Lightstone Value Plus REIT V (LVVP) 10-K 1 Apr 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2018	Mar. 15, 2019	Jun. 30, 2018
Document and Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Registrant Name	Lightstone Value Plus Real Estate Investment Trust V, Inc.
Entity Central Index Key	0001387061
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		23.4
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investment property:
Land and improvements	$ 46,175	$ 40,354
Building and improvements	194,726	157,073
Furniture, fixtures and equipment	6,285	5,812
Gross investment property	247,186	203,239
Less accumulated depreciation	(46,182)	(38,373)
Net investment property	201,004	164,866
Investment in unconsolidated joint venture	10,944	10,944
Cash and cash equivalents	29,607	52,147
Marketable securities, available for sale	14,386	0
Restricted cash	3,045	5,213
Prepaid expenses and other assets	5,471	2,994
Total Assets	264,457	236,164
Liabilities and Stockholders' Equity
Notes payable, net	139,016	89,921
Accounts payable, accrued and other liabilities	3,634	4,150
Payables to related parties	316	33
Distributions payable to noncontrolling interests	0	27
Accrued property tax	1,670	2,398
Total liabilities	144,636	96,529
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, $.0001 par value per share; 50,000,000 shares authorized, none issued and outstanding	0	0
Convertible stock, $.0001 par value per share; 1,000 shares authorized, issued and outstanding	0	0
Common stock, $.0001 par value per share; 350,000,000 shares authorized, 23,431,408 and 24,646,494 shares issued and outstanding, respectively	2	2
Additional paid-in-capital	214,537	224,923
Accumulated other comprehensive loss	(217)	(27)
Accumulated deficit	(95,295)	(90,108)
Total Company stockholders' equity	119,027	134,790
Noncontrolling interests	794	4,845
Total Stockholder's Equity	119,821	139,635
Total Liabilities and Stockholders' Equity	$ 264,457	$ 236,164

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Convertible stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible stock, shares authorized (in shares)	1,000	1,000
Convertible Stock Shares Issued (in share)	0	0
Convertible stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	23,431,408	24,646,494
Common stock, shares outstanding (in shares)	23,431,408	24,646,494

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Revenues
Total revenues	$ 27,511	$ 37,544
Expenses
Property operating expenses	10,151	8,855
Hotel operating expenses	0	9,299
Interest expense, net	6,119	6,129
Real estate taxes	4,522	4,343
Impairment charge	0	4,132
Property management fees	1,056	1,258
Asset management fees	1,610	1,782
General and administrative	3,815	4,512
Depreciation and amortization	9,653	9,618
Total expenses	36,926	49,928
Interest income, net	734	279
Income from investment in unconsolidated joint venture	0	17,931
Gain on early extinguishment of debt	2,778	0
Other income , net	2	8
Loss (gain) before gain on sale of real estate and income taxes	(5,901)	5,834
Gain on sale of real estate, net	537	21,605
Income (expense) tax benefit	(4)	1,604
Net (loss) income	(5,368)	29,043
Net loss (income) attributable to the noncontrolling interest	181	(4,485)
Net (loss) income attributable to the Company's shares	$ (5,187)	$ 24,558
Weighted average shares outstanding:
Basic and diluted	24,177	24,950
Basic and diluted (loss) income per share	$ (0.21)	$ 0.98
Comprehensive (loss) income:
Net (loss) income	$ (5,368)	$ 29,043
Other comprehensive income:
Holding loss on marketable securities	(189)	0
Foreign currency translation (loss) gain	(1)	468
Total other comprehensive (loss) income	(190)	468
Comprehensive (loss) income:	(5,558)	29,511
Comprehensive loss (income) attributable to noncontrolling interests	181	(4,485)
Comprehensive (loss) income attributable to the Company's shares	(5,377)	25,026
Rental revenues [Member]
Revenues
Total revenues	27,511	24,337
Hotel revenues [Member]
Revenues
Total revenues	$ 0	$ 13,207

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Convertible Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interest
BALANCE at Dec. 31, 2016	$ 118,639	$ 0	$ 3	$ 227,891	$ (114,666)	$ (495)	$ 5,906
BALANCE (in shares) at Dec. 31, 2016		1	25,219
Net (loss) income	29,043	$ 0	$ 0	0	24,558	0	4,485
Contributions from noncontrolling interest holders	55	0	0	0		0	55
Distributions to noncontrolling interest holders	(5,601)	0	0	0	0	0	(5,601)
Redemption and cancellation of shares	(2,969)	$ 0	$ (1)	(2,968)	0	0	0
Redemption and cancellation of shares (in shares)		0	(572)
Other comprehensive income (loss):
Foreign currency translation gain (loss)	468	$ 0	$ 0	0	0	468	0
Holding loss on marketable securities, available for sale	0
BALANCE at Dec. 31, 2017	139,635	$ 0	$ 2	224,923	(90,108)	(27)	4,845
BALANCE (in shares) at Dec. 31, 2017		1	24,647
Net (loss) income	(5,368)	$ 0	$ 0	0	(5,187)	0	(181)
Contributions from noncontrolling interest holders	76	0	0	0	0	0	76
Distributions to noncontrolling interest holders	(3,775)	0	0	0	0	0	(3,775)
Redemption and cancellation of shares	(8,627)	$ 0	$ 0	(8,627)	0	0	0
Redemption and cancellation of shares (in shares)		0	(1,215)
Acquisition of noncontrolling interest in a subsidiary	(1,930)	$ 0	$ 0	(1,759)	0	0	(171)
Other comprehensive income (loss):
Foreign currency translation gain (loss)	(1)	0	0	0	0	(1)	0
Holding loss on marketable securities, available for sale	(189)	0	0	0	0	(189)	0
BALANCE at Dec. 31, 2018	$ 119,821	$ 0	$ 2	$ 214,537	$ (95,295)	$ (217)	$ 794
BALANCE (in shares) at Dec. 31, 2018		1	23,432

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (5,368)	$ 29,043
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	9,653	9,618
Amortization of deferred financing fees	389	509
Loss on sale of marketable securities	7	0
Gain on extinguishment of debt	(2,778)	0
Impairment charge	0	4,132
Income from investment in unconsolidated joint venture	0	(17,931)
Gain on sale of real estate	(537)	(21,605)
Other non-cash adjustments, net	174	(746)
Changes in operating assets and liabilities:
(Increase) decrease in prepaid expenses and other assets	(3,068)	75
Increase (decrease) in accounts payable, and accrued and other liabilities	3,024	(81)
Increase (decrease) in payables to related parties	283	(337)
Net cash provided by operating activities	1,779	2,677
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(26,154)	(38,085)
Net proceeds from sale of real estate and other assets	0	24,047
Cash transferred in foreclosure	(1,779)	0
Purchase of marketable securities	(16,831)	0
Proceeds from sale of marketable securities	2,249	0
Acquired restricted escrow deposits	339	0
Acquisition of noncontrolling interest in a subsidiary	(1,930)
Distributions from unconsolidated joint venture	0	21,645
Net cash (used in) provided by investing activities	(44,106)	7,607
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable	90,374	36,000
Payments on notes payable	(57,867)	(52,630)
Payment of loan fees and expenses	(2,534)	(1,465)
Redemptions of common stock	(8,627)	(2,969)
Contributions from noncontrolling interest holders	76	55
Distributions to noncontrolling interest holders	(3,802)	(5,595)
Net cash provided by (used in) financing activities	17,620	(26,604)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(1)	468
Net change in cash, cash equivalents and restricted cash	(24,708)	(15,852)
Cash, cash equivalents and restricted cash, beginning of year	57,360	73,212
Cash, cash equivalents and restricted cash, end of year	32,652	57,360
Supplemental cash flow information for the years indicated is as follows:
Cash paid for interest, net of amounts capitalized	4,020	5,878
Holding loss on marketable securities, available for sale	189	0
Debt assumed by buyer in connection with disposition of investment property	0	36,000
Mortgage assumed for acquisition	37,600	0
Assets transferred due to foreclosure	18,061	0
Liabilities extinguished in foreclosure	22,618	0
Capital expenditures for real estate in accrued liabilities and accounts payable	164	51
Accrued distributions to noncontrolling interest	$ 0	$ 27

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	1. Business and Organization Business Lightstone Value Plus Real Estate Investment Trust V, Inc. which was previously named Behringer Harvard Opportunity REIT II, Inc., prior to July 20, 2017 (which may be referred to as the “Company,” “we,” “us,” or “our”), was organized as a Maryland corporation on January 9, 2007 and has elected to be taxed, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. We were formed primarily to acquire and operate commercial real estate and real estate-related assets on an opportunistic and value-add basis. In particular, we have focused generally on acquiring commercial properties with significant possibilities for capital appreciation, such as those requiring development, redevelopment, or repositioning, those located in markets and submarkets with high growth potential, and those available from sellers who are distressed or face time-sensitive deadlines. We have acquired a wide variety of commercial properties, including office, industrial, retail, hospitality, and multifamily. We have purchased existing, income-producing properties, and newly-constructed properties. We have also invested in other real estate-related investments such as mortgage and mezzanine loans. We intend to hold the various real properties in which we have invested until such time as our board of directors determines that a sale or other disposition appears to be advantageous to achieve our investment objectives or until it appears that the objectives will not be met. As of December 31, 2018, we had eight real estate investments, seven of which were consolidated (three wholly owned properties and four properties consolidated through investments in joint ventures) and one real estate investment which we account for under the equity method. Substantially all of our business is conducted through Lightstone REIT V OP LP, which was previously named Behringer Harvard Opportunity OP II LP, a limited partnership organized in Delaware (the “Operating Partnership”). As of December 31, 2018, our wholly-owned subsidiary, BHO II, Inc., a Delaware corporation, owned a 0.1% partnership interest in the Operating Partnership as its sole general partner. As of December 31, 2018, our wholly-owned subsidiary, BHO Business Trust II, a Maryland business trust, was the sole limited partner of the Operating Partnership and owned the remaining 99.9% interest in the Operating Partnership. Our business has been managed by an external advisor since the commencement of our initial public offering, and we have no employees. From January 4, 2008 through February 10, 2017, an affiliate of Stratera Services, LLC, formerly known as “Behringer Harvard Holdings, LLC” (“Behringer”), acted as our external advisor (the “Behringer Advisor”). On February 10, 2017, we terminated our engagement of the Behringer Advisor and engaged affiliates of the Lightstone Group (“Lightstone”), LSG-BH II Advisor LLC and LSG Development Advisor LLC (collectively, the “Advisor”), to provide advisory services to us. The external advisor is responsible for managing our day-to-day affairs and for services related to the management of our assets. Organization We commenced an initial public offering of our common stock on January 21, 2008 (the "Initial Offering"), including shares offered pursuant to our distribution reinvestment plan (the “DRP”). On July 3, 2011, the Initial Offering terminated in accordance with its terms. On July 5, 2011, we commenced a follow-on public offering of our common stock (the "Follow-On Offering"), including shares offered pursuant to our DRP. We terminated the primary component of the Follow-On Offering effective March 15, 2012 and the DRP component effective April 3, 2012. We raised gross offering proceeds of approximately $265.3 million from the sale of approximately 26.7 million shares under the Offerings, including shares sold under the DRP. In connection with our initial capitalization, we issued 22.5 thousand shares of our common stock and 1.0 thousand shares of our convertible stock to Behringer on January 19, 2007. Behringer transferred its shares of convertible stock to one of its affiliates on April 2, 2010. Behringer's affiliate transferred its shares of convertible stock to an affiliate of Lightstone on February 10, 2017. As of December 31, 2018, we had 24.6 million shares of common stock outstanding and 1.0 thousand shares of convertible stock outstanding. The outstanding convertible stock is held by an affiliate of Lightstone. Our common stock is not currently listed on a national securities exchange. The timing of a liquidity event for our stockholders will depend upon then prevailing market conditions. We previously targeted the commencement of a liquidity event within six years after the termination of our Initial Offering, which occurred on July 3, 2011. On June 29, 2017, our board of directors elected to extend the targeted timeline an additional six years until June 30, 2023 based on their assessment of our investment objectives and liquidity options for our stockholders. However, we can provide no assurances as to the actual timing of the commencement of a liquidity event for our stockholders or the ultimate liquidation of the Company. We will seek stockholder approval prior to liquidating our entire portfolio.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant assumptions and estimates relate to the valuation of real estate including impairment and depreciable lives. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. Principles of Consolidation and Basis of Presentation Our consolidated financial statements include our accounts and the accounts of other subsidiaries over which we have control. All inter-company transactions, balances, and profits have been eliminated in consolidation. In addition, interests in entities acquired are evaluated based on applicable GAAP, and entities deemed to be variable interest entities (“VIE”) in which we are the primary beneficiary are also consolidated. If the interest in the entity is determined not to be a VIE, then the entity is evaluated for consolidation based on legal form, economic substance, and the extent to which we have control, substantive participating rights or both under the respective ownership agreement. For entities in which we have less than a controlling interest but have significant influence, we account for the investment using the equity method of accounting. There are judgments and estimates involved in determining if an entity in which we have made an investment is a VIE and, if so, whether we are the primary beneficiary. The entity is evaluated to determine if it is a VIE by, among other things, calculating the percentage of equity being risked compared to the total equity of the entity. Determining expected future losses involves assumptions of various possibilities of the results of future operations of the entity, assigning a probability to each possibility, and using a discount rate to determine the net present value of those future losses. A change in the judgments, assumptions, and estimates outlined above could result in consolidating an entity that should not be consolidated or accounting for an investment using the equity method that should in fact be consolidated, the effects of which could be material to our consolidated financial statements. Accounting for Acquisitions of Investment Property The cost of the real estate assets acquired in an asset acquisition is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their relative fair values. Fees incurred related to asset acquisitions are capitalized as part of the cost of the investment. Upon the acquisition of real estate properties that meet the definition of a business, we recognize the assets acquired, the liabilities assumed and any noncontrolling interest as of the acquisition date, measured at their fair values. The acquisition date is the date on which we obtain control of the real estate property. The assets acquired and liabilities assumed may consist of land, inclusive of associated rights, buildings, assumed debt, identified intangible assets and liabilities, and asset retirement obligations. Identified intangible assets generally consist of above-market leases, in-place leases, in-place tenant improvements, in-place leasing commissions, and tenant relationships. Identified intangible liabilities generally consist of below-market leases. Goodwill is recognized as of the acquisition date and measured as the aggregate fair value of the consideration transferred and any noncontrolling interests in the acquiree over the fair value of the identifiable net assets acquired. Likewise, a bargain purchase gain is recognized in current earnings when the aggregate fair value of the consideration transferred and any noncontrolling interests in the acquiree is less than the fair value of the identifiable net assets acquired. Acquisition-related costs are expensed in the period incurred. Initial valuations are subject to change until our information is finalized, which is no later than 12 months from the acquisition date. The fair value of the tangible assets acquired, consisting of land and buildings, is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings. Land values are derived from appraisals, and building values are calculated as replacement cost less depreciation or management’s estimates of the fair value of these assets using discounted cash flow analyses or similar methods believed to be used by market participants. The value of hotels and all other buildings is depreciated over the estimated useful lives of 39 years and 25 years, respectively, using the straight-line method. We determine the fair value of assumed debt by calculating the net present value of the scheduled mortgage payments using interest rates for debt with similar terms and remaining maturities that management believes we could obtain at the date of the debt assumption. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining life of the loan using the effective interest method. Cash and Cash Equivalents We consider investments in highly liquid money market funds or investments with original maturities of three months or less to be cash equivalents. The carrying amount of cash and cash equivalents reported on the balance sheet approximates fair value. Restricted Cash As required by our lenders, restricted cash is held in escrow accounts for anticipated capital expenditures, real estate taxes, and other reserves for certain of our consolidated properties. Capital reserves are typically utilized for non-operating expenses such as tenant improvements, leasing commissions, and major capital expenditures. Alternatively, a lender may require its own formula for an escrow of capital reserves. Restricted cash may also include certain funds temporarily placed in escrow with qualified intermediaries to facilitate potential like-kind exchange transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). We adopted Financial Accounting Standards Board (“FASB”) guidance which changed the presentation of our statements of cash flows and related disclosures for all periods presented and accordingly, the following is a summary of our cash, cash equivalents, and restricted cash total as presented in our consolidated statements of cash flows for the periods presented: December 31, 2018 2017 Cash and cash equivalents $ 29,607 $ 52,147 Restricted cash 3,045 5,213 Total cash, cash equivalents and restricted cash $ 32,652 $ 57,360 Marketable Securities Marketable securities currently consist of debt securities that are designated as available-for-sale and are recorded at fair value. Unrealized holding gains or losses for debt securities are reported as a component of accumulated other comprehensive income/(loss). Realized gains or losses resulting from the sale of these securities are determined based on the specific identification of the securities sold. An impairment charge is recognized when the decline in the fair value of a security below the amortized cost basis is determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below our amortized cost basis, any adverse changes in the financial condition of the issuers’ and its intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. Investment Impairment For all of our real estate and real estate related investments, we monitor events and changes in circumstances indicating that the carrying amounts of the real estate assets may not be recoverable. Examples of the types of events and circumstances that would cause management to assess our assets for potential impairment include, but are not limited to: a significant decrease in the market price of an asset; a significant adverse change in the manner in which the asset is being used; an accumulation of costs in excess of the acquisition basis plus construction of the property; major vacancies and the resulting loss of revenues; natural disasters; a change in the projected holding period; legitimate purchase offers; and changes in the global and local markets or economic conditions. To the extent that our portfolio is concentrated in limited geographic locations, downturns specifically related to such regions may result in tenants defaulting on their lease obligations at those properties within a short time period, which may result in asset impairments. When such events or changes in circumstances are present, we assess potential impairment by comparing estimated future undiscounted operating cash flows expected to be generated over the life of the asset and from its eventual disposition to the carrying amount of the asset. These projected cash flows are prepared internally by the Advisor and reflect in-place and projected leasing activity, market revenue and expense growth rates, market capitalization rates, discount rates, and changes in economic and other relevant conditions. Our management reviews these projected cash flows to assure that the valuation is prepared using reasonable inputs and assumptions that are consistent with market data or with assumptions that would be used by a third-party market participant and assume the highest and best use of the investment. We consider trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. In the event that the carrying amount exceeds the estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the asset to estimated fair value. While we believe our estimates of future cash flows are reasonable, different assumptions regarding factors such as market rents, economic conditions, and occupancy rates could significantly affect these estimates. In evaluating our investments for impairment, management may use appraisals and make estimates and assumptions, including, but not limited to, the projected date of disposition of the properties, the estimated future cash flows of the properties during our ownership, and the projected sales price of each of the properties. A future change in these estimates and assumptions could result in understating or overstating the carrying value of our investments, which could be material to our financial statements. In addition, we may incur impairment charges on assets classified as held for sale in the future if the carrying amount of the asset upon classification as held for sale exceeds the estimated fair value, less costs to sell. We also evaluate our investments in unconsolidated joint ventures at each reporting date. If we believe there is an other than temporary decline in market value, we will record an impairment charge based on these evaluations. We assess potential impairment by comparing our portion of estimated future undiscounted operating cash flows expected to be generated by the joint venture over the life of the joint venture’s assets to the carrying amount of the joint venture. In the event that the carrying amount exceeds our portion of estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the joint venture to its estimated fair value. During the year ended December 31, 2018, we did not record any impairment charges. During the year ended December 31, 2017, we recorded a non-cash impairment charge of $4.1 million to reduce the carrying value of our investment in 22 Exchange, a student housing property with a retail component located in Akron, Ohio, to its estimated fair value. This charge was attributable to certain events; including the loss of our anchor retail tenant during the fourth quarter of 2017 and the lender’s notice to us that it would begin sweeping the cash from operations for this property effective January 2018. In estimating the fair value of 22 Exchange, we used management’s internal discounted cash flow analyses prepared with consideration of the local market. We believe the carrying value of our operating real estate assets and our investment in an unconsolidated joint venture is currently recoverable. However, if market conditions worsen unexpectedly or if changes in our strategy significantly affect any key assumptions used in our fair value calculations, we may need to take charges in future periods for impairments related to our existing investments. Any such non-cash charges would have an adverse effect on our consolidated financial position and results of operations. Investment in Unconsolidated Joint Venture We have and may continue to provide funding to third-party developers for the acquisition, development, and construction of real estate (“ADC Arrangement”). Under an ADC Arrangement, we may participate in the residual profits of the project through the sale or refinancing of the property. We evaluate such arrangements to determine if they have characteristics similar to a loan or if the characteristics are more similar to a joint venture or partnership such as participating in the risks and rewards of the project as an owner or an investment partner. When we determine that the characteristics are more similar to a jointly-owned investment or partnership, we account for the arrangement as an investment in an unconsolidated joint venture under the equity method of accounting or a direct investment (consolidated basis of accounting) instead of applying loan accounting. ADC Arrangements are reassessed at each reporting period. See Note 7 of the Notes to the Consolidated Financial Statements for additional information. Revenue Recognition We recognize rental income generated from leases of our operating properties on a straight-line basis over the terms of the respective leases, including the effect of rent holidays, if any. Leases associated with our multifamily and student housing are generally short-term in nature, and thus have no straight-line rent. Hotel revenues consisted primarily of guest room, food and beverage, and other ancillary revenues such as laundry and parking at hotel properties. Hotel revenues were recognized as the services were rendered. During the periods presented, our hotel revenues were derived from the operations of the Courtyard Kauai Coconut Beach Hotel, which was sold on August 15, 2017. Other Assets Other assets primarily consist of deposits, receivables and intangible assets related to our consolidated properties. Deferred Financing Fees The Company will capitalize initial direct costs associated with financing activities. The costs will be capitalized upon the execution of the loan, presented in the consolidated balance sheets as a direct deduction from the carrying value of the corresponding loan and amortized over the initial term of the corresponding loan. Amortization of deferred loan costs will begin in the period during which the loan is originated using the effective interest method over the term of the loan. The Company capitalizes initial direct costs associated with leasing activities. The costs are capitalized upon the execution of the lease and amortized over the initial term of the corresponding lease. Deferred financing fees are recorded at cost, accounted for as a reduction to notes payable and amortized to interest expense using a straight-line method that approximates the effective interest method over the life of the related debt. Deferred financing fees, net were $2.4 million and $0.4 million as of December 31, 2018 and 2017, respectively. Accumulated amortization of deferred financing fees was $0.6 million and $2.2 million as of December 31, 2018 and 2017, respectively. Income Taxes We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and have qualified as a REIT since the year ended December 31, 2008. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our REIT taxable income to our stockholders. As a REIT, we generally will not be subject to federal income tax at the corporate level. We are organized and operate in such a manner as to qualify for taxation as a REIT under the Internal Revenue Code and intend to continue to operate in such a manner, but no assurance can be given that we will operate in a manner so as to qualify or remain qualified as a REIT. Taxable income from non-REIT activities managed through a taxable REIT subsidiary (“TRS”) is subject to applicable federal, state, and local income and margin taxes. We currently have no taxable income associated with a TRS. Our operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level. During the third quarter of 2017, we recorded an aggregate income tax benefit of approximately $1.6 million consisting of (i) a refund of foreign income tax of approximately $0.8 million and (ii) the reversal of our previously estimated taxes payable on the 2015 sale of two foreign investments of $0.8 million. We have reviewed our tax positions under GAAP guidance that clarify the relevant criteria and approach for the recognition and measurement of uncertain tax positions. The guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the financial statements if it is more likely than not that the tax position will be sustained upon examination. We believe it is more likely than not that the tax positions taken relative to our federal tax status as a REIT will be sustained in any tax examination. Foreign Currency Translation For our international investments where the functional currency is other than the U.S. dollar, assets and liabilities are translated using period-end exchange rates, while the statement of operations amounts are translated using the average exchange rates for the respective period. Gains and losses resulting from the change in exchange rates from period to period are reported separately as a component of other comprehensive income (loss). Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations and comprehensive income (loss). The Euro was the functional currency for the operations of Alte Jakobstraße (“AJS”) and Holstenplatz, which were two foreign investments we sold in 2015. As a result of the sale of AJS and Holstenplatz, we no longer have foreign operations. However, subsequent to their sale, we still maintained a Euro-denominated bank account that was comprised primarily of the remaining undistributed proceeds from the sale of these properties, which we translated into U.S. dollars at the current exchange rate at each reporting period. As of December 31, 2017, we maintained approximately $0.4 million in Euro-denominated accounts, which were included in cash and cash equivalents on our consolidated balance sheets. As of December 31, 2018, we had no remaining amounts in Euro-denominated accounts. For the years ended December 31, 2018 and 2017, the foreign currency translation adjustment was a loss of less than $0.1 million and a gain of $0.5 million, respectively. Concentration of Credit Risk At December 31, 2018 and 2017, we had cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. We have diversified our cash and cash equivalents among several banking institutions in an attempt to minimize exposure to any one of these entities. We regularly monitor the financial stability of these financial institutions and believe that we are not exposed to any significant credit risk in cash and cash equivalents or restricted cash. Geographic and Asset Type Concentration Our investments may at times be concentrated in certain asset types that are subject to higher risk of foreclosure, or secured by assets concentrated in a limited number of geographic locations. For the year ended December 31, 2018, excluding 22 Exchange, the investment we disposed of in 2018, approximately 27.4%, 13.1%, 20.7%, 2.1%, 22.3% and 14.4% of our total revenues were derived from our properties located in Florida, Texas, Tennessee, Illinois, Georgia and Indiana, respectively. Additionally, excluding the investment we disposed of in 2018, approximately 68.5 22.3 Noncontrolling Interest Noncontrolling interest represents the noncontrolling ownership interest’s proportionate share of the equity in our consolidated real estate investments. Income and losses are allocated to noncontrolling interest holders based generally on their ownership percentage. In certain instances, our joint venture agreement provides for liquidating distributions based on achieving certain return metrics (“promoted interest”). If a property reaches a defined return threshold, then it will result in distributions to noncontrolling interest which is different from the standard pro-rata allocation percentage. During 2018, the Company paid $1.9 million for the 6.0% membership interest held by a minority owner in Arbors Harbor Town and as a result, now owns 100.0% of this property. Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented. Reportable Segments GAAP establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we have one reportable segment, with activities related to the ownership, development, and management of real estate assets. Our chief operating decision maker evaluates operating performance on an individual property level. Therefore, our properties are aggregated into one reportable segment. Reclassifications Certain prior period amounts may have been reclassified to conform to the current year presentation.

New Accounting Pronouncements

New Accounting Pronouncements	12 Months Ended
	Dec. 31, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	3. New Accounting Pronouncements Recently Adopted Accounting Pronouncements Effective January 1, 2018, the Company adopted guidance issued by the FASB that that requires companies to measure investments in equity securities, except those accounted for under the equity method, at fair value and recognize any changes in fair value in net income, using a modified-retrospective transition method. Since the Company had no investments in equity securities, except those accounted for under the equity method prior to January 1, 2018, the adoption of this standard had no effect on its consolidated financial statements when adopted. Effective January 1, 2018, the Company adopted guidance issued by the FASB that clarifies the definition of a business and assists in the evaluation of whether a transaction will be accounted for as an acquisition of an asset or as a business combination. The guidance provides a test to determine when a set of assets and activities acquired is not a business. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. The Company anticipates acquisitions of real estate assets, if any, will likely qualify as an asset acquisition. Therefore, any transaction costs associated with an asset acquisition will be capitalized and accounted for in accordance with this guidance. As a result of this guidance, during the year ended December 31, 2018, the Company capitalized $1.1 million of transaction costs associated with the acquisition of the Axis at Westmont, which qualified as an asset acquisition, as opposed to expensing these costs. Effective January 1, 2018, the Company adopted guidance issued by the FASB that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. The new guidance requires companies to apply a five-step model in accounting for revenue arising from contracts with customers, as well as enhance disclosures regarding revenue recognition. Lease contracts are excluded from this revenue recognition criteria; however, the sale of real estate is required to follow the new model. The Company has adopted this standard using the modified retrospective transition method. The adoption of this pronouncement had no effect on our consolidated financial statements since, with the disposal of the Courtyard Kauai Coconut Beach Hotel in August 2017, all revenues now consist of rental income from leasing arrangements, which is specifically excluded from the standard. New Accounting Pronouncements In August 2018, the SEC adopted the final rule amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded. In addition, the amendments expand the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The rule was effective on November 5, 2018 and will be effective for the quarter that begins after the effective date. Since the Company already includes a year to date consolidated statement of stockholders’ equity in our interim financial statement filings, the adoption of this guidance will result in the inclusion of a quarter to date consolidated statement of stockholders equity in our second and third quarter interim financial statement filings and the inclusion of corresponding prior periods statement of stockholders’ equity for all periods presented. In June 2016, the FASB issued an accounting standards update which replaces the incurred loss impairment methodology currently in use with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. This guidance will not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued an accounting standards update which supersedes the existing lease accounting model, and modifies both lessee and lessor accounting. The new guidance will require lessees to recognize a liability to make lease payments and a right-of-use asset, initially measured at the present value of lease payments, for both operating and financing leases, with classification affecting the pattern of expense recognition in the statement of operations. For leases with a term of 12 months or less, lessees will be permitted to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. The standard offers several practical expedients for transition and certain expedients specific to lessees or lessors. Both lessees and lessors are permitted to make an election to apply a package of practical expedients available for implementation under the standard. The Company intends to apply the package of practical expedients and certain other transition expedients. For transition, the Company intends to recognize all effects of transition in the beginning of the adoption reporting period on January 1, 2019. The adoption of this standard will result in the recognition of right-of-use assets and related lease liability accounts on the consolidated balance sheet but will not have a material effect on our consolidated financial position or our results of operations. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its financial position, results of operations and cash flows, or do not apply to its current operations.

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	12 Months Ended
	Dec. 31, 2018
Marketable Securities And Fair Value Measurements [Abstract]
Marketable Securities And Fair Value Measurements	4. Marketable Securities and Fair Value Measurements Marketable Securities The following is a summary of the Company’s available for sale securities as of the date indicated: As of December 31, 2018 Debt securities: Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate and Government Bonds $ 14,575 $ 15 $ (204 ) $ 14,386 When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s amortized cost basis. As of December 31, 2018, the Company did not recognize any impairment charges. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair values of the Company’s investments in Debt Securities are measured using quoted prices for these investments; however, the markets for these assets are not active. As of December 31, 2018, all of the Company’s Debt Securities were classified as Level 2 assets and there were no transfers between the level classifications during the year ended December 31, 2018. The following table summarizes the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: As Due in 1 year $ 2,835 Due in 1 year through 5 years 10,670 Due in 5 years through 10 years 881 Due after 10 years - Total $ 14,386 Nonrecurring Fair Value Measurements During the year ended December 31, 2017, we recorded a $4.1 million non-cash impairment charge as a result of a measurable decrease in the fair value of 22 Exchange, which was one of our student housing investments that also had a retail component. In estimating the fair value of 22 Exchange, we used management’s internal discounted cash flow analysis prepared with consideration of the local market. The discounted cash flow estimate was considered Level 3 under the fair value hierarchy described above. The following fair value hierarchy table presents information about our assets measured at fair value on a nonrecurring basis during the year ended December 31, 2017: For the year ended December 31, 2017 Level 1 Level 2 Level 3 Total Fair Value Loss Assets Buildings and improvements, net (1) $ — $ — $ 19.0 million $ 19.0 million $ (4.1 million ) (1) We recorded non-cash impairment charge of $4.1 million during the year ended December 31, 2017 as a result of a measurable decrease in the fair value of 22 Exchange. Quantitative Information about Level 3 Fair Value Measurements Description Fair Value as of December 31, 2017 Valuation Techniques Unobservable Input Buildings and improvements, net (1) $ 19.0 million Discounted cash flow Discount rate Terminal capitalization rate 8.0% 7.0% (1) We recorded a non-cash impairment charge of $4.1 million during the year ended December 31, 2017 on our investment in 22 Exchange, which was one of our student housing investments. We did not record any impairment charges during the year ended December 31, 2018.

Financial Instruments not Repor

Financial Instruments not Reported at Fair Value	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Financial Instruments not Reported at Fair Value	5. Financial Instruments not Reported at Fair Value We determined the following disclosure of estimated fair values using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop the related estimates of fair value. The use of different market assumptions or only estimation methodologies may have a material effect on the estimated fair value amounts. As of December 31, 2018 and 2017, management estimated that the carrying value of cash and cash equivalents, restricted cash, prepaid expenses and other assets, accounts payable, accrued and other liabilities, payables to related parties, distributions payable to noncontrolling interests and accrued property tax were at amounts that reasonably approximated their fair value based on their highly-liquid nature and short-term maturities. The fair value of the notes payable is categorized as a Level 2 in the fair value hierarchy. The fair value was estimated using a discounted cash flow analysis valuation on the estimated borrowing rates currently available for loans with similar terms and maturities. The fair value of the notes payable was determined by discounting the future contractual interest and principal payments by a market rate. Disclosure about fair value of financial instruments is based on pertinent information available to management as of December 31, 2018 and 2017. Carrying amounts of our notes payable and the related estimated fair value as follows: As of December 31, 2018 As of December 31, 2017 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes payable $ 141,423 $ 140,986 $ 90,321 $ 91,449

Real Estate and Real Estate-Rel

Real Estate and Real Estate-Related Investments	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Real Estate and Real Estate-Related Investments	6. Real Estate and Real Estate-Related Investments As of December 31, 2018, we consolidated seven real estate assets. The following table presents certain information about our consolidated investments as of December 31, 2018: Property Name Description Location Date Acquired Ownership Interest Gardens Medical Pavilion Medical office building Palm Beach Gardens, Florida October 20, 2010 81.8 % River Club and the Townhomes at River Club Student housing Athens, Georgia April 25, 2011 85 % Lakes of Margate Multifamily Margate, Florida October 19, 2011 92.5 % Arbors Harbor Town (1) Multifamily Memphis, Tennessee December 20, 2011 100 % Parkside Apartments (“Parkside”) Multifamily Sugar Land, Texas August 8, 2013 90 % Flats at Fishers Fishers Multifamily Fishers, Indiana November 30, 2017 100 % Axis at Westmont Fishers Multifamily Westmont, Illinois November 27, 2018 100 % Note: (1) On December 28, 2018, we acquired the noncontrolling member’s 6% ownership interest in Arbors Harbor Town for $1.9 million and as a result, now own 100% of this property. Real Estate Asset Acquisitions Axis at Westmont On November 27, 2018, the Company completed the acquisition of the Axis at Westmont, a 400-unit multifamily property located in Westmont, Illinois from an unrelated third party, for an aggregate purchase price of approximately $59.3 million, excluding closing and other related transaction costs. In connection with the acquisition, the Company assumed approximately $37.6 million of debt and paid approximately $21.7 million of cash and the Company’s advisor received an acquisition fee equal to 1.75% of the contractual purchase price, approximately $1.0 million. The Company determined this acquisition was an asset acquisition and allocated the total purchase price, including closing costs and the acquisition fee, to the assets acquired based on relative fair value. Approximately $7.8 million was allocated to land and improvements, $52.1 million was allocated to building and improvements, and $0.5 million was allocated to in-place lease intangibles. The capitalization rate for the acquisition of the Axis at Westmont was approximately 5.45%. The Company calculates the capitalization rate for a real property by dividing the net operating income (“NOI”) of the property by the purchase price of the property, excluding costs. For purposes of this calculation, NOI was based upon the year ended December 31, 2017. Additionally, NOI is all gross revenues from the property less all operating expenses, including property taxes and management fees but excluding depreciation. Flats at Fishers On November 30, 2017, we acquired the Flats at Fishers, a 306-unit multifamily property located in Fishers, Indiana from an unrelated third party for an aggregate purchase price of approximately $36.9 million, excluding closing and other related transaction costs. In connection with the acquisition, of approximately $0.6 million in acquisition fees and acquisition expense reimbursements payable to Lightstone. The acquisition was funded with (i) approximately $27.0 million of funds that had been temporarily held in escrow by a qualified intermediary in connection with the sale of the Courtyard Kauai Coconut Beach and (ii) available cash. The acquisition of the Flats at Fishers was accounted for under the purchase method of accounting with us treated as the acquiring entity. Accordingly, the consideration paid by us to complete the acquisition of the Flats at Fishers has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. Approximately $6.9 million was allocated to land and improvements, $29.3 million was allocated to building and improvements, and $0.7 million was allocated to other assets. The capitalization rate for the acquisition of the Flats at Fishers was approximately 3.8%. For purposes of this calculation, NOI was based upon the twelve-month period ended June 30, 2017. Financial Information The following table provides the total amount of rental revenue and net income included in the Company’s consolidated statements of operations from the Axis at Westmont and the Flats at Fishers since their respective dates of acquisition for the periods indicated: For the Years Ended December 31, 2018 2017 Rental revenue $ 4,197 $ 245 Net loss $ (367 ) $ (789 ) The following table provides unaudited pro forma results of operations for the periods indicated, as if the Axis at Westmont and the Flats at Fishers had been acquired at the beginning of the earliest period presented. Such pro forma results are not necessarily indicative of the results that actually would have occurred had these acquisitions been completed on the dates indicated, nor are they indicative of the future operating results of the combined company. For the Years Ended December 31, 2018 2017 Pro forma rental revenue $ 32,790 $ 45,489 Pro forma net (loss) income attributable to the Company's shares $ (6,310 ) $ 21,794 Pro forma net (loss) income per share, basic and diluted $ (0.26 ) $ 0.87 Real Estate Asset Dispositions - Continuing Operations The following dispositions did not represent a strategic shift that had a major effect on the Company’s operations and financial results and therefore did not qualify to be reported as discontinued operations and their operating results are reflected in the Company’s results from continuing operations in the consolidated statements of operations for all periods presented through their respective dates of disposition: 22 Exchange On December 28, 2018, the Company and the 10.0% noncontrolling member relinquished their ownership of 22 Exchange, a student housing complex with a retail component, located in Akron, Ohio through a deed-in-lieu of foreclosure transaction with the lender. Upon extinguishment of the mortgage debt obligation, we recognized a $2.8 million gain on extinguishment of debt representing the difference between the carrying value of the mortgage debt, accrued interest payable and other obligations extinguished (an aggregate of $22.6 million) over the carrying value of the property and other assets transferred (an aggregate of $19.8 million) less an additional $0.1 million of expenses incurred in connection with the disposition. Courtyard Kauai Coconut Beach Hotel On August 15, 2017, we sold the Courtyard Kauai Coconut Beach Hotel, a 311-room hotel located in Kapaa, Hawaii for a contractual sales price of $62.0 million. In connection with the transaction, the third-party buyer assumed the existing outstanding mortgage indebtedness of $36.0 million. The net proceeds from the disposition of the Courtyard Kauai Coconut Beach Hotel were approximately $24.0 million, after the payment of closing costs, expenses, pro rations and other working capital adjustments and a payment of approximately $1.7 million to the minority owner of the Courtyard Kauai Coconut Beach Hotel. In connection with the sale of the Courtyard Kauai Coconut Beach Hotel, we recorded a gain on sale of real estate of $20.9 million. In connection with the sale of the Courtyard Kauai Coconut Beach Hotel, approximately $27.0 million of funds were placed in escrow with a qualified intermediary in order to facilitate potential like-kind exchange transactions in accordance with Section 1031 of the Internal Revenue Code. These funds were subsequently used in connection with our acquisition of the Flats at Fishers on November 30, 2017, as discussed above. Gain on Sale of Real Estate During 2018 the Company recognized an aggregate gain of $0.5 million related to the receipt of certain escrow reimbursements from the finalization of an insurance claim for Lakewood Flats, which was disposed of in August 2016. During the year ended December 31, 2017, in addition to the gain on sale of real estate of $20.9 million disclosed above, we recognized an aggregate gain of $0.7 million related to the receipt of certain escrow reimbursements from the insurance claim for Lakewood Flats.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Venture	7. Investment in Unconsolidated Joint Venture We provided mezzanine financing totaling $15.3 million to an unaffiliated third-party entity (the “Borrower”) that owns an apartment complex in Denver, Colorado (the “Prospect Park”). The Borrower also had a senior construction loan with a third-party construction lender (the “Senior Lender”) in an aggregate original principal amount of $40.0 million. The senior construction loan was guaranteed by the owners of the developer. We also had a personal guaranty from the owners of the developer guaranteeing completion of Prospect Park and payment of any cost overruns. Our mezzanine loan was secured by all of the membership interests of the Borrower and was subordinate to the senior construction loan. Our advances of $15.3 million initially had annual stated interest rates ranging from 10% to 18%. Pursuant to the terms of the mezzanine loan, we participate in the residual interests of Prospect Park attributable to a sale or refinancing even though we have no actual ownership interest. We evaluated this ADC Arrangement and determined that its characteristics were similar to a jointly-owned investment or partnership. Accordingly, our investment, which is a variable interest entity (“VIE”) is accounted for as an unconsolidated joint venture under the equity method of accounting instead of loan accounting. On December 15, 2017, the Borrower sold Prospect Park to an unrelated third-party for a contractual sales price of approximately $100.5 million. In connection with the sale, the Borrower repaid the Senior Construction Loan in full and we received aggregate proceeds of approximately $21.6 million representing the repayment in full of the outstanding principal and accrued interest due on our mezzanine loan. Additionally, the Borrower has placed approximately $15.1 million of the net proceeds from the sale into an escrow account to be used for settlement of the amount due to us for our participation in the residual interests of Prospect Park. The carrying value of our unconsolidated investment in Prospect Park, which represented the minimum amount payable to us for our participation in the residual interests of Prospect Park, was $10.9 million as of both December 31, 2018 and 2017, respectively. In January 2019, the Company received proceeds of approximately $10.9 million, representing the minimum amount payable for our participation in the residual interests of Prospect We considered the impact of these events on the accounting treatment and determined the ADC Arrangement would continue to be accounted for as an unconsolidated joint venture under the equity method of accounting. We continued to monitor this situation and any impact these events might have had on our ability to ultimately realize the investment. The ADC Arrangement was reassessed at each reporting period. We did not record any equity earnings related to our unconsolidated investment in Prospect Park for the year ended December 31, 2018. For the year ended December 31, 2017, we recorded equity earnings of $17.9 million related to our unconsolidated investment in Prospect Park.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	8. Variable Interest Entities Consolidated VIEs The Company consolidates the Operating Partnership, Gardens Medical Pavilion, LLC through BH-AW-Florida MOB Venture, LLC, and SL Parkside Apartments, LLC, which are VIEs, for which we are the primary beneficiary. Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership, or legal entities such as an LLC, are considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; and the similarity with and significance to our business activities and the business activities of the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Notes Payable	9. Notes Payable The following table sets forth information on our notes payable as of December 31, 2018 and 2017: Property Interest Rate Weighted Average Interest Rate as of December 31, 2018 Maturity Date Amount Due at Maturity As of December 31, 2018 As of December 31, 2017 River Club and the Townhomes at River Club LIBOR + 1.78% 3.93 % May 1, 2025 $ 28,419 $ 30,359 $ - River Club and the Townhomes at River Club (Repaid in full on May 1, 2018) - 23,511 Gardens Medical Pavilion LIBOR + 1.90% 3.61 % June 1, 2021 12,300 12,900 - Lakes of Margate 5.49 % and 5.92 % 5.75 % January 1, 2020 13,384 13,687 13,973 Arbors Harbor Town (Repaid in full on December 28, 2018) - 24,153 Arbors Harbor Town 4.53% 4.53 % December 28, 2025 29,000 29,000 - 22 Exchange (Extinguished through a deed-in-lieu of foreclosure on December 28, 2018) - 18,963 Parkside 4.45% 4.45 % June 1, 2025 15,782 17,877 - Parkside (Repaid in full on June 1, 2018) - 9,721 Axis at Westmont 4.39% 4.39 % February 1, 2026 34,343 37,600 - Total notes payable 4.28 % $ 133,228 141,423 90,321 Less: Deferred financing costs (2,407 ) (400 ) Total notes payable, net $ 139,016 $ 89,921 Debt Transactions On May 1, 2018, the Company entered into a non-recourse mortgage loan (the “River Club Mortgage”) in the amount of $30.4 million. The River Club Mortgage has a term of seven years, bears interest at Libor plus 1.78% and requires monthly interest-only payments during the first five years and interest and principal payments pursuant to a 30-year amortization schedule for the remaining two years through its stated maturity with the entire unpaid balance due upon maturity. The River Club Mortgage is cross-collateralized by the River Club and the Townhomes at River Club. At closing, approximately $23.4 million of the proceeds from the River Club Mortgage were used to repay in full the existing non-recourse mortgage loan. On June 1, 2018, the Company entered into a non-recourse mortgage loan (the “Parkside Mortgage”) in the amount of $18.0 million. The Parkside Mortgage has a term of seven years, bears interest at 4.45 On June 28, 2018, the Company entered into a non-recourse mortgage loan (the “Gardens Medical Mortgage”) in the amount of $13.0 million. The Gardens Medical Mortgage has a term of three years, bears interest at Libor plus 1.90% and requires monthly interest and principal payments through its stated maturity with the entire unpaid balance due upon maturity. The Gardens Medical Mortgage is collateralized by the Gardens Medical Pavilion. On November 27, 2018, the Company assumed a non-recourse mortgage loan (the “Axis at Westmont Mortgage”) in the amount of $37.6 million. The Axis at Westmont Mortgage is secured by a first mortgage lien on the assets of the Axis at Westmont, bears interest at a fixed annual rate of 4.39% and requires monthly interest only payments until March 1, 2021, at which time monthly principal and interest payments of $188,064 are required. Any unpaid principal and interest is due on the maturity date, February 1, 2026. The Company has the right to prepay the entire outstanding amount of the loan provided that if prepayment is made prior to November 1, 2025, a prepayment premium is required. The fair value of the Axis at Westmont Mortgage approximated its outstanding balance as of the date of assumption. On December 28, 2018, the Company entered into a non-recourse mortgage loan (the “Arbors Harbor Town Mortgage”) in the amount of $29.0 million. The Arbors Harbor Town Mortgage has a term of seven years, bears interest at 4.53% and requires monthly interest payments through its stated maturity with the entire unpaid balance due upon maturity. The Arbors Harbor Town Mortgage is collateralized by the Arbors Harbor Town. At closing, approximately $23.7 million of the proceeds from the Arbors Harbor Town Mortgage were used to repay in full the existing non-recourse mortgage loan and an additional $1.9 million of the proceeds were used to acquire the 6.0% membership interest in the property held by a minority owner, and as a result, we now own 100.0% of this property. Debt Compliance The Company’s loan agreements stipulate that it complies with certain reporting and financial covenants. The Company is currently in compliance with all of its debt covenants. The Company did not meet the debt service coverage requirements for its 22 Exchange loan for all of the quarterly periods in 2017 and as a result, the lender elected to sweep the cash from operations beginning in January 2018. Additionally, the cash flow from operations was not sufficient to fully pay the scheduled monthly debt service due on January 5, 2018, which constituted an event of default, and therefore the 22 Exchange loan which was scheduled to mature in May 2023 became due on demand. The Company received notice on January 9, 2018 that the 22 Exchange loan had been transferred to a special servicer effective immediately. Subsequently, the special servicer placed the property in receivership and commenced foreclosure proceedings. On December 28, 2018, the Company and the 10.0% $22.6 The following table provides information with respect to the contractual maturities and scheduled principal repayments of our indebtedness as of December 31, 2018. 2019 2020 2021 2022 2023 Thereafter Total Principal maturities $ 831 $ 13,924 $ 13,235 $ 948 $ 1,582 $ 110,903 $ 141,423 Less: deferred financing costs (2,407 ) Total notes payable, net $ 139,016 In addition, the Company’s non-recourse mortgage loan secured by the Lakes of Margate (outstanding principal balance of $13.7

Leasing Activity

Leasing Activity	12 Months Ended
	Dec. 31, 2018
Leases [Abstract]
Leasing Activity	10. Leasing Activity Future minimum base rental payments of our office property, Gardens Medical Pavilion, due to us under non-cancelable leases in effect as of December 31, 2018 are as follows: Year Amount Due 2019 $ 1,395 2020 1,184 2021 1,113 2022 968 2023 889 Thereafter 943 Total $ 6,492 The schedule above does not include rental payments due to us from our multifamily and student housing properties, as leases associated with these properties typically are for periods of one year or less.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Income Taxes We have maintained and intend to maintain our election as a REIT under the Internal Revenue Code. In order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our REIT taxable income, computed without regard to the dividends paid deduction and our net capital gains. As a REIT, we generally will not be subject to federal income tax on our taxable income at the corporate level to the extent such income is distributed to our shareholders annually. Any current year taxable income generated by the Company may be offset by carrying forward unused prior year net operating losses (“NOLs”). If our taxable income after application of NOL carryforwards exceeds our dividends in a tax year, REIT tax rules allow us to designate dividends from the subsequent tax year in order to avoid current taxation on undistributed income. If we fail to qualify as a REIT in any taxable year, we will be subject to federal and state income taxes at regular corporate rates, including any applicable alternative minimum tax (“AMT”). In addition, we may not be able to requalify as a REIT for the four subsequent taxable years. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to applicable federal, state, and local income and margin taxes. Our operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level. For the year ended December 31, 2018, we had estimated federal taxable income of approximately $ 11.2 0.2 For the year ended December 31, 2017, we had a federal taxable income of approximately $1.8 million and had remaining federal NOL carryovers of approximately $11.4 million as of December 31, 2017. We did not pay any distributions during the year ended December 31, 2017. Additionally, during the year ended December 31, 2017, we recorded an aggregate income tax benefit of approximately $1.6 million consisting of (i) a refund of foreign income tax of approximately $0.8 million and (ii) the reversal of our previously estimated taxes payable $0.8 million related to the sales of AJS and Holstenplatz. We have a TRS which is subject to federal and state income taxes. As of December 31, 2018, our TRS had NOL carryforwards of approximately $5.0 million which expire in years 2030 to 2035. Because NOL’s are subject to certain change of ownership, continuity of business, and separate return year limitations, and because it is unlikely the available NOL’s will be utilized or because we consider any amounts possibly utilized to be immaterial, no benefits related to these NOL’s have been recognized in our consolidated financial statements. We have no significant temporary differences or tax credits associated with our TRS. We have reviewed our tax positions under GAAP guidance that clarifies the relevant criteria and approach for the recognition and measurement of uncertain tax positions. The guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the financial statements if it is more likely than not that the tax position will be sustained upon examination. We believe it is more likely than not that the tax positions taken relative to our status as a REIT will be sustained in any tax examination.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Stockholders' Equity	12. Stockholders’ Equity Capitalization As of December 31, 2018, our authorized capital was 350,000,000 shares of common stock, 50,000,000 shares of preferred stock, and 1,000 shares of convertible stock. All shares of such stock have a par value of $.0001 per share. As of December 31, 2018, we had issued 26.7 million shares of our common stock, including 2.2 million shares issued through the DRP. As of December 31, 2018, we had redeemed 3.3 million shares of our common stock and had 23.4 million shares of common stock outstanding. As of December 31, 2018, we had 1,000 shares of convertible stock held by an affiliate of Lightstone. The shares of convertible stock will be converted into shares of common stock automatically if (1) we have made total distributions on then outstanding shares of our common stock equal to the issue price of those shares plus a 10% cumulative, non-compounded, annual return on the issue price of those outstanding shares, or (2) we list our common stock for trading on a national securities exchange if the sum of the prior distributions on then outstanding shares of the common stock plus the aggregate market value of the common stock (based on the 30-day average closing price) meets the same 10% performance threshold. In general, the convertible stock will convert into shares of common stock with a value equal to the lesser of (A) 20% of the excess of our enterprise value plus the aggregate value of distributions paid to date on then outstanding shares of our common stock over the aggregate issue price of those outstanding shares plus a 10% cumulative, non-compounded, annual return on the issue price of those outstanding shares, or (B) 15% of the excess of our enterprise value plus the aggregate value of distributions paid to date on then outstanding shares of the common stock over the aggregate issue price of those outstanding shares plus a 6% cumulative, non-compounded, annual return on the issue price of those outstanding shares. At the date of issuance of the shares of convertible stock, management determined the fair value under GAAP was less than the nominal value paid for the shares; therefore, the difference is not material. The timing of the conversion of any or all of the convertible stock may be deferred by our board of directors if it determines that full conversion may jeopardize our qualification as a REIT. Any such deferral will in no event otherwise alter the terms of the convertible stock, and such stock shall be converted at the earliest date after our board of directors determines that such conversion will not jeopardize our qualification as a REIT. Our board of directors is authorized to amend our charter, without the approval of the stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that we have authority to issue. Share Redemption Program and Redemption Price Our board of directors has adopted a share redemption program that permits stockholders to sell their shares back to us, subject to the significant conditions and limitations of the program. Our board of directors can amend the provisions of our share redemption program at any time without the approval of our stockholders. From our inception through December 31, 2017, we had redeemed 2.1 million shares of our common stock at an average price per share of $6.89 per share. During 2018, we redeemed approximately 1.2 million shares of our common stock at an average price per share of $7.10 per share. The terms on which we redeemed shares prior to July 1, 2018 differed between redemptions upon a stockholder’s death, “qualifying disability” (as defined in the share redemption program) or confinement to a long-term care facility (collectively, “Exceptional Redemptions”) and all other redemptions (“Ordinary Redemptions”). Prior to July 1, 2018, the per share redemption price for Ordinary Redemptions and Exceptional Redemptions was equal to the lesser of 80% and 90%, respectively, of (i) the then current estimated net asset value per share of common stock (“NAV per Share”) and (ii) the average price per share the investor paid for all of his shares (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to our common stock) less the Special Distributions (as defined in the share redemption program). On August 9, 2017, our board of directors adopted a Fourth Amended and Restated Share Redemption Program (the “Fourth Amended Share Redemption Program”) which became effective July 1, 2018. The material changes made to the program were as follows. We no longer process redemptions upon death, “qualifying disability,” or confinement to a long-term care facility on terms different than those on which we process all other redemptions. The price at which we redeem shares submitted for redemption will be a percentage of the estimated NAV per Share as of the Effective Date (as defined in the Fourth Amended Share Redemption Program), as follows: For Redemptions with an Effective Date Between July 1, 2018 and June 30, 2019: 92.5% of the estimated NAV per Share July 1, 2019 and June 30, 2020: 95.0% of the estimated NAV per Share July 1, 2020 and June 30, 2021: 97.5% of the estimated NAV per Share Thereafter: 100% of the estimated NAV per Share Pursuant to the terms of the Fourth Amended Share Redemption Program, any shares approved for redemption are redeemed on a periodic basis as determined from time to time by our board of directors, and no less frequently than annually. We will not redeem, during any twelve-month period, more than 5% of the weighted average number of shares outstanding during the twelve-month period immediately prior to the date of redemption. In addition, the cash available for redemptions is limited to no more than $10.0 million in any twelve-month period. Any redemption requests are honored pro rata among all requests received based on funds available and are not honored on a first come, first served basis. On December 28, 2018, our board of directors adopted a Fifth Amended and Restated Share Redemption Program (the “Fifth Amended Share Redemption Program”) which became effective on January 31, 2019. The only material change to the program was to change the measurement period for the limitations on the number and dollar amount of shares that may be accepted for redemption from a rolling 12 month-period to a calendar year. Distributions U.S. federal tax law requires a REIT distribute at least 90% of its annual REIT taxable income (which does not equal net income, as calculated in accordance with generally accepted accounting principles, or GAAP) determined without regard to the deduction for dividends paid and excluding any net capital gain. In order to continue to qualify for REIT status, we may be required to make distributions in excess of cash available. Distributions are authorized at the discretion of our board of directors based on their analysis of our performance over the previous periods and expectations of performance for future periods. Such analyses may include actual and anticipated operating cash flow, changes in market capitalization rates for investments suitable for our portfolio, capital expenditure needs, general financial and market conditions, proceeds from asset sales, and other factors that our board deems relevant. Our board of directors’ decision will be substantially influenced by their obligation to ensure that we maintain our federal tax status as a REIT. We cannot provide assurance that we will pay distributions at any particular level, or at all. We did not make any distributions to our stockholders during the years ended December 31, 2018 and 2017.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	13. Related Party Transactions Advisor Our external advisor and certain of its affiliates may receive fees and compensation in connection with the management, acquisition, financing and disposition of our assets based on an advisory management agreement, as periodically amended and restated. From January 4, 2008 through February 10, 2017, we were party to various advisory management agreements, each with a term of one year or less, with the Behringer Advisor. On February 10, 2017, we and the Behringer Advisor terminated the then existing advisory management agreement effective as of the close of business. Concurrently, we engaged the Advisor to provide us with advisory services pursuant to various advisory management agreements, each with an initial term of one year. The fees earned by and expenses reimbursed to the Advisor are substantially the same as the fees earned by and expenses reimbursed to the Behringer Advisor. The following discussion describes the fees and expenses payable to our external advisor and its respective affiliates under the various advisory management agreements. We pay acquisition and advisory fees of 1.5% of the amount paid in respect of the purchase, development, construction, or improvement of each asset we acquire, including any debt attributable to those assets. In addition, we pay acquisition and advisory fees of 1.5% of the funds advanced in respect of a loan investment. During the year ended December 31, 2018, we incurred acquisition and advisory fees payable to Lightstone of approximately $1.0 million in connection with our acquisition of the Axis at Westmont. During the year ended December 31, 2017, we incurred acquisition and advisory fees payable to Lightstone of approximately $0.6 million in connection with our acquisition of the Flats at Fishers. We also pay an acquisition expense reimbursement in the amount of (i) 0.25% of the funds paid for purchasing an asset, including any debt attributable to the asset, plus 0.25% of the funds budgeted for development, construction, or improvement in the case of assets that we acquire and intend to develop, construct, or improve or (ii) 0.25% of the funds advanced in respect of a loan investment. We also pay third parties, or reimburse our external advisor or its affiliates, for any investment-related expenses due to third parties in the case of a completed investment, including, but not limited to, legal fees and expenses, travel and communication expenses, costs of appraisals, accounting fees and expenses, third-party brokerage or finder’s fees, title insurance, premium expenses, and other closing costs. Our external advisor and its affiliates are also responsible for paying all of the investment-related expenses that we or the external advisor or its affiliates incur that are due to third parties or related to the additional services provided by our external advisor as described above with respect to investments we do not make, other than certain non-refundable payments made in connection with any acquisition. For the year ended December 31, 2018, we incurred approximately $0.1 million in acquisition expense reimbursements payable to Lightstone in connection with our one acquisition, the Axis at Westmont. For the year ended December 31, 2017, we incurred less than $0.1 million in acquisition expense reimbursements payable to Lightstone in connection with our one acquisition, the Flats at Fishers. We generally pay our external advisor a debt financing fee of 0.5% of the amount available under any loan or line of credit made available to us and pay directly all third-party costs associated with obtaining the debt financing. During the year ended December 31, 2018 and 2017, we incurred debt financing fees of approximately $0.8 million and $0.2 million, respectively. We pay a development fee in an amount that is usual and customary for comparable services rendered to similar projects in the geographic market of the project if such affiliate provides the development services and if a majority of our independent directors determines that such development fee is fair and reasonable to us. During the years ended December 31, 2018 and 2017, we did not incur any such fees. We pay a monthly asset management fee of one-twelfth of 0.7% of the value of each asset. The value of our assets will be the value as determined in connection with the establishment and publication of a NAV per Share unless the asset was acquired after our publication of a NAV per Share (in which case the value of the asset will be the contractual purchase price of the asset). During each of the years ended December 31, 2018 and 2017, we incurred $1.6 million of asset management fees payable to the external advisor. The totals for the years ended December 31, 2018 and 2017 include asset management fees related to our disposed properties. Our external advisor is responsible for paying all of the expenses it incurs associated with persons employed by the external advisor to the extent that they provide services related to us for which our external advisor receives an acquisition, asset management, or debt financing fee, including wages and benefits of the personnel. Instead of reimbursing our external advisor for specific expenses paid or incurred in connection with providing services to us, we pay our external advisor an administrative services fee, which is an allocation of a portion of the actual costs that the external advisor paid or incurred providing these services to us (renamed an administrative services reimbursement under the Lightstone Advisory Agreement). The administrative services fee/reimbursement is intended to reimburse the external advisor for all of the costs associated with providing services to us. For the calendar year ending December 31, 2017, the administrative services fee was $1.325 million annually, pro-rated for the first six months of the year and $1.3 million annually, pro-rated for the second six months of the year. On February 10, 2018, the advisory management agreements were extended an additional four months through June 10, 2018. For the period January 1, 2018 through June 10, 2018, the Administrative Services Fee is up to $1.3 million annually, pro-rated for the period. On June 10, 2018, the advisory management agreements were extended an additional year through June 10, 2019. For the period June 10, 2018 through June 10, 2019, the Administrative Services Fee is up to $1.29 million. The Administrative Service Fee is payable in four equal quarterly installments within 45 days of the end of each calendar quarter. In addition, under the advisory management agreement, we are to reimburse the Advisor for certain due diligence services provided in connection with asset dispositions or debt financings separately from the administrative services fee. For each of the years ended December 31, 2018 and 2017, we incurred and expensed such costs for administrative services and due diligence services of approximately $1.3 million. Notwithstanding the fees and cost reimbursements payable to our external advisor pursuant to our advisory management agreement, under our charter we may not reimburse the external advisor for any amount by which our operating expenses (including the asset management fee) at the end of the four preceding fiscal quarters exceeds the greater of: (i) 2% of our average invested assets, or (ii) 25% of our net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of our assets for that period unless a majority of our independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. For the year ended December 31, 2018, our total operating expenses (including the asset management fee) exceeded the limit on total operating expenses; however, our independent directors determined the excess expenses were justified primarily as a result of the timing of the redeployment of our cash proceeds from asset sales and financings. Property Manager From January 4, 2008 through February 10, 2017, we were party to various property management and leasing agreements between us, our operating partnership, and certain affiliates of Behringer (collectively, the “Behringer Manager”). On February 10, 2017, we and the Behringer Manager terminated the then existing property management and leasing agreements effective as of the close of business. Concurrently, we engaged an affiliate of Lightstone (the “Lightstone Manager”) pursuant to a property management and leasing agreement. The fees earned by and expenses reimbursed to the Lightstone Manager are substantially the same as the fees earned by and expenses reimbursed to the Behringer Manager. The following discussion describes the fees and expenses payable to our affiliated property manager and its respective affiliates under both the various property management and leasing agreements. We pay our property manager and affiliate of our external advisor, fees for the management, leasing, and construction supervision of our properties which is 4.0% of gross revenues of the properties managed by our property manager. We pay our property manager an oversight fee equal to 0.5% of the gross revenues of the property managed for any property for which we contract directly with a third-party property manager. In no event will our property manager or its affiliates receive both a property management fee and an oversight fee with respect to any particular property. In the event we own a property through a joint venture that does not pay our property manager directly for its services, we will pay our property manager a management fee or oversight fee, as applicable, based only on our economic interest in the property. During the years ended December 31, 2018 and 2017, we incurred and expensed property management fees or oversight fees of approximately $0.1 million and $0.2 million, respectively, payable to the property manager and affiliates of our external advisor. We pay our property manager a construction management fee in an amount not to exceed 5% of all hard construction costs incurred in connection with, but not limited to capital repairs and improvements, major building reconstruction and tenant improvements, if such affiliate supervises construction performed by or on behalf of us or our affiliates. We incurred no construction management fees for the years ended December 31, 2018 and 2017. We are dependent on our external advisor and our property manager for certain services that are essential to us, including asset acquisition, financing and disposition decisions, property management and leasing services, and other general administrative responsibilities. In the event that these companies were unable to provide us with their respective services, we would be required to obtain such services from other sources.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events Acquisition of Valley Ranch Apartments located in Ann Arbor, Michigan On February 14, 2019, the Company, through a subsidiary of the Operating Partnership, acquired a 384-unit multifamily property located in Ann Arbor, Michigan (the “Valley Ranch Apartments”) , from Tilden Valley Ranch Apartments LLC, an unaffiliated third party, for an aggregate purchase price of approximately $70.3 million, excluding closing and other acquisition related In connection with the acquisition of the Valley Ranch Apartments, the Company simultaneously entered into a $43.4 million mortgage loan (the “Valley Ranch Mortgage”) scheduled to mature on March 1, 2026. The loan requires monthly interest payments through its maturity date and bears interest at 4.16% through its maturity. The loan is collateralized by the Valley Ranch Apartments and is non-recourse to the Company. The acquisition was funded with cash on hand and proceeds from the Valley Ranch Mortgage . In connection with the acquisition, the Advisor received an aggregate of approximately $1.6 million in acquisition fees, acquisition expense reimbursements and debt financing fees.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant assumptions and estimates relate to the valuation of real estate including impairment and depreciable lives. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates.
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation Our consolidated financial statements include our accounts and the accounts of other subsidiaries over which we have control. All inter-company transactions, balances, and profits have been eliminated in consolidation. In addition, interests in entities acquired are evaluated based on applicable GAAP, and entities deemed to be variable interest entities (“VIE”) in which we are the primary beneficiary are also consolidated. If the interest in the entity is determined not to be a VIE, then the entity is evaluated for consolidation based on legal form, economic substance, and the extent to which we have control, substantive participating rights or both under the respective ownership agreement. For entities in which we have less than a controlling interest but have significant influence, we account for the investment using the equity method of accounting. There are judgments and estimates involved in determining if an entity in which we have made an investment is a VIE and, if so, whether we are the primary beneficiary. The entity is evaluated to determine if it is a VIE by, among other things, calculating the percentage of equity being risked compared to the total equity of the entity. Determining expected future losses involves assumptions of various possibilities of the results of future operations of the entity, assigning a probability to each possibility, and using a discount rate to determine the net present value of those future losses. A change in the judgments, assumptions, and estimates outlined above could result in consolidating an entity that should not be consolidated or accounting for an investment using the equity method that should in fact be consolidated, the effects of which could be material to our consolidated financial statements.
Accounting for Acquisitions of Investment Property	Accounting for Acquisitions of Investment Property The cost of the real estate assets acquired in an asset acquisition is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their relative fair values. Fees incurred related to asset acquisitions are capitalized as part of the cost of the investment. Upon the acquisition of real estate properties that meet the definition of a business, we recognize the assets acquired, the liabilities assumed and any noncontrolling interest as of the acquisition date, measured at their fair values. The acquisition date is the date on which we obtain control of the real estate property. The assets acquired and liabilities assumed may consist of land, inclusive of associated rights, buildings, assumed debt, identified intangible assets and liabilities, and asset retirement obligations. Identified intangible assets generally consist of above-market leases, in-place leases, in-place tenant improvements, in-place leasing commissions, and tenant relationships. Identified intangible liabilities generally consist of below-market leases. Goodwill is recognized as of the acquisition date and measured as the aggregate fair value of the consideration transferred and any noncontrolling interests in the acquiree over the fair value of the identifiable net assets acquired. Likewise, a bargain purchase gain is recognized in current earnings when the aggregate fair value of the consideration transferred and any noncontrolling interests in the acquiree is less than the fair value of the identifiable net assets acquired. Acquisition-related costs are expensed in the period incurred. Initial valuations are subject to change until our information is finalized, which is no later than 12 months from the acquisition date. The fair value of the tangible assets acquired, consisting of land and buildings, is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings. Land values are derived from appraisals, and building values are calculated as replacement cost less depreciation or management’s estimates of the fair value of these assets using discounted cash flow analyses or similar methods believed to be used by market participants. The value of hotels and all other buildings is depreciated over the estimated useful lives of 39 years and 25 years, respectively, using the straight-line method. We determine the fair value of assumed debt by calculating the net present value of the scheduled mortgage payments using interest rates for debt with similar terms and remaining maturities that management believes we could obtain at the date of the debt assumption. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining life of the loan using the effective interest method.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider investments in highly liquid money market funds or investments with original maturities of three months or less to be cash equivalents. The carrying amount of cash and cash equivalents reported on the balance sheet approximates fair value.
Restricted Cash	Restricted Cash As required by our lenders, restricted cash is held in escrow accounts for anticipated capital expenditures, real estate taxes, and other reserves for certain of our consolidated properties. Capital reserves are typically utilized for non-operating expenses such as tenant improvements, leasing commissions, and major capital expenditures. Alternatively, a lender may require its own formula for an escrow of capital reserves. Restricted cash may also include certain funds temporarily placed in escrow with qualified intermediaries to facilitate potential like-kind exchange transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). We adopted Financial Accounting Standards Board (“FASB”) guidance which changed the presentation of our statements of cash flows and related disclosures for all periods presented and accordingly, the following is a summary of our cash, cash equivalents, and restricted cash total as presented in our consolidated statements of cash flows for the periods presented: December 31, 2018 2017 Cash and cash equivalents $ 29,607 $ 52,147 Restricted cash 3,045 5,213 Total cash, cash equivalents and restricted cash $ 32,652 $ 57,360
Marketable Securities	Marketable Securities Marketable securities currently consist of debt securities that are designated as available-for-sale and are recorded at fair value. Unrealized holding gains or losses for debt securities are reported as a component of accumulated other comprehensive income/(loss). Realized gains or losses resulting from the sale of these securities are determined based on the specific identification of the securities sold. An impairment charge is recognized when the decline in the fair value of a security below the amortized cost basis is determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below our amortized cost basis, any adverse changes in the financial condition of the issuers’ and its intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.
Investment Impairment	Investment Impairment For all of our real estate and real estate related investments, we monitor events and changes in circumstances indicating that the carrying amounts of the real estate assets may not be recoverable. Examples of the types of events and circumstances that would cause management to assess our assets for potential impairment include, but are not limited to: a significant decrease in the market price of an asset; a significant adverse change in the manner in which the asset is being used; an accumulation of costs in excess of the acquisition basis plus construction of the property; major vacancies and the resulting loss of revenues; natural disasters; a change in the projected holding period; legitimate purchase offers; and changes in the global and local markets or economic conditions. To the extent that our portfolio is concentrated in limited geographic locations, downturns specifically related to such regions may result in tenants defaulting on their lease obligations at those properties within a short time period, which may result in asset impairments. When such events or changes in circumstances are present, we assess potential impairment by comparing estimated future undiscounted operating cash flows expected to be generated over the life of the asset and from its eventual disposition to the carrying amount of the asset. These projected cash flows are prepared internally by the Advisor and reflect in-place and projected leasing activity, market revenue and expense growth rates, market capitalization rates, discount rates, and changes in economic and other relevant conditions. Our management reviews these projected cash flows to assure that the valuation is prepared using reasonable inputs and assumptions that are consistent with market data or with assumptions that would be used by a third-party market participant and assume the highest and best use of the investment. We consider trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. In the event that the carrying amount exceeds the estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the asset to estimated fair value. While we believe our estimates of future cash flows are reasonable, different assumptions regarding factors such as market rents, economic conditions, and occupancy rates could significantly affect these estimates. In evaluating our investments for impairment, management may use appraisals and make estimates and assumptions, including, but not limited to, the projected date of disposition of the properties, the estimated future cash flows of the properties during our ownership, and the projected sales price of each of the properties. A future change in these estimates and assumptions could result in understating or overstating the carrying value of our investments, which could be material to our financial statements. In addition, we may incur impairment charges on assets classified as held for sale in the future if the carrying amount of the asset upon classification as held for sale exceeds the estimated fair value, less costs to sell. We also evaluate our investments in unconsolidated joint ventures at each reporting date. If we believe there is an other than temporary decline in market value, we will record an impairment charge based on these evaluations. We assess potential impairment by comparing our portion of estimated future undiscounted operating cash flows expected to be generated by the joint venture over the life of the joint venture’s assets to the carrying amount of the joint venture. In the event that the carrying amount exceeds our portion of estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the joint venture to its estimated fair value. During the year ended December 31, 2018, we did not record any impairment charges. During the year ended December 31, 2017, we recorded a non-cash impairment charge of $4.1 million to reduce the carrying value of our investment in 22 Exchange, a student housing property with a retail component located in Akron, Ohio, to its estimated fair value. This charge was attributable to certain events; including the loss of our anchor retail tenant during the fourth quarter of 2017 and the lender’s notice to us that it would begin sweeping the cash from operations for this property effective January 2018. In estimating the fair value of 22 Exchange, we used management’s internal discounted cash flow analyses prepared with consideration of the local market. We believe the carrying value of our operating real estate assets and our investment in an unconsolidated joint venture is currently recoverable. However, if market conditions worsen unexpectedly or if changes in our strategy significantly affect any key assumptions used in our fair value calculations, we may need to take charges in future periods for impairments related to our existing investments. Any such non-cash charges would have an adverse effect on our consolidated financial position and results of operations.
Investment in Unconsolidated Joint Venture	Investment in Unconsolidated Joint Venture We have and may continue to provide funding to third-party developers for the acquisition, development, and construction of real estate (“ADC Arrangement”). Under an ADC Arrangement, we may participate in the residual profits of the project through the sale or refinancing of the property. We evaluate such arrangements to determine if they have characteristics similar to a loan or if the characteristics are more similar to a joint venture or partnership such as participating in the risks and rewards of the project as an owner or an investment partner. When we determine that the characteristics are more similar to a jointly-owned investment or partnership, we account for the arrangement as an investment in an unconsolidated joint venture under the equity method of accounting or a direct investment (consolidated basis of accounting) instead of applying loan accounting. ADC Arrangements are reassessed at each reporting period. See Note 7 of the Notes to the Consolidated Financial Statements for additional information.
Revenue Recognition	Revenue Recognition We recognize rental income generated from leases of our operating properties on a straight-line basis over the terms of the respective leases, including the effect of rent holidays, if any. Leases associated with our multifamily and student housing are generally short-term in nature, and thus have no straight-line rent. Hotel revenues consisted primarily of guest room, food and beverage, and other ancillary revenues such as laundry and parking at hotel properties. Hotel revenues were recognized as the services were rendered. During the periods presented, our hotel revenues were derived from the operations of the Courtyard Kauai Coconut Beach Hotel, which was sold on August 15, 2017.
Other Assets	Other Assets Other assets primarily consist of deposits, receivables and intangible assets related to our consolidated properties.
Deferred Financing Fees	Deferred Financing Fees The Company will capitalize initial direct costs associated with financing activities. The costs will be capitalized upon the execution of the loan, presented in the consolidated balance sheets as a direct deduction from the carrying value of the corresponding loan and amortized over the initial term of the corresponding loan. Amortization of deferred loan costs will begin in the period during which the loan is originated using the effective interest method over the term of the loan. The Company capitalizes initial direct costs associated with leasing activities. The costs are capitalized upon the execution of the lease and amortized over the initial term of the corresponding lease. Deferred financing fees are recorded at cost, accounted for as a reduction to notes payable and amortized to interest expense using a straight-line method that approximates the effective interest method over the life of the related debt. Deferred financing fees, net were $2.4 million and $0.4 million as of December 31, 2018 and 2017, respectively. Accumulated amortization of deferred financing fees was $0.6 million and $2.2 million as of December 31, 2018 and 2017, respectively.
Income Taxes	Income Taxes We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and have qualified as a REIT since the year ended December 31, 2008. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our REIT taxable income to our stockholders. As a REIT, we generally will not be subject to federal income tax at the corporate level. We are organized and operate in such a manner as to qualify for taxation as a REIT under the Internal Revenue Code and intend to continue to operate in such a manner, but no assurance can be given that we will operate in a manner so as to qualify or remain qualified as a REIT. Taxable income from non-REIT activities managed through a taxable REIT subsidiary (“TRS”) is subject to applicable federal, state, and local income and margin taxes. We currently have no taxable income associated with a TRS. Our operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level. During the third quarter of 2017, we recorded an aggregate income tax benefit of approximately $1.6 million consisting of (i) a refund of foreign income tax of approximately $0.8 million and (ii) the reversal of our previously estimated taxes payable on the 2015 sale of two foreign investments of $0.8 million. We have reviewed our tax positions under GAAP guidance that clarify the relevant criteria and approach for the recognition and measurement of uncertain tax positions. The guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the financial statements if it is more likely than not that the tax position will be sustained upon examination. We believe it is more likely than not that the tax positions taken relative to our federal tax status as a REIT will be sustained in any tax examination.
Foreign Currency Translation	Foreign Currency Translation For our international investments where the functional currency is other than the U.S. dollar, assets and liabilities are translated using period-end exchange rates, while the statement of operations amounts are translated using the average exchange rates for the respective period. Gains and losses resulting from the change in exchange rates from period to period are reported separately as a component of other comprehensive income (loss). Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations and comprehensive income (loss). The Euro was the functional currency for the operations of Alte Jakobstraße (“AJS”) and Holstenplatz, which were two foreign investments we sold in 2015. As a result of the sale of AJS and Holstenplatz, we no longer have foreign operations. However, subsequent to their sale, we still maintained a Euro-denominated bank account that was comprised primarily of the remaining undistributed proceeds from the sale of these properties, which we translated into U.S. dollars at the current exchange rate at each reporting period. As of December 31, 2017, we maintained approximately $0.4 million in Euro-denominated accounts, which were included in cash and cash equivalents on our consolidated balance sheets. As of December 31, 2018, we had no remaining amounts in Euro-denominated accounts. For the years ended December 31, 2018 and 2017, the foreign currency translation adjustment was a loss of less than $0.1 million and a gain of $0.5 million, respectively.
Concentration of Credit Risk	Concentration of Credit Risk At December 31, 2018 and 2017, we had cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. We have diversified our cash and cash equivalents among several banking institutions in an attempt to minimize exposure to any one of these entities. We regularly monitor the financial stability of these financial institutions and believe that we are not exposed to any significant credit risk in cash and cash equivalents or restricted cash. Geographic and Asset Type Concentration Our investments may at times be concentrated in certain asset types that are subject to higher risk of foreclosure, or secured by assets concentrated in a limited number of geographic locations. For the year ended December 31, 2018, excluding 22 Exchange, the investment we disposed of in 2018, approximately 27.4%, 13.1%, 20.7%, 2.1%, 22.3% and 14.4% of our total revenues were derived from our properties located in Florida, Texas, Tennessee, Illinois, Georgia and Indiana, respectively. Additionally, excluding the investment we disposed of in 2018, approximately 68.5 22.3
Noncontrolling Interest	Noncontrolling Interest Noncontrolling interest represents the noncontrolling ownership interest’s proportionate share of the equity in our consolidated real estate investments. Income and losses are allocated to noncontrolling interest holders based generally on their ownership percentage. In certain instances, our joint venture agreement provides for liquidating distributions based on achieving certain return metrics (“promoted interest”). If a property reaches a defined return threshold, then it will result in distributions to noncontrolling interest which is different from the standard pro-rata allocation percentage. During 2018, the Company paid $1.9 million for the 6.0% membership interest held by a minority owner in Arbors Harbor Town and as a result, now owns 100.0% of this property.
Earnings per Share	Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented.
Reportable Segments	Reportable Segments GAAP establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we have one reportable segment, with activities related to the ownership, development, and management of real estate assets. Our chief operating decision maker evaluates operating performance on an individual property level. Therefore, our properties are aggregated into one reportable segment.
Reclassifications	Reclassifications Certain prior period amounts may have been reclassified to conform to the current year presentation.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Schedule of cash, cash equivalents and restricted cash	the following is a summary of our cash, cash equivalents, and restricted cash total as presented in our consolidated statements of cash flows for the periods presented: December 31, 2018 2017 Cash and cash equivalents $ 29,607 $ 52,147 Restricted cash 3,045 5,213 Total cash, cash equivalents and restricted cash $ 32,652 $ 57,360

Marketable Securities and Fai_2

Marketable Securities and Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2018
Marketable Securities And Fair Value Measurements [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The following is a summary of the Company’s available for sale securities as of the date indicated: As of December 31, 2018 Debt securities: Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate and Government Bonds $ 14,575 $ 15 $ (204 ) $ 14,386
Available-for-sale Securities	The following table summarizes the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: As Due in 1 year $ 2,835 Due in 1 year through 5 years 10,670 Due in 5 years through 10 years 881 Due after 10 years - Total $ 14,386
Fair Value Measurements, Nonrecurring	The following fair value hierarchy table presents information about our assets measured at fair value on a nonrecurring basis during the year ended December 31, 2017: For the year ended December 31, 2017 Level 1 Level 2 Level 3 Total Fair Value Loss Assets Buildings and improvements, net (1) $ — $ — $ 19.0 million $ 19.0 million $ (4.1 million ) (1) We recorded non-cash impairment charge of $4.1 million during the year ended December 31, 2017 as a result of a measurable decrease in the fair value of 22 Exchange. Quantitative Information about Level 3 Fair Value Measurements Description Fair Value as of December 31, 2017 Valuation Techniques Unobservable Input Buildings and improvements, net (1) $ 19.0 million Discounted cash flow Discount rate Terminal capitalization rate 8.0% 7.0% (1) We recorded a non-cash impairment charge of $4.1 million during the year ended December 31, 2017 on our investment in 22 Exchange, which was one of our student housing investments.

Financial Instruments not Rep_2

Financial Instruments not Reported at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	Carrying amounts of our notes payable and the related estimated fair value as follows: As of December 31, 2018 As of December 31, 2017 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes payable $ 141,423 $ 140,986 $ 90,321 $ 91,449

Real Estate and Real Estate-R_2

Real Estate and Real Estate-Related Investments (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Schedule of information pertaining to consolidated investments	As of December 31, 2018, we consolidated seven real estate assets. The following table presents certain information about our consolidated investments as of December 31, 2018: Property Name Description Location Date Acquired Ownership Interest Gardens Medical Pavilion Medical office building Palm Beach Gardens, Florida October 20, 2010 81.8 % River Club and the Townhomes at River Club Student housing Athens, Georgia April 25, 2011 85 % Lakes of Margate Multifamily Margate, Florida October 19, 2011 92.5 % Arbors Harbor Town (1) Multifamily Memphis, Tennessee December 20, 2011 100 % Parkside Apartments (“Parkside”) Multifamily Sugar Land, Texas August 8, 2013 90 % Flats at Fishers Fishers Multifamily Fishers, Indiana November 30, 2017 100 % Axis at Westmont Fishers Multifamily Westmont, Illinois November 27, 2018 100 % Note: (1) On December 28, 2018, we acquired the noncontrolling member’s 6% ownership interest in Arbors Harbor Town for $1.9 million and as a result, now own 100% of this property.
Condensed Income Statement	The following table provides the total amount of rental revenue and net income included in the Company’s consolidated statements of operations from the Axis at Westmont and the Flats at Fishers since their respective dates of acquisition for the periods indicated: For the Years Ended December 31, 2018 2017 Rental revenue $ 4,197 $ 245 Net loss $ (367 ) $ (789 )
Business Acquisition, Pro Forma Information	The following table provides unaudited pro forma results of operations for the periods indicated, as if the Axis at Westmont and the Flats at Fishers had been acquired at the beginning of the earliest period presented. Such pro forma results are not necessarily indicative of the results that actually would have occurred had these acquisitions been completed on the dates indicated, nor are they indicative of the future operating results of the combined company. For the Years Ended December 31, 2018 2017 Pro forma rental revenue $ 32,790 $ 45,489 Pro forma net (loss) income attributable to the Company's shares $ (6,310 ) $ 21,794 Pro forma net (loss) income per share, basic and diluted $ (0.26 ) $ 0.87

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of information on notes payable	The following table sets forth information on our notes payable as of December 31, 2018 and 2017: Property Interest Rate Weighted Average Interest Rate as of December 31, 2018 Maturity Date Amount Due at Maturity As of December 31, 2018 As of December 31, 2017 River Club and the Townhomes at River Club LIBOR + 1.78% 3.93 % May 1, 2025 $ 28,419 $ 30,359 $ - River Club and the Townhomes at River Club (Repaid in full on May 1, 2018) - 23,511 Gardens Medical Pavilion LIBOR + 1.90% 3.61 % June 1, 2021 12,300 12,900 - Lakes of Margate 5.49 % and 5.92 % 5.75 % January 1, 2020 13,384 13,687 13,973 Arbors Harbor Town (Repaid in full on December 28, 2018) - 24,153 Arbors Harbor Town 4.53% 4.53 % December 28, 2025 29,000 29,000 - 22 Exchange (Extinguished through a deed-in-lieu of foreclosure on December 28, 2018) - 18,963 Parkside 4.45% 4.45 % June 1, 2025 15,782 17,877 - Parkside (Repaid in full on June 1, 2018) - 9,721 Axis at Westmont 4.39% 4.39 % February 1, 2026 34,343 37,600 - Total notes payable 4.28 % $ 133,228 141,423 90,321 Less: Deferred financing costs (2,407 ) (400 ) Total notes payable, net $ 139,016 $ 89,921
Contractual obligations for principal payments	The following table provides information with respect to the contractual maturities and scheduled principal repayments of our indebtedness as of December 31, 2018. 2019 2020 2021 2022 2023 Thereafter Total Principal maturities $ 831 $ 13,924 $ 13,235 $ 948 $ 1,582 $ 110,903 $ 141,423 Less: deferred financing costs (2,407 ) Total notes payable, net $ 139,016

Leasing Activity (Tables)

Leasing Activity (Tables)	12 Months Ended
	Dec. 31, 2018
Leases [Abstract]
Future minimum base rental payments of remaining office property	Future minimum base rental payments of our office property, Gardens Medical Pavilion, due to us under non-cancelable leases in effect as of December 31, 2018 are as follows: Year Amount Due 2019 $ 1,395 2020 1,184 2021 1,113 2022 968 2023 889 Thereafter 943 Total $ 6,492

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Schedule of Redemption Program	The price at which we redeem shares submitted for redemption will be a percentage of the estimated NAV per Share as of the Effective Date (as defined in the Fourth Amended Share Redemption Program), as follows: For Redemptions with an Effective Date Between July 1, 2018 and June 30, 2019: 92.5% of the estimated NAV per Share July 1, 2019 and June 30, 2020: 95.0% of the estimated NAV per Share July 1, 2020 and June 30, 2021: 97.5% of the estimated NAV per Share Thereafter: 100% of the estimated NAV per Share

Business and Organization (Deta

Business and Organization (Details) - USD ($) $ in Millions	12 Months Ended	119 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Jan. 19, 2007
Organization
Percentage of ownership interest by BHO II, Inc	0.10%
Common stock, shares outstanding (in shares)	23,431,408	23,431,408	24,646,494
Common stock, shares issued (in shares)	23,431,408	23,431,408	24,646,494
Convertible stock issued (in shares)	0	0	0
Convertible Stock Shares Outstanding	0	0	0
Maryland [Member]
Organization
Percentage of remaining ownership interest held by BHO Business Trust II	99.90%
Behringer Harvard Holdings
Organization
Common stock, shares issued (in shares)				22,500
Convertible stock issued (in shares)				1,000
Initial Offering
Organization
Gross offering proceeds		$ 265.3
Common stock sold (in shares)		26,700,000
Common stock, shares outstanding (in shares)	24,600,000	24,600,000
Initial Offering | LightstoneGroup [Member]
Organization
Convertible Stock Shares Outstanding	1,000	1,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 29,607	$ 52,147
Restricted cash	3,045	5,213
Total cash, cash equivalents and restricted cash	$ 32,652	$ 57,360	$ 73,212

Summary of Significant Accoun_5

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Investment Impairment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Impairment charge	$ 0	$ 4,132

Summary of Significant Accoun_6

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Deferred Financing Fees (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net	$ 2,407	$ 400
Accumulated amortization of deferred financing fees	$ 600	$ 2,200

Summary of Significant Accoun_7

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Line Items]
Required minimum percentage distribution of of ordinary taxable income to stockholders to qualify as a REIT		90.00%
Income Tax Expense (Benefit)	$ 1,600	$ 4	$ (1,604)
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Amount	800
Foreign Tax Authority
Real Estate [Line Items]
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount	$ 800

Summary of Significant Accoun_8

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Line Items]
Deposits Assets		$ 0.4
Alte Jakobstrabe
Real Estate [Line Items]
Cumulative foreign currency translation adjustment	$ 0.1
Holstenplatz
Real Estate [Line Items]
Cumulative foreign currency translation adjustment		$ 0.5

Summary of Significant Accoun_9

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Geographic and Asset type concentration (Details)	12 Months Ended
	Dec. 31, 2018
Concentration Risk [Line Items]
Concentration risk, percentage	2.10%
Florida | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	27.40%
TEXAS | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	13.10%
TUNISIA | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	20.70%
GEORGIA, REPUBLIC OF | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	22.30%
INDIA | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	14.40%
Multifamily | Real Estate Asset Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	68.50%
Student Housing | Real Estate Asset Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	22.30%
medical office building [Member] | Real Estate Asset Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	9.20%

Summary of Significant Accou_10

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Noncontrolling Interest (Details) - USD ($) $ in Thousands	Dec. 28, 2018	Dec. 28, 2018	Dec. 31, 2018	Dec. 31, 2017
Payments to Acquire Additional Interest in Subsidiaries			$ 1,930
Arbors Harbor Town Memphis [Member]
Payments to Acquire Additional Interest in Subsidiaries	$ 1,900	$ 1,900	$ 1,900
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	6.00%	6.00%
Real Estate Ownership Interest		100.00%	100.00%

Marketable Securities and Fai_3

Marketable Securities and Fair Value Measurements -Available for sale securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value	$ 14,386	$ 0
Corporate and Government Bonds [Member]
Adjusted Cost	14,575
Gross Unrealized Gains	15
Gross Unrealized Losses	(204)
Fair Value	$ 14,386

Marketable Securities and Fai_4

Marketable Securities and Fair Value Measurements- Summarizes the estimated fair value of our investments in marketable debt securities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Due in 1 year	$ 2,835
Due in 1 year through 5 years	10,670
Due in 5 years through 10 years	881
Due after 10 years	0
Total	$ 14,386	$ 0

Marketable Securities and Fai_5

Marketable Securities and Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($)		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Assets
Impairment charge		$ 0	$ 4,132,000
Nonrecurring | Buildings and Improvements
Assets
Buildings and improvements, net	[1]		19,000,000
Impairment charge			(4,100,000)
Nonrecurring | Buildings and Improvements | Discounted cash flow
Assets
Buildings and improvements, net	[2]		19,000,000
Nonrecurring | Level 3 | Buildings and Improvements
Assets
Buildings and improvements, net	[1]		$ 19,000,000
Nonrecurring | Level 3 | Buildings and Improvements | Discounted cash flow
Assets
Terminal capitalization rate			7.00%
Discount rate	[2]		8.00%
Nonrecurring | Level 1 | Buildings and Improvements
Assets
Buildings and improvements, net	[1]		$ 0
Nonrecurring | Level 2 | Buildings and Improvements
Assets
Buildings and improvements, net	[1]		$ 0
[1]	We recorded non-cash impairment charge of $4.1 million during the year ended December 31, 2017 as a result of a measurable decrease in the fair value of 22 Exchange.
[2]	We recorded a non-cash impairment charge of $4.1 million during the year ended December 31, 2017 on our investment in 22 Exchange, which was one of our student housing investments.

Financial Instruments not Rep_3

Financial Instruments not Reported at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Notes payable, carrying amount	$ 141,423	$ 90,321
Notes payable, fair value	$ 140,986	$ 91,449

Real Estate and Real Estate-R_3

Real Estate and Real Estate-Related Investments - Consolidated Properties (Details)	12 Months Ended
	Dec. 31, 2018
Gardens Medical Pavilion
Real Estate Properties [Line Items]
Ownership Interest	81.80%
River Club and the Townhomes at River Club
Real Estate Properties [Line Items]
Ownership Interest	85.00%
Lakes of Margate
Real Estate Properties [Line Items]
Ownership Interest	92.50%
Arbors Harbor Town
Real Estate Properties [Line Items]
Ownership Interest	100.00%	[1]
Parkside Apartments ("Parkside")
Real Estate Properties [Line Items]
Ownership Interest	90.00%
Flats at Fishers Fishers [Member]
Real Estate Properties [Line Items]
Ownership Interest	100.00%
Axis At Westmont Fishers [Member]
Real Estate Properties [Line Items]
Ownership Interest	100.00%
[1]	On December 28, 2018, we acquired the noncontrolling member’s 6% ownership interest in Arbors Harbor Town for $1.9 million and as a result, now own 100% of this property.

Real Estate and Real Estate-R_4

Real Estate and Real Estate-Related Investments - Rental Revenue and Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Net loss	$ (5,187)	$ 24,558
Axis At Westmont Fishers [Member]
Real Estate Properties [Line Items]
Rental revenue	4,197	245
Net loss	$ (367)	$ (789)

Real Estate and Real Estate-R_5

Real Estate and Real Estate-Related Investments - Unaudited Proforma Results Of Operations (Details) - Axis At Westmont Fishers [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Pro forma rental revenue	$ 32,790	$ 45,489
Pro forma net (loss) income attributable to the Company's shares	$ (6,310)	$ 21,794
Pro forma net (loss) income per share, basic and diluted	$ (0.26)	$ 0.87

Real Estate and Real Estate-R_6

Real Estate and Real Estate-Related Investments Real Estate and Real Estate-Related Investments - Narrative (Details) - USD ($) $ in Thousands	Dec. 28, 2018	Aug. 15, 2017	Dec. 28, 2018	Nov. 27, 2018	Nov. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2017
Real Estate Properties [Line Items]
Gain on sale of real estate and other assets, net						$ 537	$ 21,605
Gain (loss) on extinguishment of debt						2,778	0
Proceeds from Sale of Real Estate Held-for-investment						0	24,047
Long-term Debt						139,016
Payments to Acquire Additional Interest in Subsidiaries						1,930
Lakewood Flats [Member]
Real Estate Properties [Line Items]
Gain on sale of real estate and other assets, net							20,900
Escrow Reimbursements From Insurance Claim						500	$ 700
Land and Improvements
Real Estate Properties [Line Items]
Business Combination, Consideration Transferred				$ 7,800	$ 6,900
Building and Building Improvements [Member]
Real Estate Properties [Line Items]
Business Combination, Consideration Transferred				52,100	29,300
Other Assets [Member]
Real Estate Properties [Line Items]
Business Combination, Consideration Transferred				500	700
Flats at Fishers [Member]
Real Estate Properties [Line Items]
Business Combination, Consideration Transferred					36,900
Business Combination, Acquisition Related Costs					600
Capitalization Rate								3.80%
Courtyard Kauai Coconut Beach Hotel [Member]
Real Estate Properties [Line Items]
Sales Contract Price		$ 62,000
Gain on sale of real estate and other assets, net		20,900
Escrow Deposits Related to Property Sales					$ 27,000
Transfer Mortgage Payable		36,000
Proceeds from Sale of Real Estate Held-for-investment		24,000
Payments to Noncontrolling Interests		1,700
Revenue from Contract with Customer, Including Assessed Tax		$ 62,000
22 Exchange [Member]
Real Estate Properties [Line Items]
Gain (loss) on extinguishment of debt			$ 2,800
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	10.00%		10.00%
Extinguishment of Debt, Amount			$ 22,600
Gain (Loss) on Disposition of Real Estate, Discontinued Operations			19,800
Expenses incurred For Disposition of Real Estate Property			$ 100
Axis at Westmont [Member]
Real Estate Properties [Line Items]
Sales Contract Price				1,000
Business Combination, Consideration Transferred				59,300
Long-term Debt				37,600
Repayments of Debt				21,700
Revenue from Contract with Customer, Including Assessed Tax				$ 1,000
Acquistion Fees Percentage				1.75%
Capitalization Rate				5.45%
Arbors Harbor Town Memphis [Member]
Real Estate Properties [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	6.00%		6.00%
Payments to Acquire Additional Interest in Subsidiaries	$ 1,900		$ 1,900			$ 1,900
Real Estate Ownership Interest			100.00%			100.00%

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Venture (Details) - USD ($)	Dec. 15, 2017	Jan. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Mezzanine financing to unaffiliated third party Entity			$ 15,300,000
Amount of senior construction loan taken by unconsolidated joint venture			40,000,000
Outstanding principal balance under mezzanine Loan			15,300,000
Proceeds from Sale of Equity Method Investments			0	$ 21,645,000
Prospect Park
Schedule of Equity Method Investments [Line Items]
Real Estate Property Contractual Sales Price	$ 100,500,000
Proceeds from Sale of Real Estate	21,600,000
Escrow Deposits Related to Property Sales	$ 15,100,000
Equity Method Investments			10,900,000	10,900,000
Equity Earnings Related to Unconsolidated Investment			$ 0	$ 17,900,000
Prospect Park | Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from Sale of Equity Method Investments		$ 10,900,000
Minimum
Schedule of Equity Method Investments [Line Items]
Annual interest rate for mezzanine loan			10.00%
Maximum
Schedule of Equity Method Investments [Line Items]
Annual interest rate for mezzanine loan			18.00%

Notes Payable - Information on

Notes Payable - Information on Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term Debt	$ 139,016
Less: deferred financing costs	(2,407)	$ (400)
Total notes payable, net	$ 139,016	89,921
Notes payable
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.28%
Long-term Debt	$ 133,228
Notes payable, net	141,423	90,321
Less: deferred financing costs	$ (2,407)	(400)
Gardens Medical Pavilion | Notes payable
Debt Instrument [Line Items]
Debt Instrument, Interest Rate	LIBOR + 1.90%
Weighted Average Interest Rate	3.61%
Debt Instrument, Maturity Date	Jun. 1, 2021
Long-term Debt	$ 12,300
Notes payable, net	$ 12,900	0
River Club and the Townhomes at River Club | Notes payable
Debt Instrument [Line Items]
Debt Instrument, Interest Rate	LIBOR + 1.78%
Weighted Average Interest Rate	3.93%
Debt Instrument, Maturity Date	May 1, 2025
Long-term Debt	$ 28,419
Notes payable, net	$ 30,359	23,511
Lakes of Margate | Notes payable
Debt Instrument [Line Items]
Weighted Average Interest Rate	5.75%
Debt Instrument, Maturity Date	Jan. 1, 2020
Long-term Debt	$ 13,384
Notes payable, net	$ 13,687	13,973
Arbors Harbor Town | Notes payable
Debt Instrument [Line Items]
Interest rate (as a percent)	4.53%
Weighted Average Interest Rate	4.53%
Debt Instrument, Maturity Date	Dec. 28, 2025
Long-term Debt	$ 29,000
Notes payable, net	29,000	24,153
22 Exchange | Notes payable
Debt Instrument [Line Items]
Notes payable, net	$ 0	18,963
Parkside | Notes payable
Debt Instrument [Line Items]
Interest rate (as a percent)	4.45%
Weighted Average Interest Rate	4.45%
Debt Instrument, Maturity Date	Jun. 1, 2025
Long-term Debt	$ 15,782
Notes payable, net	$ 17,877	9,721
Axis at Westmont | Notes payable
Debt Instrument [Line Items]
Interest rate (as a percent)	4.39%
Weighted Average Interest Rate	4.39%
Debt Instrument, Maturity Date	Feb. 1, 2026
Long-term Debt	$ 34,343
Notes payable, net	$ 37,600	$ 0
Minimum | Lakes of Margate | Notes payable
Debt Instrument [Line Items]
Interest rate (as a percent)	5.49%
Maximum | Lakes of Margate | Notes payable
Debt Instrument [Line Items]
Interest rate (as a percent)	5.92%

Notes Payable - Contractual Obl

Notes Payable - Contractual Obligations for Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2019	$ 831
2020	13,924
2021	13,235
2022	948
2023	1,582
Thereafter	110,903
Total contractual obligations for principal payments	141,423
Less: deferred financing costs	(2,407)	$ (400)
Total notes payable, net	$ 139,016

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details) - USD ($)	Dec. 28, 2018	Jun. 01, 2018	May 01, 2018	Dec. 28, 2018	Nov. 27, 2018	Jun. 28, 2018	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Payments to Acquire Additional Interest in Subsidiaries							$ 1,930,000
Parkside
Debt Instrument [Line Items]
Notes payable, net		$ 18,000,000
Debt Instrument, Basis Spread on Variable Rate		4.45%
Repayments of Secured Debt		$ 9,600,000
Gardens Medical Pavilion [Member]
Debt Instrument [Line Items]
Notes payable, net						$ 13,000,000
Debt Instrument, Description of Variable Rate Basis						Libor plus 1.90%
River Club and the Townhomes at River Club [Member]
Debt Instrument [Line Items]
Notes payable, net			$ 30,400,000
Repayments of Secured Debt			$ 23,400,000
Debt Instrument, Description of Variable Rate Basis			Libor plus 1.78%
Line of Credit Facility, Description			term of seven years
Axis at Westmont
Debt Instrument [Line Items]
Notes payable, net					$ 37,600,000
Debt Instrument, Basis Spread on Variable Rate					4.39%
Line of Credit Facility, Periodic Payment					$ 188,064
Line of Credit Facility, Expiration Date					Feb. 1, 2026
Arbors Harbor Town Memphis
Debt Instrument [Line Items]
Notes payable, net	$ 29,000,000			$ 29,000,000
Debt Instrument, Basis Spread on Variable Rate				4.53%
Line of Credit Facility, Initiation Date	Dec. 28, 2018
Repayments of Debt and Capital Lease Obligations	$ 23,700,000
Payments to Acquire Additional Interest in Subsidiaries	$ 1,900,000			$ 1,900,000			1,900,000
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	6.00%			6.00%
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions	100.00%
Line of Credit Facility, Description				term of seven years
22 Exchange
Debt Instrument [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	10.00%			10.00%
Extinguishment of Debt, Amount				$ 22,600,000
Lakes of Margate Margate [Member]
Debt Instrument [Line Items]
Notes payable, net							$ 13,700,000
Debt Instrument, Maturity Date							Jan. 31, 2020

Leasing Activity (Details)

Leasing Activity (Details) $ in Thousands	Dec. 31, 2018USD ($)
Future minimum base rental payments due to entity under non-cancelable leases
2019	$ 1,395
2020	1,184
2021	1,113
2022	968
2023	889
Thereafter	943
Total	$ 6,492

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017
Loss Contingencies [Line Items]
Estimated federal taxable income		$ 11,200
Net operating loss carryforwards		200
Income Tax Expense (Benefit)	$ 1,600	4	$ (1,604)
Courtyard Kauai Coconut Beach Hotel Kauai [Member]
Loss Contingencies [Line Items]
Estimated federal taxable income			1,800
Net operating loss carryforwards			11,400
Income Tax Expense (Benefit)			1,600
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority			800
Income Tax Examination, Increase (Decrease) in Liability from Prior Year			$ 800
Taxable REIT subsidiaries
Loss Contingencies [Line Items]
Net operating loss carryforwards		$ 5,000

Stockholders' Equity- Summary o

Stockholders' Equity- Summary of Estimated Net Asset Value Per Share as of Effective Date (Details)	Dec. 31, 2018
July 1, 2018 and June 30, 2019 [Member]
Share Redemption Program, Redemption Price, Percentage of Share Price	92.50%
July 1, 2019 and June 30, 2020 [Member]
Share Redemption Program, Redemption Price, Percentage of Share Price	95.00%
July 1, 2020 and June 30, 2021 [Member]
Share Redemption Program, Redemption Price, Percentage of Share Price	97.50%
Thereafter [Member]
Share Redemption Program, Redemption Price, Percentage of Share Price	100.00%

Stockholders' Equity- Narrative

Stockholders' Equity- Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Dec. 28, 2018	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		350,000,000	350,000,000
Preferred stock, shares authorized (in shares)		50,000,000	50,000,000
Convertible stock, shares authorized (in shares)		1,000	1,000
Number of shares of common stock issued in offering (in shares)		26,700,000
Common stock, shares outstanding (in shares)		23,431,408	24,646,494
Number of shares issued through distribution reinvestment (in shares)		2,200,000
Common stock redeemed (in shares)		3,300,000	2,100,000
Convertible stock, shares outstanding (in shares)		0	0
Share repurchase program, cash available for redemption	$ 2.5	$ 10
Share redemption program, annual limitation, percentage of weighted average shares outstanding		5.00%
Percentage of real estate investment trust taxable income		90.00%
Treasury Stock Acquired, Average Cost Per Share		$ 7.10	$ 6.89
Common Stock [Member]
Class of Stock [Line Items]
Common stock redeemed (in shares)		1,200,000
Minimum
Class of Stock [Line Items]
Share redemption program, redemption price, percentage of share price		80.00%
Maximum
Class of Stock [Line Items]
Share redemption program, redemption price, percentage of share price		90.00%
Convertible Stock
Class of Stock [Line Items]
Cumulative, non-compounded, annual return for shares for automatic conversion of convertible stock		10.00%
Average period considered for determination of aggregate market value of common stock		30 days
Percentage of excess of enterprise value plus the aggregate value of distributions paid to date on outstanding shares of common stock over aggregate issue price of outstanding shares for determination of conversion price		20.00%
Cumulative, non-compounded, annual return on issue price added to issue price for determination of conversion price		10.00%
Percentage of excess of enterprise value plus the aggregate value of distributions paid to date on outstanding shares of common stock over aggregate issue price of outstanding shares for determination of conversion price		15.00%
Cumulative, non-compounded, annual return on issue price for determination of conversion price		6.00%

Related Party Transactions Narr

Related Party Transactions Narrative (Details) - USD ($) $ in Thousands	Jun. 10, 2018	Jun. 10, 2019	Dec. 31, 2018	Dec. 31, 2017
Related party transaction
Administrative services fee	$ 1,300	$ 1,290
Oversight fee as percentage of gross revenues of property managed			0.50%
Advisor
Related party transaction
Acquisition and advisory fees as percentage of purchase, development, construction, or improvement of each asset acquired			1.50%
Acquisition and advisory fees as percentage of funds advanced in respect of loan investment			1.50%
Acquisition and advisory fees incurred			$ 1,000	$ 600
Reimbursement of acquisition expense			$ 100	100
Percentage of debt financing fee payable under loan or line of credit			0.50%
Debt financing fee			$ 800	200
Monthly asset management fee			0.70%
Administrative services fee	$ 1,300			1,325
Administrative services cost incurred and expensed			$ 1,300	1,300
Property management fees as percentage of gross revenues of properties			4.00%
Payment Of Administrative Service Costs Maximum Period			45 days
PayableTo External Advisor And Affiliates			$ 100	200
Advisor | Asset Management [Member]
Related party transaction
Assets Management Fees			$ 1,600	$ 1,600
Asset Purchases | Advisor
Related party transaction
Percentage of reimbursement of acquisition expense			0.25%
Development, Construction or Improvement of Assets | Advisor
Related party transaction
Percentage of reimbursement of acquisition expense			0.25%
Funds Advanced for Loan Investment | Advisor
Related party transaction
Percentage of reimbursement of acquisition expense			0.25%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 14, 2019	Dec. 31, 2018
Prepaid Expenses and Other Current Assets [Member]
Subsequent Event [Line Items]
Deposit Assets		$ 2.9
Subsequent Event
Subsequent Event [Line Items]
Payments for Merger Related Costs	$ 1.6
Subsequent Event | Tilden Valley Ranch Apartments LLC [Member]
Subsequent Event [Line Items]
Payments to Acquire Real Estate	70.3
Subsequent Event | Valley Ranch Apartments [Member]
Subsequent Event [Line Items]
Debt and Capital Lease Obligations	$ 43.4
Debt Instrument, Basis Spread on Variable Rate	4.16%
Debt Instrument, Maturity Date	Mar. 1, 2026