Bluerock Residential Growth REIT (BRG) 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 06, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-36369
Entity Registrant Name	Bluerock Residential Growth REIT, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-3136483
Entity Address, Address Line One	1345 Avenue of the Americas, 32nd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
City Area Code	212
Local Phone Number	843-1601
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001442626
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Class A Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
Trading Symbol	BRG
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		24,619,042
Cumulative Redeemable Preferred Stock | Series A [Member]
Document Information [Line Items]
Title of 12(b) Security	8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	BRG
Security Exchange Name	NYSE
Cumulative Redeemable Preferred Stock | Series C [Member]
Document Information [Line Items]
Title of 12(b) Security	7.625% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	BRG
Security Exchange Name	NYSE
Cumulative Redeemable Preferred Stock | Series D [Member]
Document Information [Line Items]
Title of 12(b) Security	7.125% Series D Cumulative Preferred Stock, $0.01 par value per share
Trading Symbol	BRG
Security Exchange Name	NYSE
Common Class C [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		76,603

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Net Real Estate Investments
Land	$ 267,589,000	$ 268,244,000
Buildings and improvements	1,778,750,000	1,752,738,000
Furniture, fixtures and equipment	70,151,000	67,904,000
Total Gross Real Estate Investments	2,116,490,000	2,088,886,000
Accumulated depreciation	(158,896,000)	(141,566,000)
Total Net Real Estate Investments	1,957,594,000	1,947,320,000
Cash and cash equivalents	211,968,000	31,683,000
Restricted cash	29,732,000	19,085,000
Notes and accrued interest receivable from related parties	178,015,000	193,781,000
Due from affiliates	309,000	2,969,000
Accounts receivable, prepaids and other assets	20,440,000	16,317,000
Preferred equity investments and investments in unconsolidated real estate joint ventures	107,610,000	126,444,000
In-place lease intangible assets, net	584,000	3,098,000
Total Assets	2,506,252,000	2,340,697,000
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Mortgages payable	1,405,046,000	1,425,257,000
Revolving credit facilities	130,500,000	18,000,000
Accounts payable	1,885,000	1,488,000
Other accrued liabilities	29,670,000	27,499,000
Due to affiliates	727,000	790,000
Distributions payable	14,498,000	13,541,000
Total Liabilities	1,582,326,000	1,486,575,000
Stockholders' Equity
Additional paid-in-capital	321,973,000	311,683,000
Distributions in excess of cumulative earnings	(262,455,000)	(253,132,000)
Total Stockholders' Equity	126,632,000	127,491,000
Noncontrolling Interests
Operating Partnership units	20,130,000	19,331,000
Partially owned properties	25,945,000	28,839,000
Total Noncontrolling Interests	46,075,000	48,170,000
Total Equity	172,707,000	175,661,000
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY	2,506,252,000	2,340,697,000
Preferred Stock [Member]
Stockholders' Equity
Preferred Stock Value	0	0
Class A Common Stock [Member]
Stockholders' Equity
Common Stock Value	246,000	234,000
Noncontrolling Interests
Total Equity	246,000	234,000
Cumulative Redeemable Preferred Stock | Series A [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	136,778,000	140,355,000
Cumulative Redeemable Preferred Stock | Series C [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	56,279,000	56,797,000
Cumulative Redeemable Preferred Stock | Series D [Member]
Stockholders' Equity
Preferred Stock Value	66,867,000	68,705,000
Redeemable Preferred Stock [Member] | Series B [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	467,237,000	480,921,000
Redeemable Preferred Stock [Member] | Series T
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	90,925,000	388,000
Common Class C [Member]
Stockholders' Equity
Common Stock Value	1,000	1,000
Noncontrolling Interests
Total Equity	$ 1,000	$ 1,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	197,900,000	197,900,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Redeemable Preferred Stock [Member] | Series A [Member]
Preferred Stock, Dividend Rate, Percentage	8.25%	8.25%
Temporary Equity, Liquidation Preference Per Share	$ 25	$ 25
Temporary Equity, Shares Authorized	10,875,000	10,875,000
Temporary Equity, Shares Issued	5,558,392	5,721,460
Temporary Equity, Shares Outstanding	5,558,392	5,721,460
Redeemable Preferred Stock [Member] | Series B [Member]
Preferred Stock, Dividend Rate, Percentage	6.00%	6.00%
Temporary Equity, Liquidation Preference Per Share	$ 1,000	$ 1,000
Temporary Equity, Shares Authorized	1,225,000	1,225,000
Temporary Equity, Shares Issued	516,738	536,695
Temporary Equity, Shares Outstanding	516,738	536,695
Redeemable Preferred Stock [Member] | Series T
Preferred Stock, Dividend Rate, Percentage	6.15%	6.15%
Temporary Equity, Liquidation Preference Per Share	$ 25	$ 25
Temporary Equity, Shares Authorized	32,000,000	32,000,000
Temporary Equity, Shares Issued	4,025,663	17,400
Temporary Equity, Shares Outstanding	4,025,663	17,400
Cumulative Redeemable Preferred Stock | Series C [Member]
Preferred Stock, Dividend Rate, Percentage	7.625%	7.625%
Temporary Equity, Liquidation Preference Per Share	$ 25	$ 25
Temporary Equity, Shares Authorized	4,000,000	4,000,000
Temporary Equity, Shares Issued	2,295,845	2,323,750
Temporary Equity, Shares Outstanding	2,295,845	2,323,750
Cumulative Redeemable Preferred Stock | Series D [Member]
Preferred Stock, Liquidation Preference Per Share	$ 25	$ 25
Preferred Stock, Shares Authorized	4,000,000	4,000,000
Preferred Stock, Shares Issued	2,774,338	2,850,602
Preferred Stock, Shares Outstanding	2,774,338	2,850,602
Preferred Stock, Dividend Rate, Percentage	7.125%	7.125%
Class A Common Stock [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	747,509,582	747,509,582
Common stock, shares issued	24,605,585	23,422,557
Common stock, shares outstanding	24,605,585	23,422,557
Common Class C [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	76,603	76,603
Common stock, shares issued	76,603	76,603
Common stock, shares outstanding	76,603	76,603

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Rental and other property revenues	$ 47,695	$ 46,464	$ 98,047	$ 92,153
Interest income from related parties and ground leases	5,338	5,973	11,227	11,749
Total revenues	53,033	52,437	109,274	103,902
Expenses
Property operating	18,571	18,868	37,870	37,470
Property management fees	1,194	1,235	2,488	2,451
General and administrative	5,303	5,046	11,674	10,674
Acquisition and pursuit costs	423	70	1,691	128
Weather-related losses, net	0	291	0	291
Depreciation and amortization	20,067	16,226	40,990	33,454
Total expenses	45,558	41,736	94,713	84,468
Operating income	7,475	10,701	14,561	19,434
Other income (expense)
Other income	19	0	59	0
Preferred returns on unconsolidated real estate joint ventures	2,834	2,492	5,249	4,781
Gain on sale of real estate investments	57,843	0	58,096	0
Gain on sale of non-depreciable real estate investments	0	0	0	679
Loss on extinguishment of debt and debt modification costs	(13,985)	0	(13,985)	0
Interest expense, net	(13,859)	(15,125)	(28,774)	(31,191)
Total other income (expense)	32,852	(12,633)	20,645	(25,731)
Net income (loss)	40,327	(1,932)	35,206	(6,297)
Preferred stock dividends	(14,237)	(11,019)	(27,784)	(21,403)
Preferred stock accretion	(3,602)	(2,316)	(7,527)	(4,203)
Net income (loss) attributable to noncontrolling interests
Operating Partnership units	5,413	(3,887)	(409)	(7,938)
Partially-owned properties	1,985	(390)	1,707	(882)
Net income (loss) attributable to noncontrolling interests	7,398	(4,277)	1,298	(8,820)
Net income (loss) attributable to common stockholders	$ 15,090	$ (10,990)	$ (1,403)	$ (23,083)
Net income (loss) per common share - Basic	$ 0.61	$ (0.50)	$ (0.09)	$ (1.03)
Net income (loss) per common share - Diluted	$ 0.61	$ (0.50)	$ (0.09)	$ (1.03)
Weighted average basic common shares outstanding	24,307,147	22,430,619	24,197,479	22,775,203
Weighted average diluted common shares outstanding	24,345,034	22,430,619	24,197,479	22,775,203

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)	Additional Paid-in Capital [Member]	Cumulative Distributions [Member]	Net income (Loss) to Common Stockholders [Member]	Noncontrolling Interests [Member]	Class A Common Stock [Member]	Common Class C [Member]	Series D Preferred Stock [Member]	Total
Balance at Dec. 31, 2018	$ 307,938,000	$ (187,910,000)	$ (30,621,000)	$ 56,597,000	$ 233,000	$ 1,000	$ 68,705,000	$ 214,943,000
Balance (in shares) at Dec. 31, 2018					23,322,211	76,603	2,850,602
Issuance of Class A common stock, net	15,000	0	0	0	$ 0	$ 0	$ 0	15,000
Issuance of Class A common stock, net (in shares)					1,445	0	0
Issuance of Class A common stock due to Series B warrants exercise	41,000	0	0	0	$ 1,000	$ 0	$ 0	42,000
Issuance of Class A common stock due to Series B warrants exercise (in shares)					3,880	0	0
Repurchase of Class A common stock	(13,391,000)	0	0	0	$ (13,000)	$ 0	$ 0	(13,404,000)
Repurchase of Class A common stock (in shares)					(1,255,445)	0	0
Issuance of restricted Class A common stock	147,000	0	0	0	$ 1,000	$ 0	$ 0	148,000
Issuance of restricted Class A common stock (in shares)					90,694	0	0
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation	0	0	0	247,000	$ 0	$ 0	$ 0	247,000
Vesting of LTIP Units for compensation	0	0	0	2,610,000	0	0	0	2,610,000
Issuance of LTIP units for expense reimbursements	0	0	0	799,000	0	0	0	799,000
Issuance of Series B warrants	1,865,000	0	0	0	0	0	0	1,865,000
Common stock distributions declared	0	(7,374,000)	0	0	0	0	0	(7,374,000)
Series A Preferred Stock distributions declared	0	(5,900,000)	0	0	0	0	0	(5,900,000)
Series A Preferred Stock accretion	0	(367,000)	0	0	0	0	0	(367,000)
Series B Preferred Stock distributions declared	0	(10,751,000)	0	0	0	0	0	(10,751,000)
Series B Preferred Stock accretion	0	(3,695,000)	0	0	0	0	0	(3,695,000)
Series C Preferred Stock distributions declared	0	(2,214,000)	0	0	0	0	0	(2,214,000)
Series C Preferred Stock accretion	0	(141,000)	0	0	0	0	0	(141,000)
Series D Preferred Stock distributions declared	0	(2,538,000)	0	0	0	0	0	(2,538,000)
Miscellaneous offering costs	(222,000)	0	0	0	0	0	0	(222,000)
Distributions to Operating Partnership noncontrolling interests	0	0	0	(2,851,000)	0	0	0	(2,851,000)
Distributions to partially owned noncontrolling interests	0	0	0	(726,000)	0	0	0	(726,000)
Redemption of Operating Partnership Units	(15,000)	0	0	(10,000)	0	0	0	(25,000)
Redemption of Series B Preferred Stock and conversion into Class A common stock	1,522,000	0	0	0	$ 1,000	$ 0	$ 0	1,523,000
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					131,542	0	0
Cash redemption of Series B Preferred Stock	6,000	0	0	0	$ 0	$ 0	$ 0	6,000
Series B warrant exercise, net	(26,000)	0	0	0	0	0	0	(26,000)
Acquisition of noncontrolling interest	(7,501,000)	0	0	(2,390,000)	0	0	0	(9,891,000)
Adjustment for noncontrolling interest ownership in Operating Partnership	5,065,000	0	0	(5,065,000)	0	0	0	0
Net income (loss)	0	0	2,523,000	(8,820,000)	0	0	0	(6,297,000)
Balance at Jun. 30, 2019	295,444,000	(220,890,000)	(28,098,000)	40,391,000	$ 223,000	$ 1,000	$ 68,705,000	155,776,000
Balance (in shares) at Jun. 30, 2019					22,294,327	76,603	2,850,602
Balance at Dec. 31, 2018	307,938,000	(187,910,000)	(30,621,000)	56,597,000	$ 233,000	$ 1,000	$ 68,705,000	214,943,000
Balance (in shares) at Dec. 31, 2018					23,322,211	76,603	2,850,602
Balance at Dec. 31, 2019	311,683,000	(259,254,000)	6,122,000	48,170,000	$ 234,000	$ 1,000	$ 68,705,000	175,661,000
Balance (in shares) at Dec. 31, 2019					23,422,557	76,603	2,850,602
Balance at Mar. 31, 2019	300,407,000	(203,920,000)	(30,443,000)	47,992,000	$ 228,000	$ 1,000	$ 68,705,000	182,970,000
Balance (in shares) at Mar. 31, 2019					22,861,084	76,603	2,850,602
Issuance of Class A common stock, net	8,000	0	0	0	$ 0	$ 0	$ 0	8,000
Issuance of Class A common stock, net (in shares)					681	0	0
Issuance of Class A common stock due to Series B warrants exercise	40,000	0	0	0	$ 1,000	$ 0	$ 0	41,000
Issuance of Class A common stock due to Series B warrants exercise (in shares)					3,780	0	0
Repurchase of Class A common stock	(8,333,000)	0	0	0	$ (8,000)	$ 0	$ 0	(8,341,000)
Repurchase of Class A common stock (in shares)					(749,648)	0	0
Issuance of restricted Class A common stock	147,000	0	0	0	$ 1,000	$ 0	$ 0	148,000
Issuance of restricted Class A common stock (in shares)					90,694	0	0
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation (in shares)					0	0	0
Vesting of LTIP Units for compensation	0	0	0	1,312,000	$ 0	$ 0	$ 0	1,312,000
Issuance of LTIP units for expense reimbursements	0	0	0	407,000	0	0	0	407,000
Issuance of Series B warrants	1,030,000	0	0	0	0	0	0	1,030,000
Common stock distributions declared	0	(3,635,000)	0	0	0	0	0	(3,635,000)
Series A Preferred Stock distributions declared	0	(2,950,000)	0	0	0	0	0	(2,950,000)
Series A Preferred Stock accretion	0	(214,000)	0	0	0	0	0	(214,000)
Series B Preferred Stock distributions declared	0	(5,693,000)	0	0	0	0	0	(5,693,000)
Series B Preferred Stock accretion	0	(2,021,000)	0	0	0	0	0	(2,021,000)
Series C Preferred Stock distributions declared	0	(1,107,000)	0	0	0	0	0	(1,107,000)
Series C Preferred Stock accretion	0	(81,000)	0	0	0	0	0	(81,000)
Series D Preferred Stock distributions declared	0	(1,269,000)	0	0	0	0	0	(1,269,000)
Distributions to Operating Partnership noncontrolling interests	0	0	0	(1,430,000)	0	0	0	(1,430,000)
Distributions to partially owned noncontrolling interests	0	0	0	(493,000)	0	0	0	(493,000)
Redemption of Operating Partnership Units	(9,000)	0	0	(5,000)	0	0	0	(14,000)
Redemption of Series B Preferred Stock and conversion into Class A common stock	1,065,000	0	0	0	$ 1,000	$ 0	$ 0	1,066,000
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					87,736	0	0
Cash redemption of Series B Preferred Stock	1,000	0	0	0	$ 0	$ 0	$ 0	1,000
Series B warrant exercise, net	(26,000)	0	0	0	0	0	0	(26,000)
Acquisition of noncontrolling interest	(1,021,000)	0	0	(980,000)	0	0	0	(2,001,000)
Adjustment for noncontrolling interest ownership in Operating Partnership	2,135,000	0	0	(2,135,000)	0	0	0	0
Net income (loss)	0	0	2,345,000	(4,277,000)	0	0	0	(1,932,000)
Balance at Jun. 30, 2019	295,444,000	(220,890,000)	(28,098,000)	40,391,000	$ 223,000	$ 1,000	$ 68,705,000	155,776,000
Balance (in shares) at Jun. 30, 2019					22,294,327	76,603	2,850,602
Balance at Dec. 31, 2019	311,683,000	(259,254,000)	6,122,000	48,170,000	$ 234,000	$ 1,000	$ 68,705,000	175,661,000
Balance (in shares) at Dec. 31, 2019					23,422,557	76,603	2,850,602
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					1,334,501
Balance at Mar. 31, 2020	318,802,000	(280,639,000)	7,101,000	43,100,000	$ 240,000	$ 1,000	$ 68,705,000	157,310,000
Balance (in shares) at Mar. 31, 2020					24,015,484	76,603	2,850,602
Balance at Dec. 31, 2019	311,683,000	(259,254,000)	6,122,000	48,170,000	$ 234,000	$ 1,000	$ 68,705,000	175,661,000
Balance (in shares) at Dec. 31, 2019					23,422,557	76,603	2,850,602
Issuance of Class A common stock, net	1,972,000	0	0	0	$ 2,000	$ 0	$ 0	1,974,000
Issuance of Class A common stock, net (in shares)					169,255	0	0
Issuance of Class A common stock due to Series B warrants exercise	121,000	0	0	0	$ 0	$ 0	$ 0	121,000
Issuance of Class A common stock due to Series B warrants exercise (in shares)					11,172	0	0
Issuance of Class A common stock for executive salaries	147,000	0	0	0	$ 0	$ 0	$ 0	147,000
Issuance of Class A common stock for executive salaries (in shares)					25,174	0	0
Repurchase of Series A, Series C and/or Series D Preferred Stock	511,000	0	0	0	$ 0	$ 0	$ (1,838,000)	(1,327,000)
Repurchase of Series A, Series C and/or Series D Preferred Stock (In shares)					0	0	(76,264)
Holder redemption of Series T Preferred Stock and conversion into Class A common stock	36,000	0	0	0	$ 0	$ 0	$ 0	36,000
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)					7,499	0	0
Repurchase of Class A common stock	(11,597,000)	0	0	0	$ (10,000)	$ 0	$ 0	(11,607,000)
Repurchase of Class A common stock (in shares)					(1,028,293)	0	0
Issuance of restricted Class A common stock, net of shares withheld for employee taxes	$ 221,000	$ 0	$ 0	$ 0	$ 1,000	$ 0	$ 0	$ 222,000
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares)					78,865	0	0
Issuance of long-term incentive plan units ("LTIP Units") for executive bonuses	0	0	0	2,196,000	0	0	0	2,196,000
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation	$ 0	$ 0	$ 0	$ 343,000	$ 0	$ 0	$ 0	$ 343,000
Vesting of LTIP Units for compensation	0	0	0	3,228,000	0	0	0	3,228,000
Issuance of LTIP Units for expense and capitalized cost reimbursements	0	0	0	943,000	0	0	0	943,000
Common stock distributions declared	0	(7,920,000)	0	0	0	0	0	(7,920,000)
Series A Preferred Stock distributions declared	0	(5,830,000)	0	0	0	0	0	(5,830,000)
Series A Preferred Stock accretion	0	(501,000)	0	0	0	0	0	(501,000)
Series B Preferred Stock distributions declared	0	(15,614,000)	0	0	0	0	0	(15,614,000)
Series B Preferred Stock accretion	0	(6,227,000)	0	0	0	0	0	(6,227,000)
Series C Preferred Stock distributions declared	0	(2,210,000)	0	0	0	0	0	(2,210,000)
Series C Preferred Stock accretion	0	(180,000)	0	0	0	0	0	(180,000)
Series D Preferred Stock distributions declared	0	(2,514,000)	0	0	0	0	0	(2,514,000)
Series T Preferred Stock distributions declared	0	1,616,000	0	0	0	0	0	1,616,000
Series T Preferred Stock accretion	0	619,000	0	0	0	0	0	619,000
Distributions to Operating Partnership noncontrolling interests	0	0	0	(3,252,000)	0	0	0	(3,252,000)
Distributions to partially owned noncontrolling interests	0	0	0	(3,826,000)	0	0	0	(3,826,000)
Conversion of Operating Partnership Units ('OP Units") into Class A common stock	131,000	0	0	(132,000)	$ 1,000	$ 0	$ 0	0
Conversion of Operating Partnership Units ('OP Units") into Class A common stock (in shares)					69,713	0	0
Holder redemption of Series B Preferred Stock and conversion into Class A common stock	3,740,000	0	0	0	$ 5,000	$ 0	$ 0	3,745,000
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					515,142	0	0
Company redemption of Series B Preferred Stock and conversion into Class A common stock	15,779,000	0	0	0	$ 13,000	$ 0	$ 0	15,792,000
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					1,334,501	0	0
Cash redemption of Series B Preferred Stock	8,000	0	0	0	$ 0	$ 0	$ 0	8,000
Series B warrant exercise, net	(21,000)	0	0	0	0	0	0	(21,000)
Transfer of noncontrolling interest to controlling interest	0	0	0	(775,000)	0	0	0	(775,000)
Acquisition of noncontrolling interest	(2,876,000)	0	0	0	0	0	0	(2,876,000)
Adjustment for noncontrolling interest ownership in Operating Partnership	2,118,000	0	0	(2,118,000)	0	0	0	0
Net income (loss)	0	0	33,908,000	1,298,000	0	0	0	35,206,000
Balance at Jun. 30, 2020	321,973,000	(302,485,000)	40,030,000	46,075,000	$ 246,000	$ 1,000	$ 66,867,000	172,707,000
Balance (in shares) at Jun. 30, 2020					24,605,585	76,603	2,774,338
Balance at Mar. 31, 2020	318,802,000	(280,639,000)	7,101,000	43,100,000	$ 240,000	$ 1,000	$ 68,705,000	157,310,000
Balance (in shares) at Mar. 31, 2020					24,015,484	76,603	2,850,602
Issuance of Class A common stock, net	7,000	0	0	0	$ 0	$ 0	$ 0	7,000
Issuance of Class A common stock, net (in shares)					1,857
Issuance of Class A common stock for executive salaries	147,000	0	0	0	$ 0	$ 0	0	147,000
Issuance of Class A common stock for executive salaries (in shares)					25,174	0
Repurchase of Series A, Series C and/or Series D Preferred Stock	511,000	0	0	0	$ 0	$ 0	$ (1,838,000)	(1,327,000)
Repurchase of Series A, Series C and/or Series D Preferred Stock (In shares)					0	0	(76,264)
Holder redemption of Series T Preferred Stock and conversion into Class A common stock	36,000	0	0	0	$ 0	$ 0	$ 0	36,000
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)					7,499	0	0
Repurchase of Class A common stock	(1,000)	0	0	0	$ 0	$ 0	$ 0	(1,000)
Issuance of restricted Class A common stock, net of shares withheld for employee taxes	$ 79,000	$ 0	$ 0	$ 0	$ 1,000	$ 0	$ 0	$ 80,000
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares)					78,865	0	0
Issuance of long-term incentive plan units ("LTIP Units") for executive bonuses	0	0	0	2,196,000	0	0	0	2,196,000
Vesting of LTIP Units for compensation	$ 0	$ 0	$ 0	$ 1,370,000	$ 0	$ 0	$ 0	$ 1,370,000
Issuance of LTIP Units for expense and capitalized cost reimbursements	0	0	0	438,000	0	0	0	438,000
Common stock distributions declared	0	(4,007,000)	0	0	0	0	0	(4,007,000)
Series A Preferred Stock distributions declared	0	(2,880,000)	0	0	0	0	0	(2,880,000)
Series A Preferred Stock accretion	0	(296,000)	0	0	0	0	0	(296,000)
Series B Preferred Stock distributions declared	0	(7,766,000)	0	0	0	0	0	(7,766,000)
Series B Preferred Stock accretion	0	(2,794,000)	0	0	0	0	0	(2,794,000)
Series C Preferred Stock distributions declared	0	(1,103,000)	0	0	0	0	0	(1,103,000)
Series C Preferred Stock accretion	0	(101,000)	0	0	0	0	0	(101,000)
Series D Preferred Stock distributions declared	0	(1,245,000)	0	0	0	0	0	(1,245,000)
Series T Preferred Stock distributions declared	0	(1,243,000)	0	0	0	0	0	(1,243,000)
Series T Preferred Stock accretion	0	(411,000)	0	0	0	0	0	(411,000)
Distributions to Operating Partnership noncontrolling interests	0	0	0	(1,661,000)	0	0	0	(1,661,000)
Distributions to partially owned noncontrolling interests	0	0	0	(3,419,000)	0	0	0	(3,419,000)
Conversion of Operating Partnership Units ('OP Units") into Class A common stock	131,000	0	0	(132,000)	$ 1,000	$ 0	$ 0	0
Conversion of Operating Partnership Units ('OP Units") into Class A common stock (in shares)					69,713	0	0
Holder redemption of Series B Preferred Stock and conversion into Class A common stock	2,562,000	0	0	0	$ 4,000	$ 0	$ 0	2,566,000
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					406,993	0	0
Company redemption of Series B Preferred Stock and conversion into Class A common stock	15,000	0	0	0	$ 0	$ 0	$ 0	15,000
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					0	0	0
Cash redemption of Series B Preferred Stock	2,000	0	0	0	$ 0	$ 0	$ 0	2,000
Transfer of noncontrolling interest to controlling interest	0	0	0	(775,000)	0	0	0	(775,000)
Acquisition of noncontrolling interest	(2,760,000)	0	0	0	0	0	0	(2,760,000)
Adjustment for noncontrolling interest ownership in Operating Partnership	2,440,000	0	0	(2,440,000)	0	0	0	0
Net income (loss)	0	0	32,929,000	7,398,000	0	0	0	40,327,000
Balance at Jun. 30, 2020	$ 321,973,000	$ (302,485,000)	$ 40,030,000	$ 46,075,000	$ 246,000	$ 1,000	$ 66,867,000	$ 172,707,000
Balance (in shares) at Jun. 30, 2020					24,605,585	76,603	2,774,338

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Cash flows from operating activities
Net income (loss)	$ 40,327	$ (1,932)	$ 35,206	$ (6,297)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			42,825	35,282
Amortization of fair value adjustments			(189)	(216)
Preferred returns on unconsolidated real estate joint ventures	(2,834)	(2,492)	(5,249)	(4,781)
Gain on sale of real estate investments	(57,843)	0	(58,096)	0
Gain on sale of non-depreciable real estate investments	0	0	0	(679)
Fair value adjustment of interest rate caps			(31)	2,365
Loss on extinguishment of debt			13,985	0
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures			7,007	4,101
Share-based compensation attributable to equity incentive plan			3,571	2,857
Share-based compensation attributable to executive salaries			147	0
Share-based compensation attributable to restricted stock grants			269	148
Share-based expense and capitalized cost reimbursements to BRE - LTIP Units			943	799
Changes in operating assets and liabilities:
Due to (from) affiliates, net			3,484	(7)
Accounts receivable, prepaids and other assets			(6,086)	(5,971)
Accounts payable and other accrued liabilities			5,552	(548)
Net cash provided by operating activities			43,338	27,053
Cash flows from investing activities:
Acquisitions of real estate investments			(109,460)	(111,562)
Capital expenditures			(8,951)	(11,132)
Investment in notes receivable from related parties			(13,552)	(11,638)
Repayments on notes receivable from related parties			29,000	0
Proceeds from sale of real estate investments			158,448	952
Proceeds from sale and redemption of unconsolidated real estate joint ventures			35,542	0
Purchase of interests from noncontrolling interests			(3,651)	(9,891)
Investment in unconsolidated real estate joint venture interests			(17,119)	(11,669)
Net cash provided by investing activities			70,257	(154,940)
Cash flows from financing activities:
Distributions to common stockholders			(7,742)	(7,570)
Distributions to noncontrolling interests			(6,654)	(3,393)
Distributions to preferred stockholders			(27,428)	(20,937)
Borrowings on mortgages payable			70,845	77,212
Repayments on mortgages payable including prepayment penalties			(135,141)	(3,402)
Proceeds from credit facilities			276,189	72,500
Repayments on credit facilities			(163,689)	(53,407)
Payments of deferred financing fees			(2,946)	(789)
Miscellaneous offering costs			0	(222)
Net proceeds from issuance of Class A common stock			1,974	15
Repurchase of Class A common stock			(11,607)	(13,404)
Repurchase of Series A, Series C and/or Series D Preferred Stock			(6,103)	0
Payments to redeem Operating Partnership Units			0	(25)
Net cash provided by financing activities			77,337	130,792
Net increase in cash, cash equivalents and restricted cash			190,932	2,905
Cash, cash equivalents and restricted cash, beginning of year			50,768	52,244	$ 52,244
Cash, cash equivalents and restricted cash, end of period	$ 241,700	$ 55,149	241,700	55,149	$ 50,768
Supplemental disclosure of cash flow information
Cash paid for interest (net of interest capitalized)			27,686	27,423
Supplemental disclosure of non-cash investing and financing activities
Distributions payable - declared and unpaid			14,498	12,527
Mortgage assumed upon property acquisition			30,997	0
Capital expenditures held in accounts payable and other accrued liabilities			(536)	(1,207)
Series B Preferred Stock [Member]
Cash flows from financing activities:
Net proceeds from issuance of Redeemable Preferred Stock			0	82,408
Retirement of Redeemable Preferred Stock			(290)	0
Net proceeds from issuance of Warrants associated with the Series B Redeemable Preferred Stock			0	1,865
Net proceeds from exercise of Warrants associated with the Series B Redeemable Preferred Stock			115	21
Payments to redeem 6.0% Series B Redeemable Preferred Stock			(93)	(80)
Series T Preferred Stock [Member]
Cash flows from financing activities:
Net proceeds from issuance of Redeemable Preferred Stock			(89,978)	0
Retirement of Redeemable Preferred Stock			$ (24)	$ 0

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	6 Months Ended
	Jun. 30, 2020
Series T Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	6.15%
6.0% Redeemable Preferred Stock
Preferred Stock, Dividend Rate, Percentage	6.00%

Organization and Nature of Busi

Organization and Nature of Business	6 Months Ended
	Jun. 30, 2020
Organization and Nature of Business
Organization and Nature of Business	Note 1 – Organization and Nature of Business Bluerock Residential Growth REIT, Inc. (the “Company”) was incorporated as a Maryland corporation on July 25, 2008. The Company’s objective is to maximize long-term stockholder value by acquiring and developing well-located institutional-quality apartment properties in knowledge economy growth markets across the United States. The Company seeks to maximize returns through investments where it believes it can drive substantial growth in its core funds from operations and net asset value primarily through its Value-Add and Invest-to-Own investment strategies. As of June 30, 2020, the Company held investments in fifty-four real estate properties, consisting of thirty-four consolidated operating properties and twenty properties through preferred equity, mezzanine loan or ground lease investments. Of the property interests held through preferred equity, mezzanine loan or ground lease investments, three are under development, six are in lease-up and eleven properties are stabilized. The fifty-four properties contain an aggregate of 15,962 units, comprised of 11,524 consolidated operating units and 4,438 units through preferred equity, mezzanine loan or ground lease investments. As of June 30, 2020, the Company’s consolidated operating properties were approximately 95.3% occupied. The Company has elected to be treated, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. As a REIT, the Company generally is not subject to corporate-level income taxes. To maintain its REIT status, the Company is required, among other requirements, to distribute annually at least 90% of its “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s stockholders. If the Company fails to qualify as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate tax rates.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Summary of Significant Accounting Policies	Note 2 – Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or the Operating Partnership’s wholly-owned subsidiaries, owns substantially all the property interests acquired and investments made on the Company’s behalf. As of June 30, 2020, limited partners other than the Company owned approximately 29.28% of the common units of the Operating Partnership (18.09% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 11.19% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 5.61% which are not vested at June 30, 2020). Because the Company is the sole general partner of the Operating Partnership and has unilateral control over its management and major operating decisions (even if additional limited partners are admitted to the Operating Partnership), the accounts of the Operating Partnership are consolidated in its consolidated financial statements. The Company also consolidates entities in which it controls more than 50% of the voting equity and in which control does not rest with other investors. Investments in real estate joint ventures in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting. These entities are reflected on the Company’s consolidated financial statements as “Preferred equity investments and investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company will consider future investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation. Significant Risks and Uncertainties At the present time, one of the most significant risks and uncertainties is the potential adverse effect of the current pandemic of the novel coronavirus (“COVID-19”). The Company’s tenants may experience financial difficulty due to the loss of their jobs and some have requested rent deferral or rent abatement during this pandemic. Experts have predicted that the outbreak will trigger, or has already triggered, a period of global economic slowdown or a global recession. The COVID-19 pandemic could have material and adverse effects on the Company’s financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: ● reduced economic activity may impact the employment of the Company’s tenants and their ability to pay their obligations to the Company, thus requesting modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; ● the negative financial impact of the pandemic could impact the Company’s future compliance with financial covenants of its credit facilities and other debt agreements; ● weaker economic conditions could require that the Company recognize impairment in value of its real estate assets due to a reduction in property income; ● the Company’s inability to maintain occupancy or leasing rates, or increase these rates at stabilizing development properties, including due to possible reduced foot traffic and lease applications from prospective tenants at the Company’s properties as a result of shelter-in-place orders and similar government guidelines; and ● concentration of the Company’s properties in markets that may be more severely affected by the COVID-19 pandemic due to its significant negative impact on certain key economic drivers in those markets, such as travel and entertainment. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants will depend on future developments, which are uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. As of June 30, 2020, the Company collected 97% of rents, including payment plans of 1%, for the three months ended June 30, 2020 including the properties in its preferred and mezzanine loan investments. The Company provided rent deferral payment plans as a result of hardships these tenants are experiencing due to the COVID-19 impact. Although the Company expects to continue to receive tenant requests for rent deferrals in the coming months, the Company does not expect to waive its contractual rights under its lease agreements. Further, while occupancy remains strong at 95.3% as of June 30, 2020, in future periods, the Company may experience reduced levels of tenant retention as well as reduced foot traffic and lease applications from prospective tenants as a result of the impact of COVID-19. Summary of Significant Accounting Policies Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company first analyzes an investment to determine if it is a variable interest entity (“VIE”) in accordance with Topic ASC 810 and, if so, whether the Company is the primary beneficiary requiring consolidation. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that potentially could be significant to the entity. Variable interests in a VIE are contractual, ownership, or other financial interests in a VIE that change in value with changes in the fair value of the VIE’s net assets. The Company continuously re-assesses at each level of the investment whether the entity is (i) a VIE, and (ii) if the Company is the primary beneficiary of the VIE. If it was determined that an entity in which the Company holds an interest qualified as a VIE and the Company was the primary beneficiary, the entity would be consolidated. If, after consideration of the VIE accounting literature, the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the Company providing control. In assessing whether the Company is in control of and requiring consolidation of the limited liability company and partnership venture structures, the Company evaluates the respective rights and privileges afforded each member or partner (collectively referred to as “member”). The Company’s member would not be deemed to control the entity if any of the other members have either (i) substantive kickout rights providing the ability to dissolve (liquidate) the entity or otherwise remove the managing member or general partner without cause or (ii) has substantive participating rights in the entity. Substantive participating rights (whether granted by contract or law) provide for the ability to effectively participate in significant decisions of the entity that would be expected to be made in the ordinary course of business. If it has been determined that the Company does not have control but does have the ability to exercise significant influence over the entity, the Company accounts for these unconsolidated investments under the equity method of accounting. The equity method of accounting requires these investments to be initially recorded at cost and subsequently increased (decreased) for the Company’s share of net income (loss), including eliminations for the Company’s share of intercompany transactions, and increased (decreased) for contributions (distributions). The Company’s share of the results of operations of these investments is reflected in the Company’s earnings or losses. Financial Instrument Fair Value Disclosures As of June 30, 2020 and December 31, 2019, the carrying values of cash and cash equivalents, accounts receivable, due to and due from affiliates, accounts payable, accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. The carrying values of notes receivable from related parties approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. Refer to Note 10 for further information regarding fair value measurements. Lessor Accounting The Company’s current portfolio is focused predominately on apartment properties whereby the Company generates rental revenue by leasing apartments to residents in its communities. As lease revenues for apartments fall under the scope of ASC Topic 842, such lease revenues are classified as operating leases with straight-line recognition over the terms of the relevant lease agreement and inclusion within rental revenue. Resident leases are generally for one-year or month-to-month terms and are renewable by mutual agreement between the Company and the resident. Non-lease components of the Company’s apartment leases are combined with the related lease component and accounted for as a single lease component under ASC Topic 842. The balances of net real estate investments and related depreciation on the Company’s consolidated financial statements relate to assets for which the Company is the lessor. Lessee Accounting The Company determines if an arrangement is a lease at inception. The Company is currently engaged in operating lease agreements that primarily relate to certain equipment leases. The Company determined that the lessee operating lease commitments have no material impact on its consolidated financial statements with the adoption of ASC Topic 842. The Company will continue to assess any modification of existing lease agreements and execution of any new lease agreements for the potential requirement of recording a right-of-use-asset or liability in the future. Interim Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with GAAP for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. The balance sheet at December 31, 2019 has been derived from the audited financial statements at that date but does not include all the information and disclosures required by GAAP for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2019 contained in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission ("SEC") on February 24, 2020. Use of Estimates The preparation of the financial statements in conformity with 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. Actual results could differ from those estimates. Other than the adoption of new accounting pronouncements as described below, there have been no significant changes to the Company's accounting policies since it filed its audited consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2019. New Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13 "Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). ASU 2016-13 requires more timely recognition of credit losses associated with financial assets. While previous GAAP included multiple credit impairment objectives for instruments, the previous objectives generally delayed recognition of the full amount of credit losses until the loss was probable of occurring. The amendments in ASU 2016-13, whose scope is asset-based and not restricted to financial institutions, eliminate the probable initial recognition threshold in current GAAP and, instead, reflect an entity's current estimate of all expected credit losses. The amendments in ASU 2016-13 broaden the information that the Company must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss that will be more useful to users of the financial statements. In November 2018, the FASB issued ASU No. 2018-19 "Codification Improvements to Topic 326, Financial Instruments-Credit Losses" (“ASU 2018-19”). ASU 2018-19 clarifies that operating lease receivables are excluded from the scope of ASU 2016-13 and instead, impairment of operating lease receivables is to be accounted for under ASC Topic 842. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted ASU 2016-13 as of January 1, 2020 and the adoption of the standard did not have a material impact on the Company’s consolidated financial statements. ​ In April 2020, the FASB issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under ASC Topic 842. The Q&A allows companies to not apply the lease modification guidance to rent concessions that result in deferred rent where the total cash flows required by the modified lease agreement are materially the same as the cash flows required under the original lease and the changes to the lease do not result in a substantial increase to the rights of the lessor or the obligations of the lessee. The Company adopted the guidance during the three months ended June 30, 2020 for eligible residential lease concessions. The lease concessions that met the criteria of the Q&A are treated as if they were part of the enforceable rights and obligations of the parties under the existing lease contract. The amount of rent concessions subject to the Q&A were not material and this adoption did not have a material impact on the Company's consolidated results of operations.

Sale of Real Estate Assets

Sale of Real Estate Assets	6 Months Ended
	Jun. 30, 2020
Sale of Real Estate Assets
Sale of Real Estate Assets	Note 3 – Sale of Real Estate Assets Sale of Helios On January 8, 2020, the underlying asset of an unconsolidated joint venture located in Atlanta, Georgia known as Helios was sold for approximately $65.6 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of existing mortgage indebtedness encumbering the property in the amount of $39.5 million and the payment of early extinguishment of debt costs, closing costs and fees, the Company’s pro rata share of the net proceeds was $22.7 million, which included payment for its original investment of $19.2 million and its additional investment of approximately $3.5 million. The Company also received a $0.3 million profit share distribution recorded as a gain on sale on the consolidated statements of operations. Sale of Whetstone Apartments On January 24, 2020, the Company, through a subsidiary of its Operating Partnership, closed on the sale of Whetstone Apartments located in Durham, North Carolina for approximately $46.5 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of existing mortgage indebtedness encumbering the property in the amount of $25.4 million and the payment of early extinguishment of debt costs, closing costs and fees, the Company’s net proceeds were $19.6 million, which included payment for its original investment of $12.9 million, its accrued preferred return of $2.7 million and its additional investment of approximately $4.0 million. Sale of Ashton Reserve On April 14, 2020, the Company closed on the sale of Ashton Reserve, located in Charlotte, North Carolina, pursuant to the terms and conditions of two separate purchase and sales agreements. The properties were sold for approximately $84.6 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the properties in the amount of $45.4 million, the payment of early extinguishment of debt costs of $7.1 million and payment of closing costs and fees of $0.8 million, the sale of the properties generated net proceeds of approximately $31.2 million and a gain on sale of approximately $26.5 million. Sale of Marquis at TPC On April 17, 2020, the Company closed on the sale of Marquis at TPC, located in San Antonio, Texas. The property was sold for $22.5 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the property in the amount of $16.3 million, the sale of the property generated net proceeds of approximately $5.9 million and a gain on sale of approximately $3.2 million, of which the Company’s pro rata share of the proceeds was approximately $5.3 million and pro rata share of the gain was approximately $2.8 million. Sale of Enders Place at Baldwin Park On April 21, 2020, the Company closed on the sale of Enders Place at Baldwin Park, located in Orlando, Florida. The property was sold for approximately $53.2 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the property in the amount of $23.2 million, the payment of early extinguishment of debt costs of $2.2 million and payment of closing costs and fees of $0.9 million, the sale of the property generated net proceeds of approximately $26.1 million and a gain on sale of approximately $28.2 million, of which the Company’s pro rata share of the proceeds was approximately $24.0 million and pro rata share of the gain was approximately $26.0 million.

Investments in Real Estate

Investments in Real Estate	6 Months Ended
	Jun. 30, 2020
Investments in Real Estate
Investments in Real Estate	Note 4 – Investments in Real Estate As of June 30, 2020, the Company held investments in thirty-four consolidated operating properties and twenty development properties through preferred equity, mezzanine loan or ground lease investments. The following tables provide summary information regarding the Company’s consolidated operating properties and preferred equity, mezzanine loan and ground lease investments, which are either consolidated or accounted for under the equity method of accounting. Consolidated Operating Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Date Built / ​ Ownership Multifamily Community Name Location Units Renovated (1) Interest ARIUM Glenridge Atlanta, GA 480 1990 90 % ARIUM Grandewood Orlando, FL 306 2005 100 % ARIUM Hunter’s Creek Orlando, FL 532 1999 100 % ARIUM Metrowest Orlando, FL 510 2001 100 % ARIUM Westside Atlanta, GA 336 2008 90 % Ashford Belmar Lakewood, CO 512 1988/1993 85 % Avenue 25 ​ Phoenix, AZ 254 2013 100 % Cade Boca Raton ​ Boca Raton, FL ​ 90 ​ 2019 ​ 81 % Chattahoochee Ridge ​ Atlanta, GA ​ 358 ​ 1996 ​ 90 % Citrus Tower Orlando, FL 336 2006 97 % Denim ​ Scottsdale, AZ ​ 645 ​ 1979 ​ 100 % Element ​ Las Vegas,NV ​ 200 ​ 1995 ​ 100 % Falls at Forsyth ​ Cumming, GA 356 2019 100 % Gulfshore Apartment Homes ​ Naples, FL ​ 368 ​ 2016 ​ 100 % James at South First Austin, TX 250 2016 90 % Marquis at The Cascades Tyler, TX 582 2009 90 % Navigator Villas ​ Pasco, WA 176 2013 90 % Outlook at Greystone Birmingham, AL 300 2007 100 % Park & Kingston Charlotte, NC 168 2015 100 % Pine Lakes Preserve ​ Port St. Lucie, FL ​ 320 ​ 2003 ​ 100 % Plantation Park Lake Jackson, TX 238 2016 80 % Providence Trail ​ Mount Juliet, TN ​ 334 ​ 2007 ​ 100 % Roswell City Walk Roswell, GA 320 2015 98 % Sands Parc Daytona Beach, FL 264 2017 100 % The Brodie Austin, TX 324 2001 100 % The District at Scottsdale ​ Scottsdale, AZ ​ 332 ​ 2018 ​ 100 % The Links at Plum Creek Castle Rock, CO 264 2000 88 % The Mills Greenville, SC 304 2013 100 % The Preserve at Henderson Beach Destin, FL 340 2009 100 % The Reserve at Palmer Ranch ​ Sarasota, FL ​ 320 ​ 2016 ​ 100 % The Sanctuary ​ Las Vegas, NV ​ 320 ​ 1988 ​ 100 % Veranda at Centerfield Houston, TX 400 1999 93 % Villages of Cypress Creek Houston, TX 384 2001 80 % Wesley Village Charlotte, NC 301 2010 100 % Total 11,524 ​ (1) Represents date of last significant renovation or year built if there were no renovations. Depreciation expense was $18.0 million and $15.8 million, and $36.2 million and $31.6 million for the three and six months ended June 30, 2020 and 2019, respectively. Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. In-place leases are amortized over the remaining term of the in-place leases, which is approximately six months. Amortization expense related to the in-place leases was $2.1 million and $0.4 million, and $4.8 million and $1.9 million for the three and six months ended June 30, 2020 and 2019, respectively. Preferred Equity, Mezzanine Loan and Ground Lease Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual / ​ Actual / ​ ​ ​ ​ Actual / ​ Estimated ​ Estimated ​ ​ ​ ​ Planned ​ Initial ​ Construction Multifamily Community Name Location Number of Units Occupancy Completion Lease-up Investments ​ ​ ​ ​ ​ ​ ​ ​ Vickers Historic Roswell Roswell, GA 79 2Q 2018 3Q 2018 Arlo Charlotte, NC 286 2Q 2018 1Q 2019 Novel Perimeter Atlanta, GA 320 3Q 2018 1Q 2019 Motif Fort Lauderdale, FL 385 1Q 2020 2Q 2020 North Creek Apartments Leander, TX 259 2Q 2020 4Q 2020 Wayforth at Concord Concord, NC 150 1Q 2020 3Q 2021 Total lease-up units ​ 1,479 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investments ​ ​ ​ ​ ​ ​ ​ ​ Riverside Apartments ​ Austin, TX ​ 222 ​ 1Q 2021 ​ 2Q 2021 Zoey ​ Austin, TX ​ 307 ​ 1Q 2022 ​ 2Q 2022 The Park at Chapel Hill (1) ​ Chapel Hill, NC ​ — ​ — ​ — Total development units ​ ​ ​ 529 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multifamily Community Name ​ Location ​ Number of Units ​ ​ ​ ​ Operating Investments (2) ​ ​ ​ ​ ​ ​ ​ ​ Alexan CityCentre ​ Houston, TX ​ 340 ​ ​ ​ ​ Alexan Southside Place ​ Houston, TX ​ 270 ​ ​ ​ ​ Belmont Crossing (3) ​ Smyrna, GA ​ 192 ​ ​ ​ ​ Domain at The One Forty ​ Garland, TX ​ 299 ​ ​ ​ ​ Georgetown Crossing (3) ​ Savannah, GA ​ 168 ​ ​ ​ ​ Mira Vista ​ Austin, TX ​ 200 ​ ​ ​ ​ Park on the Square (3) ​ Pensacola, FL ​ 240 ​ ​ ​ ​ Sierra Terrace (3) ​ Atlanta, GA ​ 135 ​ ​ ​ ​ Sierra Village (3) ​ Atlanta, GA ​ 154 ​ ​ ​ ​ The Commons (3) ​ Jacksonville, FL ​ 328 ​ ​ ​ ​ Thornton Flats ​ Austin, TX ​ 104 ​ ​ ​ ​ Total operating units ​ ​ ​ 2,430 ​ ​ ​ ​ Total units ​ ​ ​ 4,438 ​ ​ ​ ​ (1) The development is in the planning phase; project specifications are in process. (2) Stabilized operating properties in which the Company has a preferred equity investment or equity interest. Refer to Note 7 for further information. (3) Belmont Crossing, Georgetown Crossing, Park on the Square, Sierra Terrace, Sierra Village and The Commons are collectively known as the Strategic Portfolio. Refer to Note 7 for further information.

Acquisition of Real Estate

Acquisition of Real Estate	6 Months Ended
	Jun. 30, 2020
Acquisition of Real Estate
Acquisition of Real Estate	Note 5 – Acquisition of Real Estate The following describes the Company’s significant acquisition activity and related new financing during the six months ended June 30, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property Location Date Ownership Interest Purchase Price Mortgage ​ Avenue 25 Phoenix, AZ ​ January 23, 2020 100 % $ 55,600 ​ $ 36,566 (1) Falls at Forsyth Cumming, GA ​ March 6, 2020 100 % ​ 82,500 ​ ​ — (2) (1) Mortgage balance includes a $29.7 million loan assumption and a $6.9 million supplemental loan secured by the Avenue 25 property. (2) The Company funded $79.9 million of the purchase price with proceeds from its Amended Senior Credit Facility secured by the Falls at Forsyth property. Refer to Note 8 for further information about the Company's Amended Senior Credit Facility. Purchase Price Allocation The real estate acquisitions above have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the dates of acquisition. The following table summarizes the assets acquired and liabilities assumed at the acquisition date for acquisitions made during the six months ended June 30, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ Purchase Price ​ ​ Allocation Land ​ $ 12,594 Building ​ 108,943 Building improvements ​ 4,032 Land improvements ​ 9,645 Furniture and fixtures ​ 3,141 In-place leases ​ 2,102 Total assets acquired ​ $ 140,457 Mortgages assumed ​ $ 29,705 Fair value adjustments ​ ​ 1,292 Total liabilities assumed ​ $ 30,997 ​ Acquisition of Additional Interest in The Brodie On April 24, 2020, the Company purchased the non-controlling partner’s interest in The Brodie for $3.5 million, increasing the Company's interest in the property from 93% to 100%.

Notes and Interest Receivable d

Notes and Interest Receivable due from Related Parties	6 Months Ended
	Jun. 30, 2020
Notes and Interest Receivable due from Related Parties
Notes and Interest Receivable due from Related Parties	Note 6 – Notes and Interest Receivable due from Related Parties Following is a summary of the notes and accrued interest receivable due from related parties as of June 30, 2020 and December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Property 2020 2019 Arlo ​ $ 29,247 $ 27,605 Domain at The One Forty ​ 23,818 23,430 Motif ​ 75,471 75,436 Novel Perimeter ​ 22,223 20,867 The Park at Chapel Hill ​ 15,637 34,819 Vickers Historic Roswell ​ 11,619 11,624 Total ​ $ 178,015 $ 193,781 ​ Following is a summary of the interest income from related parties and ground leases for the three and six months ended June 30, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, Property 2020 2019 2020 2019 Arlo ​ $ 1,068 ​ $ 919 ​ $ 2,087 ​ $ 1,828 Cade Boca Raton ​ — ​ 467 ​ — ​ 904 Domain at The One Forty ​ 325 ​ 805 ​ 647 ​ 1,557 Motif ​ ​ 2,297 ​ ​ 2,400 ​ ​ 4,697 ​ ​ 4,773 Novel Perimeter ​ 795 ​ 771 ​ 1,566 ​ 1,533 The Park at Chapel Hill ​ 384 ​ 212 ​ 1,320 ​ 368 Vickers Historic Roswell ​ 430 ​ 399 ​ 859 ​ 786 Zoey (1) ​ ​ 39 ​ ​ — ​ ​ 51 ​ ​ — Total ​ $ 5,338 ​ $ 5,973 ​ $ 11,227 ​ $ 11,749 (1) Refer to Note 14 for further information about the Zoey Ground Lease. The occupancy percentages of the Company’s related party properties at June 30, 2020 and December 31, 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Property 2020 2019 Arlo 86.7 % 82.2 % Domain at The One Forty 91.6 % 85.6 % Motif ​ 20.3 % — (1) Novel Perimeter 81.3 % 79.4 % The Park at Chapel Hill — (2) — (2) Vickers Historic Roswell 82.3 % 74.7 % (1) The development had not commenced lease-up at December 31, 2019. (2) The development is in the planning phase; project specifications are in process. Arlo Financing On March 30, 2020, the Company, increased its mezzanine loan commitment to BR Morehead JV Member, LLC to $32.0 million, of which $28.9 million has been funded as of June 30, 2020. The loan matures on the earliest to occur of: (i) July 1, 2025, (ii) the date of sale or transfer of property, or (iii) such earlier date, by declaration of acceleration or otherwise, on which the final payment of principal becomes due. The loan can be prepaid without penalty. On March 31, 2020, the Arlo property owner refinanced the construction loan and entered into a $43.0 million senior mortgage loan (“senior loan”) secured by the Arlo property and used the proceeds in part to pay off the outstanding principal balances, in full, of the previous construction loan of $33.6 million and mezzanine loan provided by an unaffiliated third party of $7.3 million. The Arlo property owner accounted for the refinancing as an extinguishment of debt. The senior loan matures on April 1, 2025 and bears interest at a floating basis of the greater of LIBOR plus 1.65% or 2.65%, with interest-only payments during the term of the senior loan. On or after April 1, 2022, the loan may be prepaid without prepayment fee or yield maintenance. Motif Mezzanine Financing On March 31, 2020, the Company received a paydown of $8.0 million on the Motif Mezz Loan (formerly, the “Flagler Mezz Loan”), reducing the outstanding principal balance to $66.6 million. On May 8, 2020, at the borrower’s request, the Company amended the Motif Mezz Loan agreement to re-lend the $8.0 million to the Motif Mezz Loan borrower. The Company funded the full $8.0 million to the Motif Mezz Loan borrower, increasing the outstanding Motif Mezz Loan balance to $74.6 million as of June 30, 2020. Novel Perimeter Mezzanine Financing On May 5, 2020, the Company increased its mezzanine loan commitment to BR Perimeter JV Member, LLC to $23.8 million, of which $22.0 million was funded as of June 30, 2020. In exchange for increasing its loan commitment, the Company received the right to exercise an option to purchase, at the greater of a 2.5 basis point discount to fair market value or 15% internal rate of return for Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”), an affiliate of BRG Manager, LLC, the Company’s former Manager (the “former Manager”), up to a 100% common membership interest in BR Perimeter JV Member, LLC. The Park at Chapel Hill Mezzanine Financing On March 31, 2020, the Company received a paydown of $21.0 million on the Chapel Hill Mezz Loan, reducing the outstanding principal balance to $8.5 million. On May 9, 2020, at the borrower’s request, the Company amended the Chapel Hill Mezz Loan agreement to permit the Chapel Hill Mezz Loan borrower to re-borrow $2.0 million. The Company funded the full $2.0 million to the Chapel Hill Mezz Loan borrower, increasing the outstanding Chapel Hill Mezz Loan balance to $10.5 million as of June 30, 2020. The senior loan of $5.0 million provided by the Company remains outstanding in full.

Preferred Equity Investments an

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures	6 Months Ended
	Jun. 30, 2020
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures	Note 7 – Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The carrying amount of the Company’s preferred equity investments and investments in unconsolidated real estate joint ventures as of June 30, 2020 and December 31, 2019 is summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Property 2020 2019 ​ ​ ​ ​ ​ ​ ​ Alexan CityCentre ​ $ 13,980 ​ $ 12,788 Alexan Southside Place ​ 25,496 ​ 24,866 Helios ​ 642 ​ 23,663 Leigh House ​ 80 ​ 80 Mira Vista ​ ​ 5,250 ​ ​ 5,250 North Creek Apartments ​ 15,440 ​ 14,964 Riverside Apartments ​ 13,422 ​ 12,342 Strategic Portfolio (1) ​ ​ 22,105 ​ ​ 10,183 Thornton Flats ​ ​ 4,600 ​ ​ 4,600 Wayforth at Concord ​ 6,500 ​ 4,683 Whetstone Apartments ​ — ​ 12,932 Other ​ ​ 95 ​ ​ 93 Total ​ $ 107,610 ​ $ 126,444 (1) Belmont Crossing, Georgetown Crossing, Park on the Square, Sierra Terrace, Sierra Village and The Commons are collectively known as the Strategic Portfolio. As of June 30, 2020, the Company, through wholly-owned subsidiaries of the Operating Partnership, had outstanding equity investments in thirteen joint ventures, each of which was created to develop a multifamily property. Eight of the thirteen equity investments, Alexan CityCentre, Alexan Southside Place, Mira Vista, North Creek Apartments, Riverside Apartments, Strategic Portfolio, Thornton Flats, and Wayforth at Concord, are preferred equity investments, generate a stated preferred return on outstanding capital contributions, and the Company is not allocated any of the income or loss in the joint ventures. The joint venture is the controlling member in an entity whose purpose is to develop or operate a multifamily property. Five of the thirteen equity investments, Arlo, Domain at The One Forty, Motif, Novel Perimeter and Vickers Historic Roswell, represent a remaining 0.5% common interest in joint ventures where, in some cases, the Company has previously redeemed its preferred equity investment in the joint ventures and provided a mezzanine loan. Refer to Note 6 for further information. The preferred returns on the Company’s unconsolidated real estate joint ventures for the three and six months ended June 30, 2020 and 2019 are summarized below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, Property 2020 2019 2020 2019 Alexan CityCentre ​ $ 616 ​ $ 497 ​ $ 1,207 ​ $ 982 Alexan Southside Place ​ 318 ​ 390 ​ 632 ​ 773 Helios (1) ​ — ​ 335 ​ (159) ​ 666 Leigh House ​ — ​ 558 ​ — ​ 1,082 Mira Vista ​ ​ 134 ​ ​ — ​ ​ 268 ​ ​ — North Creek Apartments ​ 485 ​ 288 ​ 961 ​ 510 Riverside Apartments ​ 421 ​ 191 ​ 829 ​ 304 Strategic Portfolio ​ ​ 544 ​ ​ — ​ ​ 841 ​ ​ — Thornton Flats ​ ​ 103 ​ ​ — ​ ​ 206 ​ ​ — Wayforth at Concord ​ 213 ​ — ​ 408 ​ — Whetstone Apartments ​ — ​ 233 ​ 56 ​ 464 Preferred returns on unconsolidated joint ventures ​ $ 2,834 ​ $ 2,492 ​ $ 5,249 ​ $ 4,781 (1) Of the ($159) loss incurred at Helios, ($143) pertains to costs related to the sale of Helios. The occupancy percentages of the Company’s unconsolidated real estate joint ventures at June 30, 2020 and December 31, 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Property 2020 2019 Alexan CityCentre 84.1 % 90.9 % Alexan Southside Place 92.2 % 95.2 % Mira Vista 91.5 % 93.5 % North Creek Apartments 10.4 % — (2) Riverside Apartments — (1) — (2) Strategic Portfolio ​ ​ ​ ​ ​ Belmont Crossing ​ 95.3 % 89.6 % Georgetown Crossing ​ 88.7 % — ​ Park on the Square ​ 96.3 % — ​ Sierra Terrace ​ 96.3 % 97.0 % Sierra Village ​ 92.2 % 86.4 % The Commons ​ 97.3 % — ​ Thornton Flats ​ 89.4 % 90.4 % Wayforth at Concord 26.7 % — (2) (1) The development has not commenced lease-up. (2) The development had not commenced lease-up at December 31, 2019. Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of June 30, 2020 and December 31, 2019 and for the three and six months ended June 30, 2020 and 2019 is as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2020 2019 Balance Sheets: ​ ​ Real estate, net of depreciation ​ $ 712,059 ​ $ 678,073 Other assets ​ 38,420 ​ 51,212 Total assets ​ $ 750,479 ​ $ 729,285 ​ ​ ​ ​ ​ ​ ​ Mortgages payable ​ $ 600,472 ​ $ 570,573 Other liabilities ​ 31,348 ​ 36,129 Total liabilities ​ $ 631,820 ​ $ 606,702 Members’ equity ​ 118,659 ​ 122,583 Total liabilities and members’ equity ​ $ 750,479 ​ $ 729,285 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Operating Statement: ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 12,311 ​ $ 8,924 ​ $ 22,680 ​ $ 16,724 Operating expenses ​ (6,778) ​ (5,494) ​ (13,045) ​ (10,628) Income before debt service and depreciation and amortization ​ 5,533 ​ 3,430 ​ 9,635 ​ 6,096 Interest expense, net ​ (6,870) ​ (8,243) ​ (14,662) ​ (15,476) Depreciation and amortization ​ (4,096) ​ (4,146) ​ (7,818) ​ (8,133) Net operating loss ​ ​ (5,433) ​ ​ (8,959) ​ ​ (12,845) ​ ​ (17,513) Gain on sale of Whetstone and Helios, net ​ ​ — ​ ​ — ​ ​ 14,716 ​ ​ — Net (loss) income ​ $ (5,433) ​ $ (8,959) ​ $ 1,871 ​ $ (17,513) ​ Alexan Southside Place Interests Alexan Southside Place is developed upon a tract of land ground leased from Prokop Industries BH, L.P., a Texas limited partnership, by BR Bellaire BLVD, LLC (“BR Bellaire BLVD”), as tenant under an 85-year ground lease. BR Bellaire BLVD has a right-of-use asset and lease liability Strategic Portfolio Interests On March 20, 2020, the Company made an $8.0 million preferred equity investment in a joint venture (the “Strategic JV”) with an unaffiliated third party for the following two stabilized properties: Georgetown Crossing, located in Savannah, Georgia, and Park on the Square, located in Pensacola, Florida. On May 8, 2020, the Company made an additional $3.9 million preferred equity investment in the Strategic JV for The Commons, a stabilized property located in Jacksonville, Florida. These three properties, together with Belmont Crossing, Sierra Terrace and Sierra Village, are collectively known as the Strategic Portfolio. The Company will earn a 7.5% current return and a 3.0% accrued return on its total preferred equity investment in the Strategic JV, for a total preferred return of 10.5%. The Strategic JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return in each property on the earlier date which is: (i) the sale of the property, (ii) the refinancing of the loan related to the property, or (iii) the maturity date of the property loan. Whetstone Apartments Interests On January 22, 2020, through a subsidiary of its Operating Partnership, the Company entered into a membership interest purchase agreement to purchase 100% of the common membership interest in BR Whetstone Member, LLC from Fund III, an affiliate of the former Manager, for approximately $2.5 million. In conjunction with this transaction, BR Whetstone Member, LLC, along with BRG Avenue 25 TRS, LLC, a wholly-owned subsidiary of the Company’s Operating Partnership, entered into a membership purchase agreement to purchase the right to all the economic interest promote and the common membership interest of 7.5% held in the Whetstone Apartments joint venture from an unaffiliated member of the joint venture for approximately $1.9 million. The Whetstone Apartments investment was sold on January 24, 2020. Please refer to Note 3 for further information.

Revolving credit facilities

Revolving credit facilities	6 Months Ended
	Jun. 30, 2020
Revolving credit facilities
Revolving credit facilities	Note 8 – Revolving credit facilities The outstanding balances on the revolving credit facilities as of June 30, 2020 and December 31, 2019 are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Revolving Credit Facilities 2020 2019 Amended Senior Credit Facility ​ $ 80,500 ​ $ 18,000 Second Amended Junior Credit Facility ​ 50,000 ​ — Total ​ $ 130,500 ​ $ 18,000 ​ Amended Senior Credit Facility On March 6, 2020, the Company, through its Operating Partnership, entered into an amended and restated, in its entirety, Senior Credit Facility (the “Amended Senior Credit Facility”). The Amended Senior Credit Facility provides for a revolving loan with an initial commitment amount of $100 million, which commitment contains an accordion feature to a maximum total commitment of up to $350 million. Borrowings under the Amended Senior Credit Facility bear interest, at the Company’s option, at LIBOR plus 1.30% to 1.65% or the base rate plus 0.30% to 0.65% , depending on the Company’s leverage ratio. The weighted average interest rate was 1.73% at June 30, 2020. The Company pays an unused fee at an annual rate of 0.15% to 0.20% of the unused portion of the Amended Senior Credit Facility, depending on the borrowings outstanding. The Amended Senior Credit Facility matures on March 6, 2023 and contains two one-year extension options, subject to certain conditions. The Amended Senior Credit Facility contains certain financial and operating covenants, including a maximum leverage ratio, minimum liquidity, minimum debt service coverage ratio and minimum tangible net worth. At June 30, 2020, the Company was in compliance with all covenants under the Amended Senior Credit Facility. The Company has guaranteed the obligations under the Amended Senior Credit Facility and has pledged certain assets as collateral. The Amended Senior Credit Facility provides the Company with the ability to issue up to $50 million in letters of credit. While the issuance of letters of credit does not increase the Company’s borrowings outstanding under the Amended Senior Credit Facility, it does reduce the availability of borrowings. At June 30, 2020, the Company had one outstanding letter of credit of $0.8 million. Second Amended Junior Credit Facility On November 6, 2019, the Company, through a subsidiary of its Operating Partnership, entered into a second amended and restated, in its entirety, Junior Credit Facility (the “Second Amended Junior Credit Facility”). The Second Amended Junior Credit Facility provides for a revolving loan with a maximum commitment amount of $72.5 million. Borrowings under the Second Amended Junior Credit Facility bear interest, at the Company’s option, at LIBOR plus 2.75% to 3.25% or the base rate plus 1.75% to 2.25% , depending on the Company’s leverage ratio. The weighted average interest rate was 5.25% at June 30, 2020. The Company pays an unused fee at an annual rate of 0.35% to 0.40% of the unused portion of the Second Amended Junior Credit Facility, depending on the borrowings outstanding. The Second Amended Junior Credit Facility matures on December 21, 2021 and contains certain financial and operating covenants, including a maximum leverage ratio, minimum liquidity, minimum debt service coverage ratio, minimum tangible net worth and minimum equity raise and collateral values. At June 30, 2020, the Company was in compliance with all covenants under the Second Amended Junior Credit Facility. The Company has guaranteed the obligations under the Second Amended Junior Credit Facility and has pledged certain assets as collateral. The availability of borrowings under the revolving credit facilities at June 30, 2020 is based on the collateral and compliance with various ratios related to those assets and was approximately $24.2 million.

Mortgages Payable

Mortgages Payable	6 Months Ended
	Jun. 30, 2020
Mortgages Payable
Mortgages Payable	Note 9 – Mortgages Payable The following table summarizes certain information as of June 30, 2020 and December 31, 2019, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Principal ​ As of June 30, 2020 ​ ​ June 30, ​ December 31, ​ ​ ​ Interest-only ​ ​ Property 2020 2019 Interest Rate through date Maturity Date Fixed Rate: ​ ​ ​ ​ ​ ​ ​ ARIUM Grandewood (1) ​ $ 19,713 ​ $ 19,713 4.35 % July 2020 July 1, 2025 ARIUM Hunter’s Creek ​ 71,533 ​ 72,183 3.65 % (2) November 1, 2024 ARIUM Metrowest ​ 64,559 ​ 64,559 4.43 % May 2021 May 1, 2025 ARIUM Westside ​ 52,150 ​ 52,150 3.68 % August 2021 August 1, 2023 Ashford Belmar ​ 100,675 ​ 100,675 4.53 % December 2022 ​ December 1, 2025 Ashton Reserve I ​ — ​ 30,329 ​ ​ ​ ​ ​ Avenue 25 (3) ​ ​ 36,566 ​ ​ — ​ 4.18 % July 2022 ​ July 1,2027 Chattahoochee Ridge ​ ​ 45,338 ​ ​ 45,338 ​ 3.25 % December 2022 ​ December 5, 2024 Citrus Tower ​ 40,980 ​ 41,325 4.07 % (2) ​ October 1, 2024 Denim ​ ​ 91,634 ​ ​ 91,634 ​ 3.32 % August 2024 ​ August 1, 2029 Element ​ ​ 29,260 ​ ​ 29,260 ​ 3.63 % July 2022 ​ July 1,2026 Enders Place at Baldwin Park ​ — ​ 23,337 ​ ​ ​ ​ ​ Gulfshore Apartment Homes ​ ​ 46,345 ​ ​ 46,345 ​ 3.26 % September 2022 ​ September 1, 2029 James on South First ​ 25,895 ​ 26,111 4.35 % (2) ​ January 1, 2024 Navigator Villas (4) ​ ​ 20,515 ​ ​ 20,515 ​ 4.56 % June 2021 ​ June 1, 2028 Outlook at Greystone ​ 22,105 ​ 22,105 4.30 % June 2021 ​ June 1, 2025 Park & Kingston ​ 19,600 ​ 19,600 3.32 % November 2024 ​ November 1, 2026 Pine Lakes Preserve ​ ​ — ​ ​ 26,950 ​ ​ ​ ​ ​ ​ Plantation Park ​ 26,625 ​ 26,625 4.64 % July 2024 ​ July 1, 2028 Providence Trail ​ ​ 47,950 ​ ​ 47,950 ​ 3.54 % July 2021 ​ July 1, 2026 Roswell City Walk ​ 50,526 ​ 51,000 3.63 % (2) ​ December 1, 2026 The Brodie ​ 33,878 ​ 34,198 3.71 % (2) ​ December 1, 2023 The Links at Plum Creek ​ 39,896 ​ 40,000 4.31 % (2) ​ October 1, 2025 The Mills ​ 25,539 ​ 25,797 4.21 % (2) ​ January 1, 2025 The Preserve at Henderson Beach ​ 48,490 ​ 48,490 3.26 % September 2028 ​ September 1, 2029 The Reserve at Palmer Ranch ​ ​ 41,298 ​ ​ 41,348 ​ 4.41 % (2) ​ May 1, 2025 The Sanctuary ​ ​ 33,707 ​ ​ 33,707 ​ 3.31 % Interest-only ​ August 1, 2029 Villages of Cypress Creek ​ — ​ 26,200 ​ ​ ​ ​ ​ Wesley Village ​ 39,776 ​ 40,111 4.25 % (2) ​ April 1, 2024 Total Fixed Rate ​ $ 1,074,553 ​ $ 1,147,555 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Floating Rate (5) : ​ ​ ​ ARIUM Glenridge ​ $ 49,500 ​ $ 49,500 1.51 % September 2021 ​ September 1, 2025 ARIUM Grandewood (1) ​ 19,672 ​ 19,672 1.58 % July 2020 ​ July 1, 2025 Ashton Reserve II ​ — ​ 15,213 ​ ​ ​ ​ ​ Cade Boca Raton ​ ​ 23,500 ​ ​ 23,500 ​ 2.50 % June 2022 ​ January 1, 2025 Fannie Facility Advance ​ ​ 13,936 ​ ​ — ​ 2.77 % June 2022 ​ June 1, 2027 Marquis at The Cascades I ​ 31,976 ​ 32,284 1.79 % (2) ​ June 1, 2024 (6) Marquis at The Cascades II ​ 22,316 ​ 22,531 1.79 % (2) ​ June 1, 2024 (6) Marquis at TPC ​ — ​ 16,468 ​ ​ ​ ​ ​ Pine Lakes Preserve ​ 42,728 ​ — 3.16 % July 2025 ​ July 1, 2030 The District at Scottsdale (7) ​ 76,200 ​ 82,200 1.85 % Interest-only ​ June 11, 2021 (8) Veranda at Centerfield ​ 26,100 ​ 26,100 1.42 % July 2021 ​ July 26, 2023 (9) Villages of Cypress Creek ​ ​ 33,520 ​ ​ — ​ 2.73 % July 2022 ​ July 1, 2027 Total Floating Rate ​ $ 339,448 ​ $ 287,468 ​ Total Mortgages Payable ​ $ 1,414,001 ​ $ 1,435,023 ​ Fair value adjustments ​ 2,354 ​ 1,815 ​ Deferred financing costs, net ​ (11,309) ​ (11,581) ​ Total ​ $ 1,405,046 ​ $ 1,425,257 ​ (1) ARIUM Grandewood has a fixed rate loan and a floating rate loan. (2) The loan requires monthly payments of principal and interest. (3) The principal balance includes a $29.7 million loan at a fixed rate of 4.02% and a $ 6.9 million supplemental loan at a fixed rate of 4.86% . (4) The principal balance includes a $14.8 million loan at a fixed rate of 4.31% and a $5.7 million supplemental loan at a fixed rate of 5.23% . (5) Other than The District at Scottsdale, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In June 2020, one-month LIBOR in effect was 0.18% . LIBOR rate is subject to a rate cap. Refer to Note 11 for further information. (6) The loan can be extended, subject to certain conditions, in connection with an election to convert to a fixed interest rate loan. (7) The loan bears interest at a floating rate of one or three-month LIBOR + margin, at the Company's discretion. The loan is not subject to a rate cap. (8) The loan has two (2) three-month extension options subject to certain conditions. (9) The loan has two (2) one-year extension options subject to certain conditions. Deferred financing costs Costs incurred in obtaining long-term financing are amortized on a straight-line basis to interest expense over the terms of the related financing agreements, as applicable, which approximates the effective interest method. Loss on Extinguishment of Debt and Modification Costs Upon repayment of or in conjunction with a material change (i.e. a 10% or greater difference in the cash flows between instruments) in the terms of an underlying debt agreement, the Company writes-off any unamortized deferred financing costs and fair market value adjustments related to the original debt that was extinguished. Prepayment penalties incurred on the early repayment of debt and costs incurred in a debt modification that are not capitalized are also included in loss on extinguishment of debt and debt modification costs on the consolidated statements of operations. Refinancing of Villages of Cypress Creek On June 2, 2020, the Company, through an indirect subsidiary, entered into a $33.5 million floating rate loan, which is secured by Villages of Cypress Creek, and paid off the previous fixed rate loan of $26.2 million. The Company accounted for the refinancing as an extinguishment of debt and recorded a loss on extinguishment of debt of $0.9 million. Refinancing of Pine Lakes Preserve On June 24, 2020, the Company, through an indirect subsidiary, entered into a $42.7 million floating rate loan, which is secured by Pine Lakes Preserve, and paid off the previous fixed rate loan of $27.0 million. The Company accounted for the refinancing as an extinguishment of debt and recorded a loss on extinguishment of debt of $3.6 million. Modification of The District at Scottsdale loan On June 30, 2020, the Company, through an indirect subsidiary, exercised the loan extension option and entered into an amended loan agreement for The District at Scottsdale. As part of the amended loan agreement, the Company made a principal payment of $6.0 million and paid an extension fee of $0.2 million. Terms of the amended loan agreement include, but are not limited to, (i) extension of the loan maturity date to June 11, 2021, (ii) the addition of two (2) three-month extension options, and (iii) the requirement of the Company to remit mandatory prepayments in an amount equal to excess cash flow from the preceding month, with prepayments commencing in July 2020 and monthly thereafter until the loan is paid in full. The Company accounted for the loan amendment as a loan modification. Master Credit Facility with Fannie Mae On April 30, 2018, the Company, through certain subsidiaries of the Operating Partnership, entered into a Master Credit Facility Agreement (the “Fannie Facility”), which was issued through Fannie Mae’s Multifamily Delegated Underwriting and Servicing Program. The Fannie Facility includes certain restrictive covenants, including indebtedness, liens, investments, mergers and asset sales, and distributions. The Fannie Facility also contains events of default, including payment defaults, covenant defaults, bankruptcy events, and change of control events. Each note under the Fannie Facility is cross-defaulted and cross-collateralized and the Company has guaranteed the obligations under the Fannie Facility. As of June 30, 2020, the mortgage loans secured by ARIUM Grandewood, ARIUM Metrowest and Outlook at Greystone were issued under the Fannie Facility. On May 27, 2020, the Company, through certain subsidiaries of the Operating Partnership, entered into a $13.9 million floating rate advance (the “Fannie Facility Advance”) originated under the Master Credit Facility Agreement and collateralized by the properties issued under the Fannie Facility. The Fannie Facility Advance matures on June 1, 2027 and bears interest at LIBOR plus 2.60%, subject to an interest rate cap, with interest-only payments through June 2022 and then monthly payments based on thirty-year amortization. The Fannie Facility Advance may be prepaid without prepayment or yield maintenance beginning March 1, 2027. The Company may request future fixed rate advances or floating rate advances under the Fannie Facility either by borrowing against the value of the mortgaged properties (based on the valuation methodology established in the Fannie Facility) or adding eligible properties to the collateral pool, subject to customary conditions, including satisfaction of minimum debt service coverage and maximum loan-to-value tests. The proceeds of any future advances made under the Fannie Facility may be used, among other things, for general operating purposes and the acquisition and refinancing of additional properties to be identified in the future. Debt maturities As of June 30, 2020, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Total 2020 (July 1–December 31) ​ $ 4,080 2021 (1) ​ 86,713 2022 ​ 15,324 2023 ​ 127,186 2024 ​ 275,607 Thereafter ​ 905,091 ​ ​ $ 1,414,001 Add: Unamortized fair value debt adjustment ​ 2,354 Subtract: Deferred financing costs, net ​ (11,309) Total ​ $ 1,405,046 (1) $76.2 million represents a loan in connection with The District at Scottsdale. The loan has a June 2021 maturity date and contains two (2) three-month extension options, subject to certain conditions. The net book value of real estate assets providing collateral for these above borrowings, including the Amended Senior Credit Facility, Second Amended Junior Credit Facility and Fannie Facility, was $1,960.0 million as of June 30, 2020. The mortgage loans encumbering the Company’s properties are generally nonrecourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, the Company or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses. The mortgage loans generally have a period where a prepayment fee or yield maintenance would be required.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2020
Fair Value of Financial Instruments
Fair Value of Financial Instruments	Note 10 – Fair Value of Financial Instruments Fair Value Measurements For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price the Company would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions; preference is given to observable inputs. In accordance with accounting principles generally accepted in the Unites States of America ("GAAP") and as defined in ASC Topic 820, "Fair Value Measurement" ("ASC Topic 820"), these two types of inputs create the following fair value hierarchy: ● Level 1: Quoted prices for identical instruments in active markets ​ ​ ​ ● Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable ​ ​ ​ ● Level 3: Significant inputs to the valuation model are unobservable ​ If the inputs used to measure the fair value fall within different levels of the hierarchy, the fair value is determined based upon the lowest level input that is significant to the fair value measurement. Whenever possible, the Company uses quoted market prices to determine fair value. In the absence of quoted market prices, the Company uses independent sources and data to determine fair value. Financial Instrument Fair Value Disclosures As of June 30, 2020 and December 31, 2019, the carrying values of cash and cash equivalents, accounts receivable, due to and due from affiliates, accounts payable, accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. The carrying values of notes receivable from related parties approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. The fair values of notes receivable are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations. Derivative Financial Instruments The estimated fair values of derivative financial instruments are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair value of interest rate caps is determined using the market-standard methodology of discounting the future expected cash receipts which would occur if floating interest rates rise above the strike rate of the caps. The floating interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The inputs used in the valuation of interest rate caps fall within Level 2 of the fair value hierarchy. As of June 30, 2020 and December 31, 2019, based on the discounted amount of future cash flows using rates currently available to the Company for similar liabilities, the fair value of the Company’s mortgages payable is estimated at $1,481.9 million and $1,436.2 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $1,416.4 million and $1,436.8 million, respectively. The fair value of mortgages payable is estimated based on the Company’s current interest rates (Level 3 inputs of the fair value hierarchy) for similar types of borrowing arrangements.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Financial Instruments
Derivative Financial Instruments	Note 11 – Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings. The Company’s objectives in using interest rate derivative financial instruments are to add stability to interest expense and to manage the Company’s exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate caps as part of its interest rate risk management strategy. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The Company has not designated any of the interest rate derivatives as hedges. Although these derivative financial instruments were not designated or did not qualify for hedge accounting, the Company believes the derivative financial instruments are effective economic hedges against increases in interest rates. The Company does not use derivative financial instruments for trading or speculative purposes. As of June 30, 2020, the Company had interest rate caps which effectively limit the Company’s exposure to interest rate risk by providing a ceiling on the underlying floating interest rate for $263.2 million of the Company’s floating rate mortgage debt. The Company also has an interest rate cap of $50.0 million covering its credit facilities which currently have $130.5 million outstanding as of June 30, 2020. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2020 and December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging instruments under ASC 815-20 Balance Sheet Location Fair values of derivative instruments ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2020 2019 Interest rate caps ​ Accounts receivable, prepaids and other assets ​ $ 109 ​ $ 22 ​ The table below presents the effect of Company’s derivative financial instruments as well as their classification on the consolidated statements of operations for the three and six months ended June 30, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Effect of Derivative ​ ​ Location of Gain or (Loss) ​ Instruments on the Statements Derivatives not designated as hedging instruments under ASC 815-20 ​ Recognized in Income ​ of Operations ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Interest rate caps ​ Interest Expense ​ $ 2 ​ $ (677) ​ $ 31 ​ $ (2,365) ​

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions
Related Party Transactions	Note 12 – Related Party Transactions Administrative Services Agreement In October 2017, the Company entered into an Administrative Services Agreement (the “Administrative Services Agreement”) with Bluerock Real Estate, LLC and its affiliate, Bluerock Real Estate Holdings, LLC (together “BRE”). Pursuant to the Administrative Services Agreement, BRE provides the Company with certain human resources, investor relations, marketing, legal and other administrative services (the “Services”). The Services are provided on an at-cost basis, generally allocated based on the use of such Services for the benefit of the Company’s business, and are invoiced on a quarterly basis. In addition, the Administrative Services Agreement permits, from time to time, certain employees of the Company to provide or cause to be provided services to BRE, on an at-cost basis, generally allocated based on the use of such services for the benefit of the business of BRE, and otherwise subject to the terms of the Services provided by BRE to the Company under the Administrative Services Agreement. Payment by the Company of invoices and other amounts payable under the Administrative Services Agreement will be made in cash or, in the sole discretion of the Company’s board of directors (the “ Board”), in the form of fully-vested LTIP Units. The term of the Administrative Services Agreement expires on October 31, 2020 unless the Company renews. The Administrative Services Agreement will automatically terminate (i) upon termination by the Company of all Services, or (ii) in the event of non-renewal by the Company. Pursuant to the Administrative Services Agreement, BRE is responsible for the payment of all employee benefits and any other direct and indirect compensation for the employees of BRE (or their affiliates or permitted subcontractors) assigned to perform the Services, as well as such employees’ worker’s compensation insurance, employment taxes, and other applicable employer liabilities relating to such employees. In connection with the Company moving its New York (Manhattan) headquarters, effective on February 15, 2019, BRE and the Company jointly and severally, on the one hand, and an unaffiliated third party landlord, on the other hand, entered into a sublease for separate corporate space (the “Current NY Premises Sublease”) located at 1345 Avenue of the Americas, New York, New York (the “Current NY Premises”). BRE and the Company have also entered into a Leasehold Cost-Sharing Agreement (the “Leasehold Cost-Sharing Agreement”) with respect to the Current NY Premises, to provide for the allocation and sharing between BRE and the Company of the costs under the Current NY Premises Sublease, including costs associated with tenant improvements. The Current NY Premises Sublease permits the Company and certain of its respective subsidiaries and/or affiliates to share occupancy of the Current NY Premises with BRE. Under the Current NY Premises Sublease, the Company, through its Operating Partnership, issued a $750,000 letter of credit under the Amended Senior Credit Facility as a security deposit, and BRE is obligated under the Leasehold Cost-Sharing Agreement to indemnify and hold the Company harmless from loss if there is a claim under such letter of credit. Payment by the Company of any amounts payable under the Leasehold Cost-Sharing Agreement to BRE will be made in cash or, in the sole discretion of the Board, in the form of fully-vested LTIP Units. Recorded as part of general and administrative expenses, operating expenses paid by BRE on behalf of the Company of $0.7 million and $0.9 million, and $1.4 million and $1.7 million were expensed during the three and six months ended June 30, 2020 and 2019, respectively. Operating expense reimbursements of $0.4 million for the first quarter 2020 were paid through the issuance of 73,685 LTIP Units on May 12, 2020. Pursuant to the terms of the Administrative Services Agreement, the Company paid expenses on behalf of BRE of $0.6 million and $0.5 million, and $1.1 million and $0.8 million for the three and six months ended June 30, 2020 and 2019, respectively. Pursuant to the terms of the Administrative Services Agreement and the Leasehold Cost-Sharing Agreement, summarized below are the net related party amounts payable to BRE as of June 30, 2020 and December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2020 2019 Amounts Payable to BRE under the Administrative Services Agreement, net ​ ​ Operating and direct expense reimbursements ​ $ 339 $ 281 Offering expense reimbursements ​ 157 ​ 183 Total expense reimbursement amounts payable to BRE, net ​ $ 496 $ 464 ​ ​ ​ ​ ​ ​ ​ Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement ​ ​ ​ ​ ​ ​ Operating and direct expense reimbursements ​ $ 196 ​ $ 186 Capital improvement cost reimbursements ​ ​ 35 ​ ​ 40 Total expense and cost reimbursement amounts payable to BRE ​ $ 231 ​ $ 226 Total ​ $ 727 ​ $ 690 ​ As of June 30, 2020 and December 31, 2019, the Company had none and $0.1 million, respectively, in payables due to related parties other than BRE. As of June 30, 2020 and December 31, 2019, the Company had $0.3 million and $3.0 million, respectively, in receivables due from related parties other than BRE, primarily for accrued preferred returns on unconsolidated real estate investments for the most recent month. Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Series T Preferred Stock and the previous offering of the Series B Preferred Stock, the Company engaged a related party as dealer manager, and pays up to 10% of the gross offering proceeds from the offering as selling commissions and dealer manager fees. The dealer manager re-allows the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers and incurs costs in excess of the 10%, which costs are borne by the dealer manager without reimbursement by the Company. For the six months ended June 30, 2020, the Company has incurred $7.0 million in selling commissions and discounts and $3.0 million in dealer manager fees and discounts related to its Series T Preferred Offering. For the six months ended June 30, 2019, the Company had incurred $6.7 million in selling commissions and discounts and $2.9 million in dealer manager fees and discounts related to its previous Series B Preferred Offering. In addition, BRE was reimbursed for offering costs of $0.5 million in conjunction with the Series T Preferred Offering during the six months ended June 30, 2020 and reimbursed $0.5 million in conjunction with the previous Series B Preferred Offering during the six months ended June 30, 2019. The selling commissions, dealer manager fees, discounts and reimbursements for offering costs were recorded as a reduction to the proceeds of the offering. Notes and interest receivable from related parties The Company provides mezzanine loans to related parties in conjunction with the developments of multifamily communities. Please refer to Notes 6 and 7 and the Company’s Form 10-K for the year ended December 31, 2019 for further information. Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company invests with related parties in various joint ventures in which the Company owns either preferred or common interests. Please refer to Note 7 and the Company’s Form 10-K for the year ended December 31, 2019 for further information.

Stockholders' Equity and Redeem

Stockholders' Equity and Redeemable Preferred Stock	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity and Redeemable Preferred Stock
Stockholders' Equity and Redeemable Preferred Stock	Note 13 – Stockholders’ Equity and Redeemable Preferred Stock Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders, less dividends on restricted stock and LTIP Units expected to vest, by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the sum of the weighted average number of common shares outstanding and any potential dilutive shares for the period. Net income (loss) attributable to common stockholders is computed by adjusting net income (loss) for the non-forfeitable dividends paid on restricted stock and non-vested LTIP Units. The Company considers the requirements of the two-class method when preparing earnings per share. The Company has two classes of common stock outstanding: Class A common stock, $0.01 par value per share, and Class C common stock, $0.01 par value per share. Earnings per share is not affected by the two-class method because the Company’s Class A and C common stock participate in dividends on a one-for-one basis. The following table reconciles the components of basic and diluted net income (loss) per common share (amounts in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Net income (loss) attributable to common stockholders ​ $ 15,090 $ (10,990) ​ $ (1,403) $ (23,083) Dividends on restricted stock and LTIP Units expected to vest ​ (342) ​ (250) ​ (666) ​ (485) Basic net income (loss) attributable to common stockholders ​ $ 14,748 $ (11,240) ​ $ (2,069) $ (23,568) ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding (1) ​ 24,307,147 ​ 22,430,619 ​ 24,197,479 ​ 22,775,203 Potential dilutive shares (2) ​ 37,887 ​ — ​ — ​ — Weighted average common shares outstanding and potential dilutive shares (1) ​ 24,345,034 ​ 22,430,619 ​ 24,197,479 ​ 22,775,203 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per common share, basic ​ $ 0.61 $ (0.50) ​ $ (0.09) $ (1.03) Net income (loss) per common share, diluted ​ $ 0.61 $ (0.50) ​ $ (0.09) $ (1.03) ​ The effect of the conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common stock on a one-for-one basis. The income allocable to such OP Units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share. (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) For the three months ended June 30, 2020, potential vesting of restricted stock to employees for 37,887 shares of Class A common stock are included in the diluted shares calculation. For the six months ended June 30, 2020, potential vesting of restricted stock to employees for 53,330 shares of Class A common stock are excluded from the diluted shares calculation as the effect is antidilutive. For the three and six months ended June 30, 2019, the following are excluded from the diluted shares calculation as the effect is antidilutive: a) warrants outstanding from issuances in conjunction with the Company's Series B Preferred Stock offerings that are potentially exercisable for 125,274 and 49,970 shares of Class A common stock, respectively, and b) potential vesting of restricted stock to employees for 11,944 and 8,726 shares of Class A common stock, respectively. Series B Redeemable Preferred Stock Offering On December 20, 2019, the Company made the final issuance of Series B Preferred Stock pursuant to the Series B Preferred Offering, and on February 11, 2020, the Board formally approved the termination of the Series B Preferred Offering. As of December 31, 2019, the Company sold 549,154 shares of Series B Preferred Stock and 549,154 Warrants to purchase 10,983,080 shares of Class A common stock for net proceeds of approximately $494.2 million after commissions, dealer manager fees and discounts. During the six months ended June 30, 2020, the Company, at the request of holders, redeemed 3,745 Series B Preferred shares through the issuance of 515,142 Class A common shares and redeemed 101 Series B Preferred shares for $0.09 million in cash. In November 2019, the Company began initiating redemptions of Series B Preferred Stock, and during the first quarter 2020, redemptions initiated by the Company resulted in 15,807 shares of Series B Preferred Stock redeemed through the issuance of 1,334,501 Class A common shares. The Company did not initiate redemptions of its Series B Preferred Stock during the second quarter 2020. As of June 30, 2020, the Company had 543,393 outstanding warrants from the Series B Preferred Offering. The Warrants are exercisable by the holder at an exercise price of 120% of the market price per share of Class A Common Stock on the date of issuance of such Warrant, with a minimum exercise price of $10.00 per share. The market price per share of our Class A common stock was determined using the volume weighted average price per share of our Class A common stock for the 20 trading days prior to the date of issuance of such Warrant, subject to the minimum exercise price of $10.00 per share (subject to adjustment). One Warrant is exercisable by the holder to purchase 20 shares of Class A common stock. The warrants are exercisable one year following the date of issuance and expire four years following the date of issuance. As of June 30, 2020, a total of 3,748 Warrants had been exercised into 48,663 shares of Class A Common stock. The outstanding Warrants have exercise prices ranging from $10.00 to $16.28 per share. Series T Redeemable Preferred Stock Offering During the six months ended June 30, 2020, the Company issued 4,009,695 shares of Series T Preferred Stock under a continuous registered offering with net proceeds of approximately $90.2 million after commissions, dealer manager fees and discounts of approximately $10.0 million. As of June 30, 2020, the Company has sold a total of 4,027,095 shares of Series T Preferred Stock for net proceeds of approximately $90.6 million after commissions, dealer manager fees and discounts. During the six months ended June 30, 2020, the Company, at the request of holders, redeemed 1,432 Series T Preferred shares through the issuance of 7,499 Class A common shares. The Company has a dividend reinvestment plan that allows for participating stockholders to have their Series T Preferred Stock dividend distributions automatically reinvested in additional shares of Series T Preferred Stock at a price of $25.00 per share. The Company plans to issue shares of Series T Preferred Stock to cover shares required for investment. At-the-Market Offerings In September 2019, the Company and its Operating Partnership entered into an At Market Issuance Sales Agreement with respect to the offering and sale of up to $100,000,000 in shares of Class A common stock in “at the market offerings” as defined in Rule 415 under the Securities Act, including without limitation sales made directly on or through the NYSE American, or on any other existing trading market for Class A common stock or through a market maker (the “Class A Common Stock ATM Offering”). During the first quarter 2020, the Company issued 166,873 shares through the Class A Common Stock ATM Offering at a weighted average price of $12.10 per share with net proceeds of $2.0 million. The Company did not issue any shares through the Class A Common Stock ATM Offering during the second quarter 2020. During the life of the Class A Common Stock ATM Offering, the Company has issued a total of 621,110 shares at a weighted average price of $12.01 per share with net proceeds of $7.3 million. Stock Repurchase Plans In December 2019, the Board authorized stock repurchase plans for the repurchase of up to an aggregate of $50 million of the Company’s outstanding shares of Class A common stock. On May 9, 2020, the Board authorized the modification of the stock repurchase plans to provide for the repurchase, from time to time, of up to an aggregate of $50.0 million in shares of its Class A common stock, 8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series A Preferred Stock”), 7.625% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series C Preferred Stock”), and/or 7.125% Series D Cumulative Preferred Stock, $0.01 par value per share (“Series D Preferred Stock”). The repurchase plans will be conducted in accordance with Rules 10b5-1 and 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The repurchase plans will terminate upon the earliest to occur of certain specified events as set forth therein. The extent to which the Company repurchases shares of its Class A common stock, Series A Preferred Stock, Series C Preferred Stock, and/or Series D Preferred Stock under the repurchase plans, and the timing of any such repurchases, will depend on a variety of factors including general business and market conditions and other corporate considerations. Stock repurchases under the repurchase plans may be made in the open market or through privately negotiated transactions, subject to certain price limitations and other conditions established under the plans. Open market repurchases will be structured to occur in conformity with the method, timing, price and volume requirements of Rule 10b-18 of the Exchange Act. During the six months ended June 30, 2020, the Company repurchased shares under the repurchase plans as follows: 1,028,293 shares of Class A common stock, 163,068 shares of Series A Preferred Stock, 27,905 shares of Series C Preferred Stock and 76,264 shares of Series D Preferred Stock for a total purchase price of approximately $17.7 million. During the life of the repurchase plans, the total purchase price of shares repurchased by the Company is approximately $18.4 million, and as of June 30, 2020, the value of shares that may yet be purchased under the repurchase plans is $31.6 million. Operating Partnership and Long-Term Incentive Plan Units As of June 30, 2020, limited partners other than the Company owned approximately 29.28% of the common units of the Operating Partnership (6,314,754 OP Units, or 18.09%, is held by OP Unit holders, and 3,906,014 LTIP Units, or 11.19%, is held by LTIP Unit holders, including 5.61% which are not vested at June 30, 2020). Subject to certain restrictions set forth in the Operating Partnership’s Partnership Agreement, OP Units are exchangeable for Class A common stock on a one-for-one basis, or, at the Company’s election, redeemable for cash. LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock, or, at the Company’s election, cash. Equity Incentive Plans LTIP Unit Grants On January 1, 2020, the Company granted certain equity grants of LTIP Units to various executive officers under the Incentive Plans pursuant to the executive officers’ employment or service agreements as time-based LTIP Units and performance-based LTIP Units. All such LTIP Unit grants require continuous employment for vesting. The time-based LTIP Units were comprised of an aggregate of 247,138 LTIP Units that vest over approximately three years. The performance-based LTIP Units were comprised of an aggregate of 494,279 LTIP Units, which are subject to a three-year performance period and will thereafter vest upon successful achievement of performance-based conditions. In addition, on January 1, 2020, the Company granted 7,126 LTIP Units under the Incentive Plans to each independent member of the Board in payment of the equity portion of their respective annual retainers. Such LTIP Units were fully vested upon issuance and the Company recognized expense of $0.3 million immediately based on the fair value at the date of grant. On April 15, 2020, the Company granted an aggregate of 348,117 LTIP Units to various executive officers under the Incentive Plans pursuant to the executive officers’ employment or service agreements in lieu of cash payment of annual incentive bonuses for the fiscal year ended December 31, 2019. Such LTIP Units will vest on the first anniversary of the date of grant. In addition, on April 15, 2020, the Company granted 46,075 LTIP Units to an employee under the Incentive Plans. Such LTIP Units will vest in three On May 22, 2020, the Company granted an aggregate of 27,111 LTIP Units to two executive officers under the Incentive Plans in lieu of cash payment of an agreed upon portion of the executive officers’ base salary, with the remaining portion payable in cash, for the period from April 1, 2020 through June 30, 2020. Such LTIP Units will vest on the first anniversary of the date of grant. The Company recognizes compensation expense ratably over the requisite service periods for time-based LTIP Units based on the fair value at the date of grant; thus, the Company recognized compensation expense of approximately $1.0 million and $0.9 million, and $1.9 million and $1.8 million, during the three and six months ended June 30, 2020 and 2019, respectively. The Company recognizes compensation expense based on the fair value at the date of grant and the probability of achievement of performance criteria over the performance period for performance-based LTIP Units; thus, the Company recognized approximately $0.4 million and $0.4 million, and $1.3 million and $0.8 million, during the three and six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, there was $10.6 million of total unrecognized compensation cost related to unvested LTIP Units granted under the Incentive Plans. The remaining cost is expected to be recognized over a period of 2.2 years. Restricted Stock Grants On April 1, 2019 and 2020, the Company provided restricted stock grants (“RSGs”) to employees under the Incentive Plans. Such RSGs will vest in three On April 15, 2020, the Company granted an aggregate of 25,174 shares of Class A common stock to two executive officers in lieu of cash payment of an agreed upon portion of the executive officers’ base salary, with the remaining portion having been paid in cash, for the period from January 1, 2020 through March 31, 2020. Such shares of Class A common stock will vest on the first anniversary of the date of grant. Distributions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable to stockholders ​ ​ ​ ​ ​ Declaration Date of record as of Amount Date Paid or Payable Class A Common Stock ​ December 6, 2019 ​ December 24, 2019 ​ $ 0.162500 ​ January 3, 2020 March 13, 2020 ​ March 25, 2020 ​ $ 0.162500 ​ April 3, 2020 May 9, 2020 ​ June 25, 2020 ​ $ 0.162500 ​ July 2, 2020 Class C Common Stock ​ ​ ​ December 6, 2019 ​ December 24, 2019 ​ $ 0.162500 ​ January 3, 2020 March 13, 2020 ​ March 25, 2020 ​ $ 0.162500 ​ April 3, 2020 May 9, 2020 ​ June 25, 2020 ​ $ 0.162500 ​ July 2, 2020 Series A Preferred Stock ​ ​ ​ December 6, 2019 ​ December 24, 2019 ​ $ 0.515625 ​ January 3, 2020 March 13, 2020 ​ March 25, 2020 ​ $ 0.515625 ​ April 3, 2020 May 9, 2020 ​ June 25, 2020 ​ $ 0.515625 ​ July 2, 2020 Series B Preferred Stock ​ ​ ​ October 31, 2019 ​ December 24, 2019 ​ $ 5.00 ​ January 3, 2020 January 13, 2020 ​ January 24, 2020 ​ $ 5.00 ​ February 5, 2020 January 13, 2020 ​ February 25, 2020 ​ $ 5.00 ​ March 5, 2020 January 13, 2020 ​ March 25, 2020 ​ $ 5.00 ​ April 3, 2020 April 14, 2020 ​ April 24, 2020 ​ $ 5.00 ​ May 5, 2020 May 9, 2020 ​ May 22, 2020 ​ $ 5.00 ​ June 5, 2020 May 9, 2020 ​ June 25, 2020 ​ $ 5.00 ​ July 2, 2020 Series C Preferred Stock ​ ​ ​ December 6, 2019 ​ December 24, 2019 ​ $ 0.4765625 ​ January 3, 2020 March 13, 2020 ​ March 25, 2020 ​ $ 0.4765625 ​ April 3, 2020 May 9, 2020 ​ June 25, 2020 ​ $ 0.4765625 ​ July 2, 2020 Series D Preferred Stock ​ ​ ​ December 6, 2019 ​ December 24, 2019 ​ $ 0.4453125 ​ January 3, 2020 March 13, 2020 ​ March 25, 2020 ​ $ 0.4453125 ​ April 3, 2020 May 9, 2020 ​ June 25, 2020 ​ $ 0.4453125 ​ July 2, 2020 Series T Preferred Stock (1) ​ ​ ​ ​ ​ ​ ​ December 20, 2019 ​ December 24, 2019 ​ $ 0.128125 ​ January 3, 2020 January 13, 2020 ​ January 24, 2020 ​ $ 0.128125 ​ February 5, 2020 January 13, 2020 ​ February 25, 2020 ​ $ 0.128125 ​ March 5, 2020 January 13, 2020 ​ March 25, 2020 ​ $ 0.128125 ​ April 3, 2020 April 14, 2020 ​ April 24, 2020 ​ $ 0.128125 ​ May 5, 2020 May 9, 2020 ​ May 22, 2020 ​ $ 0.128125 ​ June 5, 2020 May 9, 2020 ​ June 25, 2020 ​ $ 0.128125 ​ July 2, 2020 (1) Shares of newly issued Series T Preferred Stock that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding. A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate. Holders of OP Units and LTIP Units are entitled to receive "distribution equivalents" at the same time as dividends are paid to holders of the Company's Class A common stock. The Company has a dividend reinvestment plan that allows for participating stockholders to have their Class A common stock dividend distributions automatically invested in additional Class A common shares based on the average price of the Class A common shares on the investment date. The Company plans to issue Class A common shares to cover shares required for investment. Distributions declared and paid for the six months ended June 30, 2020 were as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distributions 2020 Declared Paid First Quarter ​ ​ Class A Common Stock ​ $ 3,901 ​ $ 3,816 Class C Common Stock ​ 12 ​ 12 Series A Preferred Stock ​ 2,950 ​ 2,950 Series B Preferred Stock ​ 7,848 ​ 7,867 Series C Preferred Stock ​ 1,107 ​ 1,107 Series D Preferred Stock ​ 1,269 ​ 1,269 Series T Preferred Stock ​ ​ 373 ​ ​ 130 OP Units ​ 1,037 ​ 1,037 LTIP Units ​ 554 ​ 347 Total first quarter 2020 ​ $ 19,051 ​ $ 18,535 Second Quarter ​ ​ ​ ​ ​ ​ Class A Common Stock ​ $ 3,995 ​ $ 3,902 Class C Common Stock ​ ​ 12 ​ ​ 12 Series A Preferred Stock ​ ​ 2,880 ​ ​ 2,950 Series B Preferred Stock ​ ​ 7,766 ​ ​ 7,779 Series C Preferred Stock ​ ​ 1,103 ​ ​ 1,107 Series D Preferred Stock ​ ​ 1,245 ​ ​ 1,269 Series T Preferred Stock ​ ​ 1,243 ​ ​ 1,000 OP Units ​ ​ 1,026 ​ ​ 1,038 LTIP Units ​ ​ 635 ​ ​ 407 Total second quarter 2020 ​ $ 19,905 ​ $ 19,464 Total ​ $ 38,956 ​ $ 37,999 ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies
Commitments and Contingencies	Note 14 – Commitments and Contingencies On March 4, 2020, the Company acquired land for $3.1 million and simultaneously structured and entered into a ground lease (the “Zoey Ground Lease”) as part of the ground lease tenant’s development of a multi-family property in Austin, Texas. The Company committed to provide the ground lease tenant a $20.4 million leasehold improvement allowance with funding subject to certain conditions. As of June 30, 2020, the project is under development and none of the leasehold improvement allowance has been funded. The Company is subject to various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the consolidated financial position or results of operations or liquidity of the Company.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events
Subsequent Events	Note 15 – Subsequent Events Declaration of Dividends ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable to stockholders ​ ​ ​ ​ ​ Declaration Date of record as of Amount Paid / Payable Date Series B Preferred Stock ​ ​ July 10, 2020 ​ July 24, 2020 ​ $ 5.00 ​ August 5, 2020 July 10, 2020 ​ August 25, 2020 ​ $ 5.00 ​ September 4, 2020 July 10, 2020 ​ September 25, 2020 ​ $ 5.00 ​ October 5, 2020 Series T Preferred Stock (1) ​ ​ ​ ​ ​ ​ ​ July 10, 2020 ​ July 24, 2020 ​ $ 0.128125 ​ August 5, 2020 July 10, 2020 ​ August 25, 2020 ​ $ 0.128125 ​ September 4, 2020 July 10, 2020 ​ September 25, 2020 ​ $ 0.128125 ​ October 5, 2020 (1) Shares of newly issued Series T Preferred Stock that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding. Distributions Paid The following distributions were declared and/or paid to the Company’s stockholders, as well as holders of OP and LTIP Units, subsequent to June 30, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration ​ ​ ​ ​ ​ Distributions ​ Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock ​ May 9, 2020 ​ June 25, 2020 ​ July 2, 2020 ​ $ 0.162500 ​ $ 3,995 Class C Common Stock ​ May 9, 2020 ​ June 25, 2020 ​ July 2, 2020 ​ ​ 0.162500 ​ ​ 12 Series A Preferred Stock ​ May 9, 2020 ​ June 25, 2020 ​ July 2, 2020 ​ ​ 0.515625 ​ ​ 2,880 Series B Preferred Stock ​ May 9, 2020 ​ June 25, 2020 ​ July 2, 2020 ​ ​ 5.000000 ​ ​ 2,585 Series C Preferred Stock ​ May 9, 2020 ​ June 25, 2020 ​ July 2, 2020 ​ ​ 0.4765625 ​ ​ 1,103 Series D Preferred Stock ​ May 9, 2020 ​ June 25, 2020 ​ July 2, 2020 ​ ​ 0.4453125 ​ ​ 1,245 Series T Preferred Stock ​ May 9, 2020 ​ June 25, 2020 ​ July 2, 2020 ​ ​ 0.128125 ​ ​ 486 OP Units ​ May 9, 2020 ​ June 25, 2020 ​ July 2, 2020 ​ ​ 0.162500 ​ ​ 1,026 LTIP Units ​ May 9, 2020 ​ June 25, 2020 ​ July 2, 2020 ​ ​ 0.162500 ​ ​ 487 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series B Preferred Stock ​ July 10, 2020 ​ July 24, 2020 ​ August 5, 2020 ​ ​ 5.000000 ​ ​ 2,583 Series T Preferred Stock ​ July 10, 2020 ​ July 24, 2020 ​ August 5, 2020 ​ ​ 0.128125 ​ ​ 572 Total ​ ​ ​ ​ ​ ​ $ 16,974 ​ Reunion Apartments Mezzanine Financing On July 1, 2020, the Company entered into an agreement to provide a mezzanine loan in an amount up to $10.0 million, of which $0.2 million has been funded as of August 7, 2020, to an unaffiliated third party which is developing a 280-unit Class A apartment community located in Orlando, Florida known as Reunion Apartments. The loan matures on December 30, 2023 and contains two one-year extension options, subject to certain conditions and fees. The loan bears interest at a fixed rate of 12% per annum with monthly payments commencing upon completion of construction and in an amount equal to excess cash flow above the senior loan debt service from the preceding month.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Basis of Presentation and Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or the Operating Partnership’s wholly-owned subsidiaries, owns substantially all the property interests acquired and investments made on the Company’s behalf. As of June 30, 2020, limited partners other than the Company owned approximately 29.28% of the common units of the Operating Partnership (18.09% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 11.19% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 5.61% which are not vested at June 30, 2020). Because the Company is the sole general partner of the Operating Partnership and has unilateral control over its management and major operating decisions (even if additional limited partners are admitted to the Operating Partnership), the accounts of the Operating Partnership are consolidated in its consolidated financial statements. The Company also consolidates entities in which it controls more than 50% of the voting equity and in which control does not rest with other investors. Investments in real estate joint ventures in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting. These entities are reflected on the Company’s consolidated financial statements as “Preferred equity investments and investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company will consider future investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation.
Significant Risks and Uncertainties	Significant Risks and Uncertainties At the present time, one of the most significant risks and uncertainties is the potential adverse effect of the current pandemic of the novel coronavirus (“COVID-19”). The Company’s tenants may experience financial difficulty due to the loss of their jobs and some have requested rent deferral or rent abatement during this pandemic. Experts have predicted that the outbreak will trigger, or has already triggered, a period of global economic slowdown or a global recession. The COVID-19 pandemic could have material and adverse effects on the Company’s financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: ● reduced economic activity may impact the employment of the Company’s tenants and their ability to pay their obligations to the Company, thus requesting modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; ● the negative financial impact of the pandemic could impact the Company’s future compliance with financial covenants of its credit facilities and other debt agreements; ● weaker economic conditions could require that the Company recognize impairment in value of its real estate assets due to a reduction in property income; ● the Company’s inability to maintain occupancy or leasing rates, or increase these rates at stabilizing development properties, including due to possible reduced foot traffic and lease applications from prospective tenants at the Company’s properties as a result of shelter-in-place orders and similar government guidelines; and ● concentration of the Company’s properties in markets that may be more severely affected by the COVID-19 pandemic due to its significant negative impact on certain key economic drivers in those markets, such as travel and entertainment. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants will depend on future developments, which are uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. As of June 30, 2020, the Company collected 97% of rents, including payment plans of 1%, for the three months ended June 30, 2020 including the properties in its preferred and mezzanine loan investments. The Company provided rent deferral payment plans as a result of hardships these tenants are experiencing due to the COVID-19 impact. Although the Company expects to continue to receive tenant requests for rent deferrals in the coming months, the Company does not expect to waive its contractual rights under its lease agreements. Further, while occupancy remains strong at 95.3% as of June 30, 2020, in future periods, the Company may experience reduced levels of tenant retention as well as reduced foot traffic and lease applications from prospective tenants as a result of the impact of COVID-19.
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures	Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company first analyzes an investment to determine if it is a variable interest entity (“VIE”) in accordance with Topic ASC 810 and, if so, whether the Company is the primary beneficiary requiring consolidation. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that potentially could be significant to the entity. Variable interests in a VIE are contractual, ownership, or other financial interests in a VIE that change in value with changes in the fair value of the VIE’s net assets. The Company continuously re-assesses at each level of the investment whether the entity is (i) a VIE, and (ii) if the Company is the primary beneficiary of the VIE. If it was determined that an entity in which the Company holds an interest qualified as a VIE and the Company was the primary beneficiary, the entity would be consolidated. If, after consideration of the VIE accounting literature, the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the Company providing control. In assessing whether the Company is in control of and requiring consolidation of the limited liability company and partnership venture structures, the Company evaluates the respective rights and privileges afforded each member or partner (collectively referred to as “member”). The Company’s member would not be deemed to control the entity if any of the other members have either (i) substantive kickout rights providing the ability to dissolve (liquidate) the entity or otherwise remove the managing member or general partner without cause or (ii) has substantive participating rights in the entity. Substantive participating rights (whether granted by contract or law) provide for the ability to effectively participate in significant decisions of the entity that would be expected to be made in the ordinary course of business. If it has been determined that the Company does not have control but does have the ability to exercise significant influence over the entity, the Company accounts for these unconsolidated investments under the equity method of accounting. The equity method of accounting requires these investments to be initially recorded at cost and subsequently increased (decreased) for the Company’s share of net income (loss), including eliminations for the Company’s share of intercompany transactions, and increased (decreased) for contributions (distributions). The Company’s share of the results of operations of these investments is reflected in the Company’s earnings or losses.
Financial Instrument Fair Value Disclosures	Financial Instrument Fair Value Disclosures As of June 30, 2020 and December 31, 2019, the carrying values of cash and cash equivalents, accounts receivable, due to and due from affiliates, accounts payable, accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. The carrying values of notes receivable from related parties approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. Refer to Note 10 for further information regarding fair value measurements.
Interim Financial Information	Interim Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with GAAP for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. The balance sheet at December 31, 2019 has been derived from the audited financial statements at that date but does not include all the information and disclosures required by GAAP for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2019 contained in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission ("SEC") on February 24, 2020.
Lessor Accounting	Lessor Accounting The Company’s current portfolio is focused predominately on apartment properties whereby the Company generates rental revenue by leasing apartments to residents in its communities. As lease revenues for apartments fall under the scope of ASC Topic 842, such lease revenues are classified as operating leases with straight-line recognition over the terms of the relevant lease agreement and inclusion within rental revenue. Resident leases are generally for one-year or month-to-month terms and are renewable by mutual agreement between the Company and the resident. Non-lease components of the Company’s apartment leases are combined with the related lease component and accounted for as a single lease component under ASC Topic 842. The balances of net real estate investments and related depreciation on the Company’s consolidated financial statements relate to assets for which the Company is the lessor.
Lessee Accounting	Lessee Accounting The Company determines if an arrangement is a lease at inception. The Company is currently engaged in operating lease agreements that primarily relate to certain equipment leases. The Company determined that the lessee operating lease commitments have no material impact on its consolidated financial statements with the adoption of ASC Topic 842. The Company will continue to assess any modification of existing lease agreements and execution of any new lease agreements for the potential requirement of recording a right-of-use-asset or liability in the future.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with 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. Actual results could differ from those estimates. Other than the adoption of new accounting pronouncements as described below, there have been no significant changes to the Company's accounting policies since it filed its audited consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2019.
New Accounting Pronouncements	New Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13 "Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). ASU 2016-13 requires more timely recognition of credit losses associated with financial assets. While previous GAAP included multiple credit impairment objectives for instruments, the previous objectives generally delayed recognition of the full amount of credit losses until the loss was probable of occurring. The amendments in ASU 2016-13, whose scope is asset-based and not restricted to financial institutions, eliminate the probable initial recognition threshold in current GAAP and, instead, reflect an entity's current estimate of all expected credit losses. The amendments in ASU 2016-13 broaden the information that the Company must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss that will be more useful to users of the financial statements. In November 2018, the FASB issued ASU No. 2018-19 "Codification Improvements to Topic 326, Financial Instruments-Credit Losses" (“ASU 2018-19”). ASU 2018-19 clarifies that operating lease receivables are excluded from the scope of ASU 2016-13 and instead, impairment of operating lease receivables is to be accounted for under ASC Topic 842. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted ASU 2016-13 as of January 1, 2020 and the adoption of the standard did not have a material impact on the Company’s consolidated financial statements. ​ In April 2020, the FASB issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under ASC Topic 842. The Q&A allows companies to not apply the lease modification guidance to rent concessions that result in deferred rent where the total cash flows required by the modified lease agreement are materially the same as the cash flows required under the original lease and the changes to the lease do not result in a substantial increase to the rights of the lessor or the obligations of the lessee. The Company adopted the guidance during the three months ended June 30, 2020 for eligible residential lease concessions. The lease concessions that met the criteria of the Q&A are treated as if they were part of the enforceable rights and obligations of the parties under the existing lease contract. The amount of rent concessions subject to the Q&A were not material and this adoption did not have a material impact on the Company's consolidated results of operations.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2020
Investments in Real Estate
Schedule Of Equity Method Investments And Consolidation Accounting Investments	Consolidated Operating Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Date Built / ​ Ownership Multifamily Community Name Location Units Renovated (1) Interest ARIUM Glenridge Atlanta, GA 480 1990 90 % ARIUM Grandewood Orlando, FL 306 2005 100 % ARIUM Hunter’s Creek Orlando, FL 532 1999 100 % ARIUM Metrowest Orlando, FL 510 2001 100 % ARIUM Westside Atlanta, GA 336 2008 90 % Ashford Belmar Lakewood, CO 512 1988/1993 85 % Avenue 25 ​ Phoenix, AZ 254 2013 100 % Cade Boca Raton ​ Boca Raton, FL ​ 90 ​ 2019 ​ 81 % Chattahoochee Ridge ​ Atlanta, GA ​ 358 ​ 1996 ​ 90 % Citrus Tower Orlando, FL 336 2006 97 % Denim ​ Scottsdale, AZ ​ 645 ​ 1979 ​ 100 % Element ​ Las Vegas,NV ​ 200 ​ 1995 ​ 100 % Falls at Forsyth ​ Cumming, GA 356 2019 100 % Gulfshore Apartment Homes ​ Naples, FL ​ 368 ​ 2016 ​ 100 % James at South First Austin, TX 250 2016 90 % Marquis at The Cascades Tyler, TX 582 2009 90 % Navigator Villas ​ Pasco, WA 176 2013 90 % Outlook at Greystone Birmingham, AL 300 2007 100 % Park & Kingston Charlotte, NC 168 2015 100 % Pine Lakes Preserve ​ Port St. Lucie, FL ​ 320 ​ 2003 ​ 100 % Plantation Park Lake Jackson, TX 238 2016 80 % Providence Trail ​ Mount Juliet, TN ​ 334 ​ 2007 ​ 100 % Roswell City Walk Roswell, GA 320 2015 98 % Sands Parc Daytona Beach, FL 264 2017 100 % The Brodie Austin, TX 324 2001 100 % The District at Scottsdale ​ Scottsdale, AZ ​ 332 ​ 2018 ​ 100 % The Links at Plum Creek Castle Rock, CO 264 2000 88 % The Mills Greenville, SC 304 2013 100 % The Preserve at Henderson Beach Destin, FL 340 2009 100 % The Reserve at Palmer Ranch ​ Sarasota, FL ​ 320 ​ 2016 ​ 100 % The Sanctuary ​ Las Vegas, NV ​ 320 ​ 1988 ​ 100 % Veranda at Centerfield Houston, TX 400 1999 93 % Villages of Cypress Creek Houston, TX 384 2001 80 % Wesley Village Charlotte, NC 301 2010 100 % Total 11,524 ​ (1) Represents date of last significant renovation or year built if there were no renovations.
Schedule Of Development Properties In Real Estate	Preferred Equity, Mezzanine Loan and Ground Lease Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual / ​ Actual / ​ ​ ​ ​ Actual / ​ Estimated ​ Estimated ​ ​ ​ ​ Planned ​ Initial ​ Construction Multifamily Community Name Location Number of Units Occupancy Completion Lease-up Investments ​ ​ ​ ​ ​ ​ ​ ​ Vickers Historic Roswell Roswell, GA 79 2Q 2018 3Q 2018 Arlo Charlotte, NC 286 2Q 2018 1Q 2019 Novel Perimeter Atlanta, GA 320 3Q 2018 1Q 2019 Motif Fort Lauderdale, FL 385 1Q 2020 2Q 2020 North Creek Apartments Leander, TX 259 2Q 2020 4Q 2020 Wayforth at Concord Concord, NC 150 1Q 2020 3Q 2021 Total lease-up units ​ 1,479 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investments ​ ​ ​ ​ ​ ​ ​ ​ Riverside Apartments ​ Austin, TX ​ 222 ​ 1Q 2021 ​ 2Q 2021 Zoey ​ Austin, TX ​ 307 ​ 1Q 2022 ​ 2Q 2022 The Park at Chapel Hill (1) ​ Chapel Hill, NC ​ — ​ — ​ — Total development units ​ ​ ​ 529 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multifamily Community Name ​ Location ​ Number of Units ​ ​ ​ ​ Operating Investments (2) ​ ​ ​ ​ ​ ​ ​ ​ Alexan CityCentre ​ Houston, TX ​ 340 ​ ​ ​ ​ Alexan Southside Place ​ Houston, TX ​ 270 ​ ​ ​ ​ Belmont Crossing (3) ​ Smyrna, GA ​ 192 ​ ​ ​ ​ Domain at The One Forty ​ Garland, TX ​ 299 ​ ​ ​ ​ Georgetown Crossing (3) ​ Savannah, GA ​ 168 ​ ​ ​ ​ Mira Vista ​ Austin, TX ​ 200 ​ ​ ​ ​ Park on the Square (3) ​ Pensacola, FL ​ 240 ​ ​ ​ ​ Sierra Terrace (3) ​ Atlanta, GA ​ 135 ​ ​ ​ ​ Sierra Village (3) ​ Atlanta, GA ​ 154 ​ ​ ​ ​ The Commons (3) ​ Jacksonville, FL ​ 328 ​ ​ ​ ​ Thornton Flats ​ Austin, TX ​ 104 ​ ​ ​ ​ Total operating units ​ ​ ​ 2,430 ​ ​ ​ ​ Total units ​ ​ ​ 4,438 ​ ​ ​ ​ (1) The development is in the planning phase; project specifications are in process. (2) Stabilized operating properties in which the Company has a preferred equity investment or equity interest. Refer to Note 7 for further information. (3) Belmont Crossing, Georgetown Crossing, Park on the Square, Sierra Terrace, Sierra Village and The Commons are collectively known as the Strategic Portfolio. Refer to Note 7 for further information.

Acquisition of Real Estate (Tab

Acquisition of Real Estate (Tables)	6 Months Ended
	Jun. 30, 2020
Acquisition of Real Estate
Schedule of acquisition activity and related new financing of real estate Properties	The following describes the Company’s significant acquisition activity and related new financing during the six months ended June 30, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property Location Date Ownership Interest Purchase Price Mortgage ​ Avenue 25 Phoenix, AZ ​ January 23, 2020 100 % $ 55,600 ​ $ 36,566 (1) Falls at Forsyth Cumming, GA ​ March 6, 2020 100 % ​ 82,500 ​ ​ — (2)
Schedule of Real Estate Properties	The following table summarizes the assets acquired and liabilities assumed at the acquisition date for acquisitions made during the six months ended June 30, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ Purchase Price ​ ​ Allocation Land ​ $ 12,594 Building ​ 108,943 Building improvements ​ 4,032 Land improvements ​ 9,645 Furniture and fixtures ​ 3,141 In-place leases ​ 2,102 Total assets acquired ​ $ 140,457 Mortgages assumed ​ $ 29,705 Fair value adjustments ​ ​ 1,292 Total liabilities assumed ​ $ 30,997

Notes and Interest Receivable_2

Notes and Interest Receivable due from Related Parties (Tables)	6 Months Ended
	Jun. 30, 2020
Notes and Interest Receivable due from Related Parties
Summary of the notes and accrued interest receivable due from related parties	Following is a summary of the notes and accrued interest receivable due from related parties as of June 30, 2020 and December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Property 2020 2019 Arlo ​ $ 29,247 $ 27,605 Domain at The One Forty ​ 23,818 23,430 Motif ​ 75,471 75,436 Novel Perimeter ​ 22,223 20,867 The Park at Chapel Hill ​ 15,637 34,819 Vickers Historic Roswell ​ 11,619 11,624 Total ​ $ 178,015 $ 193,781
Summary of the interest income from related parties and ground leases	Following is a summary of the interest income from related parties and ground leases for the three and six months ended June 30, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, Property 2020 2019 2020 2019 Arlo ​ $ 1,068 ​ $ 919 ​ $ 2,087 ​ $ 1,828 Cade Boca Raton ​ — ​ 467 ​ — ​ 904 Domain at The One Forty ​ 325 ​ 805 ​ 647 ​ 1,557 Motif ​ ​ 2,297 ​ ​ 2,400 ​ ​ 4,697 ​ ​ 4,773 Novel Perimeter ​ 795 ​ 771 ​ 1,566 ​ 1,533 The Park at Chapel Hill ​ 384 ​ 212 ​ 1,320 ​ 368 Vickers Historic Roswell ​ 430 ​ 399 ​ 859 ​ 786 Zoey (1) ​ ​ 39 ​ ​ — ​ ​ 51 ​ ​ — Total ​ $ 5,338 ​ $ 5,973 ​ $ 11,227 ​ $ 11,749 (1) Refer to Note 14 for further information about the Zoey Ground Lease.
Schedule of occupancy percentages of the Company's related parties	The occupancy percentages of the Company’s related party properties at June 30, 2020 and December 31, 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Property 2020 2019 Arlo 86.7 % 82.2 % Domain at The One Forty 91.6 % 85.6 % Motif ​ 20.3 % — (1) Novel Perimeter 81.3 % 79.4 % The Park at Chapel Hill — (2) — (2) Vickers Historic Roswell 82.3 % 74.7 % (1) The development had not commenced lease-up at December 31, 2019. (2) The development is in the planning phase; project specifications are in process.

Preferred Equity Investments _2

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2020
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Schedule of Equity Method Investments	The carrying amount of the Company’s preferred equity investments and investments in unconsolidated real estate joint ventures as of June 30, 2020 and December 31, 2019 is summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Property 2020 2019 ​ ​ ​ ​ ​ ​ ​ Alexan CityCentre ​ $ 13,980 ​ $ 12,788 Alexan Southside Place ​ 25,496 ​ 24,866 Helios ​ 642 ​ 23,663 Leigh House ​ 80 ​ 80 Mira Vista ​ ​ 5,250 ​ ​ 5,250 North Creek Apartments ​ 15,440 ​ 14,964 Riverside Apartments ​ 13,422 ​ 12,342 Strategic Portfolio (1) ​ ​ 22,105 ​ ​ 10,183 Thornton Flats ​ ​ 4,600 ​ ​ 4,600 Wayforth at Concord ​ 6,500 ​ 4,683 Whetstone Apartments ​ — ​ 12,932 Other ​ ​ 95 ​ ​ 93 Total ​ $ 107,610 ​ $ 126,444 (1) Belmont Crossing, Georgetown Crossing, Park on the Square, Sierra Terrace, Sierra Village and The Commons are collectively known as the Strategic Portfolio.
Schedule of preferred returns on the company	The preferred returns on the Company’s unconsolidated real estate joint ventures for the three and six months ended June 30, 2020 and 2019 are summarized below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, Property 2020 2019 2020 2019 Alexan CityCentre ​ $ 616 ​ $ 497 ​ $ 1,207 ​ $ 982 Alexan Southside Place ​ 318 ​ 390 ​ 632 ​ 773 Helios (1) ​ — ​ 335 ​ (159) ​ 666 Leigh House ​ — ​ 558 ​ — ​ 1,082 Mira Vista ​ ​ 134 ​ ​ — ​ ​ 268 ​ ​ — North Creek Apartments ​ 485 ​ 288 ​ 961 ​ 510 Riverside Apartments ​ 421 ​ 191 ​ 829 ​ 304 Strategic Portfolio ​ ​ 544 ​ ​ — ​ ​ 841 ​ ​ — Thornton Flats ​ ​ 103 ​ ​ — ​ ​ 206 ​ ​ — Wayforth at Concord ​ 213 ​ — ​ 408 ​ — Whetstone Apartments ​ — ​ 233 ​ 56 ​ 464 Preferred returns on unconsolidated joint ventures ​ $ 2,834 ​ $ 2,492 ​ $ 5,249 ​ $ 4,781 (1) Of the ($159) loss incurred at Helios, ($143) pertains to costs related to the sale of Helios.
Schedule Of Occupancy Percentages Of The Companys Unconsolidated Real Estate Joint Ventures	The occupancy percentages of the Company’s unconsolidated real estate joint ventures at June 30, 2020 and December 31, 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Property 2020 2019 Alexan CityCentre 84.1 % 90.9 % Alexan Southside Place 92.2 % 95.2 % Mira Vista 91.5 % 93.5 % North Creek Apartments 10.4 % — (2) Riverside Apartments — (1) — (2) Strategic Portfolio ​ ​ ​ ​ ​ Belmont Crossing ​ 95.3 % 89.6 % Georgetown Crossing ​ 88.7 % — ​ Park on the Square ​ 96.3 % — ​ Sierra Terrace ​ 96.3 % 97.0 % Sierra Village ​ 92.2 % 86.4 % The Commons ​ 97.3 % — ​ Thornton Flats ​ 89.4 % 90.4 % Wayforth at Concord 26.7 % — (2) (1) The development has not commenced lease-up. (2) The development had not commenced lease-up at December 31, 2019.
Schedule of combined financial information for the company's investments in unconsolidated real estate joint ventures	Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of June 30, 2020 and December 31, 2019 and for the three and six months ended June 30, 2020 and 2019 is as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2020 2019 Balance Sheets: ​ ​ Real estate, net of depreciation ​ $ 712,059 ​ $ 678,073 Other assets ​ 38,420 ​ 51,212 Total assets ​ $ 750,479 ​ $ 729,285 ​ ​ ​ ​ ​ ​ ​ Mortgages payable ​ $ 600,472 ​ $ 570,573 Other liabilities ​ 31,348 ​ 36,129 Total liabilities ​ $ 631,820 ​ $ 606,702 Members’ equity ​ 118,659 ​ 122,583 Total liabilities and members’ equity ​ $ 750,479 ​ $ 729,285 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Operating Statement: ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 12,311 ​ $ 8,924 ​ $ 22,680 ​ $ 16,724 Operating expenses ​ (6,778) ​ (5,494) ​ (13,045) ​ (10,628) Income before debt service and depreciation and amortization ​ 5,533 ​ 3,430 ​ 9,635 ​ 6,096 Interest expense, net ​ (6,870) ​ (8,243) ​ (14,662) ​ (15,476) Depreciation and amortization ​ (4,096) ​ (4,146) ​ (7,818) ​ (8,133) Net operating loss ​ ​ (5,433) ​ ​ (8,959) ​ ​ (12,845) ​ ​ (17,513) Gain on sale of Whetstone and Helios, net ​ ​ — ​ ​ — ​ ​ 14,716 ​ ​ — Net (loss) income ​ $ (5,433) ​ $ (8,959) ​ $ 1,871 ​ $ (17,513)

Revolving credit facilities (Ta

Revolving credit facilities (Tables)	6 Months Ended
	Jun. 30, 2020
Revolving credit facilities
Schedule of Line of Credit Facilities	The outstanding balances on the revolving credit facilities as of June 30, 2020 and December 31, 2019 are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Revolving Credit Facilities 2020 2019 Amended Senior Credit Facility ​ $ 80,500 ​ $ 18,000 Second Amended Junior Credit Facility ​ 50,000 ​ — Total ​ $ 130,500 ​ $ 18,000

Mortgages Payable (Tables)

Mortgages Payable (Tables)	6 Months Ended
	Jun. 30, 2020
Mortgages Payable
Schedule of senior mortgage indebtedness	The following table summarizes certain information as of June 30, 2020 and December 31, 2019, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Principal ​ As of June 30, 2020 ​ ​ June 30, ​ December 31, ​ ​ ​ Interest-only ​ ​ Property 2020 2019 Interest Rate through date Maturity Date Fixed Rate: ​ ​ ​ ​ ​ ​ ​ ARIUM Grandewood (1) ​ $ 19,713 ​ $ 19,713 4.35 % July 2020 July 1, 2025 ARIUM Hunter’s Creek ​ 71,533 ​ 72,183 3.65 % (2) November 1, 2024 ARIUM Metrowest ​ 64,559 ​ 64,559 4.43 % May 2021 May 1, 2025 ARIUM Westside ​ 52,150 ​ 52,150 3.68 % August 2021 August 1, 2023 Ashford Belmar ​ 100,675 ​ 100,675 4.53 % December 2022 ​ December 1, 2025 Ashton Reserve I ​ — ​ 30,329 ​ ​ ​ ​ ​ Avenue 25 (3) ​ ​ 36,566 ​ ​ — ​ 4.18 % July 2022 ​ July 1,2027 Chattahoochee Ridge ​ ​ 45,338 ​ ​ 45,338 ​ 3.25 % December 2022 ​ December 5, 2024 Citrus Tower ​ 40,980 ​ 41,325 4.07 % (2) ​ October 1, 2024 Denim ​ ​ 91,634 ​ ​ 91,634 ​ 3.32 % August 2024 ​ August 1, 2029 Element ​ ​ 29,260 ​ ​ 29,260 ​ 3.63 % July 2022 ​ July 1,2026 Enders Place at Baldwin Park ​ — ​ 23,337 ​ ​ ​ ​ ​ Gulfshore Apartment Homes ​ ​ 46,345 ​ ​ 46,345 ​ 3.26 % September 2022 ​ September 1, 2029 James on South First ​ 25,895 ​ 26,111 4.35 % (2) ​ January 1, 2024 Navigator Villas (4) ​ ​ 20,515 ​ ​ 20,515 ​ 4.56 % June 2021 ​ June 1, 2028 Outlook at Greystone ​ 22,105 ​ 22,105 4.30 % June 2021 ​ June 1, 2025 Park & Kingston ​ 19,600 ​ 19,600 3.32 % November 2024 ​ November 1, 2026 Pine Lakes Preserve ​ ​ — ​ ​ 26,950 ​ ​ ​ ​ ​ ​ Plantation Park ​ 26,625 ​ 26,625 4.64 % July 2024 ​ July 1, 2028 Providence Trail ​ ​ 47,950 ​ ​ 47,950 ​ 3.54 % July 2021 ​ July 1, 2026 Roswell City Walk ​ 50,526 ​ 51,000 3.63 % (2) ​ December 1, 2026 The Brodie ​ 33,878 ​ 34,198 3.71 % (2) ​ December 1, 2023 The Links at Plum Creek ​ 39,896 ​ 40,000 4.31 % (2) ​ October 1, 2025 The Mills ​ 25,539 ​ 25,797 4.21 % (2) ​ January 1, 2025 The Preserve at Henderson Beach ​ 48,490 ​ 48,490 3.26 % September 2028 ​ September 1, 2029 The Reserve at Palmer Ranch ​ ​ 41,298 ​ ​ 41,348 ​ 4.41 % (2) ​ May 1, 2025 The Sanctuary ​ ​ 33,707 ​ ​ 33,707 ​ 3.31 % Interest-only ​ August 1, 2029 Villages of Cypress Creek ​ — ​ 26,200 ​ ​ ​ ​ ​ Wesley Village ​ 39,776 ​ 40,111 4.25 % (2) ​ April 1, 2024 Total Fixed Rate ​ $ 1,074,553 ​ $ 1,147,555 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Floating Rate (5) : ​ ​ ​ ARIUM Glenridge ​ $ 49,500 ​ $ 49,500 1.51 % September 2021 ​ September 1, 2025 ARIUM Grandewood (1) ​ 19,672 ​ 19,672 1.58 % July 2020 ​ July 1, 2025 Ashton Reserve II ​ — ​ 15,213 ​ ​ ​ ​ ​ Cade Boca Raton ​ ​ 23,500 ​ ​ 23,500 ​ 2.50 % June 2022 ​ January 1, 2025 Fannie Facility Advance ​ ​ 13,936 ​ ​ — ​ 2.77 % June 2022 ​ June 1, 2027 Marquis at The Cascades I ​ 31,976 ​ 32,284 1.79 % (2) ​ June 1, 2024 (6) Marquis at The Cascades II ​ 22,316 ​ 22,531 1.79 % (2) ​ June 1, 2024 (6) Marquis at TPC ​ — ​ 16,468 ​ ​ ​ ​ ​ Pine Lakes Preserve ​ 42,728 ​ — 3.16 % July 2025 ​ July 1, 2030 The District at Scottsdale (7) ​ 76,200 ​ 82,200 1.85 % Interest-only ​ June 11, 2021 (8) Veranda at Centerfield ​ 26,100 ​ 26,100 1.42 % July 2021 ​ July 26, 2023 (9) Villages of Cypress Creek ​ ​ 33,520 ​ ​ — ​ 2.73 % July 2022 ​ July 1, 2027 Total Floating Rate ​ $ 339,448 ​ $ 287,468 ​ Total Mortgages Payable ​ $ 1,414,001 ​ $ 1,435,023 ​ Fair value adjustments ​ 2,354 ​ 1,815 ​ Deferred financing costs, net ​ (11,309) ​ (11,581) ​ Total ​ $ 1,405,046 ​ $ 1,425,257 ​ (1) ARIUM Grandewood has a fixed rate loan and a floating rate loan. (2) The loan requires monthly payments of principal and interest. (3) The principal balance includes a $29.7 million loan at a fixed rate of 4.02% and a $ 6.9 million supplemental loan at a fixed rate of 4.86% . (4) The principal balance includes a $14.8 million loan at a fixed rate of 4.31% and a $5.7 million supplemental loan at a fixed rate of 5.23% . (5) Other than The District at Scottsdale, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In June 2020, one-month LIBOR in effect was 0.18% . LIBOR rate is subject to a rate cap. Refer to Note 11 for further information. (6) The loan can be extended, subject to certain conditions, in connection with an election to convert to a fixed interest rate loan. (7) The loan bears interest at a floating rate of one or three-month LIBOR + margin, at the Company's discretion. The loan is not subject to a rate cap. (8) The loan has two (2) three-month extension options subject to certain conditions. (9) The loan has two (2) one-year extension options subject to certain conditions.
Schedule of contractual principal payments	As of June 30, 2020, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Total 2020 (July 1–December 31) ​ $ 4,080 2021 (1) ​ 86,713 2022 ​ 15,324 2023 ​ 127,186 2024 ​ 275,607 Thereafter ​ 905,091 ​ ​ $ 1,414,001 Add: Unamortized fair value debt adjustment ​ 2,354 Subtract: Deferred financing costs, net ​ (11,309) Total ​ $ 1,405,046 (1) $76.2 million represents a loan in connection with The District at Scottsdale. The loan has a June 2021 maturity date and contains two (2) three-month extension options, subject to certain conditions.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Financial Instruments
Schedule of the fair value of the Company's derivative financial instruments	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2020 and December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging instruments under ASC 815-20 Balance Sheet Location Fair values of derivative instruments ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2020 2019 Interest rate caps ​ Accounts receivable, prepaids and other assets ​ $ 109 ​ $ 22 ​ The table below presents the effect of Company’s derivative financial instruments as well as their classification on the consolidated statements of operations for the three and six months ended June 30, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Effect of Derivative ​ ​ Location of Gain or (Loss) ​ Instruments on the Statements Derivatives not designated as hedging instruments under ASC 815-20 ​ Recognized in Income ​ of Operations ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Interest rate caps ​ Interest Expense ​ $ 2 ​ $ (677) ​ $ 31 ​ $ (2,365)

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2020
Related Party Transactions
Summary of related party amounts payable to BRE	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2020 2019 Amounts Payable to BRE under the Administrative Services Agreement, net ​ ​ Operating and direct expense reimbursements ​ $ 339 $ 281 Offering expense reimbursements ​ 157 ​ 183 Total expense reimbursement amounts payable to BRE, net ​ $ 496 $ 464 ​ ​ ​ ​ ​ ​ ​ Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement ​ ​ ​ ​ ​ ​ Operating and direct expense reimbursements ​ $ 196 ​ $ 186 Capital improvement cost reimbursements ​ ​ 35 ​ ​ 40 Total expense and cost reimbursement amounts payable to BRE ​ $ 231 ​ $ 226 Total ​ $ 727 ​ $ 690

Stockholders' Equity and Rede_2

Stockholders' Equity and Redeemable Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity and Redeemable Preferred Stock
Schedule of reconciliation of components of basic and diluted net loss per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Net income (loss) attributable to common stockholders ​ $ 15,090 $ (10,990) ​ $ (1,403) $ (23,083) Dividends on restricted stock and LTIP Units expected to vest ​ (342) ​ (250) ​ (666) ​ (485) Basic net income (loss) attributable to common stockholders ​ $ 14,748 $ (11,240) ​ $ (2,069) $ (23,568) ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding (1) ​ 24,307,147 ​ 22,430,619 ​ 24,197,479 ​ 22,775,203 Potential dilutive shares (2) ​ 37,887 ​ — ​ — ​ — Weighted average common shares outstanding and potential dilutive shares (1) ​ 24,345,034 ​ 22,430,619 ​ 24,197,479 ​ 22,775,203 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per common share, basic ​ $ 0.61 $ (0.50) ​ $ (0.09) $ (1.03) Net income (loss) per common share, diluted ​ $ 0.61 $ (0.50) ​ $ (0.09) $ (1.03) ​ The effect of the conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common stock on a one-for-one basis. The income allocable to such OP Units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share. (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) For the three months ended June 30, 2020, potential vesting of restricted stock to employees for 37,887 shares of Class A common stock are included in the diluted shares calculation. For the six months ended June 30, 2020, potential vesting of restricted stock to employees for 53,330 shares of Class A common stock are excluded from the diluted shares calculation as the effect is antidilutive. For the three and six months ended June 30, 2019, the following are excluded from the diluted shares calculation as the effect is antidilutive: a) warrants outstanding from issuances in conjunction with the Company's Series B Preferred Stock offerings that are potentially exercisable for 125,274 and 49,970 shares of Class A common stock, respectively, and b) potential vesting of restricted stock to employees for 11,944 and 8,726 shares of Class A common stock, respectively.
Schedule of distributions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable to stockholders ​ ​ ​ ​ ​ Declaration Date of record as of Amount Date Paid or Payable Class A Common Stock ​ December 6, 2019 ​ December 24, 2019 ​ $ 0.162500 ​ January 3, 2020 March 13, 2020 ​ March 25, 2020 ​ $ 0.162500 ​ April 3, 2020 May 9, 2020 ​ June 25, 2020 ​ $ 0.162500 ​ July 2, 2020 Class C Common Stock ​ ​ ​ December 6, 2019 ​ December 24, 2019 ​ $ 0.162500 ​ January 3, 2020 March 13, 2020 ​ March 25, 2020 ​ $ 0.162500 ​ April 3, 2020 May 9, 2020 ​ June 25, 2020 ​ $ 0.162500 ​ July 2, 2020 Series A Preferred Stock ​ ​ ​ December 6, 2019 ​ December 24, 2019 ​ $ 0.515625 ​ January 3, 2020 March 13, 2020 ​ March 25, 2020 ​ $ 0.515625 ​ April 3, 2020 May 9, 2020 ​ June 25, 2020 ​ $ 0.515625 ​ July 2, 2020 Series B Preferred Stock ​ ​ ​ October 31, 2019 ​ December 24, 2019 ​ $ 5.00 ​ January 3, 2020 January 13, 2020 ​ January 24, 2020 ​ $ 5.00 ​ February 5, 2020 January 13, 2020 ​ February 25, 2020 ​ $ 5.00 ​ March 5, 2020 January 13, 2020 ​ March 25, 2020 ​ $ 5.00 ​ April 3, 2020 April 14, 2020 ​ April 24, 2020 ​ $ 5.00 ​ May 5, 2020 May 9, 2020 ​ May 22, 2020 ​ $ 5.00 ​ June 5, 2020 May 9, 2020 ​ June 25, 2020 ​ $ 5.00 ​ July 2, 2020 Series C Preferred Stock ​ ​ ​ December 6, 2019 ​ December 24, 2019 ​ $ 0.4765625 ​ January 3, 2020 March 13, 2020 ​ March 25, 2020 ​ $ 0.4765625 ​ April 3, 2020 May 9, 2020 ​ June 25, 2020 ​ $ 0.4765625 ​ July 2, 2020 Series D Preferred Stock ​ ​ ​ December 6, 2019 ​ December 24, 2019 ​ $ 0.4453125 ​ January 3, 2020 March 13, 2020 ​ March 25, 2020 ​ $ 0.4453125 ​ April 3, 2020 May 9, 2020 ​ June 25, 2020 ​ $ 0.4453125 ​ July 2, 2020 Series T Preferred Stock (1) ​ ​ ​ ​ ​ ​ ​ December 20, 2019 ​ December 24, 2019 ​ $ 0.128125 ​ January 3, 2020 January 13, 2020 ​ January 24, 2020 ​ $ 0.128125 ​ February 5, 2020 January 13, 2020 ​ February 25, 2020 ​ $ 0.128125 ​ March 5, 2020 January 13, 2020 ​ March 25, 2020 ​ $ 0.128125 ​ April 3, 2020 April 14, 2020 ​ April 24, 2020 ​ $ 0.128125 ​ May 5, 2020 May 9, 2020 ​ May 22, 2020 ​ $ 0.128125 ​ June 5, 2020 May 9, 2020 ​ June 25, 2020 ​ $ 0.128125 ​ July 2, 2020 (1) Shares of newly issued Series T Preferred Stock that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding.
Summary of distributions declared and paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distributions 2020 Declared Paid First Quarter ​ ​ Class A Common Stock ​ $ 3,901 ​ $ 3,816 Class C Common Stock ​ 12 ​ 12 Series A Preferred Stock ​ 2,950 ​ 2,950 Series B Preferred Stock ​ 7,848 ​ 7,867 Series C Preferred Stock ​ 1,107 ​ 1,107 Series D Preferred Stock ​ 1,269 ​ 1,269 Series T Preferred Stock ​ ​ 373 ​ ​ 130 OP Units ​ 1,037 ​ 1,037 LTIP Units ​ 554 ​ 347 Total first quarter 2020 ​ $ 19,051 ​ $ 18,535 Second Quarter ​ ​ ​ ​ ​ ​ Class A Common Stock ​ $ 3,995 ​ $ 3,902 Class C Common Stock ​ ​ 12 ​ ​ 12 Series A Preferred Stock ​ ​ 2,880 ​ ​ 2,950 Series B Preferred Stock ​ ​ 7,766 ​ ​ 7,779 Series C Preferred Stock ​ ​ 1,103 ​ ​ 1,107 Series D Preferred Stock ​ ​ 1,245 ​ ​ 1,269 Series T Preferred Stock ​ ​ 1,243 ​ ​ 1,000 OP Units ​ ​ 1,026 ​ ​ 1,038 LTIP Units ​ ​ 635 ​ ​ 407 Total second quarter 2020 ​ $ 19,905 ​ $ 19,464 Total ​ $ 38,956 ​ $ 37,999

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2020
Subsequent Events
Schedule of Declaration of Dividends	Declaration of Dividends ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable to stockholders ​ ​ ​ ​ ​ Declaration Date of record as of Amount Paid / Payable Date Series B Preferred Stock ​ ​ July 10, 2020 ​ July 24, 2020 ​ $ 5.00 ​ August 5, 2020 July 10, 2020 ​ August 25, 2020 ​ $ 5.00 ​ September 4, 2020 July 10, 2020 ​ September 25, 2020 ​ $ 5.00 ​ October 5, 2020 Series T Preferred Stock (1) ​ ​ ​ ​ ​ ​ ​ July 10, 2020 ​ July 24, 2020 ​ $ 0.128125 ​ August 5, 2020 July 10, 2020 ​ August 25, 2020 ​ $ 0.128125 ​ September 4, 2020 July 10, 2020 ​ September 25, 2020 ​ $ 0.128125 ​ October 5, 2020 (1) Shares of newly issued Series T Preferred Stock that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding.
Schedule of Distributions Paid	The following distributions were declared and/or paid to the Company’s stockholders, as well as holders of OP and LTIP Units, subsequent to June 30, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration ​ ​ ​ ​ ​ Distributions ​ Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock ​ May 9, 2020 ​ June 25, 2020 ​ July 2, 2020 ​ $ 0.162500 ​ $ 3,995 Class C Common Stock ​ May 9, 2020 ​ June 25, 2020 ​ July 2, 2020 ​ ​ 0.162500 ​ ​ 12 Series A Preferred Stock ​ May 9, 2020 ​ June 25, 2020 ​ July 2, 2020 ​ ​ 0.515625 ​ ​ 2,880 Series B Preferred Stock ​ May 9, 2020 ​ June 25, 2020 ​ July 2, 2020 ​ ​ 5.000000 ​ ​ 2,585 Series C Preferred Stock ​ May 9, 2020 ​ June 25, 2020 ​ July 2, 2020 ​ ​ 0.4765625 ​ ​ 1,103 Series D Preferred Stock ​ May 9, 2020 ​ June 25, 2020 ​ July 2, 2020 ​ ​ 0.4453125 ​ ​ 1,245 Series T Preferred Stock ​ May 9, 2020 ​ June 25, 2020 ​ July 2, 2020 ​ ​ 0.128125 ​ ​ 486 OP Units ​ May 9, 2020 ​ June 25, 2020 ​ July 2, 2020 ​ ​ 0.162500 ​ ​ 1,026 LTIP Units ​ May 9, 2020 ​ June 25, 2020 ​ July 2, 2020 ​ ​ 0.162500 ​ ​ 487 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series B Preferred Stock ​ July 10, 2020 ​ July 24, 2020 ​ August 5, 2020 ​ ​ 5.000000 ​ ​ 2,583 Series T Preferred Stock ​ July 10, 2020 ​ July 24, 2020 ​ August 5, 2020 ​ ​ 0.128125 ​ ​ 572 Total ​ ​ ​ ​ ​ ​ $ 16,974

Organization and Nature of Bu_2

Organization and Nature of Business (Details)	6 Months Ended
	Jun. 30, 2020
Organization and Nature of Business [Line Items]
Percent of Real Estate Properties Occupied	95.30%
Number of Units in Real Estate Property	15,962
Annual Distribution Percentage Rate	90.00%
Operating Units [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property	11,524
Under Development [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property	4,438

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Line Items]
Percentage of Voting Equity	50.00%
Percentage Of Unvested Incentive Plan In Operating Partnership	5.61%
Percentage of rent collected	97.00%
Percentage of tenants , on rent deferral payment plan	1.00%
Occupancy rate (as a percent)	95.30%
Ltip Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	11.19%
Op Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	18.09%
Op Ltip Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	29.28%

Sale of Real Estate Assets (Det

Sale of Real Estate Assets (Details) - USD ($) $ in Millions	Apr. 21, 2020	Apr. 17, 2020	Apr. 14, 2020	Jan. 24, 2020	Jan. 08, 2020
Helios [Member]
Proceeds from Sale of Real Estate Gross					$ 65.6
Payments for Mortgage on Real Estate Sold					39.5
Payment for original investment					19.2
Payment for additional investment					3.5
Profit share distribution					0.3
Helios [Member] | Pro Rata [Member]
Proceeds from Sale of Real Estate					$ 22.7
Whetstone Apartments [Member]
Proceeds from Sale of Real Estate Gross				$ 46.5
Payments for Mortgage on Real Estate Sold				25.4
Proceeds from Sale of Real Estate				19.6
Payment for original investment				12.9
Payment for additional investment				4
Payment for accrued preferred return				$ 2.7
Ashton Reserve [Member]
Proceeds from Sale of Real Estate Gross			$ 84.6
Payments for Mortgage on Real Estate Sold			45.4
Proceeds from Sale of Real Estate			31.2
Payment for Debt Extinguishment or Debt Prepayment Cost			7.1
Payments for closing costs and fees on real estate investments			0.8
Gain on sale of asset			$ 26.5
Marquis at TPC [Member]
Proceeds from Sale of Real Estate Gross		$ 22.5
Payments for Mortgage on Real Estate Sold		16.3
Proceeds from Sale of Real Estate		5.9
Gain on sale of asset		3.2
Marquis at TPC [Member] | Pro Rata [Member]
Proceeds from Sale of Real Estate		5.3
Gain on sale of asset		$ 2.8
Enders Place at Baldwin Park [Member]
Proceeds from Sale of Real Estate Gross	$ 53.2
Payments for Mortgage on Real Estate Sold	23.2
Proceeds from Sale of Real Estate	26.1
Payment for Debt Extinguishment or Debt Prepayment Cost	2.2
Payments for closing costs and fees on real estate investments	0.9
Gain on sale of asset	28.2
Enders Place at Baldwin Park [Member] | Pro Rata [Member]
Proceeds from Sale of Real Estate	24
Gain on sale of asset	$ 26

Investments in Real Estate (Det

Investments in Real Estate (Details)	6 Months Ended
	Jun. 30, 2020item
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	4,438
Total lease-up units	1,479
Total operating units	2,430
Total development units	529
Alexan CityCentre [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total operating units	340
Alexan Southside Place [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total operating units	270
Belmont Crossing [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total operating units	192
Domain at The One Forty [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total operating units	299
Georgetown Crossing [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total operating units	168
Mira Vista [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total operating units	200
Park on the Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total operating units	240
Sierra Terrace [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total operating units	135
Sierra Village [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total operating units	154
The Commons [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total operating units	328
Thornton Flats [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total operating units	104
Vickers Historic Roswell [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total lease-up units	79
Arlo [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total lease-up units	286
Novel Perimeter, formerly Crescent Perimeter [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total lease-up units	320
Motif, formerly Flagler Village [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total lease-up units	385
North Creek Apartments [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total lease-up units	259
Riverside Apartments [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total development units	222
Wayforth at Concord [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total lease-up units	150
Zoey [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total development units	307
The Park at Chapel Hill [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total development units	—
ARIUM Glenridge [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	480
Ownership interest (as a percent)	90
ARIUM Grandewood [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	306
Ownership interest (as a percent)	100
ARIUM Hunter's Creek [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	532
Ownership interest (as a percent)	100
ARIUM Metrowest [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	510
Ownership interest (as a percent)	100
ARIUM Westside [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	336
Ownership interest (as a percent)	90
Ashford Belmar [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	512
Ownership interest (as a percent)	85
Avenue 25
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	254
Ownership interest (as a percent)	100
Cade Boca Raton [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	90
Ownership interest (as a percent)	81
Chattahoochee Ridge [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	358
Ownership interest (as a percent)	90
Citrus Tower [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	336
Ownership interest (as a percent)	97
Denim [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	645
Ownership interest (as a percent)	100
Element [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	200
Ownership interest (as a percent)	100
Falls at Forsyth
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	356
Ownership interest (as a percent)	100
Gulfshore Apartment Homes Naples, FL [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	368
Ownership interest (as a percent)	100
James at South First [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	250
Ownership interest (as a percent)	90
Marquis at The Cascades [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	582
Ownership interest (as a percent)	90
Navigator Villas [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	176
Ownership interest (as a percent)	90
Outlook at Greystone [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	300
Ownership interest (as a percent)	100
Park & Kingston [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	168
Ownership interest (as a percent)	100
Pine Lakes Preserve, Formerly Arium Pine Lakes [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	320
Ownership interest (as a percent)	100
Plantation Park [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	238
Ownership interest (as a percent)	80
Providence Trail [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	334
Ownership interest (as a percent)	100
Roswell City Walk [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	320
Ownership interest (as a percent)	98
Sands Parc [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	264
Ownership interest (as a percent)	100
The Brodie [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	324
Ownership interest (as a percent)	100
The District At Scottsdale [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	332
Ownership interest (as a percent)	100
The Links at Plum Creek [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	264
Ownership interest (as a percent)	88
The Mills [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	304
Ownership interest (as a percent)	100
The Preserve at Henderson Beach [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	340
Ownership interest (as a percent)	100
The Reserve at Palmer Ranch, Formerly Arium at Palmer Ranch [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	320
Ownership interest (as a percent)	100
The Sanctuary [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	320
Ownership interest (as a percent)	100
Veranda at Centerfield [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	400
Ownership interest (as a percent)	93
Villages of Cypress Creek [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	384
Ownership interest (as a percent)	80
Wesley Village [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	301
Ownership interest (as a percent)	100
Average [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	11,524

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investments in Real Estate
Investments in real estate of depreciation expense	$ 18	$ 15.8	$ 36.2	$ 31.6
Amortization of Deferred Leasing Fees	$ 2.1	$ 0.4	$ 4.8	$ 1.9

Acquisition of Real Estate - Ac

Acquisition of Real Estate - Acquisition activity and related new financing (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Mortgages assumed	$ 29,705
Proceeds from credit facility	130,500	$ 18,000
Amended Senior Credit Facility [Member]
Business Acquisition [Line Items]
Proceeds from credit facility	$ 80,500	$ 18,000
Avenue 25
Business Acquisition [Line Items]
Interest	100.00%
Amount	$ 55,600
Mortgage	36,566
Mortgages assumed	29,700
Supplemental loan	$ 6,900
Falls at Forsyth
Business Acquisition [Line Items]
Interest	100.00%
Amount	$ 82,500
Falls at Forsyth | Amended Senior Credit Facility [Member]
Business Acquisition [Line Items]
Proceeds from credit facility	$ 79,900

Acquisition of Real Estate - As

Acquisition of Real Estate - Assets acquired (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Preliminary Purchase Price Allocation
Land	$ 12,594
Building	108,943
Building improvements	4,032
Land improvements	9,645
Furniture and fixtures	3,141
In-place leases	2,102
Total assets acquired	140,457
Mortgages assumed	29,705
Fair value adjustments	1,292
Total liabilities assumed	$ 30,997

Acquisition of Real Estate - Ad

Acquisition of Real Estate - Additional Information (Details) - The Brodie [Member] $ in Millions	Apr. 24, 2020USD ($)	Apr. 23, 2020
Business Acquisition [Line Items]
Payments to acquire non-controlling interest	$ 3.5
Ownership interest (as a percent)	100	93

Notes and Interest Receivable_3

Notes and Interest Receivable due from Related Parties - Summary of the notes and accrued interest receivable due from related parties (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Notes Receivable, Related Parties	$ 178,015	$ 193,781
Arlo [Member]
Notes Receivable, Related Parties	29,247	27,605
Domain at The One Forty [Member]
Notes Receivable, Related Parties	23,818	23,430
Motif [Member]
Notes Receivable, Related Parties	75,471	75,436
Novel Perimeter, formerly Crescent Perimeter [Member]
Notes Receivable, Related Parties	22,223	20,867
The Park at Chapel Hill [Member]
Notes Receivable, Related Parties	15,637	34,819
Vickers Historic Roswell [Member]
Notes Receivable, Related Parties	$ 11,619	$ 11,624

Notes and Interest Receivable_4

Notes and Interest Receivable due from Related Parties - Summary of the interest income from related parties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Interest Income, Related Party	$ 5,338	$ 5,973	$ 11,227	$ 11,749
Arlo [Member]
Interest Income, Related Party	1,068	919	2,087	1,828
Cade Boca Raton [Member]
Interest Income, Related Party		467		904
Domain at The One Forty [Member]
Interest Income, Related Party	325	805	647	1,557
Motif [Member]
Interest Income, Related Party	2,297	2,400	4,697	4,773
Novel Perimeter, formerly Crescent Perimeter [Member]
Interest Income, Related Party	795	771	1,566	1,533
The Park at Chapel Hill [Member]
Interest Income, Related Party	384	212	1,320	368
Vickers Historic Roswell [Member]
Interest Income, Related Party	430	$ 399	859	$ 786
Zoey [Member]
Interest Income, Related Party	$ 39		$ 51

Notes and Interest Receivable_5

Notes and Interest Receivable due from Related Parties - Schedule of occupancy percentages of the Company's related parties (Details)	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Arlo [Member]
Development Leased	86.70%	82.20%
Domain at The One Forty [Member]
Development Leased	91.60%	85.60%
Motif [Member]
Development Leased	20.30%
Novel Perimeter, formerly Crescent Perimeter [Member]
Development Leased	81.30%	79.40%
The Park at Chapel Hill [Member]
Development Leased	0.00%		0.00%
Vickers Historic Roswell [Member]
Development Leased	82.30%	74.70%

Notes and Interest Receivable_6

Notes and Interest Receivable due from Related Parties - Additional Information (Details) $ in Millions	May 09, 2020USD ($)	May 08, 2020USD ($)	May 05, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 30, 2020USD ($)
Due From Unaffiliated Lender					$ 130.5
The Park at Chapel Hill Financing [Member]
Paydown from related party				$ 21
Outstanding principal balance				8.5	10.5
Loan Amount Borrowed To The Related Party	$ 2
Senior Loans [Member]
Outstanding principal balance					5
Motif Mezzanine Financing [Member]
Outstanding principal balance					74.6
Payment Relended To The Borrower		$ 8
Funded Amount		$ 8
Novel Perimeter, formerly Crescent Perimeter [Member]
Internal rate of return			15.00%
Percentage of Acquire Preferred Equity Interests			100.00%
Novel Perimeter, formerly Crescent Perimeter [Member] | BR Perimeter JV,LLC [Member]
Funded Amount					22
Capital Commitment			$ 23.8
Novel Perimeter, formerly Crescent Perimeter [Member] | Minimum [Member]
Discount rate			2.5
Motif Mezz Loan
Paydown from related party				8
Outstanding principal balance				66.6
BR Morehead JV , LLC [Member] | Mezzanine Type Loan Member
Due from Related Parties, Current						$ 32
Related party due, funded					$ 28.9
Arlo [Member] | Mezzanine Type Loan Member
Repayment of outstanding balances				7.3
Arlo [Member] | Senior Loans [Member]
Face amount of loan				$ 43
Arlo [Member] | Senior Loans [Member] | Minimum [Member] | LIBOR
Spread on variable rate				1.65%
Arlo [Member] | Senior Loans [Member] | Maximum [Member] | LIBOR
Spread on variable rate				2.65%
Arlo [Member] | Construction Loan
Repayment of outstanding balances				$ 33.6

Preferred Equity Investments _3

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Equity Method Investments	$ 107,610	$ 126,444
Alexan CityCentre [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Equity Method Investments	13,980	12,788
Alexan Southside Place [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Equity Method Investments	25,496	24,866
Helios [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Equity Method Investments	642	23,663
Leigh House [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Equity Method Investments	80	80
Mira Vista [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Equity Method Investments	5,250	5,250
North Creek Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Equity Method Investments	15,440	14,964
Riverside Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Equity Method Investments	13,422	12,342
Strategic Portfolio [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Equity Method Investments	22,105	10,183
Thornton Flats [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Equity Method Investments	4,600	4,600
Wayforth at Concord [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Equity Method Investments	6,500	4,683
Whetstone Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Equity Method Investments	0	12,932
Other Property [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Equity Method Investments	$ 95	$ 93

Preferred Equity Investments _4

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Preferred returns (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	$ 2,834	$ 2,492	$ 5,249	$ 4,781
Alexan CityCentre [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	616	497	1,207	982
Alexan Southside Place [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	318	390	632	773
Helios [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	0	335	(159)	666
Leigh House [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	0	558	0	1,082
Mira Vista [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	134	0	268	0
North Creek Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	485	288	961	510
Riverside Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	421	191	829	304
Strategic Portfolio [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	544	0	841	0
Thornton Flats [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	103	0	206	0
Wayforth at Concord [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	213	0	408	0
Whetstone Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	$ 0	$ 233	$ 56	$ 464

Preferred Equity Investments _5

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Occupancy percentages (Details)	Jun. 30, 2020	Dec. 31, 2019
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	95.30%
Alexan CityCentre [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	84.10%	90.90%
Alexan Southside Place [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	92.20%	95.20%
Mira Vista [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	91.50%	93.50%
North Creek Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	10.40%
Riverside Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied
Belmont Crossing [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	95.30%	89.60%
Georgetown Crossing [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	88.70%
Park on the Square
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	96.30%
Sierra Terrace [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	96.30%	97.00%
Sierra Village [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	92.20%	86.40%
The Commons [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	97.30%
Thornton Flats [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	89.40%	90.40%
Wayforth at Concord [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	26.70%

Preferred Equity Investments _6

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Summary of combined financial information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Balance Sheets:
Real estate, net of depreciation	$ 712,059		$ 712,059		$ 678,073
Other assets	38,420		38,420		51,212
Total assets	750,479		750,479		729,285
Mortgages payable	600,472		600,472		570,573
Other liabilities	31,348		31,348		36,129
Total liabilities	631,820		631,820		606,702
Members' equity	118,659		118,659		122,583
Total liabilities and members' equity	750,479		750,479		$ 729,285
Operating Statement:
Rental revenues	12,311	$ 8,924	22,680	$ 16,724
Operating expenses	(6,778)	(5,494)	(13,045)	(10,628)
Income before debt service and depreciation and amortization	5,533	3,430	9,635	6,096
Interest expense, net	(6,870)	(8,243)	(14,662)	(15,476)
Depreciation and amortization	(4,096)	(4,146)	(7,818)	(8,133)
Net operating loss	(5,433)	(8,959)	(12,845)	(17,513)
Gain on sale of Whetstone and Helios, net			14,716
Net income (loss)	$ (5,433)	$ (8,959)	$ 1,871	$ (17,513)

Preferred Equity Investments _7

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional Information (Details) $ in Thousands	Mar. 20, 2020USD ($)	Jan. 22, 2020USD ($)	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)	May 08, 2020USD ($)	Dec. 31, 2019USD ($)
Equity Method Investment And Joint Venture [Line Items]
Number of joint ventures in which company has equity investment | item			13
Number of joint ventures which generate a stated preferred return on outstanding capital contributions | item			8
Number of equity investments representing 0.5% common interest in joint venture | item			5
Equity Method Investments			$ 107,610			$ 126,444
Due from Affiliates			309			$ 2,969
Payments to Acquire Equity Method Investments			$ 17,119	$ 11,669
Common interest (as a percent)			0.50%
Alexan Southside Place Interests / Refinance [Member]
Equity Method Investment And Joint Venture [Line Items]
Ground Lease Term			85 years
Operating Lease, Right-of-Use Asset			$ 17,100
Operating Lease, Liability			17,100
Helios [Member]
Equity Method Investment And Joint Venture [Line Items]
Loss on sale of asset			159
Costs related to sale of real estate			$ 143
Strategic Portfolio [Member]
Equity Method Investment And Joint Venture [Line Items]
Additional capital contributions					$ 3,900
Percentage of Acquire Preferred Equity Interests	7.50%
Current return (as a percent)	3.00%
Total preferred return (as a percent)	10.50%
Equity Method Investments	$ 8,000
Whetstone Interests [Member]
Equity Method Investment And Joint Venture [Line Items]
Percentage of Acquire Preferred Equity Interests		100.00%
Equity Method Investments		$ 2,500
Investment in joint venture		$ 1,900
Ownership Interest		7.5

Revolving credit facilities (De

Revolving credit facilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Long-term Line of Credit	$ 130,500	$ 18,000
Amended Senior Credit Facility [Member]
Long-term Line of Credit	80,500	$ 18,000
Amended Junior Credit Facility [Member]
Long-term Line of Credit	$ 50,000

Revolving credit facilities - A

Revolving credit facilities - Additional Information (Details) $ in Millions	Mar. 06, 2020USD ($)item	Nov. 06, 2019USD ($)	Jun. 30, 2020USD ($)item
Extension term			3 months
Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.35%
Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.40%
Revolving Credit Facility [Member]
Line of Credit Facility, Remaining Borrowing Capacity			$ 24.2
Amended Senior Credit Facility [Member]
Number of extension options | item	2
Extension term	1 year
Amount of letter of credit issuable, maximum			$ 50
Number of letters of credit outstanding | item			1
Letters of credit outstanding amount			$ 0.8
Debt, Weighted Average Interest Rate			1.73%
Amended Senior Credit Facility [Member] | Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.15%
Amended Senior Credit Facility [Member] | Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.20%
Amended Senior Credit Facility [Member] | LIBOR | Line of Credit [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.30%
Amended Senior Credit Facility [Member] | LIBOR | Line of Credit [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.65%
Amended Senior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.30%
Amended Senior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.65%
Amended Senior Credit Facility [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Current Borrowing Capacity	$ 100
Line of Credit Facility, Maximum Borrowing Capacity	$ 350
Second Amended Junior Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 72.5
Debt, Weighted Average Interest Rate			5.25%
Second Amended Junior Credit Facility [Member] | LIBOR | Line of Credit [Member] | Minimum [Member]
Debt Instrument, Description of Variable Rate Basis		2.75%
Second Amended Junior Credit Facility [Member] | LIBOR | Line of Credit [Member] | Maximum [Member]
Debt Instrument, Description of Variable Rate Basis		3.25%
Second Amended Junior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		1.75%
Second Amended Junior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		2.25%

Mortgages Payable (Details)

Mortgages Payable (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)item	May 27, 2020USD ($)	Dec. 31, 2019USD ($)
Line of Credit Facility [Line Items]
Total	$ 1,405,046		$ 1,425,257
Extension term	3 months
Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 1,074,553		1,147,555
Mortgages [Member]
Line of Credit Facility [Line Items]
Total	1,414,001		1,435,023
Fair value adjustments	2,354		1,815
Deferred financing costs, net	(11,309)		(11,581)
Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	339,448		287,468
Fannie Facility Advance | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 13,936	$ 13,900
Interest rate (as a percent)	2.77%
ARIUM Grandewood [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 19,713		19,713
Interest rate (as a percent)	4.35%
ARIUM Grandewood [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 19,672		19,672
Interest rate (as a percent)	1.58%
ARIUM Hunters Creek [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 71,533		72,183
Interest rate (as a percent)	3.65%
ARIUM Metrowest [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 64,559		64,559
Interest rate (as a percent)	4.43%
ARIUM Westside [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 52,150		52,150
Interest rate (as a percent)	3.68%
Ashford Belmar [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 100,675		100,675
Interest rate (as a percent)	4.53%
Ashton Reserve I [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal			30,329
Avenue 25 | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 36,566
Interest rate (as a percent)	4.18%
Chattahoochee Ridge [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 45,338		45,338
Interest rate (as a percent)	3.25%
Citrus Tower [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 40,980		41,325
Interest rate (as a percent)	4.07%
Denim [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 91,634		91,634
Interest rate (as a percent)	3.32%
Element [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 29,260		29,260
Interest rate (as a percent)	3.63%
Enders Place at Baldwin Park [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal			23,337
Gulfshore Apartment Homes [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 46,345		46,345
Interest rate (as a percent)	3.26%
James on South First [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 25,895		26,111
Interest rate (as a percent)	4.35%
Navigator Villas [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 20,515		20,515
Interest rate (as a percent)	4.56%
Outlook at Greystone [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 22,105		22,105
Interest rate (as a percent)	4.30%
Park & Kingston [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 19,600		19,600
Interest rate (as a percent)	3.32%
Pine Lakes Preserve [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal			26,950
Pine Lakes Preserve [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 42,728
Interest rate (as a percent)	3.16%
Plantation Park [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 26,625		26,625
Interest rate (as a percent)	4.64%
Providence Trail [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 47,950		47,950
Interest rate (as a percent)	3.54%
Rosewell City Walk [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 50,526		51,000
Interest rate (as a percent)	3.63%
The Brodie [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Interest rate (as a percent)	3.71%
The Brodie [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 33,878		34,198
The Links at Plum Creek [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 39,896		40,000
Interest rate (as a percent)	4.31%
The Mills [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Interest rate (as a percent)	4.21%
The Mills [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 25,539		25,797
The Preserve at Henderson Beach [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Interest rate (as a percent)	3.26%
The Preserve at Henderson Beach [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 48,490		48,490
The Reserve at Palmer Ranch [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 41,298		41,348
Interest rate (as a percent)	4.41%
The Sanctuary [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 33,707		33,707
Interest rate (as a percent)	3.31%
Villages of Cypress Creek [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal			26,200
Wesley Village [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Interest rate (as a percent)	4.25%
Wesley Village [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 39,776		40,111
ARIUM Glenridge [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 49,500		49,500
Interest rate (as a percent)	1.51%
Ashton Reserve II [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal			15,213
Cade Boca Raton [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 23,500		23,500
Interest rate (as a percent)	2.50%
Marquis at the Cascades I [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 31,976		32,284
Interest rate (as a percent)	1.79%
Marquis at the Cascades II [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 22,316		22,531
Interest rate (as a percent)	1.79%
Marquis at TPC [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal			16,468
The District At Scottsdale [Member]
Line of Credit Facility [Line Items]
Number of extension options | item	2
Extension term	3 months
The District At Scottsdale [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 76,200		82,200
Interest rate (as a percent)	1.85%
Number of extension options | item	2
Extension term	3 months
Veranda at Centerfield [Member]
Line of Credit Facility [Line Items]
Number of extension options | item	2
Extension term	1 year
Veranda at Centerfield [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 26,100		$ 26,100
Interest rate (as a percent)	1.42%
Villages of Cypress Creek [Member} | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 33,520
Interest rate (as a percent)	2.73%

Mortgages Payable - Debt maturi

Mortgages Payable - Debt maturities (Details) $ in Thousands	Jun. 30, 2020USD ($)
Mortgages Payable [Abstract]
2020 (July 1-December 31)	$ 4,080
2021	86,713
2022	15,324
2023	127,186
2024	275,607
Thereafter	905,091
Long-term Debt	1,414,001
Add: Unamortized fair value debt adjustment	2,354
Subtract: Deferred financing costs, net	(11,309)
Total	$ 1,405,046

Mortgages Payable - Additional

Mortgages Payable - Additional Information (Details) $ in Thousands	Jun. 24, 2020USD ($)	Jun. 02, 2020USD ($)	May 27, 2020USD ($)	Mar. 06, 2020item	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Line of Credit Facility [Line Items]
Real Estate Investments, Net					$ 1,957,594		$ 1,957,594		$ 1,947,320
Loss on extinguishment of debt					13,985	$ 0	$ 13,985	$ 0
Extension term							3 months
Amended Senior Credit Facility [Member]
Line of Credit Facility [Line Items]
Real Estate Investments, Net					1,960,000		$ 1,960,000
Number of extension options | item				2
Extension term				1 year
Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal					339,448		339,448		287,468
Fannie Facility Advance | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal			$ 13,900		13,936		13,936
Amortization period			30 years
Fannie Facility Advance | LIBOR | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.60%
Spread on variable rate basis (as a percent)			2.60%
Avenue 25
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent					29,700		$ 29,700
Debt Instrument, Basis Spread on Variable Rate							4.02%
Spread on variable rate basis (as a percent)							4.02%
Avenue 25 | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent					6,900		$ 6,900
Debt Instrument, Basis Spread on Variable Rate							4.86%
Spread on variable rate basis (as a percent)							4.86%
Navigator Villas [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent					14,800		$ 14,800
Debt Instrument, Basis Spread on Variable Rate							4.31%
Spread on variable rate basis (as a percent)							4.31%
Navigator Villas [Member] | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent					5,700		$ 5,700
Debt Instrument, Basis Spread on Variable Rate							5.23%
Spread on variable rate basis (as a percent)							5.23%
The District At Scottsdale [Member]
Line of Credit Facility [Line Items]
Loan amount					$ 76,200		$ 76,200
Number of extension options | item					2		2
Extension term							3 months
The District At Scottsdale [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Principal payment to be made							$ 6,000
Extension fee							$ 200
Number of extension options | item					2		2
Extension term							3 months
Total Outstanding Principal					$ 76,200		$ 76,200		$ 82,200
Other Than The District At Scottsdale [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Debt Instrument Prepayment Fee Percentage							0.18%
Villages of Cypress Creek [Member}
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent		$ 33,500
Extinguishment of Debt, Amount		26,200
Loss on extinguishment of debt		$ 900
Villages of Cypress Creek [Member} | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal					33,520		$ 33,520
Pine Lakes Preserve [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent	$ 42,700
Extinguishment of Debt, Amount	27,000
Loss on extinguishment of debt	$ 3,600
Pine Lakes Preserve [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal					$ 42,728		$ 42,728

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Fair Value of Financial Instruments
Long-term Debt, Fair Value	$ 1,481.9	$ 1,436.2
Mortgage Payable At Carrying Value	$ 1,416.4	$ 1,436.8

Derivative Financial Instrume_3

Derivative Financial Instruments - Fair Value of company's derivative financial instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Fair value adjustment of interest rate Caps			$ (31)	$ 2,365
Interest Rate Cap [Member] | Interest Expense [Member]
Fair value adjustment of interest rate Caps	$ 2	$ (677)	31	$ (2,365)
Accounts Receivable, Prepaids and Other Assets [Member] | Interest Rate Cap [Member]
Derivative, Fair Value, Net	$ 109		$ 109		$ 22

Derivative Financial Instrume_4

Derivative Financial Instruments - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Interest rate cap covered, credit facilities outstanding balance	$ 130.5
Interest Rate Cap [Member]
Amount Of Debt Covered By Derivatives	263.2
Interest rate of covering credit facilities	$ 50

Related Party Transactions - Re

Related Party Transactions - Related party amounts payable to BRE (Details) - BRE Entities [Member] - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Amounts Payable to BRE under the Administrative Services Agreement, net [Member]
Related Party Transactions
Total related-party amounts payable	$ 496	$ 464
Operating expense reimbursements and direct expense reimbursements [Member]
Related Party Transactions
Total related-party amounts payable	339	281
Offering expense reimbursements [Member]
Related Party Transactions
Total related-party amounts payable	157	183
Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement [Member]
Related Party Transactions
Total related-party amounts payable	727	690
Reimbursable Operating Expenses, Leasehold Cost-Sharing Agreement [Member]
Related Party Transactions
Total related-party amounts payable	196	186
Capital cost reimbursements [Member]
Related Party Transactions
Total related-party amounts payable	35	40
Cost Reimbursement Payable [Member]
Related Party Transactions
Total related-party amounts payable	$ 231	$ 226

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	May 12, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Related Party Transactions
Reimbursement of Payroll Operating Costs			$ 400,000
Due to Affiliates Excluding Former Advisor		$ 0			$ 0		$ 100,000
Due From Affiliates Excluding Former Advisor		300,000			300,000		$ 3,000,000
Reimbursement of total expenses		600,000		$ 500,000	$ 1,100,000	$ 800,000
Issuance Of Preferred Stock Dealer Manager Fee Percentage					10.00%
Issuance of Preferred Stock, Commission Fee Percentage					10.00%
Commissions Payable to Broker-Dealers and Clearing Organizations		7,000,000		6,700,000	$ 7,000,000	6,700,000
Dealer manager fees and discounts					3,000,000	2,900,000
General and Administrative Expense [Member]
Related Party Transactions
Reimbursement of Payroll Operating Costs		700,000		$ 900,000	1,400,000	1,700,000
Long-term Incentive Plan Units One [Member]
Related Party Transactions
Stock Issued During Period, Shares, Share-based Compensation, Gross	73,685
Affiliated Entity [Member]
Related Party Transactions
Security Deposit Liability		$ 750,000			750,000
Series B Preferred Stock [Member]
Related Party Transactions
Reimbursement Of Offering Costs					$ 500,000
Series T Preferred Stock [Member]
Related Party Transactions
Reimbursement Of Offering Costs						$ 500,000

Stockholders' Equity and Rede_3

Stockholders' Equity and Redeemable Preferred Stock - Reconciliation of components of basic and diluted net loss per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stockholders' Equity and Redeemable Preferred Stock
Net income (loss) attributable to common stockholders	$ 15,090	$ (10,990)	$ (1,403)	$ (23,083)
Dividends on restricted stock and LTIP Units expected to vest	(342)	(250)	(666)	(485)
Basic net income (loss) attributable to common stockholders	$ 14,748	$ (11,240)	$ (2,069)	$ (23,568)
Weighted average common shares outstanding	24,307,147	22,430,619	24,197,479	22,775,203
Potential dilutive shares	37,887	0	0	0
Weighted average common shares outstanding and potential dilutive shares	24,345,034	22,430,619	24,197,479	22,775,203
Net income (loss) per common share, basic	$ 0.61	$ (0.50)	$ (0.09)	$ (1.03)
Net income (loss) per common share, diluted	$ 0.61	$ (0.50)	$ (0.09)	$ (1.03)

Stockholders' Equity and Rede_4

Stockholders' Equity and Redeemable Preferred Stock - Distributions (Details)	6 Months Ended
	Jun. 30, 2020$ / shares
Class A Common Stock [Member]
Common stock, distribution amount	$ 0.162500
Common Class A One [Member]
Common stock, distribution amount	0.162500
Common Class A two [Member]
Common stock, distribution amount	0.162500
Common Class C [Member]
Common stock, distribution amount	0.162500
Common Class C One [Member]
Common stock, distribution amount	0.162500
Common Class C Two [Member]
Common stock, distribution amount	0.162500
Series A Preferred Stock [Member]
Preferred stock, distribution amount	0.515625
Series Preferred Stock One [Member]
Preferred stock, distribution amount	0.515625
Series A Preferred Stock Two [Member]
Preferred stock, distribution amount	0.515625
Series B Preferred Stock [Member]
Preferred stock, distribution amount	5
Series B Preferred Stock One [Member]
Preferred stock, distribution amount	5
Series B Preferred Stock Two [Member]
Preferred stock, distribution amount	5
Series B Preferred Stock Three [Member]
Preferred stock, distribution amount	5
Series B Preferred Stock Four [Member]
Preferred stock, distribution amount	5
Series B Preferred Stock Five [Member]
Preferred stock, distribution amount	5
Series B Preferred Stock Six [Member]
Preferred stock, distribution amount	5
Series C Preferred Stock [Member]
Preferred stock, distribution amount	0.4765625
Series C Preferred Stock One [Member]
Preferred stock, distribution amount	0.4765625
Series C Preferred Stock Two [Member]
Preferred stock, distribution amount	0.4765625
Series D Preferred Stock [Member]
Preferred stock, distribution amount	0.4453125
Series D Preferred Stock One [Member]
Preferred stock, distribution amount	0.4453125
Series D Preferred Stock Two [Member]
Preferred stock, distribution amount	0.4453125
Series T Preferred Stock [Member]
Preferred stock, distribution amount	0.128125
Series T Preferred Stock One [Member]
Preferred stock, distribution amount	0.128125
Series T Preferred Stock Two [Member]
Preferred stock, distribution amount	0.128125
Series T Preferred Stock Three [Member]
Preferred stock, distribution amount	0.128125
Series T Preferred Stock Four [Member]
Preferred stock, distribution amount	0.128125
Series T Preferred Stock Five [Member]
Preferred stock, distribution amount	0.128125
Series T Preferred Stock Six [Member]
Preferred stock, distribution amount	$ 0.128125

Stockholders' Equity and Rede_5

Stockholders' Equity and Redeemable Preferred Stock - Distributions declared and paid (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	$ 19,905	$ 19,051	$ 38,956
Distributions Paid	19,464	18,535	$ 37,999
Class A Common Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	3,995	3,901
Distributions Paid	3,902	3,816
Common Class C [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	12	12
Distributions Paid	12	12
Series A Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	2,880	2,950
Distributions Paid	2,950	2,950
Series B Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	7,766	7,848
Distributions Paid	7,779	7,867
Series C Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,103	1,107
Distributions Paid	1,107	1,107
Series D Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,245	1,269
Distributions Paid	1,269	1,269
Series T Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,243	373
Distributions Paid	1,000	130
Operating Partnership Units One [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,026	1,037
Distributions Paid	1,038	1,037
Long-term Incentive Plan Units One [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	635	554
Distributions Paid	$ 407	$ 347

Stockholders' Equity and Rede_6

Stockholders' Equity and Redeemable Preferred Stock - Additional Information (Details)	May 22, 2020personshares	May 09, 2020USD ($)$ / shares	Apr. 15, 2020USD ($)personshares	Jan. 01, 2020USD ($)shares	Jun. 30, 2020USD ($)$ / sharesshares	Mar. 31, 2020USD ($)$ / sharesshares	Jun. 30, 2019USD ($)shares	Jun. 30, 2020USD ($)item$ / sharesshares	Jun. 30, 2019USD ($)shares	Jun. 30, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Sep. 30, 2019USD ($)
Class of Stock [Line Items]
Shares included in the diluted shares calculations					37,887		0	0	0
Proceeds from Issuance of Common Stock | $								$ 1,974,000	$ 15,000
Payments for Repurchase of Preferred Stock and Preference Stock | $								$ 6,103,000	0
Preferred Stock, Shares Issued					0			0		0	0
Percentage Of Unvested Incentive Plan In Operating Partnership					5.61%			5.61%		5.61%
Stock Repurchased During Period, Value | $					$ 1,000		$ 8,341,000	$ 11,607,000	13,404,000	$ 18,400,000
Preferred Stock, Par or Stated Value Per Share | $ / shares					$ 0.01			$ 0.01		$ 0.01	$ 0.01
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $					$ 31,600,000			$ 31,600,000		$ 31,600,000
Class A Common Stock [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares								1,028,293
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares								163,068
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares								27,905
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares								76,264
Share Repurchase Plan [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Value | $								$ 17,700,000
OP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest								18.09%
Partners' Capital Account, Units					6,314,754			6,314,754		6,314,754
LTIP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest								11.19%
Partners' Capital Account, Units					3,906,014			3,906,014		3,906,014
Percentage Of Unvested Incentive Plan In Operating Partnership					5.61%			5.61%		5.61%
OP And LTIP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest								29.28%
Stock Offering [Member]
Class of Stock [Line Items]
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)								101
Restricted Stock [Member]
Class of Stock [Line Items]
Share-based Compensation | $					$ 100,000			$ 200,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $					700,000			$ 700,000		$ 700,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition								2 years 3 months 18 days
Remaining compensation cost is expected to be recognized (in years)								2 years 3 months 18 days
Long-term Incentive Plan Units One [Member] | Time-based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation | $					1,000,000		900,000	$ 1,900,000	1,800,000
Long-term Incentive Plan Units One [Member] | Performance Based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation | $					400,000		$ 400,000	$ 1,300,000	$ 800,000
Long-term Incentive Plan Units One [Member] | Share-based Compensation Award, Tranche One [Member] | Time-based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				247,138
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				3 years
Long-term Incentive Plan Units One [Member] | Share-based Compensation Award, Tranche One [Member] | Performance Based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				494,279
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				3 years
Restricted Stock [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period								3 years
Incentive Plans 2014 [Member] | Long-term Incentive Plan Units One [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				7,126
Compensation cost recognized | $				$ 300,000
Incentive Plans 2014 [Member] | Long-term Incentive Plan Units One [Member] | Share-based Compensation Award, Tranche One [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	27,111		348,117
Incentive Plan [Member] | Long-term Incentive Plan Units One [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	27,111		46,075
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $					$ 10,600,000			$ 10,600,000		$ 10,600,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition								2 years 2 months 12 days
Remaining compensation cost is expected to be recognized (in years)								2 years 2 months 12 days
Number of executive officers to whom common stock was issued in lieu of salaries | person	2
Class A Common Stock [Member]
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares					$ 0.01			$ 0.01		$ 0.01	$ 0.01
Stock Issued During Period, Shares, New Issues					1,857		681	169,255	1,445
Proceeds from Issuance of Common Stock | $								$ 7,300,000
Stock Repurchased During Period, Shares							749,648	1,028,293	1,255,445
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)						1,334,501	87,736		131,542
Stock Issued During Period, Shares, Exercise Of Warrants								48,663
Preferred Stock, Value, Issued | $												$ 100,000,000
Common Stock, Shares, Issued					24,605,585			24,605,585		24,605,585	23,422,557
Stock Repurchase Program, Authorized Amount | $											$ 50,000,000
Stock Repurchased During Period, Value | $					$ 0		$ 8,000	$ 10,000	$ 13,000
Shares Issued, Price Per Share | $ / shares					$ 12.01			$ 12.01		$ 12.01
Redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)								7,499
Issuance of Class A common stock for executive salaries | $			$ 25,174
Number of executive officers to whom common stock was issued in lieu of salaries | person			2
Class A Common Stock [Member] | Maximum [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares					16.28			$ 16.28		16.28
Class A Common Stock [Member] | Minimum [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares					$ 10			$ 10		10
Class A Common Stock [Member] | Stock Offering [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights											10,983,080
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)								515,142
Class A Common Stock [Member] | Warrant [Member]
Class of Stock [Line Items]
Shares excluded from the diluted shares calculations							125,274		49,970
Class A Common Stock [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Shares included in the diluted shares calculations					37,887
Shares excluded from the diluted shares calculations							11,944	53,330	8,726
Fair value per RSG | $ / shares					$ 4.80			$ 4.80		4.80	$ 10.65
Total fair value | $								$ 400,000			$ 1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period								89,054			90,694
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ / shares					$ 4.80			$ 4.80		$ 4.80	$ 10.65
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $								$ 400,000			$ 1,000,000
At The Market Offerings [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock | $						$ 2,000,000
Common Stock, Shares, Issued					621,110	166,873		621,110		621,110
Shares Issued, Price Per Share | $ / shares						$ 12.10
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues											549,154
Class of Warrant or Right, Outstanding					543,393			543,393		543,393
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)						15,807		3,745
Class of Warrant or Right, Exercise Price of Warrants or Rights, As Percentage Of Market Price Of Common Stock					120.00%			120.00%		120.00%
Class of Warrant or Right, Exercise of Warrants or Rights, Threshold Number Of Trading Days | item								20
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right					20			20		20
Warrants and Rights Outstanding, Term					1 year			1 year		1 year
Warrants and Rights Outstanding, Expiration Term								4 years
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised								3,748
Series B Preferred Stock [Member] | Minimum [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares					$ 10			$ 10		$ 10
Series B Preferred Stock [Member] | Stock Offering [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Outstanding											549,154
Proceeds from Issuance of Common Stock | $											$ 494,200,000
Payments for Repurchase of Preferred Stock and Preference Stock | $								$ 90,000
Series T Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues								4,027,095
Proceeds from Issuance of Preferred Stock and Preference Stock | $								$ 90,600,000
Preferred Stock, Dividend Rate, Percentage								6.15%
Redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)								1,432
Series T Preferred Stock [Member] | Stock Offering [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues								4,009,695
Proceeds from Issuance of Preferred Stock and Preference Stock | $								$ 90,200,000
Preferred Stock Offering Commissions And Dealer Manager Fees | $								$ 10,000,000
Common Class C [Member]
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares					$ 0.01			$ 0.01		$ 0.01	$ 0.01
Stock Issued During Period, Shares, New Issues							0	0	0
Stock Repurchased During Period, Shares							0	0	0
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)							0		0
Common Stock, Shares, Issued					76,603			76,603		76,603	76,603
Stock Repurchased During Period, Value | $					$ 0		$ 0	$ 0	$ 0
Redeemable Preferred Stock [Member] | Series A [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage								8.25%			8.25%
Series T Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Redemption Price Per Share | $ / shares					$ 25			$ 25		$ 25
Cumulative Redeemable Preferred Stock | Series A [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage		8.25%
Cumulative Redeemable Preferred Stock | Series C [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage		7.625%						7.625%			7.625%
Cumulative Redeemable Preferred Stock | Series D [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued					2,774,338			2,774,338		2,774,338	2,850,602
Preferred Stock, Value, Issued | $					$ 66,867,000			$ 66,867,000		$ 66,867,000	$ 68,705,000
Preferred Stock, Par or Stated Value Per Share | $ / shares		$ 7.125
Preferred Stock, Dividend Rate, Percentage								7.125%			7.125%
Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Value, Issued | $					$ 0			$ 0		$ 0	$ 0
Preferred Stock [Member] | Series A [Member]
Class of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share | $ / shares		0.01
Preferred Stock [Member] | Series C [Member]
Class of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share | $ / shares		0.01
Preferred Stock [Member] | Series D [Member]
Class of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share | $ / shares		$ 0.01
Class A common stock, 8.250% Series A Cumulative Redeemable Preferred Stock, 7.625% Series C Cumulative Redeemable Preferred Stock and/or 7.125% Series D Cumulative Preferred Stock [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount | $		$ 50,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 04, 2020	Jun. 30, 2020
Commitments and Contingencies
Payments to acquire land	$ 3.1
Amount of leasehold improvement allowance commited to pay the tenant		$ 20.4
Leasehold improvement allowance funded		$ 0

Subsequent Events - Distributio

Subsequent Events - Distribution paid (Details) - Subsequent event - USD ($) $ / shares in Units, $ in Thousands	Aug. 05, 2020	Jul. 10, 2020	Jul. 02, 2020
Subsequent Events
Total Distribution			$ 16,974
Long-term Incentive Plan Units One [Member]
Subsequent Events
Distributions per Share/Units			$ 0.162500
Total Distribution			$ 487
Class A Common Stock [Member]
Subsequent Events
Distributions per Share/Units			$ 0.162500
Total Distribution			$ 3,995
Common Class C [Member]
Subsequent Events
Distributions per Share/Units			$ 0.162500
Total Distribution			$ 12
Series A Preferred Stock [Member]
Subsequent Events
Distributions per Share/Units			$ 0.515625
Total Distribution			$ 2,880
Series B Preferred Stock [Member]
Subsequent Events
Distributions per Share/Units			$ 5
Total Distribution			$ 2,585
Series B Preferred Stock [Member] | Dividend Declared [Member] | August 5, 2020
Subsequent Events
Declaration of Dividends, Amount		$ 5
Series B Preferred Stock [Member] | Dividend Declared [Member] | September 4, 2020
Subsequent Events
Declaration of Dividends, Amount		5
Series B Preferred Stock [Member] | Dividend Declared [Member] | October 5, 2020
Subsequent Events
Declaration of Dividends, Amount		5
Series C Preferred Stock [Member]
Subsequent Events
Distributions per Share/Units			$ 0.4765625
Total Distribution			$ 1,103
Series D Preferred Stock [Member]
Subsequent Events
Distributions per Share/Units			$ 0.4453125
Total Distribution			$ 1,245
Series T Preferred Stock [Member]
Subsequent Events
Distributions per Share/Units	$ 0.128125		$ 0.128125
Total Distribution	$ 572		$ 486
Series T Preferred Stock [Member] | Dividend Declared [Member] | August 5, 2020
Subsequent Events
Declaration of Dividends, Amount		0.128125
Series T Preferred Stock [Member] | Dividend Declared [Member] | September 4, 2020
Subsequent Events
Declaration of Dividends, Amount		0.128125
Series T Preferred Stock [Member] | Dividend Declared [Member] | October 5, 2020
Subsequent Events
Declaration of Dividends, Amount		$ 0.128125
Operating Partnership Units One [Member]
Subsequent Events
Distributions per Share/Units			$ 0.162500
Total Distribution			$ 1,026
Series B Preferred Stock One [Member]
Subsequent Events
Distributions per Share/Units	$ 5
Total Distribution	$ 2,583

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Reunion Apartments Mezzanine Financing - Subsequent event $ in Millions	Aug. 07, 2020USD ($)property	Jul. 01, 2020USD ($)item
Subsequent Event [Line Items]
Maximum amount that can be borrowed by the third party		$ 10
Amount funded by the company	$ 0.2
Number of apartment units | property	280
Number of extension options | item		2
Extension term		1 year
Loans Receivable, Interest Rate		12.00%