest in subsidiary

200,000

Indirect interest percentage, owned

100.00%

Loss recognized on purchase

390,000

Disposition fee on right intangibles

34,495,000

284,000

1,580,000

1,600,000

1,300,000

Market lease obligation

1,200,000

Disposition fee of purchase price

5.00%

Number of multifamily apartment properties purchased

Disposition fee due consideration paid at acquisition

3,100,000

Disposition right income

1,757,000

1,800,000

Net loss, joint venture acquisition

255,000

Revenues, joint venture acquisition

$4,600,000

Fair_Value_of_Assets_Acquired_

Fair Value of Assets Acquired and Liabilities Assumed at Time of Acquisition (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	2013 Property Acquisitions	2012 Property Acquisitions
Business Acquisition [Line Items]	'	'
Land	$127,657	$57,412
Land improvements	61,317	36,976
Building and improvements	562,009	300,736
Furniture, fixtures and equipment	13,799	5,082
In-place leases	45,879	9,673
(Above)/below market leases	-3,375	'
Fair market value of assumed debt	-321,438	-192,684
Other assets/liabilities, net	-12,943	-712
Total	472,905	216,483
Equity/limited partnership unit consideration	-104,450	-154,409
Net cash consideration	$368,455	$62,074

Fair_Value_of_Property_Managem

Fair Value of Property Management Business (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Mar. 14, 2013
Fair Value of Property Management Business (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Property Management Business
Business Acquisition [Line Items]	'	'	'
Furniture, fixtures and equipment	'	'	$81,000
Other assets, net	'	'	150,000
Identified intangible assets, net	'	'	21,070,000	[1]
Goodwill	'	'	9,679,000	[1]
Total purchase price	805,055,000	'	30,980,000
Accounts payable and accrued liabilities	'	'	-196,000
Unsecured notes payable to affiliate	'	'	-10,000,000
Limited partnership units	'	'	-9,839,000
Acquisition contingent consideration	-4,030,000	'	-6,734,000
Deferred tax liability	'	'	-4,211,000
Cash paid	'	'	$0

[1]	In the third quarter of the year ended December 31, 2013, we recorded an increase to goodwill of $3.3 million and a decrease to identified intangible assets of $3.3 million as a measurement period adjustment as we obtained the necessary information to quantify the value of intangible assets acquired during the quarter. During the fourth quarter of the year ended December 31, 2013 we recorded a decrease of $1 million to goodwill and a decrease of $1 million to deferred tax liability, net.

Fair_Value_of_Property_Managem1

Fair Value of Property Management Business (Parenthetical) (Detail) (USD $)	3 Months Ended		12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2013
Business Combinations [Abstract]	'	'	'
Increase (decrease) in goodwill	($1,000,000)	$3,300,000	$2,900,000
Decrease to identified intangible assets	'	3,300,000	0
Decrease in deferred tax liability, net	($1,000,000)	'	($1,000,000)

Pro_Forma_Revenues_Net_Loss_Ne

Pro Forma Revenues, Net Loss, Net Loss Attributable to Controlling Interest and Net Loss Per Common Share Attributable to Controlling Interest - Basic and Diluted (Detail) (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Business Combinations [Abstract]	'	'
Revenues	$210,158	$160,219
Net loss	-28,795	-99,043
Net loss attributable to controlling interest	($13,829)	($82,998)
Net loss per common share attributable to controlling interest - basic and diluted	($0.61)	($4.10)

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended				12 Months Ended
Income Taxes - Additional Information (Detail) (USD $)	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]	'	'	'	'	'	'	'
Percentage of distributions from taxable income required to qualify as a REIT for federal income tax purposes	'	'	'	'	90.00%	'	'
Valuation Allowance	'	'	'	'	$2,728,000	($2,174,000)	($65,000)
Net deferred tax liablity	-435,000	'	'	'	-435,000	'	'
Income Tax Expense (Benefit)	-454,000	41,000	-286,000	-2,833,000	-3,532,000	'	'
Total net operating loss carry forward for federal income tax purposes	$3,600,000	'	'	'	$3,600,000	'	'

Deferred_Income_Tax_Assets_and

Deferred Income Tax Assets and Liabilities (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Deferred tax assets:	'	'
Goodwill and intangibles	$1,730	$1,884
Acquisition costs	444	468
Net operating loss	1,340	469
Other	68	'
Total deferred tax assets	3,582	2,821
Less valuation allowance	'	-2,728
Net deferred tax asset	3,582	93
Deferred tax liabilities:	'	'
Depreciation	-7	-5
Prepaids	-423	-4
Other	'	-84
Total deferred tax liabilities	-4,017	-93
Net deferred tax liability	-435	'
ELRM	'	'
Deferred tax liabilities:	'	'
ELRM intangibles	($3,587)	'

Net_Operating_Loss_Carry_Forwa

Net Operating Loss Carry Forward for Federal Income Tax Purposes (Detail) (USD $)

3 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Income Tax Disclosure [Abstract]

Loss from continuing operations

($26,621)

[1]

($28,338)

[1]

($18,975)

[1]

($9,065)

[1]

($15,279)

[1]

($21,443)

[1]

($2,879)

[1]

($2,653)

[1]

($82,999)

($42,254)

($9,062)

Tax effect at statutory rate

-29,050

-14,789

-3,172

REIT income

15,990

10,253

3,102

Non-controlling interests

12,496

2,357

Valuation allowance

-2,728

2,174

State taxes

-242

Other

Total tax (benefit)

($454)

$41

($286)

($2,833)

($3,532)

[1]

Selected_Quarterly_Financial_D2

Selected Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Detail) (USD $)	3 Months Ended																12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sep. 30, 2012		Jun. 30, 2012		Mar. 31, 2012		Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Quarterly Financial Information Disclosure [Abstract]	'		'		'		'		'		'		'		'		'	'	'
Revenues	$53,020	[1]	$44,415	[1]	$34,097	[1]	$25,457	[1]	$23,964	[1]	$16,267	[1]	$14,622	[1]	$14,551	[1]	$156,989	$69,404	$54,083
Expenses	-60,060	[1]	-56,913	[1]	-35,791	[1]	-27,256	[1]	-33,157	[1]	-33,478	[1]	-14,964	[1]	-14,667	[1]	-180,020	-96,266	-52,858
Loss from operations	-7,040	[1]	-12,498	[1]	-1,694	[1]	-1,799	[1]	-9,193	[1]	-17,211	[1]	-342	[1]	-116	[1]	'	'	'
Other expense, net	-19,581	[1]	-15,840	[1]	-17,281	[1]	-7,266	[1]	-6,086	[1]	-4,232	[1]	-2,537	[1]	-2,537	[1]	'	'	'
Loss from continuing operations before income tax	-26,621	[1]	-28,338	[1]	-18,975	[1]	-9,065	[1]	-15,279	[1]	-21,443	[1]	-2,879	[1]	-2,653	[1]	-82,999	-42,254	-9,062
Income tax (expense)/benefit	454		-41		286		2,833		'		'		'		'		3,532	'	'
Loss from continuing operations	-26,167	[1]	-28,379	[1]	-18,689	[1]	-6,232	[1]	-15,279	[1]	-21,443	[1]	-2,879	[1]	-2,653	[1]	-79,467	-42,254	-9,062
Income from discontinued operations	15	[1]	3,471	[1]	218	[1]	6,851	[1]	140	[1]	203	[1]	213	[1]	103	[1]	10,555	659	116
Net (loss)/income	-26,152		-24,908		-18,471		619		-15,139		-21,240		-2,666		-2,550		-68,912	-41,595	-8,946
Less: Net loss/(income) attributable to redeemable noncontrolling interests in operating partnership	13,803		12,640		9,137		-295		'		'		'		'		35,285	6,735	'
Less : Net loss attributable to non-controlling interest partner	599		422		'		'		6,489		246		'		'		1,021	'	'
Net (loss)/income attributable to common stockholders	($11,750)		($11,846)		($9,334)		$324		($8,650)		($20,994)		($2,666)		($2,550)		($32,606)	($34,860)	($8,946)
Earnings per weighted average common share - basic and diluted:	'		'		'		'		'		'		'		'		'	'	'
Loss from continuing operations	($0.49)	[1]	($0.57)	[1]	($0.43)	[1]	($0.13)	[1]	($0.43)	[1]	($1.04)	[1]	($0.14)	[1]	($0.13)	[1]	($1.66)	($1.75)	($0.46)
Income from discontinued operations	'		$0.07	[1]	'		$0.15	[1]	$0.01	[1]	$0.01	[1]	$0.01	[1]	'		$0.22	$0.03	$0.01
Net (loss)/income per common share attributable to common stockholders - basic and diluted	($0.49)		($0.50)		($0.43)		$0.02		($0.42)		($1.03)		($0.13)		($0.13)		$1.44	($1.72)	($0.45)
Weighted average number of common shares outstanding - basic and diluted	24,073,724		23,847,912		21,755,583		21,034,949		20,634,664		20,331,515		20,030,624		19,974,467		22,689,573	20,244,130	19,812,886

[1]	Amounts for the quarters ended March 31 and June 30, 2013 and 2012, will not equal previously reported results due to reclassification between income from continuing operations and income from discontinued operations.

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (USD $)

12 Months Ended

0 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Jan. 22, 2014

Jan. 15, 2014

Jan. 22, 2014

Jan. 07, 2014

Jan. 22, 2014

Jan. 07, 2014

Subsequent Event

iStar

BREDS

Minimum

Maximum

Line of Credit [Member]

Lakeways Portfolio

Series E Preferred Stock

Without Extension, Certain Conditions Not Satisfied [Member]

With Extension, Conditions Satisfied [Member]

Subsequent Event

Series E Preferred Stock

Subsequent Event [Line Items]

Stock issued, value

$74,000,000

$9,300,000

$58,700,000

Shares issuable under agreement

5,200,000

6,000,000

Preferred stock annual distribution percentage

9.75%

9.25%

Preferred stock par value

$0.01

Stock issued, shares

933,438

5,866,562

Shares issuable under agreement, value

600,000

Share price

$10

Pledged in cash and equity interest in our subsidiaries

29,690,000

9,889,000

1,500,000

Annual interest rate

5.00%

3.00%

Increase the aggregate borrowings available under credit facility

145,200,000

165,900,000

Increased monthly amortization payment

225,000

258,000

Acquisition of Bella vista Property

20,700,000

Line of credit maximum amount

$10,000,000

Line of credit due

22-Jan-15

22-Jan-16

Properties_Acquired_Detail

Properties Acquired (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Business Acquisition [Line Items]	'
Total Purchase Price	$805,055
Initial Cost to Company, Encumbrances	827,465
Subsequent Event \| Landmark at Chesterfield - Pineville, NC	'
Business Acquisition [Line Items]	'
Date Acquired	7-Jan-14	[1]
Number of Units	250	[1]
Total Purchase Price	19,250	[1]
Initial Cost to Company, Encumbrances	10,600	[1]
Percentage Ownership	61.20%	[1]
Subsequent Event \| Landmark at Coventry Pointe - Lawrenceville, GA	'
Business Acquisition [Line Items]	'
Date Acquired	7-Jan-14	[1]
Number of Units	250	[1]
Total Purchase Price	26,250	[1]
Initial Cost to Company, Encumbrances	16,500	[1]
Percentage Ownership	61.20%	[1]
Subsequent Event \| Landmark at Grand Oasis - Suwanee, GA	'
Business Acquisition [Line Items]	'
Date Acquired	7-Jan-14	[1]
Number of Units	434	[1]
Total Purchase Price	45,570	[1]
Initial Cost to Company, Encumbrances	28,200	[1]
Percentage Ownership	61.20%	[1]
Subsequent Event \| Landmark at Rosewood - Dallas, TX	'
Business Acquisition [Line Items]	'
Date Acquired	7-Jan-14	[1]
Number of Units	232	[1]
Total Purchase Price	12,760	[1]
Initial Cost to Company, Encumbrances	7,000	[1]
Percentage Ownership	61.20%	[1]
Subsequent Event \| Lake Village East - Garland, TX	'
Business Acquisition [Line Items]	'
Date Acquired	9-Jan-14	[1],[2]
Number of Units	329	[1],[2]
Total Purchase Price	18,900	[1],[2]
Initial Cost to Company, Encumbrances	9,200	[1],[2]
Percentage Ownership	100.00%	[1],[2]
Subsequent Event \| Lake Village North - Garland, TX	'
Business Acquisition [Line Items]	'
Date Acquired	9-Jan-14	[1],[3]
Number of Units	847	[1],[3]
Total Purchase Price	60,670	[1],[3]
Initial Cost to Company, Encumbrances	30,200	[1],[3]
Percentage Ownership	100.00%	[1],[3]
Subsequent Event \| Lake Village West - Garland, TX	'
Business Acquisition [Line Items]	'
Date Acquired	9-Jan-14	[1],[4]
Number of Units	294	[1],[4]
Total Purchase Price	18,900	[1],[4]
Initial Cost to Company, Encumbrances	13,000	[1],[4]
Percentage Ownership	100.00%	[1],[4]
Subsequent Event \| Landmark at Laurel Heights - Mesquite, TX	'
Business Acquisition [Line Items]	'
Date Acquired	9-Jan-14	[1],[5]
Number of Units	286	[1],[5]
Total Purchase Price	21,160	[1],[5]
Initial Cost to Company, Encumbrances	14,000	[1],[5]
Percentage Ownership	100.00%	[1],[5]
Subsequent Event \| Landmark at Bella Vista - Duluth, GA	'
Business Acquisition [Line Items]	'
Date Acquired	15-Jan-14	[1]
Number of Units	564	[1]
Total Purchase Price	31,854	[1]
Percentage Ownership	100.00%	[1]
Subsequent Event \| Landmark at Maple Glen - Orange Park, FL	'
Business Acquisition [Line Items]	'
Date Acquired	15-Jan-14	[1]
Number of Units	358	[1]
Total Purchase Price	29,800	[1]
Initial Cost to Company, Encumbrances	14,400	[1]
Percentage Ownership	51.10%	[1]
Subsequent Event \| Landmark at Pine Court - Columbia, SC	'
Business Acquisition [Line Items]	'
Date Acquired	23-Jan-14	[6]
Number of Units	316	[6]
Total Purchase Price	20,300	[6]
Initial Cost to Company, Encumbrances	15,600	[6]
Percentage Ownership	100.00%	[6]
Subsequent Event \| Landmark at Spring Creek - Garland, TX	'
Business Acquisition [Line Items]	'
Date Acquired	6-Jan-14	[6]
Number of Units	236	[6]
Total Purchase Price	10,300	[6]
Initial Cost to Company, Encumbrances	$7,800	[6]
Percentage Ownership	92.60%	[6]

[1]	Included in the Omnibus Agreement.
[2]	Includes Lakeshore Lakeview Apartments, Lakeway Harbor Apartments and Lakeway Point Apartments. We consolidated these into one property called Lake Village East.
[3]	Includes Lakeway 36 Apartments, Lakeway Place Apartments, Lakeway Trace Apartments and Lakeway Meadows Apartments. We consolidated these into one property called Lake Village North.
[4]	Includes Lakeway Colony Apartments.
[5]	Includes Windridge Apartments and Highlands at Galloway Apartments. We consolidated these into one property called Landmark at Laurel Heights.
[6]	We have not completed the purchase accounting for these properties.

Recovered_Sheet1

Real Estate Operating Properties and Accumulated Depreciation (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013
In Thousands, unless otherwise specified					Corporate	Towne Crossing Apartments (Residential)	Villas of El Dorado	Bella Ruscello Luxury Apartment Homes	Mission Rock Ridge Apartments	Landmark at Ridgewood Preserve	Landmark at Heritage Fields	Manchester Park	Monterra Pointe	Kensington Station	Crestmont Reserve	Palisades at Bear Creek	Landmark At Gleneagles	Landmark at Preston Wood	Collin Creek	Landmark at Courtyard Villas	Landmark at Sutherland Park	Dallas, TX	Milana Reserve Apartments	Lofton Meadows Apartments	Landmark at Grand Palms	Courtyards on the River	Esplanade Apartments	Landmark at Stafford Landing	Landmark at Stafford Landing	Landmark at Stafford Landing	Landmark at Woodland Trace	Landmark at Woodland Trace	Landmark at Woodland Trace	Orlando, FL	Landmark at Wynton Pointe	Landmark at Glenview Reserve	Landmark at Glenview Reserve	Landmark at Glenview Reserve	Landmark at Lyncrest Reserve	Landmark at Lyncrest Reserve	Landmark at Lyncrest Reserve	Nashville, TN	Lexington on the Green	Caveness Farms	Grand Arbor Reserve - Raleigh, NC	Raleigh, NC	Walker Ranch Apartment Homes	Hidden Lake Apartment Homes	San Antonio, TX	Grand Isles at Baymeadows	Fountain Oaks - Jacksonville Fl	Jacksonville, FL	Park at Northgate	Landmark at Emerson Park	Houston, TX	Landmark at Grand Meadows	Landmark at Ocean Breeze - Melbourne, FL	Melbourne, FL	Reserve at Mill Landing	Reserve at River Walk - Columbia, SC	Columbia, SC	The Heights at Olde Towne	The Myrtles at Olde Towne	Overlook At Daytona	Bay Breeze Villas - Cape Coral	Landmark At Battleground Park	Other	Seabreeze Daytona Marina	Lancaster Place Undeveloped Land	Lakes	Landmark at Savoy Square	Landmark at Grayson Park	Landmark at Avery Place	Tampa, FL	Residences at Braemar	Landmark at Brighton Colony	Landmark at Brighton Colony	Landmark at Brighton Colony	Landmark at Greenbrooke Commons	Landmark at Mallard Creek - Charlotte, NC	Victoria Park - Charlotte, NC	Landmark At Monaco Gardens	Grand Terraces - Charlotte, NC	Grand Terraces - Charlotte, NC	Grand Terraces - Charlotte, NC	Stanford Reserve - Charlotte, NC	Charlotte North Carolina [Member]	Creekside Crossing	Kedron Village	Landmark at Creekside Grand	Parkway Grand	Richmond on the Fairway	Atlanta, GA	Landmark at Magnolia Glen	Landmark at Lancaster Place	Landmark at Deerfield Glen	Birmingham, AL	Arboleda Apartments	Landmark at Barton Creek	Landmark at Prescott Woods - Austin, TX	Austin, TX
																													Minimum	Maximum		Minimum	Maximum				Minimum	Maximum		Minimum	Maximum																																				Minimum	Maximum						Minimum	Maximum
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Initial Cost to Company, Encumbrances	$827,465	'	'	'	'	$13,622	$13,600	$12,640	$13,633	'	'	'	'	'	'	'	$26,374	$8,024	'	$13,979	$21,744	$123,616	$10,201	$7,416	$20,538	$11,730	$8,849	$26,100	'	'	$14,757	'	'	$49,706	$19,498	$14,189	'	'	$14,447	'	'	$48,134	$18,212	$21,947	$16,926	$57,085	$20,000	$19,218	$39,218	'	$5,400	$5,400	$10,295	$22,670	$32,965	$6,100	$6,000	$12,100	$12,615	'	$12,615	$10,359	$19,878	$16,420	$9,375	$10,634	$66,666	'	'	$11,884	$6,842	$15,840	$9,077	$93,528	$8,625	$24,105	'	'	$25,179	$14,065	'	$14,600	'	'	'	$11,519	$98,097	$17,000	'	$27,119	$19,370	$8,142	$71,631	$35,224	$10,540	$13,200	$58,964	$16,746	$26,018	$14,976	$57,740
Initial Cost to Company, Land	221,595	'	'	'	'	2,041	1,622	1,620	2,201	1,289	1,683	1,104	1,541	1,864	2,274	1,814	7,249	1,765	4,439	3,355	5,872	41,733	3,605	2,187	10,985	2,607	1,079	5,971	'	'	3,009	'	'	10,059	5,653	2,856	'	'	3,680	'	'	12,189	3,418	2,896	3,036	9,350	3,025	3,031	6,056	6,189	803	6,992	1,870	3,802	5,672	2,101	1,124	3,225	2,042	2,262	4,304	2,513	3,698	4,986	2,640	1,675	15,512	2,100	290	3,298	1,797	4,802	3,257	32,538	1,564	2,869	'	'	3,824	2,591	4,730	2,963	2,130	'	'	2,546	23,217	5,233	4,057	4,127	6,142	2,699	22,258	1,351	484	2,564	4,399	4,051	10,201	7,449	21,701
Initial Cost to Company, Building, Improvements and Fixtures	1,256,149	'	'	'	'	19,079	16,741	15,510	17,364	6,449	9,734	3,820	10,225	12,946	15,928	6,069	32,631	10,132	17,011	16,744	25,210	235,593	14,828	8,730	30,309	12,356	14,566	25,883	'	'	20,889	'	'	61,338	25,654	17,828	'	'	16,922	'	'	60,404	18,385	22,386	18,061	58,832	28,273	29,540	57,813	25,407	5,754	31,161	14,958	26,032	40,990	9,022	7,132	16,154	20,994	12,392	33,386	14,957	33,319	17,071	14,132	12,624	92,103	'	'	14,298	7,769	25,424	14,362	128,076	13,718	26,128	'	'	28,529	16,120	14,612	17,917	12,934	'	'	11,541	141,499	20,699	26,144	48,455	22,803	7,455	125,556	70,442	16,425	18,903	105,770	25,928	25,718	15,828	67,474
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition	22,689	'	'	'	474	589	788	497	171	112	117	117	26	122	100	79	1,680	413	322	193	354	5,680	136	95	188	296	287	1,875	'	'	42	'	'	2,204	429	535	'	'	288	'	'	1,252	199	47	68	314	377	730	1,107	129	235	364	622	190	812	151	20	171	229	62	291	742	425	230	182	452	2,031	'	'	121	71	51	14	972	308	76	'	'	80	407	117	512	60	'	'	310	1,870	283	418	110	121	1,373	2,305	764	12	9	785	344	861	852	2,057
Gross Amount at which carried at close of period, Land	221,595	'	'	'	'	2,041	1,622	1,620	2,201	1,289	1,683	1,104	1,541	1,864	2,274	1,814	7,249	1,765	4,439	3,355	5,872	41,733	3,605	2,187	10,985	2,607	1,079	5,971	'	'	3,009	'	'	10,059	5,653	2,856	'	'	3,680	'	'	12,189	3,418	2,896	3,036	9,350	3,025	3,031	6,056	6,189	803	6,992	1,870	3,802	5,672	2,101	1,124	3,225	2,042	2,262	4,304	2,513	3,698	4,986	2,640	1,675	15,512	2,100	290	3,298	1,797	4,802	3,257	32,538	1,564	2,869	'	'	3,824	2,591	4,730	2,963	2,130	'	'	2,546	23,217	5,233	4,057	4,127	6,142	2,699	22,258	1,351	484	2,564	4,399	4,051	10,201	7,449	21,701
Gross amount at which Carried at close of Period, Building, Improvements and Fixtures	1,278,838	'	'	'	474	19,668	17,529	16,007	17,535	6,561	9,851	3,937	10,251	13,068	16,028	6,148	34,311	10,545	17,333	16,937	25,564	241,273	14,964	8,825	30,497	12,652	14,853	27,758	'	'	20,931	'	'	63,542	26,083	18,363	'	'	17,210	'	'	61,656	18,584	22,433	18,129	59,146	28,650	30,270	58,920	25,536	5,989	31,525	15,580	26,222	41,802	9,173	7,152	16,325	21,223	12,454	33,677	15,699	33,744	17,301	14,314	13,076	94,134	'	'	14,419	7,840	25,475	14,376	129,048	14,026	26,204	'	'	28,609	16,527	14,729	18,429	12,994	'	'	11,851	143,369	20,982	26,562	48,565	22,924	8,828	127,861	71,206	16,437	18,912	106,555	26,272	26,579	16,680	69,531
Gross amount at which Carried at close of Period, total	1,500,433	791,157	388,281	386,972	474	21,709	19,151	17,627	19,736	7,850	11,534	5,041	11,792	14,932	18,302	7,962	41,560	12,310	21,772	20,292	31,436	283,006	18,569	11,012	41,482	15,259	15,932	33,729	'	'	23,940	'	'	73,601	31,736	21,219	'	'	20,890	'	'	73,845	22,002	25,329	21,165	68,496	31,675	33,301	64,976	31,725	6,792	38,517	17,450	30,024	47,474	11,274	8,276	19,550	23,265	14,716	37,981	18,212	37,442	22,287	16,954	14,751	109,646	2,100	290	17,717	9,637	30,277	17,633	161,586	15,590	29,073	'	'	32,433	19,118	19,459	21,392	15,124	'	'	14,397	166,586	26,215	30,619	52,692	29,066	11,527	150,119	72,557	16,921	21,476	110,954	30,323	36,780	24,129	91,232
Accumulated Depreciation	($89,920)	($65,589)	($49,435)	($36,302)	($102)	($5,082)	($4,575)	($2,391)	($2,409)	($376)	($520)	($209)	($316)	($362)	($440)	($201)	($547)	($94)	($109)	($110)	($158)	($17,899)	($700)	($509)	($1,556)	($305)	($738)	($405)	'	'	($159)	'	'	($1,302)	($391)	($150)	'	'	($138)	'	'	($679)	($384)	($460)	($258)	($1,102)	($7,627)	($6,545)	($14,172)	($1,145)	($171)	($1,316)	($4,299)	($1,293)	($5,592)	($528)	($120)	($648)	($1,125)	($327)	($1,452)	($3,248)	($6,402)	($772)	($757)	($103)	($11,282)	'	'	($247)	($120)	($213)	($51)	($3,701)	($3,484)	($693)	'	'	($738)	($481)	($416)	($407)	($255)	'	'	($262)	($6,736)	($4,520)	($6,058)	($2,220)	($1,035)	($262)	($14,095)	($3,765)	($98)	($64)	($3,927)	($5,097)	($558)	($260)	($5,915)
Date of Construction	'	'	'	'	'	'2004	'2002	'2008	'2003	'1979	'1979	'1983	'1984	'1983	'1989	'1984	'1986	'1979	'1988	'1999	'1981	'	'1985	'1986	'1988	'1972	'2008	'	'1997	'1999	'	'1988	'2005	'	'1989	'	'1988	'1989	'	'1984	'1985	'	'1979	'1998	'1968	'	'2004	'2004	'	'1988	'1987	'	'2002	'2008	'	'1974	'1985	'	'2000	'1992	'	'1972	'2004	'1961	'2000	'1990	'	'	'	'1973	'1970	'1988	'1981	'	'2005	'	'2008	'2012	'2005	'1999	'1990	'1990	'	'1999	'2002	'1984	'	'2003	'2001	'2005	'2002	'1977	'	'1996	'2006	'1972	'	'2007	'1980	'1986	'
Date Acquired	'	'	'	'	5-Nov-10	29-Aug-07	11-Feb-07	24-Mar-10	30-Sep-10	22-Oct-12	22-Oct-12	22-Oct-12	29-Mar-13	29-Mar-13	29-Mar-13	29-Mar-13	23-Jul-13	20-Sep-13	9-Oct-13	30-Oct-13	30-Oct-13	'	10-Jan-12	10-Oct-12	31-Oct-12	1-Jul-13	14-Sep-12	31-Jul-13	'	'	3-Oct-13	'	'	'	23-Jul-13	9-Sep-13	'	'	20-Sep-13	'	'	'	3-Jul-13	3-Jul-13	20-Aug-13	'	31-Oct-06	28-Dec-06	'	8-Nov-12	1-Jul-13	'	12-Jun-07	30-Aug-12	'	11-Oct-12	16-Aug-13	'	6-Nov-12	30-Apr-13	'	21-Dec-07	21-Dec-07	28-Aug-12	30-Aug-12	9-Sep-13	'	28-Aug-12	16-Oct-13	25-Jul-13	16-Aug-13	3-Oct-13	26-Nov-13	'	29-Jun-07	28-Feb-13	'	'	28-Feb-13	28-Mar-13	30-Apr-13	28-Jun-13	1-Jul-13	'	'	1-Jul-13	'	26-Jun-08	27-Jun-08	4-Oct-12	11-Aug-12	31-Jan-13	'	19-Oct-12	16-Oct-13	26-Nov-13	'	31-Mar-08	28-Jun-13	23-Jul-13	'

Real_Estate_Operating_Properti1

Real Estate Operating Properties and Accumulated Depreciation (Parenthetical) (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate and Accumulated Depreciation [Line Items]	'	'	'
Real estate, beginning balance	$791,157	$388,281	$386,972
Acquisitions	764,782	400,206	'
Additions	16,961	2,670	1,328
Dispositions	-72,467	'	-19
Real estate, ending balance	1,500,433	791,157	388,281
Accumulated depreciation, beginning balance	65,589	49,435	36,302
Aggregate cost of real estate for federal income tax purposes	1,100,000	'	'
Additions	36,597	16,154	13,152
Dispositions	-12,166	'	-19
Accumulated depreciation, ending balance	$89,920	$65,589	$49,435
Minimum \| Building and Improvements	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'
Estimated useful lives, range	'10 years	'	'
Minimum \| Land Improvements	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'
Estimated useful lives, range	'5 years	'	'
Minimum \| Furniture, Fixtures and Equipment	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'
Estimated useful lives, range	'5 years	'	'
Maximum \| Building and Improvements	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'
Estimated useful lives, range	'40 years	'	'
Maximum \| Land Improvements	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'
Estimated useful lives, range	'15 years	'	'
Maximum \| Furniture, Fixtures and Equipment	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'
Estimated useful lives, range	'15 years	'	'