Monogram Residential Trust (BHORL) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Document and Entity Information
Entity Registrant Name	Monogram Residential Trust, Inc.
Entity Central Index Key	1,384,710
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		166,607,432
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real estate
Land ($154,410 and $58,938 related to VIEs as of September 30, 2015 and December 31, 2014, respectively)	$ 475,537	$ 389,885
Buildings and improvements ($520,513 and $227,817 related to VIEs as of September 30, 2015 and December 31, 2014, respectively)	2,355,555	2,033,819
Total real estate, gross	2,831,092	2,423,704
Less accumulated depreciation ($16,070 and $4,605 related to VIEs as of September 30, 2015 and December 31, 2014, respectively)	(329,310)	(280,400)
Net operating real estate	2,501,782	2,143,304
Construction in progress, including land ($354,084 and $582,299 related to VIEs as of September 30, 2015 and December 31, 2014, respectively)	549,330	716,930
Total real estate, net	3,051,112	2,860,234
Cash and cash equivalents	78,557	116,407
Tax like-kind exchange escrow	46,354	0
Intangibles, net	18,344	21,485
Other assets, net	107,939	110,282
Total assets	3,302,306	3,108,408
Liabilities
Mortgages and notes payable ($450,933 and $227,310 related to VIEs as of September 30, 2015 and December 31, 2014, respectively)	1,438,563	1,186,481
Credit facilities payable	57,000	10,000
Construction costs payable ($43,518 and $63,393 related to VIEs as of September 30, 2015 and December 31, 2014, respectively)	61,349	75,623
Accounts payable and other liabilities	30,917	28,053
Deferred revenues, primarily lease revenues, net	17,853	18,955
Distributions payable	12,578	12,485
Tenant security deposits	5,364	4,586
Total liabilities	$ 1,623,624	$ 1,336,183
Commitments and contingencies
Redeemable noncontrolling interests ($25,304 and $27,444 related to VIEs as of September 30, 2015 and December 31, 2014, respectively)	$ 29,969	$ 32,012
Equity
Preferred stock, $0.0001 par value per share; 125,000,000 shares authorized as of September 30, 2015 and December 31, 2014, respectively: 7.0% Series A non-participating, voting, cumulative, convertible preferred stock, liquidation preference $10 per share, 10,000 shares issued and outstanding as of September 30, 2015 and December 31, 2014	0	0
Common stock, $0.0001 par value per share; 875,000,000 shares authorized, 166,516,021 and 166,467,726 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	17	17
Additional paid-in capital	1,435,107	1,492,799
Cumulative distributions and net income (loss)	(251,091)	(293,350)
Total equity attributable to common stockholders	1,184,033	1,199,466
Non-redeemable noncontrolling interests	464,680	540,747
Total equity	1,648,713	1,740,213
Total liabilities and equity	$ 3,302,306	$ 3,108,408

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Land	$ 475,537	$ 389,885
Buildings and improvements	2,355,555	2,033,819
Less accumulated depreciation	(329,310)	(280,400)
Construction in progress	549,330	716,930
Mortgages and notes payable	1,438,563	1,186,481
Construction costs payable	61,349	75,623
Redeemable noncontrolling interests	$ 29,969	$ 32,012
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	125,000,000	125,000,000
Preferred stock, dividend rate, percentage	7.00%
Preferred stock, liquidation preference per share	$ 10	$ 10
Preferred stock, shares issued	10,000	10,000
Preferred stock, shares outstanding	10,000	10,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	875,000,000	875,000,000
Common stock, shares issued	166,516,021	166,467,726
Common stock, shares outstanding	166,516,021	166,467,726
VIEs
Land	$ 154,410	$ 58,938
Buildings and improvements	520,513	227,817
Less accumulated depreciation	(16,070)	(4,605)
Construction in progress	354,084	582,299
Mortgages and notes payable	450,933	227,310
Construction costs payable	43,518	63,393
Redeemable noncontrolling interests	$ 25,304	$ 27,444

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Rental revenues	$ 59,191	$ 53,091	$ 174,939	$ 154,320
Expenses
Property operating expenses	16,874	14,282	48,828	41,220
Real estate taxes	8,328	7,429	25,696	21,995
Asset management fees	0	0	0	3,843
General and administrative expenses	5,199	4,486	14,683	11,396
Acquisition expenses	485	0	636	(17)
Transition expenses	0	1,016	0	6,666
Investment and other development expenses	245	375	3,860	840
Interest expense	8,196	5,068	20,866	15,339
Depreciation and amortization	25,991	24,278	77,451	70,580
Total expenses	65,318	56,934	192,020	171,862
Interest income	2,596	2,721	7,956	7,817
Loss on early extinguishment of debt	0	0	0	(230)
Equity in income of investment in unconsolidated real estate joint venture	0	187	250	581
Other income (expense)	34	77	72	(45)
Loss from continuing operations before gains on sales of real estate	(3,497)	(858)	(8,803)	(9,419)
Gains on sales of real estate	34,373	0	82,975	16,167
Net income (loss)	30,876	(858)	74,172	6,748
Net (income) loss attributable to noncontrolling interests:
Net (income) loss attributable to non-redeemable noncontrolling interests	488	241	5,558	(6,714)
Net income (loss) available to the Company	31,364	(617)	79,730	34
Dividends to preferred stockholders	(2)	(2)	(5)	(5)
Net income (loss) attributable to common stockholders	$ 31,362	$ (619)	$ 79,725	$ 29
Weighted average number of common shares outstanding - basic	166,563	168,780	166,538	168,784
Weighted average number of common shares outstanding - diluted	167,260	169,028	167,191	169,015
Basic and diluted earnings (loss) per common share (in dollars per share)	$ 0.19	$ 0	$ 0.48	$ 0
Distributions declared per common share (in dollars per share)	$ 0.075	$ 0.088	$ 0.225	$ 0.261

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Noncontrolling Interests	Cumulative Distributions and Net Income (Loss) Available to the Company
Balance at Dec. 31, 2013	$ 1,734,323		$ 17	$ 1,508,655	$ 456,205	$ (230,554)
Balance (in shares) at Dec. 31, 2013		10,000	168,320,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	6,748				6,714	34
Redemptions of common stock	$ (13,975)			(13,975)
Redemptions of common stock (in shares)	(1,591,952)		(1,592,000)
Sale of a noncontrolling interest	$ 14,166			(842)	15,008
Contributions by noncontrolling interests	92,142				92,142
Amortization of stock-based compensation	582			582
Distributions:
Common stock - regular	(44,184)					(44,184)
Noncontrolling interests	(31,114)				(31,114)
Preferred stock	(5)					(5)
Stock issued pursuant to distribution reinvestment plan, net	20,490			20,490
Stock issued pursuant to distribution reinvestment plan, net (in shares)			2,150,000
Balance at Sep. 30, 2014	1,779,173		$ 17	1,514,910	538,955	(274,709)
Balance (in shares) at Sep. 30, 2014		10,000	168,878,000
Balance at Dec. 31, 2014	1,740,213		$ 17	1,492,799	540,747	(293,350)
Balance (in shares) at Dec. 31, 2014		10,000	166,468,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	74,172				(5,558)	79,730
Acquisition of noncontrolling interest	(119,928)			(59,287)	(60,641)
Contributions by noncontrolling interests	32,087				32,087
Issuance of common and restricted shares, net	(119)			(119)
Issuance of common and restricted shares, net (in shares)			48,000
Amortization of stock-based compensation	1,714			1,714
Distributions:
Common stock - regular	(37,466)					(37,466)
Noncontrolling interests	(41,955)				(41,955)
Preferred stock	(5)					(5)
Balance at Sep. 30, 2015	$ 1,648,713		$ 17	$ 1,435,107	$ 464,680	$ (251,091)
Balance (in shares) at Sep. 30, 2015		10,000	166,516,000

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net income (loss)	$ 74,172	$ 6,748
Adjustments to reconcile net income to net cash provided by operating activities:
Gains on sales of real estate	(82,975)	(16,167)
Loss on early extinguishment of debt	0	230
Impairment related to development	3,128	0
Equity in income of investments in unconsolidated real estate joint ventures	(250)	(581)
Distributions received from investment in unconsolidated real estate joint venture	242	80
Depreciation	71,390	65,730
Amortization of deferred financing costs and debt premium/discount	1,368	(158)
Amortization of intangibles	3,141	3,139
Amortization of deferred revenues, primarily lease revenues, net	(1,102)	(1,076)
Amortization of stock-based compensation	1,714	582
Other, net	803	367
Changes in operating assets and liabilities:
Accounts payable and other liabilities	4,793	(1,838)
Other assets	(5,010)	(9,313)
Cash provided by operating activities	71,414	47,743
Cash flows from investing activities
Acquisitions of real estate	(165,241)	0
Additions to existing real estate	(6,475)	(4,872)
Construction in progress, including land	(276,649)	(349,203)
Proceeds from sale of real estate, net	250,311	33,134
Acquisitions of noncontrolling interests	(120,018)	(6,150)
Advances on notes receivable	(4,328)	(6,012)
Collection on notes receivable	14,133	0
Tax like-kind exchange escrow deposits	(212,106)	0
Tax like-kind exchange escrow disbursements	165,752	0
Other escrow deposits	(4,338)	3,620
Other, net	(97)	(26)
Cash used in investing activities	(359,056)	(329,509)
Cash flows from financing activities
Mortgage and notes payable proceeds	334,948	111,732
Mortgage and notes payable principal payments	(82,350)	(32,194)
Proceeds from credit facilities	292,000	0
Credit facilities payments	(247,438)	0
Contributions from noncontrolling interests	32,087	107,870
Distributions paid on common stock - regular	(37,461)	(23,859)
Distributions paid to noncontrolling interests	(41,872)	(31,035)
Dividends paid on preferred stock	(3)	(3)
Redemptions of common stock	0	(13,975)
Other, net	(119)	(1)
Cash provided by financing activities	249,792	118,535
Net change in cash and cash equivalents	(37,850)	(163,231)
Cash and cash equivalents at beginning of period	116,407	319,368
Cash and cash equivalents at end of period	$ 78,557	$ 156,137

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Organization Monogram Residential Trust, Inc. (which, together with its subsidiaries as the context requires, may be referred to as the “Company,” “we,” “us,” or “our”) was organized in Maryland on August 4, 2006. Effective as of June 30, 2014 , we became a self-managed real estate investment trust (“REIT”). On November 21, 2014, we listed our shares of common stock on the New York Stock Exchange (the “NYSE”) under the ticker symbol “MORE.” We invest in stabilized operating properties and properties in various phases of development, with a focus on communities in select markets across the United States. These include luxury mid-rise, high-rise and garden style multifamily communities. Our targeted communities include existing “core” properties, which we define as properties that are already stabilized and producing rental income, as well as properties in various phases of development, redevelopment, lease up or repositioning with the intent to transition those properties to core properties. Further, we may invest in other real estate-related securities, including mortgage, bridge, mezzanine or other loans, or in entities that make investments similar to the foregoing. We completed our first investment in April 2007. We invest in multifamily communities that may be wholly owned by us or held through joint venture arrangements with third-party institutional or other national or regional real estate developers/owners which we define as “Co-Investment Ventures” or “CO-JVs.” These are currently equity investments but may include debt investments. If a Co-Investment Venture makes an equity or debt investment in a separate entity with additional third parties, we refer to such a separate entity as a “Property Entity” and when applicable may name the multifamily community related to the Property Entity or CO-JV. As of September 30, 2015 , we have equity and debt investments in 56 multifamily communities, of which 38 are stabilized operating multifamily communities and 18 are in various stages of lease up, pre-development or construction. Of the 56 multifamily communities, we wholly own 12 multifamily communities and five debt investments for a total of 17 wholly owned investments and hold the remaining 39 investments through Co-Investment Ventures, all of which are consolidated. As of September 30, 2015 , we are the general partner and/or managing member for each of the separate Co-Investment Ventures. Our two largest Co-Investment Venture partners are Stichting Depositary PGGM Private Real Estate Fund, a Dutch foundation acting in its capacity as depositary of and for the account and risk of PGGM Private Real Estate Fund and its affiliates, a real estate investment vehicle for Dutch pension funds (“PGGM” or the “PGGM Co-Investment Partner”), and Milky Way Partners, L.P. (the “MW Co-Investment Partner”), the primary partner of which is Korea Exchange Bank, as Trustee for and on behalf of National Pension Service (acting for and on behalf of the National Pension Fund of the Republic of Korea Government) (“NPS”). Our other Co-Investment Venture partners include national or regional real estate developers/owners (“Developer Partners”). When applicable, we refer to individual investments by referencing the individual Co-Investment Venture partner or the underlying multifamily community. We refer to our Co-Investment Ventures with the PGGM Co-Investment Partner as “PGGM CO-JVs,” those with the MW Co-Investment Partner as “MW CO-JVs,” and those with Developer Partners as “Developer CO-JVs.” Certain PGGM CO-JVs that also include Developer Partners are referred to as PGGM CO-JVs. We are the 1% general partner of Monogram Residential Master Partnership I LP (the “Master Partnership” or the PGGM Co-Investment Partner) and PGGM is the 99% limited partner. We are generally a 55% owner with control of day-to-day management and operations, and the Master Partnership is generally a 45% owner in the property owning CO-JVs, all of which are consolidated. The table below presents a summary of our Co-Investment Ventures as of both September 30, 2015 and December 31, 2014 . The effective ownership ranges are based on our participation in the distributable operating cash from the multifamily investment as of the dates indicated. This effective ownership is indicative of, but may differ over time from, percentages for distributions, contributions or financing requirements for each respective Co-Investment Venture. Unless otherwise noted, all are reported on the consolidated basis of accounting. September 30, 2015 December 31, 2014 Co-Investment Structure Number of Multifamily Communities Our Effective Number of Multifamily Communities Our Effective Ownership PGGM CO-JVs (a) 23 50% to 70% 30 50% to 70% MW CO-JVs 14 55% 14 55% Developer CO-JVs 2 100% 2 100% Total 39 46 (a) Includes one unconsolidated debt investment as of December 31, 2014 , which was repaid in 2015. Also, as of September 30, 2015 and December 31, 2014 , includes Developer Partners in 18 and 19 multifamily communities, respectively. In May 2015, we acquired PGGM’s interests in seven PGGM CO-JVs. See Note 10, “Noncontrolling Interests” for further information. We have elected to be taxed, and currently qualify, as a REIT for federal income tax purposes. As a REIT, we generally are not subject to corporate-level income taxes. To maintain our REIT status, we are required, among other requirements, to distribute annually at least 90% of our “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to our stockholders. If we fail to qualify as a REIT in any taxable year, we would be subject to federal income tax on our taxable income at regular corporate tax rates. As of September 30, 2015 , we believe we are in compliance with all applicable REIT requirements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Interim Unaudited Financial Information The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014 which was filed with the Securities and Exchange Commission (“SEC”) on March 26, 2015. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from this report. The results for the interim periods shown in this report are not necessarily indicative of future financial results. The accompanying condensed consolidated balance sheet as of September 30, 2015 and condensed consolidated statements of operations, equity and cash flows for the periods ended September 30, 2015 and 2014 have not been audited by our independent registered public accounting firm. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments necessary to present fairly our consolidated financial position as of September 30, 2015 and December 31, 2014 and our consolidated results of operations and cash flows for the periods ended September 30, 2015 and 2014. Such adjustments are of a normal recurring nature. Basis of Presentation The accompanying condensed consolidated financial statements include our consolidated accounts and the accounts of our wholly owned subsidiaries. We also consolidate other entities in which we have a controlling financial interest (referred to as variable interest entities or “VIEs”) where we are determined to be the primary beneficiary. VIEs, as defined by GAAP, are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. The primary beneficiary is required to consolidate a VIE for financial reporting purposes. The determination of the primary beneficiary requires management to make significant estimates and judgments about our rights, obligations, and economic interests in such entities as well as the same of the other owners. See Note 6, “Variable Interest Entities” for further information about our VIEs. Developments We capitalize project costs related to the development and construction of real estate (including interest, real estate taxes, insurance, and other direct costs associated with the development) as a cost of the development. Indirect project costs not clearly related to development and construction are expensed as incurred. Indirect project costs that clearly relate to development and construction are capitalized and allocated to the developments to which they relate. For each development, capitalization begins when we determine that the development is probable and significant development activities are underway. We suspend capitalization at such time as significant development activity ceases, but future development is still probable. We cease capitalization when the developments or other improvements, including any portion, are completed and ready for their intended use, or if the intended use changes such that capitalization is no longer appropriate. Developments or improvements are generally considered ready for intended use when the certificates of occupancy have been issued and the units become ready for occupancy. Impairment of Real Estate Related Assets If events or circumstances indicate that the carrying amount of the property may not be recoverable, we make an assessment of the property’s recoverability by comparing the carrying amount of the asset to our estimate of the undiscounted future operating cash flows expected to be generated over the holding period of the asset including its eventual disposition. If the carrying amount exceeds the aggregate undiscounted future operating cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. In addition, we evaluate indefinite-lived intangible assets for possible impairment at least annually by comparing the fair values with the carrying values. The fair value of intangibles is generally estimated by valuation of similar assets. We recorded an impairment loss for the nine months ended September 30, 2015 related to one of our developments. See Note 5, “Real Estate Investments” for more information. We did not record any impairment losses for the nine months ended September 30, 2014 . Assets Held for Sale and Discontinued Operations Prior to January 1, 2014, when we had no involvement after the sale of a multifamily community, the multifamily community sold was reported as a discontinued operation. Effective as of January 1, 2014, we elected to early adopt the revised guidance regarding discontinued operations. For sales of real estate or assets classified as held for sale after January 1, 2014, we evaluate whether the disposition will have a major effect on our operations and financial results and will therefore qualify as a strategic shift. If the disposition represents a strategic shift, it will be classified as discontinued operations in our consolidated statements of operations for all periods presented. If the disposition does not represent a strategic shift, it will be presented in continuing operations in our consolidated statements of operations. We classify multifamily communities as held for sale when certain criteria are met, in accordance with GAAP. At that time, we present the assets and obligations associated with the real estate held for sale separately in our consolidated balance sheet, and we cease recording depreciation and amortization expense related to that multifamily community. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. Cash and Cash Equivalents We consider investments in bank deposits, money market funds and highly-liquid cash investments with original maturities of three months or less to be cash equivalents. As of September 30, 2015 and December 31, 2014 , cash and cash equivalents include $33.7 million and $42.0 million , respectively, held by the Master Partnership and individual Co-Investment Ventures that are available only for use in the business of the Master Partnership and the other individual Co-Investment Ventures. Cash held by the Master Partnership and individual Co-Investment Ventures is not restricted to specific uses within those entities. However, the terms of the joint venture agreements define the timing and magnitude of the distribution of those funds to us or limit our use of them for our general corporate purposes. Cash held by the Master Partnership and individual Co-Investment Ventures is distributed from time to time to the Company and to the other Co-Investment Venture partners in accordance with the applicable Co-Investment Venture governing agreement, which may not be the same as the stated effective ownership interest. Cash distributions received by the Company from the Master Partnership and individual Co-Investment Ventures are then available for our general corporate purposes. Transition Expenses Transition expenses include expenses directly and specifically related to our transition to self-management, primarily including legal, financial advisors, consultants, costs of the Company’s special committee of the board of directors, comprised of all of the Company’s independent directors (the “Special Committee”), general transition services (primarily related to staffing, name change, notices, transition-related insurance, information technology and facilities), expenses related to our listing on the NYSE and payments to our former external advisor in connection with the transition to self-management discussed further in Note 12, “Transition Expenses.” Earnings per Share Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period excluding any unvested restricted stock awards. Diluted earnings per share is calculated by adjusting basic earnings per share for the dilutive effect of the assumed exercise of securities, including the effect of shares issuable under our preferred stock and our stock-based incentive plans. Our unvested share-based awards are considered participating securities and are reflected in the calculation of diluted earnings per share. During periods of net loss, the assumed exercise of securities is anti-dilutive and is not included in the calculation of earnings per share. During 2015 and 2014, the dilutive impact of all securities and transactions was less than $0.01 . For all periods presented, the preferred stock was excluded from the calculation of earnings per share because the effect would not be dilutive. However, based on changing market conditions, the outstanding preferred stock could be dilutive in future periods. Reportable Segments Our current business primarily consists of investing in and operating multifamily communities. Substantially all of our consolidated net income (loss) is from investments in real estate properties that we wholly own or own through Co-Investment Ventures, the latter of which may be accounted for under the equity method of accounting. Our management evaluates operating performance on an individual investment level. However, as each of our investments has similar economic characteristics in our consolidated financial statements, the Company is managed on an enterprise-wide basis with one reportable segment. Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes to consolidated financial statements. These estimates include such items as: the purchase price allocations for real estate and other acquisitions; construction payables; impairment of long-lived assets; fair value evaluations; earning recognition of noncontrolling interests and equity in earnings of investments in unconsolidated real estate joint ventures; depreciation and amortization; share-based compensation measurements; and recognition and timing of transition expenses. Actual results could differ from those estimates.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued updated guidance with respect to revenue recognition. The revised guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The revised guidance will replace most existing revenue and real estate sale recognition guidance in GAAP when it becomes effective. The standard specifically excludes lease contracts, which is our primary recurring revenue source. The revised guidance allows for the use of either the full or modified retrospective transition method. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted for annual periods beginning after December 15, 2016. We have not yet selected a transition method and are currently evaluating the effect that the adoption of the revised guidance will have on our consolidated financial statements and related disclosures. In February 2015, the FASB issued updated guidance related to accounting for consolidation of certain limited partnerships. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015. We are currently evaluating the impact this guidance will have on our consolidated financial statements when adopted. In April 2015, the FASB issued guidance requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of this guidance is permitted for financial statements that have not been previously issued, and an entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. The guidance will not have a material impact on our consolidated financial statements when adopted.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Business Combinations	Business Combinations In September 2015 , we acquired Ev, a 208 -unit multifamily community located in San Diego, California, from an unaffiliated seller, for an aggregate gross purchase price of $84.0 million , excluding closing costs. Ev was a recently completed development in lease up at the date of acquisition. In September 2015 , we acquired The Mark, a 208 -unit multifamily community located in Boca Raton, Florida, from an unaffiliated seller, for an aggregate gross purchase price of $81.7 million , excluding closing costs. The Mark was a recently completed development in lease up at the date of acquisition. We had no business combinations during 2014. The following tables present certain additional information regarding our 2015 business combinations. The amounts recognized for major assets acquired and liabilities assumed during the nine months ended September 30, 2015 , including a reconciliation to cash consideration as of the business combination dates, are as follows (in millions): Land $ 23.9 Buildings and improvements 141.7 Accrued liabilities (0.4 ) Cash consideration (a) $ 165.2 (a) Both acquisitions were funded from proceeds from tax like-kind exchange escrow deposits. Certain operating information for the periods from the business combination dates to September 30, 2015 are as follows (in millions): For the Periods to September 30, 2015 Rental revenues $ — Acquisition expenses 0.5 Depreciation and amortization 0.3 Net loss attributable to common stockholders (0.9 ) We are in the process of finalizing our acquisition allocations for our acquisitions, which are subject to change until our information is finalized, no later than twelve months from the acquisition date. We have had no significant valuation changes for acquisitions prior to September 30, 2015 .

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments Real Estate Investments and Intangibles and Related Depreciation and Amortization As of September 30, 2015 and December 31, 2014 , major components of our real estate investments and intangibles and related accumulated depreciation and amortization were as follows (in millions): September 30, 2015 December 31, 2014 Buildings Intangibles Buildings Intangibles and In-Place Other and In-Place Other Improvements Leases Contractual Improvements Leases Contractual Cost $ 2,355.6 $ 37.1 $ 25.6 $ 2,033.8 $ 40.7 $ 25.6 Less: accumulated depreciation and amortization (329.3 ) (34.9 ) (9.5 ) (280.4 ) (38.3 ) (6.5 ) Net $ 2,026.3 $ 2.2 $ 16.1 $ 1,753.4 $ 2.4 $ 19.1 Depreciation expense for the three months ended September 30, 2015 and 2014 was approximately $24.5 million and $22.5 million , respectively. Depreciation expense for the nine months ended September 30, 2015 and 2014 was approximately $71.1 million and $65.5 million , respectively. Cost of intangibles relates to the value of in-place leases and other contractual intangibles. Other contractual intangibles as of both September 30, 2015 and December 31, 2014 include $9.2 million of intangibles, primarily asset management and related fee revenue services and contracts related to our acquisition of a 1% general partner interest in 2013, $6.8 million related to the use rights of a parking garage and site improvements and $9.5 million of indefinite-lived contractual rights related to land air rights. Amortization expense associated with our lease and other contractual intangibles for the three months ended September 30, 2015 and 2014 was approximately $0.2 million and $1.0 million , respectively. Amortization expense associated with our lease and other contractual intangibles for the nine months ended September 30, 2015 and 2014 was approximately $3.1 million for both periods. Anticipated amortization associated with lease and other contractual intangibles for each of the following five years is as follows (in millions): Anticipated Amortization Year of Intangibles October through December 2015 $ 0.3 2016 1.1 2017 1.1 2018 0.5 2019 0.5 Developments For the three and nine months ended September 30, 2015 and 2014 , we capitalized the following amounts of interest, real estate taxes and overhead related to our developments (in millions): For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Interest $ 4.1 $ 4.8 $ 13.5 $ 13.5 Real estate taxes 0.7 0.8 3.4 3.6 Overhead 0.1 0.3 0.5 0.6 Sales of Real Estate Reported in Continuing Operations The following table presents our sale of real estate for the nine months ended September 30, 2015 and September 30, 2014 (in millions): Date of Sale Multifamily Community Sales Contract Price Gains on Sales of Real Estate For the Nine Months Ended September 30, 2015 July 2015 Uptown Post Oak (a) $ 90.1 $ 34.4 June 2015 Burnham Pointe (a) 126.0 48.6 June 2015 Shady Grove (b) 38.5 — Total $ 254.6 $ 83.0 For the Nine Months Ended September 30, 2014 February 2014 Tupelo Alley $ 52.9 $ 16.2 (a) At the time of sale, the cash proceeds were deposited in escrow in connection with an exchange for replacement properties pursuant to section 1031 of the Code and recorded in “Tax like-kind exchange escrow” on the condensed consolidated balance sheet. As discussed in Note 4, “Business Combinations”, we closed on two of the replacement properties in September 2015. The tax like-kind exchange escrow balance as of September 30, 2015 is held for future replacement properties. (b) In May 2015, we recorded an impairment of $3.1 million based on the Company’s decision to sell the development at an amount below the carrying value. The impairment, which was primarily due to certain costs capitalized for GAAP not expected to be recovered in a sale, is included in “Investment and other development expenses” on the condensed consolidated statement of operations. In June 2015, we closed on the sale of the development to a group led by the Developer Partner for net proceeds of $38.4 million , the development’s net carrying value at the date of sale. The following table presents net income related to the multifamily communities sold in 2015 and 2014 for the three and nine months ended September 30, 2015 and 2014, respectively, and includes the gains on sales of real estate (in millions): For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Net income from multifamily communities sold $ 34.4 $ 1.7 $ 83.5 $ 20.9 Less: net income attributable to noncontrolling interest — — — (7.2 ) Net income attributable to common stockholders $ 34.4 $ 1.7 $ 83.5 $ 13.7

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2015
Variable Interest Entities
Variable Interest Entities	Variable Interest Entities As of September 30, 2015 and December 31, 2014 , we have concluded that we are the primary beneficiary of 14 and 15 VIEs, respectively. All of these VIEs are the Property Entities of PGGM CO-JVs or Developer CO-JVs created for the purpose of developing and operating multifamily communities. At the inception of each Property Entity, we had determined that none of the Co-Investment Ventures were VIEs and because we were the general partner and/or managing member (directly or indirectly) of each Co-Investment Venture and had control of their operations and business affairs, we consolidated each Co-Investment Venture. After separate reconsideration events from 2012 through the present, all of which were related to predetermined activities, we have concluded that all of these Co-Investment Ventures are now VIEs. Because these Co-Investment Ventures were previously consolidated, the VIE determination did not affect our financial position, financial operations or cash flows. Our ownership interest in each of the Co-Investment Ventures based upon contributed capital ranges from 55% to 100% . The significant amounts of assets and liabilities related to our consolidated VIEs are identified parenthetically on our accompanying condensed consolidated balance sheets. Twelve VIEs, all of which are actively developing or operating multifamily communities, have closed aggregate construction financing commitments of $587.9 million as of September 30, 2015 , which we expect to be substantially drawn on during the construction of the developments. As of September 30, 2015 , $450.9 million has been drawn under these construction loans. For ten of these construction loans, we have provided partial payment guarantees ranging from 10% to 25% of the total construction loan. The total commitment of these ten construction loans is $534.7 million , of which $401.1 million is outstanding as of September 30, 2015 . Each guarantee may terminate or be reduced upon completion of the development or if the development achieves certain operating results. On the other two construction loans, the lenders have no recourse to us other than a guaranty provided by the Company with respect to the construction of the project (a completion guaranty). The construction loans are secured by a first mortgage in each multifamily community. See Note 8, “Mortgages and Notes Payable” for further information on our construction loans. The total assets of the VIEs are $1,032.4 million and $906.9 million as of September 30, 2015 and December 31, 2014 , respectively, $354.1 million and $582.3 million of which is reflected in construction in progress, respectively. The total net operating real estate of the VIEs is $658.9 million and $282.1 million as of September 30, 2015 and December 31, 2014 , respectively.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2015
Other Assets [Abstract]
Other Assets	Other Assets The components of other assets as of September 30, 2015 and December 31, 2014 are as follows (in millions): September 30, 2015 December 31, 2014 Notes receivable, net (a) $ 53.6 $ 59.8 Escrows and restricted cash 7.6 8.0 Deferred financing costs, net 16.0 17.4 Resident, tenant and other receivables 18.4 14.0 Prepaid assets, deposits and other assets 12.3 6.1 Investment in unconsolidated real estate joint venture — 5.0 Total other assets $ 107.9 $ 110.3 (a) Notes receivable include mezzanine loans, primarily related to multifamily development projects. As of September 30, 2015 , the weighted average interest rate is 14.8% and the remaining years to scheduled maturity is 0.6 years. The borrowers generally have options to prepay prior to maturity or to extend the maturity for one to two years.

Mortgages and Notes Payable

Mortgages and Notes Payable	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Mortgages and Notes Payable	Mortgages and Notes Payable The following table summarizes the carrying amounts of the mortgages and notes payable classified by whether the obligation is ours or that of the applicable consolidated Co-Investment Venture as of September 30, 2015 and December 31, 2014 (dollar amounts in millions and monthly LIBOR at September 30, 2015 is 0.19% ): As of September 30, 2015 September 30, December 31, Wtd. Average 2015 2014 Interest Rates Maturity Dates Company level (a) Fixed rate mortgages payable $ 298.4 $ 87.2 3.88% 2018 to 2020 Variable rate construction loans payable (b)(f): In construction 59.6 20.6 Monthly LIBOR + 2.13% 2017 to 2018 Operating 16.3 12.4 Monthly LIBOR + 2.08% 2017 to 2018 Total Company level 374.3 120.2 Co-Investment Venture level - consolidated (c) Fixed rate mortgages payable 632.8 827.7 3.49% 2016 to 2020 Variable rate mortgage payable 11.7 12.0 Monthly LIBOR + 2.35% 2017 Fixed rate construction loans payable (d)(f): In construction 41.8 28.0 4.00% 2018 Operating 29.2 29.0 4.31% 2016 Variable rate construction loans payable (e)(f): In construction 240.5 90.4 Monthly LIBOR + 2.10% 2017 to 2018 Operating 105.4 74.9 Monthly LIBOR + 2.08% 2016 to 2018 1,061.4 1,062.0 Plus: unamortized adjustments from business combinations 2.9 4.3 Total Co-Investment Venture level - consolidated 1,064.3 1,066.3 Total consolidated mortgages and notes payable $ 1,438.6 $ 1,186.5 (a) Company level debt is defined as debt that is a direct or indirect obligation of the Company or its wholly owned subsidiaries. Company level debt includes the applicable portion of Co-Investment debt where the Company has provided full or partial guarantees for the repayment of the debt. (b) Includes the amount of the Co-Investment Venture level construction loans payable that is guaranteed by the Company. As of September 30, 2015 , the Company has partially guaranteed ten loans with total commitments of $534.7 million . These loans include one to two year extension options. Our percentage guarantee on each of these loans ranges from 10% to 25% and the amount of our current guarantee and the maximum guarantee based on the commitment as of September 30, 2015 is $75.9 million and $103.9 million , respectively. The non-recourse portion of the loans outstanding as of September 30, 2015 is reported in the Co-Investment Venture level construction loans payable. (c) Co-Investment Venture level debt is defined as debt that is an obligation of the Co-Investment Venture and not an obligation or contingency for us. (d) Includes two loans with total commitments of $84.8 million . One of the construction loans has an option to convert into a permanent loan with a maturity of 2023. (e) Includes eleven loans with total commitments of $556.6 million . These loans include one to two year extension options. The amount guaranteed by the Company is reported as Company level debt as discussed in footnote (b) above. (f) As of September 30, 2015 , we have total commitments of $641.4 million . Of the total commitments, $492.8 million is outstanding and $148.6 million is remaining to draw as of September 30, 2015 . We may elect not to fully draw down any unfunded commitment. As of September 30, 2015 , $2.5 billion of the net consolidated carrying value of real estate collateralized the mortgages and notes payable. We believe we are in compliance with all financial covenants as of September 30, 2015 . As of September 30, 2015 , contractual principal payments for our mortgages and notes payable (excluding any extension options) for the five subsequent years and thereafter are as follows (in millions): Co-Investment Total Year Company Level Venture Level Consolidated October through December 2015 $ 1.1 $ 1.1 $ 2.2 2016 4.7 181.4 186.1 2017 21.6 278.0 299.6 2018 213.5 288.4 501.9 2019 79.5 141.0 220.5 Thereafter 53.9 171.5 225.4 Total $ 374.3 $ 1,061.4 1,435.7 Add: unamortized adjustments from business combinations 2.9 Total mortgages and notes payable $ 1,438.6

Credit Facilities Payable

Credit Facilities Payable	9 Months Ended
	Sep. 30, 2015
Line of Credit Facility [Abstract]
Credit Facility Payable	Credit Facilities Payable We have two credit facilities as of September 30, 2015 : a $150 million credit facility (the “$150 Million Facility”) and a $200 million revolving credit facility (the “$200 Million Facility”). The following table presents the amounts outstanding under the two credit facilities as of September 30, 2015 and December 31, 2014 (dollar amounts in millions, and monthly LIBOR at September 30, 2015 was 0.19% ): Balance Outstanding September 30, December 31, Interest Rate as of September 30, 2015 Maturity Date $150 Million Facility $ 30.0 $ 10.0 Monthly LIBOR + 2.16% April 1, 2017 $200 Million Facility 27.0 — Monthly LIBOR + 2.50% January 14, 2019 Total $ 57.0 $ 10.0 The $150 Million Facility matures on April 1, 2017, when all unpaid principal and interest is due. Borrowing tranches under the $150 Million Facility bear interest at a “ base rate ” based on either the one-month or three-month LIBOR rate , selected at our option, plus an applicable margin which adjusts based on the facility’s debt service requirements. As of September 30, 2015 , the applicable margin was 2.16% and the base rate was 0.19% based on one-month LIBOR , which adjusts based on debt service coverage, as defined. The $150 Million Facility also provides for fees based on unutilized amounts and minimum usage. The loan requires minimum borrowing of $10.0 million and monthly interest-only payments and monthly or annual payment of fees. Draws under the $150 Million Facility are secured by a pool of certain wholly owned multifamily communities. We have the ability to add and remove multifamily communities from the collateral pool, pursuant to the requirements under the credit facility agreement. We may also add multifamily communities in our discretion in order to increase amounts available for borrowing. As of September 30, 2015 , $32.0 million of the net carrying value of real estate collateralized the $150 Million Facility. The aggregate borrowings under the $150 Million Facility are limited to 70% of the value of the collateral pool, which may be different than the carrying value for financial statement reporting. As of September 30, 2015 , our availability to draw under the $150 Million Facility was limited to approximately $34.0 million based upon the value of the collateral pool. In October 2015, we added additional properties with a net carrying value of real estate of $119.9 million to the collateral pool of the $150 Million Facility, increasing the capacity to $108.2 million and reducing the interest rate to LIBOR plus 2.08% . The $150 Million Facility agreement contains customary provisions with respect to events of default, covenants and borrowing conditions. In particular, the $150 Million Facility agreement requires us to maintain a consolidated net worth of at least $150.0 million , liquidity of at least $15.0 million and net operating income of the collateral pool to be no less than 155% of the facility debt service cost. Certain prepayments may be required upon a breach of covenants or borrowing conditions. We believe we are in compliance with all provisions as of September 30, 2015 . In January 2015, we entered into the $200 Million Facility. The $200 Million Facility matures on January 14, 2019 , and may be extended for an additional one year term at our option. Borrowing tranches bear interest at rates based on defined leverage ratios, which as of September 30, 2015 is LIBOR + 2.50% . The $200 Million Facility also provides for fees based on unutilized amounts and minimum usage. We may increase the size of the $200 Million Facility from $200 million up to a total of $400 million after satisfying certain conditions. Draws under the $200 Million Facility are primarily supported by equity pledges of our wholly owned subsidiaries and are secured by a first mortgage lien and an assignment of leases and rents against two wholly owned multifamily communities and any properties later added by us, in addition to a first priority perfected assignment of a portion of certain of our notes receivable. The $200 Million Facility agreement contains customary provisions with respect to events of default, covenants and borrowing conditions. In particular, the $200 Million Facility agreement requires us to maintain (as defined in the agreement) a tangible consolidated net worth of at least $1.16 billion , consolidated total indebtedness to total gross asset value of less than 65% , and adjusted consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) to consolidated fixed charges of not less than 1.50 to 1. Beginning December 31, 2015, our $200 Million Facility agreement may also limit our ability to pay distributions in excess of 95% of our funds from operations generally calculated in accordance with the current definition of funds from operations adopted by the National Association of Real Estate Investment Trusts. For the nine months ended September 30, 2015 , our declared distributions were 74% of such defined funds from operations during such period. We believe we are in compliance with all provisions of the $200 Million Facility agreement as of September 30, 2015 .

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Non-redeemable Noncontrolling Interests Non-redeemable noncontrolling interests for the Co-Investment Venture partners represent their proportionate share of the equity in consolidated real estate ventures. Each noncontrolling interest is not redeemable by the holder, and accordingly, is reported as equity. Income and losses are allocated to the noncontrolling interest holders based on their effective ownership percentage. This effective ownership is indicative of, but may differ from, percentages for distributions, contributions or financing requirements. As of September 30, 2015 and December 31, 2014 , non-redeemable noncontrolling interests (“NCI”) consisted of the following, including the direct and non-direct noncontrolling interests ownership ranges where applicable (dollar amounts in millions): September 30, 2015 December 31, 2014 Effective Effective Amount NCI % (a) Amount NCI % (a) PGGM Co-Investment Partner $ 331.8 30% to 45% $ 390.5 26% to 45% MW Co-Investment Partner 127.0 45% 144.9 45% Developer Partners 3.8 0% 3.4 0% Subsidiary preferred units 2.1 (b) 1.9 (b) Total non-redeemable NCI $ 464.7 $ 540.7 (a) Effective noncontrolling percentage is based upon the noncontrolling interest’s participation in distributable operating cash. This effective ownership is indicative of, but may differ over time from, percentages for distributions, contributions or financing requirements. (b) The effective NCI for the preferred units is not meaningful and the preferred units have no voting rights. Each noncontrolling interest relates to ownership interests in CO-JVs where we have substantial operational control rights. In the case of the PGGM Co-Investment Partner, their noncontrolling interest includes an interest in the Master Partnership and the PGGM CO-JVs. For PGGM CO-JVs and MW CO-JVs, capital contributions and distributions are generally made pro rata in accordance with these ownership interests; however, the Master Partnership’s and the PGGM CO-JV’s pro rata interests are subject to a promoted interest to us if certain performance returns are achieved. Developer CO-JVs generally have limited participation in contributions and generally only participate in distributions after certain preferred returns are collected by us or the PGGM CO-JVs, as applicable, which in some cases may not be until we have received all of our investment capital. None of these Co-Investment Venture partners have any rights to put or redeem their ownership interest; however, they generally provide for buy/sell rights after certain periods. In certain circumstances when all the partners have approved a sale the governing documents of the PGGM CO-JV or MW CO-JV may require a sale of the Co-Investment Venture or its subsidiary REIT rather than an asset sale. Noncontrolling interests also include between 121 to 125 preferred units issued by a subsidiary of each of the PGGM CO-JVs and the MW CO-JVs in order for such subsidiaries to qualify as a REIT for federal income tax purposes. The subsidiary preferred units pay an annual fixed distribution of 12.5% on their face value and are senior in priority to all other members’ equity. The PGGM CO-JVs and MW CO-JVs may cause the subsidiary REIT, at their option, to redeem the subsidiary preferred units in whole or in part, at any time for cash at a redemption price of $500 per unit (the face value), plus all accrued and unpaid distributions thereon to and including the date fixed for redemption, plus a premium per unit generally of $50 to $100 for the first year which generally declines in value $25 per unit each year until there is no redemption premium remaining. The subsidiary preferred units are not redeemable by the unit holders and as of September 30, 2015 , we have no current intent to exercise our redemption option. Accordingly, these noncontrolling interests are reported as equity. For the nine months ended September 30, 2015 and 2014, we paid the following distributions to noncontrolling interests (in millions): For the Nine Months Ended 2015 2014 Distributions paid to noncontrolling interests: Operating activities $ 11.8 $ 15.9 Investing and financing activities 30.1 15.1 Total $ 41.9 $ 31.0 On February 28, 2014 , we sold an approximately 37% noncontrolling interest in two Developer CO-JVs to PGGM for $13.2 million . No gain or loss was recognized in recording these transactions, but a net decrease to additional paid-in capital of $0.8 million was recorded. On May 7, 2015, we acquired six noncontrolling interests in PGGM CO-JVs, which related to equity investments in six multifamily communities, and one controlling interest in a PGGM CO-JV, which related to a debt investment in a multifamily community. The net purchase price was $119.8 million , exclusive of closing costs, and is subject to final determination of certain working capital amounts. The consideration for the acquisitions was paid in cash, with $9.8 million funded from existing cash balances and the remaining $110.0 million from draws under our credit facilities. In connection with the acquisitions, we also received from the Master Partnership a disposition fee of $1.0 million and a promoted interest payment of $3.5 million , which are eliminated in our consolidation of the Master Partnership but did increase net income available to the Company. The following table summarizes each of the multifamily community interests related to the acquisition of noncontrolling and controlling interests: Our Ownership Interest (a) Community and Location Total Units Pre- Acquisition Acquired Interest Post- Acquisition Equity investments: The District Universal Boulevard, Orlando, FL 425 55.5 % 44.5 % 100 % Veritas, Henderson, NV (b) 430 51.9 % 41.6 % 93.5 % The Cameron, Silver Spring, MD 325 55.5 % 44.5 % 100 % Skye 2905, Denver, CO 400 55.5 % 44.5 % 100 % Grand Reserve, Dallas, TX 149 74.4 % 25.6 % 100 % Stone Gate, Marlborough, MA 332 55.5 % 44.5 % 100 % 2,061 Debt investment: Jefferson Creekside, Allen, TX 444 55.5 % 44.5 % 100 % (a) Our ownership interest is based on our share of contributed capital. This ownership interest may differ over time from percentages for distributions, contributions or financing requirements for each respective CO-JV. The post-acquisition effective ownership interests based on our participation in distributable cash from the CO-JVs are the same as those presented based on contributed capital, except for Veritas where our post-acquisition effective ownership based on our current participation in distributable cash is 100%. Each of the equity investments was previously accounted for on the consolidated method of accounting with the same accounting method post-acquisition. The debt investment was previously accounted for on the equity method of accounting and post-acquisition will be accounted for on the consolidated method of accounting. (b) The remaining 6.5% is owned by a Developer Partner. Because these equity investments were previously accounted for on the consolidated method of accounting, the acquisition of the investment interests did not change the carrying value for the related assets or liabilities or reported consolidated operations for revenues and expenses included in reported net income. The acquisition of the equity investments reduced noncontrolling interests for the related amounts of the CO-JVs with the difference between the noncontrolling interest amounts and the purchase price of $59.3 million recorded to additional paid in capital. The acquisition of the debt investment resulted in a change from equity method accounting to the consolidated method of accounting and accordingly, the underlying assets and liabilities were recorded at a fair value of $16.6 million . Redeemable Noncontrolling Interests As of September 30, 2015 and December 31, 2014 , redeemable noncontrolling interests (“NCI”) consisted of the following (dollar amounts in millions): September 30, 2015 December 31, 2014 Effective Effective Amount NCI % (a) Amount NCI % (a) Developer Partners $ 30.0 0% to 10% $ 32.0 0% to 10% (a) Effective noncontrolling interest percentage is based upon the noncontrolling interest’s participation in distributable operating cash. This effective ownership is indicative of, but may differ from, percentages for distributions, contributions or financing requirements. For Co-Investment Ventures where the developer’s equity has been returned, the effective noncontrolling interest percentage is shown as zero. Developer Partners included in redeemable noncontrolling interests represent ownership interests in Developer CO-JVs by regional or national multifamily developers, which may require that we pay or reimburse our Developer Partners upon certain events. These amounts include reimbursing partners once certain development milestones are achieved, generally related to entitlements, permits or final budgeted construction costs. They also generally have put options, usually exercisable one year after completion of the development and thereafter, pursuant to which we would be required to acquire their ownership interest at a set price. These Developer CO-JVs also include buy/sell provisions, generally available after the tenth year after completion of the development. Each of these Developer CO-JVs is managed by a subsidiary of ours. As manager, we have substantial operational control rights. These Developer CO-JVs generally provide that we have a preferred cash flow distribution until we receive certain returns on and of our investment. All of these Developer Partners also have a back end interest, generally only attributable to distributions related to a property sale or financing. Generally, these noncontrolling interests have no obligation to make any additional capital contributions.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Capitalization In connection with our transition to self-management, on July 31, 2013, we issued 10,000 shares of a new Series A non-participating, voting, cumulative, 7.0% convertible preferred stock, par value $0.0001 per share (the “Series A Preferred Stock”), to an affiliate of our former external advisor, Behringer Harvard Multifamily Advisors I, LLC (collectively with its affiliates, “Behringer”). The shares of Series A Preferred Stock entitle the holder to one vote per share on all matters submitted to the holders of the common stock, a liquidation preference equal to $10.00 per share before the holders of common stock are paid any liquidation proceeds, and 7.0% cumulative cash dividends on the liquidation preference and any accrued and unpaid dividends. As determined and limited pursuant to the Articles Supplementary establishing the Series A Preferred Stock, the Series A Preferred Stock will automatically convert into shares of our common stock on the earlier of December 31, 2016, or the election by the holders of a majority of the then outstanding shares of Series A Preferred Stock, in each case based on the trading prices of our shares of common stock over a subsequent measurement period. At conversion, all of the shares of Series A Preferred Stock will, in total, generally convert into an amount of shares of our common stock equal in value to 17.25% of the excess, if any, of (i) (a) the per share value of our common stock at the time of conversion, as determined pursuant to the Articles Supplementary establishing the Series A Preferred Stock and assuming no shares of the Series A Preferred Stock are outstanding, multiplied by the number of shares of common stock outstanding on July 31, 2013, plus (b) the aggregate value of distributions (including distributions constituting a return of capital) paid through such time on the shares of common stock outstanding on July 31, 2013 over (ii) the aggregate issue price of those outstanding shares plus a 7% cumulative, non-compounded, annual return on the issue price of those outstanding shares. The conversion option terminates December 31, 2016. Stock Plans Our Second Amended and Restated Incentive Award Plan (the “Incentive Award Plan”) authorizes the grant of non-qualified and incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and other stock-based awards. A total of 20 million shares has been authorized for issuance under the Incentive Award Plan as of September 30, 2015 . Restricted Stock Units As of September 30, 2015 , we had 681,952 restricted stock units outstanding, held by our directors and certain executive employees. These restricted stock units generally vest over a three year period. The following is a summary of the number of restricted stock units issued, exercised and outstanding as of September 30, 2015 and 2014: September 30, 2015 September 30, 2014 Outstanding at the beginning of the period 254,691 245,220 Issued (a) 467,951 9,471 Exercised (40,690 ) — Outstanding at the end of the period 681,952 254,691 (a) Units issued in 2015 had an average grant price of $9.58 per unit. Units issued in 2014 had a grant price of $10.03 per unit. As of September 30, 2015 , 115,296 units are vested. Restricted Stock As of September 30, 2015 , we had 20,868 shares of restricted stock outstanding held by employees. Restrictions on these shares lapse in equal increments over a three -year period following the grant date. The following is a summary of the restricted stock issued, forfeited and outstanding as of September 30, 2015 and 2014: September 30, 2015 September 30, 2014 Outstanding at the beginning of the year — — Issued (a) 25,746 — Forfeited (4,878 ) — Outstanding at the end of the period 20,868 — (a) Shares issued in 2015 had a grant price of $9.21 per share. For the nine months ended September 30, 2015 and 2014, we had approximately $1.7 million and $0.6 million , respectively, in compensation costs related to share-based payments including dividend equivalent payments. Distributions The following table presents the regular distributions declared for the nine months ended September 30, 2015 and 2014 (in millions, except per share amounts): For the Nine Months Ended 2015 2014 Declared (a) Declared per Share (a) Declared (a) Declared per Share (a) Third quarter $ 12.5 $ 0.075 $ 14.9 $ 0.088 Second quarter 12.5 0.075 14.7 0.087 First quarter 12.5 0.075 14.6 0.086 Total $ 37.5 $ 0.225 $ 44.2 $ 0.261 (a) Represents distributions accruing during the period. Beginning with the fourth quarter of 2014, the board of directors authorizes regular distributions to be paid to stockholders of record with respect to a single record date each quarter. Prior to the fourth quarter of 2014, regular distributions accrued on a daily basis at a daily amount of $0.000958904 ( $0.35 annualized) per share of common stock and were paid in the following month. On August 12, 2014, in anticipation of the Company’s listing on a national securities exchange, our board of directors elected to suspend our distribution reinvestment plan (“DRIP”) effective August 24, 2014 . On November 4, 2014, our board of directors approved the termination of the DRIP. As a result, all distributions paid subsequent to August 24, 2014 were paid in cash and not reinvested in shares of our common stock. Share Redemption Program On August 12, 2014, in anticipation of the Company’s listing on a national securities exchange, our board of directors elected to suspend our share redemption program (“SRP”), effective August 14, 2014, and on November 4, 2014, our board of directors approved the termination of the SRP. For the nine months ended September 30, 2014 , we redeemed approximately 1,591,952 common shares at an average price of $8.78 per share for $14.0 million .

Transition Expenses

Transition Expenses	9 Months Ended
	Sep. 30, 2015
Transition to Self-Management [Abstract]
Transition Expenses	Transition Expenses On July 31, 2013 (the “Initial Closing”), we entered into a series of agreements and amendments to our then-existing agreements and arrangements with Behringer, setting forth various terms of and conditions to the modification of the business relationships between us and Behringer. We collectively refer to these agreements as the “Self-Management Transition Agreements.” From the Initial Closing through June 30, 2014, we hired executives and staff who were previously employees of Behringer and began hiring other employees, completing our transition to a self-managed company. During the period from the Initial Closing through September 30, 2014, Behringer provided general transition services in support of our transition to self-management for a total consideration of $7.2 million . For the three and nine months ended September 30, 2014 , $0.1 million and $0.4 million was expensed. In addition to the above transactions, the Company incurred other expenses related to our transition to self-management and the listing on the NYSE, primarily related to Special Committee and Company legal and financial advisors and general transition services (primarily staffing, name change, notices, insurance, information technology and facilities). The table below represents the components of our transition expenses for the three and nine months ended September 30, 2014 (in millions). We did not incur any transition expenses for the three and nine months ended September 30, 2015 . For the Three Months Ended For the Nine Months Ended Special Committee and Company legal and financial advisors $ 0.1 $ 0.9 General transition services: Behringer 0.2 3.0 Other service providers 0.1 2.2 Expenses related to listing on the NYSE 0.6 0.6 Total transition expenses $ 1.0 $ 6.7

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies All of our Co-Investment Ventures include buy/sell provisions. Under most of these provisions and during specific periods, a partner could make an offer to purchase the interest of the other partner and the other partner would have the option to accept the offer or purchase the offering partner’s interest at that price. As of September 30, 2015 , no such buy/sell offers are outstanding. In the ordinary course of business, certain of our multifamily communities have commitments to provide affordable housing. Under these arrangements, we generally receive from the resident a below market rent, which is determined by a local or national authority. In certain arrangements, a local or national housing authority makes payments covering some or substantially all of the difference between the restricted rent paid by residents and market rents. In connection with our acquisition of The Gallery at NoHo Commons, we assumed an obligation to provide affordable housing through 2048. As partial reimbursement for this obligation, the California housing authority will make level annual payments of approximately $2.0 million through 2028 and no reimbursement for the remaining 20 -year period. We may also be required to reimburse the California housing authority if certain operating results are achieved on a cumulative basis during the term of the agreement. At the acquisition, we recorded a liability of $14.0 million based on the fair value of the terms over the life of the agreement. In addition, we record rental revenue from the California housing authority on a straight-line basis, deferring a portion of the collections as deferred lease revenues. As of September 30, 2015 and December 31, 2014 , we have approximately $17.2 million and $18.3 million , respectively, of carrying value for deferred lease revenues related to The Gallery at NoHo Commons. As of September 30, 2015 , we have entered into construction and development contracts with $121.1 million remaining to be paid. These construction costs are expected to be paid during the completion of the development and construction period, generally within 24 months . Future minimum lease payments due on our lease commitment payables, primarily related to our corporate office lease which expires in 2024, are as follows (in millions): Year Future Minimum Lease Payments October 2015 through December 2015 $ 0.1 2016 0.6 2017 0.8 2018 0.8 2019 0.8 Thereafter 4.0 Total $ 7.1 We are also subject to various legal proceedings and claims which arise in the ordinary course of business. Matters which relate to property damage or general liability claims are generally covered by insurance. While the resolution of these legal proceedings and claims cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on our consolidated financial statements.

Fair Value of Derivatives and F

Fair Value of Derivatives and Financial Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Derivatives and Financial Instruments	Fair Value of Derivatives and Financial Instruments For the three and nine months ended September 30, 2015 and 2014, we had no fair value adjustments on a recurring basis. Non-recurring Basis — Fair Value Adjustments As discussed in Note 5, “Real Estate Investments”, we recorded an impairment charge related to one of our developments in May 2015. Prior to the impairment, the development had a net carrying value of $44.4 million . The $3.1 million impairment is included in the line item “Investment and other development expenses” on the condensed consolidated statement of operations. The fair value for the development was determined based upon the terms of the purchase and sale agreement which closed in June 2015. We consider this a Level 2 input under the fair value hierarchy. As discussed in Note 10, “Noncontrolling Interests”, we acquired a controlling interest in an unconsolidated investment in real estate joint venture in May 2015. We consolidated the Custer PGGM CO-JV and recognized a loss related to the revaluation of our equity interest for the difference between our carrying value and the value of the investment. The fair value was determined based upon the pay-off value of the note receivable and its related accrued interest, both of which were repaid shortly after the acquisition of the controlling interest. We consider this a Level 2 input under the fair value hierarchy. The following fair value hierarchy table presents information about our assets measured at fair value on a nonrecurring basis for the nine months ended September 30, 2015 (in millions): For the Nine Months Ended September 30, 2015 Level 1 Level 2 Level 3 Total Fair Value Gain (Loss) Assets Construction in progress $ — $ 41.2 $ — $ 41.2 $ (3.1 ) Other assets — 16.6 — 16.6 — $ — $ 57.8 $ — $ 57.8 $ (3.1 ) We had no fair value adjustments on a nonrecurring basis for the three months ended September 30, 2015 . We had no fair value adjustments on a nonrecurring basis for the three and nine months ended September 30, 2014 . Financial Instruments Not Carried at Fair Value Financial instruments held as of September 30, 2015 and December 31, 2014 and not measured at fair value on a recurring basis include cash and cash equivalents, notes receivable, credit facility payable and mortgages and notes payable. With the exception of our mortgages and notes payable, the financial statement carrying amounts of these items approximate their fair values due to their short-term nature. Because the credit facility payable bears interest at a variable rate and has a prepayment option, we believe its carrying amount approximates its fair value. Estimated fair values for mortgages and notes payable have been determined using market pricing for similar mortgages payable, which are classified as Level 2 in the fair value hierarchy. Carrying amounts and the related estimated fair value of our mortgages and notes payable as of September 30, 2015 and December 31, 2014 are as follows (in millions): September 30, 2015 December 31, 2014 Carrying Fair Carrying Fair Amount Value Amount Value Mortgages and notes payable $ 1,438.6 $ 1,447.1 $ 1,186.5 $ 1,199.6

Related Party Arrangements

Related Party Arrangements	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements From our inception to July 31, 2013, we had no employees, were externally managed by Behringer and were supported by related party service agreements, as further described below. Prior to July 31, 2013, we exclusively relied on Behringer to provide certain services and personnel for management and day-to-day operations, including advisory services and property management services provided or performed by Behringer. Effective July 31, 2013, we entered into the Self-Management Transition Agreements as discussed in Note 12, “Transition Expenses.” From the Initial Closing through June 30, 2014, we hired executives and staff who were previously employees of Behringer and began hiring other employees, completing our transition to a self-managed company. Behringer provided capital market services to the Company for a fee ranging from 0.9% to 1.0% of our share of the financings. Such capital market services expired on June 30, 2015. In addition, certain acquisition and advisory fees and other reimbursements are still subject to true-up and reconciliations as of September 30, 2015 . For the nine months ended September 30, 2015 and 2014, $0.1 million and $2.5 million , respectively, of acquisition fees were credited to us, all of which were previously capitalized, and offset against total real estate, net. The services provided by Behringer included acquisition and advisory, property management, capital market, and asset management services which terminated on June 30, 2014 and capital market services which terminated on June 30, 2015. The table below shows the fees and expense reimbursements to Behringer in exchange for such services for the three and nine months ended September 30, 2015 and 2014 (in millions): For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Acquisition and advisory fees $ — $ — $ — $ 4.4 Property management fees — — — 11.3 Debt financing fees — 0.8 0.2 1.1 Asset management fees — — — 3.8 Administrative expense reimbursements — — — 0.9 Shareholder services — 0.4 — 0.4

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information Supplemental cash flow information for the nine months ended September 30, 2015 and 2014 is summarized below (in millions): For the Nine Months Ended 2015 2014 Supplemental disclosure of cash flow information: Interest paid, net of amounts capitalized of $13.5 million in 2015 and 2014 $ 21.4 $ 15.6 Non-cash investing and financing activities: Consolidation of controlling interest 5.0 — Transfer of real estate from construction in progress to operating real estate 387.9 233.0 Stock issued pursuant to our DRIP — 20.5 Distributions payable - regular 12.5 4.9 Construction costs and other related payables 46.8 94.1

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We have evaluated subsequent events for recognition or disclosure in our condensed consolidated financial statements. Distribution for the Fourth Quarter of 2015 Our board of directors has authorized a quarterly distribution in the amount of $0.075 per share on all outstanding shares of common stock of the Company for the fourth quarter of 2015. The quarterly distribution is payable January 5, 2016 to stockholders of record at the close of business on December 29, 2015 . * * * * *

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include our consolidated accounts and the accounts of our wholly owned subsidiaries. We also consolidate other entities in which we have a controlling financial interest (referred to as variable interest entities or “VIEs”) where we are determined to be the primary beneficiary. VIEs, as defined by GAAP, are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. The primary beneficiary is required to consolidate a VIE for financial reporting purposes. The determination of the primary beneficiary requires management to make significant estimates and judgments about our rights, obligations, and economic interests in such entities as well as the same of the other owners. See Note 6, “Variable Interest Entities” for further information about our VIEs.
Developments	Developments We capitalize project costs related to the development and construction of real estate (including interest, real estate taxes, insurance, and other direct costs associated with the development) as a cost of the development. Indirect project costs not clearly related to development and construction are expensed as incurred. Indirect project costs that clearly relate to development and construction are capitalized and allocated to the developments to which they relate. For each development, capitalization begins when we determine that the development is probable and significant development activities are underway. We suspend capitalization at such time as significant development activity ceases, but future development is still probable. We cease capitalization when the developments or other improvements, including any portion, are completed and ready for their intended use, or if the intended use changes such that capitalization is no longer appropriate. Developments or improvements are generally considered ready for intended use when the certificates of occupancy have been issued and the units become ready for occupancy.
Impairment of Real Estate Related Assets	Impairment of Real Estate Related Assets If events or circumstances indicate that the carrying amount of the property may not be recoverable, we make an assessment of the property’s recoverability by comparing the carrying amount of the asset to our estimate of the undiscounted future operating cash flows expected to be generated over the holding period of the asset including its eventual disposition. If the carrying amount exceeds the aggregate undiscounted future operating cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. In addition, we evaluate indefinite-lived intangible assets for possible impairment at least annually by comparing the fair values with the carrying values. The fair value of intangibles is generally estimated by valuation of similar assets.
Assets Held for Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations Prior to January 1, 2014, when we had no involvement after the sale of a multifamily community, the multifamily community sold was reported as a discontinued operation. Effective as of January 1, 2014, we elected to early adopt the revised guidance regarding discontinued operations. For sales of real estate or assets classified as held for sale after January 1, 2014, we evaluate whether the disposition will have a major effect on our operations and financial results and will therefore qualify as a strategic shift. If the disposition represents a strategic shift, it will be classified as discontinued operations in our consolidated statements of operations for all periods presented. If the disposition does not represent a strategic shift, it will be presented in continuing operations in our consolidated statements of operations. We classify multifamily communities as held for sale when certain criteria are met, in accordance with GAAP. At that time, we present the assets and obligations associated with the real estate held for sale separately in our consolidated balance sheet, and we cease recording depreciation and amortization expense related to that multifamily community. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider investments in bank deposits, money market funds and highly-liquid cash investments with original maturities of three months or less to be cash equivalents. As of September 30, 2015 and December 31, 2014 , cash and cash equivalents include $33.7 million and $42.0 million , respectively, held by the Master Partnership and individual Co-Investment Ventures that are available only for use in the business of the Master Partnership and the other individual Co-Investment Ventures. Cash held by the Master Partnership and individual Co-Investment Ventures is not restricted to specific uses within those entities. However, the terms of the joint venture agreements define the timing and magnitude of the distribution of those funds to us or limit our use of them for our general corporate purposes. Cash held by the Master Partnership and individual Co-Investment Ventures is distributed from time to time to the Company and to the other Co-Investment Venture partners in accordance with the applicable Co-Investment Venture governing agreement, which may not be the same as the stated effective ownership interest. Cash distributions received by the Company from the Master Partnership and individual Co-Investment Ventures are then available for our general corporate purposes.
Transition Expenses	Transition Expenses Transition expenses include expenses directly and specifically related to our transition to self-management, primarily including legal, financial advisors, consultants, costs of the Company’s special committee of the board of directors, comprised of all of the Company’s independent directors (the “Special Committee”), general transition services (primarily related to staffing, name change, notices, transition-related insurance, information technology and facilities), expenses related to our listing on the NYSE and payments to our former external advisor in connection with the transition to self-management discussed further in Note 12, “Transition Expenses.”
Earnings per Share	Earnings per Share Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period excluding any unvested restricted stock awards. Diluted earnings per share is calculated by adjusting basic earnings per share for the dilutive effect of the assumed exercise of securities, including the effect of shares issuable under our preferred stock and our stock-based incentive plans. Our unvested share-based awards are considered participating securities and are reflected in the calculation of diluted earnings per share. During periods of net loss, the assumed exercise of securities is anti-dilutive and is not included in the calculation of earnings per share. During 2015 and 2014, the dilutive impact of all securities and transactions was less than $0.01 . For all periods presented, the preferred stock was excluded from the calculation of earnings per share because the effect would not be dilutive. However, based on changing market conditions, the outstanding preferred stock could be dilutive in future periods.
Reportable Segments	Reportable Segments Our current business primarily consists of investing in and operating multifamily communities. Substantially all of our consolidated net income (loss) is from investments in real estate properties that we wholly own or own through Co-Investment Ventures, the latter of which may be accounted for under the equity method of accounting. Our management evaluates operating performance on an individual investment level. However, as each of our investments has similar economic characteristics in our consolidated financial statements, the Company is managed on an enterprise-wide basis with one reportable segment.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes to consolidated financial statements. These estimates include such items as: the purchase price allocations for real estate and other acquisitions; construction payables; impairment of long-lived assets; fair value evaluations; earning recognition of noncontrolling interests and equity in earnings of investments in unconsolidated real estate joint ventures; depreciation and amortization; share-based compensation measurements; and recognition and timing of transition expenses. Actual results could differ from those estimates.
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued updated guidance with respect to revenue recognition. The revised guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The revised guidance will replace most existing revenue and real estate sale recognition guidance in GAAP when it becomes effective. The standard specifically excludes lease contracts, which is our primary recurring revenue source. The revised guidance allows for the use of either the full or modified retrospective transition method. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted for annual periods beginning after December 15, 2016. We have not yet selected a transition method and are currently evaluating the effect that the adoption of the revised guidance will have on our consolidated financial statements and related disclosures. In February 2015, the FASB issued updated guidance related to accounting for consolidation of certain limited partnerships. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015. We are currently evaluating the impact this guidance will have on our consolidated financial statements when adopted. In April 2015, the FASB issued guidance requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of this guidance is permitted for financial statements that have not been previously issued, and an entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. The guidance will not have a material impact on our consolidated financial statements when adopted.

Organization and Business (Tabl

Organization and Business (Tables)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of the number of each type of Co-Investment Venture and the entity's effective ownership ranges	The table below presents a summary of our Co-Investment Ventures as of both September 30, 2015 and December 31, 2014 . The effective ownership ranges are based on our participation in the distributable operating cash from the multifamily investment as of the dates indicated. This effective ownership is indicative of, but may differ over time from, percentages for distributions, contributions or financing requirements for each respective Co-Investment Venture. Unless otherwise noted, all are reported on the consolidated basis of accounting. September 30, 2015 December 31, 2014 Co-Investment Structure Number of Multifamily Communities Our Effective Number of Multifamily Communities Our Effective Ownership PGGM CO-JVs (a) 23 50% to 70% 30 50% to 70% MW CO-JVs 14 55% 14 55% Developer CO-JVs 2 100% 2 100% Total 39 46 (a) Includes one unconsolidated debt investment as of December 31, 2014 , which was repaid in 2015. Also, as of September 30, 2015 and December 31, 2014 , includes Developer Partners in 18 and 19 multifamily communities, respectively. In May 2015, we acquired PGGM’s interests in seven PGGM CO-JVs. See Note 10, “Noncontrolling Interests” for further information.

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Schedule of amounts recognized for major assets acquired and liabilities assumed, including a reconciliation to cash consideration as of the business combination date	The amounts recognized for major assets acquired and liabilities assumed during the nine months ended September 30, 2015 , including a reconciliation to cash consideration as of the business combination dates, are as follows (in millions): Land $ 23.9 Buildings and improvements 141.7 Accrued liabilities (0.4 ) Cash consideration (a) $ 165.2 (a) Both acquisitions were funded from proceeds from tax like-kind exchange escrow deposits.
Business Acquisition, Pro Forma Information	Certain operating information for the periods from the business combination dates to September 30, 2015 are as follows (in millions): For the Periods to September 30, 2015 Rental revenues $ — Acquisition expenses 0.5 Depreciation and amortization 0.3 Net loss attributable to common stockholders (0.9 )

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Schedule of major components of real estate investments and intangibles and related accumulated depreciation and amortization	As of September 30, 2015 and December 31, 2014 , major components of our real estate investments and intangibles and related accumulated depreciation and amortization were as follows (in millions): September 30, 2015 December 31, 2014 Buildings Intangibles Buildings Intangibles and In-Place Other and In-Place Other Improvements Leases Contractual Improvements Leases Contractual Cost $ 2,355.6 $ 37.1 $ 25.6 $ 2,033.8 $ 40.7 $ 25.6 Less: accumulated depreciation and amortization (329.3 ) (34.9 ) (9.5 ) (280.4 ) (38.3 ) (6.5 ) Net $ 2,026.3 $ 2.2 $ 16.1 $ 1,753.4 $ 2.4 $ 19.1
Schedule of anticipated amortization associated with in-place lease and other contractual intangibles	Anticipated amortization associated with lease and other contractual intangibles for each of the following five years is as follows (in millions): Anticipated Amortization Year of Intangibles October through December 2015 $ 0.3 2016 1.1 2017 1.1 2018 0.5 2019 0.5
Schedule of real estate developments	For the three and nine months ended September 30, 2015 and 2014 , we capitalized the following amounts of interest, real estate taxes and overhead related to our developments (in millions): For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Interest $ 4.1 $ 4.8 $ 13.5 $ 13.5 Real estate taxes 0.7 0.8 3.4 3.6 Overhead 0.1 0.3 0.5 0.6
Schedule of real estate dispositions	The following table presents our sale of real estate for the nine months ended September 30, 2015 and September 30, 2014 (in millions): Date of Sale Multifamily Community Sales Contract Price Gains on Sales of Real Estate For the Nine Months Ended September 30, 2015 July 2015 Uptown Post Oak (a) $ 90.1 $ 34.4 June 2015 Burnham Pointe (a) 126.0 48.6 June 2015 Shady Grove (b) 38.5 — Total $ 254.6 $ 83.0 For the Nine Months Ended September 30, 2014 February 2014 Tupelo Alley $ 52.9 $ 16.2 (a) At the time of sale, the cash proceeds were deposited in escrow in connection with an exchange for replacement properties pursuant to section 1031 of the Code and recorded in “Tax like-kind exchange escrow” on the condensed consolidated balance sheet. As discussed in Note 4, “Business Combinations”, we closed on two of the replacement properties in September 2015. The tax like-kind exchange escrow balance as of September 30, 2015 is held for future replacement properties. (b) In May 2015, we recorded an impairment of $3.1 million based on the Company’s decision to sell the development at an amount below the carrying value. The impairment, which was primarily due to certain costs capitalized for GAAP not expected to be recovered in a sale, is included in “Investment and other development expenses” on the condensed consolidated statement of operations. In June 2015, we closed on the sale of the development to a group led by the Developer Partner for net proceeds of $38.4 million , the development’s net carrying value at the date of sale.
Net income related to sale of multifamily community	The following table presents net income related to the multifamily communities sold in 2015 and 2014 for the three and nine months ended September 30, 2015 and 2014, respectively, and includes the gains on sales of real estate (in millions): For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Net income from multifamily communities sold $ 34.4 $ 1.7 $ 83.5 $ 20.9 Less: net income attributable to noncontrolling interest — — — (7.2 ) Net income attributable to common stockholders $ 34.4 $ 1.7 $ 83.5 $ 13.7

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Other Assets [Abstract]
Schedule of components of other assets	The components of other assets as of September 30, 2015 and December 31, 2014 are as follows (in millions): September 30, 2015 December 31, 2014 Notes receivable, net (a) $ 53.6 $ 59.8 Escrows and restricted cash 7.6 8.0 Deferred financing costs, net 16.0 17.4 Resident, tenant and other receivables 18.4 14.0 Prepaid assets, deposits and other assets 12.3 6.1 Investment in unconsolidated real estate joint venture — 5.0 Total other assets $ 107.9 $ 110.3 (a) Notes receivable include mezzanine loans, primarily related to multifamily development projects. As of September 30, 2015 , the weighted average interest rate is 14.8% and the remaining years to scheduled maturity is 0.6 years. The borrowers generally have options to prepay prior to maturity or to extend the maturity for one to two years.

Mortgages and Notes Payable (Ta

Mortgages and Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of carrying amounts of the mortgages and notes payable classified by whether the obligation is of the parent company or the applicable consolidated Co-Investment Venture	The following table summarizes the carrying amounts of the mortgages and notes payable classified by whether the obligation is ours or that of the applicable consolidated Co-Investment Venture as of September 30, 2015 and December 31, 2014 (dollar amounts in millions and monthly LIBOR at September 30, 2015 is 0.19% ): As of September 30, 2015 September 30, December 31, Wtd. Average 2015 2014 Interest Rates Maturity Dates Company level (a) Fixed rate mortgages payable $ 298.4 $ 87.2 3.88% 2018 to 2020 Variable rate construction loans payable (b)(f): In construction 59.6 20.6 Monthly LIBOR + 2.13% 2017 to 2018 Operating 16.3 12.4 Monthly LIBOR + 2.08% 2017 to 2018 Total Company level 374.3 120.2 Co-Investment Venture level - consolidated (c) Fixed rate mortgages payable 632.8 827.7 3.49% 2016 to 2020 Variable rate mortgage payable 11.7 12.0 Monthly LIBOR + 2.35% 2017 Fixed rate construction loans payable (d)(f): In construction 41.8 28.0 4.00% 2018 Operating 29.2 29.0 4.31% 2016 Variable rate construction loans payable (e)(f): In construction 240.5 90.4 Monthly LIBOR + 2.10% 2017 to 2018 Operating 105.4 74.9 Monthly LIBOR + 2.08% 2016 to 2018 1,061.4 1,062.0 Plus: unamortized adjustments from business combinations 2.9 4.3 Total Co-Investment Venture level - consolidated 1,064.3 1,066.3 Total consolidated mortgages and notes payable $ 1,438.6 $ 1,186.5 (a) Company level debt is defined as debt that is a direct or indirect obligation of the Company or its wholly owned subsidiaries. Company level debt includes the applicable portion of Co-Investment debt where the Company has provided full or partial guarantees for the repayment of the debt. (b) Includes the amount of the Co-Investment Venture level construction loans payable that is guaranteed by the Company. As of September 30, 2015 , the Company has partially guaranteed ten loans with total commitments of $534.7 million . These loans include one to two year extension options. Our percentage guarantee on each of these loans ranges from 10% to 25% and the amount of our current guarantee and the maximum guarantee based on the commitment as of September 30, 2015 is $75.9 million and $103.9 million , respectively. The non-recourse portion of the loans outstanding as of September 30, 2015 is reported in the Co-Investment Venture level construction loans payable. (c) Co-Investment Venture level debt is defined as debt that is an obligation of the Co-Investment Venture and not an obligation or contingency for us. (d) Includes two loans with total commitments of $84.8 million . One of the construction loans has an option to convert into a permanent loan with a maturity of 2023. (e) Includes eleven loans with total commitments of $556.6 million . These loans include one to two year extension options. The amount guaranteed by the Company is reported as Company level debt as discussed in footnote (b) above. (f) As of September 30, 2015 , we have total commitments of $641.4 million . Of the total commitments, $492.8 million is outstanding and $148.6 million is remaining to draw as of September 30, 2015 . We may elect not to fully draw down any unfunded commitment.
Schedule of contractual principal payments for the entity's mortgages and notes payable for the five subsequent years and thereafter	As of September 30, 2015 , contractual principal payments for our mortgages and notes payable (excluding any extension options) for the five subsequent years and thereafter are as follows (in millions): Co-Investment Total Year Company Level Venture Level Consolidated October through December 2015 $ 1.1 $ 1.1 $ 2.2 2016 4.7 181.4 186.1 2017 21.6 278.0 299.6 2018 213.5 288.4 501.9 2019 79.5 141.0 220.5 Thereafter 53.9 171.5 225.4 Total $ 374.3 $ 1,061.4 1,435.7 Add: unamortized adjustments from business combinations 2.9 Total mortgages and notes payable $ 1,438.6

Credit Facilities Payable (Tabl

Credit Facilities Payable (Tables)	9 Months Ended
	Sep. 30, 2015
Line of Credit Facility [Abstract]
Schedule of Line of Credit Facilities	The following table presents the amounts outstanding under the two credit facilities as of September 30, 2015 and December 31, 2014 (dollar amounts in millions, and monthly LIBOR at September 30, 2015 was 0.19% ): Balance Outstanding September 30, December 31, Interest Rate as of September 30, 2015 Maturity Date $150 Million Facility $ 30.0 $ 10.0 Monthly LIBOR + 2.16% April 1, 2017 $200 Million Facility 27.0 — Monthly LIBOR + 2.50% January 14, 2019 Total $ 57.0 $ 10.0

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Schedule of non-redeemable, noncontrolling interests	As of September 30, 2015 and December 31, 2014 , non-redeemable noncontrolling interests (“NCI”) consisted of the following, including the direct and non-direct noncontrolling interests ownership ranges where applicable (dollar amounts in millions): September 30, 2015 December 31, 2014 Effective Effective Amount NCI % (a) Amount NCI % (a) PGGM Co-Investment Partner $ 331.8 30% to 45% $ 390.5 26% to 45% MW Co-Investment Partner 127.0 45% 144.9 45% Developer Partners 3.8 0% 3.4 0% Subsidiary preferred units 2.1 (b) 1.9 (b) Total non-redeemable NCI $ 464.7 $ 540.7 (a) Effective noncontrolling percentage is based upon the noncontrolling interest’s participation in distributable operating cash. This effective ownership is indicative of, but may differ over time from, percentages for distributions, contributions or financing requirements. (b) The effective NCI for the preferred units is not meaningful and the preferred units have no voting rights.
Schedule of distributions to noncontrolling interests	For the nine months ended September 30, 2015 and 2014, we paid the following distributions to noncontrolling interests (in millions): For the Nine Months Ended 2015 2014 Distributions paid to noncontrolling interests: Operating activities $ 11.8 $ 15.9 Investing and financing activities 30.1 15.1 Total $ 41.9 $ 31.0
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net	The following table summarizes each of the multifamily community interests related to the acquisition of noncontrolling and controlling interests: Our Ownership Interest (a) Community and Location Total Units Pre- Acquisition Acquired Interest Post- Acquisition Equity investments: The District Universal Boulevard, Orlando, FL 425 55.5 % 44.5 % 100 % Veritas, Henderson, NV (b) 430 51.9 % 41.6 % 93.5 % The Cameron, Silver Spring, MD 325 55.5 % 44.5 % 100 % Skye 2905, Denver, CO 400 55.5 % 44.5 % 100 % Grand Reserve, Dallas, TX 149 74.4 % 25.6 % 100 % Stone Gate, Marlborough, MA 332 55.5 % 44.5 % 100 % 2,061 Debt investment: Jefferson Creekside, Allen, TX 444 55.5 % 44.5 % 100 % (a) Our ownership interest is based on our share of contributed capital. This ownership interest may differ over time from percentages for distributions, contributions or financing requirements for each respective CO-JV. The post-acquisition effective ownership interests based on our participation in distributable cash from the CO-JVs are the same as those presented based on contributed capital, except for Veritas where our post-acquisition effective ownership based on our current participation in distributable cash is 100%. Each of the equity investments was previously accounted for on the consolidated method of accounting with the same accounting method post-acquisition. The debt investment was previously accounted for on the equity method of accounting and post-acquisition will be accounted for on the consolidated method of accounting. (b) The remaining 6.5% is owned by a Developer Partner.
Schedule of redeemable, noncontrolling interests (NCI)	As of September 30, 2015 and December 31, 2014 , redeemable noncontrolling interests (“NCI”) consisted of the following (dollar amounts in millions): September 30, 2015 December 31, 2014 Effective Effective Amount NCI % (a) Amount NCI % (a) Developer Partners $ 30.0 0% to 10% $ 32.0 0% to 10% (a) Effective noncontrolling interest percentage is based upon the noncontrolling interest’s participation in distributable operating cash. This effective ownership is indicative of, but may differ from, percentages for distributions, contributions or financing requirements. For Co-Investment Ventures where the developer’s equity has been returned, the effective noncontrolling interest percentage is shown as zero.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Schedule of Nonvested Restricted Stock Units Activity	The following is a summary of the number of restricted stock units issued, exercised and outstanding as of September 30, 2015 and 2014: September 30, 2015 September 30, 2014 Outstanding at the beginning of the period 254,691 245,220 Issued (a) 467,951 9,471 Exercised (40,690 ) — Outstanding at the end of the period 681,952 254,691 (a) Units issued in 2015 had an average grant price of $9.58 per unit. Units issued in 2014 had a grant price of $10.03 per unit. As of September 30, 2015 , 115,296 units are vested.
Nonvested Restricted Stock Shares Activity	The following is a summary of the restricted stock issued, forfeited and outstanding as of September 30, 2015 and 2014: September 30, 2015 September 30, 2014 Outstanding at the beginning of the year — — Issued (a) 25,746 — Forfeited (4,878 ) — Outstanding at the end of the period 20,868 — (a) Shares issued in 2015 had a grant price of $9.21 per share.
Dividends Declared	The following table presents the regular distributions declared for the nine months ended September 30, 2015 and 2014 (in millions, except per share amounts): For the Nine Months Ended 2015 2014 Declared (a) Declared per Share (a) Declared (a) Declared per Share (a) Third quarter $ 12.5 $ 0.075 $ 14.9 $ 0.088 Second quarter 12.5 0.075 14.7 0.087 First quarter 12.5 0.075 14.6 0.086 Total $ 37.5 $ 0.225 $ 44.2 $ 0.261 (a) Represents distributions accruing during the period. Beginning with the fourth quarter of 2014, the board of directors authorizes regular distributions to be paid to stockholders of record with respect to a single record date each quarter. Prior to the fourth quarter of 2014, regular distributions accrued on a daily basis at a daily amount of $0.000958904 ( $0.35 annualized) per share of common stock and were paid in the following month.

Transition Expenses (Tables)

Transition Expenses (Tables)	9 Months Ended
	Sep. 30, 2015
Transition to Self-Management [Abstract]
Schedule of Transition Expenses	The table below represents the components of our transition expenses for the three and nine months ended September 30, 2014 (in millions). We did not incur any transition expenses for the three and nine months ended September 30, 2015 . For the Three Months Ended For the Nine Months Ended Special Committee and Company legal and financial advisors $ 0.1 $ 0.9 General transition services: Behringer 0.2 3.0 Other service providers 0.1 2.2 Expenses related to listing on the NYSE 0.6 0.6 Total transition expenses $ 1.0 $ 6.7

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Future minimum lease payments	Future minimum lease payments due on our lease commitment payables, primarily related to our corporate office lease which expires in 2024, are as follows (in millions): Year Future Minimum Lease Payments October 2015 through December 2015 $ 0.1 2016 0.6 2017 0.8 2018 0.8 2019 0.8 Thereafter 4.0 Total $ 7.1

Fair Value of Derivatives and35

Fair Value of Derivatives and Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring and Nonrecurring Basis	The following fair value hierarchy table presents information about our assets measured at fair value on a nonrecurring basis for the nine months ended September 30, 2015 (in millions): For the Nine Months Ended September 30, 2015 Level 1 Level 2 Level 3 Total Fair Value Gain (Loss) Assets Construction in progress $ — $ 41.2 $ — $ 41.2 $ (3.1 ) Other assets — 16.6 — 16.6 — $ — $ 57.8 $ — $ 57.8 $ (3.1 )
Schedule of carrying amounts and related estimated fair value of mortgage and notes payable	Carrying amounts and the related estimated fair value of our mortgages and notes payable as of September 30, 2015 and December 31, 2014 are as follows (in millions): September 30, 2015 December 31, 2014 Carrying Fair Carrying Fair Amount Value Amount Value Mortgages and notes payable $ 1,438.6 $ 1,447.1 $ 1,186.5 $ 1,199.6

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The table below shows the fees and expense reimbursements to Behringer in exchange for such services for the three and nine months ended September 30, 2015 and 2014 (in millions): For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Acquisition and advisory fees $ — $ — $ — $ 4.4 Property management fees — — — 11.3 Debt financing fees — 0.8 0.2 1.1 Asset management fees — — — 3.8 Administrative expense reimbursements — — — 0.9 Shareholder services — 0.4 — 0.4

Supplemental Disclosures of C37

Supplemental Disclosures of Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Information [Abstract]
Summary of supplemental cash flow information	Supplemental cash flow information for the nine months ended September 30, 2015 and 2014 is summarized below (in millions): For the Nine Months Ended 2015 2014 Supplemental disclosure of cash flow information: Interest paid, net of amounts capitalized of $13.5 million in 2015 and 2014 $ 21.4 $ 15.6 Non-cash investing and financing activities: Consolidation of controlling interest 5.0 — Transfer of real estate from construction in progress to operating real estate 387.9 233.0 Stock issued pursuant to our DRIP — 20.5 Distributions payable - regular 12.5 4.9 Construction costs and other related payables 46.8 94.1

Organization and Business (Deta

Organization and Business (Details)	1 Months Ended	9 Months Ended	12 Months Ended
	May. 31, 2015ownership_interest	Sep. 30, 2015propertycommunityinvestmentjoint_venture	Dec. 31, 2014communityinvestmentjoint_venture
Organization and business
Number of multifamily communities in which the entity has made wholly owned investments or joint venture equity		56
Number of stabilized operating properties		38
Number of multifamily communities in development | property		18
Number of wholly owned multifamily communities		12
Number of debt investments made by the entity | investment		5
Number of wholly owned investments | investment		17
Number of multifamily communities in which the entity is having ownership interest through Co-Investment Ventures		39
Number of unconsolidated joint venture equity investment in multifamily community | investment			1
Co-Investment Ventures
Number of Co-Investment Ventures | joint_venture		39	46
Number of interests acquired | ownership_interest	7
Minimum percentage of ordinary taxable income distribution requirement		90.00%
Corporate Joint Venture
Co-Investment Ventures
Effective Ownership (as a percent)		55.00%
PGGM Co JVs
Co-Investment Ventures
Number of Co-Investment Ventures | joint_venture		23	30
Number of multifamily communities		18	19
PGGM Co JVs | Minimum
Co-Investment Ventures
Effective Ownership (as a percent)		50.00%	50.00%
PGGM Co JVs | Maximum
Co-Investment Ventures
Effective Ownership (as a percent)		70.00%	70.00%
MW CO-JVs
Co-Investment Ventures
Number of Co-Investment Ventures | joint_venture		14	14
Effective Ownership (as a percent)		55.00%	55.00%
Developer CO-JVs
Co-Investment Ventures
Number of Co-Investment Ventures | joint_venture		2	2
Effective Ownership (as a percent)		100.00%	100.00%
PGGM Co JVs
Organization and business
Ownership percentage by parent		1.00%
PGGM Co JVs | Minimum
Organization and business
Effective NCI (as a percent)		30.00%	26.00%
PGGM Co JVs | Maximum
Organization and business
Effective NCI (as a percent)		45.00%	45.00%
PGGM Co JVs | Corporate Joint Venture
Co-Investment Ventures
Effective Ownership (as a percent)		45.00%
PGGM
Organization and business
Effective NCI (as a percent)		99.00%

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)segment$ / shares	Sep. 30, 2014$ / shares	Dec. 31, 2014USD ($)
Cash and Cash Equivalents
Cash and cash equivalents held by individual Co-Investment Ventures	$ 33.7		$ 42
Dilutive impact less than amount | $ / shares	$ 0.01	$ 0.01
Number of reportable segments | segment	1

Business Combinations (Narrativ

Business Combinations (Narrative) (Details) $ in Millions	1 Months Ended
	Sep. 30, 2015USD ($)unit	May. 07, 2015unit
Business Acquisition [Line Items]
Total Units		2,061
Multifamily Community, San Diego, CA | Ev
Business Acquisition [Line Items]
Total Units	208
Aggregate gross purchase price, excluding closing cots | $	$ 84
Multifamily Community, Boca Raton, FL | The Mark
Business Acquisition [Line Items]
Total Units	208
Aggregate gross purchase price, excluding closing cots | $	$ 81.7

Business Combinations (Assets A

Business Combinations (Assets Acquired and Liabilities Assumed) (Details) - Ev and The Mark $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Business Acquisition [Line Items]
Land	$ 23.9
Building and improvements	141.7
Accrued liabilities	(0.4)
Cash Consideration	$ 165.2

Business Combinations (Pro Form

Business Combinations (Pro Forma) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Acquisition expenses	$ 485	$ 0	$ 636	$ (17)
Ev and The Mark
Business Acquisition [Line Items]
Revenues			0
Acquisition expenses			500
Depreciation and amortization			300
Net loss attributable to common stockholders			$ (900)

Real Estate Investments (Detail

Real Estate Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Real Estate Investments
Buildings and improvements	$ 2,355,555		$ 2,355,555		$ 2,033,819
Less accumulated depreciation	(329,310)		(329,310)		(280,400)
Depreciation expense			71,390	$ 65,730
Intangibles
Net	18,344		18,344		21,485
Amortization expense associated with lease intangibles			3,141	3,139
Buildings and Improvements
Real Estate Investments
Buildings and improvements	2,355,600		2,355,600		2,033,800
Less accumulated depreciation	(329,300)		(329,300)		(280,400)
Net	2,026,300		2,026,300		1,753,400
Depreciation expense	24,500	$ 22,500	71,100	65,500
In-Place Leases
Intangibles
Cost	37,100		37,100		40,700
Less: accumulated depreciation and amortization	(34,900)		(34,900)		(38,300)
Net	2,200		2,200		2,400
Amortization expense associated with lease intangibles	200	$ 1,000	3,100	$ 3,100
Other Contractual
Intangibles
Cost	25,600		25,600		25,600
Less: accumulated depreciation and amortization	(9,500)		(9,500)		(6,500)
Net	16,100		16,100		19,100
Asset management, fee revenue services, and contracts
Intangibles
Net	9,200		9,200		$ 9,200
Use rights of a parking garage and site improvements
Intangibles
Net	6,800		6,800
Land air rights
Intangibles
Net	$ 9,500		$ 9,500
General Partner Interest
Intangibles
Ownership percentage by parent						1.00%

Real Estate Investments (Deta44

Real Estate Investments (Details 2) $ in Millions	Sep. 30, 2015USD ($)
Anticipated Amortization of Lease Intangibles
October through December 2015	$ 0.3
2,016	1.1
2,017	1.1
2,018	0.5
2,019	$ 0.5

Real Estate Investments (Deta45

Real Estate Investments (Details 3) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Real Estate [Abstract]
Interest	$ 4.1	$ 4.8	$ 13.5	$ 13.5
Real estate taxes	0.7	0.8	3.4	3.6
Overhead	$ 0.1	$ 0.3	$ 0.5	$ 0.6

Real Estate Investments (Deta46

Real Estate Investments (Details 4) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended
	Sep. 30, 2015acquisition	Jun. 30, 2015USD ($)	May. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Sale of Real Estate [Line Items]
Sales contract price						$ 254,600
Gains on sales of real estate				$ 34,373	$ 0	82,975	$ 16,167
Number business combinations closed | acquisition	2
Impairment related to development			$ 3,100			3,128	0
Net cash proceeds						250,311	33,134
Uptown Post Oak
Sale of Real Estate [Line Items]
Sales contract price						90,100
Gains on sales of real estate						34,400
Burnham Pointe
Sale of Real Estate [Line Items]
Sales contract price						126,000
Gains on sales of real estate						48,600
Shady Grove
Sale of Real Estate [Line Items]
Sales contract price						38,500
Gains on sales of real estate						$ 0
Net cash proceeds		$ 38,400
Tupelo Alley
Sale of Real Estate [Line Items]
Sales contract price							52,900
Gains on sales of real estate							$ 16,200

Real Estate Investments (Deta47

Real Estate Investments (Details 5) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Real Estate [Abstract]
Net income from multifamily communities sold	$ 34.4	$ 1.7	$ 83.5	$ 20.9
Less: net income attributable to noncontrolling interest	0	0	0	(7.2)
Net income attributable to common stockholders	$ 34.4	$ 1.7	$ 83.5	$ 13.7

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)loanentity	Dec. 31, 2014USD ($)entity
Variable Interest Entities
Number of variable interest entities | entity	14	15
Assets of VIE	$ 1,032.4	$ 906.9
Construction in progress	$ 354.1	582.3
Minimum | Co-Investment ventures
Variable Interest Entities
Ownership in VIEs (as a percent)	55.00%
Maximum | Co-Investment ventures
Variable Interest Entities
Ownership in VIEs (as a percent)	100.00%
Multifamily community
Variable Interest Entities
Number of VIEs having debt | entity	12
Construction financing closed by VIEs	$ 587.9
Amount drawn under construction loan	$ 450.9
Construction Loans
Variable Interest Entities
Guarantor Obligations, Number of Loans | loan	10
Total commitments under guarantee	$ 534.7
Amount outstanding	$ 401.1
Number of non-recourse loans | loan	2
Construction loan | Minimum
Variable Interest Entities
Percentage guaranteed on loans	10.00%
Construction loan | Maximum
Variable Interest Entities
Percentage guaranteed on loans	25.00%
Operating Real Estate Investment Property, Net
Variable Interest Entities
Assets of VIE	$ 658.9	$ 282.1

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Other Assets [Line Items]
Notes receivable, net	$ 53,600	$ 59,800
Escrows and restricted cash	7,600	8,000
Deferred financing costs, net	16,000	17,400
Resident, tenant and other receivables	18,400	14,000
Prepaid assets, deposits and other assets	12,300	6,100
Investment in unconsolidated real estate joint venture	0	5,000
Total other assets	$ 107,939	$ 110,282
Weighted average interest rate on notes receivables (as a percent)	14.80%
Remaining period to scheduled maturity on notes receivables, years	7 months 13 days
Minimum
Other Assets [Line Items]
Notes Receivable, Extension Option Period	1 year
Maximum
Other Assets [Line Items]
Notes Receivable, Extension Option Period	2 years

Mortgages and Notes Payable (De

Mortgages and Notes Payable (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)loan	Dec. 31, 2014USD ($)
Mortgage loans payable
Mortgages and notes payable	$ 1,438,563	$ 1,186,481
One-month LIBOR
Mortgage loans payable
Monthly LIBOR interest rate at period end	0.19%
Guarantee of Indebtedness of Others
Mortgage loans payable
Current guarantee	$ 75,900
Maximum guarantee	103,900
Mortgages and notes payable
Mortgage loans payable
Total	1,435,700
Plus: unamortized adjustments from business combinations	2,900
Mortgages and notes payable	1,438,600	1,186,500
Net consolidated carrying value of real estate that collateralized the mortgage loans payable	2,500,000
Mortgages and notes payable | Parent
Mortgage loans payable
Total	374,300
Mortgages and notes payable	374,300	120,200
Mortgages and notes payable | Consolidated co-investment venture
Mortgage loans payable
Total	1,061,400	1,062,000
Plus: unamortized adjustments from business combinations	2,900	4,300
Mortgages and notes payable	1,064,300	1,066,300
Construction loan
Mortgage loans payable
Total loan commitment	641,400
Commitments outstanding	492,800
Amount available to draw	$ 148,600
Construction loan | Minimum
Mortgage loans payable
Percentage guaranteed on loans	10.00%
Construction loan | Maximum
Mortgage loans payable
Percentage guaranteed on loans	25.00%
Parent company, fixed rate mortgage payable | Mortgages and notes payable | Parent
Mortgage loans payable
Fixed rate mortgages payable	$ 298,400	87,200
Wtd. Average Interest Rates (as a percent)	3.88%
Parent company, variable construction loan payable, in construction | Construction loan | Parent
Mortgage loans payable
Variable rate mortgages payable	$ 59,600	20,600
Interest rate base	Monthly LIBOR
Interest rate margin (as a percent)	2.13%
Number of loans | loan	10
Total loan commitment	$ 534,700
Parent company, variable construction loan payable, in construction | Construction loan | Parent | Minimum
Mortgage loans payable
Extension option period	1 year
Percentage guaranteed on loans	10.00%
Parent company, variable construction loan payable, in construction | Construction loan | Parent | Maximum
Mortgage loans payable
Extension option period	2 years
Percentage guaranteed on loans	25.00%
Parent company, variable construction loan payable, in construction, operating | Construction loan | Parent
Mortgage loans payable
Variable rate mortgages payable	$ 16,300	12,400
Interest rate base	Monthly LIBOR
Interest rate margin (as a percent)	2.08%
Co-investment venture, fixed rate mortgages payable | Mortgages and notes payable | Consolidated co-investment venture
Mortgage loans payable
Fixed rate mortgages payable	$ 632,800	827,700
Wtd. Average Interest Rates (as a percent)	3.49%
Co-investment venture, variable rate mortgage payable | Mortgages and notes payable | Consolidated co-investment venture
Mortgage loans payable
Variable rate mortgages payable	$ 11,700	12,000
Interest rate base	Monthly LIBOR
Interest rate margin (as a percent)	2.35%
Co-investment venture, fixed rate construction loan payable, in construction | Construction loan | Consolidated co-investment venture
Mortgage loans payable
Fixed rate mortgages payable	$ 41,800	28,000
Wtd. Average Interest Rates (as a percent)	4.00%
Number of loans | loan	2
Total loan commitment	$ 84,800
Co-investment venture, fixed rate construction loan payable, operating | Construction loan | Consolidated co-investment venture
Mortgage loans payable
Fixed rate mortgages payable	$ 29,200	29,000
Interest rate margin (as a percent)	4.31%
Co-investment venture, variable rate construction payable, in construction | Construction loan | Parent | Minimum
Mortgage loans payable
Extension option period	1 year
Co-investment venture, variable rate construction payable, in construction | Construction loan | Parent | Maximum
Mortgage loans payable
Extension option period	2 years
Co-investment venture, variable rate construction payable, in construction | Construction loan | Consolidated co-investment venture
Mortgage loans payable
Variable rate mortgages payable	$ 240,500	90,400
Interest rate base	Monthly LIBOR
Interest rate margin (as a percent)	2.10%
Number of loans | loan	11
Total loan commitment	$ 556,600
Co-investment venture, variable rate construction payable, operating | Construction loan | Consolidated co-investment venture
Mortgage loans payable
Variable rate mortgages payable	$ 105,400	$ 74,900
Interest rate base	Monthly LIBOR
Interest rate margin (as a percent)	2.08%

Mortgages and Notes Payable (51

Mortgages and Notes Payable (Details 2) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Contractual principal payments for the five subsequent years and thereafter
Mortgages and notes payable	$ 1,438,563	$ 1,186,481
Mortgages
Contractual principal payments for the five subsequent years and thereafter
October through December 2015	2,200
2,016	186,100
2,017	299,600
2,018	501,900
2,019	220,500
Thereafter	225,400
Total	1,435,700
Add: unamortized adjustments from business combinations	2,900
Mortgages and notes payable	1,438,600	1,186,500
Mortgages | Parent
Contractual principal payments for the five subsequent years and thereafter
October through December 2015	1,100
2,016	4,700
2,017	21,600
2,018	213,500
2,019	79,500
Thereafter	53,900
Total	374,300
Mortgages and notes payable	374,300	120,200
Mortgages | Consolidated co-investment venture
Contractual principal payments for the five subsequent years and thereafter
October through December 2015	1,100
2,016	181,400
2,017	278,000
2,018	288,400
2,019	141,000
Thereafter	171,500
Total	1,061,400	1,062,000
Add: unamortized adjustments from business combinations	2,900	4,300
Mortgages and notes payable	$ 1,064,300	$ 1,066,300

Credit Facilities Payable (Narr

Credit Facilities Payable (Narrative) (Details)	1 Months Ended		9 Months Ended
	Oct. 31, 2015USD ($)	Jan. 31, 2015USD ($)community	Sep. 30, 2015USD ($)credit_facility
Line of Credit Facility [Line Items]
Number of credit facilities | credit_facility			2
One-month LIBOR
Line of Credit Facility [Line Items]
Monthly LIBOR interest rate at period end			0.19%
Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 150,000,000
Net carrying value of real estate that collateralized the credit facility			$ 32,000,000
Percentage of the value of the collateral pool up to which borrowings can be made under the facility			70.00%
Current borrowing capacity			$ 34,000,000
Credit Facility | Minimum
Line of Credit Facility [Line Items]
Borrowing required under the loan			10,000,000
Consolidated net worth required to be maintained			150,000,000
Consolidated liquidity required to be maintained			$ 15,000,000
Net operating income of the collateral pool required to be maintained expressed as percentage of the facility debt service cost			155.00%
Credit Facility | Base rate
Line of Credit Facility [Line Items]
Variable rate basis			base rate
Credit Facility | One-month or three-month LIBOR rate
Line of Credit Facility [Line Items]
Variable rate basis			one-month or three-month LIBOR rate
Credit Facility | One-month LIBOR rate
Line of Credit Facility [Line Items]
Variable rate basis			one-month LIBOR
Applicable margin (as a percent)			2.16%
Base rate (as a percent)			0.19%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 400,000,000	$ 200,000,000
Consolidated net worth required to be maintained		$ 1,160,000,000
Extension option period		1 year
Additional capacity available after certain conditions		$ 200,000,000
Number of multifamily communities pledged | community		2
Maximum consolidated total indebtedness to total gross asset value		65.00%
Minimum adjusted consolidated EBITDA to consolidated fixed charges		1.50
Maximum distributions as a percent of funds from operations		95.00%
Distributions as a percent of funds from operations			74.00%
Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Applicable margin (as a percent)			2.50%
Subsequent Event | Credit Facility
Line of Credit Facility [Line Items]
Real estate additions to collateral pool	$ 119,900,000
Total available amount under credit facility	$ 108,200,000
Subsequent Event | Credit Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Applicable margin (as a percent)	2.08%

Credit Facilities Payable (Deta

Credit Facilities Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Credit facilities payable	$ 57,000	$ 10,000
Credit Facility
Line of Credit Facility [Line Items]
Credit facilities payable	30,000	10,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facilities payable	$ 27,000	$ 0

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) $ / shares in Units, $ in Thousands	May. 07, 2015USD ($)ownership_interestunitcommunity	Feb. 28, 2014joint_venture	Feb. 28, 2014USD ($)	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)	May. 06, 2015	Dec. 31, 2014USD ($)
Non-redeemable, Noncontrolling Interests
Subsidiary preferred units				$ 2,100			$ 1,900
Non-redeemable noncontrolling interests				464,680			540,747
Operating activities				11,800	$ 15,900
Investing and financing activities				30,100	15,100
Total				41,872	$ 31,035
Total Units | unit	2,061
Developer CO-JVs
Non-redeemable, Noncontrolling Interests
Percent of noncontrolling interest sold		37.00%
Number of investments sold | joint_venture		2
Sale of noncontrolling interest			$ 13,200
Decrease in additional paid in capital			$ 800
PGGM Co JVs
Non-redeemable, Noncontrolling Interests
Joint ventures				$ 331,800			$ 390,500
Equity investments - Ownership percentage by parent				1.00%
PGGM Co JVs | Minimum
Non-redeemable, Noncontrolling Interests
Effective NCI (as a percent)				30.00%			26.00%
PGGM Co JVs | Maximum
Non-redeemable, Noncontrolling Interests
Effective NCI (as a percent)				45.00%			45.00%
MW Co-Investment Partner
Non-redeemable, Noncontrolling Interests
Joint ventures				$ 127,000			$ 144,900
Effective NCI (as a percent)				45.00%			45.00%
Annual distribution rate (as a percent)				12.50%
Redemption price of preferred units (in dollars per unit) | $ / shares				$ 500
MW Co-Investment Partner | Minimum
Non-redeemable, Noncontrolling Interests
Number of preferred units issued by subsidiary of joint venture | shares				121
Redemption premium of preferred units for first year (in dollars per unit) | $ / shares				$ 50
MW Co-Investment Partner | Maximum
Non-redeemable, Noncontrolling Interests
Number of preferred units issued by subsidiary of joint venture | shares				125
Redemption premium of preferred units for first year (in dollars per unit) | $ / shares				$ 100
Decline in redemption premium of preferred units (in dollars per unit) | $ / shares				$ 25
Developer CO-JVs
Non-redeemable, Noncontrolling Interests
Joint ventures				$ 3,800			$ 3,400
Effective NCI (as a percent)				0.00%			0.00%
PGGM
Non-redeemable, Noncontrolling Interests
Noncontrolling Interest, Number of Interests Acquired | ownership_interest	6
Number of multifamily communities | community	6
Number of controlling interests | ownership_interest	1
Net purchase price	$ 119,800
Payments funded by existing cash balances	9,800
Payments funded by draws under credit facilities	110,000
Fee income received from Joint Venture	1,000
Promoted interest payment	$ 3,500
The District Universal Boulevard | Florida
Non-redeemable, Noncontrolling Interests
Total Units | unit	425
Equity investments - Ownership percentage by parent						55.50%
Equity investments - Acquired Interest	44.50%
Equity investments - Post Acquisition	100.00%
Veritas | Nevada
Non-redeemable, Noncontrolling Interests
Effective NCI (as a percent)	6.50%
Total Units | unit	430
Equity investments - Ownership percentage by parent	93.50%					51.90%
Equity investments - Acquired Interest	41.60%
The Cameron | Maryland
Non-redeemable, Noncontrolling Interests
Total Units | unit	325
Equity investments - Ownership percentage by parent						55.50%
Equity investments - Acquired Interest	44.50%
Equity investments - Post Acquisition	100.00%
Skye 2905 | Colorado
Non-redeemable, Noncontrolling Interests
Total Units | unit	400
Equity investments - Ownership percentage by parent						55.50%
Equity investments - Acquired Interest	44.50%
Equity investments - Post Acquisition	100.00%
Grand Reserve | Texas
Non-redeemable, Noncontrolling Interests
Total Units | unit	149
Equity investments - Ownership percentage by parent						74.40%
Equity investments - Acquired Interest	25.60%
Equity investments - Post Acquisition	100.00%
Stone Gate | Massachusetts
Non-redeemable, Noncontrolling Interests
Total Units | unit	332
Equity investments - Ownership percentage by parent						55.50%
Equity investments - Acquired Interest	44.50%
Equity investments - Post Acquisition	100.00%
Jefferson Creekside | Texas
Non-redeemable, Noncontrolling Interests
Total Units | unit	444
Debt investment - Ownership percentage by parent	100.00%					55.50%
Debt investment - Acquired Interest	44.50%

Noncontrolling Interests (Det55

Noncontrolling Interests (Details 2) - USD ($) $ in Thousands	May. 07, 2015	Sep. 30, 2015	Dec. 31, 2014
Redeemable, Noncontrolling Interest
Amount		$ 29,969	$ 32,012
Payments to acquire interest in joint ventures	$ 59,300
Developer CO-JVs - Redeemable
Redeemable, Noncontrolling Interest
Amount		$ 30,000	$ 32,000
Developer CO-JVs - Redeemable | Minimum
Redeemable, Noncontrolling Interest
Effective NCI (as a percent)		0.00%	0.00%
Put option exercise period		1 year
Developer CO-JVs - Redeemable | Maximum
Redeemable, Noncontrolling Interest
Effective NCI (as a percent)		10.00%	10.00%
Nonrecurring basis
Redeemable, Noncontrolling Interest
Total Fair Value		$ 57,800
Nonrecurring basis | Level 2
Redeemable, Noncontrolling Interest
Total Fair Value		57,800
Nonrecurring basis | Other assets
Redeemable, Noncontrolling Interest
Total Fair Value		16,600
Nonrecurring basis | Other assets | Level 2
Redeemable, Noncontrolling Interest
Total Fair Value		$ 16,600

Stockholders' Equity (Details)

Stockholders' Equity (Details)	Jul. 31, 2013vote$ / sharesshares	Sep. 30, 2015$ / sharesshares	Sep. 30, 2014	Dec. 31, 2014$ / sharesshares
Capitalization
Preferred stock, shares issued | shares		10,000		10,000
Preferred stock, dividend rate, percentage		7.00%	7.00%
Preferred stock, par value (in dollars per share)		$ 0.0001		$ 0.0001
Preferred stock, liquidation preference per share		$ 10		$ 10
Series A Preferred Stock | Advisor
Capitalization
Preferred stock, shares issued | shares	10,000
Preferred stock, dividend rate, percentage	7.00%
Preferred stock, par value (in dollars per share)	$ 0.0001
Number of voting rights per share | vote	1
Preferred stock, liquidation preference per share	$ 10
Excess percentage preferred stock conversion into common stock	17.25%
Cumulative required return on issue price of outstanding shares, percentage	7.00%

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance	20,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based compensation expense	$ 1.7	$ 0.6
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period,years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance	254,691	245,220
Issued	467,951	9,471
Exercised	(40,690)	0
Ending balance	681,952	254,691
Weighted-average grant date fair value	$ 9.58		$ 10.03
Vested in period	115,296
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period,years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance	0	0
Issued	25,746	0
Forfeited	(4,878)	0
Ending balance	20,868	0
Weighted-average grant date fair value	$ 9.21

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2014	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity [Abstract]
Declared		$ 12.5	$ 12.5	$ 12.5	$ 14.9	$ 14.7	$ 14.6	$ 37.5	$ 44.2
Common stock dividends authorized (in dollars per share)		$ 0.075	$ 0.075	$ 0.075	$ 0.088	$ 0.087	$ 0.086	$ 0.225	$ 0.261
Daily distribution amount (in dollars per share)	$ 0.000958904
Annual distribution amount (in dollars per share)	$ 0.35

Stockholders' Equity (Details 5

Stockholders' Equity (Details 5) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2014USD ($)$ / sharesshares
Share Redemption Program
Number of shares of common stock redeemed | shares	1,591,952
Common stock average redemption share price (in dollars per share) | $ / shares	$ 8.78
Common stock, value of redemption properly submitted	$ 14

Transition Expenses (Details)

Transition Expenses (Details) - Behringer Harvard Multifamily Advisors I - USD ($) $ in Millions	3 Months Ended	9 Months Ended	14 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
Transition to Self-Management [Line Items]
Transaction to self-management, general transition services fee			$ 7.2
Payment for general transition services	$ 0.1	$ 0.4

Transition Expenses (Details 2)

Transition Expenses (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Transition to Self-Management [Abstract]
Special Committee and Company legal and financial advisors		$ 100		$ 900
General transition services: Behringer		200		3,000
General transition services: Other service providers		100		2,200
General transition services: Expenses related to listing on the NYSE		600		600
Transition expenses	$ 0	$ 1,016	$ 0	$ 6,666

Commitments and Contingencies62

Commitments and Contingencies (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Commitments
Deferred revenues, primarily lease revenues, net	$ 17,853,000	$ 18,955,000
Commitments to provide affordable housing
Commitments
Reimbursement of annual payments made by the housing authority	0
Commitments to provide affordable housing | The Gallery At NoHo Commons
Commitments
Level annual payments made by the housing authority	$ 2,000,000
Period during which no reimbursements are made by housing authority, years	20 years
Liability under contract	$ 14,000,000
Deferred revenues, primarily lease revenues, net	17,200,000	$ 18,300,000
Construction and development contracts
Commitments
Liability under contract	$ 121,100,000
Period in which construction costs are expected to be paid, months	24 months

Commitments and Contingencies63

Commitments and Contingencies (Details 2) $ in Millions	Sep. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
October 2015 through December 2015	$ 0.1
2,016	0.6
2,017	0.8
2,018	0.8
2,019	0.8
Thereafter	4
Total	$ 7.1

Fair Value of Derivatives and64

Fair Value of Derivatives and Financial Instruments (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	May. 31, 2015	Sep. 30, 2015	Sep. 30, 2014	Apr. 30, 2015
Fair value of derivatives and financial instruments
Real estate investment property, fair value				$ 44,400
Impairment related to development	$ 3,100	$ 3,128	$ 0
Nonrecurring basis
Fair value of derivatives and financial instruments
Fair value adjustments		$ (3,100)

Fair Value of Derivatives and65

Fair Value of Derivatives and Financial Instruments (Details 1) - Nonrecurring basis $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	$ 57.8
Gain (Loss)	(3.1)
Construction in progress
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	41.2
Gain (Loss)	(3.1)
Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	16.6
Gain (Loss)	0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0
Level 1 | Construction in progress
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0
Level 1 | Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	57.8
Level 2 | Construction in progress
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	41.2
Level 2 | Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	16.6
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0
Level 3 | Construction in progress
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0
Level 3 | Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	$ 0

Fair Value of Derivatives and66

Fair Value of Derivatives and Financial Instruments (Details 2) - Level 2 - Mortgages and notes payable - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Carrying Amount
Fair Value
Mortgages and notes payable	$ 1,438.6	$ 1,186.5
Fair Value
Fair Value
Mortgages and notes payable	$ 1,447.1	$ 1,199.6

Related Party Arrangements (Det

Related Party Arrangements (Details) $ in Millions	Jul. 31, 2013employee	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Minimum
Related Party Transaction [Line Items]
Fee percent	0.90%
Maximum
Related Party Transaction [Line Items]
Fee percent	1.00%
Behringer Harvard Multifamily Advisors I
Related Party Transaction [Line Items]
Number of employees | employee	0
Transition to Self-Management | Behringer Harvard Multifamily Advisors I
Related Party Transaction [Line Items]
Acquisition fees credited				$ 0.1	$ 2.5
Acquisition and advisory fees		$ 0	$ 0	0	4.4
Property management fees		0	0	0	11.3
Debt financing fees		0	0.8	0.2	1.1
Asset management fees		0	0	0	3.8
Administrative expense reimbursements		0	0	0	0.9
Shareholder services		$ 0	$ 0.4	$ 0	$ 0.4

Supplemental Disclosures of C68

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Supplemental Cash Flow Information [Abstract]
Interest paid, net of amounts capitalized of $13.5 million in 2015 and 2014	$ 21.4	$ 15.6
Interest capitalized	13.5	13.5
Non-cash investing and financing activities:
Consolidation of controlling interest	5	0
Transfer of real estate from construction in progress to operating real estate	387.9	233
Stock issued pursuant to our DRIP	0	20.5
Distributions payable - regular	12.5	4.9
Construction costs and other related payables	$ 46.8	$ 94.1

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - $ / shares	Nov. 04, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014
Subsequent Event [Line Items]
Common stock dividends authorized (in dollars per share)		$ 0.075	$ 0.075	$ 0.075	$ 0.088	$ 0.087	$ 0.086	$ 0.225	$ 0.261
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends authorized (in dollars per share)	$ 0.075