Landmark Apartment Trust Inactive 10-Q14 Nov 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Nov. 07, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Entity Registrant Name	'Landmark Apartment Trust, Inc.	'
Entity Central Index Key	'0001347523	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	25,609,548

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Real estate investments:	'	'
Operating properties, net	$1,752,911	$1,410,513
Cash and cash equivalents	4,685	4,349
Accounts receivable, net	1,134	1,085
Other receivables due from affiliates	1,195	2,544
Restricted cash	32,455	29,690
Goodwill	9,198	9,679
Real estate and escrow deposits	29	2,536
Investments in unconsolidated entities	9,325	11,156
Identified intangible assets, net	18,327	35,849
Other assets, net	19,753	19,289
Total assets	1,849,012	1,526,690
Liabilities:	'	'
Mortgage loan payables, net	1,032,641	838,434
Secured credit facility	159,932	145,200
Line of credit	3,902	'
Unsecured notes payable to affiliate	5,950	5,784
Accounts payable and accrued liabilities	47,889	31,488
Other payables due to affiliates	439	915
Acquisition contingent consideration	2,700	4,030
Security deposits, prepaid rent and other liabilities	6,796	6,954
Total liabilities	1,537,331	1,242,099
Stockholders' equity:	'	'
Common stock, $0.01 par value; 300,000,000 shares authorized; 25,572,338 and 25,182,988 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively	254	252
Additional paid-in capital	227,463	224,340
Accumulated other comprehensive operations, net	-241	-178
Accumulated deficit	-190,021	-165,216
Total stockholders' equity	37,455	59,198
Redeemable non-controlling interests in operating partnership	247,084	221,497
Non-controlling interest partners	27,142	3,896
Total equity	311,681	284,591
Total liabilities and equity	1,849,012	1,526,690
Series D Preferred Stock [Member]	'	'
Liabilities:	'	'
Cumulative non-convertible redeemable preferred stock with derivative	204,171	209,294
Series E Preferred Stock [Member]	'	'
Liabilities:	'	'
Cumulative non-convertible redeemable preferred stock with derivative	$72,911	'

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
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	25,572,338	25,182,988
Common stock, shares outstanding	25,572,338	25,182,988

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE OPERATIONS Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Rental income	$53,364	$35,062	$157,931	$82,104
Other property revenue	8,144	4,254	23,119	10,496
Management fee income	917	1,360	3,194	2,953
Reimbursed income	3,770	3,739	9,766	8,416
Total revenues	66,195	44,415	194,010	103,969
Expenses:	'	'	'	'
Rental expense	28,794	17,546	83,473	41,941
Property lease expense	16	664	49	2,217
Reimbursed expense	3,770	3,739	9,766	8,416
General, administrative and other expense	6,429	6,524	18,165	12,935
Change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration	-4,709	-1,463	-15,886	-1,353
Acquisition-related expense	200	9,327	2,211	11,967
(Income)/loss from unconsolidated entities	-38	'	1,131	'
Depreciation and amortization	18,671	20,576	74,282	43,837
Total expenses	53,133	56,913	173,191	119,960
Other income/(expense):	'	'	'	'
Interest expense, net	-15,627	-10,321	-47,160	-23,074
Preferred dividends classified as interest expense	-10,872	-5,519	-31,332	-8,324
Gain on sale of operating properties	487	'	7,485	'
Disposition right income	'	'	'	1,231
Loss on debt and preferred stock extinguishment	'	'	'	-10,220
Loss from continuing operations before income tax	-12,950	-28,338	-50,188	-56,378
Income tax (expense)/benefit	-388	-41	-165	3,078
Loss from continuing operations	-13,338	-28,379	-50,353	-53,300
Discontinued operations:	'	'	'	'
Income from discontinued operations	'	3,471	'	10,540
Total discontinued operations	'	3,471	'	10,540
Net loss	-13,338	-24,908	-50,353	-42,760
Less: Net loss attributable to redeemable non-controlling interests in operating partnership	8,308	12,640	30,122	21,482
Net (income)/loss attributable to non-controlling interest partner	-58	422	1,313	422
Net loss attributable to common stockholders	-5,088	-11,846	-18,918	-20,856
Other comprehensive income/(loss):	'	'	'	'
Change in cash flow hedges attributable to redeemable non-controlling interest in operating partnership	-99	423	131	373
Change in cash flow hedges attributable to non-controlling interest partners	-77	'	253	'
Change in cash flow hedges	240	-844	-447	-534
Comprehensive operations attributable to common stockholders	($5,024)	($12,267)	($18,981)	($21,017)
Earnings per weighted average common share - basic and diluted:	'	'	'	'
Loss per share from continuing operations attributable to common stockholders	($0.20)	($0.57)	($0.75)	($1.17)
Income per share from discontinued operations attributable to common stockholders	'	$0.07	'	$0.23
Net loss per share attributable to common stockholders - basic and diluted	($0.20)	($0.50)	($0.75)	($0.94)
Weighted average number of common shares outstanding - basic and diluted	25,357,926	23,847,912	25,292,290	22,223,118
Weighted average number of common units held by non-controlling interests - basic and diluted	40,542,206	23,649,520	39,472,774	21,414,208
Distributions declared per common share	$0.08	$0.08	$0.23	$0.23

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (USD $)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Loss, net [Member]	Accumulated Deficit [Member]	Total Stockholders' Equity [Member]	Redeemable Non- Controlling Interests in Operating Partnership [Member]	Non-Controlling Interest Partners [Member]
In Thousands, except Share data	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Loss, net [Member]	Accumulated Deficit [Member]	Total Stockholders' Equity [Member]		Non-Controlling Interest Partners [Member]
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	'	'	'	'	'	'
Change in cash flow hedges	-447	'	'	-63	'	-63	-131	-253
Capital contribution from non-controlling interest partner	26,501	'	'	'	'	'	'	26,501
Issuance of vested and nonvested restricted common stock	68	'	68	'	'	68	'	'
Issuance of vested and nonvested restricted common stock (in shares)	'	200,038	'	'	'	'	'	'
Forfeiture of nonvested restricted common stock	'	'	'	'	'	'	'	'
Forfeiture nonvested restricted common stock (in shares)	'	-800	'	'	'	'	'	'
Offering costs	-14	'	-14	'	'	-14	'	'
Issuance of LTIP units	801	'	801	'	'	801	'	'
Amortization of nonvested restricted common stock and LTIP unit compensation	721	'	721	'	'	721	'	'
Issuance of common stock under the DRIP	1,549	2	1,547	'	'	1,549	'	'
Issuance of common stock under the DRIP (in shares)	'	190,112	'	'	'	'	'	'
Distributions	-16,736	'	'	'	-5,887	-5,887	-9,160	-1,689
Issuance of limited partnership units including the reinvestment of distributions	65,481	'	'	'	'	'	65,481	'
Cancellation of redeemable non-controlling interests in operating partnership	-481	'	'	'	'	'	-481	'
Net loss attributable to redeemable non-controlling interests in operating partnership	-30,122	'	'	'	'	'	-30,122	'
Net loss attributable to non-controlling interest partners	-1,313	'	'	'	'	'	'	-1,313
Net loss attributable to common stockholders	-18,918	'	'	'	-18,918	-18,918	'	'
Balance at Sep. 30, 2014	$311,681	$254	$227,463	($241)	($190,021)	$37,455	$247,084	$27,142
Balance (in Shares) at Sep. 30, 2014	'	25,572,338	'	'	'	'	'	'

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net loss	($50,353,000)	($42,760,000)
Adjustments to reconcile net loss to net cash provided by operating activities:	'	'
Depreciation and amortization (including deferred financing costs, debt discount and discontinued operations)	76,901,000	44,653,000
Gain on sale of operating properties	-7,485,000	-10,019,000
Disposition right income	'	-1,231,000
Loss on debt and preferred stock extinguishment	'	10,220,000
Deferred income tax benefit	-435,000	-3,320,000
Accretion expense related to preferred stock	4,688,000	1,599,000
Changes in fair value of preferred stock derivatives/warrants and acquisition contingent consideration	-15,886,000	-1,353,000
Equity based compensation, net of forfeitures	1,590,000	1,172,000
Issuance of redeemable non-controlling interest in operating partnership for services rendered in the acquisition of apartment communities	'	6,693,000
Bad debt expense	1,932,000	837,000
Loss from unconsolidated entities	1,131,000	'
Changes in operating assets and liabilities:	'	'
Increase in operating assets	-10,435,000	-22,117,000
Increase in operating liabilities	15,074,000	27,290,000
Net cash provided by operating activities	16,722,000	11,664,000
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Acquisition of apartment communities, net	-131,025,000	-336,897,000
Proceeds from the sale of operating properties, net	17,478,000	24,480,000
Capital expenditures	-22,408,000	-6,022,000
Return of investment from unconsolidated entities	700,000	'
Change in deposits on real estate acquisitions	2,507,000	-1,312,000
Change in restricted cash - capital replacement reserves	4,927,000	-19,199,000
Net cash used in investing activities	-127,821,000	-338,950,000
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Proceeds from the issuance of mortgage loan payables	41,059,000	140,759,000
Payments on mortgage loan payables	-8,708,000	-52,926,000
Net proceeds on secured credit facility	19,176,000	130,000,000
Net proceeds on line of credit	3,902,000	'
Proceeds from the issuance of common stock	'	16,750,000
Proceeds from the issuance of redeemable preferred stock	74,000,000	198,793,000
Payment of yield maintenance prepayment penalties and deferred financing costs	-3,247,000	-20,610,000
Redemption of preferred stock	'	-60,000,000
Payment of offering costs	-14,000	-367,000
Distributions paid to common stockholders	-4,157,000	-3,550,000
Distributions paid to holders of LTIP Units	-173,000	-141,000
Distributions paid to redeemable non-controlling interests in operating partnership	-8,715,000	-5,237,000
Distributions paid to non-controlling interest partners	-1,688,000	'
Net cash provided by financing activities	111,435,000	343,471,000
NET CHANGE IN CASH AND CASH EQUIVALENTS	336,000	16,185,000
CASH AND CASH EQUIVALENTS - Beginning of period	4,349,000	2,447,000
CASH AND CASH EQUIVALENTS - End of period	4,685,000	18,632,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:	'	'
State income taxes	585,000	242,000
Financing Activities:	'	'
Mortgage loan payables assumed with the acquisition of apartment communities, net	181,118,000	220,059,000
Secured credit facility repayment at time of disposition of apartment community	4,444,000	'
Release of mortgage loan payables on the sale of apartment communities	16,689,000	'
Unsecured notes payable to affiliate	166,000	10,284,000
Issuance of redeemable non-controlling interests in operating partnership for acquisition of properties and the ELRM Transaction including settlement of contingent consideration	65,237,000	51,420,000
Cancellation of redeemable non-controlling interest in operating partnership related to the ELRM transaction	481,000	'
Issuance of common stock for the acquisition of apartment communities	'	8,244,000
Issuance of common stock under the DRIP	1,549,000	1,395,000
Change in other comprehensive operations	-447,000	534,000
Common Stock [Member]	'	'
Financing Activities:	'	'
Distributions declared but not paid	639,000	597,000
Mortgage Loans Payables And Secured Credit Facilities [Member]	'	'
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:	'	'
Interest paid	39,130,000	20,509,000
Preferred Stock [Member]	'	'
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:	'	'
Interest paid	20,009,000	9,307,000
Redeemable Non- Controlling Interests in Operating Partnership [Member]	'	'
Financing Activities:	'	'
Issuance of redeemable non-controlling interest in operating partnership due to reinvestment of distribution	244,000	189,000
Fair value of non-controlling interest partner's interest in acquired properties	26,501,000	'
Distributions declared but not paid	$1,036,000	$646,000

Organization_and_Description_o

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2014
Accounting Policies [Abstract]	'
Organization and Description of Business	'

	1. Organization and Description of Business

	Landmark Apartment Trust, Inc., a Maryland corporation, was incorporated on December 21, 2005. We conduct substantially all of our operations through Landmark Apartment Trust 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.

	As of September 30, 2014, we consolidated 78 apartment communities, including seven properties held through consolidated joint ventures, and two parcels of undeveloped land with an aggregate of 24,221 apartment units, which had an aggregate gross carrying value of $1.8 billion. We refer to these properties as our consolidated owned properties, all of which we manage.

	We also manage 26 apartment communities, in two of which we own a direct minority interest (held through unconsolidated joint ventures), and eight of which are owned by Timbercreek U.S. Multi-Residential Operating L.P., or the Timbercreek Fund, in which we own an indirect minority interest through our investment in Timbercreek U.S. Multi-Residential (U.S.) Holding L.P., a Delaware limited partnership, or Timbercreek Holding. Timbercreek Holding is a limited partner in the Timbercreek Fund. We refer to these ten communities as our managed equity investment properties which have an aggregate of 3,446 apartment units at September 30, 2014. The remaining 16 properties which have an aggregate of 5,560 apartment units are owned by one or more third parties, including certain entities affiliated with ELRH, and we refer to these as our managed third party properties.

	All of our managed properties are managed by LATPM, LLC (f/k/a ATA Property Management, LLC), or our Property Manager, which includes the assets of the property management business of Elco Landmark Residential Management, LLC, or ELRM, and certain of its affiliates, including Elco Landmark Residential Holdings, or ELRH, which we acquired in 2013, or the ELRM Transaction.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'

	2. Summary of Significant Accounting Policies

	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2014.

	Certain prior year amounts have been reclassified to conform to the current year presentation due to the breakout of preferred dividends from interest expense, net to preferred dividends classified as interest expense and the breakout of the change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration from general, administrative and other expense in the condensed consolidated statements of comprehensive operations.



	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 that elect to be treated as a taxable REIT subsidiary, or a TRS. A TRS is subject to both federal and state income taxes.

	Our Property Manager is organized as a TRS and, accordingly, is subject to income taxation. In conjunction with the ELRM Transaction in March 2013, we determined it was more likely than not that our deferred tax assets would be realized. On an ongoing basis we evaluate the realizability of the deferred tax assets and have considered both the losses of the Property Manager subsequent to the date of the ELRM Transaction as well as future projected taxable income in our evaluation.

	In the quarter ended June 30, 2014, we determined that it was more likely than not that our deferred tax assets would not be realized and recorded a valuation allowance on the Property Manager’s deferred tax assets. As of September 30, 2014, the valuation allowance was $806,000 and at December 31, 2013, there was no valuation allowance necessary. It is expected that any future net deferred tax assets will continue to be offset by a valuation allowance until the Property Manager becomes consistently profitable. To the extent the Property Manager generates consistent taxable income, we may reduce the valuation allowances in the period such determination is made.

	Income tax expense of $388,000 and $165,000 was recognized for the three and nine months ended September 30, 2014, respectively, comprised primarily of state income tax expense of $373,000 and $585,000 for the respective periods. We recorded an income tax (expense)/benefit of ($41,000) and $3.1 million for the three and nine months ended September 30, 2013, respectively, which includes a reversal of the prior valuation allowance of $2.7 million recorded during the nine months ended September 30, 2013. Our income tax expense for the three and nine months ended September 30, 2013, includes state income tax expense of $154,000 and $242,000, respectively.

	Total net operating loss carry forward for federal income tax purposes was approximately $4.3 million as of September 30, 2014. The net operating loss carry forward will expire beginning 2031.

	Recent Accounting Pronouncements

	In April 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, or ASU 2014-08, which incorporates a requirement that a disposition represent a strategic shift in an entity’s operations into the definition of a discontinued operation. In accordance with ASU 2014-08, a discontinued operation represents (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (ii) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (i) a separate major line of business, (ii) a separate major geographic area of operations, (iii) a major equity method investment, or (iv) other major parts of an entity. The standard requires prospective application and will be effective for interim and annual periods beginning on or after December 15, 2014 with early adoption permitted. The standard is not applied to components of an entity that were sold or classified as held for sale prior to the adoption of the standard.

	We have elected to adopt this standard early, effective January 1, 2014, which primarily has the impact of reflecting gains and losses on the sale of operating properties prospectively within continuing operations, and results in not classifying the operations of such operating properties as discontinued operations in all periods presented. During the nine months ended September 30, 2014, we sold three apartment communities which were subject to the early adoption of ASU 2014-08 and, therefore, the gain on such sale is reported as a gain on sale of operating properties within continuing operations. During the year ended December 31, 2013, we sold two of our apartment communities which were not subject to the early adoption of ASU 2014-08 and, therefore, the gain on such sales and results of operations prior to such sales are reported as discontinued operations for the three and nine months ended September 30, 2013 in our condensed consolidated statements of comprehensive operations.



	In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” effective for annual reporting periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. The core principle of ASU 2014-09, is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts are excluded from ASU 2014-09, including lease contracts within the scope of the FASB guidance included in Leases. We are currently evaluating to determine the potential impact, if any, the adoption of ASU 2014-09 will have on its financial position and results of operations.

Real_Estate_Investments

Real Estate Investments	9 Months Ended
Real Estate Investments	Sep. 30, 2014
Real Estate [Abstract]	'
Real Estate Investments	'

	3. Real Estate Investments

	The investments in our consolidated owned properties, net consisted of the following as of September 30, 2014 and December 31, 2013 (in thousands):



			September 30,				December 31,
			2014				2013
	Operating properties:
	Land		$	281,584			$	221,595
	Land improvements			138,887				118,652
	Building and improvements(1)			1,426,862				1,129,619
	Furniture, fixtures and equipment			37,988				30,567

				1,885,321				1,500,433

	Less: accumulated depreciation			(132,410	)			(89,920	)

	Total real estate investments		$	1,752,911			$	1,410,513



	-1	Includes $5 million and $10.4 million of direct construction costs for our repositioning activities as of September 30, 2014 and December 31, 2013, respectively.

	Depreciation expense for the three months ended September 30, 2014 and 2013 was $15.4 million and $9.8 million, respectively, and for the nine months ended September 30, 2014 and 2013, was $44.6 million and $23.9 million, respectively.

	Real Estate Acquisitions

	During the nine months ended September 30, 2014, we completed the acquisition of 14 consolidated apartment communities, as set forth below (in thousands, except unit data):



	Property Description		Date Acquired		Number				Total		Percentage
					of Units				Purchase		Ownership
									Price
	Landmark at Chesterfield — Pineville, NC(1)		January 7, 2014			250			$	19,451		61.2	%
	Landmark at Coventry Pointe — Lawrenceville, GA(1)		7-Jan-14			250				27,826		61.2	%
	Landmark at Grand Oasis — Suwanee, GA(1)		7-Jan-14			434				48,290		61.2	%
	Landmark at Rosewood — Dallas, TX(1)		7-Jan-14			232				12,902		61.2	%
	Lake Village East — Garland, TX		9-Jan-14			329				18,547		100	%
	Lake Village North — Garland, TX		9-Jan-14			848				59,147		100	%
	Lake Village West — Garland, TX		9-Jan-14			294				19,221		100	%
	Landmark at Laurel Heights — Mesquite, TX		9-Jan-14			286				20,709		100	%
	Landmark at Bella Vista — Duluth, GA		January 15, 2014			564				31,277		100	%
	Landmark at Maple Glen — Orange Park, FL(1)		15-Jan-14			358				32,246		51.1	%
	Landmark at Pine Court — Columbia, SC		23-Jan-14			316				20,300		100	%
	Landmark at Spring Creek — Garland, TX(1)(2)		6-Feb-14			236				10,267		92.6	%
	Landmark at Andros Isles — Daytona Beach, FL		4-Jun-14			360				47,700		100	%
	Landmark at West Place — Orlando, FL		September 4, 2014			342				38,500		100	%

	Total acquired apartment communities					5,099			$	406,383



	-1	We consolidate entities for which we own less than 100% but we hold the controlling financial interest or have management control.
	-2	On November 7, 2014, we acquired the remaining ownership interest of Landmark at Spring Creek and, as of such date, we own 100% of this apartment community.

Real_Estate_Disposition_Activi

Real Estate Disposition Activities	9 Months Ended
Real Estate Disposition Activities	Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Real Estate Disposition Activities	'

	4. Real Estate Disposition Activities

	During the first three quarters of 2014, we sold three apartment communities, Manchester Park on May 28, 2014, Bay Breeze Villas on June 30, 2014, and Lofton Meadows on August 28, 2014, totaling 472 apartment units for a combined sales price of $40.5 million. These three property dispositions were either smaller assets with less operating efficiencies or were not in our key markets. Our gain on the sale of the apartment communities was $7.5 million. Manchester Park was a 126 unit property, well below our targeted minimum size of 200 units. Bay Breeze Villas was our only apartment community located in Ft. Myers, Florida, and Lofton Meadows was a 166 unit apartment community located in Bradenton, Florida, another non-key market to our operating plan.

	The operations for any real estate assets sold from January 1, 2013 through December 31, 2013, have been presented as income from discontinued operations in the accompanying condensed consolidated statements of comprehensive operations. Accordingly, certain reclassifications have been made to prior years to reflect discontinued operations consistent with current year presentation. As previously disclosed in our 2013 Annual Report on Form 10-K, we sold two apartment communities with an aggregate of 700 apartment units for a combined sales price of $71.7 million during 2013.

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



		For the three			For the nine
		months ended			months ended
		September 30, 2013			September 30, 2013
		(unaudited)			(unaudited)
	Rental income	$	695		$	3,604
	Other property revenues		142			584

	Total revenues		837			4,188
	Rental expenses		(349	)		(1,583	)
	Interest expense, net		(250	)		(1,057	)
	Depreciation and amortization expense		(166	)		(1,027	)

	Total expenses		(765	)		(3,667	)

	Income before net gain on the sale of property		72			521
	Net gain on the sale of property		3,399			10,019

	Income from discontinued operations	$	3,471		$	10,540
	Less: Net income from discontinued operations attributable to redeemable non-controlling interests in operating partnership		1,761			5,348

	Net income attributable to common stockholders	$	1,710		$	5,192

Investments_in_Unconsolidated_

Investments in Unconsolidated Entities

9 Months Ended

Sep. 30, 2014

Text Block [Abstract]

Investments in Unconsolidated Entities

5. Investments in Unconsolidated Entities

As of September 30, 2014 and 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 and percentages):

Investment Description

Date

Number

Total

Percentage

Acquired

of Units

Investment at

Ownership

September 30,

December 31,

at September 30,

2014

2013

2014

Landmark at Waverly Place — Melbourne, FL

November 18, 2013

208

973

1,158

The Fountains — Palm Beach Gardens, FL

December 6, 2013

542

3,486

4,998

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

December 20, 2013

N/A

4,866

5,000

7.6

Total investments

9,325

11,156

On November 18, 2013, we acquired an interest in the Landmark at Waverly Place property. 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 at Waverly Place property. The difference between the carrying value and underlying equity in the net assets at September 30, 2014 and December 31, 2013 was $467,000 and $645,000, respectively.

On December 6, 2013, we acquired an interest in The Fountains property. 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. The difference between the carrying value and underlying equity in the net assets at September 30, 2014 and December 31, 2013 was $848,000 and $2 million, respectively.

On December 20, 2013, we purchased 500,000 Class A Units in Timbercreek Holding, for aggregate consideration of $5 million consisting of 613,497 shares of our common stock, thereby becoming a limited partner in Timbercreek Holding. As of September 30, 2014 and December 31, 2013, we owned approximately 7.6% and 7.5%, respectively, of the limited partnership interests in Timbercreek Holding.

Identified_Intangible_Assets_N

Identified Intangible Assets, Net	9 Months Ended
Identified Intangible Assets, Net	Sep. 30, 2014
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 September 30, 2014 and December 31, 2013 (in thousands):



			September 30, 2014		December 31, 2013
	Disposition fee rights(1)		$	—	$	284
	In-place leases, net of accumulated amortization of $884,000 and $39.1 million as of September 30, 2014 and December 31, 2013, respectively (with a weighted average remaining life of 5.1 months and 3.6 months as of September 30, 2014 and December 31, 2013, respectively)			1,696		16,662
	Trade name and trade marks (indefinite lives)			200		200
	Property management contracts, net of accumulated amortization of $4.4 million and $2.2 million as of September 30, 2014 and December 31, 2013, respectively (with a weighted average remaining life of 166.7 months and 165.3 months as of September 30, 2014 and December 31, 2013, respectively)			16,431		18,703

	Total identified intangible assets, net		$	18,327	$	35,849



	-1	On February 6, 2014, we purchased a controlling interest in Landmark at Spring Creek and, therefore, consolidated this apartment community in our condensed consolidated financial statements. Prior to our consolidation, the Landmark at Spring Creek property was owned by unaffiliated third parties and leased by our wholly owned subsidiary, NNN Mission Residential Holdings, LLC, or NNN/MR Holdings. Pursuant to the master lease or other operative agreement between NNN/MR Holdings and the respective third party property owners, our NNN/MR Holdings was entitled to a disposition fee in the event that the leased property was sold. We recognized this as a disposition fee rights intangible of $284,000 for the year ended December 31, 2013. Upon our acquisition of a controlling interest of Landmark at Spring Creek, we waived the disposition fee from the sellers of the controlling interest during the first quarter of 2014.

	As of September 30, 2014 and December 31, 2013, we had net below market lease intangibles of $76,000 and $870,000, respectively, which are classified as a liability in security deposits, prepaid rent and other liabilities in our condensed consolidated balance sheets. We amortize our net below market lease intangibles on a straight-line basis over the average remaining term of the in-place leases at the time of acquisition as an increase to rental income.

	Amortization expense recorded on the identified intangible assets, net for the three months ended September 30, 2014 and 2013 was $3.3 million and $10.7 million, respectively, and for the nine months ended September 30, 2014 and 2013 was $29.7 million and $19.9 million, respectively.

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Debt	'

	7. Debt

	Our mortgage loan payables, net, unsecured notes payable to affiliates, variable rate Secured Credit Facility with Bank of America, N.A. and certain other lenders, or the Secured Credit Facility, and line of credit as of September 30, 2014 and December 31, 2013, are summarized below (in thousands):



			September 30, 2014		December 31, 2013
	Mortgage loan payables — fixed		$	770,358	$	652,345
	Mortgage loan payables — variable			253,235		175,120

	Total secured fixed and variable rate debt			1,023,593		827,465
	Premium, net			9,048		10,969

	Total mortgage loan payables, net			1,032,641		838,434
	Secured credit facility			159,932		145,200
	Line of credit			3,902		—

	Total secured fixed and variable rate debt, net		$	1,196,475	$	983,634

	Unsecured notes payable to affiliates		$	5,950	$	5,784


	Scheduled payments and maturities of mortgage loan payables, net, unsecured notes payable to affiliates, the Secured Credit Facility and our line of credit at September 30, 2014 were as follows (in thousands):



	Year		Secured notes		Secured notes		Unsecured notes
	Year		payments(1)		maturities		maturities
	2014		$	3,876	$	7,639	$	—
	2015(2)			12,850		307,467		500
	2016			11,385		223,118		—
	2017			10,111		99,726		—
	2018			8,635		105,210		5,450
	Thereafter			47,234		350,176		—

			$	94,091	$	1,093,336	$	5,950



	-1	Secured note payments are comprised of the principal pay downs for mortgage loan payables, our line of credit, and the Secured Credit Facility.
	-2	Included is maturing debt in the first, second and third quarter of 2015 of $163.7 million, $67.2 million and $57.9 million, respectively, which includes the Secured Credit Facility in the amount of $159.2 million. The Secured Credit Facility is due on March 7, 2015, and the maturity date may be extended to March 7, 2016 if certain conditions are satisfied, which would have to be assessed at that time. We plan to investigate opportunities to extend, refinance or raise funds to repay each of these instruments prior to their respective maturities.

	Mortgage Loan Payables, Net

	Mortgage loan payables, net were $1.03 billion ($1 billion, excluding premium) and $838.4 million ($827.5 million, excluding premium) as of September 30, 2014 and December 31, 2013, respectively. As of September 30, 2014, we had 55 fixed rate and 12 variable rate mortgage loans with effective interest rates ranging from 2.16% to 6.58% per annum and a weighted average effective interest rate of 4.61% per annum. As of September 30, 2014, we had $779.4 million ($770.4 million, excluding premium) of fixed rate debt, or 75.5% of mortgage loan payables, net at a weighted average interest rate of 5.23% per annum and $253.2 million of variable rate debt, or 24.5% of mortgage loan payables, net at a weighted average effective interest rate of 2.73% per annum. 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 premium) of fixed rate debt, or 79.1% of mortgage loan payables, net 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, net at a weighted average effective interest rate of 2.92% 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. The majority 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 September 30, 2014, 20 of our mortgage loan payables had monthly interest-only payments, and 47 of our mortgage loan payables had monthly principal and interest payments.

	Secured Credit Facility

	The Secured Credit Facility is in the aggregate maximum principal amount of $180 million and the amount available 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 properties. As of September 30, 2014, we had $159.9 million outstanding under the Secured Credit Facility with $20.1 million available to be drawn on the incremental facility and 13 of our properties pledged as collateral.

	The Secured 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, which would have to be assessed at that time. Such conditions include certain financial covenants, including a consolidated funded indebtedness ratio that is not to exceed (i) at any time prior to the extension period, 70% of total asset value and (ii) at any time during the extension period, 65% of total asset value as of the last day of each fiscal quarter. In addition, the consolidated fixed charge coverage ratio as of the end of any quarter is not to exceed (i) 1.20:1.00 as of the end of any quarter ending prior to the extension period and (ii) 1.50:1.00 as for the end of any quarter ending during the extension period.

	Pursuant to the terms of the credit agreement governing the terms of the Secured Credit Facility, we and certain of our indirect subsidiaries guaranteed all of the obligations of our operating partnership and each other guarantor under the credit agreement and the related loan documents. From time to time, our operating partnership may cause additional subsidiaries to become guarantors under the credit agreement.

	All borrowings under the Secured 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 September 30, 2014, our current annual interest rate was 2.90% on principal outstanding of $159.9 million, which represents the Eurodollar Rate, based on a one-month interest period plus a margin of 2.75%. We are required by the terms of the Secured Credit Facility to meet certain financial covenants, such as minimum net worth and liquidity amounts, and comply with certain financial reporting requirements. During the third quarter of 2014, we received a waiver from Bank of America related to the Secured Credit Facility for the consolidated funded indebtedness to total asset value ratio for the quarter ended September 30, 2014. It is likely we will seek a similar waiver in the fourth quarter of 2014. We were in compliance with all other ratios. As of December 31, 2013, we were in compliance with all such requirements.



	Line of Credit

On January 22, 2014, we entered into an agreement with Bank Hapoalim, as lender, for a revolving line of credit in the aggregate principal amount of up to $10 million to be used for our working capital and general corporate purposes. Our revolving line of credit will mature on January 22, 2015, subject to an extension of the maturity date to January 22, 2016 if certain conditions are satisfied, which would have to be assessed at that time. Such conditions include certain financial covenants, including a consolidated leverage ratio whereby the consolidated funded indebtedness is not to exceed 70% of total asset value, a consolidated fixed charge coverage ratio at the end of any fiscal quarter which needs to be less than 1.20:1.00, achieving $1.00 of net income and minimum balances of at least $1.5 million of restricted cash and $1 million of unrestricted cash. We have pledged $1.5 million in cash and equity interest in certain of our subsidiaries as collateral. As of September 30, 2014, we had $3.9 million outstanding under our revolving line of credit with $6.1 million available to be drawn. Our revolving line of credit bears an annual interest rate equal to the Eurodollar Rate plus a 3.00% margin. As of September 30, 2014, our current annual interest rate was 3.15%.

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 our restricted common stock. Between May 10, 2013 and September 18, 2014, 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 $450,000. These unsecured notes payable to affiliates mature on the earliest of (i) the fifth anniversary from the applicable initial date of issuance or (ii) 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 3.00% at our option.

As of September 30, 2014, 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.

Deferred Financing Cost, Net

As of September 30, 2014 and December 31, 2013, we had $12.4 million and $14.5 million, respectively, in deferred financing costs, net of accumulated amortization. Accumulated amortization was $9.1 million and $4.4 million as of September 30, 2014 and December 31, 2013, respectively.

Loss on Debt Extinguishment

The initial Secured Credit Facility proceeds were used, in part, to refinance existing mortgage loan payables during the quarter ended March 31, 2013. 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 quarter ended March 31, 2013.

Preferred_Stock_and_Warrants_t

Preferred Stock and Warrants to Purchase Common Stock	9 Months Ended
Preferred Stock and Warrants to Purchase Common Stock	Sep. 30, 2014
Text Block [Abstract]	'
Preferred Stock and Warrants to Purchase Common Stock	'

	8. Preferred Stock and Warrants to Purchase Common Stock

	Series D Preferred Stock

	As of September 30, 2014, we had issued an aggregate of 20,976,300 shares of our 8.75% Series D Cumulative Non-Convertible Preferred Stock, par value $0.01 per share, or our Series D Preferred Stock, to iStar Apartment Holdings LLC, or iStar, and BREDS II Q Landmark LLC, or BREDS, at a price of $10.00 per share. Holders of our 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 Series D Current Dividend, is payable in cash on the 15th day of each month while the remaining amount is accrued and must be paid prior to the redemption of the Series D Preferred Stock. Beginning the 21st month after the original issuance date, the Series D Current Dividend will increase from 8.75% to 11% per annum compounded monthly. We may, however, 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 Series D 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 Series D Current Dividend on the 15th of each month. Series D Preferred Stock dividends are recorded as preferred dividends classified as interest expense in our condensed consolidated statements of comprehensive operations. For the three months ended September 30, 2014 and 2013, we incurred preferred dividends classified as interest expense of $8.1 million and $5.5 million, respectively, related to the Series D Preferred Stock. For the nine months ended September 30, 2014 and 2013, we incurred preferred dividends classified as interest expense of $23.7 million and $5.6 million, respectively, related to the 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. Also, pursuant to the protective provisions of the agreements designating the Series D Preferred Stock, or the Series D Preferred Stock agreements, we may not, without the prior written consent of iStar and BREDS, take certain corporate actions, including, but not limited to, amending our charter or bylaws or entering into material contracts.

	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 pursuant to the Series D Preferred Stock agreements. Based on the requirement of redemption for cash, the Series D Preferred Stock is classified as a liability in our condensed consolidated balance sheets as of September 30, 2014 and December 31, 2013. Failure to redeem the Series D Preferred Stock by any mandatory redemption date (as extended) will trigger increases in dividends due. If an event of default occurs on our mortgage loan payables, the Secured 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. See Note 7, Debt — Secured Credit Facility, for a discussion on the waiver that may be required on the Secured Credit Facility at year end.

	In addition, in the event of a triggering event as described in the Series D Preferred Stock agreements, 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. 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 three and nine months ended September 30, 2014 was $1.1 million and $3.1 million, respectively. Interest expense recorded for the accretion of the Series D Preferred Stock discount for the three and nine months ended September 30, 2013 was $964,000 for each period.

	As of September 30, 2014 and December 31, 2013, the fair value of this derivative was $2.9 million and $11.1 million, respectively. The derivative is recorded at fair value for each reporting period, with changes in fair value being recorded through change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration in our condensed consolidated statements of comprehensive operations. For the three and nine months ended September 30, 2014, the decrease in fair value was $3.4 million and $8.2 million, respectively. The decrease in fair value was due to changes in assumptions used in the valuation of the derivative, primarily, the anticipated timing of the listing of our common shares on a public exchange. For the three and nine months ended September 30, 2013, there was no change in the fair value. The Series D Preferred Stock and the derivative are presented together in the condensed consolidated balance sheets as Series D cumulative non-convertible redeemable preferred stock with derivative in the amount of $204.2 million and $209.3 million as of September 30, 2014 and December 31, 2013, respectively. See Note 13, Fair Value of Derivatives and Financial Instruments, for further discussion of our fair valuation on a recurring basis.

	Series E Preferred Stock

	On January 7, 2014, we issued and sold, for cash, an aggregate of 6,800,000 shares of our 9.25% Series E Cumulative Non-Convertible Preferred Stock, par value $0.01 per share, or our Series E Preferred Stock, a new series of our preferred stock, to iStar and BREDS at a price of $10.00 per share, for an aggregate of $68 million. On June 4, 2014, in accordance with the terms of the Series E Preferred Stock agreements (as defined below), we issued and sold, for cash, an aggregate of 600,000 additional shares of our Series E Preferred Stock to iStar and BREDS 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 used primarily to acquire and renovate additional apartment communities. As of September 30, 2014, we had issued an aggregate of 7,400,000 shares of Series E Preferred Stock.

	Holders of our Series E Preferred Stock are entitled to cumulative cash dividends of 14.47% per annum, compounded monthly. A portion of the cumulative cash dividend equal to 9.25% per annum compounded monthly, or the Series E Current Dividend, is payable in cash on the 15th day of each month while the remaining amount is accrued and must be paid prior to the redemption of the Series E Preferred Stock. Beginning the 21st month after the original issuance date, the Series E Current Dividend will increase from 9.25% to 11.25% per annum compounded monthly. We may, however, 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 Series E 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 Series E Current Dividend on the 15th of each month. Series E Preferred Stock dividends are recorded as preferred dividends classified as interest expense in our condensed consolidated statements of comprehensive operations. For the three and nine months ended September 30, 2014, we incurred preferred dividends classified as interest expense of $2.8 million and $7.6 million, respectively, related to the Series E Preferred Stock. We did not record preferred dividends classified as interest expense for the three and nine months ended September 30, 2013, as there were no shares of Series E Preferred Stock outstanding for such periods.

	In addition to other preferential rights upon voluntary or involuntary liquidation, dissolution or winding up of our affairs, each holder of Series E 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. Also, pursuant to the protective provisions of the agreements designating the Series E Preferred Stock, or the Series E Preferred Stock agreements, we may not, without the prior written consent of iStar and BREDS, take certain corporate actions, including, but not limited to, amending our charter or bylaws or entering into material contracts.

	We are required to redeem all outstanding shares of Series E Preferred Stock on June 28, 2016, subject to a one-year extension, for a cash payment to the holders of the Series E Preferred Stock in an amount per share equal to $10.00 plus any accrued and unpaid dividends due pursuant to the Series E Preferred Stock agreements. Based on the requirement of redemption for cash, the Series E Preferred Stock is classified as a liability in our condensed consolidated balance sheets as of September 30, 2014 and December 31, 2013. Failure to redeem the Series E Preferred Stock by any mandatory redemption date (as extended) will trigger increases in dividends due under the Series E Preferred Stock agreements. If an event of default occurs on our mortgage loan payables, net, the Secured Credit Facility or other indebtedness and is continuing after an applicable cure period, there will then be an event of default on the Series E Preferred Stock. See Note 7, Debt — Secured Credit Facility, for a discussion on the waiver that may be required on the Secured Credit Facility at year end.

	In addition, in the event of a triggering event as described in the Series E Preferred Stock agreements, we are obligated to redeem not less than 50% of the shares of the Series E 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 $6 million with a corresponding discount recorded to the value of the Series E Preferred Stock. The Series E 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 E Preferred Stock discount for the three and nine months ended September 30, 2014 was $542,000 and $1.6 million, respectively. We did not record accretion expense for the three and nine months ended September 30, 2013, as there were no shares of Series E Preferred Stock outstanding for such periods.

	The derivative is recorded at fair value for each reporting period, with changes in fair value being recorded through change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration in our condensed consolidated statements of comprehensive operations. As of September 30, 2014, the fair value of this derivative was $3.3 million, and accordingly, the decrease in fair value for the three and nine months ended was $1.3 million and $2.7 million, respectively. The decrease in fair value was due to changes in assumptions used in the valuation of the derivative, primarily, the anticipated timing of the listing of our common shares on a public exchange. The Series E Preferred Stock and the derivative are presented together in our condensed consolidated balance sheets as Series E cumulative non-convertible redeemable preferred stock with derivative in the amount of $72.9 million as of September 30, 2014. See Note 13, Fair Value of Derivatives and Financial Instruments, for further discussion of our fair valuation on a recurring basis.

	Warrants to Purchase Common Stock

	In connection with the issuances of 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, which were redeemed in 2013, 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 (A) $9.00 and (B) 80% of the public offering price of our common stock in our first underwritten public offering, in conjunction with which our common stock becomes 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 or 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).

	The fair value of the warrants as of September 30, 2014 and December 31, 2013 was $602,000 and $1.8 million, respectively, and is reflected in security deposits, prepaid rent and other liabilities in our condensed consolidated balance sheets. The warrants are recorded at fair value for each reporting period with changes in fair value being recorded in change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration in our condensed consolidated statements of comprehensive operations. For the three months ended September 30, 2014 and 2013, we recorded an increase of $37,000 and $78,000, respectively, and for the nine months ended September 30, 2014 and 2013, we recorded a decrease of $1.2 million and $283,000, respectively, related to the fair value of the warrants. See Note 13, Fair Value of Derivatives and Financial Instruments, for further discussion of our fair valuation on a recurring basis.

	Loss on Preferred Stock Extinguishment

	On 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 yield maintenance prepayment penalty payments, a write off in the amount of $2.5 million in unamortized loan accretion and deferred financing costs and $600,000 in redemption fees, which are recorded in the condensed consolidated statements of comprehensive operations in loss on debt and preferred stock extinguishment. We define yield maintenance prepayment penalty payments as the 24 month yield the Series A Preferred Stock and Series B Preferred Stock holders were entitled to, regardless of the date of prepayment within the first 24 month period following the closing. The minimum yield is calculated by taking the monthly dividend multiplied by 24, less any payments paid, plus certain other fees for early redemption. All amounts due were paid at the time of redemption and nothing further is owed.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'

	9. Commitments and Contingencies

	Litigation

	On August 12, 2014, the Company, Landmark Apartment Trust Holdings, LP and Stanley J. Olander, among others, were named as defendants in a third amended complaint filed in the Superior Court of Orange County, California, styled S. Sidney Mandel et al. v. NNN Realty Investors, LLC et al. Plaintiffs allege that the Company, Landmark Apartment Trust Holdings, LP and Olander participated in the fraudulent transfer of assets from an affiliate of Grubb & Ellis Company, thereby preventing the affiliate from satisfying contractual obligations to certain trusts. The plaintiffs seek injunctive relief setting aside these transfers. On October 6, 2014, the Company, Landmark Apartment Trust Holdings, LP and Olander filed a motion to quash service of the complaint for lack of personal jurisdiction. The Company believes that the plaintiffs’ claims are without merit and intends to defend the matter vigorously.

	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

	ELRM Transaction

	We incurred certain contingent consideration in connection with the ELRM Transaction during the first quarter of 2013. In consideration for the contribution to our operating partnership of ELRH’s economic rights to earn property management fees for managing certain real estate assets, our operating partnership agreed to issue up to $10 million in restricted limited partnership units to ELRH. Additionally, ELRH and certain of its affiliates have 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 two events: (i) 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 and (ii) funds raised at certain target dates to acquire properties in the Timbercreek Fund.



	Our contingent consideration liability would change based on achieving the contingencies and the quarterly fair valuation. As of September 30, 2014 and December 31, 2013, we determined that the fair value of the acquisition contingent consideration was $0 and $4 million, respectively. We had a decrease in fair value of $0 and $3.8 million, respectively, for the three and nine months ended September 30, 2014 which is recorded in change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration in our condensed consolidated statements of comprehensive operations. For the three and nine months ended September 30, 2013, we recorded a change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration of $443,000 and $922,000, respectively. See Note 13, Fair Value of Derivatives and Financial Instruments, for further discussion of our fair valuation on a recurring basis. As of September 30, 2014, we had a remaining achieved contingency of $298,000 which is recorded in other payables due to affiliates in our condensed consolidated balance sheets. This remaining liability was satisfied on October 8, 2014 and all potential earnout opportunities available to the ELRM Parties or otherwise pursuant to the ELRM Transaction have been satisfied as of such date.

	Landmark at Andros Isles

	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 apartment communities and one parcel of undeveloped land, or the Contributed Properties. In connection with the Recapitalization Transaction, our operating partnership entered into a definitive agreement for the acquisition of a 360-unit multifamily apartment community known as the Andros Isles property, or the Andros Property, in exchange for aggregate consideration valued at approximately $45 million and acquisition contingent consideration not to exceed $4 million. On June 4, 2014, we completed the acquisition of the Andros Property which included consideration of $10.3 million in limited partnership units, $5.2 million in net cash, $29.5 million of assumed mortgage loan payable, and the estimated fair value of acquisition consideration of $2.7 million. The acquisition contingent consideration is based on a calculation of future net operating income (which includes the payment of principal and interest on the mortgage loan payable as defined in the definitive agreements) over the four-year period subsequent to the acquisition, with a total payout not to exceed $4 million. The change in fair value is recorded to change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration on our condensed consolidated statements of comprehensive operations. There was no change in fair value for the three and nine months ended September 30, 2014. See Note 13, Fair Value of Derivatives and Financial Instruments, for further discussion of our fair valuation on a recurring basis and Note 14, Business Combinations, for further discussion of our 2014 acquisitions.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'

	10. 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.

	ELRM and Management Support Services Agreement

	In connection with the acquisition of the Contributed Properties, our Property Manager entered into a management support services agreement with ELRM, who was the property manager of the properties at that time. During the period from January 1, 2013 to March 14, 2013, 32 of the 34 properties we owned had management support services or other accounting services performed by ELRM. Pursuant to the management support services agreement, ELRM was entitled to receive a fee equal to 3.00% of the gross receipts for each Contributed Property. ELRM also received a fee equal to 2.00% 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. For the three and nine months ended September 30, 2013, we incurred $0 and $418,000, respectively, in management support services fees and accounting services performed by ELRM, which are included in general, administrative and other expense in our condensed consolidated statements of comprehensive operations. We incurred no such expense for the three and nine months ended September 30, 2014. 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.

	ELRH pays to us the direct costs of certain employees that perform services on their behalf. For the three and nine months ended September 30, 2014, we were paid $148,000 and $697,000, respectively, by ELRH. For the three and nine months ended September 30, 2013, we were paid $229,000 and $392,000, respectively, by ELRH.

	Lease for Offices

	In connection with the ELRM transaction, 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. Our current monthly rental rate pursuant to the Jupiter lease is $2,833, and the lease expires in December 2017. See Note 14, Business Combinations — ELRM Transaction, for more information on the acquisition of the property management business of ELRM

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

	As part of the ELRM Transaction, we acquired the rights to earn property management fees and back-end participation for managing certain real estate assets acquired by the Timbercreek Fund. 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 the Timbercreek Holding in exchange for consideration of $5 million. On December 20, 2013, we purchased the 500,000 Class A Units in the Timbercreek Holding for consideration in the amount of $5 million, thereby becoming a limited partner in Timbercreek Holding. Timbercreek Holding is a limited partner in the Timbercreek Fund. Mr. Lubeck and Ms. Elizabeth Truong, our Chief Investment Officer, serve on the Investment Committee of the Timbercreek Fund. The Timbercreek Fund is fully invested, no longer raising capital and the sole purpose of their investment committee is to make capital decisions at the properties and to oversee future disposition of assets.

	Limited Partnership Units Issued in Connection with Acquisitions

	As of September 30, 2014, we had issued 33,416,747 limited partnership units with an aggregate value of $272.3 million including 1,263,725 limited partnership units with an aggregate value of $10.3 million issued in connection with the Andros Property acquisition described above. Such limited partnership units were issued, directly or indirectly, to Messrs. Lubeck, Salkind and Kobel, three of our directors, and Mr. Miller, our Chief Accounting Officer and Chief Operating Officer, in connection with the acquisition of various apartment communities and the ELRM Transaction.

	Agreement Concerning Reimbursement of Attorneys’ Fees, Costs and Expenses and Indemnification of Future Amounts

	On August 28, 2012, pursuant to an Interest Contribution Agreement among us, our operating partnership, ELRM and certain persons and entities identified as the contributors in such agreement, we acquired 100% of the interests in Daytona Seabreeze, LLC, a Delaware limited liability company, or Daytona Seabreeze, which owns a multi-family apartment community known as Overlook at Daytona.

	An action, or the Action, was brought by CJK Daytona Seabreeze, LLC against, among others, Mr. Lubeck, our operating partnership, Daytona Seabreeze and Seabreeze Daytona Marina, LLC, or Daytona Marina. We collectively refer to Daytona Marina, our operating partnership and Daytona Seabreeze as the Indemnified Parties. In connection with the Action, on October 16, 2014, the Indemnified Parties entered into an Agreement Concerning Reimbursement of Attorneys’ Fees, Costs and Expenses, Future Attorneys’ Fees, Costs and Expenses and Indemnification, or the Agreement, with Mr. Lubeck and SFLP Diplomatic, LLC, which we refer to collectively as the Indemnifying Persons. Pursuant to the Agreement, the Indemnifying Persons have agreed to indemnify our operating partnership against any losses incurred in connection with the Action, including but not limited to attorneys’ fees, costs and any amounts paid in settlement of the Action. The Indemnified Persons also have reimbursed our operating partnership for past attorneys’ fees and have agreed to pay future attorneys’ fees incurred in connection with the Action.

	Other

	As of September 30, 2014 and December 31, 2013, we had $1.2 million and $2.5 million outstanding, respectively, which were recorded in other receivables due from affiliates in our condensed consolidated balance sheets. The amounts outstanding represented amounts due from our managed properties owned by affiliated third parties as part of the normal operations of our Property Manager, which primarily consisted of management fee receivables and payroll reimbursement receivables.

	As of September 30, 2014 and December 31, 2013, we had $439,000 and $915,000, respectively, which were recorded in other payables due to affiliates in our condensed consolidated balance sheets. The amounts outstanding represented amounts due to ELRH in connection with the ELRM Transaction and payables due to our managed properties owned by affiliated third parties as part of the normal operations of our Property Manager.

Equity

Equity	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Equity	'

	11. 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 September 30, 2014 and December 31, 2013, we had issued and outstanding 20,976,300 shares of Series D Preferred Stock. Additionally, as of September 30, 2014, we had issued and outstanding 7,400,000 shares of Series E Preferred Stock. See Note 8, 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 September 30, 2014 and December 31, 2013, we had 25,572,338 and 25,182,988 shares, respectively, of our common stock issued and outstanding.

	The following are the equity transactions with respect to our common stock during the nine months ended September 30, 2014:


		•		190,112 shares of common stock were issued pursuant to the DRIP (as defined below).


		•		200,038 shares of restricted common stock were issued to certain of our independent directors pursuant to the terms and conditions of the 2006 Award Plan (as defined below).


		•		800 shares of restricted common stock were forfeited by an independent director upon his resignation from our board of directors.

	Our distributions are subject to approval by our board of directors. Our common stock distributions as of September 30, 2014 and December 31, 2013 totaled $0.30 per share for each period then ended.

	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 using the two-class method. Nonvested shares of our restricted common stock give rise to potentially dilutive shares of our common stock. As of September 30, 2014 and December 31, 2013, there were 192,316 shares and 7,400 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 incentive 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.



	Distribution Reinvestment Plan

	In the first quarter of 2011, our board of directors adopted the Second Amended and Restated Distribution Reinvestment Plan, or the DRIP. The DRIP provides a way to increase stockholders’ investment in the Company by reinvesting distributions to purchase additional shares of our common stock. The DRIP offers up to 10,000,000 shares of our common stock for reinvestment. 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.

	Since August 2012, the Company has done a series of acquisitions and issued shares, or share equivalents, at $8.15. This price was determined to be a fair value based on negotiated transactions with advice from professionals. Accordingly, $8.15 is the per share price used for the issuance of shares pursuant to the DRIP until such time as our board of directors provides a new estimate of share value. For the nine months ended September 30, 2014, $1.5 million in distributions were reinvested and 190,112 shares of our common stock were issued pursuant to the DRIP.

	Limited Partnership Units

	As of September 30, 2014 and December 31, 2013, we had issued 41,426,421 and 33,450,957 limited partnership units to our non-controlling interest holders, respectively, for a total consideration of $337.6 million and $272.6 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 $149,000 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 12, Non-Controlling Interests, for additional information on our limited partnership units.

	LTIP Units

	As of September 30, 2014 and December 31, 2013, we had issued a total 818,602 and 720,322 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, which vest in equal amounts over a period of three years, subject to certain cancellation provisions.

	2006 Incentive Award Plan

	We adopted our 2006 Incentive Award Plan, or the 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 or equivalents that may be issued pursuant to our 2006 Award Plan, together with the number of shares of common stock or equivalents issued under the 2012 Award Plan (as defined below), is an aggregate total of 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 three months ended September 30, 2014 and 2013, we recognized compensation expense of $100,000 and $6,000, respectively, and for the nine months ended September 30, 2014 and 2013, we recognized compensation expense of $268,000 and $24,000, respectively, related to the restricted common stock grants ultimately expected to vest, which has been reduced for estimated forfeitures. ASC Topic 718, Compensation — Stock Compensation, 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 condensed consolidated statements of comprehensive operations.

	As of September 30, 2014 and December 31, 2013, there was $1.4 million and $54,000, respectively, of total unrecognized compensation expense, net of estimated forfeitures, related to the nonvested shares of our restricted common stock. As of September 30, 2014, this expense was expected to be recognized over a remaining weighted average period of 3.57 years.



	As of September 30, 2014 and December 31, 2013, the fair value of the nonvested shares of our restricted common stock was $1.6 million and $60,310, respectively, based upon an $8.15 weighted average per share price at grant date. A summary of the status of the nonvested shares of our restricted common stock as of September 30, 2014 and December 31, 2013, and the changes for the nine months ended September 30, 2014, is presented below:



			Restricted				Weighted
			Common				Average Grant
			Stock				Date Fair
							Value
	Balance — December 31, 2013			7,400			$	9
	Granted			200,038			$	8.15
	Vested			(14,322	)		$	8.15
Forfeited			(800	)		$	8.15

Balance — September 30, 2014			192,316			$	8.18


2012 Other Equity-Based Award Plan

During 2012, our board of directors adopted our 2012 Other Equity-Based Award Plan, or 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. Pursuant to the 2012 Award Plan, our board of directors or the compensation committee of our board of directors may make grants of other equity-based awards to our independent directors, employees and certain consultants. Other equity-based awards are payable in cash, shares of common stock or other equity, or a combination thereof, and the terms and conditions of such other equity-based awards are determined by our board of directors or the compensation committee of our board of directors, as applicable. The maximum aggregate number of shares of our common stock or equivalents that may be issued under the 2012 Award Plan, together with the number of shares of common stock or equivalents issued under the 2006 Award Plan, is an aggregate total of 2,000,000 shares.

NonControlling_Interests

Non-Controlling Interests	9 Months Ended
	Sep. 30, 2014
Noncontrolling Interest [Abstract]	'
Non-Controlling Interests	'

	12. Non-Controlling Interests

	Redeemable Non-Controlling Interests in Operating Partnership

	As of September 30, 2014 and December 31, 2013, we had issued 41,426,421 and 33,450,957 limited partnership units, respectively, for a total consideration of $337.6 million and $272.6 million, respectively, 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 would have been $337.6 million as of September 30, 2014. The following are the equity transactions for our limited partnership units during the nine months ended September 30, 2014:


		•	29,968 limited partnership units were issued pursuant to reinvestment of the distributions.


		•	1,252,245 limited partnership units were issued as partial consideration for the acquisition of Landmark at Chesterfield, Landmark at Coventry Pointe, Landmark at Grand Oasis, and Landmark at Rosewood.


		•	3,425,900 limited partnership units were issued as partial consideration for the acquisition of Lake Village East, Lake Village North, Lake Village West, and Landmark at Laurel Heights.


		•	894,183 limited partnership units were issued as partial consideration for the acquisition of Landmark at Bella Vista.


		•	1,116,976 limited partnership units were issued as partial consideration for the acquisition of Landmark at Maple Glen.


		•	1,263,725 limited partnership units were issued as partial consideration for the acquisition of Landmark at Andros Isles.


		•	31,087 restricted limited partnership units were issued in connection with the partial settlement of the acquisition contingent consideration related to the ELRM Transaction.


		•	58,965 cancellation of limited partnership units related to the ELRM Transaction consideration. See Note 14, Business Combinations for further discussion.


		•	20,345 restricted limited partnership units were issued in connection with the partial settlement of the acquisition contingent consideration related to the ELRM Transaction.

	During the nine months ended September 30, 2014, $244,000 in distributions were reinvested and 29,968 limited partnership units were issued.

	As of September 30, 2014 and December 31, 2013, we owned approximately 37.7% and 42.4% of the general partnership interest in our operating partnership, respectively, and the limited partners owned approximately 62.3% and 57.6%, respectively, of the limited partnership interests in our operating partnership.

	Non-Controlling Interest Partners

	Non-controlling interest partners represents interests of our joint venture partners in seven consolidated apartment communities as of September 30, 2014 and is presented as part of equity in our condensed consolidated balance sheets. We consolidate an entity in which we own less than 100% but for which we hold the controlling financial interest. In addition, we consolidate any joint venture or partnership in which we are the general partner or managing member and the third party does not have the ability to participate substantially in the decision-making process or remove us as general partner or managing member, as the case may be, without cause. As of September 30, 2014 and December 31, 2013, the amount of non-controlling interest of our partners was $27.1 million and $3.9 million, respectively. During the three and nine months ended September 30, 2014, net (income)/loss attributable to non-controlling interest partner was $(58,000) and $1.3 million, respectively. For the three and nine months ended September 30, 2013, we had net loss attributable to non-controlling interest partners of $422,000 for each period.

Fair_Value_of_Derivatives_and_

Fair Value of Derivatives and Financial Instruments	9 Months Ended
Fair Value of Derivatives and Financial Instruments	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value of Derivatives and Financial Instruments	'

	13. 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, Fair Value Measurements and Disclosures.

	Interest Rate Caps and Interest Rate Swaps

	We manage our interest rate risk through the use of derivative financial instruments. We do not enter into derivative transactions for trading or other speculative purposes. The interest rate derivatives that we primarily use are interest rate caps and interest rate swaps. We enter into these interest rate derivative transactions to reduce our exposure to fluctuations in interest rates on future debt issuances. 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 condensed 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 condensed consolidated balance sheets.

	As of September 30, 2014, we had entered into five interest rate cap agreements. 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. The fair value of our interest rate cap 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 using 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 condensed consolidated statements of comprehensive operations. For the three months ended September 30, 2014 and 2013, the change in fair value resulted in an increase to interest expense of $22,000 and $90,000, respectively, and for the nine months ended September 30, 2014 and 2013, the change in fair value resulted in an increase to interest expense of $327,000 and $145,000, respectively.

	As of September 30, 2014, we had entered into three interest rate swap agreements pursuant to which we have agreed to pay a fixed rate of interest in exchange for a floating rate of interest at a future date and have designated two of these as hedging derivatives and one as a non-designated hedge. The fair value of our interest rate 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.



	For the two interest rate swaps that we have determined qualify as effective cash flow hedges, we have recorded the effective portion of cumulative changes in the fair value of the hedging derivatives in accumulated other comprehensive operations in the condensed consolidated statements of equity. Amounts recorded in accumulated other comprehensive operations 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 $240,000 and ($447,000) in other comprehensive income/(loss) for the three and nine months ended September 30, 2014, respectively. To adjust the hedging derivatives in qualifying cash flow hedges to their fair value and recognize the impact of hedge accounting, we recorded $844,000 and $534,000 in other comprehensive loss for the three and nine months ended September 30, 2013. The one interest rate swap is not intended by us to be a hedge instrument and the change in fair value is recorded to interest expense in the condensed consolidated statements of comprehensive operations. For the three and nine months ended September 30, 2014, the change in fair value was a decrease to interest expense of $504,000 and $134,000, respectively. For the three and nine months ended September 30, 2013, we did not record a change in fair value.

	The following table summarizes our derivative financial instruments at September 30, 2014 and December 31, 2013 (in thousands, except interest rates):



			September 30, 2014												December 31, 2013
			Non-designated Hedges								Cash Flow				Non-				Cash Flow
											Hedges				designated				Hedges
															Hedges
			Interest				Interest				Interest				Interest				Interest
			Rate Caps				Rate Swaps				Rate Swaps				Rate Caps				Rate Swaps
	Notional balance		$	102,065			$	58,800			$	32,100			$	102,065			$	32,100
	Weighted average interest rate(1)			2.81	%			2.17	%			2.38	%			2.81	%			2.38	%
	Weighted average capped interest rate			3.68	%			N/A				N/A				3.68	%			N/A
	Earliest maturity date			15-Mar				18-Sep				20-Jul				15-Mar				20-Jul
	Latest maturity date			18-Jul				18-Sep				20-Aug				18-Jul				20-Aug
	Estimated fair value, asset/(liability), net		$	151			$	(1,222	)		$	(797	)		$	478			$	(350	)


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

	Financial Instruments Measured/Disclosed at Fair Value on a Recurring Basis

	The table below presents our liabilities measured/disclosed at fair value on a recurring basis as of September 30, 2014, 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				September 30,				September 30,
			Identical Assets				Inputs				(Level 3)				2014				2014
			(Level 1)				(Level 2)
	Liabilities
	Mortgage loan payables, net(1)		$	—			$	1,073,468			$	—			$	1,073,468			$	1,032,641
	Unsecured notes payable to affiliates(2)			—				—				5,950				5,950				5,950
	Secured Credit Facility(1)			—				159,965				—				159,965				159,932
	Line of credit(1)			—				3,913				—				3,913				3,902
	Acquisition contingent consideration — ELRM Transaction(3)			—				—				—				—				—
	Acquisition contingent consideration — Andros Isles(4)			—				—				2,700				2,700				2,700
	Warrants(5)			—				—				602				602				602
	Series D preferred stock derivative(6)			—				—				2,900				2,900				2,900
	Series E preferred stock derivative(7)			—				—				3,300				3,300				3,300

	Liabilities at fair value		$	—			$	1,237,346			$	15,452			$	1,252,798			$	1,211,927



-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. During the second quarter of 2014, management determined that the targeted cash flows would not be raised by a certain date which resulted in a complete write off of the acquisition contingent consideration.
-4	The fair value is based on management’s inputs and assumptions related primarily to certain net operating income over a four-year period for Landmark at Andros Isles.
-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 described in the Series D Preferred Stock agreements 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.
-7	The fair value of the Series E Preferred Stock derivative, which relates to the mandatory redemption of 50% of the Series E Preferred Stock outstanding as of the date of a triggering event as described in the Series E Preferred Stock agreements 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 E 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, 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 affiliates(2)			—				—				5,784				5,784				5,784
Secured Credit Facility(1)			—				145,247				—				145,247				145,200
Acquisition contingent 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 described in the Series D Preferred Stock agreements 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 provides a reconciliation of the fair values of acquisition contingent consideration, warrant liability, Series D Preferred Stock derivative and Series E Preferred Stock derivative measured on a recurring basis for which the Company has designated as Level 3 (in thousands):



		Acquisition				Acquisition				Warrants				Series D				Series E				Total
		Contingent				Contingent								Preferred				Preferred
		Consideration –				Consideration –								Stock				Stock
		ELRM				Andros Isles								Derivative				Derivative
		Transaction
Balance at December 31, 2013		$	4,030			$	—			$	1,789			$	11,100			$	—			$	16,919
Additions			—				2,700				—				—				6,000				8,700
Change due to liability realized			(276	)			—				—				—				—				(276	)
Changes in fair value(1)			(3,754	)			—				(1,187	)			(8,200	)			(2,700	)			(15,841	)

Balance at September 30, 2014		$	—			$	2,700			$	602			$	2,900			$	3,300			$	9,502



-1	Reflected in change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration in our condensed consolidated statements of comprehensive operations for the nine months ended September 30, 2014.

There were no transfers between Level 1, Level 2 and Level 3 of the fair value hierarchy during the nine months ended September 30, 2014.

Business_Combinations

Business Combinations	9 Months Ended
Business Combinations	Sep. 30, 2014
Business Combinations [Abstract]	'
Business Combinations	'

	14. Business Combinations

	2014 Property Acquisitions

	For the nine months ended September 30, 2014, we completed the acquisition of 14 consolidated apartment communities, including six properties held through consolidated joint ventures, adding a total of 5,099 apartment units to our property portfolio. The aggregate purchase price was approximately $406.4 million, plus closing costs and acquisition fees of $2.2 million, which are included in acquisition-related expense in our accompanying condensed consolidated statements of comprehensive operations. 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 condensed consolidated statements of comprehensive operations for the three and nine months ended September 30, 2014 for the period subsequent to the acquisition dates. For the period from the acquisition dates through September 30, 2014, we recognized $31.8 million in revenues and $8.2 million in net loss for the newly acquired properties.

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



			September 30, 2014
	Land		$	65,919
	Land improvements			23,095
	Building and improvements			299,676
	Furniture, fixtures and equipment			7,139
	In-place leases			12,459
	(Above)/below market leases			(1,254	)
	Fair market value of assumed debt(1)			(181,118	)
	Acquisition contingent consideration			(2,700	)
	Other assets/liabilities, net			(873	)

	Total			222,343
	Equity/limited partnership unit consideration			(91,318	)

	Net cash consideration		$	131,025



	-1	Includes $652,000 of net below market debt adjustments.

	In accordance with ASC Topic 805, Business Combinations, or ASC Topic 805, we allocated the purchase price of the 14 apartment communities 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, including the initial estimate of the fair value of acquisition contingent consideration, as of September 30, 2014 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.

	2013 Property Acquisitions

	For the nine months ended September 30, 2013, we completed the acquisition of 30 consolidated apartment communities, including one property which we purchased through a joint venture arrangement, adding a total of 8,607 apartment units to our property portfolio. The aggregate purchase price was approximately $610.6 million, plus closing costs and acquisition fees of $10.5 million, which are included in acquisition-related expense in our accompanying condensed consolidated statements of comprehensive operations.

	Results of operations for the property acquisitions are reflected in our condensed consolidated statements of comprehensive operations for the three and nine months ended September 30, 2013 for the period subsequent to the acquisition dates. For the period from the acquisition dates through September 30, 2013, we recognized $21.5 million in revenues and $17.6 million in net loss for the acquired properties.

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



			September 30, 2013
	Land		$	99,602
	Land improvements			44,411
	Building and improvements			425,624
	Furniture, fixtures and equipment			10,453
	In-place leases			33,195
	(Above)/below market leases			(2,650	)
	Fair market value of assumed debt			(220,059	)
	Other assets/liabilities, net			(4,994	)

	Total			385,582
	Equity/limited partnership unit consideration			(48,685	)

	Net cash consideration		$	336,897


	In accordance with ASC Topic 805, we allocated the purchase price of the 30 apartment communities to the fair value of assets acquired and liabilities assumed, including allocating to the intangibles associated with the in-place leases, above market leases and assumed debt. The purchase price accounting is final with no adjustments since December 31, 2013.



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 condensed consolidated statements of comprehensive operations for the three and nine months ended September 30, 2013, and for the period subsequent to the acquisition date. For the period from March 14, 2013 through September 30, 2013, we recognized $3 million in revenues and $848,000 in consolidated net loss before income tax benefit, and transaction related costs of approximately $175,000 were recorded as a component of acquisition-related expense.

The purchase price allocation for the ELRM Transaction is final with no adjustments since December 31, 2013. 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			631
Identified intangible assets, net(1)(3)			21,070
Goodwill(2)(3)(4)			9,198

Total purchase price			30,980
Accounts payable and accrued liabilities			(196	)
Unsecured notes payable to affiliate			(10,000	)
Limited partnership units(4)			(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 condensed consolidated balance sheets as of September 30, 2014.
-2	Included as goodwill on the condensed consolidated balance sheets as of September 30, 2014. Our annual impairment test date is December 31st of each year. 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.
-4	In the second quarter of 2014, we recorded a decrease to goodwill of $481,000 and a decrease to redeemable non-controlling interests in operating partnerships, which represents a correction of the original purchase price allocation due to an immaterial error. This correction resulted in the forfeiture of 58,965 limited partnership units during the third quarter of 2014 in connection with two property management contracts being terminated in the second quarter of 2013.

Pro Forma Financial Data (Unaudited)

Assuming the acquisitions of the 14 consolidated apartment communities discussed above and the 38 consolidated apartment communities that we acquired during 2013 and 2014 had occurred on January 1, 2013, 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 three and nine months ended September 30, 2014 and 2013 (in thousands, except per share data):



		Three Months Ended				Nine Months Ended
		September 30, 2014				September 30, 2014
Revenues		$	66,812			$	199,105
Net loss		$	(10,474	)		$	(37,183	)
Net loss attributable to controlling interest		$	(4,040	)		$	(14,343	)
Net loss per common share attributable to controlling interest — basic and diluted		$	(0.16	)		$	(0.57	)



		Three Months Ended				Nine Months Ended
		September 30, 2013				September 30, 2013
Revenues		$	65,509			$	189,247
Net loss		$	(8,881	)		$	(33,616	)
Net loss attributable to controlling interest		$	(4,375	)		$	(16,558	)
Net loss per common share attributable to controlling interest — basic and diluted		$	(0.18	)		$	(0.75	)

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.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2014.
	Certain prior year amounts have been reclassified to conform to the current year presentation due to the breakout of preferred dividends from interest expense, net to preferred dividends classified as interest expense and the breakout of the change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration from general, administrative and other expense in the condensed consolidated statements of comprehensive operations.
Income Taxes	'

	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 that elect to be treated as a taxable REIT subsidiary, or a TRS. A TRS is subject to both federal and state income taxes.

	Our Property Manager is organized as a TRS and, accordingly, is subject to income taxation. In conjunction with the ELRM Transaction in March 2013, we determined it was more likely than not that our deferred tax assets would be realized. On an ongoing basis we evaluate the realizability of the deferred tax assets and have considered both the losses of the Property Manager subsequent to the date of the ELRM Transaction as well as future projected taxable income in our evaluation.

	In the quarter ended June 30, 2014, we determined that it was more likely than not that our deferred tax assets would not be realized and recorded a valuation allowance on the Property Manager’s deferred tax assets. As of September 30, 2014, the valuation allowance was $806,000 and at December 31, 2013, there was no valuation allowance necessary. It is expected that any future net deferred tax assets will continue to be offset by a valuation allowance until the Property Manager becomes consistently profitable. To the extent the Property Manager generates consistent taxable income, we may reduce the valuation allowances in the period such determination is made.

	Income tax expense of $388,000 and $165,000 was recognized for the three and nine months ended September 30, 2014, respectively, comprised primarily of state income tax expense of $373,000 and $585,000 for the respective periods. We recorded an income tax (expense)/benefit of ($41,000) and $3.1 million for the three and nine months ended September 30, 2013, respectively, which includes a reversal of the prior valuation allowance of $2.7 million recorded during the nine months ended September 30, 2013. Our income tax expense for the three and nine months ended September 30, 2013, includes state income tax expense of $154,000 and $242,000, respectively.

	Total net operating loss carry forward for federal income tax purposes was approximately $4.3 million as of September 30, 2014. The net operating loss carry forward will expire beginning 2031.
Recent Accounting Pronouncements	'

	Recent Accounting Pronouncements

	In April 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, or ASU 2014-08, which incorporates a requirement that a disposition represent a strategic shift in an entity’s operations into the definition of a discontinued operation. In accordance with ASU 2014-08, a discontinued operation represents (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (ii) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (i) a separate major line of business, (ii) a separate major geographic area of operations, (iii) a major equity method investment, or (iv) other major parts of an entity. The standard requires prospective application and will be effective for interim and annual periods beginning on or after December 15, 2014 with early adoption permitted. The standard is not applied to components of an entity that were sold or classified as held for sale prior to the adoption of the standard.

	We have elected to adopt this standard early, effective January 1, 2014, which primarily has the impact of reflecting gains and losses on the sale of operating properties prospectively within continuing operations, and results in not classifying the operations of such operating properties as discontinued operations in all periods presented. During the nine months ended September 30, 2014, we sold three apartment communities which were subject to the early adoption of ASU 2014-08 and, therefore, the gain on such sale is reported as a gain on sale of operating properties within continuing operations. During the year ended December 31, 2013, we sold two of our apartment communities which were not subject to the early adoption of ASU 2014-08 and, therefore, the gain on such sales and results of operations prior to such sales are reported as discontinued operations for the three and nine months ended September 30, 2013 in our condensed consolidated statements of comprehensive operations.



	In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” effective for annual reporting periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. The core principle of ASU 2014-09, is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts are excluded from ASU 2014-09, including lease contracts within the scope of the FASB guidance included in Leases. We are currently evaluating to determine the potential impact, if any, the adoption of ASU 2014-09 will have on its financial position and results of operations.

Real_Estate_Investments_Tables

Real Estate Investments (Tables)	9 Months Ended
Real Estate Investments (Tables)	Sep. 30, 2014
Real Estate [Abstract]	'
Investments in Consolidated Owned Properties	'

	The investments in our consolidated owned properties, net consisted of the following as of September 30, 2014 and December 31, 2013 (in thousands):



			September 30,				December 31,
			2014				2013
	Operating properties:
	Land		$	281,584			$	221,595
	Land improvements			138,887				118,652
	Building and improvements(1)			1,426,862				1,129,619
	Furniture, fixtures and equipment			37,988				30,567

				1,885,321				1,500,433

	Less: accumulated depreciation			(132,410	)			(89,920	)

	Total real estate investments		$	1,752,911			$	1,410,513



	-1	Includes $5 million and $10.4 million of direct construction costs for our repositioning activities as of September 30, 2014 and December 31, 2013, respectively.
Investment of Contributed Parties at Time of Acquisition	'

	During the nine months ended September 30, 2014, we completed the acquisition of 14 consolidated apartment communities, as set forth below (in thousands, except unit data):



	Property Description		Date Acquired		Number				Total		Percentage
					of Units				Purchase		Ownership
									Price
	Landmark at Chesterfield — Pineville, NC(1)		January 7, 2014			250			$	19,451		61.2	%
	Landmark at Coventry Pointe — Lawrenceville, GA(1)		7-Jan-14			250				27,826		61.2	%
	Landmark at Grand Oasis — Suwanee, GA(1)		7-Jan-14			434				48,290		61.2	%
	Landmark at Rosewood — Dallas, TX(1)		7-Jan-14			232				12,902		61.2	%
	Lake Village East — Garland, TX		9-Jan-14			329				18,547		100	%
	Lake Village North — Garland, TX		9-Jan-14			848				59,147		100	%
	Lake Village West — Garland, TX		9-Jan-14			294				19,221		100	%
	Landmark at Laurel Heights — Mesquite, TX		9-Jan-14			286				20,709		100	%
	Landmark at Bella Vista — Duluth, GA		January 15, 2014			564				31,277		100	%
	Landmark at Maple Glen — Orange Park, FL(1)		15-Jan-14			358				32,246		51.1	%
	Landmark at Pine Court — Columbia, SC		23-Jan-14			316				20,300		100	%
	Landmark at Spring Creek — Garland, TX(1)(2)		6-Feb-14			236				10,267		92.6	%
	Landmark at Andros Isles — Daytona Beach, FL		4-Jun-14			360				47,700		100	%
	Landmark at West Place — Orlando, FL		September 4, 2014			342				38,500		100	%

	Total acquired apartment communities					5,099			$	406,383



	-1	We consolidate entities for which we own less than 100% but we hold the controlling financial interest or have management control.
	-2	On November 7, 2014, we acquired the remaining ownership interest of Landmark at Spring Creek and, as of such date, we own 100% of this apartment community.

Real_Estate_Disposition_Activi1

Real Estate Disposition Activities (Tables)	9 Months Ended
Real Estate Disposition Activities (Tables)	Sep. 30, 2014
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 (in thousands):


		For the three			For the nine
		months ended			months ended
		September 30, 2013			September 30, 2013
		(unaudited)			(unaudited)
	Rental income	$	695		$	3,604
	Other property revenues		142			584

	Total revenues		837			4,188
	Rental expenses		(349	)		(1,583	)
	Interest expense, net		(250	)		(1,057	)
	Depreciation and amortization expense		(166	)		(1,027	)

	Total expenses		(765	)		(3,667	)

	Income before net gain on the sale of property		72			521
	Net gain on the sale of property		3,399			10,019

	Income from discontinued operations	$	3,471		$	10,540
	Less: Net income from discontinued operations attributable to redeemable non-controlling interests in operating partnership		1,761			5,348

	Net income attributable to common stockholders	$	1,710		$	5,192

Investments_in_Unconsolidated_1

Investments in Unconsolidated Entities (Tables)	9 Months Ended
Investments in Unconsolidated Entities (Tables)	Sep. 30, 2014
Text Block [Abstract]	'
Schedule of Non Controlling Investments Under Equity Method Investments	'

	As of September 30, 2014 and 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 and percentages):



	Investment Description	Date	Number	Total		Total		Percentage
		Acquired	of Units	Investment at		Investment at		Ownership
				September 30,		December 31,		at September 30,
				2014		2013		2014
	Landmark at Waverly Place — Melbourne, FL	November 18, 2013	208	$	973	$	1,158		20	%
	The Fountains — Palm Beach Gardens, FL	December 6, 2013	542		3,486		4,998		20	%
	Timbercreek U.S. Multi-Residential (U.S.) Holding L.P. — 500,000 Class A Units	December 20, 2013	N/A		4,866		5,000		7.6	%

	Total investments			$	9,325	$	11,156

Identified_Intangible_Assets_N1

Identified Intangible Assets, Net (Tables)	9 Months Ended
Identified Intangible Assets, Net (Tables)	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Identified Intangible Assets, Net	'

	Identified intangible assets, net consisted of the following as of September 30, 2014 and December 31, 2013 (in thousands):



			September 30, 2014		December 31, 2013
	Disposition fee rights(1)		$	—	$	284
	In-place leases, net of accumulated amortization of $884,000 and $39.1 million as of September 30, 2014 and December 31, 2013, respectively (with a weighted average remaining life of 5.1 months and 3.6 months as of September 30, 2014 and December 31, 2013, respectively)			1,696		16,662
	Trade name and trade marks (indefinite lives)			200		200
	Property management contracts, net of accumulated amortization of $4.4 million and $2.2 million as of September 30, 2014 and December 31, 2013, respectively (with a weighted average remaining life of 166.7 months and 165.3 months as of September 30, 2014 and December 31, 2013, respectively)			16,431		18,703

	Total identified intangible assets, net		$	18,327	$	35,849



	-1	On February 6, 2014, we purchased a controlling interest in Landmark at Spring Creek and, therefore, consolidated this apartment community in our condensed consolidated financial statements. Prior to our consolidation, the Landmark at Spring Creek property was owned by unaffiliated third parties and leased by our wholly owned subsidiary, NNN Mission Residential Holdings, LLC, or NNN/MR Holdings. Pursuant to the master lease or other operative agreement between NNN/MR Holdings and the respective third party property owners, our NNN/MR Holdings was entitled to a disposition fee in the event that the leased property was sold. We recognized this as a disposition fee rights intangible of $284,000 for the year ended December 31, 2013. Upon our acquisition of a controlling interest of Landmark at Spring Creek, we waived the disposition fee from the sellers of the controlling interest during the first quarter of 2014.

Debt_Tables

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Mortgage Loan Payable, Net	'

	Our mortgage loan payables, net, unsecured notes payable to affiliates, variable rate Secured Credit Facility with Bank of America, N.A. and certain other lenders, or the Secured Credit Facility, and line of credit as of September 30, 2014 and December 31, 2013, are summarized below (in thousands):



			September 30, 2014		December 31, 2013
	Mortgage loan payables — fixed		$	770,358	$	652,345
	Mortgage loan payables — variable			253,235		175,120

	Total secured fixed and variable rate debt			1,023,593		827,465
	Premium, net			9,048		10,969

	Total mortgage loan payables, net			1,032,641		838,434
	Secured credit facility			159,932		145,200
	Line of credit			3,902		—

	Total secured fixed and variable rate debt, net		$	1,196,475	$	983,634

	Unsecured notes payable to affiliates		$	5,950	$	5,784

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

	Scheduled payments and maturities of mortgage loan payables, net, unsecured notes payable to affiliates, the Secured Credit Facility and our line of credit at September 30, 2014 were as follows (in thousands):



	Year		Secured notes		Secured notes		Unsecured notes
	Year		payments(1)		maturities		maturities
	2014		$	3,876	$	7,639	$	—
	2015(2)			12,850		307,467		500
	2016			11,385		223,118		—
	2017			10,111		99,726		—
	2018			8,635		105,210		5,450
	Thereafter			47,234		350,176		—

			$	94,091	$	1,093,336	$	5,950



	-1	Secured note payments are comprised of the principal pay downs for mortgage loan payables, our line of credit, and the Secured Credit Facility.
	-2	Included is maturing debt in the first, second and third quarter of 2015 of $163.7 million, $67.2 million and $57.9 million, respectively, which includes the Secured Credit Facility in the amount of $159.2 million. The Secured Credit Facility is due on March 7, 2015, and the maturity date may be extended to March 7, 2016 if certain conditions are satisfied, which would have to be assessed at that time. We plan to investigate opportunities to extend, refinance or raise funds to repay each of these instruments prior to their respective maturities.

Equity_Tables

Equity (Tables)	9 Months Ended
Equity (Tables)	Sep. 30, 2014
Equity [Abstract]	'
Status of Nonvested Shares of Restricted Common Stock	'

	As of September 30, 2014 and December 31, 2013, the fair value of the nonvested shares of our restricted common stock was $1.6 million and $60,310, respectively, based upon an $8.15 weighted average per share price at grant date. A summary of the status of the nonvested shares of our restricted common stock as of September 30, 2014 and December 31, 2013, and the changes for the nine months ended September 30, 2014, is presented below:



		Restricted			Weighted
		Common			Average Grant
		Stock			Date Fair
					Value
	Balance — December 31, 2013		7,400		$	9
	Granted		200,038		$	8.15
	Vested		(14,322	)	$	8.15
	Forfeited		(800	)	$	8.15

	Balance — September 30, 2014		192,316		$	8.18

Fair_Value_of_Derivatives_and_1

Fair Value of Derivatives and Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Summary of Derivative Arrangements	'
	The following table summarizes our derivative financial instruments at September 30, 2014 and December 31, 2013 (in thousands, except interest rates):


			September 30, 2014									December 31, 2013
			Non-designated Hedges						Cash Flow			Non-			Cash Flow
									Hedges			designated			Hedges
												Hedges
			Interest			Interest			Interest			Interest			Interest
			Rate Caps			Rate Swaps			Rate Swaps			Rate Caps			Rate Swaps
	Notional balance		$	102,065		$	58,800		$	32,100		$	102,065		$	32,100
	Weighted average interest rate(1)			2.81	%		2.17	%		2.38	%		2.81	%		2.38	%
	Weighted average capped interest rate			3.68	%		N/A			N/A			3.68	%		N/A
	Earliest maturity date			15-Mar			18-Sep			20-Jul			15-Mar			20-Jul
	Latest maturity date			18-Jul			18-Sep			20-Aug			18-Jul			20-Aug
	Estimated fair value, asset/(liability), net		$	151		$	(1,222	)	$	(797	)	$	478		$	(350	)

	-1	For the 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 September 30, 2014, 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			September 30,			September 30,
			Identical Assets			Inputs			(Level 3)			2014			2014
			(Level 1)			(Level 2)
	Liabilities
	Mortgage loan payables, net(1)		$	—		$	1,073,468		$	—		$	1,073,468		$	1,032,641
	Unsecured notes payable to affiliates(2)			—			—			5,950			5,950			5,950
	Secured Credit Facility(1)			—			159,965			—			159,965			159,932
	Line of credit(1)			—			3,913			—			3,913			3,902
	Acquisition contingent consideration — ELRM Transaction(3)			—			—			—			—			—
	Acquisition contingent consideration — Andros Isles(4)			—			—			2,700			2,700			2,700
	Warrants(5)			—			—			602			602			602
	Series D preferred stock derivative(6)			—			—			2,900			2,900			2,900
	Series E preferred stock derivative(7)			—			—			3,300			3,300			3,300

	Liabilities at fair value		$	—		$	1,237,346		$	15,452		$	1,252,798		$	1,211,927



	-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. During the second quarter of 2014, management determined that the targeted cash flows would not be raised by a certain date which resulted in a complete write off of the acquisition contingent consideration.
	-4	The fair value is based on management’s inputs and assumptions related primarily to certain net operating income over a four-year period for Landmark at Andros Isles.
	-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 described in the Series D Preferred Stock agreements 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.
	-7	The fair value of the Series E Preferred Stock derivative, which relates to the mandatory redemption of 50% of the Series E Preferred Stock outstanding as of the date of a triggering event as described in the Series E Preferred Stock agreements 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 E 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, 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 affiliates(2)			—			—			5,784			5,784			5,784
	Secured Credit Facility(1)			—			145,247			—			145,247			145,200
	Acquisition contingent 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 described in the Series D Preferred Stock agreements 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.
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, Series D Preferred Stock derivative and Series E Preferred Stock derivative measured on a recurring basis for which the Company has designated as Level 3 (in thousands):



			Acquisition			Acquisition			Warrants			Series D			Series E			Total
			Contingent			Contingent						Preferred			Preferred
			Consideration –			Consideration –						Stock			Stock
			ELRM			Andros Isles						Derivative			Derivative
			Transaction
	Balance at December 31, 2013		$	4,030		$	—		$	1,789		$	11,100		$	—		$	16,919
	Additions			—			2,700			—			—			6,000			8,700
	Change due to liability realized			(276	)		—			—			—			—			(276	)
	Changes in fair value(1)			(3,754	)		—			(1,187	)		(8,200	)		(2,700	)		(15,841	)

	Balance at September 30, 2014		$	—		$	2,700		$	602		$	2,900		$	3,300		$	9,502



	-1	Reflected in change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration in our condensed consolidated statements of comprehensive operations for the nine months ended September 30, 2014

Business_Combinations_Tables

Business Combinations (Tables)	9 Months Ended
Business Combinations (Tables)	Sep. 30, 2014
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			631
	Identified intangible assets, net(1)(3)			21,070
	Goodwill(2)(3)(4)			9,198

	Total purchase price			30,980
	Accounts payable and accrued liabilities			(196	)
	Unsecured notes payable to affiliate			(10,000	)
	Limited partnership units(4)			(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 condensed consolidated balance sheets as of September 30, 2014.
	-2	Included as goodwill on the condensed consolidated balance sheets as of September 30, 2014. Our annual impairment test date is December 31st of each year. 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.

	-4	In the second quarter of 2014, we recorded a decrease to goodwill of $481,000 and a decrease to redeemable non-controlling interests in operating partnerships, which represents a correction of the original purchase price allocation due to an immaterial error. This correction resulted in the forfeiture of 58,965 limited partnership units during the third quarter of 2014 in connection with two property management contracts being terminated in the second quarter of 2013.
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 14 consolidated apartment communities discussed above and the 38 consolidated apartment communities that we acquired during 2013 and 2014 had occurred on January 1, 2013, 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 three and nine months ended September 30, 2014 and 2013 (in thousands, except per share data):


			Three Months Ended			Nine Months Ended
			September 30, 2014			September 30, 2014
	Revenues		$	66,812		$	199,105
	Net loss		$	(10,474	)	$	(37,183	)
	Net loss attributable to controlling interest		$	(4,040	)	$	(14,343	)
	Net loss per common share attributable to controlling interest — basic and diluted		$	(0.16	)	$	(0.57	)


			Three Months Ended			Nine Months Ended
			September 30, 2013			September 30, 2013
	Revenues		$	65,509		$	189,247
	Net loss		$	(8,881	)	$	(33,616	)
	Net loss attributable to controlling interest		$	(4,375	)	$	(16,558	)
	Net loss per common share attributable to controlling interest — basic and diluted		$	(0.18	)	$	(0.75	)
2013 Property Acquisitions [Member]	'
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):


			September 30, 2013
	Land		$	99,602
	Land improvements			44,411
	Building and improvements			425,624
	Furniture, fixtures and equipment			10,453
	In-place leases			33,195
	(Above)/below market leases			(2,650	)
	Fair market value of assumed debt			(220,059	)
	Other assets/liabilities, net			(4,994	)

	Total			385,582
	Equity/limited partnership unit consideration			(48,685	)

	Net cash consideration		$	336,897

2014 Property Acquisitions [Member]	'
Fair Value of Assets Acquired and Liabilities Assumed at Time of Acquisition	'

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



			September 30, 2014
	Land		$	65,919
	Land improvements			23,095
	Building and improvements			299,676
	Furniture, fixtures and equipment			7,139
	In-place leases			12,459
	(Above)/below market leases			(1,254	)
	Fair market value of assumed debt(1)			(181,118	)
	Acquisition contingent consideration			(2,700	)
	Other assets/liabilities, net			(873	)

	Total			222,343
	Equity/limited partnership unit consideration			(91,318	)

	Net cash consideration		$	131,025



	-1	Includes $652,000 of net below market debt adjustments.

Organization_and_Description_o1

Organization and Description of Business - Additional Information (Detail) (USD $)	9 Months Ended	12 Months Ended
In Billions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013	Mar. 31, 2014
	Property	Property	Property
	Apartment
Organization and Nature of Operations [Line Items]	'	'	'
Number of properties	78	'	34
Acquisition of total properties	'	38	'
Parcel of undeveloped land	2	'	'
Number of apartment units	24,221	'	'
Carrying value of properties	$1.80	'	'
Consolidated joint venture [Member]	'	'	'
Organization and Nature of Operations [Line Items]	'	'	'
Acquisition of total properties	7	'	'
Managed Properties [Member]	'	'	'
Organization and Nature of Operations [Line Items]	'	'	'
Number of communities	26	'	'
Indirect Ownership [Member] \| Timbercreek U.S. Multi-Residential (U.S.) Holding L.P [Member]	'	'	'
Organization and Nature of Operations [Line Items]	'	'	'
Number of properties	8	'	'
Affiliates	'	'	'
Organization and Nature of Operations [Line Items]	'	'	'
Number of properties	16	'	'
Number of apartment units	5,560	'	'
Non-Controlling Interest Partners [Member]	'	'	'
Organization and Nature of Operations [Line Items]	'	'	'
Number of apartment units	3,446	'	'
Number of communities	10	'	'
Non controlling interest in unconsolidated joint ventures	2	'	'

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Property
Summary Of Significant Accounting Policies [Line Items]	'	'	'	'	'
Distributions from taxable income percentage required to qualify as a REIT for federal income tax purposes	'	'	90.00%	'	'
Income tax (expense)/benefit	($388,000)	($41,000)	($165,000)	$3,078,000	'
Valuation allowance	806,000	2,700,000	806,000	2,700,000	0
State income tax expense	373,000	154,000	585,000	242,000	'
Operating loss carry forward beginning expiration year	'	'	'2031	'	'
Number of properties sold	'	'	'	'	2
New Accounting Pronouncement, Early Adoption, Effect [Member]	'	'	'	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'	'	'	'
Number of properties sold	'	'	3	'	'
Federal [Member]	'	'	'	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'	'	'	'
Operating loss carry forward	$4,300,000	'	$4,300,000	'	'

Real_Estate_Investments_Invest

Real Estate Investments - Investments in Consolidated Owned Properties (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Operating properties:	'	'
Land	$281,584	$221,595
Land improvements	138,887	118,652
Building and improvements	1,426,862	1,129,619
Furniture, fixtures and equipment	37,988	30,567
Real estate investments, gross	1,885,321	1,500,433
Less: accumulated depreciation	-132,410	-89,920
Total real estate investments	$1,752,911	$1,410,513

Real_Estate_Investments_Invest1

Real Estate Investments - Investments in Consolidated Owned Properties (Parenthetical) (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Real Estate [Line Items]	'	'
Direct construction cost	$1,426,862	$1,129,619
Building and Improvements [Member]	'	'
Real Estate [Line Items]	'	'
Direct construction cost	$5,000	$10,400

Real_Estate_Investments_Additi

Real Estate Investments - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Real Estate [Abstract]	'	'	'	'
Depreciation expense	$15.40	$9.80	$44.60	$23.90

Real_Estate_Investments_Invest2

Real Estate Investments - Investment of Contributed Parties at Time of Acquisition (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
	Apartment_Communities
Business Acquisition [Line Items]	'
Number of Units	5,099
Total Purchase Price	$406,383
Landmark at Chesterfield - Pineville, NC [Member]	'
Business Acquisition [Line Items]	'
Date Acquired	7-Jan-14
Number of Units	250
Total Purchase Price	19,451
Percentage Ownership	61.20%
Landmark at Coventry Pointe - Lawrenceville, GA [Member]	'
Business Acquisition [Line Items]	'
Date Acquired	7-Jan-14
Number of Units	250
Total Purchase Price	27,826
Percentage Ownership	61.20%
Landmark at Grand Oasis - Suwanee, GA [Member]	'
Business Acquisition [Line Items]	'
Date Acquired	7-Jan-14
Number of Units	434
Total Purchase Price	48,290
Percentage Ownership	61.20%
Landmark at Rosewood - Dallas, TX [Member]	'
Business Acquisition [Line Items]	'
Date Acquired	7-Jan-14
Number of Units	232
Total Purchase Price	12,902
Percentage Ownership	61.20%
Lake Village East - Garland, TX [Member]	'
Business Acquisition [Line Items]	'
Date Acquired	9-Jan-14
Number of Units	329
Total Purchase Price	18,547
Percentage Ownership	100.00%
Lake Village North - Garland, TX [Member]	'
Business Acquisition [Line Items]	'
Date Acquired	9-Jan-14
Number of Units	848
Total Purchase Price	59,147
Percentage Ownership	100.00%
Lake Village West - Garland, TX [Member]	'
Business Acquisition [Line Items]	'
Date Acquired	9-Jan-14
Number of Units	294
Total Purchase Price	19,221
Percentage Ownership	100.00%
Landmark at Laurel Heights - Mesquite, TX [Member]	'
Business Acquisition [Line Items]	'
Date Acquired	9-Jan-14
Number of Units	286
Total Purchase Price	20,709
Percentage Ownership	100.00%
Landmark at Bella Vista - Duluth, GA [Member]	'
Business Acquisition [Line Items]	'
Date Acquired	15-Jan-14
Number of Units	564
Total Purchase Price	31,277
Percentage Ownership	100.00%
Landmark at Maple Glen - Orange Park, FL [Member]	'
Business Acquisition [Line Items]	'
Date Acquired	15-Jan-14
Number of Units	358
Total Purchase Price	32,246
Percentage Ownership	51.10%
Landmark at Pine Court - Columbia, SC [Member]	'
Business Acquisition [Line Items]	'
Date Acquired	23-Jan-14
Number of Units	316
Total Purchase Price	20,300
Percentage Ownership	100.00%
Landmark at Spring Creek - Garland, TX [Member]	'
Business Acquisition [Line Items]	'
Date Acquired	6-Feb-14
Number of Units	236
Total Purchase Price	10,267
Percentage Ownership	92.60%
Landmark at Andros Isles - Daytona Beach, FL [Member]	'
Business Acquisition [Line Items]	'
Date Acquired	4-Jun-14
Number of Units	360
Total Purchase Price	47,700
Percentage Ownership	100.00%
Landmark at West Place - Orlando, FL [Member]	'
Business Acquisition [Line Items]	'
Date Acquired	4-Sep-14
Number of Units	342
Total Purchase Price	$38,500
Percentage Ownership	100.00%

Real_Estate_Investments_Invest3

Real Estate Investments - Investment of Contributed Parties at Time of Acquisition (Parenthetical) (Detail)	Sep. 30, 2014	Nov. 07, 2014
		Subsequent Event [Member]
		Landmark at Spring Creek - Garland, TX [Member]
Business Acquisition [Line Items]	'	'
Membership interests, percentage	100.00%	100.00%

Real_Estate_Disposition_Activi2

Real Estate Disposition Activities - Additional Information (Detail) (USD $)	9 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
	Property	Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Property Sold	'	2
Number of apartment units	24,221	'
Real Estate [Member]	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Property Sold	3	2
Number of Apartment units	472	700
Combined sales price	$40.50	$71.70
Gain on sale of apartment	$7.50	'
Real Estate [Member] \| Manchester Park [Member]	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Number of apartment units	126	'
Real Estate [Member] \| Lofton Meadows [Member]	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Number of apartment units	166	'
Real Estate [Member] \| Minimum [Member]	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Number of apartment units	200	'

Real_Estate_Disposition_Activi3

Real Estate Disposition Activities - Schedule of Income Loss from Discontinued Operations (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'
Net gain on the sale of property	$487	'	$7,485	'
Total discontinued operations	'	3,471	'	10,540
Two Apartment Communities [Member]	'	'	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'
Rental income	'	695	'	3,604
Other property revenues	'	142	'	584
Total revenues	'	837	'	4,188
Rental expenses	'	-349	'	-1,583
Interest expense, net	'	-250	'	-1,057
Depreciation and amortization expense	'	-166	'	-1,027
Total expenses	'	-765	'	-3,667
Income before net gain on the sale of property	'	72	'	521
Net gain on the sale of property	'	3,399	'	10,019
Total discontinued operations	'	3,471	'	10,540
Less: Net income from discontinued operations attributable to redeemable non-controlling interests in operating partnership	'	1,761	'	5,348
Net income attributable to common stockholders	'	$1,710	'	$5,192

Investments_in_Unconsolidated_2

Investments in Unconsolidated Entities - Schedule of Non Controlling Investments Under Equity Method Investments (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
	Property	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]	'	'
Number of Units	5,099	'
Total Investment	$9,325	$11,156
Landmark at Waverly Place - Melbourne, FL [Member]	'	'
Schedule of Equity Method Investments [Line Items]	'	'
Date Acquired	18-Nov-13	'
Number of Units	208	'
Total Investment	973	1,158
Percentage Ownership	20.00%	'
The Fountains - Palm Beach Gardens, FL [Member]	'	'
Schedule of Equity Method Investments [Line Items]	'	'
Date Acquired	6-Dec-13	'
Number of Units	542	'
Total Investment	3,486	4,998
Percentage Ownership	20.00%	'
Timbercreek U.S. Multi-Residential (U.S.) Holding L.P [Member]	'	'
Schedule of Equity Method Investments [Line Items]	'	'
Date Acquired	20-Dec-13	'
Total Investment	$4,866	$5,000
Percentage Ownership	7.60%	'

Investments_in_Unconsolidated_3

Investments in Unconsolidated Entities - Schedule of Non Controlling Investments Under Equity Method Investments (Parenthetical) (Detail) (Class A Units [Member])	0 Months Ended
	Dec. 20, 2013
Class A Units [Member]	'
Schedule of Equity Method Investments [Line Items]	'
Number of operating partnership units purchased	500,000

Investments_in_Unconsolidated_4

Investments in Unconsolidated Entities - Additional Information (Detail) (USD $)	9 Months Ended	12 Months Ended		0 Months Ended
	Sep. 30, 2014	Dec. 31, 2013	Dec. 20, 2013	Dec. 20, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Dec. 20, 2013	Nov. 18, 2013	Dec. 06, 2013
				Class A Units [Member]	Landmark at Waverly Place - Melbourne, FL [Member]	Landmark at Waverly Place - Melbourne, FL [Member]	The Fountains - Palm Beach Gardens, FL [Member]	The Fountains - Palm Beach Gardens, FL [Member]	Equity Method Investments [Member]	ELRM [Member]	Elco Landmark at Garden Square Management, LLC [Member]
										Landmark at Waverly Place - Melbourne, FL [Member]	Landmark at Garden Square, LLC [Member]
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Difference between carrying value of initial investment and underlying equity	'	'	'	'	$467,000	$645,000	$848,000	$2,000,000	'	'	'
Non-controlling interest by non-controlling owners in Joint Venture	'	'	'	'	'	'	'	'	'	20.00%	20.00%
Controlling interest by controlling owners	'	'	'	'	'	'	'	'	'	80.00%	80.00%
Number of operating partnership units purchased	'	'	'	500,000	'	'	'	'	'	'	'
Equity method investments, cash considerations	$9,325,000	$11,156,000	'	'	$973,000	$1,158,000	$3,486,000	$4,998,000	$5,000,000	'	'
Limited partnership interests owned	7.60%	7.50%	'	'	'	'	'	'	'	'	'
Equity method investments, shares considerations	'	'	613,497	'	'	'	'	'	'	'	'

Identified_Intangible_Assets_N2

Identified Intangible Assets, Net - Identified Intangible Assets, Net (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]	'	'
Total identified intangible assets, net	$18,327	$35,849
Trade names and Trade marks [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Identified indefinite intangible assets, net	200	200
Disposition fee rights [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Identified intangible assets, net	'	284
In-place leases [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Identified intangible assets, net	1,696	16,662
Property Management Contracts [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Identified intangible assets, net	$16,431	$18,703

Identified_Intangible_Assets_N3

Identified Intangible Assets, Net - Identified Intangible Assets, Net (Parenthetical) (Detail) (USD $)	9 Months Ended		12 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2013
	Sep. 30, 2013	In-place leases [Member]	In-place leases [Member]	Property Management Contracts [Member]	Property Management Contracts [Member]	Landmark at Spring Creek - Garland, TX [Member]
Finite-Lived Intangible Assets [Line Items]	'	'	'	'	'	'
Accumulated amortization	'	$884,000	$39,100,000	$4,400,000	$2,200,000	'
Weighted average remaining life	'	'5 months 3 days	'3 months 18 days	'166 months 21 days	'165 months 9 days	'
Disposition fee right intangible	$1,231,000	'	'	'	'	$284,000

Identified_Intangible_Assets_N4

Identified Intangible Assets, Net - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'	'	'	'	'
Net lease intangibles liability	$76,000	'	$76,000	'	$870,000
Amortization expense	$3,300,000	$10,700,000	$29,700,000	$19,900,000	'

Debt_Mortgage_Loan_Payable_Net

Debt - Mortgage Loan Payable, Net (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Participating Mortgage Loans [Line Items]	'	'
Mortgage loan payables	$1,023,593	$827,465
Premium, net	9,048	10,969
Total mortgage loan payables, net	1,032,641	838,434
Secured credit facility	159,932	145,200
Line of credit	3,902	'
Total secured fixed and variable rate debt, net	1,196,475	983,634
Unsecured notes payable to affiliates	5,950	5,784
Fixed Rate Mortgage Debt [Member]	'	'
Participating Mortgage Loans [Line Items]	'	'
Mortgage loan payables	770,358	652,345
Variable Rate Mortgage Debt [Member]	'	'
Participating Mortgage Loans [Line Items]	'	'
Mortgage loan payables	$253,235	$175,120

Debt_Scheduled_Payments_and_Ma

Debt - Scheduled Payments and Maturities of Mortgage Loan Payables, Net, Unsecured Note Payables and Secured Credit Facility (Detail) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified	Sep. 30, 2014
Secured Notes Payment [Member]	'
Notes payable and other borrowings [Line Items]	'
2014	$3,876
2015	12,850
2016	11,385
2017	10,111
2018	8,635
Thereafter	47,234
Total	94,091
Secured Notes Maturities [Member]	'
Notes payable and other borrowings [Line Items]	'
2014	7,639
2015	307,467
2016	223,118
2017	99,726
2018	105,210
Thereafter	350,176
Total	1,093,336
Unsecured Notes Maturities [Member]	'
Notes payable and other borrowings [Line Items]	'
2014	'
2015	500
2016	'
2017	'
2018	5,450
Thereafter	'
Total	$5,950

Debt_Scheduled_Payments_and_Ma1

Debt - Scheduled Payments and Maturities of Mortgage Loan Payables, Net, Unsecured Note Payables and Secured Credit Facility (Parenthetical) (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
			First quarter of 2015 [Member]	Second quarter of 2015 [Member]	Third quarter of 2015 [Member]	March 7, 2015 [Member]	Variable Rate Secured Credit Facility [Member]
							Secured Credit Facility [Member]
Notes payable and other borrowings [Line Items]	'	'	'	'	'	'	'
Maturing debt	'	'	$163,700,000	$67,200,000	$57,900,000	'	'
Secured credit facility	$159,932,000	$145,200,000	'	'	'	$159,200,000	'
Credit Agreement, maturity date	'	'	'	'	'	'	7-Mar-15
Credit Agreement, maturity date if extended	'	'	'	'	'	'	7-Mar-16

Debt_Mortgage_Loan_Payables_Ne

Debt - Mortgage Loan Payables, Net - Additional Information (Detail) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
	MortgageLoan	MortgageLoan
Mortgage Loans on Real Estate [Line Items]	'	'
Mortgage loan payables, net of discount or premium	$1,032,641,000	$838,434,000
Mortgage loan payables before discount	1,023,593,000	827,465,000
Mortgage Loan Payables, Net [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Mortgage loan payables, net of discount or premium	1,030,000,000	838,400,000
Mortgage loan payables before discount	1,000,000,000	827,500,000
Number of mortgage loans, fixed rate	55	47
Number of mortgage loans, variable rate	12	10
Interest rate, minimum	2.16%	2.37%
Interest rate, maximum	6.58%	6.58%
Weighted average interest rate	4.61%	4.70%
Mortgage Loan Payables, Net [Member] \| Fixed Rate Mortgage Debt [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Mortgage loan payables, net of discount or premium	779,400,000	663,300,000
Weighted average interest rate	5.23%	5.18%
Mortgage loan payables before discount	770,400,000	652,300,000
Percentage of Mortgage loans payable, net	75.50%	79.10%
Mortgage Loan Payables, Net [Member] \| Variable Rate Debt [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Mortgage loan payables, net of discount or premium	$253,200,000	$175,100,000
Weighted average interest rate	2.73%	2.92%
Percentage of Mortgage loans payable, net	24.50%	20.90%
Mortgage Loan Payables, Net [Member] \| Monthly Interest-Only Payment [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Number of mortgage loans	20	'
Mortgage Loan Payables, Net [Member] \| Monthly Principal and Interest Payments [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Number of mortgage loans	47	'

Debt_Unsecured_Notes_Payable_t

Debt - Unsecured Notes Payable to Affiliates - Additional Information (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 20, 2013	Mar. 14, 2013	Dec. 20, 2013	Mar. 14, 2013	Sep. 18, 2014
			Unsecured Notes Payable to Affiliates [Member]	Unsecured Notes Payable to Affiliates [Member]	Unsecured Notes Payable to Affiliates [Member]	Unsecured Notes Payable to Affiliates [Member]	Unsecured Notes Payable to Affiliates [Member]	Unsecured Notes Payable to Affiliates [Member]
				ELRM Transaction Unsecured Note Payable To Affiliate [Member]	ELRM Transaction Unsecured Note Payable To Affiliate [Member]	ELRM Transaction Unsecured Note Payable To Affiliate [Member]	ELRM Transaction Unsecured Note Payable To Affiliate [Member]	ELRM [Member]
						Restricted Common Stock [Member]	Unsecured Promissory Note [Member]	Unsecured Promissory Note [Member]
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'	'	'	'
Interest rate on unsecured promissory note	'	'	'	'	3.00%	'	'	'
Notes Payable	$5,950,000	$5,784,000	'	'	'	'	$10,000,000	'
Business Acquisition Contingent Consideration Payable	'	'	'	'	'	'	'	450,000
Payments on unsecured note payable	'	'	'	5,000,000	'	'	'	'
Payments on unsecured note payable, shares	'	'	'	'	'	613,497	'	'
Unsecured note payable	'	'	$500,000	'	'	'	'	'
Monthly interest rate	'	'	3.68%	'	'	'	'	'
Debt instrument, maturity date	'	'	3-Aug-15	'	'	'	'	'

Debt_Credit_Facility_Additiona

Debt - Credit Facility - Additional Information (Detail) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Secured Credit Facility [Member]

Credit Facility Matures March 7, 2015 [Member]

Eurodollar [Member]

Variable Rate Secured Credit Facility [Member]

Revolving Credit Facility [Member]

Maximum [Member]

Minimum [Member]

Secured Credit Facility [Member]

Federal Fund Rate [Member]

Eurodollar [Member]

Lakeways Portfolio [Member]

Secured Credit Facility [Member]

Revolving Credit Facility [Member]

Property

Incremental Credit Facility [Member]

Secured Credit Facility [Member]

Mortgage Loans on Real Estate [Line Items]

Secured credit agreement terms

'The amount available 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 properties.

'A consolidated funded indebtedness ratio that is not to exceed (i) at any time prior to the extension period, 70% of total asset value and (ii) at any time during the extension period, 65% of total asset value as of the last day of each fiscal quarter. In addition, the consolidated fixed charge coverage ratio as of the end of any quarter is not to exceed (i) 1.20:1.00 as of the end of any quarter ending prior to the extension period and (ii) 1.50:1.00 as for the end of any quarter ending during the extension period.

Properties pledged as collateral under credit agreement

Aggregate maximum principal amount

$180,000,000

$10,000,000

Line of credit facility, available borrowing capacity

20,100,000

6,100,000

Line of credit facility outstanding amount

3,902,000

159,900,000

3,900,000

Credit Agreement, maturity date

7-Mar-15

Credit Agreement, maturity date if extended

7-Mar-16

Consolidated funded indebtedness ratio prior to extension period

70.00%

Consolidated funded indebtedness ratio during the extension period

65.00%

Consolidated fixed charge coverage ratio

150.00%

120.00%

Secured credit interest rate description

'All borrowings under the Secured 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.

Line of credit annual interest rate

2.75%

0.50%

1.00%

3.00%

Annual interest rate

2.90%

3.15%

Principal outstanding

159,900,000

Line of credit maturity date

22-Jan-15

Line of credit extended maturity date

22-Jan-16

Cash and equity interest pledged in subsidiaries

1,500,000

Net income achieved

Restricted cash minimum balance

32,455,000

29,690,000

1,500,000

Unrestricted cash minimum balance

$1,000,000

Debt_Additional_Information_De

Debt - Additional Information (Detail) (USD $)	3 Months Ended
Debt - Additional Information (Detail) (USD $)	Mar. 31, 2013	Sep. 30, 2014	Dec. 31, 2013
Mortgage Loans on Real Estate [Abstract]	'	'	'
Deferred financing costs, net of accumulated amortization	'	$12,400,000	$14,500,000
Deferred financing costs, accumulated amortization	'	9,100,000	4,400,000
Prepayment penalties on mortgage loan	$684,000	'	'

Preferred_Stock_and_Warrants_t1

Preferred Stock and Warrants to Purchase Common Stock - Series D Preferred Stock - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Preferred Securities And Warrants [Line Items]	'	'	'	'	'
Preferred dividends classified as interest expense	$10,872,000	$5,519,000	$31,332,000	$8,324,000	'
Accretion expense	'	'	4,688,000	1,599,000	'
Series D Preferred Stock [Member]	'	'	'	'	'
Preferred Securities And Warrants [Line Items]	'	'	'	'	'
Preferred Stock Cumulative Dividend Rate Per Annum	14.47%	'	14.47%	'	'
Preferred stock dividend rate percentage increase	'	'	19.97%	'	'
Preferred dividends classified as interest expense	8,100,000	5,500,000	23,700,000	5,600,000	'
Entitlement to liquidation distributions	$10	'	$10	'	'
Redemption price per share	$10	'	$10	'	'
Preferred stock redemption date	'	'	28-Jun-16	'	'
Preferred stock redemption extension period	'	'	'1 year	'	'
Preferred stock redemption percentage	'	'	50.00%	'	50.00%
Fair value of derivative liability	13,500,000	'	13,500,000	'	'
Accretion expense	1,100,000	964,000	3,100,000	964,000	'
Fair value, derivative	2,900,000	'	2,900,000	'	11,100,000
Cumulative non-convertible redeemable preferred stock	204,171,000	'	204,171,000	'	209,294,000
Series D Preferred Stock [Member] \| Derivative [Member]	'	'	'	'	'
Preferred Securities And Warrants [Line Items]	'	'	'	'	'
Decrease in fair value	$3,400,000	$0	$8,200,000	$0	'
Series D Preferred Stock [Member] \| Minimum [Member]	'	'	'	'	'
Preferred Securities And Warrants [Line Items]	'	'	'	'	'
Preferred stock redemption percentage	'	'	50.00%	'	'
Series D Preferred Stock [Member] \| Current Dividend [Member]	'	'	'	'	'
Preferred Securities And Warrants [Line Items]	'	'	'	'	'
Preferred Stock Cumulative Dividend Rate Per Annum	8.75%	'	8.75%	'	'
Preferred stock dividend rate percentage increase	'	'	11.00%	'	'
Series D Preferred Stock [Member] \| Current Dividend [Member] \| Beginning the 21st month after the original issuance date [Member]	'	'	'	'	'
Preferred Securities And Warrants [Line Items]	'	'	'	'	'
Preferred Stock Cumulative Dividend Rate Per Annum	11.00%	'	11.00%	'	'
Series D Preferred Stock [Member] \| iStar and BREDS [Member]	'	'	'	'	'
Preferred Securities And Warrants [Line Items]	'	'	'	'	'
Preferred stock issued, shares	20,976,300	'	20,976,300	'	'
Price per share	$10	'	$10	'	'
Preferred stock, par value	$0.01	'	$0.01	'	'

Preferred_Stock_and_Warrants_t2

Preferred Stock and Warrants to Purchase Common Stock - Series E Preferred Stock - Additional Information (Detail) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Jan. 07, 2014

Sep. 30, 2014

Jun. 04, 2014

Jan. 07, 2014

Jun. 04, 2014

Jan. 07, 2014

Jun. 04, 2014

Series E Preferred Stock [Member]

Derivative [Member]

Current Dividend [Member]

Beginning the 21st month after the original issuance date [Member]

Minimum [Member]

iStar [Member]

BREDS [Member]

Current Dividend [Member]

Preferred Securities And Warrants [Line Items]

Preferred stock issued, shares

6,800,000

600,000

6,800,000

600,000

Price per share

$10

Stock issued, value

$6,000,000

$68,000,000

$6,000,000

$68,000,000

Stock issued, shares

7,400,000

Preferred stock, par value

$0.01

Preferred Stock Cumulative Dividend Rate Per Annum

14.47%

9.25%

11.25%

Preferred stock dividend rate percentage increase

19.97%

11.00%

Preferred dividends classified as interest expense

10,872,000

5,519,000

31,332,000

8,324,000

2,800,000

7,600,000

Entitlement to liquidation distributions

$10

Preferred stock redemption date

28-Jun-16

Preferred stock redemption extension period

'1 year

Redemption price per share

$10

Preferred stock redemption percentage

50.00%

Fair value of derivative liability

6,000,000

Accretion expense

4,688,000

1,599,000

542,000

1,600,000

Preferred stock outstanding

Cumulative non-convertible redeemable preferred stock

72,911,000

Fair value, derivative

3,300,000

Decrease in fair value

$1,300,000

$2,700,000

Preferred_Stock_and_Warrants_t3

Preferred Stock and Warrants to Purchase Common Stock - Warrants to Purchase Common Stock - Additional Information (Detail) (USD $)	9 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Dec. 31, 2013
	Sep. 30, 2014	Warrants [Member]	Warrants [Member]	Warrants [Member]	Warrants [Member]	Warrants to Purchase Common Stock [Member]	Warrants to Purchase Common Stock [Member]
Preferred Securities And Warrants [Line Items]	'	'	'	'	'	'	'
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	'	'	'	'	'	$602,000	$1,800,000
Increase (Decrease) in fair value	($15,841,000)	$37,000	$78,000	($1,187,000)	($283,000)	'	'

Preferred_Stock_and_Warrants_t4

Preferred Stock and Warrants to Purchase Common Stock - Loss on Preferred Stock Extinguishment - Additional Information (Detail) (USD $)	0 Months Ended	9 Months Ended
	Jun. 28, 2013	Sep. 30, 2014
	Jun. 28, 2013	Series A Preferred Stock and Series B Preferred Stock [Member]
Preferred Securities And Warrants [Line Items]	'	'
Loss on extinguishment of preferred stock	$9,500,000	'
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	'
Period for penalty prepayments of yielded amount	'	'24 months
Prepayment penalty payment minimum yield amount, multiple	'	24

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)

0 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Aug. 03, 2012

Dec. 31, 2013

Sep. 30, 2014

Jun. 04, 2014

Aug. 03, 2012

Sep. 30, 2014

Jun. 04, 2014

Aug. 03, 2012

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Property

Apartment

Andros Isles Property Acquisition [Member]

ELRM [Member]

Property

Multi Family Apartment [Member]

Promissory note payable in operating Partnership [Member]

Property

Commitments and Contingencies [Line Items]

Operating partnership

$10,000,000

Adjustment to fair value of contingent consideration

4,000,000

Changes in fair value of preferred stock derivatives/warrants

443,000

3,800,000

922,000

Accounts payable due to affiliate

5,784,000

5,950,000

298,000

Number of properties acquired

Number of apartment units

24,221

360

Number of undeveloped land acquired

Aggregate consideration value

45,000,000

Acquisition contingent consideration payable

4,000,000

Consideration in limited partnership unit

10,300,000

Contingent consideration net of cash paid

5,200,000

Contingent consideration assumed mortgage loan payable

29,500,000

Acquisition contingent consideration, Estimated fair value

2,700,000

Business acquisition date

4-Jun-14

Change in fair value of derivatives and financial instrument

Business combination contingent consideration payout period

'4 years

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (USD $)

3 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2014

Aug. 28, 2012

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Aug. 28, 2012

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2014

Property

Class A Units [Member]

Commitments [Member]

ELRM [Member]

Andros Isles Property Acquisition [Member]

Daytona Seabreeze Llc [Member]

Contributed Properties [Member]

Other Properties [Member]

Class A Units [Member]

ELRM [Member]

Property

Related Party Transaction [Line Items]

Number of properties

Percentage of fees equal to gross receipts

3.00%

2.00%

Management support fees

$418,000

Direct costs of employees

148,000

229,000

697,000

392,000

Lease term

'5 years

Aggregate lease rental

165,000

Monthly lease rental expense

2,833

Lease expiration date

31-Dec-17

Number of stock units purchased

500,000

Amount of consideration paid

5,000,000

Percentage of ownership interest to be acquired

100.00%

Limited partnership units issued, acquisition

33,416,747

1,263,725

Limited partnership units value issued, acquisition

272,300,000

10,300,000

Percentage of ownership interest to be acquired

100.00%

Other receivables due from affiliates

1,195,000

2,544,000

1,200,000

2,500,000

Accounts payable due to affiliates, net

$439,000

$915,000

$439,000

$915,000

Equity_Additional_Information_

Equity - Additional Information (Detail) (USD $)

3 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Mar. 31, 2011

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Mar. 14, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Redeemable Non- Controlling Interests in Operating Partnership [Member]

Follow-on offering [Member]

Restricted Common Stock [Member]

LTIP Units [Member]

Independent Directors [Member]

2006 Award Plan and 2012 Award Plan [Member]

2006 Incentive Award Plan [Member]

Series D Preferred Stock [Member]

Series E Preferred Stock [Member]

Restricted LTIP Units [Member]

Restricted Common Stock [Member]

Stockholders Equity Note Disclosure [Line Items]

Preferred stock, shares authorized

50,000,000

Preferred stock, par value

$0.01

Preferred stock, shares issued

20,976,300

7,400,000

Preferred stock, shares outstanding

20,976,300

7,400,000

Common stock, shares authorized

300,000,000

Common stock, shares issued

25,572,338

25,182,988

818,602

720,322

256,042

Common stock, shares outstanding

25,572,338

25,182,988

Common stock distributions reinvestment, shares

190,112

Issuance of common stock, shares

200,038

Common stock, shares forfeited

800

Common stock distributions per share

$0.30

Shares excluded from computation of diluted earnings per share

192,316

7,400

Maximum DRIP reinvestment shares

10,000,000

Purchase price for shares under the Amended and Restated DRIP

$8.15

Common stock distributions reinvestment, amount

$1,549,000

$1,395,000

Number of Limited Partnership Units issued

29,968

41,426,421

33,450,957

Limited partnership units for a total consideration

337,600,000

272,600,000

Additional limited partnership units to The Elco Parties

149,000

Number of years restricted limited partnership subject to vesting and cancellation

'5 years

Number of shares authorized for issuance

2,000,000

Compensation expense of restricted stock

1,590,000

1,172,000

100,000

6,000

268,000

24,000

Unrecognized compensation expense

1,400,000

54,000

Unrecognized compensation expense, recognition period

'3 years 6 months 26 days

Fair value of restricted common stock

$1,600,000

$60,310

Weighted average price per share of restricted stock

$8.15

Equity_Status_of_Nonvested_Sha

Equity - Status of Nonvested Shares of Restricted Common Stock (Detail) (USD $)	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Restricted Common Stock, Beginning Balance	7,400
Restricted Common Stock, Granted	200,038
Restricted Common Stock, Vested	-14,322
Restricted Common Stock, Forfeited	-800
Restricted Common Stock, Ending Balance	192,316
Weighted Average Grant Date Fair Value, Beginning Balance	$9
Weighted Average Grant Date Fair Value, Granted	$8.15
Weighted Average Grant Date Fair Value, Vested	$8.15
Weighted Average Grant Date Fair Value, Forfeited	$8.15
Weighted Average Grant Date Fair Value, Ending Balance	$8.18

NonControlling_Interests_Addit

Non-Controlling Interests - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Noncontrolling Interest [Line Items]	'	'	'	'	'
Limited partnership units issued	29,968	'	29,968	'	'
Limited partnership units cancelled	58,965	'	'	'	'
Capital accounts distribution reinvested	'	'	$244,000	'	'
Capital accounts distribution units issued	'	'	29,968	'	'
Non-controlling interest	27,142,000	'	27,142,000	'	3,896,000
Net (income)/loss attributable to non-controlling interest	-58,000	422,000	1,313,000	422,000	'
ELRM [Member]	'	'	'	'	'
Noncontrolling Interest [Line Items]	'	'	'	'	'
Limited partnership units cancelled	'	'	58,965	'	'
Landmark Properties Acquisition [Member]	'	'	'	'	'
Noncontrolling Interest [Line Items]	'	'	'	'	'
Limited partnership units issued	1,252,245	'	1,252,245	'	'
Lake Village And Laurel Heights [Member]	'	'	'	'	'
Noncontrolling Interest [Line Items]	'	'	'	'	'
Limited partnership units issued	3,425,900	'	3,425,900	'	'
Landmark at Bella Vista - Duluth, GA [Member]	'	'	'	'	'
Noncontrolling Interest [Line Items]	'	'	'	'	'
Limited partnership units issued	894,183	'	894,183	'	'
Landmark at Maple Glen - Orange Park, FL [Member]	'	'	'	'	'
Noncontrolling Interest [Line Items]	'	'	'	'	'
Limited partnership units issued	1,116,976	'	1,116,976	'	'
Landmark at Andros Isles - Daytona Beach, FL [Member]	'	'	'	'	'
Noncontrolling Interest [Line Items]	'	'	'	'	'
Limited partnership units issued	1,263,725	'	1,263,725	'	'
Timbercreek U.S. Multi-Residential (U.S.) Holding L.P [Member] \| ELRM [Member]	'	'	'	'	'
Noncontrolling Interest [Line Items]	'	'	'	'	'
Limited partnership units issued	31,087	'	31,087	'	'
Pipeline Agreements [Member] \| ELRM [Member]	'	'	'	'	'
Noncontrolling Interest [Line Items]	'	'	'	'	'
Limited partnership units issued	20,345	'	20,345	'	'
Redeemable Non- Controlling Interests in Operating Partnership [Member]	'	'	'	'	'
Noncontrolling Interest [Line Items]	'	'	'	'	'
Limited partnership units issued	41,426,421	'	41,426,421	'	33,450,957
Limited partnership units for a total consideration	337,600,000	'	337,600,000	'	272,600,000
Limited partnership units redemption value	$337,600,000	'	$337,600,000	'	'
Controlling ownership interest percent	37.70%	'	37.70%	'	42.40%
Non controlling ownership interest percent	62.30%	'	62.30%	'	57.60%

Fair_Value_of_Derivatives_and_2

Fair Value of Derivatives and Financial Instruments - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'
Interest Expense in Fair Value	$22,000	$90,000	$327,000	$145,000
Gains losses on hedging derivatives qualifying as cash flow hedges	240,000	844,000	-447,000	534,000
Change in interest expense in fair value	$504,000	'	$134,000	'
Interest Rate Caps [Member]	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'
Number of interest rate agreements	5	'	5	'
Interest Rate Swaps [Member]	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'
Number of interest rate agreements	3	'	3	'

Fair_Value_of_Derivatives_and_3

Fair Value of Derivatives and Financial Instruments - Summary of Derivative Arrangements (Detail) (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Non-designated Hedges [Member] \| Interest Rate Caps [Member]	'	'
Derivative [Line Items]	'	'
Notional balance	102,065	102,065
Weighted average interest rate	2.81%	2.81%
Weighted average capped interest rate	3.68%	3.68%
Estimated fair value, asset/(liability), net	151	478
Non-designated Hedges [Member] \| Interest Rate Swaps [Member]	'	'
Derivative [Line Items]	'	'
Notional balance	58,800	'
Weighted average interest rate	2.17%	'
Weighted average capped interest rate	'	'
Estimated fair value, asset/(liability), net	-1,222	'
Non-designated Hedges [Member] \| Minimum [Member] \| Interest Rate Caps [Member]	'	'
Derivative [Line Items]	'	'
Maturity date	'2015-03	'2015-03
Non-designated Hedges [Member] \| Minimum [Member] \| Interest Rate Swaps [Member]	'	'
Derivative [Line Items]	'	'
Maturity date	'2018-09	'
Non-designated Hedges [Member] \| Maximum [Member] \| Interest Rate Caps [Member]	'	'
Derivative [Line Items]	'	'
Maturity date	'2018-07	'2018-07
Non-designated Hedges [Member] \| Maximum [Member] \| Interest Rate Swaps [Member]	'	'
Derivative [Line Items]	'	'
Maturity date	'2018-09	'
Cash Flow Hedges [Member] \| Interest Rate Swaps [Member]	'	'
Derivative [Line Items]	'	'
Notional balance	32,100	32,100
Weighted average interest rate	2.38%	2.38%
Weighted average capped interest rate	'	'
Estimated fair value, asset/(liability), net	-797	-350
Cash Flow Hedges [Member] \| Minimum [Member] \| Interest Rate Swaps [Member]	'	'
Derivative [Line Items]	'	'
Maturity date	'2020-07	'2020-07
Cash Flow Hedges [Member] \| Maximum [Member] \| Interest Rate Swaps [Member]	'	'
Derivative [Line Items]	'	'
Maturity date	'2020-08	'2020-08

Fair_Value_of_Derivatives_and_4

Fair Value of Derivatives and Financial Instruments - Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Mortgage loan payables, net	$1,032,641	$838,434
Secured credit facility	159,932	145,200
Line of credit	3,902	'
Warrants	9,502	16,919
Series E Preferred Stock [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Warrants	3,300	'
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Mortgage loan payables, net	'	'
Unsecured notes payable to affiliates	'	'
Secured credit facility	'	'
Acquisition contingent consideration	'	'
Line of credit	'	'
Warrants	'	'
Liabilities at fair value	'	'
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] \| ELRM [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Acquisition contingent consideration	'	'
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] \| Andros Isles [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Acquisition contingent consideration	'	'
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] \| Series D Preferred Stock [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Preferred stock derivative	'	'
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] \| Series E Preferred Stock [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Preferred stock derivative	'	'
Significant Other Observable Inputs (Level 2) [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Mortgage loan payables, net	1,073,468	858,658
Unsecured notes payable to affiliates	'	'
Secured credit facility	159,965	145,247
Acquisition contingent consideration	'	'
Line of credit	3,913	'
Warrants	'	'
Liabilities at fair value	1,237,346	1,003,905
Significant Other Observable Inputs (Level 2) [Member] \| ELRM [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Acquisition contingent consideration	'	'
Significant Other Observable Inputs (Level 2) [Member] \| Andros Isles [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Acquisition contingent consideration	'	'
Significant Other Observable Inputs (Level 2) [Member] \| Series D Preferred Stock [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Preferred stock derivative	'	'
Significant Other Observable Inputs (Level 2) [Member] \| Series E Preferred Stock [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Preferred stock derivative	'	'
Significant Unobservable Inputs (Level 3) [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Mortgage loan payables, net	'	'
Unsecured notes payable to affiliates	5,950	5,784
Secured credit facility	'	'
Acquisition contingent consideration	'	4,030
Line of credit	'	'
Warrants	602	1,789
Liabilities at fair value	15,452	22,703
Significant Unobservable Inputs (Level 3) [Member] \| ELRM [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Acquisition contingent consideration	'	'
Significant Unobservable Inputs (Level 3) [Member] \| Andros Isles [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Acquisition contingent consideration	2,700	'
Significant Unobservable Inputs (Level 3) [Member] \| Series D Preferred Stock [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Preferred stock derivative	2,900	11,100
Significant Unobservable Inputs (Level 3) [Member] \| Series E Preferred Stock [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Preferred stock derivative	3,300	'
Fair Value Estimate [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Mortgage loan payables, net	1,073,468	858,658
Unsecured notes payable to affiliates	5,950	5,784
Secured credit facility	159,965	145,247
Acquisition contingent consideration	'	4,030
Line of credit	3,913	'
Warrants	602	1,789
Liabilities at fair value	1,252,798	1,026,608
Fair Value Estimate [Member] \| ELRM [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Acquisition contingent consideration	'	'
Fair Value Estimate [Member] \| Andros Isles [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Acquisition contingent consideration	2,700	'
Fair Value Estimate [Member] \| Series D Preferred Stock [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Preferred stock derivative	2,900	11,100
Fair Value Estimate [Member] \| Series E Preferred Stock [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Preferred stock derivative	3,300	'
Carrying Value [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Mortgage loan payables, net	1,032,641	838,434
Unsecured notes payable to affiliates	5,950	5,784
Secured credit facility	159,932	145,200
Acquisition contingent consideration	'	4,030
Line of credit	3,902	'
Warrants	602	1,789
Liabilities at fair value	1,211,927	1,006,337
Carrying Value [Member] \| ELRM [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Acquisition contingent consideration	'	'
Carrying Value [Member] \| Andros Isles [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Acquisition contingent consideration	2,700	'
Carrying Value [Member] \| Series D Preferred Stock [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Preferred stock derivative	2,900	11,100
Carrying Value [Member] \| Series E Preferred Stock [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Preferred stock derivative	$3,300	'

Fair_Value_of_Derivatives_and_5

Fair Value of Derivatives and Financial Instruments - Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Andros Isles [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Fair value inputs and assumptions related to net operating income basis period	'4 years	'
Series D Preferred Stock [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Redemption of Series D Preferred Stock	50.00%	50.00%
Series E Preferred Stock [Member]	'	'
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]	'	'
Redemption of Series D Preferred Stock	50.00%	'

Fair_Value_of_Derivatives_and_6

Fair Value of Derivatives and Financial Instruments - Reconciliation of Fair Value of Acquisition Contingent Consideration and Warrant Liability Measured on Recurring Basis (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Fair Value Measurement [Line Items]	'	'	'	'
Beginning Balance	'	'	$16,919,000	'
Additions	8,700,000	'	8,700,000	'
Change due to liability realized	'	'	-276,000	'
Changes in fair value	'	'	-15,841,000	'
Ending Balance	9,502,000	'	9,502,000	'
Warrants [Member]	'	'	'	'
Fair Value Measurement [Line Items]	'	'	'	'
Beginning Balance	'	'	1,789,000	'
Additions	'	'	'	'
Change due to liability realized	'	'	'	'
Changes in fair value	37,000	78,000	-1,187,000	-283,000
Ending Balance	602,000	'	602,000	'
Series E Preferred Stock [Member]	'	'	'	'
Fair Value Measurement [Line Items]	'	'	'	'
Beginning Balance	'	'	'	'
Additions	6,000,000	'	6,000,000	'
Change due to liability realized	'	'	'	'
Changes in fair value	'	'	-2,700,000	'
Ending Balance	3,300,000	'	3,300,000	'
Series D Preferred Stock Derivative [Member]	'	'	'	'
Fair Value Measurement [Line Items]	'	'	'	'
Beginning Balance	'	'	11,100,000	'
Additions	'	'	'	'
Change due to liability realized	'	'	'	'
Changes in fair value	'	'	-8,200,000	'
Ending Balance	2,900,000	'	2,900,000	'
Andros Isles [Member] \| Acquisition Contingent Consideration [Member]	'	'	'	'
Fair Value Measurement [Line Items]	'	'	'	'
Beginning Balance	'	'	'	'
Additions	2,700,000	'	2,700,000	'
Change due to liability realized	'	'	'	'
Changes in fair value	'	'	'	'
Ending Balance	2,700,000	'	2,700,000	'
ELRM [Member] \| Acquisition Contingent Consideration [Member]	'	'	'	'
Fair Value Measurement [Line Items]	'	'	'	'
Beginning Balance	'	'	4,030,000	'
Additions	'	'	'	'
Change due to liability realized	'	'	-276,000	'
Changes in fair value	'	'	-3,754,000	'
Ending Balance	'	'	'	'

Business_Combinations_Addition

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

3 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

6 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Property

Consolidated joint venture [Member]

2013 Property Acquisitions [Member]

2014 Property Acquisitions [Member]

ELRM Acquisition [Member]

Property

Consolidated joint venture [Member]

Contributed Properties [Member]

Affiliated Properties [Member]

Property

Consolidated joint venture [Member]

Property

Business Acquisition [Line Items]

Acquisition of total properties

Additions of apartment units

8,607

5,099

Aggregate purchase price

$406,383,000

$610,600,000

$406,400,000

Acquisition-related expenses

200,000

9,327,000

2,211,000

11,967,000

10,500,000

2,200,000

175,000

Revenue

21,500,000

31,800,000

3,000,000

Net Income (loss)

$17,600,000

$8,200,000

$848,000

Business_Combinations_Fair_Val

Business Combinations - Fair Value of Assets Acquired and Liabilities Assumed at Time of Acquisition (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Sep. 30, 2014
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013	2013 Property Acquisitions [Member]	2014 Property Acquisitions [Member]
Business Acquisition [Line Items]	'	'	'	'
Land	'	'	$99,602	$65,919
Land improvements	'	'	44,411	23,095
Building and improvements	'	'	425,624	299,676
Furniture, fixtures and equipment	'	'	10,453	7,139
In-place leases	'	'	33,195	12,459
(Above)/below market leases	'	'	-2,650	-1,254
Fair market value of assumed debt	'	'	-220,059	-181,118
Acquisition contingent consideration	-2,700	-4,030	'	-2,700
Other assets/liabilities, net	'	'	-4,994	-873
Total	'	'	385,582	222,343
Equity/limited partnership unit consideration	'	'	-48,685	-91,318
Net cash consideration	'	'	$336,897	$131,025

Business_Combinations_Fair_Val1

Business Combinations - Fair Value of Assets Acquired and Liabilities Assumed at Time of Acquisition (Parenthetical) (Detail) (USD $)	Sep. 30, 2014
Business Combinations [Abstract]	'
Net Below market debt adjustment	$652,000

Business_Combinations_Fair_Val2

Business Combinations - Fair Value of Property Management Business (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Business Acquisition [Line Items]	'	'
Goodwill	$9,198,000	$9,679,000
Total purchase price	406,383,000	'
Acquisition contingent consideration	-2,700,000	-4,030,000
Property Management Business [Member]	'	'
Business Acquisition [Line Items]	'	'
Furniture, fixtures and equipment	81,000	'
Other assets, net	631,000	'
Identified intangible assets, net	21,070,000	'
Goodwill	9,198,000	'
Total purchase price	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	-6,734,000	'
Deferred tax liability, net	-4,211,000	'
Cash paid	$0	'

Business_Combinations_Fair_Val3

Business Combinations - Fair Value of Property Management Business (Parenthetical) (Detail) (USD $)	3 Months Ended
	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Sep. 30, 2013
Business Combinations [Abstract]	'	'	'	'
Decrease in goodwill	'	($481,000)	($1,000,000)	$3,300,000
Decrease to identified intangible assets	'	'	'	3,300,000
Limited partnership units forfeited due to error correction	58,965	'	'	'
Decrease in deferred tax liability, net	'	'	$1,000,000	'

Business_Combinations_Pro_Form

Business Combinations - 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 $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Business Combinations [Abstract]	'	'	'	'
Revenues	$66,812	$65,509	$199,105	$189,247
Net loss	-10,474	-8,881	-37,183	-33,616
Net loss attributable to controlling interest	($4,040)	($4,375)	($14,343)	($16,558)
Net loss per common share attributable to controlling interest - basic and diluted	($0.16)	($0.18)	($0.57)	($0.75)