Bluerock Residential Growth REIT (BRG) 10-K 23 Feb 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 11, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 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	FY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 198,724,287
ICFR Auditor Attestation Flag	false
Class A common stock
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		22,900,927
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
Class C Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		76,603

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Net Real Estate Investments
Land	$ 279,481,000	$ 268,244,000
Buildings and improvements	1,889,471,000	1,752,738,000
Furniture, fixtures and equipment	78,438,000	67,904,000
Total Gross Real Estate Investments	2,247,390,000	2,088,886,000
Accumulated depreciation	(186,426,000)	(141,566,000)
Total Net Operating Real Estate Investments	2,060,964,000	1,947,320,000
Operating real estate held for sale, net	36,213,000	0
Total Net Real Estate Investments	2,097,177,000	1,947,320,000
Cash and cash equivalents	83,868,000	31,683,000
Restricted cash	35,093,000	19,085,000
Notes and accrued interest receivable, net	157,734,000	193,781,000
Due from affiliates	339,000	2,969,000
Accounts receivable, prepaids and other assets, net	29,502,000	16,317,000
Preferred equity investments and investments in unconsolidated real estate joint ventures, net	83,485,000	126,444,000
In-place lease intangible assets, net	2,594,000	3,098,000
Non-real estate assets associated with operating real estate held for sale	145,000	0
TOTAL ASSETS	2,489,937,000	2,340,697,000
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Mortgages payable	1,490,932,000	1,425,257,000
Mortgages payable associated with operating real estate held for sale	38,773,000	0
Revolving credit facilities	33,000,000	18,000,000
Accounts payable	1,317,000	1,488,000
Other accrued liabilities	31,025,000	27,499,000
Due to affiliates	618,000	790,000
Distributions payable	13,421,000	13,541,000
Liabilities associated with operating real estate held for sale	383,000	0
Total Liabilities	1,609,469,000	1,486,575,000
Stockholders' Equity
Additional paid-in-capital	304,710,000	311,683,000
Distributions in excess of cumulative earnings	(313,392,000)	(253,132,000)
Total Stockholders' Equity	58,406,000	127,491,000
Noncontrolling Interests
Operating partnership units	(3,272,000)	19,331,000
Partially owned properties	24,666,000	28,839,000
Total Noncontrolling Interests	21,394,000	48,170,000
Total Equity	79,800,000	175,661,000
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY	2,489,937,000	2,340,697,000
Preferred Stock [Member]
Stockholders' Equity
Preferred Stock Value	0	0
Class A common stock
Stockholders' Equity
Common Stock Value	220,000	234,000
Noncontrolling Interests
Total Equity	220,000	234,000
Class C Common Stock [Member]
Stockholders' Equity
Common Stock Value	1,000	1,000
Noncontrolling Interests
Total Equity	1,000	1,000
Cumulative Redeemable Preferred Stock | Series A [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	54,332,000	140,355,000
Cumulative Redeemable Preferred Stock | Series C [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	56,462,000	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	469,907,000	480,921,000
Redeemable Preferred Stock [Member] | Series T
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	$ 219,967,000	$ 388,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 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 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	513,489	536,695
Temporary Equity, Shares Outstanding	513,489	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	9,717,917	17,400
Temporary Equity, Shares Outstanding	9,717,917	17,400
Cumulative Redeemable Preferred Stock | 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	2,201,547	5,721,460
Temporary Equity, Shares Outstanding	2,201,547	5,721,460
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, Dividend Rate, Percentage	7.125%	7.125%
Temporary Equity, Liquidation Preference Per Share	$ 25	$ 25
Temporary Equity, Shares Authorized	4,000,000	4,000,000
Temporary Equity, Shares Issued	2,774,338	2,850,602
Temporary Equity, Shares Outstanding	2,774,338	2,850,602
Class A common stock
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	22,020,950	23,422,557
Common stock, shares outstanding	22,020,950	23,422,557
Class C Common Stock [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
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	8.25%

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Rental and other property revenues	$ 196,522	$ 185,376	$ 162,461
Interest income from mezzanine loan and ground lease investments	23,326	24,595	22,255
Total revenues	219,848	209,971	184,716
Expenses
Property operating	76,301	74,449	67,997
Property management fees	4,988	4,899	4,391
General and administrative	24,141	22,553	19,553
Acquisition and pursuit costs	4,152	556	116
Weather-related losses, net	0	355	288
Depreciation and amortization	79,452	70,452	62,683
Total expenses	189,034	173,264	155,028
Operating income	30,814	36,707	29,688
Other income (expense)
Other income	144	68	0
Preferred returns on unconsolidated real estate joint ventures	11,250	9,797	10,312
Provision for credit losses	(16,369)	0	0
Gain on sale of real estate investments	59,508	48,680	0
Gain on sale of non-depreciable real estate investments	0	679	0
Loss on extinguishment of debt and debt modification costs	(14,630)	(7,258)	(2,277)
Interest expense, net	(55,994)	(59,554)	(52,998)
Total other expense	(16,091)	(7,588)	(44,963)
Net income (loss)	14,723	29,119	(15,275)
Preferred stock dividends	(58,463)	(46,159)	(35,637)
Preferred stock accretion	(16,851)	(10,335)	(5,970)
Net (loss) income attributable to noncontrolling interests
Operating partnership units	(17,313)	(6,779)	(12,839)
Partially-owned properties	1,396	(845)	(1,284)
Net loss attributable to noncontrolling interests	(15,917)	(7,624)	(14,123)
Net loss attributable to common stockholders	$ (44,674)	$ (19,751)	$ (42,759)
Net loss per common share - Basic	$ (1.91)	$ (0.91)	$ (1.82)
Net loss per common share - Diluted	$ (1.91)	$ (0.91)	$ (1.82)
Weighted average basic common shares outstanding	24,084,347	22,649,222	23,845,800
Weighted average diluted common shares outstanding	24,084,347	22,649,222	23,845,800

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)	Additional Paid-in Capital [Member]	Cumulative Distributions [Member]	Net (Loss) Income to Common Stockholders [Member]	Noncontrolling Interests [Member]	Class A common stock	Class C Common Stock [Member]	Series D Preferred Stock [Member]	Total
Balance at Dec. 31, 2017	$ 318,170,000	$ (134,817,000)	$ (29,469,000)	$ 63,346,000	$ 242,000	$ 1,000	$ 68,705,000	$ 286,178,000
Balance (in shares) at Dec. 31, 2017					24,218,359	76,603	2,850,602
Issuance of Class A common stock, net	25,000	0	0	0	$ 0	$ 0	$ 0	25,000
Issuance of Class A common stock, net (in shares)					2,831	0	0
Issuance of Class A common stock due to Series B warrants exercise	0	0	0	0	$ 0	$ 0	$ 0	0
Issuance of Class A common stock due to Series B warrants exercise (in shares)					100	0	0
Repurchase of Class A common stock	(9,007,000)	0	0	0	$ (11,000)	$ 0	$ 0	(9,018,000)
Repurchase of Class A common stock (in shares)					(1,055,057)	0	0
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation	0	0	0	220,000	$ 0	$ 0	$ 0	220,000
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation (in shares)					0	0	0
Issuance of LTIP Units for compensation to former Manager	0	0	0	993,000	$ 0	$ 0	$ 0	993,000
Issuance of LTIP units for expense reimbursements	0	0	0	1,066,000	0	0	0	1,066,000
Vesting of LTIP Units for compensation	0	0	0	5,128,000	0	0	0	5,128,000
Issuance of Series B warrants	1,699,000	0	0	0	0	0	0	1,699,000
Contributions from noncontrolling interests, net	0	0	0	13,551,000	0	0	0	13,551,000
Common stock distributions declared	0	(11,486,000)	0	0	0	0	0	(11,486,000)
Series A Preferred Stock distributions declared	0	(11,800,000)	0	0	0	0	0	(11,800,000)
Series A Preferred Stock accretion	0	(744,000)	0	0	0	0	0	(744,000)
Series B Preferred Stock distributions declared	0	(14,332,000)	0	0	0	0	0	(14,332,000)
Series B Preferred Stock accretion	0	(4,937,000)	0	0	0	0	0	(4,937,000)
Series C Preferred Stock distributions declared	0	(4,428,000)	0	0	0	0	0	(4,428,000)
Series C Preferred Stock accretion	0	(289,000)	0	0	0	0	0	(289,000)
Series D Preferred Stock distributions declared	0	(5,077,000)	0	0	0	0	0	(5,077,000)
Distributions to Operating Partnership ("OP") noncontrolling interests	0	0	0	(4,139,000)	0	0	0	(4,139,000)
Distributions to partially owned noncontrolling interests	0	0	0	(1,786,000)	0	0	0	(1,786,000)
Redemption of Operating Partnership Units	(3,000)	0	0	(3,000)				(6,000)
Holder redemption of Series B Preferred Stock and conversion into Class A common stock	1,563,000	0	0	0	$ 2,000	$ 0	$ 0	1,565,000
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					155,978	0	0
Cash redemption of Series B Preferred Stock	13,000	0	0	0	$ 0	$ 0	$ 0	13,000
Acquisition of noncontrolling interest	(10,334,000)	0	0	(1,844,000)	0	0	0	(12,178,000)
Adjustment for noncontrolling interest ownership in Operating Partnership	5,812,000	0	0	(5,812,000)	0	0	0	0
Net income (loss)	0	0	(1,152,000)	(14,123,000)	0	0	0	(15,275,000)
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	5,320,000	0	0	0	$ 5,000	$ 0	$ 0	5,325,000
Issuance of Class A common stock, net (in shares)					456,708	0	0
Issuance of Class A common stock due to Series B warrants exercise	299,000	0	0	0	$ 0	$ 0	$ 0	299,000
Issuance of Class A common stock due to Series B warrants exercise (in shares)					37,391	0	0
Repurchase of Class A common stock	(14,073,000)	0	0	0	$ (13,000)	$ 0	$ 0	(14,086,000)
Repurchase of Class A common stock (in shares)					(1,313,328)	0	0
Issuance of restricted Class A common stock	424,000	0	0	0	$ 1,000	$ 0	$ 0	425,000
Issuance of restricted Class A common stock (in shares)					87,094	0	0
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation	0	0	0	282,000	$ 0	$ 0	$ 0	282,000
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation (in shares)					0	0	0
Issuance of LTIP units for expense reimbursements	0	0	0	2,238,000	$ 0	$ 0	$ 0	2,238,000
Vesting of LTIP Units for compensation	0	0	0	5,293,000	0	0	0	5,293,000
Issuance of LTIP Units for expense and capitalized cost reimbursements	0	0	0	737,000	0	0	0	737,000
Issuance of Series B warrants	4,413,000	0	0	0	0	0	0	4,413,000
Contributions from noncontrolling interests, net	0	0	0	3,511,000	0	0	0	3,511,000
Common stock distributions declared	0	(14,850,000)	0	0	0	0	0	(14,850,000)
Series A Preferred Stock distributions declared	0	(11,800,000)	0	0	0	0	0	(11,800,000)
Series A Preferred Stock accretion	0	(810,000)	0	0	0	0	0	(810,000)
Series B Preferred Stock distributions declared	0	(24,854,000)	0	0	0	0	0	(24,854,000)
Series B Preferred Stock accretion	0	(9,213,000)	0	0	0	0	0	(9,213,000)
Series C Preferred Stock distributions declared	0	(4,428,000)	0	0	0	0	0	(4,428,000)
Series C Preferred Stock accretion	0	(312,000)	0	0	0	0	0	(312,000)
Series D Preferred Stock distributions declared	0	(5,076,000)	0	0	0	0	0	(5,076,000)
Series T Preferred Stock distributions declared	0	(1,000)	0	0	0	0	0	(1,000)
Miscellaneous offering costs	(222,000)	0	0	0	0	0	0	(222,000)
Distributions to Operating Partnership ("OP") noncontrolling interests	0	0	0	(5,749,000)	0	0	0	(5,749,000)
Distributions to partially owned noncontrolling interests	0	0	0	(3,765,000)	0	0	0	(3,765,000)
Redemption of Operating Partnership Units	(15,000)	0	0	(10,000)				(25,000)
Holder redemption of Series B Preferred Stock and conversion into Class A common stock	2,631,000	0	0	0	$ 2,000	$ 0	$ 0	2,633,000
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					219,328	0	0
Company redemption of Series B Preferred Stock and conversion into Class A common stock	7,188,000	0	0	0	$ 6,000	$ 0	$ 0	7,194,000
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					613,153	0	0
Cash redemption of Series B Preferred Stock	15,000	0	0	0	$ 0	$ 0	$ 0	15,000
Acquisition of noncontrolling interest	(6,529,000)	0	0	(2,390,000)	0	0	0	(8,919,000)
Adjustment for noncontrolling interest in Cade Boca Raton	0	0	0	3,344,000	0	0	0	3,344,000
Adjustment for noncontrolling interest ownership in Operating Partnership	4,294,000	0	0	(4,294,000)	0	0	0	0
Net income (loss)	0	0	36,743,000	(7,624,000)	0	0	0	29,119,000
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 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, 2020	304,710,000	(350,154,000)	36,762,000	21,394,000	$ 220,000	$ 1,000	$ 66,867,000	79,800,000
Balance (in shares) at Dec. 31, 2020					22,020,950	76,603	2,774,338
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	1,992,000	0	0	0	$ 2,000	$ 0	$ 0	1,994,000
Issuance of Class A common stock, net (in shares)					171,713	0	0
Issuance of Class A common stock due to Series B warrants exercise	137,000	0	0	0	$ 0	$ 0	$ 0	137,000
Issuance of Class A common stock due to Series B warrants exercise (in shares)					12,513	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 Class A common stock	(40,294,000)	0	0	0	$ (40,000)	$ 0	$ 0	(40,334,000)
Repurchase of Class A common stock (in shares)					(3,983,842)
Repurchase of Series A, Series C and Series D Preferred Stock, net	511,000	0	0	0	$ 0	$ 0	$ (1,838,000)	(1,327,000)
Repurchase of Series A, Series C and Series D Preferred Stock, net (In shares)					0	0	(76,264)
Issuance of restricted Class A common stock, net of shares withheld for employee taxes	454,000	0	0	0	$ 1,000	$ 0	$ 0	455,000
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares)					72,284	0	0
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation	$ 0	$ 0	$ 0	$ 343,000	$ 0	$ 0	$ 0	$ 343,000
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation (in shares)					0	0	0
Issuance of long-term incentive plan units ("LTIP Units") for executive bonuses	0	0	0	2,034,000	0	0	0	2,034,000
Issuance of LTIP Units for executive salaries	$ 0	$ 0	$ 0	$ 488,000	$ 0	$ 0	$ 0	$ 488,000
Vesting of LTIP Units for compensation	0	0	0	6,824,000	0	0	0	6,824,000
Issuance of LTIP Units for expense and capitalized cost reimbursements	0	0	0	1,747,000	0	0	0	1,747,000
Contributions from noncontrolling interests, net	0	0	0	3,050,000	0	0	0	3,050,000
Common stock distributions declared	0	(15,586,000)	0	0	0	0	0	(15,586,000)
Series A Preferred Stock distributions declared	0	(10,910,000)	0	0	0	0	0	(10,910,000)
Series A Preferred Stock accretion	0	(892,000)	0	0	0	0	0	(892,000)
Company redemption of Series A Preferred Stock accretion	0	(1,084,000)	0	0	0	0	0	(1,084,000)
Series B Preferred Stock distributions declared	0	(31,076,000)	0	0	0	0	0	(31,076,000)
Series B Preferred Stock accretion	0	(12,141,000)	0	0	0	0	0	(12,141,000)
Series C Preferred Stock distributions declared	0	(4,398,000)	0	0	0	0	0	(4,398,000)
Series C Preferred Stock accretion	0	(362,000)	0	0	0	0	0	(362,000)
Series D Preferred Stock distributions declared	0	(4,986,000)	0	0	0	0	0	(4,986,000)
Series T Preferred Stock distributions declared	0	(7,093,000)	0	0	0	0	0	(7,093,000)
Series T Preferred Stock accretion	0	(2,372,000)	0	0	0	0	0	(2,372,000)
Distributions to Operating Partnership ("OP") noncontrolling interests	0	0	0	(6,611,000)	0	0	0	(6,611,000)
Distributions to partially owned noncontrolling interests	0	0	0	(7,844,000)	0	0	0	(7,844,000)
Conversion of Operating Partnership Units ('OP Units") into Class A common stock	(141,000)	0	0	142,000	$ 1,000	$ 0	$ 0	0
Conversion of Operating Partnership Units ('OP Units") into Class A common stock (in shares)					75,801	0	0
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					1,334,501
Holder redemption of Series B Preferred Stock and conversion into Class A common stock	6,962,000	0	0	0	$ 9,000	$ 0	$ 0	6,971,000
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					868,437	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
Holder redemption of Series T Preferred Stock and conversion into Class A common stock	160,000	0	0	0	$ 0	$ 0	$ 0	160,000
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)					21,812	0	0
Cash redemption of Series B Preferred Stock	9,000	0	0	0	$ 0	$ 0	$ 0	9,000
Series B warrant activity and exercise, net	(38,000)	0	0	0	0	0	0	(38,000)
Company redemption of Series A Preferred Stock costs	(30,000)	0	0	0	0	0	0	(30,000)
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	9,973,000	0	0	(9,973,000)	0	0	0	0
Net income (loss)	0	0	30,640,000	(15,917,000)	0	0	0	14,723,000
Balance at Dec. 31, 2020	$ 304,710,000	$ (350,154,000)	$ 36,762,000	$ 21,394,000	$ 220,000	$ 1,000	$ 66,867,000	$ 79,800,000
Balance (in shares) at Dec. 31, 2020					22,020,950	76,603	2,774,338

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Cash flows from operating activities
Net income (loss)	$ 14,723,000	$ 29,119,000	$ (15,275,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	82,993,000	74,055,000	67,004,000
Amortization of fair value adjustments	(420,000)	(335,000)	(434,000)
Preferred returns on unconsolidated real estate joint ventures	(11,250,000)	(9,797,000)	(10,312,000)
Gain on sale of real estate investments	(59,508,000)	(48,680,000)	0
Gain on sale of non-depreciable real estate investments	0	(679,000)	0
Fair value adjustment of interest rate caps	128,000	2,536,000	2,846,000
Loss on extinguishment of debt	14,630,000	7,258,000	0
Provision for credit losses	16,369,000	0	0
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures	13,770,000	9,015,000	9,464,000
Share-based compensation attributable to equity incentive plan	7,167,000	5,575,000	5,348,000
Share-based compensation attributable to executive salaries	635,000		0
Share-based compensation attributable to restricted stock grants	502,000	425,000	0
Share-based compensation to former Manager - LTIP Units			993,000
Share-based expense and capitalized cost reimbursements to BRE - LTIP Units	1,747,000	2,975,000	1,066,000
Changes in operating assets and liabilities:
Due to (from) affiliates, net	2,458,000	(252,000)	(1,595,000)
Accounts receivable, prepaids and other assets	(15,718,000)	(4,268,000)	(1,285,000)
Notes and accrued interest receivable	(5,000)	(247,000)	(1,149,000)
Accounts payable and other accrued liabilities	6,254,000	(3,369,000)	7,784,000
Net cash provided by operating activities	74,475,000	63,331,000	64,455,000
Cash flows from investing activities:
Acquisitions of real estate investments	(262,734,000)	(516,217,000)	(333,540,000)
Capital expenditures	(17,119,000)	(21,446,000)	(21,240,000)
Investment in notes receivable	(47,473,000)	(51,714,000)	(22,032,000)
Repayments on notes receivable	83,350,000	12,148,000	0
Proceeds from Sale of Real Estate Held-for-investment	194,700,000	313,785,000	0
Proceeds from sale and redemption of unconsolidated real estate joint ventures	50,734,000	36,620,000	0
Adjustment for noncontrolling interests in Cade Boca Raton		461,000	0
Purchase of interests from noncontrolling interests	(3,651,000)	(9,891,000)	(12,178,000)
Investment in unconsolidated real estate joint venture interests	(24,809,000)	(74,307,000)	(17,888,000)
Net cash used in investing activities	(27,002,000)	(310,561,000)	(406,878,000)
Cash flows from financing activities:
Distributions to common stockholders	(15,771,000)	(14,850,000)	(13,952,000)
Distributions to noncontrolling interests	(13,713,000)	(9,129,000)	(6,298,000)
Distributions to preferred stockholders	(59,183,000)	(45,075,000)	(35,014,000)
Contributions from noncontrolling interests	3,050,000	3,511,000	13,551,000
Borrowings on mortgages payable	197,211,000	450,241,000	411,269,000
Repayments on mortgages payable including prepayment penalties	(189,782,000)	(274,715,000)	(141,994,000)
Proceeds from credit facilities	384,189,000	133,500,000	222,495,000
Repayments on credit facilities	(369,189,000)	(197,707,000)	(207,956,000)
Payments of deferred financing fees	(4,738,000)	(4,815,000)	(7,291,000)
Payments to purchase interest rate caps			(5,174,000)
Miscellaneous offering costs		(222,000)	0
Net proceeds from issuance of Class A common stock	1,994,000	5,325,000	25,000
Repurchase of Class A common stock	(40,334,000)	(14,086,000)	(9,018,000)
Shares withheld for employee taxes upon vesting of awards	(47,000)		0
Repurchase of Series A, Series C and/or Series D Preferred Stock	(6,103,000)		0
Payments to redeem Operating Partnership Units		(25,000)	(6,000)
Net cash provided by financing activities	20,720,000	245,754,000	330,077,000
Net increase (decrease) in cash, cash equivalents and restricted cash	68,193,000	(1,476,000)	(12,346,000)
Cash, cash equivalents and restricted cash, beginning of year	50,768,000	52,244,000	64,590,000
Cash, cash equivalents and restricted cash, end of year	118,961,000	50,768,000	52,244,000
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	83,868,000	31,683,000	24,775,000
Restricted cash	35,093,000	19,085,000	27,469,000
Cash, cash equivalents and restricted cash, end of year	118,961,000	50,768,000	52,244,000
Supplemental disclosure of cash flow information
Cash paid for interest (net of interest capitalized)	52,768,000	53,890,000	44,837,000
Supplemental disclosure of non-cash investing and financing activities
Distributions payable - declared and unpaid	13,421,000	13,541,000	12,073,000
Mortgage assumed upon property acquisition	84,043,000	15,546,000	0
Capital expenditures held in accounts payable and other accrued liabilities	7,000	(884,000)	786,000
Reduction of assets from change of control or deconsolidation		(26,383,000)	0
Reduction of mortgages payable from change of control or deconsolidation		(23,500,000)	0
Reduction of noncontrolling interests from change of control or deconsolidation		(3,344,000)	0
Series A Preferred Stock [Member]
Cash flows from financing activities:
Payments to redeem Redeemable Preferred Stock	(83,950,000)		0
Series B Preferred Stock [Member]
Cash flows from financing activities:
Net proceeds from issuance of Redeemable Preferred Stock		208,913,000	107,877,000
Retirement of Redeemable Preferred Stock	(290,000)		0
Net proceeds from issuance of Warrants associated with the Series B Redeemable Preferred Stock		4,413,000	1,699,000
Net proceeds from exercise of Warrants associated with the Series B Redeemable Preferred Stock	121,000	343,000	0
Payments to redeem Redeemable Preferred Stock	(112,000)	(255,000)	(136,000)
Series D Preferred Stock [Member]
Cash flows from operating activities
Net income (loss)	0	0	0
Series T Preferred Stock [Member]
Cash flows from financing activities:
Net proceeds from issuance of Redeemable Preferred Stock	$ 217,367,000	$ 387,000	$ 0

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	12 Months Ended
	Dec. 31, 2020
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	8.25%
Series B Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	6.00%
Series T Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	6.15%

Organization and Nature of Busi

Organization and Nature of Business	12 Months Ended
	Dec. 31, 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. 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. As of December 31, 2020, the Company held investments in fifty- nine real estate properties, consisting of thirty- seven consolidated operating properties and twenty-two properties through preferred equity, mezzanine loan or ground lease investments. Of the property interests held through preferred equity, mezzanine loan or ground lease investments, five are under development, three are in lease-up and fourteen properties are stabilized. The fifty- nine properties contain an aggregate of 17,862 units, comprised of 12,722 consolidated operating units and 5,140 units through preferred equity, mezzanine loan or ground lease investments. As of December 31, 2020, the Company’s consolidated operating properties were approximately 95.4% occupied.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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 of the property interests acquired and investments made on the Company’s behalf. As of December 31, 2020, limited partners other than the Company owned approximately 31.91% of the common units of the Operating Partnership (19.44% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 12.47% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 5.53% which are not vested at December 31, 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 as held to maturity debt securities. These entities are included in 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. In accordance with adoption of the lease accounting update issued in July 2018, the Company reflects all income earned pursuant to tenant leases in a single line item, “Rental and other property revenues”, in the consolidated statements of operations. 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. The Company believes it currently has a stable financial condition; as of December 31, 2020, the Company collected 97% of rents from its multifamily properties for the three months ended December 31, 2020. As of January 31, 2021, the Company collected 97% of January rents from its multifamily properties. In addition, the Company has provided rent deferral payment plans as a result of hardships certain tenants experienced due to the impact of COVID-19, decreasing from 1% in the quarter ended June 30, 2020 to 0.2% in the quarter ended December 31, 2020. 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 95.4% and 95.6% as of December 31, 2020 and January 31, 2021, respectively, in future periods, the Company may experience reduced levels of tenant retention as well as reduced foot traffic and lease applications from prospective tenants resulting from the impact of COVID-19. During the fourth quarter, the Company recorded a provision for credit losses of $16.4 million on its preferred equity, mezzanine loan and ground lease investments, of which $15.9 million relates to its Alexan Southside Place preferred equity investment. Consistent with the overall Houston — Medical Center submarket, Alexan Southside Place lost significant value since the onset of the COVID-19 pandemic given the pandemic’s impact on demand within the submarket. The provision for credit loss recorded on the Company’s Alexan Southside Place investment is a result of this change in the submarket, its impact on the underlying operations of the Alexan Southside Place preferred equity investment, and the likelihood that the joint venture will sell before recovery. 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 investments as preferred equity investments and investments in unconsolidated real estate joint ventures in its consolidated balance sheets. In accordance with ASC 320 Investments – Debt Securities Mezzanine Loan Investments The Company analyzes each loan arrangement that involves real estate development to consider whether the loan qualifies for accounting as a loan or as an investment in a real estate development project. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310-10 Receivables Fair Value of Financial Instruments As of December 31, 2020 and 2019, the carrying values of cash and cash equivalents, restricted cash, 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 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. Refer to Note 10 for further information regarding fair value measurements. Real Estate Assets Capital Additions, Depreciation and Amortization The Company capitalizes costs, including certain indirect costs, incurred in connection with its capital additions activities, including redevelopment, development and construction projects, other tangible apartment community improvements, and replacements of existing apartment community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with capital additions activities at the apartment community level. The Company characterizes as “indirect costs” an allocation of certain department costs, including payroll, at the corporate levels that clearly relate to capital additions activities. The Company also capitalizes interest, property taxes and insurance during periods in which redevelopment, development and construction projects are in progress. Cost capitalization begins once the development or construction activity commences and ceases when the asset is ready for its intended use. Repair and maintenance and tenant turnover costs are expensed as incurred. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. Depreciation and amortization expense are computed on the straight-line method over the asset’s estimated useful life. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: ​ ​ ​ ​ Buildings 30 – 40 years Building improvements 5 – 15 years Land improvements 5 – 15 years Furniture, fixtures and equipment 3 – 7 years In-place leases 6 months ​ Real Estate Purchase Price Allocations Upon the acquisition of real estate properties which do not constitute the definition of a business, the Company recognizes the assets acquired, the liabilities assumed, and any noncontrolling interest as of the acquisition date, measured at their relative fair values. Acquisition-related costs are capitalized in the period incurred and are recorded to the components of the real estate assets acquired. The Company assesses the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on several factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Intangible assets include the value of in-place leases, which represents the estimated fair value of the net cash flows of leases in place at the time of acquisition, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases, which is on average six months. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, prevailing interest rates and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be significant based upon the assumptions made in calculating these estimates. Impairment of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets. No impairment charges were recorded in 2020, 2019 or 2018. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. Restricted Cash Restricted cash is comprised of the following: (i) lender-imposed escrow accounts for replacement reserves, real estate taxes and insurance, and (ii) amounts set aside for reinvestment in accordance with Internal Revenue Service Code Section 1031 related to like-kind exchanges. Concentration of Credit Risk The Company maintains cash balances with high quality financial institutions and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation. Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other third-party costs associated with obtaining financing. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures are capitalized and reflected as a reduction of mortgages payable, and fees associated with the Company’s lines of credit are recorded within accounts receivable, prepaids and other assets on the consolidated balances sheets. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures and fees associated with its lines of credit are amortized to interest expense over the terms of the financing agreements using the straight-line method, which approximates the effective interest method. Noncontrolling Interests Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in consolidated joint ventures, as well as interests held by LTIP Unit holders and OP Unit holders. The Company reports its joint venture partners’ interest in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder pursuant to each joint venture’s operating agreement. Revenue Recognition The Company recognizes rental revenue on a straight-line basis over the terms of the rental agreements and in accordance with ASC Topic 842 Leases Other property revenues are recognized in the period earned. The Company recognizes a gain or loss on the sale of real estate assets when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtains control. Stock-Based Compensation The Company expenses the fair value of share awards in accordance with the fair value recognition requirements of ASC Topic 718 “Compensation-Stock Compensation.” ASC Topic 718 requires companies to measure the cost of the recipient services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. The cost of the share award is expensed over the requisite service period (usually the vesting period). Distribution Policy The Company expects to authorize and declare regular cash distributions to its stockholders in order to maintain its REIT status. Distributions to stockholders will be determined by the Company’s board of directors (the “Board”) and will be dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT, and other considerations as the Board may deem relevant. Distributions are recorded as a reduction of stockholders’ equity in the period in which they are declared. 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 selling commissions and dealer manager fees of 7% and 3%, respectively, of the gross offering proceeds from the offering. 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. Offering costs related to each closing are recorded as a reduction of proceeds raised on the date of issue. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and has qualified since the taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income (loss) and net cash available for distribution to stockholders. However, the Company intends to continue to organize and operate in such a manner as to remain qualified for treatment as a REIT. For the year ended December 31, 2020, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2020, none of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes, 51.53% were return of capital, and 48.47% were capital gains, with 18.45% of the capital gains qualifying as Section 1250 gains. For the year ended December 31, 2019, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2019, approximately 1.33% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes, 93.15% were return of capital, and 5.52% were capital gains, with 87.49% of the capital gains qualifying as Section 1250 gains. For the year ended December 31, 2018, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2018, approximately 34.00% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes and 66.00% were return of capital. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It requires a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, in an income tax return. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management has considered all positions taken on the 2014 through 2019 tax returns (where applicable), and those positions expected to be taken on the 2020 tax returns, and concluded that tax positions taken will more likely than not be sustained at the full amount upon examination. Accordingly, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its consolidated financial statements. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2020. If any income tax exposure was identified, the Company would recognize an estimated liability for income tax items that meet the criteria for accrual. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. If any interest and penalties related to income tax assessments arose, the Company would record them as income tax expense. As of December 31, 2020, tax returns for the calendar years 2017 and subsequent remain subject to examination by the Internal Revenue Service and various state tax jurisdictions. Reportable Segment The Company’s current business consists of investing in and operating multifamily communities. Substantially all its consolidated net income (loss) is from investments in multifamily real estate properties that the Company owns through co-investment ventures or invests in through multifamily real estate loans. The Company evaluates operating performance on an individual property investment level and based on the properties’ similar economic characteristics. The Company views its real estate assets as one reportable segment, and, accordingly, aggregates its properties into one reportable segment. 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. 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 Accounting Standards Update (“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. ASU 2016-13 utilizes a CECL methodology for the recognition of credit losses for structured loans and preferred equity investments. The provision for credit losses is adjusted each period for changes in expected credit losses. This methodology replaces the multiple existing impairment methods in GAAP which generally required that a loss be incurred before it is recognized. The Company adopted ASU 2016-13 as of January 1, 2020 and the standard did not have a material impact on the Company’s consolidated financial statements upon adoption. 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 second quarter 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. In August 2020, the FASB issued ASU No. 2020-06 “Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). The guidance in ASU 2020-06 simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity Current Expected Credit Losses (“CECL”) The Company estimates provision for credit losses on its mezzanine loan and preferred equity investments under CECL. This method is based on expected credit losses for the life of the investment as of each balance sheet date. The method for calculating the estimate of expected credit loss takes into account historical experience and current conditions for similar

Sale of Real Estate Assets and

Sale of Real Estate Assets and Held for Sale Properties	12 Months Ended
	Dec. 31, 2020
Sale of Real Estate Assets and Held for Sale Properties
Sale of Real Estate Assets and Held for Sale Properties	Note 3 — Sale of Real Estate Assets and Held for Sale Properties Sale of Wesley Village II On March 1, 2019, the Company closed on the sale of an undeveloped parcel of land known as Wesley Village II located in Charlotte, North Carolina. The parcel was sold for approximately $1.0 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for closing costs and fees, the sale of the parcel generated net proceeds of approximately $1.0 million, resulting in a gain on sale of approximately $0.7 million. Sale of ARIUM Palms, Leigh House, Preston View, Sorrel and Sovereign (the “Topaz Portfolio”) On July 15, 2019, the Company closed on the sale of three of the five properties in the Topaz Portfolio: Preston View, Sorrel and Sovereign. The properties are located in Morrisville, North Carolina, Frisco, Texas and Fort Worth, Texas, respectively. The three properties were sold for approximately $174.9 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of existing mortgage indebtedness encumbering the properties in the amount of $108.0 million, the payment of early extinguishment of debt costs of $1.8 million and payment of closing costs and fees of $2.0 million, the sale of the properties generated net proceeds of approximately $63.0 million and a gain on sale of approximately $30.9 million. Additionally, the Company held a preferred equity investment in Leigh House, the fourth property in the Topaz Portfolio, located in Raleigh, North Carolina. Prior to the sale, the Company purchased additional interests in Leigh House from Bluerock Special Opportunity + Income Fund II, LLC (“Fund II”) for approximately $3.2 million in accordance with the agreement governing its investment. The Company sold its interests as part of the Topaz Portfolio for net proceeds of approximately $17.4 million, which included payment for its original preferred investment of $14.2 million and its additional investment of approximately $3.2 million. On August 29, 2019, the Company closed on the sale of the fifth property in the Topaz Portfolio, ARIUM Palms, located in Orlando, Florida. The property was sold for approximately $46.8 million, subject to certain prorations and adjustments typical in such real estate transactions. After deductions for the payoff of the existing mortgage indebtedness encumbering the ARIUM Palms property in the amount of $30.3 million, the payment of early extinguishment of debt costs of $0.3 million and payment of closing costs and fees of $1.0 million, the sale of the property generated net proceeds of approximately $15.3 million and a gain on sale of approximately $13.4 million. Sale of Marquis at Crown Ridge and Marquis at Stone Oak On September 20, 2019, the Company closed on the sale of its interests in two properties located in San Antonio, Texas: Marquis at Crown Ridge and Marquis at Stone Oak. The properties were sold for approximately $95.0 million, subject to certain prorations and adjustments typical in such real estate transactions. After deductions for the payoff of the existing mortgage indebtedness encumbering the properties in the amount of $70.3 million and payment of closing costs and fees of $0.2 million, the sale of the properties generated net proceeds of approximately $24.5 million and a gain on sale of approximately $5.1 million, of which the Company’s pro rata share of the proceeds was approximately $22.2 million and pro rata share of the gain was approximately $4.6 million. Sale of Helios On January 8, 2020, Helios, the underlying asset of an unconsolidated joint venture and located in Atlanta, Georgia, 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. Refer to Note 7 for further information. Sale of Whetstone Apartments On January 24, 2020, the Company 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. Refer to Note 7 for further information. Sale of Ashton Reserve On April 14, 2020, the Company closed on the sale of the Ashton Reserve properties, 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. The Company recorded a loss on extinguishment of debt of $6.9 million related to the sale. 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. The Company recorded a loss on extinguishment of debt of $0.1 million related to the sale. 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. The Company recorded a loss on extinguishment of debt of $2.4 million related to the sale. Sale of Cade Boca Raton On October 26, 2020, the Company closed on the sale of Cade Boca Raton, located in Boca Raton, Florida. The property was sold for approximately $37.8 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 $23.5 million, the payment of early extinguishment of debt costs of $0.2 million and payment of closing costs and fees of $0.6 million, the sale of the property generated net proceeds of approximately $13.0 million and a gain on sale of approximately $1.7 million, of which the Company’s pro rata share of the proceeds was approximately $10.2 million and pro rata share of the gain was approximately $1.7 million. The Company recorded a loss on extinguishment of debt of $0.6 million related to the sale. Sale of Novel Perimeter On December 9, 2020, Novel Perimeter, a property located in Atlanta, Georgia, was sold. Upon the sale, the mezzanine loan provided by the Company was paid off for $23.6 million, which included principal repayment of $23.5 million and accrued interest of $0.1 million. Refer to Note 6 for further information. Sale of Arlo On December 15, 2020, Arlo, a property located in Charlotte, North Carolina, was sold. Upon the sale, the mezzanine loan provided by the Company was paid off for $31.1 million, which included principal repayment of $30.9 million and accrued interest of $0.2 million. Refer to Note 6 for further information. Sale of Riverside Apartment Interests On December 22, 2020, Riverside Apartments, the underlying asset of an unconsolidated joint venture and located in Austin, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $14.8 million, which included its original preferred investment of $13.9 million and accrued preferred return of $0.9 million. Refer to Note 7 for further information. Held for Sale The Company entered into a purchase and sale agreement for the sale of ARIUM Grandewood, located in Orlando, Florida, at an amount more than the property’s carrying value. The Company has classified the property as held for sale as of December 31, 2020. Refer to Note 16 for further information. ​

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2020
Investments in Real Estate
Investments in Real Estate	Note 4 — Investments in Real Estate As of December 31, 2020, the Company held investments in thirty-seven consolidated operating properties and twenty-two 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. 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 % Carrington at Perimeter Park Morrisville, NC 266 2007 100 % Chattahoochee Ridge Atlanta, GA 358 1996 90 % Chevy Chase Austin, TX 320 1971 92 % Cielo on Gilbert ​ Mesa, AZ ​ 432 ​ 1985 ​ 90 % Citrus Tower Orlando, FL 336 2006 97 % Denim Scottsdale, AZ 645 1979 100 % Elan Austin, TX 270 2007 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 ​ ​ ​ 12,722 ​ ​ ​ ​ ​ (1) Represents date of last significant renovation or year built if there were no renovations. Depreciation expense was $72.9 million, $63.7 million and $53.9 million for the years ended December 31, 2020, 2019 and 2018, 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 $6.6 million, $6.8 million and $8.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company’s real estate assets are leased to tenants under operating leases for which the terms and expirations vary. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all the risks and benefits of ownership of the consolidated real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit. Amounts required as a security deposit vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not individually significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of their security deposit. Security deposits received in cash related to tenant leases are included within other accrued liabilities in the accompanying consolidated balance sheets and totaled $3.1 million and $2.6 million as of December 31, 2020 and 2019, respectively, for the Company’s consolidated real estate properties. No individual tenant represents over 10% of the Company’s annualized base rent for the consolidated real estate properties. 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 (1) ​ ​ ​ ​ ​ ​ ​ ​ Motif Fort Lauderdale, FL ​ 385 ​ 1Q 2020 ​ 2Q 2020 The Conley, formerly North Creek Apartments Leander, TX ​ 259 ​ 2Q 2020 ​ 4Q 2020 Wayford at Concord, formerly Wayforth at Concord Concord, NC ​ 150 ​ 1Q 2020 ​ 4Q 2020 Total lease-up units ​ ​ 794 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investments (1) ​ ​ ​ ​ ​ ​ ​ ​ Zoey Austin, TX ​ 307 ​ 1Q 2022 ​ 2Q 2022 Reunion Apartments Orlando, FL ​ 280 ​ 1Q 2022 ​ 3Q 2022 The Park at Chapel Hill Chapel Hill, NC 414 ​ 3Q 2021 ​ 4Q 2022 Avondale Hills ​ Decatur, GA ​ 240 ​ 1Q 2023 ​ 1Q 2023 Encore Chandler Chandler, AZ ​ 208 ​ 1Q 2023 ​ 2Q 2023 Total development units ​ ​ 1,449 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multifamily Community Name Location ​ Number of Units ​ ​ ​ ​ Operating Investments (1) ​ ​ ​ ​ ​ ​ ​ ​ Alexan CityCentre Houston, TX ​ 340 ​ ​ ​ ​ Alexan Southside Place ​ Houston, TX ​ 270 ​ ​ ​ ​ Belmont Crossing (2) ​ Smyrna, GA ​ 192 ​ ​ ​ ​ Domain at The One Forty ​ Garland, TX ​ 299 ​ ​ ​ ​ Georgetown Crossing (2) ​ Savannah, GA ​ 168 ​ ​ ​ ​ Hunter’s Pointe (2) ​ Pensacola, FL ​ 204 ​ ​ ​ ​ Mira Vista ​ Austin, TX ​ 200 ​ ​ ​ ​ Park on the Square (2) ​ Pensacola, FL ​ 240 ​ ​ ​ ​ Sierra Terrace (2) ​ Atlanta, GA ​ 135 ​ ​ ​ ​ Sierra Village (2) ​ Atlanta, GA ​ 154 ​ ​ ​ ​ The Commons (2) ​ Jacksonville, FL ​ 328 ​ ​ ​ ​ Thornton Flats ​ Austin, TX ​ 104 ​ ​ ​ ​ Vickers Historic Roswell ​ Roswell, GA ​ 79 ​ ​ ​ ​ Water’s Edge (2) ​ Pensacola, FL ​ 184 ​ ​ ​ ​ Total operating units ​ ​ ​ 2,897 ​ ​ ​ ​ Total units ​ ​ ​ 5,140 ​ ​ ​ ​ (1) Properties in which the Company has a mezzanine loan, preferred equity or ground lease investment. Operating investments represent stabilized operating properties. Refer to Note 6, Note 7 and Note 14 for further information. (2) Belmont Crossing, Georgetown Crossing, Hunter’s Pointe, Park on the Square, Sierra Terrace, Sierra Village, The Commons and Water’s Edge are collectively known as the Strategic Portfolio. Refer to Note 7 for further information. ​

Acquisition of Real Estate

Acquisition of Real Estate	12 Months Ended
	Dec. 31, 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 financing during the years ended December 31, 2020 and 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership ​ Purchase ​ ​ ​ ​ Property Location Date Interest Price Mortgage Element Las Vegas, NV ​ June 27, 2019 100 % $ 41,750 ​ $ 29,260 ​ Providence Trail Mount Juliet, TN ​ June 27, 2019 100 % 68,500 ​ ​ 47,950 ​ Denim Scottsdale, AZ ​ July 24, 2019 100 % 141,250 ​ 91,634 ​ The Sanctuary Las Vegas, NV ​ July 31, 2019 100 % 51,750 ​ 33,707 ​ Chattahoochee Ridge Atlanta, GA ​ November 12, 2019 90 % 69,750 ​ 45,338 ​ The District at Scottsdale ​ Scottsdale, AZ ​ December 11, 2019 ​ 100 % ​ 124,000 ​ ​ 82,200 ​ Navigator Villas ​ Pasco, WA ​ December 18, 2019 ​ 90 % ​ 28,500 ​ ​ 20,515 ​ 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) Chevy Chase ​ Austin, TX ​ August 11, 2020 ​ 92 % ​ 34,500 ​ ​ 24,400 ​ Carrington at Perimeter Park ​ Morrisville, NC ​ December 1, 2020 ​ 100 % ​ 52,000 ​ ​ 31,301 (3) Elan ​ Austin, TX ​ December 1, 2020 ​ 100 % ​ 39,500 ​ ​ 25,574 (4) Cielo on Gilbert ​ Mesa, Arizona ​ December 23, 2020 ​ 90 % ​ 74,250 ​ ​ 58,000 ​ (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. (3) Mortgage balance includes a $27.5 million loan assumption and a $3.8 million supplemental loan secured by the Carrington at Perimeter Park property. (4) Mortgage balance includes a $21.2 million loan assumption and a $4.4 million supplemental loan secured by the Elan property. 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 year ended December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ Purchase ​ ​ Price ​ Allocation Land ​ $ 34,565 Building ​ 254,191 Building improvements ​ 10,200 Land improvements ​ 34,117 Furniture and fixtures ​ 8,148 In-place leases ​ 5,556 Total assets acquired ​ $ 346,777 Mortgages assumed ​ $ 78,385 Fair value adjustments ​ ​ 5,658 Total liabilities assumed ​ $ 84,043 ​ Acquisition of Additional Interests in Properties In addition to the property acquisitions discussed above, the Company also acquired the noncontrolling partner’s interest in the following properties during the years ended December 31, 2020 and 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property Date Amount Previous Interest New Interest Pine Lakes Preserve, formerly ARIUM Pine Lakes ​ January 29, 2019 ​ $ 7,769 ​ 85 % 100 % Sorrel (1) ​ June 25, 2019 ​ ​ 738 ​ 95 % 100 % Sovereign (1) ​ June 25, 2019 ​ ​ 1,204 ​ 95 % 100 % The Brodie ​ April 24, 2020 ​ ​ 3,500 ​ 93 % 100 % (1) Sorrel and Sovereign were subsequently disposed of in 2019 as part of the Topaz Portfolio sale. Refer to Note 3 for further information.

Notes and Interest Receivable

Notes and Interest Receivable	12 Months Ended
	Dec. 31, 2020
Notes and Interest Receivable
Notes and Interest Receivable	Note 6 — Notes and Interest Receivable Following is a summary of the notes and accrued interest receivable due from mezzanine loan investments as of December 31, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Property 2020 2019 Arlo ​ $ — ​ $ 27,605 Avondale Hills ​ 1,021 ​ — Domain at The One Forty ​ 24,315 ​ 23,430 Motif ​ 75,436 ​ 75,436 Novel Perimeter ​ — ​ 20,867 Reunion Apartments ​ ​ 8,161 ​ ​ — The Park at Chapel Hill ​ ​ 36,927 ​ ​ 34,819 Vickers Historic Roswell ​ 12,048 ​ 11,624 Total ​ $ 157,908 ​ $ 193,781 Provision for credit losses (1) ​ ​ (174) ​ ​ — Total, net ​ $ 157,734 ​ $ 193,781 (1) The Company recorded a $174 provision for credit losses on its mezzanine loan investments during the fourth quarter 2020 under CECL. Refer to Note 2 for further information. Provision for Credit Losses As of December 31, 2020, the Company’s provision for credit losses on its mezzanine loan investments was $0.2 million on a carrying amount of $157.9 million of these investments. Changes in provision for credit losses of the Company’s mezzanine loan investments for the years ended December 31, 2020 and 2019 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Provision for credit losses, beginning of the period ​ $ — ​ $ — Provision for credit loss on pool of assets (1) ​ 174 ​ — Provision for credit losses, end of period ​ $ 174 ​ $ — (1) Under CECL, a provision for credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. Refer to Note 2 for further information. Following is a summary of the interest income from mezzanine loan and ground lease investments for the years ended December 31, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Property ​ 2020 2019 Arlo ​ $ 4,161 ​ $ 3,757 Avondale Hills ​ 3 ​ — Cade Boca Raton ​ — ​ 1,925 Domain at The One Forty ​ 1,311 ​ 3,280 Motif ​ 9,549 ​ 9,626 Novel Perimeter ​ ​ 3,084 ​ ​ 3,091 Reunion Apartments ​ ​ 176 ​ ​ — The Park at Chapel Hill ​ 3,077 ​ 1,273 Vickers Historic Roswell ​ ​ 1,733 ​ ​ 1,643 Zoey (1) ​ ​ 232 ​ ​ — Total ​ $ 23,326 ​ $ 24,595 (1) Refer to Note 14 for further information about the Zoey Ground Lease. The occupancy percentages of the Company’s mezzanine loan investment properties at December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ Property 2020 2019 Avondale Hills ​ (1) — ​ Domain at The One Forty ​ 92.6 % 85.6 % Motif ​ 62.1 % ​ (2) Reunion Apartments ​ (1) — ​ The Park at Chapel Hill ​ ​ (1) ​ (2) Vickers Historic Roswell 96.2 % 74.7 % (1) The development had not commenced lease-up as of December 31, 2020. (2) The development had not commenced lease-up as of December 31, 2019. Arlo Mezzanine Financing The Company had provided a $27.5 million mezzanine loan (the “Arlo Mezz Loan ") to BR Morehead JV Member, LLC (the “Arlo JV Member”), an affiliate of BRG Manager, LLC (the "former Manager"). On March 30, 2020, the Company increased its mezzanine loan commitment to the Arlo JV Member to $32.0 million. The Arlo Mezz Loan was secured by the Arlo JV Member’s approximate 95.0% interest in a multi-tiered joint venture along with Fund II, an affiliate of the former Manager, and an unaffiliated third party, which developed a 286-unit Class A apartment community located in Charlotte, North Carolina. The Arlo Mezz Loan was to mature 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 Arlo Mezz Loan bore interest at a fixed rate of 15% with regular monthly payments being interest only and could be prepaid without penalty. In conjunction with the Arlo development, the Arlo property owner, which was owned by an entity in which the Company had an equity interest, entered into a $34.5 million construction loan (the “Arlo Construction Loan”) with an unaffiliated party, which was secured by the Arlo property. The Arlo Construction Loan was to mature on June 29, 2020 and bore interest on a floating basis on the amount drawn based on LIBOR plus 3.75%, subject to a minimum of 4.25%. In addition, the Arlo property owner entered into a $7.3 million mezzanine loan with an unaffiliated party, which was secured by the membership interest in the joint venture which developed the Arlo property. The mezzanine loan was to mature on June 29, 2020 and bore interest at a fixed rate of 11.5%. On March 31, 2020, the Arlo property owner refinanced the Arlo 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 was to mature on April 1, 2025 and bore 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 could be prepaid without prepayment fee or yield maintenance. The Arlo property was sold on December 15, 2020. Refer to Note 3 for further information. Avondale Hills Mezzanine Financing On September 30, 2020, the Company entered into an agreement to provide a mezzanine loan in an amount up to $11.7 million, of which $1.0 million had been funded as of December 31, 2020, to an unaffiliated third party which is developing a 240-unit Class A apartment community located in Decatur, Georgia known as Avondale Hills. The loan matures on October 5, 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. Cade Boca Raton Mezzanine Financing The Company provided a $14.0 million mezzanine loan (the “Boca Mezz Loan”) to BRG Boca JV Member, LLC (the “Boca JV Member”), an affiliate of the former Manager. The Boca Mezz Loan was secured by the Boca JV Member’s approximate 90.0% interest in a multi-tiered joint venture along with Fund II, an affiliate of the former Manager, and an unaffiliated third party, which developed a 90-unit Class A apartment community located in Boca Raton, Florida known as Cade Boca Raton. The Boca Mezz Loan bore interest at a fixed rate of 15.0% with regular monthly payments being interest-only. The Boca Mezz Loan was to mature on March 11, 2022 and could be prepaid without penalty. On December 19, 2019, the Company received a paydown of $3.6 million on the Boca Mezz Loan, reducing the outstanding principal balance to $10.1 million. Additionally, the Company negotiated with Fund II to contribute the remaining balance of the Boca Mezz Loan in exchange for 89.25% of the common membership interest in Boca JV Member and sole management control of Boca JV Member . At December 31, 2019, the Company consolidated the Boca JV Member. On October 26, 2020, the Company sold Cade Boca Raton. Refer to Note 3 for further information. Domain at The One Forty Mezzanine Financing The Company has provided a $24.5 million mezzanine loan (the “Domain Mezz Loan”), of which $24.2 million has been funded as of December 31, 2020, to BR Member Domain Phase 1, LLC (the “Domain JV Member”), an affiliate of the former Manager. The Domain Mezz Loan is secured by the Domain JV Member’s approximate 95% interest in a multi-tiered joint venture along with Fund II, an affiliate of the former Manager, and an unaffiliated third party, which developed a 299 - unit Class A apartment community located in Garland, Texas known as Domain at The One Forty. The Domain Mezz Loan matures on the earliest to occur of: (i) the latest to occur of (a) March 11, 2022 and (b) the applicable maturity date under any extension granted under any construction financing, or (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 Domain Mezz Loan bears interest at 15% in 2019, 5.5% in 2020, 4.0% in 2021 and 3.0% thereafter, and has regular monthly payments that are interest-only. The Domain Mezz Loan can be prepaid without penalty. The Company has a 50.0% participation in any profits achieved in a sale after repayment of the Domain Mezz Loan and the Company and Fund II each receive full return of their respective capital contributions. In conjunction with the Domain at The One Forty development, the Domain at The One Forty property owner, which is owned by an entity in which the Company has an equity interest: (i) entered into a $30.3 million construction loan (the “Domain Construction Loan”) secured by the Domain at The One Forty property, and (ii) entered into a $6.4 million mezzanine loan secured by the membership interest in the joint-venture which developed the Domain at The One Forty property. Both the Domain Construction Loan and the mezzanine loan were entered into with unaffiliated parties and had maturity dates of March 3, 2020. The Domain Construction Loan could be prepaid without penalty, whereas the mezzanine loan could be prepaid provided the lender received a minimum profit and 1.0 % exit fee. On December 12, 2019, the Domain at The One Forty property owner refinanced the Domain Construction Loan and entered into a $39.2 million senior mortgage loan (the “Domain Senior Loan”) secured by the Domain at The One Forty property and used the proceeds in part to pay off the outstanding balances, in full, of the Domain Construction Loan and mezzanine loan. The Domain Senior Loan matures on January 5, 2023 and bears interest at a floating basis of LIBOR plus 2.20%, but no less than 3.95 %, with interest-only payments through the initial term of the loan. The Domain Senior Loan contains two one-year extension options, and if extended, payments during the extension period shall be based on thirty-year amortization. On or after July 5, 2021, the senior loan may be prepaid without penalty. Motif Mezzanine Financing The Company has provided a $74.6 million mezzanine loan (the “Motif Mezz Loan”, formerly the Flagler Mezz Loan) to BR Flagler JV Member, LLC (the “Motif JV Member”, formerly the Flagler JV Member), an affiliate of the former Manager. The Motif Mezz Loan is secured by the Motif JV Member’s 97% interest in a multi-tiered joint venture along with Fund II and Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”), affiliates of the former Manager, and an unaffiliated third party (the “Motif JV”, formerly the Flagler JV), which developed a 385-unit Class A apartment community located in Fort Lauderdale, Florida known as Motif. The Motif Mezz Loan bears interest at 12.9% and has regular monthly payments that are interest-only. The Motif Mezz Loan has a maturity date of March 28, 2023 and can be prepaid without penalty. The Company has the right of first offer to purchase the member’s ownership interests in the Motif JV Member, or, if applicable, to purchase Motif if the Motif JV Member exercises its rights under the Motif JV to cause the sale of Motif. In conjunction with the Motif development, the Motif property owner, which is owned by an entity in which the Company has an equity interest, entered into an approximately $70.4 million construction loan (the “Motif Construction Loan”) with an unaffiliated party, of which $67.8 million is outstanding as of December 31, 2020, and which is secured by the Motif development. The Motif Construction Loan matures on March 28, 2022, contains a one-year extension option, subject to certain conditions, and can be prepaid subject to payment of a make-whole premium and exit fee. The Motif Construction Loan bears interest at the greater of 5.0% or a rate of LIBOR plus 3.85%, with interest only payments until March 28, 2022 and future payments after extension based on thirty-year amortization. On March 31, 2020, the Company received a paydown of $8.0 million on the Motif Mezz Loan, reducing the outstanding principal balance to $66.6 million. On May 8, 2020, at the request of the Motif JV Member, the Company amended the Motif Mezz Loan agreement to re-lend the $8.0 million to the Motif JV Member. The Company funded the full $8.0 million during the second quarter 2020 to the Motif JV Member, increasing the outstanding Motif Mezz Loan balance to $74.6 million as of December 31, 2020. Novel Perimeter Mezzanine Financing The Company had provided a $20.6 million mezzanine loan (the “Perimeter Mezz Loan”) to BR Perimeter JV Member, LLC (the “Perimeter JV Member”), an affiliate of the former Manager. On May 5, 2020, the Company increased its mezzanine loan commitment to the Perimeter JV Member to $23.8 million. 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 Fund III, an affiliate the former Manager, up to a 100% common membership interest in the Perimeter JV Member. The Perimeter Mezz Loan was secured by the Perimeter JV Member’s approximate 60% interest in a multi-tiered joint venture along with Fund III and an unaffiliated third party, which developed a 320-unit Class A apartment community located in Atlanta, Georgia known as Novel Perimeter. The Perimeter Mezz Loan was to mature on the later of December 29, 2021 or the maturity date of the Novel Perimeter Construction Loan, as defined below, as extended, and bore interest at a fixed rate of 15.0%. Regular monthly payments were interest-only during the initial term. The Perimeter Mezz Loan could be prepaid without penalty. In conjunction with the Novel Perimeter development, the Novel Perimeter property owner, which was owned by an entity in which the Company had an equity interest, entered into an approximately $44.7 million construction loan (the “Novel Perimeter Construction Loan”) with an unaffiliated party, which was secured by the Novel Perimeter development. The Novel Perimeter Construction Loan was to mature on December 12, 2020 and bore interest at a rate of LIBOR plus 3.00%, with interest only payments until December 12, 2020 and future payments based on thirty-year amortization. The Novel Perimeter property was sold on December 9, 2020. Refer to Note 3 for further information. The Park at Chapel Hill Financing On November 1, 2019, the Company entered into an agreement to provide a mezzanine loan (“the Chapel Hill Mezz Loan”) in an amount up to $40.0 million to BR Chapel Hill JV, LLC (“BR Chapel Hill JV”), of which $29.5 million was funded upon execution of the agreement. BR Chapel Hill JV owns a 100% interest in BR Chapel Hill, LLC (“BR Chapel Hill”) and is a joint venture with common interests held by Bluerock Special Opportunity + Income Fund, Fund II, and BR Chapel Hill Investment, LLC, all managed by affiliates of the former Manager. The Chapel Hill Mezz Loan bore interest at a fixed rate of 11.0% per annum with regular monthly payments being interest-only during the initial term. The Chapel Hill Mezz Loan matures on the earliest to occur of: (i) the latest to occur of (a) March 31, 2024 and (b) the applicable maturity date under any extension granted under any construction financing, or (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 Chapel Hill Mezz Loan is secured by the Chapel Hill property and can be prepaid without penalty. In conjunction with the Chapel Hill Mezz Loan, the Company provided a $5.0 million senior loan to BR Chapel Hill. The senior loan is secured by BR Chapel Hill’s fee simple interest in the Chapel Hill property. The senior loan matures on March 31, 2024 and bears interest at a fixed rate of 10.0 % per annum. Regular monthly payments are interest-only during the initial term. The senior loan can be prepaid without penalty. As of December 31, 2020, the senior loan remains outstanding in full. 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 during the second quarter 2020 to the Chapel Hill Mezz Loan borrower, increasing the outstanding Chapel Hill Mezz Loan balance to $10.5 million. On August 18, 2020, the Company entered into an amended and restated mezzanine loan agreement (the “Amended Chapel Hill Mezz Loan”) with BR Chapel Hill JV. As part of the Amended Chapel Hill Mezz Loan, (i) the Company’s maximum loan commitment was adjusted to $31.0 million, including all previously advanced amounts outstanding, from the previous commitment amount of $40.0 million, and (ii) the interest rate on the loan was increased to 11.75% per annum from the previous rate of 11% per annum, with 5.25% paid current and 6.5% accrued. As of December 31, 2020, all amounts had been funded under the Amended Chapel Hill Mezz Loan. The loan maturity events and the ability of the loan to be prepaid without penalty did not change from the previous loan. 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 $8.0 million had been funded as of December 31, 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. Vickers Historic Roswell Mezzanine Financing The Company has provided an $11.8 million mezzanine loan (the “Vickers Mezz Loan”) to BR Vickers Roswell JV Member, LLC (the “Vickers JV Member”), an affiliate of the former Manager. On December 30, 2020, the Company increased its mezzanine loan commitment to the Vickers JV Member to $12.4 million, of which $11.9 million had been funded as of December 31, 2020. In exchange for increasing its loan commitment, the Company received an additional 2.5 basis point discount purchase option and has the right to exercise an option to purchase, at the greater of a 20.0 basis point discount to fair market value or 15% internal rate of return for Fund III, an affiliate the former Manager, up to a 100% common membership interest in the Vickers JV Member. The Vickers Mezz Loan is secured by the Vickers JV Member’s approximate 80 % interest in a multi-tiered joint venture along with Fund III, an affiliate of the former Manager, and an unaffiliated third party, which developed a 79-unit Class A apartment community located in Roswell, Georgia known as Vickers Historic Roswell. The Vickers Mezz Loan bears interest at a fixed rate of 15.0 % and regular monthly payments are interest-only. The Vickers Mezz Loan matures on the earliest to occur of: (i) the latest to occur of (a) February 26, 2022 and (b) the applicable maturity date under any extension granted under any construction financing, or (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 Vickers Mezz Loan can be prepaid without penalty. In conjunction with the Vickers Historic Roswell development, the Vickers Historic Roswell property owner, which is owned by an entity in which the Company has an equity interest, entered into an approximately $18.0 million construction loan (the “Vickers Construction Loan”) with an unaffiliated party, which was secured by the Vickers Historic Roswell development. The Vickers Construction Loan was to mature on December 1, 2020 and could be prepaid without penalty. On December 13, 2019, the Vickers Historic Roswell property owner refinanced the Vickers Construction Loan and entered into a $22.0 million senior mortgage loan (the “Vickers Senior Loan”) secured by the Vickers Historic Roswell property and used the proceeds in part to pay off the outstanding balance, in full, of the Vickers Construction Loan. The Vickers Senior Loan matures on January 1, 2030 and bears interest at a floating basis of LIBOR plus 1.99 %, with interest-only payments through the term of the loan. On or after September 28, 2029, the loan may be prepaid without penalty.

Preferred Equity Investments an

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures	12 Months Ended
	Dec. 31, 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 December 31, 2020 and 2019 is summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Property 2020 2019 ​ ​ ​ ​ ​ ​ ​ Alexan CityCentre ​ $ 15,063 ​ $ 12,788 Alexan Southside Place ​ 26,038 ​ 24,866 Helios ​ — ​ 23,663 Leigh House ​ — ​ 80 Mira Vista ​ ​ 5,250 ​ ​ 5,250 Riverside Apartments ​ — ​ 12,342 Strategic Portfolio (1) ​ 27,054 ​ 10,183 The Conley, formerly North Creek Apartments ​ ​ 15,036 ​ ​ 14,964 Thornton Flats ​ ​ 4,600 ​ ​ 4,600 Wayford at Concord, formerly Wayforth at Concord ​ ​ 6,500 ​ ​ 4,683 Whetstone Apartments ​ — ​ 12,932 Other ​ 97 ​ 93 Total ​ $ 99,638 ​ $ 126,444 Provision for credit losses (2) ​ ​ (16,153) ​ ​ — Total, net ​ $ 83,485 ​ $ 126,444 (1) Belmont Crossing, Georgetown Crossing, Hunter’s Pointe, Park on the Square, Sierra Terrace, Sierra Village, The Commons and Water’s Edge are collectively known as the Strategic Portfolio. (2) Refer to the Provision for Credit Losses table below. Provision for Credit Losses As of December 31, 2020, the Company’s provision for credit losses on its preferred equity investments was $16.2 million on a carrying amount of $99.6 million of these investments. Changes in provision for credit losses of the Company’s preferred equity investments for the years ended December 31, 2020 and 2019 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Provision for credit losses, beginning of the period ​ $ — ​ $ — Provision for credit loss on pool of assets (1) ​ 223 ​ — Provision for credit loss – Alexan Southside Place (2) ​ 15,930 ​ — Provision for credit losses, end of period ​ $ 16,153 ​ $ — (1) Under CECL, a provision for credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. Refer to Note 2 for further information. (2) The Company recorded a $15,930 provision for credit loss on its Alexan Southside Place preferred equity investment. Refer to the Alexan Southside Place Provision for Credit Loss disclosure below for further information. As of December 31, 2020, the Company, through wholly-owned subsidiaries of the Operating Partnership, had outstanding equity investments in eleven joint ventures , each of which was created to develop a multifamily property. Eight of the eleven equity investments, Alexan CityCentre, Alexan Southside Place, Encore Chandler, Mira Vista, Strategic Portfolio, The Conley (formerly North Creek Apartments), Thornton Flats, and Wayford at Concord (formerly Wayforth at Concord) are preferred equity investments that are classified as held to maturity debt securities as the Company has the intention and ability to hold the investments to maturity. The Company earns a fixed return on these investments which is included within preferred returns on unconsolidated real estate joint ventures in its consolidated statements of operations. The joint venture is the controlling member in an entity whose purpose is to develop or operate a multifamily property. Three of the eleven equity investments, Domain at The One Forty, Motif and Vickers Historic Roswell, represent a remaining 0.5 % common interest in joint ventures where, in some cases, the Company had 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 years ended December 31, 2020, 2019 and 2018 is summarized below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property ​ 2020 2019 2018 Alexan CityCentre ​ $ 2,502 ​ $ 2,108 ​ $ 1,668 Alexan Southside Place ​ 1,281 ​ 1,583 ​ 3,201 Helios (1) ​ (133) ​ 1,343 ​ 2,459 Leigh House ​ 2 ​ 1,155 ​ 1,910 Mira Vista ​ ​ 539 ​ ​ 155 ​ ​ — Riverside Apartments ​ ​ 1,662 ​ ​ 879 ​ ​ 31 Strategic Portfolio ​ ​ 2,121 ​ ​ 33 ​ ​ — The Conley ​ ​ 1,966 ​ ​ 1,375 ​ ​ 108 Thornton Flats ​ ​ 415 ​ ​ 110 ​ ​ — Wayford at Concord ​ 839 ​ 121 ​ — Whetstone Apartments ​ 56 ​ 935 ​ 935 Preferred returns on unconsolidated joint ventures ​ $ 11,250 ​ $ 9,797 ​ $ 10,312 (1) Of the net loss incurred at Helios for the year ended December 31, 2020, ($143) pertains to costs related to the sale of Helios. The occupancy percentages of the Company’s unconsolidated real estate joint ventures at December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ Property 2020 2019 Alexan CityCentre ​ 94.1 % 90.9 % Alexan Southside Place ​ 93.0 % 95.2 % Encore Chandler ​ ​ (1) — ​ Mira Vista ​ 95.0 % 93.5 % Strategic Portfolio ​ ​ ​ ​ ​ Belmont Crossing ​ 91.7 % 89.6 % Georgetown Crossing ​ 88.7 % — ​ Hunter’s Pointe ​ 99.0 % — ​ Park on the Square ​ 97.5 % — ​ Sierra Terrace ​ 89.6 % 97.0 % Sierra Village ​ 87.7 % 86.4 % The Commons ​ 93.9 % — ​ Water’s Edge ​ 99.5 % — ​ The Conley ​ 54.1 % ​ (2) Thornton Flats ​ 88.5 % 90.4 % Wayford at Concord ​ 80.7 % ​ (2) (1) The development had not commenced lease-up as of December 31, 2020. (2) The development had not commenced lease-up as of December 31, 2019. Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 is as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Balance Sheets: ​ ​ Real estate, net of depreciation ​ $ 625,184 ​ $ 678,073 Other assets ​ 46,686 ​ 51,212 Total assets ​ $ 671,870 ​ $ 729,285 ​ ​ ​ ​ ​ ​ ​ Mortgage payable ​ $ 514,964 ​ $ 570,573 Other liabilities ​ 33,027 ​ 36,129 Total liabilities ​ $ 547,991 ​ $ 606,702 Members’ equity ​ 123,879 ​ 122,583 Total liabilities and members’ equity ​ $ 671,870 ​ $ 729,285 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 Operating Statement: ​ ​ ​ ​ Rental revenues ​ $ 50,887 ​ $ 37,220 ​ $ 19,222 Operating expenses ​ (29,816) ​ (21,904) ​ (14,824) Income before debt service and depreciation and amortization ​ 21,071 ​ 15,316 ​ 4,398 Interest expense, net ​ (37,346) ​ (31,775) ​ (12,935) Depreciation and amortization ​ (19,034) ​ (16,125) ​ (10,385) Net operating loss ​ (35,309) ​ (32,584) ​ (18,922) Gain on sale (1) ​ 68,889 ​ 13,871 ​ — Net income (loss) ​ $ 33,580 ​ $ (18,713) ​ $ (18,922) (1) For the year ended December 31, 2020, represents the gain on sales of Helios and Whetstone. For the year ended December 31, 2019, represents the gain on sale of Leigh House. Alexan CityCentre Interests The Company has made a $15.1 million preferred equity investment in a multi-tiered joint venture along with Bluerock Growth Fund, LLC (“BGF”), Bluerock Growth Fund II, LLC (“BGF II”), Fund II and Fund III, all affiliates of the former Manager, and an unaffiliated third party (the “Alexan CityCentre JV”), which developed a 340-unit Class A apartment community located in Houston, Texas, known as Alexan CityCentre. The Company earns a preferred return of 15.0% and 20.0% on its $6.5 million and $8.6 million preferred equity investments, respectively. The Alexan CityCentre JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid return on the earlier date which is six months following the maturity of the loan, detailed below, including extension and refinancing, or any earlier acceleration or due date. The Alexan CityCentre property owner, which is owned by an entity in which the Company has an equity interest, entered into a $55.1 million construction loan modification agreement, which was secured by its interest in the Alexan CityCentre property (the “Alexan Development”). The loan was to mature on January 1, 2020 and bore interest per annum equal to the prime rate plus 0.5% or LIBOR plus 3.0 %, at the borrower’s option. On April 26, 2019, the Alexan CityCentre owner: (i) entered into a $46.0 million senior mortgage loan, (ii) entered into a $11.5 million mezzanine loan with an unaffiliated party, and (iii) used the proceeds from the senior loan and mezzanine loan to pay off the outstanding balance, in full, of the construction loan. The senior loan and mezzanine loan both provide for earnout advances, subject to certain restrictions, of $2.0 million and $0.5 million, respectively, for total loan commitments of $48.0 million and $12.0 million, respectively. The loans bear interest at a floating basis of the greater of LIBOR plus 1.50% or 3.99% on the senior loan, and the greater of LIBOR plus 6.00% or 8.49 % on the mezzanine loan. The senior loan and mezzanine loan both: (i) have regular monthly payments that are interest-only during the initial term, (ii) have initial maturity dates of May 9, 2022, (iii) contain two one-year extension options, and (iv) can be prepaid in whole prior to maturity provided the lender receives a stated spread maintenance premium. Alexan Southside Place Interests The Company has made a $24.9 million preferred equity investment in a multi-tiered joint venture along with Fund II and Fund III, affiliates of the former Manager, and an unaffiliated third party (the “Alexan Southside JV”), which developed a 270-unit Class A apartment community located in Houston, Texas, known as Alexan Southside Place. Alexan Southside Place is developed upon a tract of land under an 85 - year ground lease. The joint venture adopted ASU No. 2016-02 as of January 1, 2019, and as such, has recorded a right-of-use asset and lease liability of $17.1 million as of December 31, 2020. The Alexan Southside JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid return on the earlier date which is six months following the maturity of the loan, detailed below, including extension and refinancing, or any earlier acceleration or due date. In conjunction with the Alexan Southside development, the joint venture, which is owned by an entity in which the Company has an equity interest, entered into a $31.8 million construction loan secured by its interest in the Alexan Southside Place property. The loan was to mature in April 2019 and bore interest on a floating basis on the amount drawn based on the base rate plus 1.25% or LIBOR plus 2.25%, at the borrower’s option. On April 12, 2019, the joint venture: (i) entered into a $26.4 million senior mortgage loan, (ii) entered into a $6.6 million mezzanine loan with an unaffiliated party, and (iii) used the proceeds from the senior loan and mezzanine loan to pay off the outstanding balance, in full, of the construction loan. The senior loan and mezzanine loan both provide for earnout advances, subject to certain restrictions, of $2.4 million and $0.6 million, respectively, for total loan commitments of $28.8 million and $7.2 million, respectively. The loans bear interest at a floating basis of the greater of LIBOR plus 1.50% or 3.99% on the senior loan, and the greater of LIBOR plus 6.00% or 8.49 % on the mezzanine loan. The senior loan and mezzanine loan both: (i) have regular monthly payments that are interest-only during the initial term, (ii) have initial maturity dates of May 9, 2022, (iii) contain two one-year extension options, and (iv) can be prepaid in whole prior to maturity provided the lender receives a stated spread maintenance premium. On November 9, 2018, the Company entered into an amended agreement with Fund II and Fund III (together “the Funds”) that reduced the Company’s preferred return in exchange for certain grants made by the Funds. The Company’s previous per annum preferred return of 15.0% was reduced as follows: 6.5% in 2019, 5.0% in 2020 and 3.5% thereafter. The Funds agreed to (i) grant the Company a right to compel a sale of the project beginning November 1, 2021 and (ii) grant the Company a 50.0% participation in any profits achieved in a sale after the Company receives its full preferred return and repayment of principal, and the Funds receive full return of their capital contributions. The Funds are obligated to fund their prorata share of future capital calls, absent a default event. If a default event shall occur and is continuing at the time of a sale, the Company would be entitled to 100.0% of the profits after the Funds receive full return of their capital contributions. Additionally, the Company agreed to extend the mandatory redemption date of its preferred equity to be reflective of any changes in the construction loan maturity date as a result of refinancing. Alexan Southside Place Provision for Credit Loss Consistent with the overall Houston — Medical Center submarket, Alexan Southside Place lost significant value since the onset of the COVID-19 pandemic given the pandemic’s impact on demand within the submarket. Although the overall submarket is expected to rebound over the next twenty-four Encore Chandler Interests On December 31, 2020, the Company entered into a multi-tiered joint venture agreement with an unaffiliated third party (the “Encore JV”) to develop an approximately 208-unit, Class A apartment community located in Chandler, Arizona to be known as Encore Chandler. The Company has made a commitment to invest in $10.2 million of preferred equity interests in the Encore JV, of which none has been funded as of December 31, 2020. The Company will begin funding capital once the unaffiliated third party has contributed it full common equity commitment. The Company will earn a 13% per annum accrued return on outstanding capital contributions with payments to be remitted when the property generates cash flow in excess of operating costs and the senior loan debt service from the preceding month. The Encore JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on December 31, 2026 (the “redemption date”) or earlier upon the occurrence of certain events. The redemption date can be extended through two (2) one year extension options, subject to certain conditions. In conjunction with the Encore Chandler development, the Encore Chandler property owner, which is owned by an entity in which the Company has an equity interest, entered into a $31.0 million construction loan, of which none is outstanding as of December 31,2020. The loan matures on December 30, 2024 and is secured by the fee simple interest in the Encore Chandler property. The loan contains a one-year extension option, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on a floating basis on the amount drawn based on the greater of 3.00% or one-month LIBOR plus 2.50%. Regular monthly payments are interest-only though the earlier of December 2023 or upon the development achieving certain debt service conditions, with future monthly payments based on thirty-year amortization. Helios Interests The Company had made a $19.2 million preferred equity investment in a multi-tiered joint venture along with Fund III, an affiliate of the former Manager, and an unaffiliated third party (the “Helios JV”), which developed a 282-unit Class A apartment community located in Atlanta, Georgia known as Helios. On December 28, 2018, the Helios property owner entered into a $39.5 million senior mortgage loan secured by the Helios property. The loan was to mature on January 1, 2029 and bore interest at a floating basis of LIBOR plus 1.75%, with interest only payments through January 2023 and future monthly payments based on thirty-year amortization. On or after September 29, 2028, the loan could be prepaid without prepayment fee or yield maintenance. On December 10, 2019, the Company entered into a membership interest purchase agreement to purchase 100% of the common membership interest in the joint venture from Fund III and the Helios JV for $2.5 million and $1.8 million, respectively, based on fair market value after consideration of the $19.2 million preferred equity investment previously funded by the Company. As ownership in the Helios real property was in the form of undivided interests, the Company continued to account for the Helios property under the equity method as of December 31, 2019. The Company closed on the sale of the Helios investment on January 8, 2020. Refer to Note 3 for further information. Leigh House Interests The Company had made a $14.2 million preferred equity investment in a multi-tiered joint venture along with Fund II, an affiliate of the former Manager, and an unaffiliated third party (the “Leigh House JV”), which developed a 245-unit Class A apartment community located in Raleigh, North Carolina known as Leigh House. The Company earned a preferred return of 15.0% and 20.0% on its $11.9 million and $2.3 million preferred equity investments, respectively. The Leigh House JV was required to redeem the Company’s preferred membership interest plus any accrued but unpaid return on the earlier date which was six months following the maturity of the construction loan, including extension, or any earlier acceleration or due date. The Leigh House investment was sold on July 15, 2019 as part of the Topaz Portfolio sale. Refer to Note 3 for further information. Mira Vista Interests On September 17, 2019, the Company made a $5.3 million preferred equity investment in a joint venture (the “Mira Vista JV”) with an unaffiliated third party for a stabilized property in Austin, Texas known as Mira Vista. Through September 17, 2026, the Company earns a 7.0% current return and a 3.1% accrued return, for a total preferred return of 10.1 %. After September 17, 2026, the Company will earn a 7.0% current return and a 4.0% accrued return for a total preferred return of 11.0 %. The Mira Vista JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on January 1, 2030 or earlier upon the occurrence of certain events. In conjunction with the Mira Vista investment, the Mira Vista property owner, which is owned by an entity in which the Company has an equity interest, entered into a $15.1 million senior mortgage loan. The loan matures on October 1, 2029 and is secured by the fee simple interest in the Mira Vista property. The loan bears interest at a fixed rate of 3.24% and regular monthly payments are interest-only through October 2024, with future monthly payments based on thirty-year amortization. The loan can only be prepaid in full and is subject to yield maintenance or a 1% prepayment penalty until April 1, 2029. Riverside Apartments Interests The Company made a $13.9 million preferred equity investment in a multi-tiered joint venture (the "Riverside JV") with an unaffiliated third party to develop an approximately 222-unit Class A apartment community located in Austin, Texas to be known as Riverside Apartments. The Company earned an 8.5% current return and a 4.0% accrued return for a total preferred return of 12.5%. The Riverside JV was required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on November 21, 2023 (extended by one year if the property has not yet reached stabilization) or earlier upon the occurrence of certain events. In conjunction with the Riverside Apartments development, the Riverside Apartments property owner, which was owned by an entity in which the Company had an equity interest, entered into a $20.2 million construction loan. The loan was to mature on December 6, 2021 and was secured by the fee simple interest in the Riverside Apartments property. The loan contained two one-year extension options, subject to certain conditions. The loan bore interest on a floating basis on the amount drawn based on the greater of 6.14% or one-month LIBOR plus 3.75%. Regular monthly payments were interest-only through June 2021, with future monthly payments based on thirty-year amortization. The loan could be prepaid without penalty, subject to a make-whole provision. The Riverside Apartments investment was sold on December 22, 2020. The Company recovered its preferred equity investment and accrued preferred return. Refer to Note 3 for further information. Strategic Portfolio On December 20, 2019, the Company made a $10.2 million preferred equity investment in a joint venture (the “Strategic JV”) with an unaffiliated third party for the following three stabilized properties: Belmont Crossing, located in Smyrna, Georgia; and Sierra Terrace and Sierra Village, both located in Atlanta, Georgia. In 2020, the Company made additional preferred equity investments totaling $16.8 million in the Strategic JV for the following stabilized properties: Georgetown Crossing, located in Savanah, Georgia; The Commons, located in Jacksonville, Florida; and Hunter's Pointe, Park on the Square and Water's Edge, all located in Pensacola, Florida. Together, these eight stabilized properties are collectively known as the Strategic Portfolio. The Company earns 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. The properties in the Strategic Portfolio are subject to individual property mortgage debt in the aggregate amount of $120.7 million. The Conley Interests, formerly North Creek Apartments The Company made a $17.9 million preferred equity investment, of which $15.0 million has been funded as of December 31, 2020, in a multi-tiered joint venture (the “The Conley JV”) with an unaffiliated third party which developed a 259-unit Class A apartment community located in Leander, Texas known as The Conley. The Company earns an 8.5% current return and a 4.0% accrued return for a total preferred return of 12.5%. The Conley JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on October 29, 2023 (extended by one year if the property has not yet reached stabilization) or earlier upon the occurrence of certain events. In conjunction with The Conley development, The Conley property owner, which is owned by an entity in which the Company has an equity interest, entered into a $23.6 million construction loan, of which $21.2 million is outstanding as of December 31, 2020. The loan matures on October 29, 2021 and is secured by the fee simple interest in The Conley property. The loan contains two one-year extension options, subject to certain conditions. The loan bears interest on a floating basis on the amount drawn based on the greater of 6.06% or one-month LIBOR plus 3.75%. Regular monthly payments are interest-only through April 2021, with future monthly payments based on thirty-year amortization. The loan can be prepaid without penalty, subject to a make-whole provision. Thornton Flats Interests On September 25, 2019, the Company made a $4.6 million preferred equity investment in a joint venture (the “Thornton JV”) with an unaffiliated third party for a stabilized property in Austin, Texas known as Thornton Flats. The Company may fund additional capital contributions totaling $1.5 million, subject to certain debt yield and gross revenue conditions being satisfied. The Company earns an 8.0% current return and a 1.0% accrued return for a total preferred return of 9.0%. The Thornton JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on September 25, 2024 or earlier upon the occurrence of certain events. In conjunction with the Thornton Flats investment, the Thornton Flats property owner, which is owned by an entity in which the Company has an equity interest, entered into a $13.9 million senior mortgage loan. The loan matures on March 31, 2026 and is secured by the fee simple interest in the Thornton Flats property. The loan bears interest at a floating rate of LIBOR plus 2.10% with regular monthly payments based on thirty-year amortization. The loan can be prepaid without penalty. Wayford at Concord Interests, formerly Wayforth at Concord The Company made a $6.5 million preferred equity investment, all of which has been funded as of December 31, 2020, in a joint venture (the “Wayford JV”) with an unaffiliated third party to develop an approximately 150-unit Class A apartment community located in Concord, North Carolina to be known as Wayford at Concord. In accordance with the Wayford operating agreement, the Company began funding its capital once the unaffiliated third party had contributed its full common equity commitment. The Company earns a 9.0% current return and a 4.0% accrued return for a total preferred return of 13.0%. The Wayford JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on November 9, 2023 (extended one year if the property has not yet reached stabilization) or earlier upon the occurrence of certain events. In conjunction with the Wayford at Concord development, the Wayford at Concord property owner, which is owned by an entity in which the Company has an equity interest, entered into a $22.3 million construction loan, of which $19.0 million is outstanding as of December 31, 2020. The loan matures on November 9, 2021 and is secured by the fee simple interest in the Wayford at Concord property. The loan contains two one-year extension options, subject to certain conditions. The loan bears interest on a floating basis on the amount drawn based on one-month LIBOR plus 2.5%. Regular monthly payments are interest-only during the initial term, with payments during the extension period based on thirty-year amortization. The loan can be prepaid without penalty. Whetstone Apartments Interests The Company had made a $12.9 million preferred equity investment in a multi-tiered joint venture along with Fund III, an affiliate of the former Manager, and an unaffiliated third party, to acquire a 204-unit Class A apartment community located in Durham, North Carolina known as Whetstone Apartments. The Company earned a 6.5% preferred return on its investment, though effective April 1, 2017, Whetstone Apartments ceased paying its preferred return on a current basis. The preferred return was accrued, except for payments totaling $0.5 million received in 2019, and the accrued preferred return of $2.6 million as of December 31, 2019 is included within due from affiliates in the Company’s consolidated balance sheets. On October 6, 2016, the Whetstone Apartments property owner, which was owned by an entity in which the Company had an equity interest, entered into a mortgage loan of approximately $26.5 million. The loan was to mature on November 1, 2023 and was secured by the Whetstone Apartments property. The loan bore interest at a fixed rate of 3.81% and regular monthly payments were based on thirty-year amortization. The loan could be prepaid with the greater of 1.0% prepayment fee or yield maintenance until October 31, 2021, and thereafter at par. The loan was nonrecourse to the Company and its joint venture partners with certain standard scope non-recourse carve-outs for certain deeds, acts or failures to act on the part of the Company and the joint venture partners. On January 22, 2020, 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 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 Company closed on the sale of Whetstone Apartments on January 24, 2020 and recovered its preferred equity investment and accrued preferred return. Refer to Note 3 for further information.

Revolving Credit Facility

Revolving Credit Facility	12 Months Ended
	Dec. 31, 2020
Revolving Credit Facility
Revolving Credit Facility	Note 8 — Revolving Credit Facility The outstanding balances on the revolving credit facilities as of December 31, 2020 and 2019 are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Revolving Credit Facilities ​ 2020 ​ 2019 Amended Senior Credit Facility ​ $ 33,000 ​ $ 18,000 Second Amended Junior Credit Facility ​ — ​ — Total ​ $ 33,000 ​ $ 18,000 ​ Amended Senior Credit Facility On March 6, 2020, the Company entered into an amended and restated 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 1.70% at December 31, 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 December 31, 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 December 31, 2020, the Company had one outstanding letter of credit of $0.8 million. Second Amended Junior Credit Facility On December 21, 2018, the Company entered into the Amended Junior Credit Facility which provided for a revolving loan facility and a term loan facility with maximum commitment amounts of $50 million and $25 million, respectively. The revolving loan facility had a maturity date of December 21, 2019, with borrowings thereunder bearing interest, at the Company’s option, at LIBOR plus 3.5% or the base rate plus 2.5%.The Company paid an unused fee at an annual rate of 0.35% to 0.40% of the unused portion of the revolving loan facility, depending on the amount of borrowings outstanding. The term loan facility terminated upon its payoff by the Company on July 19, 2019. On November 6, 2019, the Company entered into a second amended and restated Junior Credit Facility (the “Second Amended Junior Credit Facility”) replacing the 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 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 debt yield, minimum tangible net worth and minimum equity raise and collateral values. At December 31, 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 December 31, 2020 is based on the collateral and compliance with various ratios related to those assets and was approximately $124.4 million.

Mortgages Payable

Mortgages Payable	12 Months Ended
	Dec. 31, 2020
Mortgages Payable
Mortgages Payable	Note 9 — Mortgages Payable The following table summarizes certain information as of December 31, 2020 and 2019, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Principal ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest-only ​ ​ Property 2020 2019 Interest Rate through date Maturity Date ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Grandewood ​ $ — ​ $ 19,713 ​ ​ ​ ​ ​ ARIUM Hunter’s Creek ​ 70,871 ​ 72,183 3.65 % (1) ​ 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 (2) ​ ​ 36,566 ​ ​ — ​ 4.18 % July 2022 ​ July 1, 2027 Carrington at Perimeter Park (3) ​ ​ 31,301 ​ ​ — ​ 4.16 % (3) ​ July 1, 2027 Chattahoochee Ridge ​ 45,338 ​ 45,338 3.25 % December 2022 ​ December 5, 2024 Citrus Tower ​ ​ 40,627 ​ ​ 41,325 ​ 4.07 % (1) ​ October 1, 2024 Denim (4) ​ ​ 101,205 ​ ​ 91,634 ​ 3.41 % August 2024 ​ August 1, 2029 Elan (5) ​ 25,574 ​ — 4.19 % (5) ​ July 1, 2027 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 ​ 25,674 ​ 26,111 4.35 % (1) ​ January 1, 2024 Navigator Villas (6) ​ 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 ​ 50,043 ​ 51,000 3.63 % (1) ​ December 1, 2026 The Brodie ​ 33,551 ​ 34,198 3.71 % (1) ​ December 1, 2023 The Links at Plum Creek ​ 39,578 ​ 40,000 4.31 % (1) ​ October 1, 2025 The Mills ​ 25,275 ​ 25,797 4.21 % (1) ​ January 1, 2025 The Preserve at Henderson Beach ​ ​ 48,490 ​ ​ 48,490 ​ 3.26 % September 2028 ​ September 1, 2029 The Reserve at Palmer Ranch ​ ​ 40,977 ​ ​ 41,348 ​ 4.41 % (1) ​ May 1, 2025 The Sanctuary ​ 33,707 ​ 33,707 3.31 % Interest-only ​ August 1, 2029 Villages of Cypress Creek ​ — ​ 26,200 ​ ​ ​ ​ ​ Wesley Village ​ ​ 39,438 ​ ​ 40,111 ​ 4.25 % (1) ​ April 1, 2024 Total Fixed Rate ​ $ 1,117,999 ​ $ 1,147,555 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Floating Rate (7) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Glenridge ​ $ 49,500 ​ $ 49,500 1.48 % September 2021 ​ September 1, 2025 ARIUM Grandewood ​ — ​ 19,672 ​ ​ ​ ​ ​ Ashton Reserve II ​ — ​ 15,213 ​ ​ ​ ​ ​ Cade Boca Raton ​ ​ — ​ ​ 23,500 ​ ​ ​ ​ ​ ​ Chevy Chase ​ ​ 24,400 ​ ​ — ​ 2.47 % September 2022 ​ September 1, 2027 Cielo on Gilbert (8) ​ ​ 58,000 ​ ​ — ​ 2.70 % January 2026 ​ January 1, 2031 Fannie Facility Advance ​ 13,936 ​ — 2.75 % June 2022 ​ June 1, 2027 Marquis at The Cascades I ​ 31,668 ​ 32,284 1.76 % (1) ​ June 1, 2024 (9) Marquis at The Cascades II ​ 22,101 ​ 22,531 1.76 % (1) ​ June 1, 2024 (9) Marquis at TPC ​ — ​ 16,468 ​ ​ ​ ​ ​ Pine Lakes Preserve ​ 42,728 ​ — 3.13 % July 2025 ​ July 1, 2030 The District at Scottsdale (10) ​ ​ 75,577 ​ ​ 82,200 ​ 1.85 % (1) ​ June 11, 2021 (11) Veranda at Centerfield ​ 26,100 ​ 26,100 1.40 % July 2021 ​ July 26, 2023 (12) Villages of Cypress Creek ​ 33,520 ​ — 2.70 % July 2022 ​ July 1, 2027 Total Floating Rate ​ $ 377,530 ​ $ 287,468 ​ ​ ​ ​ ​ ​ Total ​ $ 1,495,529 ​ $ 1,435,023 ​ ​ ​ ​ ​ Fair value adjustments ​ ​ 6,489 ​ ​ 1,815 ​ ​ ​ ​ ​ ​ Deferred financing costs, net ​ ​ (11,086) ​ ​ (11,581) ​ ​ ​ ​ Total continuing operations ​ $ 1,490,932 ​ $ 1,425,257 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held for Sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Grandewood (13) ​ $ 19,585 ​ $ — ​ 4.35 % (1) ​ July 1, 2025 ARIUM Grandewood (14) ​ ​ 19,529 ​ ​ — ​ 1.55 % (1) ​ July 1, 2025 Deferred financing costs, net ​ ​ (341) ​ ​ — ​ ​ ​ ​ ​ ​ Total held for sale ​ ​ 38,773 ​ ​ — ​ ​ ​ ​ ​ ​ Total mortgages payable ​ $ 1,529,705 ​ $ 1,425,257 ​ ​ ​ ​ ​ ​ (1) The loan requires monthly payments of principal and interest. (2) The principal balance includes a $29.7 million senior loan at a fixed rate of 4.02% and a $6.9 million supplemental loan at a fixed rate of 4.86% . (3) The principal balance includes a $27.5 million senior loan at a fixed rate of 4.09% and a $3.8 million supplemental loan at a fixed rate of 4.66% . The senior loan has monthly payments that are interest-only through July 2024, whereas the supplemental loan has monthly payments of principal and interest. Both loans have a maturity date of July 1, 2027. (4) The principal balance includes a $91.6 million senior loan at a fixed rate of 3.32% and a $9.6 million supplemental loan at a fixed rate of 4.22% . (5) The principal balance includes a $21.2 million senior loan at a fixed rate of 4.09% and a $4.4 million supplemental loan at a fixed rate of 4.66% . The senior loan has monthly payments that are interest-only through July 2024, whereas the supplemental loan has monthly payments of principal and interest. Both loans have a maturity date of July 1, 2027. (6) The principal balance includes a $14.8 million senior loan at a fixed rate of 4.31% and a $5.7 million supplemental loan at a fixed rate of 5.23% . (7) Other than Cielo on Gilbert and The District at Scottsdale, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In December 2020, one-month LIBOR in effect was 0.15% . LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information. (8) The loan bears interest at a floating rate of the 30-day average SOFR + 2.61% . In December 2020, the 30-day average SOFR in effect was 0.09% . SOFR rate is subject to a rate cap. Please refer to Note 11 for further information. (9) The loan can be extended, subject to certain conditions, in connection with an election to convert to a fixed interest rate loan. (10) 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. (11) The loan has two (2) three-month extension options subject to certain conditions. (12) The loan has two (2) one-year extension options subject to certain conditions. (13) ARIUM Grandewood fixed rate loan. (14) ARIUM Grandewood floating rate loan. 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. Amortization of deferred financing costs, including the amounts related to the revolving credit facilities, was $3.5 million, $3.6 million and $4.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. Fair value adjustments of debt The Company records a fair value adjustment based upon the fair value of the loans on the date they were assumed in conjunction with acquisitions. The fair value adjustments are being amortized to interest expense over the remaining life of the loans. Amortization of fair value adjustments was $0.4 million, $0.3 million and $0.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. Loss on Extinguishment of Debt and Debt 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 within loss on extinguishment of debt and debt modification costs on the consolidated statements of operations. Loss on extinguishment of debt and debt modification costs were $14.6 million, $7.3 million and $2.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. 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. The prepayments commenced in July 2020 and are to be remitted monthly thereafter until the loan is paid in full. The Company accounted for the loan amendment as a loan modification. Denim Supplemental Financing On November 10, 2020, the Company, through an indirect subsidiary, entered into an additional loan of approximately $9.6 million, which is secured by Denim. 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 December 31, 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 Fannie Facility 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 December 31, 2020, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Total 2021 (1) ​ $ 86,214 2022 ​ 15,337 2023 ​ 127,351 2024 ​ 276,158 2025 ​ 368,842 Thereafter ​ 660,741 ​ ​ $ 1,534,643 Add: Unamortized fair value debt adjustment ​ 6,489 Subtract: Deferred financing costs, net ​ (11,427) Total ​ $ 1,529,705 (1) $75.6 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 $2,111.7 million as of December 31, 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	12 Months Ended
	Dec. 31, 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”, 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. Fair Value of Financial Instruments As of December 31, 2020 and 2019, the carrying values of cash and cash equivalents, restricted cash, 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 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. Fair Value of Debt As of December 31, 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 $1,586.0 million and $1,436.2 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $1,541.1 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	12 Months Ended
	Dec. 31, 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 December 31, 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 $321.5 million of the Company’s floating rate mortgage debt. 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 December 31, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ ​ ​ Fair values of derivative instruments under ASC 815 ‑ 20 ​ Balance Sheet Location ​ instruments ​ ​ 2020 2019 Interest rate caps Accounts receivable, prepaids and other assets ​ $ 14 ​ $ 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 years ended December 31, 2020, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Effect of Derivative Derivatives not designated as hedging ​ Location of (Loss) or Gain ​ Instruments on the Statements of instruments under ASC 815 ‑ 20 ​ Recognized in Income ​ Operations ​ ​ ​ 2020 2019 2018 Interest rate caps Interest Expense ​ $ (128) ​ $ (2,536) ​ $ (2,846) ​ Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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 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, at the sole discretion of the Board, generally in the form of fully-vested LTIP Units. The Company’s has the right to renew the Administrative Services Agreement for successive one-year terms upon sixty (60) days written notice prior to expiration. The Company renewed the Administrative Services Agreement for a one-year term in 2019, and on August 4, 2020, the Company delivered written notice to BRE of the Company’s intention to renew the Administrative Services Agreement for an additional one-year term, to expire on October 31, 2021. 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. All the Company’s executive officers and one of its directors are also executive officers, managers and/or holders of a direct or indirect controlling interest in Bluerock-affiliated entities. As a result, they owe fiduciary duties to each of these entities, their members, limited partners and investors, which fiduciary duties may from time-to-time conflict with the fiduciary duties that they owe to the Company and its stockholders. The Company and BRE also entered into a Leasehold Cost-Sharing Agreement (the “Leasehold Cost-Sharing Agreement”) with respect to the lease for their New York headquarters (the “NY Lease”) to provide for the allocation and sharing between BRE and the Company of the costs thereunder, including costs associated with tenant improvements. The NY Lease permits the Company and certain of its respective subsidiaries and/or affiliates to share occupancy of the New York headquarters with BRE. Under the NY Lease, the Company, through its Operating Partnership, issued a $750,000 letter of credit 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, generally 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 $2.8 million, $3.6 million and $3.0 million were expensed during the years ended December 31, 2020, 2019 and 2018, respectively. Operating expense reimbursements of $0.4 million for the third quarter 2020 were paid to BRE through the issuance of 46,024 LTIP Units on November 5, 2020. During the year ended December 31, 2020, the Company issued 218,024 LTIP Units to BRE as reimbursement for operating expenses paid on behalf of the Company. Pursuant to the terms of the Administrative Services Agreement, the Company paid operating expenses on behalf of BRE of $1.9 million, $1.7 million and $1.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. During the year ended December 31, 2020, the Company was reimbursed in cash for operating expenses it paid on behalf of BRE. 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 December 31, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Amounts Payable to BRE under the Administrative Services Agreement, net ​ ​ Operating and direct expense reimbursements ​ $ 338 ​ $ 281 Offering expense reimbursements ​ ​ 89 ​ ​ 183 Total expense reimbursement amounts payable to BRE, net ​ $ 427 ​ $ 464 ​ ​ ​ ​ ​ ​ ​ Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement ​ ​ ​ Operating and direct expense reimbursements ​ $ 191 ​ $ 186 Capital improvement cost reimbursements ​ — ​ 40 Total expense and cost reimbursement amounts payable to BRE ​ $ 191 ​ $ 226 Total ​ $ 618 ​ $ 690 ​ As of December 31, 2020 and 2019, the Company had zero and $0.1 million, respectively, in payables due to related parties other than BRE. As of December 31, 2020 and 2019, the Company had $0.3 million and $3.0 million, respectively, in receivables due from related parties other than from 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 year ended December 31, 2020, the Company has incurred $17.0 million in selling commissions and discounts and $7.3 million in dealer manager fees and discounts related to its Series T Preferred Offering. For the year ended December 31, 2019, the Company had incurred $16.9 million in selling commissions and discounts and $7.2 million in dealer manager fees and discounts related to its previous Series B Preferred Offering. In addition, BRE was reimbursed for offering costs of $1.0 million in conjunction with the Series T Preferred Offering during the year ended December 31, 2020 and reimbursed $1.0 million in conjunction with the previous Series B Preferred Offering during the year ended December 31, 2019. The selling commissions, dealer manager fees, discounts and reimbursements for offering costs were recorded as a reduction to the proceeds of the offering. Stockholders Agreement In connection with the Company’s Internalization transaction in 2017, the Company entered into a stockholders agreement pursuant to which the Company may grant certain registration rights for the benefit of the contributors and impose certain limitations on the voting rights of the Class C Common Stock. The agreement may require the Company from time to time to register the resale of the internalization shares and grants each contributor certain rights to demand a registration of some or all their shares or to request the inclusion of some or all their shares in a piggyback registration, in each case subject to certain customary restrictions, limitations, registration procedures and indemnity provisions. Pursuant to the stockholders agreement, the contributors agreed to limit certain of their voting rights with respect to the Class C Common Stock in excess of 9.9% of the voting rights of the company. Any shares in excess of 9.9% of the voting rights of the outstanding shares shall be voted or a written consent furnished in respect to the excess shares in such manner as directed by a majority of the members of our Board. Notes and Interest Receivable The Company provides mezzanine loans, in some cases, to related parties in conjunction with the developments of multifamily communities. At December 31, 2020, the following mezzanine loan investments were provided to related parties: Domain at The One Forty, Motif, The Park at Chapel Hill and Vickers Historic Roswell. Refer to Note 6 for further information. Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company invests, in some cases, with related parties in various joint ventures in which the Company owns either preferred or common interests. At December 31, 2020, the following preferred equity investments involved related parties: Alexan CityCentre and Alexan Southside. Refer to Note 7 for further information.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity
Stockholders' Equity	Note 13 — Stockholders’ Equity Net Loss Per Common Share Basic net loss per common share is computed by dividing net 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 loss per common share is computed by dividing net 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 loss attributable to common stockholders is computed by adjusting net 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 loss per common share for the years ended December 31, 2020, 2019 and 2018 (amounts in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 Net loss attributable to common stockholders ​ $ (44,674) ​ $ (19,751) ​ $ (42,759) Dividends on restricted stock and LTIP Units expected to vest ​ (1,323) ​ (953) ​ (674) Basic net loss attributable to common stockholders ​ $ (45,997) ​ $ (20,704) ​ $ (43,433) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding (1) ​ 24,084,347 ​ 22,649,222 ​ 23,845,800 Potential dilutive shares (2) ​ — ​ — ​ — Weighted average common shares outstanding and potential dilutive shares (1) ​ 24,084,347 ​ 22,649,222 ​ 23,845,800 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per common share, basic ​ $ (1.91) ​ $ (0.91) ​ $ (1.82) Net loss per common share, diluted ​ $ (1.91) ​ $ (0.91) ​ $ (1.82) (1) For 2020, 2019 and 2018, amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) For the year ended December 31, 2020, potential vesting of restricted stock to employees for 63,045 shares of Class A common stock are excluded from the diluted shares calculation as the effect is antidilutive. For the year ended December 31, 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 140,334 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 22,807 shares of Class A common stock. Excludes no shares for the year ended December 31, 2018. 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. Series T Redeemable Preferred Stock Offering During the year ended December 31, 2020, the Company issued 9,688,208 shares of Series T Preferred Stock under a continuous registered offering with net proceeds of approximately $218.0 million after commissions, dealer manager fees and discounts of approximately $24.2 million, along with 18,721 shares issued under the dividend reinvestment plan with total proceeds of $0.5 million. During the life of the Series T Preferred Stock Offering, the Company has issued a total of 9,724,329 shares of Series T Preferred Stock for net proceeds of approximately $218.8 million after commissions, dealer manager fees and discounts. During the year ended December 31, 2020, the Company, at the request of holders, redeemed 6,392 shares of Series T Preferred Stock through the issuance of 21,812 shares of Class A common stock and redeemed 20 shares of Series T Preferred Stock in cash. 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 On September 13, 2019, the Company and its Operating Partnership entered into an At Market Issuance Sales Agreement with B. Riley FBR, Inc. (“FBR”, formerly FBR Capital Markets & Co.) as sales agent. In November and December 2019, the At Market Issuance Sales Agreement (the “Sales Agreement”) was amended to add Robert W. Baird & Co. Incorporated, Compass Point Research & Trading, LLC, JMP Securities LLC and Morgan Stanley & Co. LLC with FBR (collectively, the “Sales Agents”) as sales agents. Pursuant to the Sales Agreement, the Sales Agents will act as distribution agents 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 has not issued any shares through the Class A Common Stock ATM Offering after the first 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 the repurchase of up to an aggregate of $50 million of the Company’s outstanding shares of Class A common stock over a period of one year pursuant to stock repurchase plans. 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 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”). On October 29, 2020, the Board authorized new stock repurchase plans for the repurchase, from time to time, of up to an aggregate of $75 million in shares of the Company’s Class A common stock, Series A Preferred Stock, Series C Preferred Stock and/or Series D Preferred Stock to 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 at the close of the NYSE American trading day on which the Company files its Form 10-Q with the SEC for the quarter ended September 30, 2021. 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, depends 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 year ended December 31, 2020, the Company repurchased shares under the repurchase plans as follows: 3,983,842 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 $46.4 million. During the year ended December 31, 2019, the Company repurchased 1,313,328 shares of Class A common stock under the repurchase plans for a total purchase price of approximately $14.1 million. During the life of all repurchase plans, the total purchase price of shares repurchased by the Company is approximately $69.5 million, and as of December 31, 2020, the value of shares that may yet be purchased under the repurchase plans is $56.1 million. ​ Class C Common Stock The Class C Common Stock is equivalent in all material respects to, and ranks on parity with, the Class A Common Stock, except that each share of Class C Common Stock entitles the holder thereof to fifty (50) votes, which mirrors the aggregate number of OP Units (which are redeemable for cash or, at our sole option, for shares of our Class A Common Stock, on a one-to-one basis) and shares of Class C Common Stock issued as consideration in the internalization. The Class C Common Stock provides its holders a right to vote that is proportionate to the outstanding non-voting economic interest in the Company attributable to such holders or their affiliates by virtue of the OP Units issued in the internalization, as if all such OP Units were redeemed by us for shares of Class A Common Stock, but without providing any disproportionate voting rights. Shares of Class C Common Stock will only be issued (a) to the owners of the former Manager, (b) in conjunction with the issuance of OP Units as consideration in the internalization, and (c) in a ratio of no more than one (1) share of Class C Common Stock for every forty-nine (49) OP Units so issued. See Note 12 Related Party Transactions — Stockholders Agreement 8.250% Series A Cumulative Redeemable Preferred Stock The Series A Preferred Stock ranks senior to common stock and on parity with the Series B Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock and the Series T Preferred Stock as to rights upon the Company’s liquidation, dissolution or winding up. The Series A Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the Board. Commencing October 21, 2022, the annual dividend rate will increase by 2.0% annually, up to a maximum of 14.0%, if not redeemed by the holder or not previously redeemed by the Company. Commencing on October 21, 2022, holders may, at their option, elect to have the Company redeem their shares at a redemption price of $25.00 per share, plus an amount equal to accrued but unpaid dividends, payable by the Company at its option in cash or shares of Class A common stock. The Company may not redeem the Series A Preferred Stock before October 21, 2020, except in limited circumstances related to its qualification as a REIT, complying with an asset coverage ratio or upon a change in control. After October 21, 2020, the Company can redeem for a redemption price of $25.00 per share plus any accrued and unpaid dividends. On October 21, 2020, the Company redeemed 1,393,294 shares of its Series A Preferred Stock at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, and including, the date of redemption in an amount equal to $0.120313 per share, for a total payment of $25.120313 per share, in cash. On December 21, 2020, the Company redeemed an additional 1,963,551 shares of its Series A Preferred Stock at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, and including, the date of redemption in an amount equal to $0.464063 per share, for a total payment of $25.464063 per share, in cash. The Company-initiated Series A Preferred Stock redemptions in October and December 2020 represented approximately 59% of the shares of Series A Preferred Stock that were outstanding as of December 31, 2019. At the date of issuance, the carrying amount of the Series A Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date without discount. Such accretion is recorded as a preferred stock dividend on the Statements of Stockholders’ Equity. Series B Redeemable Preferred Stock The Series B Preferred Stock ranks senior to common stock and on parity with the Series A Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock and the Series T Preferred Stock as to rights upon the Company’s liquidation, dissolution or winding up. The Series B Preferred Stock is entitled to priority cumulative dividends to be paid monthly, in arrears, when, as and if authorized by the Board. Holders may, at their option, elect to have the Company redeem their shares through the first year from issuance subject to a 13% redemption fee. After year one, the redemption fee decreases to 10%, after year three it decreases to 5%, after year four it decreases to 3%, and after year five there is no redemption fee. Any redeemed shares are entitled to any accrued but unpaid dividends at the time of the redemption, payable by the Company at its option in cash or shares of Class A common stock. The Company may redeem the Series B Preferred Stock beginning two years from the original issuance for the liquidation preference per share plus any accrued and unpaid dividends in either cash or shares of Class A common stock. At the Company's annual meeting of stockholders on September 30, 2019, the Company's common stockholders approved the Articles of Amendment (the "Articles of Amendment") to the Articles Supplementary dated February 26, 2016 for the Company's Series B Redeemable Preferred Stock. Under the Articles of Amendment, and effective October 28, 2019, the calculation to determine the number of Class A common shares issued for redemptions of Series B Preferred Stock will be based on the closing price of the Class A common stock on the single trading day prior to the redemption date, replacing the previous calculation based on the volume weighted average price for the Class A common shares for the 20 trading days prior to the redemption. 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 year ended December 31, 2020, the Company, at the request of holders, redeemed 6,973 shares of Series B Preferred Stock through the issuance of 868,437 shares of Class A common stock and redeemed 122 shares of Series B Preferred Stock for $0.1 million in cash. In November 2019, the Company began initiating redemptions of its Series B Preferred Stock, and during the year ended December 31, 2020, redemptions initiated by the Company resulted in 15,807 shares of Series B Preferred Stock redeemed through the issuance of 1,334,501 shares of Class A common stock. As of December 31, 2020, total redemptions to date initiated by the Company have resulted in 23,107 shares of Series B Preferred Stock redeemed through the issuance of 1,947,654 shares of Class A common stock. As of December 31, 2020, the Company had 523,022 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 December 31, 2020, a total of 4,203 Warrants had been exercised into 50,004 shares of Class A Common stock. The outstanding Warrants have exercise prices ranging from $10.00 to $15.99 per share. At the date of issuance, the carrying amount of the Series B Preferred Stock was less than the redemption value. As a result of the Company’s determination that holder redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date without discount. Such accretion is recorded as a preferred stock dividend on the Statements of Stockholders’ Equity. 7.625% Series C Cumulative Redeemable Preferred Stock The Series C Preferred Stock ranks senior to common stock and on parity with the Series A Preferred Stock, the Series B Preferred Stock, the Series D Preferred Stock and the Series T Preferred Stock as to rights upon the Company’s liquidation, dissolution or winding up. The Series C Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the Board. Commencing July 19, 2023, the annual dividend rate will increase by 2.0% annually, up to a maximum of 14.0%, if not redeemed by the holder or not previously redeemed by the Company. Commencing on July 19, 2023, holders may, at their option, elect to have the Company redeem their shares at a redemption price of $25.00 per share, plus an amount equal to accrued but unpaid dividends, payable by the Company at its option in cash or shares of Class A common stock. The Company may not redeem the Series C Preferred Stock before July 19, 2021, except in limited circumstances related to its qualification as a REIT, complying with an asset coverage ratio or upon a change in control. After July 19, 2021, the Company can redeem for a redemption price of $25.00 per share plus any accrued and unpaid dividends. At the date of issuance, the carrying amount of the Series C Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date without discount. Such accretion is recorded as a preferred stock dividend on the Statements of Stockholders’ Equity. 7.125% Series D Cumulative Preferred Stock The Series D Preferred Stock ranks senior to common stock and on parity with the Series A Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock and the Series T Preferred Stock as to rights upon the Company’s liquidation, dissolution or winding up. The Series D Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the Board. After October 13, 2021, the Company can redeem for a redemption price of $25.00 per share plus any accrued and unpaid dividends. Series T Redeemable Preferred Stock The Series T Preferred Stock ranks senior to common stock and on parity with the Series A Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock and the Series D Preferred Stock as to rights upon the Company’s liquidation, dissolution or winding up. The Series T Preferred Stock is entitled, when, as and if authorized by the Board, to: (i) priority cumulative cash dividends to be paid monthly in arrears, and (ii) a stock dividend to be paid annually. Holders may, at their option, elect to have the Company redeem their shares through the first year from issuance subject to a 12% redemption fee. After year one, the redemption fee decreases to 9%, after year two it decreases to 6%, after year three it decreases to 3%, and after year four there is no redemption fee. Any redeemed shares are entitled to any accrued but unpaid dividends at the time of the redemption, payable by the Company at its option in cash or shares of Class A common stock. The Company may redeem the Series T Preferred Stock beginning two years from the original issuance for the liquidation preference per share plus any accrued and unpaid dividends in either cash or shares of Class A common stock. The calculation to determine the number of Class A common shares issued for redemptions of Series T Preferred Stock is based on the closing price of the Class A common stock on the single trading day prior to the redemption date. At the date of issuance, the carrying amount of the Series T Preferred Stock was less than the redemption value. As a result of the Company's determination that holder redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date without discount. Such accretion is recorded as a preferred stock dividend on the Statements of Stockholders' Equity. Operating Partnership and Long-Term Incentive Plan Units On April 2, 2014, concurrently with the completion of the IPO, the Company entered into the Second Amended and Restated Agreement of Limited Partnership of its Operating Partnership, Bluerock Residential Holdings, L.P. (the “Partnership Agreement”). Pursuant to the amendment, the Company is the sole general partner of the Operating Partnership and may not be removed as general partner by the limited partners with or without cause. The Partnership Agreement, as amended, provides, among other things, that the Operating Partnership initially has two classes of limited partnership interests: OP Units and LTIP Units. In calculating the percentage interests of the partners in the Operating Partnership, LTIP Units are treated as OP Units. In general, LTIP Units will receive the same per-unit distributions as the OP Units. Initially, each LTIP Unit will have a capital account balance of zero and, therefore, will not have full parity with OP Units with respect to any liquidating distributions. However, the Partnership Agreement, as amended provides that “book gain,” or economic appreciation, in the Company’s assets realized by the Operating Partnership as a result of the actual sale of all or substantially all of the Operating Partnership’s assets, or the revaluation of the Operating Partnership’s assets as provided by applicable U.S. Department of Treasury regulations, will be allocated first to the holders of LTIP Units until their capital account per unit is equal to the average capital account per-unit of the Company’s OP Unit holders in the Operating Partnership. The Company expects that the Operating Partnership will issue OP Units to limited partners, and the Company, in exchange for capital contributions of cash or property, will issue LTIP Units pursuant to the Company’s Incentive Plans, as defined below, to persons who provide services to the Company, including the Company’s officers, directors and employees. As of December 31, 2020, limited partners other than the Company owned approximately 31.91% of the common units of the Operating Partnership (6,310,856 OP Units, or 19.44%, is held by OP Unit holders, and 4,046,609 LTIP Units, or 12.47%, is held by LTIP Unit holders, including 5.53% which are not vested at December 31, 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. The Operating Partnership, in conjunction with the issuance of preferred stock by the Company, has issued preferred OP Units which provide for similar rights as for each class of preferred stock. Equity Incentive Plans LTIP Unit Grants On January 1, 2019, the Company granted certain equity grants of LTIP Units to various executive officers under the Third Amended 2014 Incentive Plans pursuant to the executive officers' employment and 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 196,023 LTIP Units that vest over approximately three years . The performance-based LTIP Units were comprised of an aggregate of 294,031 LTIP Units, which are subject to a three-year performance period and will thereafter vest upon successful achievement of performance-based conditions and any performance-based LTIP Units that were awarded but do not vest will be cancelled. On April 1, 2019, the Company appointed a new executive officer. On June 25, 2019, the Company, under the Third Amended 2014 Incentive Plans pursuant to the executive officer's employment agreement, granted certain equity grants of LTIP Units as time-based LTIP Units and performance-based LTIP Units to the executive officer. The time-based LTIP Units were comprised of 10,518 LTIP Units and have a similar vesting period to those granted to the other executive officers. The performance-based LTIP Units were comprised of 15,776 LTIP Units, which are subject to a similar performance period to those granted to the other executive officers and will thereafter vest upon successful achievement of performance-based conditions. Compensation expense for service vesting LTIP Unit and restricted stock awards is measured based on the closing share price of our common stock on the date of grant. The Company measures the fair value of LTIP Units with performance conditions based on an estimate of shares expected to vest using the closing price of the common stock on the date of grant. If it is not probable that the performance conditions will be satisfied, the Company does not recognize compensation expense. The Company estimates the fair value of performance-based LTIP Units with market conditions using a Monte Carlo simulation. The Company recognizes compensation expense based on the fair value estimated by the model. In addition, on January 1, 2019, the Company granted 6,836 LTIP Units pursuant to the Third Amended 2014 Incentive Plans to each independent member of the Board in payment of the equity portion of their respective annual retainers. On August 9, 2019, the Company granted 2,929 LTIP Units pursuant to the Third Amended 2014 Incentive Plans to a newly appointed independent member of the Board in payment of the prorated portion of his annual retainer. Such LTIP Units were fully vested upon issuance to each independent member of the Board and the Company recognized expense of $0.3 million immediately upon issuance based on the fair value at the date of grant. On January 1, 2020, the Company granted certain equity grants of LTIP Units to various executive officers under the Third Amended 2014 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 Third Amended 2014 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 Third Amended 2014 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 Third Amended 2014 Incentive Plans. Such LTIP Units will vest in three equal installments on each anniversary of the date of grant. On May 22, 2020 and August 11, 2020, the Company granted an aggregate of 27,111 LTIP Units and 21,889 LTIP Units, respectively, to two executive officers under the Third Amended 2014 Incentive Plans in lieu of cash payment of an agreed upon portion of each such executive officer’s base salary, with the remaining portion payable in cash, for the second and third quarter 2020, respectively. On November 5, 2020, the Company granted an aggregate of 19,197 LTIP Units to two executive officers under the Fourth Amended 2014 Incentive Plans in lieu of cash payment of an agreed upon portion of each such executive officer’s base salary, with the remaining portion payable in cash, for the fourth quarter 2020. Such LTIP Units will vest on the first anniversary of the date of grant. On September 8, 2020, the Company’s stockholders approved the amendment and restatement of each of the Third Amended 2014 Individuals Plan (the “Fourth Amended 2014 Individuals Plan”) and the Third Amended 2014 Entities Plan (the “Fourth Amended 2014 Entities Plan”, and together with the Fourth Amended 2014 Individuals Plan, the “Fourth Amended 2014 Incentive Plans”). The Fourth Amended 2014 Incentive Plans allow for the issuance of up to 3,000,000 additional shares of Class A common stock, and thus provide for the issuance of an aggregate of up to 6,800,000 shares of Class A common stock. The Fourth Amended 2014 Incentive Plans provide for the grant of options to purchase shares of the Company’s common stock, stock awards, stock appreciation rights, performance units, incentive awards and other equity-based awards. A summary of the status of the Company’s non-vested shares/LTIP Units under the Incentive Plans for individuals as of December 31, 2020, 2019 and 2018 is as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average grant- Non-Vested shares/LTIP Units ​ Shares / LTIP Units ​ date fair value Balance at January 1, 2018 — ​ $ — Granted 1,158,963 ​ 10.06 Vested (183,754) ​ 10.10 Forfeited — ​ — Balance at December 31, 2018 975,209 ​ $ 10.05 Granted 637,315 ​ 9.36 Vested (237,841) ​ 10.01 Forfeited (3,600) ​ 10.65 Balance at December 31, 2019 1,371,083 ​ $ 9.72 Granted 1,346,538 ​ 9.39 Vested (333,951) ​ 10.12 Forfeited (7,081) ​ 6.53 Balance at December 31, 2020 2,376,589 ​ $ 9.50 ​ 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 $3.9 million, $3.6 million and $4.6 million during the years ended December 31, 2020, 2019 and 2018, 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 $3.0 million, $1.6 million and $0.5 million during the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, there was $6.9 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 1.8 years. The Company currently uses authorized and unissued shares to satisfy share award grants. Restricted Stock Grants On April 1, 2019 and 2020, the Company provided restricted stock grants (“RSGs”) to employees under the Incenti

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 December 31, 2020, the project is under development and $12.0 million of the leasehold improvement allowance had been funded, and this amount is included within accounts receivable, prepaids and other assets in the Company's consolidated balance sheets. 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.

Selected Quarterly Financial Da

Selected Quarterly Financial Data	12 Months Ended
	Dec. 31, 2020
Selected Quarterly Financial Data
Selected Quarterly Financial Data	Note 15 — Selected Quarterly Financial Data (Unaudited) The following table sets forth summarized quarterly financial data for the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarters Ended 2020 ​ March 31 June 30 September 30 ​ December 31 ​ ​ (In thousands, except per share amounts) Total revenue ​ $ 56,241 ​ $ 53,033 ​ $ 54,589 ​ ​ $ 55,987 Operating income ​ $ 7,087 ​ $ 7,475 ​ $ 6,428 ​ ​ $ 9,826 Net (loss) income ​ $ (5,121) ​ $ 40,327 (1) $ (4,069) ​ ​ $ (16,414) Net (loss) income attributable to common stockholders ​ $ (16,493) ​ $ 15,090 (1) $ (17,058) ​ ​ $ (26,213) (Loss) income per common share, basic: (2) ​ $ (0.70) ​ $ 0.61 ​ $ (0.71) ​ ​ $ (1.13) (Loss) income per common share, diluted: (2) ​ $ (0.70) ​ $ 0.61 ​ $ (0.71) ​ ​ $ (1.13) (1) Net income is due to gain on sale of real estate investments of $57.8 million during the three months ended June 30, 2020. (2) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2020. The following table sets forth summarized quarterly financial data for the year ended December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarters Ended 2019 ​ March 31 June 30 September 30 ​ December 31 ​ ​ (In thousands, except per share amounts) Total revenue ​ $ 51,466 ​ $ 52,437 ​ $ 53,547 ​ ​ $ 52,520 Operating income ​ $ 8,734 ​ $ 10,701 ​ $ 8,738 ​ ​ $ 8,536 Net (loss) income ​ $ (4,365) ​ $ (1,932) ​ $ 38,175 (1) ​ $ (2,759) Net (loss) income attributable to common stockholders ​ $ (12,093) ​ $ (10,990) ​ $ 17,160 (1) ​ $ (13,827) (Loss) income per common share, basic: (2) ​ $ (0.53) ​ $ (0.50) ​ $ 0.76 ​ ​ $ (0.62) (Loss) income per common share, diluted: (2) ​ $ (0.53) ​ $ (0.50) ​ $ 0.75 ​ ​ $ (0.62) (1) Net income is due to gain on sale of real estate investments of $48.7 million during the three months ended September 30, 2019. (2) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2019.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events
Subsequent Events	Note 16 — Subsequent Events Issuance of LTIP Units under the Fourth Amended 2014 Incentive Plans On January 1, 2021, the Company granted certain equity grants of LTIP Units to various executive officers under the Fourth Amended 2014 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 277,001 LTIP Units that vest over approximately three years. The performance-based LTIP Units were comprised of an aggregate of 554,003 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, 2021, the Company granted 7,381 LTIP Units pursuant to the Fourth Amended 2014 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. Declaration of Dividends ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable to stockholders ​ ​ Declaration Date of record as of Amount Paid / Payable Date Series B Preferred Stock January 13, 2021 ​ January 25, 2021 ​ $ 5.00 ​ February 5, 2021 January 13, 2021 ​ February 25, 2021 ​ $ 5.00 ​ March 5, 2021 January 13, 2021 ​ March 25, 2021 ​ $ 5.00 ​ April 5, 2021 Series T Preferred Stock (1) ​ ​ ​ January 13, 2021 ​ January 25, 2021 ​ $ 0.128125 ​ February 5, 2021 January 13, 2021 ​ February 25, 2021 ​ $ 0.128125 ​ March 5, 2021 January 13, 2021 ​ March 25, 2021 ​ $ 0.128125 ​ April 5, 2021 (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 Units and LTIP Units, subsequent to December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distributions ​ Total Shares Declaration Date Record Date Date Paid per Share Distribution Class A Common Stock ​ December 11, 2020 ​ December 24, 2020 ​ January 5, 2021 ​ $ 0.1625000 ​ $ 3,630 Class C Common Stock ​ December 11, 2020 ​ December 24, 2020 ​ January 5, 2021 ​ ​ 0.1625000 ​ ​ 12 Series A Preferred Stock ​ December 11, 2020 ​ December 24, 2020 ​ January 5, 2021 ​ ​ 0.5156250 ​ ​ 1,135 Series B Preferred Stock ​ October 9, 2020 ​ December 24, 2020 ​ January 5, 2021 ​ ​ 5.0000000 ​ ​ 2,568 Series C Preferred Stock ​ December 11, 2020 ​ December 24, 2020 ​ January 5, 2021 ​ ​ 0.4765625 ​ ​ 1,094 Series D Preferred Stock ​ December 11, 2020 ​ December 24, 2020 ​ January 5, 2021 ​ ​ 0.4453125 ​ ​ 1,235 Series T Preferred Stock ​ October 9, 2020 ​ December 24, 2020 ​ January 5, 2021 ​ ​ 0.1281250 ​ ​ 1,190 OP Units ​ December 11, 2020 ​ December 24, 2020 ​ January 5, 2021 ​ ​ 0.1625000 ​ ​ 1,026 LTIP Units ​ December 11, 2020 ​ December 24, 2020 ​ January 5, 2021 ​ ​ 0.1625000 ​ ​ 510 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series B Preferred Stock ​ January 13, 2021 ​ January 25, 2021 ​ February 5, 2021 ​ ​ 5.0000000 ​ ​ 2,492 Series T Preferred Stock ​ January 13, 2021 ​ January 25, 2021 ​ February 5, 2021 ​ ​ 0.1281250 ​ ​ 1,334 Total ​ ​ ​ ​ ​ ​ $ 16,226 ​ Stock Activity Subsequent to December 31, 2020 and as of February 5, 2021, the Company has completed the following activity as it relates to its Class A common stock, Series A Preferred Stock and Series B Preferred Stock (refer to Note 13 for further information): ● redeemed 27,513 shares of Series B Preferred Stock through the issuance of 2,240,374 Class A common shares; ● announced the redemption of the remaining outstanding shares of Series A Preferred Stock to occur on February 26, 2021; and ● purchased 1,668,551 shares of Class A common stock under the stock repurchase plans for a total purchase price of approximately $19.3 million. Redemption of 8.250% Series A Cumulative Redeemable Preferred Stock On January 27, 2021, the Company issued notice of redemption of all 2,201,547 outstanding shares of its Series A Preferred Stock to occur on February 26, 2021 at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, and including, the date of redemption in an amount equal to $0.320833 per share, for a total payment of $25.320833 per share, in cash. Sale of ARIUM Grandewood On January 28, 2021, the Company closed on the sale of ARIUM Grandewood located in Orlando, Florida. The property was sold for approximately $65.3 million, subject to certain prorations and adjustments typical in such real estate transactions. ARIUM Grandewood was encumbered by a $39.1 million senior mortgage through the Fannie Facility. Under the Fannie Facility, the Company has the option to forgo the repayment of the principal balance and any related prepayment penalties and costs by substituting the collateral securing the senior mortgage with collateral of the same or higher value. The Company elected to substitute the ARIUM Grandewood collateral with its Falls at Forsyth property and the transaction is anticipated to be completed by the end of February 2021. After consideration of the $39.1 million senior mortgage and payment of closing costs and fees of $0.9 million, the sale of ARIUM Grandewood generated net proceeds of approximately $25.1 million. Stock Repurchase Plans On February 9, 2021, 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 $150 million in shares, increased from the previous $75 million, of the Company’s Class A common stock, Series C Preferred Stock and/or Series D Preferred Stock. Fannie Facility Second Advance On February 18, 2021, the Company, through certain subsidiaries of the Operating Partnership, entered into a $12.9 million floating rate advance originated under the Fannie Facility (the “Second Advance”). As noted above and upon the sale of ARIUM Grandewood, the Company elected to substitute the ARIUM Grandewood collateral on the Fannie Facility with its Falls at Forsyth property. As the collateral value of Falls at Forsyth exceeds the collateral value of ARIUM Grandewood, the Company elected to receive this incremental difference in collateral value as an advance under the Fannie Facility. The Second Advance matures on March 1, 2028 and bears interest at the 30- day average SOFR plus 2.70%, subject to an interest rate cap, with interest-only payments through March 2023 and then monthly payments based on thirty-year amortization. The Second Advance may be prepaid without prepayment or yield maintenance beginning December 1, 2027.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
Schedule III - Real Estate and Accumulated Depreciation
Schedule III - Real Estate and Accumulated Depreciation	​ ​ ​ Bluerock Residential Growth REIT, Inc. ​ Schedule III - Real Estate and Accumulated Depreciation December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COLUMN A ​ COLUMN B ​ COLUMN C ​ COLUMN D ​ COLUMN E ​ COLUMN F ​ COLUMN G ​ COLUMN H ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life on Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ Depreciation in ​ ​ ​ ​ ​ ​ ​ Initial Cost ​ Capitalized ​ Gross Amount at Which Carried at Close of Period ​ ​ ​ ​ ​ ​ Latest Income ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and Subsequent ​ ​ ​ Building and ​ ​ ​ Accumulated Date of Statement is Property Location Encumbrance Land Improvements to Acquisition Land Improvements Total Depreciation Acquisition Computed Real Estate Held ​ ​ ​ ​ ​ ​ ​ ​ for Investment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Grandewood (1) FL ​ 39,115 ​ 5,200 ​ 37,220 ​ 2,177 ​ 5,200 ​ 39,397 ​ 44,597 ​ 8,344 2014 3 - 40 Years Park & Kingston NC ​ 19,600 ​ 3,060 ​ 24,353 ​ 3,421 ​ 3,360 ​ 27,474 ​ 30,834 ​ 5,565 2015 3 - 40 Years The Reserve at Palmer Ranch FL ​ 40,977 ​ 7,800 ​ 30,597 ​ 5,335 ​ 7,800 ​ 35,932 ​ 43,732 ​ 7,129 2016 3 - 40 Years Gulfshore Apartment Homes FL ​ 46,345 ​ 10,000 ​ 36,047 ​ 5,459 ​ 10,000 ​ 41,506 ​ 51,506 ​ 8,126 2016 3 - 40 Years The Preserve at Henderson Beach FL ​ 48,490 ​ 4,100 ​ 50,117 ​ 2,751 ​ ​ 4,100 ​ 52,868 ​ 56,968 ​ 8,593 2016 3 - 40 Years ARIUM Westside ​ GA ​ ​ 52,150 ​ ​ 8,657 ​ ​ 63,402 ​ ​ 3,021 ​ ​ 8,657 ​ ​ 66,423 ​ ​ 75,080 ​ ​ 9,514 ​ 2016 ​ 3 - 40 Years ARIUM Glenridge ​ GA ​ ​ 49,500 ​ ​ 14,513 ​ ​ 52,324 ​ ​ 9,601 ​ ​ 14,513 ​ ​ 61,925 ​ ​ 76,438 ​ ​ 9,861 ​ 2016 ​ 3 - 40 Years Pine Lakes Preserve ​ FL ​ ​ 42,728 ​ ​ 5,760 ​ ​ 31,854 ​ ​ 2,322 ​ ​ 5,760 ​ ​ 34,176 ​ ​ 39,936 ​ ​ 6,988 ​ 2016 ​ 3 - 40 Years The Brodie TX ​ 33,551 ​ 5,400 ​ 42,497 ​ 2,374 ​ 5,400 ​ 44,871 ​ 50,271 ​ 7,797 2016 3 - 40 Years Roswell City Walk GA ​ 50,043 ​ 8,423 ​ 66,249 ​ 420 ​ 8,423 ​ 66,669 ​ 75,092 ​ 9,368 2016 3 - 40 Years James on South First ​ TX ​ ​ 25,674 ​ ​ 3,500 ​ ​ 32,471 ​ ​ 838 ​ ​ 3,500 ​ ​ 33,309 ​ ​ 36,809 ​ ​ 4,888 ​ 2016 ​ 3 - 40 Years Wesley Village NC ​ 39,437 ​ 5,600 ​ 50,062 ​ 1,948 ​ 5,600 ​ 52,010 ​ 57,610 ​ 6,142 2017 3 - 40 Years Marquis at The Cascades I TX ​ 31,668 ​ 3,200 ​ 41,120 ​ 1,414 ​ 3,200 ​ 42,534 ​ 45,734 ​ 5,377 2017 3 - 40 Years Marquis at The Cascades II TX ​ 22,101 ​ 2,450 ​ 25,827 ​ 1,217 ​ 2,450 ​ 27,044 ​ 29,494 ​ 3,515 2017 3 - 40 Years Villages at Cypress Creek TX ​ 33,520 ​ 4,650 ​ 35,990 ​ 2,432 ​ 4,650 ​ 38,422 ​ 43,072 ​ 4,835 2017 3 - 40 Years Citrus Tower FL ​ 40,627 ​ 5,208 ​ 49,388 ​ 1,703 ​ 5,208 ​ 51,091 ​ 56,299 ​ 6,538 2017 3 - 40 Years Outlook at Greystone AL ​ 22,105 ​ 3,950 ​ 31,664 ​ 4,241 ​ 3,950 ​ 35,905 ​ 39,855 ​ 4,642 2017 3 - 40 Years ARIUM Hunter's Creek FL ​ 70,871 ​ 9,600 ​ 86,202 ​ 4,715 ​ 9,600 ​ 90,917 ​ 100,517 ​ 10,628 2017 3 - 40 Years ARIUM Metrowest FL ​ 64,559 ​ 10,200 ​ 74,768 ​ 4,457 ​ 10,200 ​ 79,225 ​ 89,425 ​ 9,459 2017 3 - 40 Years The Mills SC ​ 25,275 ​ 3,300 ​ 36,969 ​ 887 ​ 3,300 ​ 37,856 ​ 41,156 ​ 4,054 2017 3 - 40 Years The Links at Plum Creek CO ​ 39,578 ​ 2,960 ​ 57,803 ​ 4,217 ​ 2,960 ​ 62,020 ​ 64,980 ​ 6,900 2018 3 - 40 Years Sands Parc FL ​ — (2) ​ 3,170 ​ 42,443 ​ 336 ​ 3,170 ​ 42,779 ​ 45,949 ​ 3,877 2018 3 - 40 Years Plantation Park TX ​ 26,625 ​ 1,600 ​ 34,065 ​ 177 ​ 1,600 ​ 34,242 ​ 35,842 ​ 3,010 2018 3 - 40 Years Veranda at Centerfield TX ​ 26,100 ​ 5,120 ​ 35,506 ​ 2,440 ​ 5,120 ​ 37,946 ​ 43,066 ​ 3,755 2018 3 - 40 Years Ashford Belmar CO ​ 100,675 ​ 18,400 ​ 124,149 ​ 4,544 ​ 18,400 ​ 128,693 ​ 147,093 ​ 10,862 2018 3 - 40 Years Element NV ​ 29,260 ​ ​ 8,056 ​ 33,346 ​ 407 ​ 8,056 ​ 33,753 ​ 41,809 ​ 2,119 2019 3 - 40 Years Providence Trail TN ​ 47,950 ​ 5,362 ​ 62,620 ​ 922 ​ 5,362 ​ 63,542 ​ 68,904 ​ 3,315 2019 3 - 40 Years Denim AZ ​ 101,205 ​ 43,182 ​ 96,361 ​ 2,485 ​ 43,182 ​ 98,846 ​ 142,028 ​ 5,513 2019 3 - 40 Years The Sanctuary NV ​ 33,707 ​ 5,406 ​ 45,805 ​ 1,358 ​ 5,406 ​ 47,163 ​ 52,569 ​ 2,867 2019 3 - 40 Years Chattahoochee Ridge ​ GA ​ ​ 45,338 ​ ​ 9,660 ​ ​ 59,457 ​ ​ 641 ​ ​ 9,660 ​ ​ 60,098 ​ ​ 69,758 ​ ​ 2,272 ​ 2019 ​ 3 - 40 Years The District at Scottsdale ​ AZ ​ ​ 75,577 ​ ​ 20,297 ​ ​ 103,423 ​ ​ 353 ​ ​ 20,297 ​ ​ 103,776 ​ ​ 124,073 ​ ​ 3,342 ​ 2019 ​ 3 - 40 Years Navigator Villas ​ WA ​ ​ 20,515 ​ ​ 2,026 ​ ​ 27,206 ​ ​ 192 ​ ​ 2,027 ​ ​ 27,397 ​ ​ 29,424 ​ ​ 1,018 ​ 2019 ​ 3 - 40 Years Avenue 25 ​ AZ ​ ​ 36,566 ​ ​ 5,527 ​ ​ 50,679 ​ ​ 458 ​ ​ 5,527 ​ ​ 51,137 ​ ​ 56,664 ​ ​ 1,576 ​ 2020 ​ 3 - 40 Years Falls at Forsyth ​ GA ​ ​ — (2) ​ 7,067 ​ ​ 74,445 ​ ​ 165 ​ ​ 7,070 ​ ​ 74,607 ​ ​ 81,677 ​ ​ 1,946 ​ 2020 ​ 3 - 40 Years Chevy Chase ​ TX ​ ​ 24,400 ​ ​ 5,453 ​ ​ 28,843 ​ ​ 226 ​ ​ 5,453 ​ ​ 29,069 ​ ​ 34,522 ​ ​ 470 ​ 2020 ​ 3 - 40 Years Elan ​ TX ​ ​ 25,574 ​ ​ 4,185 ​ ​ 36,612 ​ ​ 18 ​ ​ 4,187 ​ ​ 36,628 ​ ​ 40,815 ​ ​ 106 ​ 2020 ​ 3 - 40 Years Carrington at Perimeter Park ​ NC ​ ​ 31,301 ​ ​ 5,041 ​ ​ 48,798 ​ ​ 11 ​ ​ 5,041 ​ ​ 48,809 ​ ​ 53,850 ​ ​ 130 ​ 2020 ​ 3 - 40 Years Cielo on Gilbert ​ AZ ​ ​ 58,000 ​ ​ 7,292 ​ ​ 66,219 ​ ​ — ​ ​ 7,292 ​ ​ 66,219 ​ ​ 73,511 ​ ​ — ​ 2020 ​ 3 - 40 Years Subtotal ​ ​ ​ 1,520,707 ​ 284,375 ​ 1,926,901 ​ 79,683 ​ 284,681 ​ 2,006,278 ​ 2,290,959 ​ 194,441 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Real Estate assets ​ ​ ​ ​ ​ ​ ​ ​ REIT Operator MI ​ — ​ — ​ 185 ​ 790 ​ — ​ 975 ​ 975 ​ 316 2017 5 Years Fannie Facility ​ MI ​ ​ 13,936 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 2020 ​ 7 Years Subtotal ​ ​ 13,936 ​ — ​ ​ 185 ​ 790 ​ — ​ 975 ​ 975 ​ 316 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 1,534,643 $ 284,375 ​ $ 1,927,086 ​ $ 80,473 ​ $ 284,681 ​ $ 2,007,253 ​ $ 2,291,934 ​ $ 194,757 (1) This property was classified as held for sale as of December 31, 2020. (2) Sands Parc and Falls at Forsyth were funded, in part, by a secured credit facility. As of December 31, 2020, the outstanding credit facility balance was $33.0 million. Bluerock Residential Growth REIT, Inc. Notes to Schedule III 1. Reconciliation of Real Estate Properties ​ The following table reconciles the Real Estate Properties from January 1, 2018 to December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 (1) 2019 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1 ​ $ 2,088,886 ​ $ 1,802,668 ​ $ 1,452,759 Construction and acquisition cost ​ 358,288 ​ 580,208 ​ 349,909 Disposition of real estate ​ (155,240) ​ (293,990) ​ — Balance at December 31 ​ $ 2,291,934 ​ $ 2,088,886 ​ $ 1,802,668 ​ 2. Reconciliation of Accumulated Depreciation ​ The following table reconciles the Real Estate Properties from January 1, 2018 to December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 (1) 2019 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1 ​ $ 141,566 ​ $ 108,911 ​ $ 55,177 Current year depreciation expense ​ 72,826 ​ 63,709 ​ 53,734 Disposition of real estate ​ (19,635) ​ (31,054) ​ — Balance at December 31 ​ $ 194,757 ​ $ 141,566 ​ $ 108,911 (1) Includes properties classified as held for sale as of December 31, 2020.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 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 of the property interests acquired and investments made on the Company’s behalf. As of December 31, 2020, limited partners other than the Company owned approximately 31.91% of the common units of the Operating Partnership (19.44% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 12.47% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 5.53% which are not vested at December 31, 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 as held to maturity debt securities. These entities are included in 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. In accordance with adoption of the lease accounting update issued in July 2018, the Company reflects all income earned pursuant to tenant leases in a single line item, “Rental and other property revenues”, in the consolidated statements of operations. 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. The Company believes it currently has a stable financial condition; as of December 31, 2020, the Company collected 97% of rents from its multifamily properties for the three months ended December 31, 2020. As of January 31, 2021, the Company collected 97% of January rents from its multifamily properties. In addition, the Company has provided rent deferral payment plans as a result of hardships certain tenants experienced due to the impact of COVID-19, decreasing from 1% in the quarter ended June 30, 2020 to 0.2% in the quarter ended December 31, 2020. 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 95.4% and 95.6% as of December 31, 2020 and January 31, 2021, respectively, in future periods, the Company may experience reduced levels of tenant retention as well as reduced foot traffic and lease applications from prospective tenants resulting from the impact of COVID-19. During the fourth quarter, the Company recorded a provision for credit losses of $16.4 million on its preferred equity, mezzanine loan and ground lease investments, of which $15.9 million relates to its Alexan Southside Place preferred equity investment. Consistent with the overall Houston — Medical Center submarket, Alexan Southside Place lost significant value since the onset of the COVID-19 pandemic given the pandemic’s impact on demand within the submarket. The provision for credit loss recorded on the Company’s Alexan Southside Place investment is a result of this change in the submarket, its impact on the underlying operations of the Alexan Southside Place preferred equity investment, and the likelihood that the joint venture will sell before recovery.
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 investments as preferred equity investments and investments in unconsolidated real estate joint ventures in its consolidated balance sheets. In accordance with ASC 320 Investments – Debt Securities
Mezzanine Loan Investments	Mezzanine Loan Investments The Company analyzes each loan arrangement that involves real estate development to consider whether the loan qualifies for accounting as a loan or as an investment in a real estate development project. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310-10 Receivables
Fair Value of Financial Instruments	Fair Value of Financial Instruments As of December 31, 2020 and 2019, the carrying values of cash and cash equivalents, restricted cash, 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 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. Refer to Note 10 for further information regarding fair value measurements.
Real Estate Assets	Real Estate Assets Capital Additions, Depreciation and Amortization The Company capitalizes costs, including certain indirect costs, incurred in connection with its capital additions activities, including redevelopment, development and construction projects, other tangible apartment community improvements, and replacements of existing apartment community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with capital additions activities at the apartment community level. The Company characterizes as “indirect costs” an allocation of certain department costs, including payroll, at the corporate levels that clearly relate to capital additions activities. The Company also capitalizes interest, property taxes and insurance during periods in which redevelopment, development and construction projects are in progress. Cost capitalization begins once the development or construction activity commences and ceases when the asset is ready for its intended use. Repair and maintenance and tenant turnover costs are expensed as incurred. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. Depreciation and amortization expense are computed on the straight-line method over the asset’s estimated useful life. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: ​ ​ ​ ​ Buildings 30 – 40 years Building improvements 5 – 15 years Land improvements 5 – 15 years Furniture, fixtures and equipment 3 – 7 years In-place leases 6 months ​
Real Estate Purchase Price Allocations	Real Estate Purchase Price Allocations Upon the acquisition of real estate properties which do not constitute the definition of a business, the Company recognizes the assets acquired, the liabilities assumed, and any noncontrolling interest as of the acquisition date, measured at their relative fair values. Acquisition-related costs are capitalized in the period incurred and are recorded to the components of the real estate assets acquired. The Company assesses the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on several factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Intangible assets include the value of in-place leases, which represents the estimated fair value of the net cash flows of leases in place at the time of acquisition, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases, which is on average six months. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, prevailing interest rates and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be significant based upon the assumptions made in calculating these estimates.
Impairment of Real Estate Assets	Impairment of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets. No impairment charges were recorded in 2020, 2019 or 2018.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value.
Restricted Cash	Restricted Cash Restricted cash is comprised of the following: (i) lender-imposed escrow accounts for replacement reserves, real estate taxes and insurance, and (ii) amounts set aside for reinvestment in accordance with Internal Revenue Service Code Section 1031 related to like-kind exchanges.
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains cash balances with high quality financial institutions and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation.
Rents and Other Receivables	Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates.
Deferred Financing Fees	Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other third-party costs associated with obtaining financing. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures are capitalized and reflected as a reduction of mortgages payable, and fees associated with the Company’s lines of credit are recorded within accounts receivable, prepaids and other assets on the consolidated balances sheets. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures and fees associated with its lines of credit are amortized to interest expense over the terms of the financing agreements using the straight-line method, which approximates the effective interest method.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in consolidated joint ventures, as well as interests held by LTIP Unit holders and OP Unit holders. The Company reports its joint venture partners’ interest in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder pursuant to each joint venture’s operating agreement.
Revenue Recognition	Revenue Recognition The Company recognizes rental revenue on a straight-line basis over the terms of the rental agreements and in accordance with ASC Topic 842 Leases Other property revenues are recognized in the period earned. The Company recognizes a gain or loss on the sale of real estate assets when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtains control.
Stock-Based Compensation	Stock-Based Compensation The Company expenses the fair value of share awards in accordance with the fair value recognition requirements of ASC Topic 718 “Compensation-Stock Compensation.” ASC Topic 718 requires companies to measure the cost of the recipient services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. The cost of the share award is expensed over the requisite service period (usually the vesting period).
Distribution Policy	Distribution Policy The Company expects to authorize and declare regular cash distributions to its stockholders in order to maintain its REIT status. Distributions to stockholders will be determined by the Company’s board of directors (the “Board”) and will be dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT, and other considerations as the Board may deem relevant. Distributions are recorded as a reduction of stockholders’ equity in the period in which they are declared.
Selling Commissions and Dealer Manager Fees	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 selling commissions and dealer manager fees of 7% and 3%, respectively, of the gross offering proceeds from the offering. 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. Offering costs related to each closing are recorded as a reduction of proceeds raised on the date of issue.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and has qualified since the taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income (loss) and net cash available for distribution to stockholders. However, the Company intends to continue to organize and operate in such a manner as to remain qualified for treatment as a REIT. For the year ended December 31, 2020, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2020, none of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes, 51.53% were return of capital, and 48.47% were capital gains, with 18.45% of the capital gains qualifying as Section 1250 gains. For the year ended December 31, 2019, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2019, approximately 1.33% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes, 93.15% were return of capital, and 5.52% were capital gains, with 87.49% of the capital gains qualifying as Section 1250 gains. For the year ended December 31, 2018, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2018, approximately 34.00% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes and 66.00% were return of capital. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It requires a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, in an income tax return. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management has considered all positions taken on the 2014 through 2019 tax returns (where applicable), and those positions expected to be taken on the 2020 tax returns, and concluded that tax positions taken will more likely than not be sustained at the full amount upon examination. Accordingly, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its consolidated financial statements. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2020. If any income tax exposure was identified, the Company would recognize an estimated liability for income tax items that meet the criteria for accrual. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. If any interest and penalties related to income tax assessments arose, the Company would record them as income tax expense. As of December 31, 2020, tax returns for the calendar years 2017 and subsequent remain subject to examination by the Internal Revenue Service and various state tax jurisdictions.
Reportable Segment	Reportable Segment The Company’s current business consists of investing in and operating multifamily communities. Substantially all its consolidated net income (loss) is from investments in multifamily real estate properties that the Company owns through co-investment ventures or invests in through multifamily real estate loans. The Company evaluates operating performance on an individual property investment level and based on the properties’ similar economic characteristics. The Company views its real estate assets as one reportable segment, and, accordingly, aggregates its properties into one reportable segment.
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 Accounting Standards Update (“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. ASU 2016-13 utilizes a CECL methodology for the recognition of credit losses for structured loans and preferred equity investments. The provision for credit losses is adjusted each period for changes in expected credit losses. This methodology replaces the multiple existing impairment methods in GAAP which generally required that a loss be incurred before it is recognized. The Company adopted ASU 2016-13 as of January 1, 2020 and the standard did not have a material impact on the Company’s consolidated financial statements upon adoption. 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 second quarter 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. In August 2020, the FASB issued ASU No. 2020-06 “Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). The guidance in ASU 2020-06 simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity Current Expected Credit Losses (“CECL”) The Company estimates provision for credit losses on its mezzanine loan and preferred equity investments under CECL. This method is based on expected credit losses for the life of the investment as of each balance sheet date. The method for calculating the estimate of expected credit loss takes into account historical experience and current conditions for similar loans and reasonable and supportable forecasts about the future. The Company estimates its provision for credit losses using a collective (pool) approach for investments with similar risk characteristics, such as collateral and duration of investment. In measuring the CECL provision for investments that share similar characteristics, the Company applies a default rate to the investments for the remaining mezzanine loan or preferred equity investment hold period. As the Company does not have a significant historical population of loss data on its mezzanine loan and preferred equity investments, the Company’s default rate utilized for CECL is based on an external historical loss rate for commercial real estate loans. In addition to analyzing investments as a pool, the Company performs an individual investment assessment of expected credit losses. If it is determined that the borrower is experiencing financial difficulty, or a foreclosure is probable, or the Company expects repayment through the sale of the collateral, the Company calculates expected credit losses based on the value of the underlying collateral as of the reporting date. During this review process, if the Company determines that it is probable that it will not be able to collect all amounts due for both principal and interest according to the contractual terms of an investment, that mezzanine loan or preferred equity investment is not considered fully recoverable and a provision for credit loss is recorded. In estimating the value of the underlying collateral when determining if a mezzanine loan or preferred equity investment is fully recoverable, the Company evaluates estimated future cash flows to be generated from the collateral underlying the investment. The inputs and assumptions utilized to estimate the future cash flows of the underlying collateral are based upon the Company’s evaluation of the operating results, economy, market trends, and other factors, including judgments regarding costs to complete any construction activities, lease up and occupancy rates, rental rates, and capitalization rates utilized to estimate the projected cash flows at the disposition. The Company may also obtain a third-party valuation which may value the collateral through an "as-is" or "stabilized value" methodology. If upon completion of the valuation the fair value of the underlying collateral securing the investment is less than the net carrying value, the Company records a provision for credit loss on that mezzanine loan or preferred equity investment. As the investment no longer displays the characteristics that are similar to those of the pool of mezzanine loans or preferred equity investments, the investment is removed from the CECL collective (pool) analysis described above. Refer to Note 6 and Note 7 for further information regarding CECL and the Company’s provision for credit losses on its pool of investments and the Alexan Southside Place preferred equity investment.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Basis of Presentation and Summary of Significant Accounting Policies
Schedule of estimated useful life of assets	​ ​ ​ ​ Buildings 30 – 40 years Building improvements 5 – 15 years Land improvements 5 – 15 years Furniture, fixtures and equipment 3 – 7 years In-place leases 6 months

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 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 % Carrington at Perimeter Park Morrisville, NC 266 2007 100 % Chattahoochee Ridge Atlanta, GA 358 1996 90 % Chevy Chase Austin, TX 320 1971 92 % Cielo on Gilbert ​ Mesa, AZ ​ 432 ​ 1985 ​ 90 % Citrus Tower Orlando, FL 336 2006 97 % Denim Scottsdale, AZ 645 1979 100 % Elan Austin, TX 270 2007 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 ​ ​ ​ 12,722 ​ ​ ​ ​ ​ (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 (1) ​ ​ ​ ​ ​ ​ ​ ​ Motif Fort Lauderdale, FL ​ 385 ​ 1Q 2020 ​ 2Q 2020 The Conley, formerly North Creek Apartments Leander, TX ​ 259 ​ 2Q 2020 ​ 4Q 2020 Wayford at Concord, formerly Wayforth at Concord Concord, NC ​ 150 ​ 1Q 2020 ​ 4Q 2020 Total lease-up units ​ ​ 794 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investments (1) ​ ​ ​ ​ ​ ​ ​ ​ Zoey Austin, TX ​ 307 ​ 1Q 2022 ​ 2Q 2022 Reunion Apartments Orlando, FL ​ 280 ​ 1Q 2022 ​ 3Q 2022 The Park at Chapel Hill Chapel Hill, NC 414 ​ 3Q 2021 ​ 4Q 2022 Avondale Hills ​ Decatur, GA ​ 240 ​ 1Q 2023 ​ 1Q 2023 Encore Chandler Chandler, AZ ​ 208 ​ 1Q 2023 ​ 2Q 2023 Total development units ​ ​ 1,449 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multifamily Community Name Location ​ Number of Units ​ ​ ​ ​ Operating Investments (1) ​ ​ ​ ​ ​ ​ ​ ​ Alexan CityCentre Houston, TX ​ 340 ​ ​ ​ ​ Alexan Southside Place ​ Houston, TX ​ 270 ​ ​ ​ ​ Belmont Crossing (2) ​ Smyrna, GA ​ 192 ​ ​ ​ ​ Domain at The One Forty ​ Garland, TX ​ 299 ​ ​ ​ ​ Georgetown Crossing (2) ​ Savannah, GA ​ 168 ​ ​ ​ ​ Hunter’s Pointe (2) ​ Pensacola, FL ​ 204 ​ ​ ​ ​ Mira Vista ​ Austin, TX ​ 200 ​ ​ ​ ​ Park on the Square (2) ​ Pensacola, FL ​ 240 ​ ​ ​ ​ Sierra Terrace (2) ​ Atlanta, GA ​ 135 ​ ​ ​ ​ Sierra Village (2) ​ Atlanta, GA ​ 154 ​ ​ ​ ​ The Commons (2) ​ Jacksonville, FL ​ 328 ​ ​ ​ ​ Thornton Flats ​ Austin, TX ​ 104 ​ ​ ​ ​ Vickers Historic Roswell ​ Roswell, GA ​ 79 ​ ​ ​ ​ Water’s Edge (2) ​ Pensacola, FL ​ 184 ​ ​ ​ ​ Total operating units ​ ​ ​ 2,897 ​ ​ ​ ​ Total units ​ ​ ​ 5,140 ​ ​ ​ ​ (1) Properties in which the Company has a mezzanine loan, preferred equity or ground lease investment. Operating investments represent stabilized operating properties. Refer to Note 6, Note 7 and Note 14 for further information. (2) Belmont Crossing, Georgetown Crossing, Hunter’s Pointe, Park on the Square, Sierra Terrace, Sierra Village, The Commons and Water’s Edge are collectively known as the Strategic Portfolio. Refer to Note 7 for further information.

Acquisition of Real Estate (Tab

Acquisition of Real Estate (Tables)	12 Months Ended
	Dec. 31, 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 financing during the years ended December 31, 2020 and 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership ​ Purchase ​ ​ ​ ​ Property Location Date Interest Price Mortgage Element Las Vegas, NV ​ June 27, 2019 100 % $ 41,750 ​ $ 29,260 ​ Providence Trail Mount Juliet, TN ​ June 27, 2019 100 % 68,500 ​ ​ 47,950 ​ Denim Scottsdale, AZ ​ July 24, 2019 100 % 141,250 ​ 91,634 ​ The Sanctuary Las Vegas, NV ​ July 31, 2019 100 % 51,750 ​ 33,707 ​ Chattahoochee Ridge Atlanta, GA ​ November 12, 2019 90 % 69,750 ​ 45,338 ​ The District at Scottsdale ​ Scottsdale, AZ ​ December 11, 2019 ​ 100 % ​ 124,000 ​ ​ 82,200 ​ Navigator Villas ​ Pasco, WA ​ December 18, 2019 ​ 90 % ​ 28,500 ​ ​ 20,515 ​ 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) Chevy Chase ​ Austin, TX ​ August 11, 2020 ​ 92 % ​ 34,500 ​ ​ 24,400 ​ Carrington at Perimeter Park ​ Morrisville, NC ​ December 1, 2020 ​ 100 % ​ 52,000 ​ ​ 31,301 (3) Elan ​ Austin, TX ​ December 1, 2020 ​ 100 % ​ 39,500 ​ ​ 25,574 (4) Cielo on Gilbert ​ Mesa, Arizona ​ December 23, 2020 ​ 90 % ​ 74,250 ​ ​ 58,000 ​ (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. (3) Mortgage balance includes a $27.5 million loan assumption and a $3.8 million supplemental loan secured by the Carrington at Perimeter Park property. (4) Mortgage balance includes a $21.2 million loan assumption and a $4.4 million supplemental loan secured by the Elan property.
Schedule of Real Estate Properties	The following table summarizes the assets acquired and liabilities assumed at the acquisition date for acquisitions made during the year ended December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ Purchase ​ ​ Price ​ Allocation Land ​ $ 34,565 Building ​ 254,191 Building improvements ​ 10,200 Land improvements ​ 34,117 Furniture and fixtures ​ 8,148 In-place leases ​ 5,556 Total assets acquired ​ $ 346,777 Mortgages assumed ​ $ 78,385 Fair value adjustments ​ ​ 5,658 Total liabilities assumed ​ $ 84,043
Schedule of acquisition of noncontrolling partners interest in real estate Properties	In addition to the property acquisitions discussed above, the Company also acquired the noncontrolling partner’s interest in the following properties during the years ended December 31, 2020 and 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property Date Amount Previous Interest New Interest Pine Lakes Preserve, formerly ARIUM Pine Lakes ​ January 29, 2019 ​ $ 7,769 ​ 85 % 100 % Sorrel (1) ​ June 25, 2019 ​ ​ 738 ​ 95 % 100 % Sovereign (1) ​ June 25, 2019 ​ ​ 1,204 ​ 95 % 100 % The Brodie ​ April 24, 2020 ​ ​ 3,500 ​ 93 % 100 % (1) Sorrel and Sovereign were subsequently disposed of in 2019 as part of the Topaz Portfolio sale. Refer to Note 3 for further information.

Notes and Interest Receivable (

Notes and Interest Receivable (Tables)	12 Months Ended
	Dec. 31, 2020
Notes and Interest Receivable
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 mezzanine loan investments as of December 31, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Property 2020 2019 Arlo ​ $ — ​ $ 27,605 Avondale Hills ​ 1,021 ​ — Domain at The One Forty ​ 24,315 ​ 23,430 Motif ​ 75,436 ​ 75,436 Novel Perimeter ​ — ​ 20,867 Reunion Apartments ​ ​ 8,161 ​ ​ — The Park at Chapel Hill ​ ​ 36,927 ​ ​ 34,819 Vickers Historic Roswell ​ 12,048 ​ 11,624 Total ​ $ 157,908 ​ $ 193,781 Provision for credit losses (1) ​ ​ (174) ​ ​ — Total, net ​ $ 157,734 ​ $ 193,781 (1) The Company recorded a $174 provision for credit losses on its mezzanine loan investments during the fourth quarter 2020 under CECL. Refer to Note 2 for further information.
Summary of changes in provision for credit losses	​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Provision for credit losses, beginning of the period ​ $ — ​ $ — Provision for credit loss on pool of assets (1) ​ 174 ​ — Provision for credit losses, end of period ​ $ 174 ​ $ — (1) Under CECL, a provision for credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. Refer to Note 2 for further information.
Summary of the interest income from related parties and ground leases	Following is a summary of the interest income from mezzanine loan and ground lease investments for the years ended December 31, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Property ​ 2020 2019 Arlo ​ $ 4,161 ​ $ 3,757 Avondale Hills ​ 3 ​ — Cade Boca Raton ​ — ​ 1,925 Domain at The One Forty ​ 1,311 ​ 3,280 Motif ​ 9,549 ​ 9,626 Novel Perimeter ​ ​ 3,084 ​ ​ 3,091 Reunion Apartments ​ ​ 176 ​ ​ — The Park at Chapel Hill ​ 3,077 ​ 1,273 Vickers Historic Roswell ​ ​ 1,733 ​ ​ 1,643 Zoey (1) ​ ​ 232 ​ ​ — Total ​ $ 23,326 ​ $ 24,595 (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 mezzanine loan investment properties at December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ Property 2020 2019 Avondale Hills ​ (1) — ​ Domain at The One Forty ​ 92.6 % 85.6 % Motif ​ 62.1 % ​ (2) Reunion Apartments ​ (1) — ​ The Park at Chapel Hill ​ ​ (1) ​ (2) Vickers Historic Roswell 96.2 % 74.7 % (1) The development had not commenced lease-up as of December 31, 2020. (2) The development had not commenced lease-up as of December 31, 2019.

Preferred Equity Investments _2

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2020 and 2019 is summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Property 2020 2019 ​ ​ ​ ​ ​ ​ ​ Alexan CityCentre ​ $ 15,063 ​ $ 12,788 Alexan Southside Place ​ 26,038 ​ 24,866 Helios ​ — ​ 23,663 Leigh House ​ — ​ 80 Mira Vista ​ ​ 5,250 ​ ​ 5,250 Riverside Apartments ​ — ​ 12,342 Strategic Portfolio (1) ​ 27,054 ​ 10,183 The Conley, formerly North Creek Apartments ​ ​ 15,036 ​ ​ 14,964 Thornton Flats ​ ​ 4,600 ​ ​ 4,600 Wayford at Concord, formerly Wayforth at Concord ​ ​ 6,500 ​ ​ 4,683 Whetstone Apartments ​ — ​ 12,932 Other ​ 97 ​ 93 Total ​ $ 99,638 ​ $ 126,444 Provision for credit losses (2) ​ ​ (16,153) ​ ​ — Total, net ​ $ 83,485 ​ $ 126,444 (1) Belmont Crossing, Georgetown Crossing, Hunter’s Pointe, Park on the Square, Sierra Terrace, Sierra Village, The Commons and Water’s Edge are collectively known as the Strategic Portfolio. (2) Refer to the Provision for Credit Losses table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Provision for credit losses, beginning of the period ​ $ — ​ $ — Provision for credit loss on pool of assets (1) ​ 223 ​ — Provision for credit loss – Alexan Southside Place (2) ​ 15,930 ​ — Provision for credit losses, end of period ​ $ 16,153 ​ $ — (1) Under CECL, a provision for credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. Refer to Note 2 for further information. (2) The Company recorded a $15,930 provision for credit loss on its Alexan Southside Place preferred equity investment. Refer to the Alexan Southside Place Provision for Credit Loss disclosure below for further information.
Schedule of preferred returns on the company	The preferred returns on the Company’s unconsolidated real estate joint ventures for the years ended December 31, 2020, 2019 and 2018 is summarized below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property ​ 2020 2019 2018 Alexan CityCentre ​ $ 2,502 ​ $ 2,108 ​ $ 1,668 Alexan Southside Place ​ 1,281 ​ 1,583 ​ 3,201 Helios (1) ​ (133) ​ 1,343 ​ 2,459 Leigh House ​ 2 ​ 1,155 ​ 1,910 Mira Vista ​ ​ 539 ​ ​ 155 ​ ​ — Riverside Apartments ​ ​ 1,662 ​ ​ 879 ​ ​ 31 Strategic Portfolio ​ ​ 2,121 ​ ​ 33 ​ ​ — The Conley ​ ​ 1,966 ​ ​ 1,375 ​ ​ 108 Thornton Flats ​ ​ 415 ​ ​ 110 ​ ​ — Wayford at Concord ​ 839 ​ 121 ​ — Whetstone Apartments ​ 56 ​ 935 ​ 935 Preferred returns on unconsolidated joint ventures ​ $ 11,250 ​ $ 9,797 ​ $ 10,312 (1) Of the net loss incurred at Helios for the year ended December 31, 2020, ($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 December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ Property 2020 2019 Alexan CityCentre ​ 94.1 % 90.9 % Alexan Southside Place ​ 93.0 % 95.2 % Encore Chandler ​ ​ (1) — ​ Mira Vista ​ 95.0 % 93.5 % Strategic Portfolio ​ ​ ​ ​ ​ Belmont Crossing ​ 91.7 % 89.6 % Georgetown Crossing ​ 88.7 % — ​ Hunter’s Pointe ​ 99.0 % — ​ Park on the Square ​ 97.5 % — ​ Sierra Terrace ​ 89.6 % 97.0 % Sierra Village ​ 87.7 % 86.4 % The Commons ​ 93.9 % — ​ Water’s Edge ​ 99.5 % — ​ The Conley ​ 54.1 % ​ (2) Thornton Flats ​ 88.5 % 90.4 % Wayford at Concord ​ 80.7 % ​ (2) (1) The development had not commenced lease-up as of December 31, 2020. (2) The development had not commenced lease-up as of 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 December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 is as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Balance Sheets: ​ ​ Real estate, net of depreciation ​ $ 625,184 ​ $ 678,073 Other assets ​ 46,686 ​ 51,212 Total assets ​ $ 671,870 ​ $ 729,285 ​ ​ ​ ​ ​ ​ ​ Mortgage payable ​ $ 514,964 ​ $ 570,573 Other liabilities ​ 33,027 ​ 36,129 Total liabilities ​ $ 547,991 ​ $ 606,702 Members’ equity ​ 123,879 ​ 122,583 Total liabilities and members’ equity ​ $ 671,870 ​ $ 729,285 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 Operating Statement: ​ ​ ​ ​ Rental revenues ​ $ 50,887 ​ $ 37,220 ​ $ 19,222 Operating expenses ​ (29,816) ​ (21,904) ​ (14,824) Income before debt service and depreciation and amortization ​ 21,071 ​ 15,316 ​ 4,398 Interest expense, net ​ (37,346) ​ (31,775) ​ (12,935) Depreciation and amortization ​ (19,034) ​ (16,125) ​ (10,385) Net operating loss ​ (35,309) ​ (32,584) ​ (18,922) Gain on sale (1) ​ 68,889 ​ 13,871 ​ — Net income (loss) ​ $ 33,580 ​ $ (18,713) ​ $ (18,922) (1) For the year ended December 31, 2020, represents the gain on sales of Helios and Whetstone. For the year ended December 31, 2019, represents the gain on sale of Leigh House.

Revolving Credit Facility (Tabl

Revolving Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2020
Revolving Credit Facility
Schedule of Line of Credit Facilities	The outstanding balances on the revolving credit facilities as of December 31, 2020 and 2019 are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Revolving Credit Facilities ​ 2020 ​ 2019 Amended Senior Credit Facility ​ $ 33,000 ​ $ 18,000 Second Amended Junior Credit Facility ​ — ​ — Total ​ $ 33,000 ​ $ 18,000

Mortgages Payable (Tables)

Mortgages Payable (Tables)	12 Months Ended
	Dec. 31, 2020
Mortgages Payable
Schedule of senior mortgage indebtedness	The following table summarizes certain information as of December 31, 2020 and 2019, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Principal ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest-only ​ ​ Property 2020 2019 Interest Rate through date Maturity Date ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Grandewood ​ $ — ​ $ 19,713 ​ ​ ​ ​ ​ ARIUM Hunter’s Creek ​ 70,871 ​ 72,183 3.65 % (1) ​ 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 (2) ​ ​ 36,566 ​ ​ — ​ 4.18 % July 2022 ​ July 1, 2027 Carrington at Perimeter Park (3) ​ ​ 31,301 ​ ​ — ​ 4.16 % (3) ​ July 1, 2027 Chattahoochee Ridge ​ 45,338 ​ 45,338 3.25 % December 2022 ​ December 5, 2024 Citrus Tower ​ ​ 40,627 ​ ​ 41,325 ​ 4.07 % (1) ​ October 1, 2024 Denim (4) ​ ​ 101,205 ​ ​ 91,634 ​ 3.41 % August 2024 ​ August 1, 2029 Elan (5) ​ 25,574 ​ — 4.19 % (5) ​ July 1, 2027 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 ​ 25,674 ​ 26,111 4.35 % (1) ​ January 1, 2024 Navigator Villas (6) ​ 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 ​ 50,043 ​ 51,000 3.63 % (1) ​ December 1, 2026 The Brodie ​ 33,551 ​ 34,198 3.71 % (1) ​ December 1, 2023 The Links at Plum Creek ​ 39,578 ​ 40,000 4.31 % (1) ​ October 1, 2025 The Mills ​ 25,275 ​ 25,797 4.21 % (1) ​ January 1, 2025 The Preserve at Henderson Beach ​ ​ 48,490 ​ ​ 48,490 ​ 3.26 % September 2028 ​ September 1, 2029 The Reserve at Palmer Ranch ​ ​ 40,977 ​ ​ 41,348 ​ 4.41 % (1) ​ May 1, 2025 The Sanctuary ​ 33,707 ​ 33,707 3.31 % Interest-only ​ August 1, 2029 Villages of Cypress Creek ​ — ​ 26,200 ​ ​ ​ ​ ​ Wesley Village ​ ​ 39,438 ​ ​ 40,111 ​ 4.25 % (1) ​ April 1, 2024 Total Fixed Rate ​ $ 1,117,999 ​ $ 1,147,555 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Floating Rate (7) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Glenridge ​ $ 49,500 ​ $ 49,500 1.48 % September 2021 ​ September 1, 2025 ARIUM Grandewood ​ — ​ 19,672 ​ ​ ​ ​ ​ Ashton Reserve II ​ — ​ 15,213 ​ ​ ​ ​ ​ Cade Boca Raton ​ ​ — ​ ​ 23,500 ​ ​ ​ ​ ​ ​ Chevy Chase ​ ​ 24,400 ​ ​ — ​ 2.47 % September 2022 ​ September 1, 2027 Cielo on Gilbert (8) ​ ​ 58,000 ​ ​ — ​ 2.70 % January 2026 ​ January 1, 2031 Fannie Facility Advance ​ 13,936 ​ — 2.75 % June 2022 ​ June 1, 2027 Marquis at The Cascades I ​ 31,668 ​ 32,284 1.76 % (1) ​ June 1, 2024 (9) Marquis at The Cascades II ​ 22,101 ​ 22,531 1.76 % (1) ​ June 1, 2024 (9) Marquis at TPC ​ — ​ 16,468 ​ ​ ​ ​ ​ Pine Lakes Preserve ​ 42,728 ​ — 3.13 % July 2025 ​ July 1, 2030 The District at Scottsdale (10) ​ ​ 75,577 ​ ​ 82,200 ​ 1.85 % (1) ​ June 11, 2021 (11) Veranda at Centerfield ​ 26,100 ​ 26,100 1.40 % July 2021 ​ July 26, 2023 (12) Villages of Cypress Creek ​ 33,520 ​ — 2.70 % July 2022 ​ July 1, 2027 Total Floating Rate ​ $ 377,530 ​ $ 287,468 ​ ​ ​ ​ ​ ​ Total ​ $ 1,495,529 ​ $ 1,435,023 ​ ​ ​ ​ ​ Fair value adjustments ​ ​ 6,489 ​ ​ 1,815 ​ ​ ​ ​ ​ ​ Deferred financing costs, net ​ ​ (11,086) ​ ​ (11,581) ​ ​ ​ ​ Total continuing operations ​ $ 1,490,932 ​ $ 1,425,257 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held for Sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Grandewood (13) ​ $ 19,585 ​ $ — ​ 4.35 % (1) ​ July 1, 2025 ARIUM Grandewood (14) ​ ​ 19,529 ​ ​ — ​ 1.55 % (1) ​ July 1, 2025 Deferred financing costs, net ​ ​ (341) ​ ​ — ​ ​ ​ ​ ​ ​ Total held for sale ​ ​ 38,773 ​ ​ — ​ ​ ​ ​ ​ ​ Total mortgages payable ​ $ 1,529,705 ​ $ 1,425,257 ​ ​ ​ ​ ​ ​ (1) The loan requires monthly payments of principal and interest. (2) The principal balance includes a $29.7 million senior loan at a fixed rate of 4.02% and a $6.9 million supplemental loan at a fixed rate of 4.86% . (3) The principal balance includes a $27.5 million senior loan at a fixed rate of 4.09% and a $3.8 million supplemental loan at a fixed rate of 4.66% . The senior loan has monthly payments that are interest-only through July 2024, whereas the supplemental loan has monthly payments of principal and interest. Both loans have a maturity date of July 1, 2027. (4) The principal balance includes a $91.6 million senior loan at a fixed rate of 3.32% and a $9.6 million supplemental loan at a fixed rate of 4.22% . (5) The principal balance includes a $21.2 million senior loan at a fixed rate of 4.09% and a $4.4 million supplemental loan at a fixed rate of 4.66% . The senior loan has monthly payments that are interest-only through July 2024, whereas the supplemental loan has monthly payments of principal and interest. Both loans have a maturity date of July 1, 2027. (6) The principal balance includes a $14.8 million senior loan at a fixed rate of 4.31% and a $5.7 million supplemental loan at a fixed rate of 5.23% . (7) Other than Cielo on Gilbert and The District at Scottsdale, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In December 2020, one-month LIBOR in effect was 0.15% . LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information. (8) The loan bears interest at a floating rate of the 30-day average SOFR + 2.61% . In December 2020, the 30-day average SOFR in effect was 0.09% . SOFR rate is subject to a rate cap. Please refer to Note 11 for further information. (9) The loan can be extended, subject to certain conditions, in connection with an election to convert to a fixed interest rate loan. (10) 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. (11) The loan has two (2) three-month extension options subject to certain conditions. (12) The loan has two (2) one-year extension options subject to certain conditions. (13) ARIUM Grandewood fixed rate loan. (14) ARIUM Grandewood floating rate loan.
Schedule of contractual principal payments	As of December 31, 2020, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Total 2021 (1) ​ $ 86,214 2022 ​ 15,337 2023 ​ 127,351 2024 ​ 276,158 2025 ​ 368,842 Thereafter ​ 660,741 ​ ​ $ 1,534,643 Add: Unamortized fair value debt adjustment ​ 6,489 Subtract: Deferred financing costs, net ​ (11,427) Total ​ $ 1,529,705 (1) $75.6 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)	12 Months Ended
	Dec. 31, 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 December 31, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ ​ ​ Fair values of derivative instruments under ASC 815 ‑ 20 ​ Balance Sheet Location ​ instruments ​ ​ 2020 2019 Interest rate caps Accounts receivable, prepaids and other assets ​ $ 14 ​ $ 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 years ended December 31, 2020, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Effect of Derivative Derivatives not designated as hedging ​ Location of (Loss) or Gain ​ Instruments on the Statements of instruments under ASC 815 ‑ 20 ​ Recognized in Income ​ Operations ​ ​ ​ 2020 2019 2018 Interest rate caps Interest Expense ​ $ (128) ​ $ (2,536) ​ $ (2,846) ​

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions
Summary of related party amounts payable to BRE	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 December 31, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Amounts Payable to BRE under the Administrative Services Agreement, net ​ ​ Operating and direct expense reimbursements ​ $ 338 ​ $ 281 Offering expense reimbursements ​ ​ 89 ​ ​ 183 Total expense reimbursement amounts payable to BRE, net ​ $ 427 ​ $ 464 ​ ​ ​ ​ ​ ​ ​ Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement ​ ​ ​ Operating and direct expense reimbursements ​ $ 191 ​ $ 186 Capital improvement cost reimbursements ​ — ​ 40 Total expense and cost reimbursement amounts payable to BRE ​ $ 191 ​ $ 226 Total ​ $ 618 ​ $ 690

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity
Schedule of reconciliation of components of basic and diluted net loss per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 Net loss attributable to common stockholders ​ $ (44,674) ​ $ (19,751) ​ $ (42,759) Dividends on restricted stock and LTIP Units expected to vest ​ (1,323) ​ (953) ​ (674) Basic net loss attributable to common stockholders ​ $ (45,997) ​ $ (20,704) ​ $ (43,433) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding (1) ​ 24,084,347 ​ 22,649,222 ​ 23,845,800 Potential dilutive shares (2) ​ — ​ — ​ — Weighted average common shares outstanding and potential dilutive shares (1) ​ 24,084,347 ​ 22,649,222 ​ 23,845,800 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per common share, basic ​ $ (1.91) ​ $ (0.91) ​ $ (1.82) Net loss per common share, diluted ​ $ (1.91) ​ $ (0.91) ​ $ (1.82) (1) For 2020, 2019 and 2018, amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) For the year ended December 31, 2020, potential vesting of restricted stock to employees for 63,045 shares of Class A common stock are excluded from the diluted shares calculation as the effect is antidilutive. For the year ended December 31, 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 140,334 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 22,807 shares of Class A common stock. Excludes no shares for the year ended December 31, 2018.
Summary of the status of the Company's non-vested shares/LTIP Units under the Incentive Plans for individuals	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average grant- Non-Vested shares/LTIP Units ​ Shares / LTIP Units ​ date fair value Balance at January 1, 2018 — ​ $ — Granted 1,158,963 ​ 10.06 Vested (183,754) ​ 10.10 Forfeited — ​ — Balance at December 31, 2018 975,209 ​ $ 10.05 Granted 637,315 ​ 9.36 Vested (237,841) ​ 10.01 Forfeited (3,600) ​ 10.65 Balance at December 31, 2019 1,371,083 ​ $ 9.72 Granted 1,346,538 ​ 9.39 Vested (333,951) ​ 10.12 Forfeited (7,081) ​ 6.53 Balance at December 31, 2020 2,376,589 ​ $ 9.50
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 September 11, 2020 ​ September 25, 2020 ​ $ 0.162500 ​ October 5, 2020 December 11, 2020 ​ December 24, 2020 ​ $ 0.162500 ​ January 5, 2021 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 September 11, 2020 ​ September 25, 2020 ​ $ 0.162500 ​ October 5, 2020 December 11, 2020 ​ December 24, 2020 ​ $ 0.162500 ​ January 5, 2021 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 September 11, 2020 ​ September 25, 2020 ​ $ 0.515625 ​ October 5, 2020 September 21, 2020 (1) ​ October 21, 2020 ​ $ 0.120313 ​ October 21, 2020 November 19, 2020 (1) ​ December 21, 2020 ​ $ 0.464063 ​ December 21, 2020 December 11, 2020 ​ December 24, 2020 ​ $ 0.515625 ​ January 5, 2021 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 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 October 9, 2020 ​ October 23, 2020 ​ $ 5.00 ​ November 5, 2020 October 9, 2020 ​ November 25, 2020 ​ $ 5.00 ​ December 4, 2020 October 9, 2020 ​ December 24, 2020 ​ $ 5.00 ​ January 5, 2021 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 September 11, 2020 ​ September 25, 2020 ​ $ 0.4765625 ​ October 5, 2020 December 11, 2020 ​ December 24, 2020 ​ $ 0.4765625 ​ January 5, 2021 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 September 11, 2020 ​ September 25, 2020 ​ $ 0.4453125 ​ October 5, 2020 December 11, 2020 ​ December 24, 2020 ​ $ 0.4453125 ​ January 5, 2021 Series T Preferred Stock (2) ​ ​ ​ ​ ​ ​ ​ 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 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 October 9, 2020 ​ October 23, 2020 ​ $ 0.128125 ​ November 5, 2020 October 9, 2020 ​ November 25, 2020 ​ $ 0.128125 ​ December 4, 2020 October 9, 2020 ​ December 24, 2020 ​ $ 0.128125 ​ January 5, 2021 December 11, 2020 (3) ​ December 24, 2020 ​ $ 0.05 ​ December 29, 2020 (1) This dividend was paid on the date indicated to shareholders in conjunction with the redemption of Series A preferred shares. (2) 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. (3) The Board authorized, and the Company declared, an annual Series T Preferred Stock dividend of 0.20% per share of Series T Preferred Stock. Shares of Series T Preferred Stock that are held only for a portion of the applicable annual stock dividend period will receive a prorated Series T Preferred Stock dividend based on the actual number of months in the applicable annual stock dividend period during which each such share of Series T Preferred Stock was outstanding. The annual stock dividend equates to $0.05 per share of Series T Preferred Stock.
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 Third Quarter ​ ​ Class A Common Stock ​ $ 4,012 ​ $ 3,994 Class C Common Stock ​ 12 ​ 12 Series A Preferred Stock ​ 2,866 ​ 2,880 Series B Preferred Stock ​ 7,745 ​ 7,751 Series C Preferred Stock ​ 1,094 ​ 1,102 Series D Preferred Stock ​ 1,236 ​ 1,245 Series T Preferred Stock ​ ​ 2,062 ​ ​ 1,738 OP Units ​ 1,026 ​ 1,027 LTIP Units ​ 649 ​ 487 Total third quarter 2020 ​ $ 20,702 ​ $ 20,236 Fourth Quarter ​ ​ Class A Common Stock ​ $ 3,630 ​ $ 4,011 Class C Common Stock ​ 12 ​ 12 Series A Preferred Stock ​ 2,214 ​ 3,944 Series B Preferred Stock ​ 7,717 ​ 7,729 Series C Preferred Stock ​ 1,094 ​ 1,094 Series D Preferred Stock ​ 1,236 ​ 1,235 Series T Preferred Stock ​ ​ 3,415 ​ ​ 3,037 OP Units ​ 1,026 ​ 1,027 LTIP Units ​ 658 ​ 500 Total fourth quarter 2020 ​ $ 21,002 ​ $ 22,589 Total ​ $ 80,660 ​ $ 80,824

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2020
Selected Quarterly Financial Data
Schedule of summarized quarterly financial data	The following table sets forth summarized quarterly financial data for the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarters Ended 2020 ​ March 31 June 30 September 30 ​ December 31 ​ ​ (In thousands, except per share amounts) Total revenue ​ $ 56,241 ​ $ 53,033 ​ $ 54,589 ​ ​ $ 55,987 Operating income ​ $ 7,087 ​ $ 7,475 ​ $ 6,428 ​ ​ $ 9,826 Net (loss) income ​ $ (5,121) ​ $ 40,327 (1) $ (4,069) ​ ​ $ (16,414) Net (loss) income attributable to common stockholders ​ $ (16,493) ​ $ 15,090 (1) $ (17,058) ​ ​ $ (26,213) (Loss) income per common share, basic: (2) ​ $ (0.70) ​ $ 0.61 ​ $ (0.71) ​ ​ $ (1.13) (Loss) income per common share, diluted: (2) ​ $ (0.70) ​ $ 0.61 ​ $ (0.71) ​ ​ $ (1.13) (1) Net income is due to gain on sale of real estate investments of $57.8 million during the three months ended June 30, 2020. (2) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2020. The following table sets forth summarized quarterly financial data for the year ended December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarters Ended 2019 ​ March 31 June 30 September 30 ​ December 31 ​ ​ (In thousands, except per share amounts) Total revenue ​ $ 51,466 ​ $ 52,437 ​ $ 53,547 ​ ​ $ 52,520 Operating income ​ $ 8,734 ​ $ 10,701 ​ $ 8,738 ​ ​ $ 8,536 Net (loss) income ​ $ (4,365) ​ $ (1,932) ​ $ 38,175 (1) ​ $ (2,759) Net (loss) income attributable to common stockholders ​ $ (12,093) ​ $ (10,990) ​ $ 17,160 (1) ​ $ (13,827) (Loss) income per common share, basic: (2) ​ $ (0.53) ​ $ (0.50) ​ $ 0.76 ​ ​ $ (0.62) (Loss) income per common share, diluted: (2) ​ $ (0.53) ​ $ (0.50) ​ $ 0.75 ​ ​ $ (0.62) (1) Net income is due to gain on sale of real estate investments of $48.7 million during the three months ended September 30, 2019. (2) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2019.

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 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 January 13, 2021 ​ January 25, 2021 ​ $ 5.00 ​ February 5, 2021 January 13, 2021 ​ February 25, 2021 ​ $ 5.00 ​ March 5, 2021 January 13, 2021 ​ March 25, 2021 ​ $ 5.00 ​ April 5, 2021 Series T Preferred Stock (1) ​ ​ ​ January 13, 2021 ​ January 25, 2021 ​ $ 0.128125 ​ February 5, 2021 January 13, 2021 ​ February 25, 2021 ​ $ 0.128125 ​ March 5, 2021 January 13, 2021 ​ March 25, 2021 ​ $ 0.128125 ​ April 5, 2021 (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 Units and LTIP Units, subsequent to December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distributions ​ Total Shares Declaration Date Record Date Date Paid per Share Distribution Class A Common Stock ​ December 11, 2020 ​ December 24, 2020 ​ January 5, 2021 ​ $ 0.1625000 ​ $ 3,630 Class C Common Stock ​ December 11, 2020 ​ December 24, 2020 ​ January 5, 2021 ​ ​ 0.1625000 ​ ​ 12 Series A Preferred Stock ​ December 11, 2020 ​ December 24, 2020 ​ January 5, 2021 ​ ​ 0.5156250 ​ ​ 1,135 Series B Preferred Stock ​ October 9, 2020 ​ December 24, 2020 ​ January 5, 2021 ​ ​ 5.0000000 ​ ​ 2,568 Series C Preferred Stock ​ December 11, 2020 ​ December 24, 2020 ​ January 5, 2021 ​ ​ 0.4765625 ​ ​ 1,094 Series D Preferred Stock ​ December 11, 2020 ​ December 24, 2020 ​ January 5, 2021 ​ ​ 0.4453125 ​ ​ 1,235 Series T Preferred Stock ​ October 9, 2020 ​ December 24, 2020 ​ January 5, 2021 ​ ​ 0.1281250 ​ ​ 1,190 OP Units ​ December 11, 2020 ​ December 24, 2020 ​ January 5, 2021 ​ ​ 0.1625000 ​ ​ 1,026 LTIP Units ​ December 11, 2020 ​ December 24, 2020 ​ January 5, 2021 ​ ​ 0.1625000 ​ ​ 510 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series B Preferred Stock ​ January 13, 2021 ​ January 25, 2021 ​ February 5, 2021 ​ ​ 5.0000000 ​ ​ 2,492 Series T Preferred Stock ​ January 13, 2021 ​ January 25, 2021 ​ February 5, 2021 ​ ​ 0.1281250 ​ ​ 1,334 Total ​ ​ ​ ​ ​ ​ $ 16,226 ​

Organization and Nature of Bu_2

Organization and Nature of Business (Details)	12 Months Ended
	Dec. 31, 2020
Organization and Nature of Business [Line Items]
Percent of Real Estate Properties Occupied	95.40%
Number of Units in Real Estate Property	17,862
Annual Distribution Percentage Rate	90.00%
Operating Units [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property	12,722
Under Development [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property	5,140

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Details)	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2021	Dec. 31, 2020USD ($)	Jun. 30, 2020	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Accounting Policies [Line Items]
Percentage of Voting Equity				50.00%
Impairment of real estate assets				$ 0	$ 0	$ 0
Provision for credit loss		$ 16,400,000		$ 16,369,000	$ 0	$ 0
Percentage of rent collected				97.00%
Percentage of tenants , on rent deferral payment plan		0.20%	1.00%
Occupancy rate (as a percent)		95.40%		95.40%
Percentage Of Distributions Classified As Capital Gains				48.47%	5.52%
Percentage Of Distributions Classified As Return On Capital					100.00%
Percentage Of Minimum Distributions Of Taxable Income				90.00%
Percentage Of Ordinary Income From Return On Capital				0.00%	0.00%
Selling Commissions And Dealer Manager Fees Percentage Rate				10.00%
Selling Commissions And Dealer Manager Fees Percentage Rate Range Maximum				7.00%
Selling Commissions And Dealer Manager Fees Percentage Rate Range Minimum				3.00%
Number of reportable segments | segment				1
Subsequent event
Accounting Policies [Line Items]
Percentage of rent collected	97.00%
Occupancy rate (as a percent)	95.60%
Alexan Southside Place
Accounting Policies [Line Items]
Provision for credit loss		$ 15,900,000
Building Improvements [Member] | Minimum [Member]
Accounting Policies [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation				5 years
Building Improvements [Member] | Maximum [Member]
Accounting Policies [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation				15 years
Building [Member] | Minimum [Member]
Accounting Policies [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation				30 years
Building [Member] | Maximum [Member]
Accounting Policies [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation				40 years
Furniture and Fixtures [Member] | Minimum [Member]
Accounting Policies [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation				3 years
Furniture and Fixtures [Member] | Maximum [Member]
Accounting Policies [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation				7 years
Land Improvements [Member] | Minimum [Member]
Accounting Policies [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation				5 years
Land Improvements [Member] | Maximum [Member]
Accounting Policies [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation				15 years
In Place Lease [Member]
Accounting Policies [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation				6 months
Common Stock Holders [Member]
Accounting Policies [Line Items]
Percentage Of Distributions Classified As Return On Capital				100.00%	100.00%
Preferred Stock Holders [Member]
Accounting Policies [Line Items]
Percentage Of Distributions Classified As Capital Gains					93.15%
Percentage Of Distributions Classified As Return On Capital				51.53%		66.00%
Percentage Of Preferred Stock Classified As Ordinary Income						34.00%
Ltip Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest				12.47%
Op Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest				19.44%
Percentage Of Unvested Incentive Plan In Operating Partnership		5.53%		5.53%
Op Ltip Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest				31.91%

Sale of Real Estate Assets an_2

Sale of Real Estate Assets and Held for Sale Properties (Details) - USD ($) $ in Thousands	Dec. 22, 2020	Dec. 15, 2020	Dec. 09, 2020	Oct. 26, 2020	Apr. 21, 2020	Apr. 17, 2020	Apr. 14, 2020	Jan. 24, 2020	Jan. 22, 2020	Jan. 08, 2020	Sep. 30, 2019	Sep. 20, 2019	Aug. 29, 2019	Jul. 15, 2019	May 01, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate Assets Held for Development and Sale [Line Items]
Net proceeds from sale of real estate																$ 194,700	$ 313,785	$ 0
Loss on extinguishment of debt																(14,630)	(7,258)	(2,277)
Payments to Acquire Real Estate Held-for-investment																262,734	516,217	333,540
Proceeds from sale of interests																50,734	36,620	0
Payments to Acquire Equity Method Investments																24,809	74,307	17,888
Preferred returns on unconsolidated real estate joint ventures																11,250	9,797	10,312
Wesley Village II [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Gain on sale of asset															$ 700
Gross Proceeds From Sale Of Real Estate Held for Investment															1,000
Net proceeds from sale of real estate															$ 1,000
Preston View, Sorrel and Sovereign [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Gain on sale of asset														$ 30,900
Payment for Debt Extinguishment or Debt Prepayment Cost														1,800
Gross Proceeds From Sale Of Real Estate Held for Investment														174,900
Net proceeds from sale of real estate														63,000
Payoff of Mortgage Indebtedness														108,000
Payments for closing costs and fees on real estate investments														2,000
Leigh House [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Payments to Acquire Real Estate Held-for-investment														3,200
Proceeds from sale of interests														17,400
Payments to Acquire Equity Method Investments														14,200
Payments to Acquire Real Estate Held-for-investment, Additional Amount														$ 3,200
Preferred returns on unconsolidated real estate joint ventures																$ 2	$ 1,155	$ 1,910
ARIUM Palms [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Gain on sale of asset													$ 13,400
Payment for Debt Extinguishment or Debt Prepayment Cost													300
Gross Proceeds From Sale Of Real Estate Held for Investment													46,800
Net proceeds from sale of real estate													15,300
Payoff of Mortgage Indebtedness													30,300
Payments for closing costs and fees on real estate investments													$ 1,000
Marquis at Crown Ridge and Marquis at Stone Oak [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Gain on sale of asset												$ 5,100
Gross Proceeds From Sale Of Real Estate Held for Investment												95,000
Net proceeds from sale of real estate												24,500
Payoff of Mortgage Indebtedness												70,300
Payments for closing costs and fees on real estate investments												$ 200
Marquis at Crown Ridge and Marquis at Stone Oak [Member] | Pro Rata [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Gain on sale of asset											$ 22,200
Proceeds from Sale of Property Held-for-sale											$ 4,600
Cade Boca Raton
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate Gross				$ 37,800
Payments for Mortgage on Real Estate Sold				23,500
Gain on sale of asset				1,700
Payment for Debt Extinguishment or Debt Prepayment Cost				200
Net proceeds from sale of real estate				13,000
Payments for closing costs and fees on real estate investments				600
Loss on extinguishment of debt				600
Cade Boca Raton | Pro Rata [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Gain on sale of asset				1,700
Net proceeds from sale of real estate				$ 10,200
Helios [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate Gross										$ 65,600
Payments for Mortgage on Real Estate Sold										39,500
Payment for original investment										19,200
Payment for additional investment										3,500
Profit share distribution										300
Helios [Member] | Pro Rata [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate										$ 22,700
Whetstone Apartments [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate Gross								$ 46,500
Payments for Mortgage on Real Estate Sold								25,400
Proceeds from Sale of Real Estate								19,600
Payment for original investment								12,900
Payment for additional investment								4,000
Payment for accrued preferred return								$ 2,700
Payments to Acquire Equity Method Investments									$ 1,900
Ashton Reserve [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate Gross							$ 84,600
Payments for Mortgage on Real Estate Sold							45,400
Proceeds from Sale of Real Estate							31,200
Gain on sale of asset							26,500
Payment for Debt Extinguishment or Debt Prepayment Cost							7,100
Payments for closing costs and fees on real estate investments							800
Loss on extinguishment of debt							$ 6,900
Marquis at TPC [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate Gross						$ 22,500
Payments for Mortgage on Real Estate Sold						16,300
Proceeds from Sale of Real Estate						5,900
Gain on sale of asset						3,200
Loss on extinguishment of debt						100
Marquis at TPC [Member] | Pro Rata [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate						5,300
Gain on sale of asset						$ 2,800
Enders Place at Baldwin Park [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate Gross					$ 53,200
Payments for Mortgage on Real Estate Sold					23,200
Proceeds from Sale of Real Estate					26,100
Gain on sale of asset					28,200
Payment for Debt Extinguishment or Debt Prepayment Cost					2,200
Payments for closing costs and fees on real estate investments					900
Loss on extinguishment of debt					2,400
Enders Place at Baldwin Park [Member] | Pro Rata [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate					24,000
Gain on sale of asset					$ 26,000
Novel Perimeter
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate Gross			$ 23,600
Payments for Mortgage on Real Estate Sold			23,500
Accrued interest paid			$ 100
Arlo
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate Gross		$ 31,100
Payments for Mortgage on Real Estate Sold		30,900
Accrued interest paid		$ 200
Riverside Apartment
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from sale of interests	$ 14,800
Payments to Acquire Equity Method Investments	13,900
Preferred returns on unconsolidated real estate joint ventures	$ 900

Investments in Real Estate (Det

Investments in Real Estate (Details)	12 Months Ended
	Dec. 31, 2020item
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	5,140
Total lease-up units	794
Total operating units	2,897
Total development units	1,449
Alexan CityCentre [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Houston, TX
Total operating units	340
Alexan Southside Place
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Houston, TX
Total operating units	270
Belmont Crossing [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Smyrna, GA
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]
Real Estate Property Location	Garland, TX
Total operating units	299
Georgetown Crossing [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Savannah, GA
Total operating units	168
Hunter's Pointe [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Pensacola, FL
Total operating units	204
Mira Vista [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Total operating units	200
Park on the Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Pensacola, FL
Total operating units	240
Sierra Terrace [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Atlanta, GA
Total operating units	135
Sierra Village [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Atlanta, GA
Total operating units	154
The Commons [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Jacksonville, FL
Total operating units	328
Thornton Flats [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Total operating units	104
Vickers Historic Roswell [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Roswell, GA
Total operating units	79
Motif [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Fort Lauderdale, FL
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]
Real Estate Property Location	Leander, TX
Total lease-up units	259
Wayforth at Concord [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Concord, NC
Total lease-up units	150
Zoey [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Total development units	307
Reunion Apartments [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orlando, FL
Total development units	280
The Park at Chapel Hill [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Chapel Hill, NC
Total development units	414
Avondale Hills Member
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Decatur, GA
Total development units	240
Encore JV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Chandler, AZ
Total development units	208
Water's Edge [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Pensacola, FL
Total operating units	184
ARIUM Glenridge [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Atlanta, GA
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]
Real Estate Property Location	Orlando, FL
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]
Real Estate Property Location	Orlando, FL
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]
Real Estate Property Location	Orlando, FL
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]
Real Estate Property Location	Atlanta, GA
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]
Real Estate Property Location	Lakewood, CO
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]
Real Estate Property Location	Phoenix, AZ
Number of Units	254
Ownership interest (as a percent)	100
Carrington At Perimeter Park [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Morrisville, NC
Number of Units	266
Ownership interest (as a percent)	100
Chattahoochee Ridge [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Atlanta, GA
Number of Units	358
Ownership interest (as a percent)	90
Chevy Chase
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Number of Units	320
Ownership interest (as a percent)	92
Cielo On Gilbert [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Mesa, AZ
Number of Units	432
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]
Real Estate Property Location	Orlando, FL
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]
Real Estate Property Location	Scottsdale, AZ
Number of Units	645
Ownership interest (as a percent)	100
Elan [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Number of Units	270
Ownership interest (as a percent)	100
Element [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Las Vegas, NV
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]
Real Estate Property Location	Cumming, GA
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]
Real Estate Property Location	Naples, FL
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]
Real Estate Property Location	Austin, TX
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]
Real Estate Property Location	Tyler, TX
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]
Real Estate Property Location	Pasco, WA
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]
Real Estate Property Location	Birmingham, AL
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]
Real Estate Property Location	Charlotte, NC
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]
Real Estate Property Location	Port St. Lucie, FL
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]
Real Estate Property Location	Lake Jackson, TX
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]
Real Estate Property Location	Mount Juliet, TN
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]
Real Estate Property Location	Roswell, GA
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]
Real Estate Property Location	Daytona Beach, FL
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]
Real Estate Property Location	Austin, TX
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]
Real Estate Property Location	Scottsdale, AZ
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]
Real Estate Property Location	Castle Rock, CO
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]
Real Estate Property Location	Greenville, SC
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]
Real Estate Property Location	Destin, FL
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]
Real Estate Property Location	Sarasota, FL
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]
Real Estate Property Location	Las Vegas, NV
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]
Real Estate Property Location	Houston, TX
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]
Real Estate Property Location	Houston, TX
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]
Real Estate Property Location	Charlotte, NC
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	12,722

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments in Real Estate
Investments in real estate of depreciation expense	$ 72.9	$ 63.7	$ 53.9
Amortization of Deferred Leasing Fees	6.6	6.8	$ 8.8
Other Accrued Liabilities	$ 3.1	$ 2.6

Acquisition of Real Estate - Ac

Acquisition of Real Estate - Acquisition activity and related new financing (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Mortgages assumed	$ 78,385
Revolving credit facilities	33,000	$ 18,000
Amended Senior Credit Facility [Member]
Business Acquisition [Line Items]
Revolving credit facilities	$ 33,000	$ 18,000
Element, Las Vegas, NV [Member]
Business Acquisition [Line Items]
Location	Las Vegas, NV
Interest	100.00%
Amount	$ 41,750
Mortgage	$ 29,260
Providence Trail, Mount Juliet, TN [Member]
Business Acquisition [Line Items]
Location	Mount Juliet, TN
Interest	100.00%
Amount	$ 68,500
Mortgage	$ 47,950
Denim [Member]
Business Acquisition [Line Items]
Location	Scottsdale, AZ
Interest	100.00%
Amount	$ 141,250
Mortgages assumed	$ 91,634
The Sanctuary [Member]
Business Acquisition [Line Items]
Location	Las Vegas, NV
Interest	100.00%
Amount	$ 51,750
Mortgages assumed	$ 33,707
Chattahoochee Ridge [Member]
Business Acquisition [Line Items]
Location	Atlanta, GA
Interest	90.00%
Amount	$ 69,750
Mortgages assumed	$ 45,338
The District At Scottsdale [Member]
Business Acquisition [Line Items]
Location	Scottsdale, AZ
Interest	100.00%
Amount	$ 124,000
Mortgages assumed	$ 82,200
Navigator Villas [Member]
Business Acquisition [Line Items]
Location	Pasco, WA
Interest	90.00%
Amount	$ 28,500
Mortgages assumed	$ 20,515
Avenue 25
Business Acquisition [Line Items]
Location	Phoenix, AZ
Interest	100.00%
Amount	$ 55,600
Mortgage	36,566
Mortgages assumed	29,700
Supplemental loan	$ 6,900
Falls at Forsyth
Business Acquisition [Line Items]
Location	Cumming, GA
Interest	100.00%
Amount	$ 82,500
Falls at Forsyth | Amended Senior Credit Facility [Member]
Business Acquisition [Line Items]
Revolving credit facilities	$ 79,900
Chevy Chase
Business Acquisition [Line Items]
Location	Austin, TX
Interest	92.00%
Amount	$ 34,500
Mortgage	$ 24,400
Carrington At Perimeter Park [Member]
Business Acquisition [Line Items]
Location	Morrisville, NC
Interest	100.00%
Amount	$ 52,000
Mortgage	31,301
Mortgages assumed	27,500
Supplemental loan	$ 3,800
Elan [Member]
Business Acquisition [Line Items]
Location	Austin, TX
Interest	100.00%
Amount	$ 39,500
Mortgage	25,574
Mortgages assumed	21,200
Supplemental loan	$ 4,400
Cielo On Gilbert [Member]
Business Acquisition [Line Items]
Location	Mesa, Arizona
Interest	90.00%
Amount	$ 74,250
Mortgages assumed	$ 58,000

Acquisition of Real Estate - As

Acquisition of Real Estate - Assets acquired (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Preliminary Purchase Price Allocation
Land	$ 34,565
Building	254,191
Building improvements	10,200
Land improvements	34,117
Furniture and fixtures	8,148
In-place leases	5,556
Total assets acquired	346,777
Mortgages assumed	78,385
Fair value adjustments	5,658
Total liabilities assumed	$ 84,043

Acquisition of Real Estate - No

Acquisition of Real Estate - Noncontrolling Partner's Interest (Details) $ in Thousands	Dec. 31, 2020USD ($)
Pine Lakes Preserve [Member]
Business Acquisition [Line Items]
Price	$ 7,769
Pine Lakes Preserve [Member] | Previous Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	85.00%
Pine Lakes Preserve [Member] | New Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	100.00%
Sorrel [Member]
Business Acquisition [Line Items]
Price	$ 738
Sorrel [Member] | Previous Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	95.00%
Sorrel [Member] | New Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	100.00%
Sovereign [Member]
Business Acquisition [Line Items]
Price	$ 1,204
Sovereign [Member] | Previous Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	95.00%
Sovereign [Member] | New Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	100.00%
The Brodie [Member]
Business Acquisition [Line Items]
Price	$ 3,500
The Brodie [Member] | Previous Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	93.00%
The Brodie [Member] | New Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	100.00%
Avenue 25
Business Acquisition [Line Items]
Price	$ 55,600
Falls at Forsyth
Business Acquisition [Line Items]
Price	$ 82,500

Notes and Interest Receivable -

Notes and Interest Receivable - Summary of the notes and accrued interest receivable due from related parties (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Total	$ 157,908	$ 193,781
Provision for credit losses	(174)	0
Total, net	157,734	193,781
Arlo
Total, net		27,605
Avondale Hills Member
Total, net	1,021
Domain at The One Forty [Member]
Total, net	24,315	23,430
Motif [Member]
Total, net	75,436	75,436
Novel Perimeter
Total, net		20,867
Reunion Apartments [Member]
Total, net	8,161
The Park at Chapel Hill [Member]
Total, net	36,927	34,819
Vickers Historic Roswell [Member]
Total, net	$ 12,048	$ 11,624

Notes and Interest Receivable_2

Notes and Interest Receivable - Summary of changes in provision for credit losses of mezzanine loan and ground lease investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Notes and Interest Receivable
Provision for credit losses	$ 174	$ 0	$ 0
Provision for credit loss on pool of assets	$ 174	$ 0

Notes and Interest Receivable_3

Notes and Interest Receivable - Summary of the interest income from related parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Interest Income, Related Party	$ 23,326	$ 24,595
Arlo
Interest Income, Related Party	4,161	3,757
Avondale Hills Member
Interest Income, Related Party	3
Cade Boca Raton
Interest Income, Related Party		1,925
Domain at The One Forty [Member]
Interest Income, Related Party	1,311	3,280
Motif [Member]
Interest Income, Related Party	9,549	9,626
Novel Perimeter
Interest Income, Related Party	3,084	3,091
Reunion Apartments [Member]
Interest Income, Related Party	176
The Park at Chapel Hill [Member]
Interest Income, Related Party	3,077	1,273
Vickers Historic Roswell [Member]
Interest Income, Related Party	1,733	$ 1,643
Zoey [Member]
Interest Income, Related Party	$ 232

Notes and Interest Receivable_4

Notes and Interest Receivable - Schedule of occupancy percentages of the Company's related parties (Details)	Dec. 31, 2020	Dec. 31, 2019
Domain at The One Forty [Member]
Development Leased	92.60%	85.60%
Motif [Member]
Development Leased	62.10%
Vickers Historic Roswell [Member]
Development Leased	96.20%	74.70%

Notes and Interest Receivable_5

Notes and Interest Receivable - Additional Information (Details) $ in Thousands	Aug. 18, 2020USD ($)	Jul. 01, 2020USD ($)item	May 09, 2020USD ($)	May 08, 2020USD ($)	May 05, 2020USD ($)	Dec. 19, 2019USD ($)	Nov. 01, 2019USD ($)	Mar. 03, 2017USD ($)	Sep. 30, 2020USD ($)propertyitem	Mar. 31, 2020USD ($)	Dec. 29, 2017USD ($)	Dec. 31, 2020USD ($)property	Jun. 30, 2020USD ($)	Mar. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 12, 2019USD ($)	Dec. 31, 2017USD ($)	Jan. 06, 2017USD ($)	Dec. 22, 2016USD ($)
Provision for credit losses												$ 174			$ 0
Provision for credit loss on mezzanine loan investments												200
Provision for credit losses on carrying amount of investments												157,908			193,781
The Park at Chapel Hill Financing [Member]
Related party due, funded							$ 29,500
Paydown from related party										$ 21,000
Outstanding principal balance										8,500		10,500
Loan Amount Borrowed To The Related Party			$ 2,000
Fixed rate for loan							11.00%
The Park at Chapel Hill Financing [Member] | Maximum [Member]
Due from Related Parties												40,000
Motif Mezzanine Financing [Member]
Outstanding principal balance												$ 74,600
Payment Relended To The Borrower				$ 8,000
Novel Perimeter
Internal rate of return					15.00%
Percentage of Acquire Preferred Equity Interests					100.00%
Novel Perimeter | BR Perimeter JV,LLC [Member]
Capital Commitment					$ 23,800
Novel Perimeter | Minimum [Member]
Discount rate					2.5
Motif Mezz Loan
Paydown from related party										8,000
Outstanding principal balance										66,600
Amount funded													$ 8,000
BR Morehead JV , LLC [Member] | Mezzanine Type Loan Member
Due from Related Parties, Current														$ 32,000	$ 27,500
Interest												95.00%
Fixed rate for loan												15.00%
Arlo Mezzanine [Member] | Mezzanine Type Loan Member
Fixed rate for loan												11.50%
Due From Unaffiliated Lender												$ 7,300
BRG Domain 1 [Member]
Unaffiliated Lender Transaction Interest Rate Description								50.0%
BRG Boca, LLC [Member]
Interest												90.00%
Due from Related Parties																		$ 14,000
Number of apartment units | property												90
BR Chapel Hill JV LLC [Member]
Interest							100.00%
Fixed rate for loan												10.00%
Due from Related Parties												$ 500
Domain 1 property Owner [Member]
Interest												95.00%
Due from Related Parties												$ 24,500
Number of apartment units | property												299
BR Perimeter JV,LLC [Member]
Related Party Transaction, Date											Dec. 29, 2021
Due from Related Parties											$ 20,600
Boca Mezz Loan [Member]
Paydown from related party						$ 3,600
Outstanding principal balance						$ 10,100
Fixed rate for loan						89.25%						15.00%
Arlo
Due from Related Parties, Current												$ 34,500
Spread on variable rate												3.75%
Arlo | Mezzanine Type Loan Member
Repayment of outstanding balances										7,300
Arlo | Senior Loans [Member]
Face amount of loan										$ 43,000
Arlo | Senior Loans [Member] | Minimum [Member] | LIBOR
Spread on variable rate										1.65%
Arlo | Senior Loans [Member] | Maximum [Member] | LIBOR
Spread on variable rate										2.65%
Arlo | Construction Loan
Repayment of outstanding balances										$ 33,600
Flagler Mezz Loan [Member]
Interest												12.90%
Percentage Of Loan Secured												97.00%
Number of apartment units | property												385
Flagler Mezz Loan [Member] | Mezzanine Type Loan Member
Due from Related Parties												$ 74,600
Motif Construction Loan [Member]
Interest												5.00%
Outstanding principal balance												$ 67,800
Spread on variable rate												3.85%
Due From Unaffiliated Lender												$ 70,400
Perimeter Mezz Loan [Member]
Interest												60.00%
Spread on variable rate												3.00%
Fixed rate for loan												15.00%
Due from Related Parties												$ 20,600
Due From Unaffiliated Lender												$ 44,700
Vickers Historic Roswell [Member]
Interest												80.00%
Spread on variable rate												1.99%
Fixed rate for loan												15.00%
Due from Related Parties																	$ 11,800
Due From Unaffiliated Lender																			$ 18,000
Vickers Historic Roswell [Member] | Vickers JV Member
Related party due, funded												$ 11,900
Outstanding principal balance												$ 12,400
Additional discount purchase option												2.50%
Discount rate												0.2
Internal rate of return												15.00%
Percentage of Acquire Preferred Equity Interests												100.00%
Vickers Historic Roswell [Member] | Senior Loans [Member]
Additional Capital Contribution												$ 2,200
Domain at The One Forty [Member]
Related party due, funded												$ 24,200
Domain at The One Forty [Member] | Mezzanine Type Loan Member
Spread on variable rate												2.20%
Fixed rate for loan												15.00%
Due From Unaffiliated Lender								$ 30,300				$ 6,400				$ 39,200
Minimum discount to fair market value												1.00%
2020												5.50%
2021												4.00%
2022 and thereafter												3
Participation in profit achieved in sale (as a percent)												50.00%
Domain at The One Forty [Member] | Mezzanine Type Loan Member | Maximum [Member]
Spread on variable rate												3.95%
Avondale Hills Mezzanine Financing [Member]
Maximum amount that can be borrowed by the third party									$ 11,700
Amount funded by the company												$ 1,000
Number of apartment units | property									240
Number of extension options | item									2
Extension term									1 year
Loans Receivable, Interest Rate									12.00%
Reunion Apartments Mezzanine Financing
Maximum amount that can be borrowed by the third party		$ 10,000
Amount funded by the company		$ 8,000
Number of apartment units | item		280
Number of extension options | item		2
Extension term		1 year
Loans Receivable, Interest Rate		12.00%
Amended Chapel Hill Mezz Loan [Member]
Maximum amount that can be borrowed by the third party	$ 31,000
Loans Receivable, Interest Rate	11.75%
The Park at Chapel Hill Financing [Member]
Maximum amount that can be borrowed by the third party	$ 40,000
Loans Receivable, Interest Rate	11.00%
Interest paid (as a percent)	5.25%
Interest accrued (as a percent)	6.50%

Preferred Equity Investments _3

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	$ 99,638	$ 126,444
Provision for credit losses	(16,153)
Total, net	83,485	126,444
Alexan CityCentre [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	15,063	12,788
Alexan Southside Place
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	26,038	24,866
Helios [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total		23,663
Leigh House [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total		80
Mira Vista [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	5,250	5,250
Riverside Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total		12,342
Strategic Portfolio [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	27,054	10,183
The Conley Interests, formerly North Creek Apartments
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	15,036	14,964
Thornton Flats [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	4,600	4,600
Wayford at Concord, formerly Wayforth at Concord
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	6,500	4,683
Whetstone Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total		12,932
Other Property [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	$ 97	$ 93

Preferred Equity Investments _4

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Provision for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Provision for credit loss		$ 223
Provision for credit losses, end of period	$ 16,153	16,153
Alexan Southside Place
Provision for credit loss	$ 15,900	$ 15,930

Preferred Equity Investments _5

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Preferred returns (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	$ 11,250	$ 9,797	$ 10,312
Alexan CityCentre [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	2,502	2,108	1,668
Alexan Southside Place
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	1,281	1,583	3,201
Helios [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	(133)	1,343	2,459
Cost expense	(143)
Leigh House [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	2	1,155	1,910
Mira Vista [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	539	155	0
Riverside Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	1,662	879	31
Strategic Portfolio [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	2,121	33	0
The Conley Interests, formerly North Creek Apartments
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	1,966	1,375	108
Thornton Flats [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	415	110	0
Wayforth at Concord [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	839	121	0
Whetstone Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	$ 56	$ 935	$ 935

Preferred Equity Investments _6

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Occupancy percentages (Details)	Dec. 31, 2020	Dec. 31, 2019
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	95.40%
Alexan CityCentre [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	94.10%	90.90%
Alexan Southside Place
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	93.00%	95.20%
Mira Vista [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	95.00%	93.50%
Belmont Crossing [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	91.70%	89.60%
Georgetown Crossing [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	88.70%
Hunter's Pointe [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	99.00%
Park on the Square
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	97.50%
Sierra Terrace [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	89.60%	97.00%
Sierra Village [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	87.70%	86.40%
The Commons [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	93.90%
Water's Edge [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	99.50%
The Conley Interests, formerly North Creek Apartments
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	54.10%
Thornton Flats [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	88.50%	90.40%
Wayforth at Concord [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	80.70%

Preferred Equity Investments _7

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Summary of combined financial information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets [Abstract]
TOTAL ASSETS	$ 2,489,937				$ 2,340,697				$ 2,489,937	$ 2,340,697
Liabilities [Abstract]
Total Liabilities	1,609,469				1,486,575				1,609,469	1,486,575
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Members' equity	58,406				127,491				58,406	127,491
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY	2,489,937				2,340,697				2,489,937	2,340,697
Gross Profit [Abstract]
Rental revenues									196,522	185,376	$ 162,461
Operating expenses									(189,034)	(173,264)	(155,028)
Depreciation and amortization									(79,452)	(70,452)	(62,683)
Net income (loss)	(16,414)	$ (4,069)	$ 40,327	$ (5,121)	(2,759)	$ 38,175	$ (1,932)	$ (4,365)	14,723	29,119	(15,275)
Unconsolidated Real Estate Joint Ventures
Assets [Abstract]
Real estate, net of depreciation	625,184				678,073				625,184	678,073
Other assets	46,686				51,212				46,686	51,212
TOTAL ASSETS	671,870				729,285				671,870	729,285
Liabilities [Abstract]
Mortgage payable	514,964				570,573				514,964	570,573
Other liabilities	33,027				36,129				33,027	36,129
Total Liabilities	547,991				606,702				547,991	606,702
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Members' equity	123,879				122,583				123,879	122,583
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY	$ 671,870				$ 729,285				671,870	729,285
Gross Profit [Abstract]
Rental revenues									50,887	37,220	19,222
Operating expenses									(29,816)	(21,904)	(14,824)
Income before debt service and depreciation and amortization									21,071	15,316	4,398
Interest expense, net									(37,346)	(31,775)	(12,935)
Depreciation and amortization									(19,034)	(16,125)	(10,385)
Net operating loss									(35,309)	(32,584)	(18,922)
Gain on sale of Whetstone and Helios, net									68,889	13,871
Net income (loss)									$ 33,580	$ (18,713)	$ (18,922)

Preferred Equity Investments _8

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Alexan southside place provision for credit loss (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Provision for credit losses		$ 223
Alexan Southside Place
Provision for credit losses	$ 15,900	$ 15,930
Minimum [Member]
Market rebound period		24 months
Maximum [Member]
Market rebound period		36 months

Preferred Equity Investments _9

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Encore chandler interests (Details)	12 Months Ended
	Dec. 31, 2020USD ($)propertyitem	Dec. 31, 2019USD ($)
Preferred equity interests	$ 83,485,000	$ 126,444,000
Encore JV
Amount funded	$ 0
Number of extension options | item	2
Extension term	1 year
Construction loan	$ 31,000,000
Outstanding loan	$ 0
Encore JV | LIBOR
Interest rate	3.00%
Spread on variable rate	2.50%
Encore JV | Class A Apartment Property
Number of units to be developed | property	208
Preferred equity interests	$ 10,200,000
Expected accrued return on outstanding capital contributions related party debt, per annum	13.00%

Preferred Equity Investments_10

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional Information (Details)

Jan. 22, 2020USD ($)

Sep. 25, 2019USD ($)

Sep. 17, 2019USD ($)

Apr. 26, 2019USD ($)

Nov. 09, 2018USD ($)item

Jun. 07, 2016USD ($)

Dec. 31, 2021

Dec. 31, 2020USD ($)item

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Apr. 12, 2020USD ($)

Dec. 20, 2019USD ($)

Dec. 10, 2019

Jan. 01, 2019USD ($)

Dec. 28, 2018USD ($)

Oct. 29, 2018USD ($)item

Oct. 06, 2016USD ($)

Jul. 01, 2014item

Equity Method Investment And Joint Venture [Line Items]

Number of joint ventures in which company has equity investment

11

Number of joint ventures which generate a stated preferred return on outstanding capital contributions

8

Number of equity investments representing 0.5% common interest in joint venture

3

Equity Method Investments

$ 83,485,000

$ 126,444,000

Percentage Of Prepayment Premium

1.00%

Due from Affiliates

$ 339,000

2,969,000

Consideration of preferred equity investment

19,200,000

Payments to Acquire Equity Method Investments

$ 24,809,000

$ 74,307,000

$ 17,888,000

Common interest (as a percent)

0.50%

BR Whetstone Member, LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Payments to Acquire Equity Method Investments

$ 2,500,000

Common membership interest percentage agreed to acquire

100.00%

Whetstone Apartments [Member]

Equity Method Investment And Joint Venture [Line Items]

Payments to Acquire Equity Method Investments

$ 1,900,000

Common membership interest percentage agreed to acquire

7.50%

Alexan CityCentre [Member]

Equity Method Investment And Joint Venture [Line Items]

Equity Method Investments

$ 15,100,000

Alexan CityCentre [Member] | 15% Percent Preferred Stock [Member]

Equity Method Investment And Joint Venture [Line Items]

Equity Method Investments

$ 6,500,000

Expected Preferred Return On Related Party Debt

15.00%

Alexan CityCentre [Member] | Twenty Percent Preferred Stock [Member]

Equity Method Investment And Joint Venture [Line Items]

Equity Method Investments

$ 8,600,000

Expected Preferred Return On Related Party Debt

20.00%

Alexan CityCentre [Member] | Class A common stock

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | item

340

Alexan CityCentre [Member] | Construction Loan Payable [Member]

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

0.50%

Construction Loan

$ 55,100,000

Debt Instrument, Periodic Payment, Principal

$ 46

Alexan CityCentre [Member] | Construction Loan Payable [Member] | LIBOR

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

3.00%

Alexan Southside Place Interests / Refinance [Member]

Equity Method Investment And Joint Venture [Line Items]

Ground Lease Term

85 years

Total preferred return (as a percent)

3.50%

5.00%

6.50%

Equity Method Investments

$ 24,900,000

Construction Loan

$ 31,800,000

Percentage of Participation in Profit

50.00%

Percentage of Profit Entitled in Occurrance of a Default Event

100.00%

Alexan Southside Place Interests / Refinance [Member] | 15% Percent Preferred Stock [Member]

Equity Method Investment And Joint Venture [Line Items]

Total preferred return (as a percent)

15.00%

Alexan Southside Place Interests / Refinance [Member] | Class A common stock

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | item

270

Alexan Southside Place Interests / Refinance [Member] | Accounting Standards Update 2016-02 [Member]

Equity Method Investment And Joint Venture [Line Items]

Operating Lease, Right-of-Use Asset

$ 17,100,000

Operating Lease, Liability

$ 17,100,000

Alexan Southside Place Interests / Refinance [Member] | Base Rate [Member]

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

1.25%

Alexan Southside Place Interests / Refinance [Member] | LIBOR

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

2.25%

Helios [Member]

Equity Method Investment And Joint Venture [Line Items]

Total preferred return (as a percent)

20.00%

Equity Method Investments

$ 1,800,000

Payments to Acquire Equity Method Investments

$ 19,200,000

Common membership interest percentage agreed to acquire

100.00%

Helios [Member] | LIBOR

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

1.75%

Helios [Member] | Fund III [Member]

Equity Method Investment And Joint Venture [Line Items]

Equity Method Investments

$ 2,500,000

Leigh House [Member]

Equity Method Investment And Joint Venture [Line Items]

Total preferred return (as a percent)

15.00%

Equity Method Investments

$ 14,200,000

Payments to Acquire Equity Method Investments

$ 11,900,000

$ 2,300,000

Leigh House [Member] | Class A common stock

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | item

245

Mira Vista [Member]

Equity Method Investment And Joint Venture [Line Items]

Interest rate

3.24%

Accrued return through September 17, 2026

3.1

Current return through September 17, 2026

7

Preferred return through September 17, 2026

10.1

Current return after September 17, 2026

7

Accrued return after September 17, 2026

4

Preferred return after September 17, 2026

11

Equity Method Investments

$ 5,300,000

Construction Loan

$ 15,100,000

North Creek Apartments Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Extension term

1 year

Number of Real Estate Properties, Fee Simple | item

259

Funded Amount

$ 15,000,000

Current return (as a percent)

8.50%

Total preferred return (as a percent)

12.50%

Accrued return (as a percent)

4.00%

Equity Method Investments

$ 17,900,000

Construction Loan

$ 23,600,000

North Creek Apartments Interests [Member] | Base Rate [Member]

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

6.06%

North Creek Apartments Interests [Member] | LIBOR

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

3.75%

Riverside Apartments Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Current return (as a percent)

8.50%

Total preferred return (as a percent)

12.50%

Accrued return (as a percent)

4.00%

Equity Method Investments

$ 13,900,000

Construction Loan

$ 20,200,000

Riverside Apartments Interests [Member] | Class A common stock

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | item

222

Riverside Apartments Interests [Member] | Base Rate [Member]

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

6.14%

Riverside Apartments Interests [Member] | LIBOR

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

3.75%

Strategic Portfolio [Member]

Equity Method Investment And Joint Venture [Line Items]

Additional capital contributions

$ 16,800,000

Current return (as a percent)

7.50%

Total preferred return (as a percent)

10.50%

Accrued return (as a percent)

3.00%

Equity Method Investments

$ 10,200,000

Total mortgage debt

$ 120,700,000

Thornton Flats [Member]

Equity Method Investment And Joint Venture [Line Items]

Additional capital contributions

$ 1,500,000

Current return (as a percent)

8.00%

Total preferred return (as a percent)

9.00%

Accrued return (as a percent)

1.00%

Equity Method Investments

$ 4,600,000

Construction Loan

$ 13,900,000

Thornton Flats [Member] | LIBOR

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

2.10%

Wayforth at Concord [Member]

Equity Method Investment And Joint Venture [Line Items]

Extension term

1 year

Current return (as a percent)

9.00%

Total preferred return (as a percent)

13.00%

Accrued return (as a percent)

4.00%

Equity Method Investments

$ 6,500,000

Construction Loan

$ 22,300,000

Long-term Construction Loan

$ 19,000,000

Wayforth at Concord [Member] | Class A common stock

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | item

150

Wayforth at Concord [Member] | LIBOR

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

2.50%

Whetstone Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Total preferred return (as a percent)

6.50%

Equity Method Investments

$ 12,900,000

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

3.81%

Percentage Of Prepayment Premium

1.00%

Secured Debt, Current

$ 26,500,000

Due from Affiliates

2,600,000

Total loan commitments

$ 500,000

Whetstone Interests [Member] | Class A common stock

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | item

204

The Conley Interests, formerly North Creek Apartments

Equity Method Investment And Joint Venture [Line Items]

Total Loan Commitment

$ 21,200,000

Number of extension options | item

2

Senior Loans [Member] | Alexan CityCentre [Member] | Construction Loan Payable [Member]

Equity Method Investment And Joint Venture [Line Items]

Earnout advances

$ 2,000,000

Total Loan Commitment

48,000,000

Senior Loans [Member] | Alexan Southside Place Interests / Refinance [Member]

Equity Method Investment And Joint Venture [Line Items]

Earnout advances

2,400,000

Construction Loan

$ 26,400,000

Total loan commitments

28,800,000

Senior Loans [Member] | Helios [Member]

Equity Method Investment And Joint Venture [Line Items]

Construction Loan

$ 39,500,000

Mezzanine loan [Member] | Alexan CityCentre [Member]

Equity Method Investment And Joint Venture [Line Items]

Debt Instrument, Periodic Payment, Principal

$ 11,500,000

Mezzanine loan [Member] | Alexan CityCentre [Member] | Construction Loan Payable [Member]

Equity Method Investment And Joint Venture [Line Items]

Earnout advances

500,000

Total Loan Commitment

12,000,000

Mezzanine loan [Member] | Alexan Southside Place Interests / Refinance [Member]

Equity Method Investment And Joint Venture [Line Items]

Earnout advances

600,000

Construction Loan

$ 6,600,000

Total loan commitments

$ 7,200,000

Minimum [Member] | Senior Loans [Member] | Alexan CityCentre [Member] | LIBOR

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

1.50%

Minimum [Member] | Senior Loans [Member] | Alexan Southside Place Interests / Refinance [Member]

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

1.50%

Minimum [Member] | Mezzanine loan [Member] | Alexan CityCentre [Member] | LIBOR

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

6.00%

Minimum [Member] | Mezzanine loan [Member] | Alexan Southside Place Interests / Refinance [Member]

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

6.00%

Maximum [Member] | Senior Loans [Member] | Alexan CityCentre [Member] | LIBOR

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

3.99%

Maximum [Member] | Senior Loans [Member] | Alexan Southside Place Interests / Refinance [Member]

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

3.99%

Maximum [Member] | Mezzanine loan [Member] | Alexan CityCentre [Member] | LIBOR

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

8.49%

Maximum [Member] | Mezzanine loan [Member] | Alexan Southside Place Interests / Refinance [Member]

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

8.49%

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Long-term Line of Credit	$ 33,000	$ 18,000
Amended Senior Credit Facility [Member]
Long-term Line of Credit	33,000	18,000
Amended Senior Credit Facility [Member] | Falls at Forsyth
Long-term Line of Credit	$ 79,900
Amended Junior Credit Facility [Member]
Long-term Line of Credit		$ 0

Revolving Credit Facility - Add

Revolving Credit Facility - Additional Information (Details) $ in Millions	Mar. 06, 2020USD ($)item	Nov. 06, 2019USD ($)	Dec. 21, 2018USD ($)	Dec. 21, 2018USD ($)	Dec. 31, 2020USD ($)item
Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.35%		0.35%
Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.40%		0.40%
Revolving Credit Facility [Member]
Line of Credit Facility, Remaining Borrowing Capacity					$ 124.4
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					1.70%
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	$ 50	$ 50
Second Amended Junior Credit Facility [Member] | LIBOR | Line of Credit [Member]
Debt Instrument, Description of Variable Rate Basis			3.5%
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]
Debt Instrument, Basis Spread on Variable Rate			2.50%
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%
Term Loan Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 25	$ 25

Mortgages Payable (Details)

Mortgages Payable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)item	May 27, 2020USD ($)	Dec. 31, 2019USD ($)
Line of Credit Facility [Line Items]
Total	$ 1,529,705		$ 1,425,257
Total continuing operations	1,490,932		1,425,257
Total held for sale	38,773		0
Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	1,117,999		1,147,555
Mortgages [Member]
Line of Credit Facility [Line Items]
Total	1,495,529		1,435,023
Fair value adjustments	6,489		1,815
Deferred financing costs, net	(11,086)		(11,581)
Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	377,530		287,468
Mortgages [Member] | Held for sale
Line of Credit Facility [Line Items]
Deferred financing costs, net	(341)		0
Fannie Facility Advance | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 13,900
ARIUM Grandewood [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	0		19,713
ARIUM Grandewood [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	0		19,672
ARIUM Grandewood [Member] | Mortgages [Member] | Held for sale
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 19,585		0
Interest rate	4.35%
ARIUM Grandewood [Member] | Mortgages [Member] | Held for sale
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 19,529		0
Interest rate	1.55%
ARIUM Hunters Creek [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 70,871		72,183
Interest rate	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	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	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	4.53%
Ashton Reserve I [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 0		30,329
Avenue 25 | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 36,566		0
Interest rate	4.18%
Carrington At Perimeter Park [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 31,301		0
Interest rate	4.16%
Chattahoochee Ridge [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 45,338		45,338
Interest rate	3.25%
Citrus Tower [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 40,627		41,325
Interest rate	4.07%
Denim [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 101,205		91,634
Interest rate	3.41%
Elan [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 25,574		0
Interest rate	4.19%
Element [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 29,260		29,260
Interest rate	3.63%
Enders Place at Baldwin Park [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 0		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	3.26%
James on South First [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 25,674		26,111
Interest rate	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	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	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	3.32%
Pine Lakes Preserve [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 0		26,950
Plantation Park [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 26,625		26,625
Interest rate	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	3.54%
Rosewell City Walk [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 50,043		51,000
Interest rate	3.63%
The Brodie [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 33,551		34,198
Interest rate	3.71%
The Links at Plum Creek [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 39,578		40,000
Interest rate	4.31%
The Mills [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 25,275		25,797
Interest rate	4.21%
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
Interest rate	3.26%
The Reserve at Palmer Ranch [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 40,977		41,348
Interest rate	4.41%
The Sanctuary [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 33,707		33,707
Interest rate	3.31%
Villages of Cypress Creek [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 0		26,200
Wesley Village [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 39,438		40,111
Interest rate	4.25%
ARIUM Glenridge [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 49,500		49,500
Interest rate	1.48%
Ashton Reserve II [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 0		15,213
Cade Boca Raton | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	0		23,500
Chevy Chase | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 24,400		0
Chevy Chase | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Interest rate	2.47%
Cielo On Gilbert [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Interest rate	2.70%
Fannie Facility Advance | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 58,000		0
Fannie Facility Advance | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 13,936		0
Interest rate	2.75%
Marquis at the Cascades I [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 31,668		32,284
Interest rate	1.76%
Marquis at the Cascades II [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 22,101		22,531
Interest rate	1.76%
Marquis at TPC [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 0		16,468
Pine Lakes Preserve [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 42,728		0
Interest rate	3.13%
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	$ 75,577		82,200
Interest rate	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	1.40%
Villages of Cypress Creek [Member} | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 33,520		$ 0
Interest rate	2.70%

Mortgages Payable - Debt maturi

Mortgages Payable - Debt maturities (Details) $ in Thousands	Dec. 31, 2020USD ($)
Mortgages Payable [Abstract]
2021(1)	$ 86,214
2022	15,337
2023	127,351
2024	276,158
2025	368,842
Thereafter	660,741
Long-term Debt	1,534,643
Add: Unamortized fair value debt adjustment	6,489
Subtract: Deferred financing costs, net	(11,427)
Total	$ 1,529,705

Mortgages Payable - Additional

Mortgages Payable - Additional Information (Details) $ in Thousands	Jun. 24, 2020USD ($)	Jun. 02, 2020USD ($)	May 27, 2020USD ($)	Apr. 21, 2020USD ($)	Mar. 06, 2020item	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Nov. 10, 2020USD ($)
Line of Credit Facility [Line Items]
Loan amount						$ 86,214
Real Estate Investments, Net						2,097,177	$ 1,947,320
Loss on extinguishment of debt						14,630	7,258	$ 2,277
Amortization of Debt Issuance Costs						3,500	3,600	4,300
Amortization Of Fair Value Adjustments Of Debt						$ 400	300	$ 400
SOFR
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate						2.61%
Debt Instrument, Reference rate						0.09%
Amended Senior Credit Facility [Member]
Line of Credit Facility [Line Items]
Real Estate Investments, Net						$ 2,111,700
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						377,530	287,468
Fannie Facility Advance | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal			$ 13,900
Fannie Facility Advance | LIBOR | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.60%
Avenue 25
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 29,700
Debt Instrument, Basis Spread on Variable Rate						4.02%
Avenue 25 | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 6,900
Debt Instrument, Basis Spread on Variable Rate						4.86%
Carrington At Perimeter Park [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 27,500
Debt Instrument, Basis Spread on Variable Rate						4.09%
Carrington At Perimeter Park [Member] | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 3,800
Debt Instrument, Basis Spread on Variable Rate						4.66%
Denim [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 91,600
Debt Instrument, Basis Spread on Variable Rate						3.32%
Debt Instrument, Face Amount									$ 9,600
Denim [Member] | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 9,600
Debt Instrument, Basis Spread on Variable Rate						4.22%
Elan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 21,200
Debt Instrument, Basis Spread on Variable Rate						4.09%
Elan [Member] | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 4,400
Debt Instrument, Basis Spread on Variable Rate						4.66%
Navigator Villas [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 14,800
Debt Instrument, Basis Spread on Variable Rate						4.31%
Navigator Villas [Member] | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 5,700
Debt Instrument, Basis Spread on Variable Rate						5.23%
Other Than Cielo On Gilbert And The District At Scottsdale [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Debt Instrument Prepayment Fee Percentage						0.15%
The District At Scottsdale [Member]
Line of Credit Facility [Line Items]
Loan amount						$ 75,600
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]
Principal payment to be made						$ 6,000
Extension fee						$ 200
Number of extension options | item						2
Extension term						3 months
Total Outstanding Principal						$ 75,577	82,200
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
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	$ 0
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
Enders Place at Baldwin Park [Member]
Line of Credit Facility [Line Items]
Loss on extinguishment of debt				$ (2,400)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fair Value of Financial Instruments
Long-term Debt, Fair Value	$ 1,586	$ 1,436.2
Mortgage Payable At Carrying Value	$ 1,541.1	$ 1,436.8

Derivative Financial Instrume_3

Derivative Financial Instruments - Fair Value of company's derivative financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair value adjustment of interest rate Caps	$ 128	$ 2,536	$ 2,846
Interest Rate Cap [Member] | Interest Expense [Member]
Fair value adjustment of interest rate Caps	(128)	(2,536)	$ (2,846)
Accounts Receivable, Prepaids and Other Assets [Member] | Interest Rate Cap [Member]
Derivative, Fair Value, Net	$ 14	$ 22

Derivative Financial Instrume_4

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 22, 2016
Vickers Historic Roswell [Member]
Interest rate cap covered, credit facilities outstanding balance		$ 18
Interest Rate Cap [Member]
Amount Of Debt Covered By Derivatives	$ 321.5

Related Party Transactions - Re

Related Party Transactions - Related party amounts payable to BRE (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Amounts Payable to BRE under the Administrative Services Agreement, net [Member] | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	$ 427	$ 464
Operating expense reimbursements and direct expense reimbursements [Member] | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	338	281
Offering expense reimbursements [Member] | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	89	183
Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement [Member]
Related Party Transactions
Total related-party amounts payable	618	690
Reimbursable Operating Expenses, Leasehold Cost-Sharing Agreement [Member] | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	191	186
Capital cost reimbursements [Member] | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable		40
Cost Reimbursement Payable [Member] | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	$ 191	$ 226

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	Nov. 05, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions
Reimbursement of Payroll Operating Costs		$ 400,000
Due to Affiliates Excluding Former Advisor			$ 0	$ 100,000
Due From Affiliates Excluding Former Advisor			300,000	3,000,000
Reimbursement of total expenses			$ 1,900,000	1,700,000	$ 1,200,000
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			$ 17,000,000	16,900,000
Dealer manager fees and discounts			$ 7,300,000	7,200,000
Threshold percentage of voting rights			9.90%
General and Administrative Expense [Member]
Related Party Transactions
Reimbursement of Payroll Operating Costs			$ 2,800,000	3,600,000	$ 3,000,000
Long-term Incentive Plan Units One [Member]
Related Party Transactions
Stock Issued During Period, Shares, Share-based Compensation, Gross	46,024		218,024
Affiliated Entity [Member]
Related Party Transactions
Security Deposit Liability			$ 750,000
Series B and Series T Preferred Stock [Member]
Related Party Transactions
Reimbursement Of Offering Costs				$ 1,000,000
Series B Preferred Stock [Member]
Related Party Transactions
Reimbursement Of Offering Costs			$ 1,000,000

Stockholders' Equity - Reconcil

Stockholders' Equity - Reconciliation of components of basic and diluted net loss per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stockholders' Equity
Net loss attributable to common stockholders	$ (26,213)	$ (17,058)	$ 15,090	$ (16,493)	$ (13,827)	$ 17,160	$ (10,990)	$ (12,093)	$ (44,674)	$ (19,751)	$ (42,759)
Dividends on restricted stock and LTIP Units expected to vest									(1,323)	(953)	(674)
Basic net loss attributable to common stockholders									$ (45,997)	$ (20,704)	$ (43,433)
Weighted average common shares outstanding									24,084,347	22,649,222	23,845,800
Weighted average common shares outstanding and potential dilutive shares									24,084,347	22,649,222	23,845,800
Net loss per common share, basic	$ (1.13)	$ (0.71)	$ 0.61	$ (0.70)	$ (0.62)	$ 0.76	$ (0.50)	$ (0.53)	$ (1.91)	$ (0.91)	$ (1.82)
Net loss per common share, diluted	$ (1.13)	$ (0.71)	$ 0.61	$ (0.70)	$ (0.62)	$ 0.75	$ (0.50)	$ (0.53)	$ (1.91)	$ (0.91)	$ (1.82)

Stockholders' Equity - Company'

Stockholders' Equity - Company's non-vested shares/LTIP units under the incentive plans (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stockholders' Equity
Non Vested shares, Balance (in shares)	1,371,083	975,209
Non Vested shares, Granted (in shares)	1,346,538	637,315	1,158,963
Non Vested shares, Vested (in shares)	(333,951)	(237,841)	(183,754)
Non Vested shares, Forfeited (in shares)	(7,081)	(3,600)
Non Vested shares, Balance (in shares)	2,376,589	1,371,083	975,209
Weighted average grant-date fair value, Balance (in dollars)	$ 9.72	$ 10.05
Weighted average grant-date fair value, Granted (in dollars)	9.39	9.36	$ 10.06
Weighted average grant-date fair value, Vested (in dollars)	10.12	10.01	10.10
Weighted average grant-date fair value, Forfeited (in dollars)	6.53	10.65
Weighted average grant-date fair value, Balance (in dollars)	$ 9.50	$ 9.72	$ 10.05

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions (Details)	12 Months Ended
	Dec. 31, 2020$ / shares
Class A common stock
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 A Three [Member]
Common stock, distribution amount	0.162500
Common Class A Four [Member]
Common stock, distribution amount	0.162500
Class C Common Stock [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
Common Class C Three [Member]
Common stock, distribution amount	0.162500
Common Class C Four [Member]
Common stock, distribution amount	0.162500
Series A Preferred Stock [Member]
Common stock, distribution amount	0.515625
Series Preferred Stock One [Member]
Common stock, distribution amount	0.515625
Series A Preferred Stock Two [Member]
Common stock, distribution amount	0.515625
Series A Preferred Stock three [Member]
Common stock, distribution amount	0.515625
Series A Preferred Stock Four [Member]
Common stock, distribution amount	0.120313
Series A Preferred Stock Five [Member]
Common stock, distribution amount	0.464063
Series A Preferred Stock Six [Member]
Common stock, distribution amount	0.515625
Series B Preferred Stock [Member]
Common stock, distribution amount	5
Series B Preferred Stock One [Member]
Common stock, distribution amount	5
Series B Preferred Stock Two [Member]
Common stock, distribution amount	5
Series B Preferred Stock Three [Member]
Common stock, distribution amount	5
Series B Preferred Stock Four [Member]
Common stock, distribution amount	5
Series B Preferred Stock Five [Member]
Common stock, distribution amount	5
Series B Preferred Stock Six [Member]
Common stock, distribution amount	5
Series B Preferred Stock seven [Member]
Common stock, distribution amount	5
Series B Preferred Stock eight [Member]
Common stock, distribution amount	5
Series B Preferred Stock Nine [Member]
Common stock, distribution amount	5
Series B Preferred Stock Ten [Member]
Common stock, distribution amount	5
Series B Preferred Stock Eleven [Member]
Common stock, distribution amount	5
Series B Preferred Stock Twelve [Member]
Common stock, distribution amount	5
Series C Preferred Stock [Member]
Common stock, distribution amount	0.4765625
Series C Preferred Stock One [Member]
Common stock, distribution amount	0.4765625
Series C Preferred Stock Two [Member]
Common stock, distribution amount	0.4765625
Series C Preferred Stock three [Member]
Common stock, distribution amount	0.4765625
Series C Preferred Stock Four [Member]
Common stock, distribution amount	0.4765625
Series D Preferred Stock [Member]
Common stock, distribution amount	0.4453125
Series D Preferred Stock One [Member]
Common stock, distribution amount	0.4453125
Series D Preferred Stock Two [Member]
Common stock, distribution amount	0.4453125
Series D Preferred Stock three [Member]
Common stock, distribution amount	0.4453125
Series D Preferred Stock Four [Member]
Common stock, distribution amount	0.4453125
Series T Preferred Stock [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock One [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Two [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Three [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Four [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Five [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Six [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Seven [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Eight [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Nine [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Ten [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Eleven [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Twelve [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Thirteen [Member]
Common stock, distribution amount	$ 0.05

Stockholders' Equity - Distri_2

Stockholders' Equity - Distributions declared and paid (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	$ 21,002	$ 20,702	$ 19,905	$ 19,051	$ 80,660
Distributions Paid	22,589	20,236	19,464	18,535	$ 80,824
Class A common stock
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	3,630	4,012	3,995	3,901
Distributions Paid	4,011	3,994	3,902	3,816
Class C Common Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	12	12	12	12
Distributions Paid	12	12	12	12
Series A Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	2,214	2,866	2,880	2,950
Distributions Paid	3,944	2,880	2,950	2,950
Series B Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	7,717	7,745	7,766	7,848
Distributions Paid	7,729	7,751	7,779	7,867
Series C Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,094	1,094	1,103	1,107
Distributions Paid	1,094	1,102	1,107	1,107
Series D Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,236	1,236	1,245	1,269
Distributions Paid	1,235	1,245	1,269	1,269
Series T Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	3,415	2,062	1,243	373
Distributions Paid	3,037	1,738	1,000	130
Operating Partnership Units One [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,026	1,026	1,026	1,037
Distributions Paid	1,027	1,027	1,038	1,037
Long-term Incentive Plan Units One [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	658	649	635	554
Distributions Paid	$ 500	$ 487	$ 407	$ 347

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details)	Dec. 21, 2020$ / sharesshares	Nov. 05, 2020personshares	Oct. 21, 2020$ / sharesshares	Aug. 11, 2020shares	May 22, 2020personshares	May 09, 2020USD ($)$ / shares	Apr. 15, 2020USD ($)personshares	Jan. 01, 2020USD ($)shares	Aug. 09, 2019USD ($)shares	Jun. 25, 2019shares	Jan. 01, 2019shares	Nov. 30, 2019shares	Mar. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2020USD ($)item$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)shares	Dec. 31, 2020USD ($)$ / sharesshares	Sep. 08, 2020shares	Dec. 20, 2019USD ($)	Sep. 13, 2019USD ($)	Oct. 13, 2016$ / shares
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock | $														$ 1,994,000	$ 5,325,000	$ 25,000
Payments for Repurchase of Preferred Stock and Preference Stock | $														$ 6,103,000		0
Preferred Stock, Shares Issued														0	0		0
Stock Repurchased During Period, Value | $														$ 40,334,000	$ 14,086,000	$ 9,018,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period														1,346,538,000	637,315,000	1,158,963,000
Preferred Stock Redemption Fee percentage														13.00%			13.00%
Preferred Stock Redemption Fee percentage after One Year														10.00%			10.00%
Preferred Stock Redemption Fee percentage after Three Year														5.00%			5.00%
Preferred Stock Redemption Fee percentage after Four Year														3.00%			3.00%
Preferred Stock, Par or Stated Value Per Share | $ / shares														$ 0.01	$ 0.01		$ 0.01
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $														$ 56,100,000			$ 56,100,000
Class A common stock
Class of Stock [Line Items]
Stock Repurchased During Period, Shares														3,983,842
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 | $														$ 46,400,000			$ 69,500,000
OP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest														19.44%
Partners' Capital Account, Units														6,310,856			6,310,856
LTIP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest														12.47%
Partners' Capital Account, Units														4,046,609			4,046,609
Percentage Of Unvested Incentive Plan In Operating Partnership														5.53%			5.53%
OP And LTIP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest														31.91%
Stock Offering [Member]
Class of Stock [Line Items]
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)														122
Restricted Stock [Member]
Class of Stock [Line Items]
Share-based Compensation | $														$ 500,000	$ 400,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $														$ 400,000			$ 400,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition														1 year 9 months 18 days
Remaining compensation cost is expected to be recognized (in years)														1 year 9 months 18 days
Long-term Incentive Plan Units One [Member] | Time-based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation | $														$ 3,900,000	3,600,000	$ 4,600,000
Long-term Incentive Plan Units One [Member] | Performance Based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation | $														3,000,000	$ 1,600,000	$ 500,000
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		10,518	196,023
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			294,031
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period								3 years			3 years
Long-term Incentive Plan Units One [Member] | Share-based Compensation Award, Tranche Two [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										15,776
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	2,929		6,836
Share-based Compensation | $									$ 300,000
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							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				21,889	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 | $														$ 6,900,000			$ 6,900,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition														1 year 9 months 18 days
Remaining compensation cost is expected to be recognized (in years)														1 year 9 months 18 days
Number of executive officers to whom common stock was issued in lieu of salaries | person					2
Fourth Amended 2014 Incentive Plans | 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		19,197
Number of executive officers to whom common stock was issued in lieu of salaries | person		2
Class A common stock
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares														$ 0.01	$ 0.01		$ 0.01
Stock Issued During Period, Shares, New Issues														171,713	456,708	2,831
Proceeds from Issuance of Common Stock | $														$ 7,300,000
Stock Repurchased During Period, Shares														3,983,842	1,313,328	1,055,057
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)														1,334,501
Total redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)														1,947,654
Stock Issued During Period, Shares, Exercise Of Warrants														50,004
Preferred Stock, Value, Issued | $																				$ 100,000,000
Common Stock, Shares, Issued														22,020,950	23,422,557		22,020,950
Stock Repurchase Program, Authorized Amount | $															$ 50,000,000
Stock Repurchased During Period, Value | $														$ 40,000	$ 13,000	$ 11,000
Shares Issued, Price Per Share | $ / shares														$ 12.01			$ 12.01
Redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)														21,812
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 | New Plan [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount | $																			$ 75,000,000
Class A common stock | Share Repurchase Plan [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares															1,313,328
Stock Repurchased During Period, Value | $															$ 14,100,000
Class A common stock | Maximum [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares														$ 15.99			15.99
Class A common stock | Minimum [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares														10			10
Class A common stock | Stock Offering [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights															10,983,080
Class A common stock | Warrant [Member]
Class of Stock [Line Items]
Shares excluded from the diluted shares calculations															140,334
Class A common stock | Restricted Stock [Member]
Class of Stock [Line Items]
Shares excluded from the diluted shares calculations															22,807
Fair value per RSG | $ / shares														$ 4.80	$ 10.65		4.80
Total fair value | $															$ 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	$ 10.65		$ 4.80
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $															$ 1,000,000
Class A common stock | Restricted Stock [Member]
Class of Stock [Line Items]
Shares excluded from the diluted shares calculations														63,045
Total fair value | $														$ 400,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $														$ 400,000
Class A common stock | Fourth Amended 2014 Incentive Plans | Maximum [Member]
Class of Stock [Line Items]
Number of additional shares to be issued																		3,000,000
Aggregate shares after issuance of additional shares																		6,800,000
At The Market Offerings [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock | $													$ 2,000,000
Common Stock, Shares, Issued													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														523,022			523,022
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)												15,807		6,973
Total redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)														23,107
Class of Warrant or Right, Exercise Price of Warrants or Rights, As Percentage Of Market Price Of Common Stock														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
Warrants and Rights Outstanding, Term														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														4,203
Preferred Stock, Dividend Rate, Percentage														6.00%
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
Series B Preferred Stock [Member] | Stock Offering [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues															549,154
Proceeds from Issuance of Common Stock | $															$ 494,200,000
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)														868,437
Series B Preferred Stock [Member] | Long-term Incentive Plan Units One [Member] | Time-based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation | $														$ 100,000
Series T Preferred Stock [Member]
Class of Stock [Line Items]
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)														6,392
Annual stock dividend per share | $ / shares														$ 0.05
Percentage of dividend declared per share														0.20%
Preferred Stock, Dividend Rate, Percentage														6.15%
Series T Preferred Stock [Member] | Stock Offering [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues														9,688,208
Proceeds from Issuance of Preferred Stock and Preference Stock | $														$ 218,000,000
Preferred Stock Offering Commissions And Dealer Manager Fees | $														$ 24,200,000
Series T Preferred Stock [Member] | Stock Offering [Member] | Dividend Reinvestment Plan [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues														18,721
Proceeds from Issuance of Preferred Stock and Preference Stock | $														$ 500,000
Class C Common Stock [Member]
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares														$ 0.01	$ 0.01		$ 0.01
Stock Issued During Period, Shares, New Issues														0	0	0
Stock Repurchased During Period, Shares															0	0
Common Stock, Shares, Issued														76,603	76,603		76,603
Stock Repurchased During Period, Value | $														$ 0	$ 0	$ 0
Series C Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock Increase In Annual Dividend Rate														2.00%
Preferred Stock, Redemption Price Per Share | $ / shares														$ 25			$ 25
Preferred Stock, Dividend Rate, Percentage														7.625%
Series C Cumulative Redeemable Preferred Stock [Member] | Maximum [Member]
Class of Stock [Line Items]
Preferred Stock Increase In Annual Dividend Rate														14.00%
Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Redemption Price Per Share | $ / shares														$ 25			25
Series D Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Shares Issued, Price Per Share | $ / shares																					$ 25
Preferred Stock, Dividend Rate, Percentage														7.125%
Series T Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues														9,724,329
Proceeds from Issuance of Preferred Stock and Preference Stock | $														$ 218,800,000
Preferred Stock, Redemption Price Per Share | $ / shares														$ 25			$ 25
Preferred Stock Redemption Fee percentage														12.00%			12.00%
Preferred Stock Redemption Fee percentage after One Year														9.00%			9.00%
Preferred Stock Redemption Fee percentage after Three Year														6.00%			6.00%
Preferred Stock Redemption Fee percentage after Four Year														3.00%			3.00%
Cumulative Redeemable Preferred Stock | Series A [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage						8.25%								8.25%	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, Value, Issued | $														$ 66,867,000	$ 68,705,000		$ 66,867,000
Preferred Stock, Dividend Rate, Percentage						7.125%								7.125%	7.125%
Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Value, Issued | $														$ 0	$ 0		$ 0
Preferred Stock [Member] | Series A [Member] | New Plan [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
8.250% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Temporary Equity, Stock Redeemed During Period, Shares	1,963,551		1,393,294
Preferred Stock, Redemption Price Per Share | $ / shares	$ 25		$ 25											$ 25			$ 25
Preferred Stock, Redeemed	1,963,551		1,393,294
Accrued and unpaid dividends (in dollars per share) | $ / shares	$ 0.464063		$ 0.120313
Total redemption payment (in dollars per share) | $ / shares	$ 25.464063		$ 25.120313
Preferred Stock, Dividend Rate, Percentage														8.25%	59.00%
8.250% Series A Cumulative Redeemable Preferred Stock | Maximum [Member]
Class of Stock [Line Items]
Preferred Stock Increase In Annual Dividend Rate														14.00%
8.250% Series A Cumulative Redeemable Preferred Stock | Minimum [Member]
Class of Stock [Line Items]
Preferred Stock Increase In Annual Dividend Rate														2.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 04, 2020	Dec. 31, 2020
Commitments and Contingencies
Payments to acquire land	$ 3.1
Amount of leasehold improvement allowance committed to pay the tenant	$ 20.4
Leasehold improvement allowance funded		$ 12

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Selected Quarterly Financial Data
Total revenue	$ 55,987	$ 54,589	$ 53,033	$ 56,241	$ 52,520	$ 53,547	$ 52,437	$ 51,466	$ 219,848	$ 209,971	$ 184,716
Operating income	9,826	6,428	7,475	7,087	8,536	8,738	10,701	8,734	30,814	36,707	29,688
Net (loss) income	(16,414)	(4,069)	40,327	(5,121)	(2,759)	38,175	(1,932)	(4,365)	14,723	29,119	(15,275)
Net loss attributable to common stockholders	$ (26,213)	$ (17,058)	$ 15,090	$ (16,493)	$ (13,827)	$ 17,160	$ (10,990)	$ (12,093)	$ (44,674)	$ (19,751)	$ (42,759)
(Loss) income per common share, basic	$ (1.13)	$ (0.71)	$ 0.61	$ (0.70)	$ (0.62)	$ 0.76	$ (0.50)	$ (0.53)	$ (1.91)	$ (0.91)	$ (1.82)
(Loss) income per common share, diluted	$ (1.13)	$ (0.71)	$ 0.61	$ (0.70)	$ (0.62)	$ 0.75	$ (0.50)	$ (0.53)	$ (1.91)	$ (0.91)	$ (1.82)
Gain on sale of real estate investments			$ 57,800			$ 48,700			$ 59,508	$ 48,680	$ 0

Subsequent Events - Declaration

Subsequent Events - Declaration of Dividends (Details) - Subsequent event - Dividend Declared [Member]	Jan. 13, 2021$ / shares
Series B Preferred Stock [Member] | February 5, 2021
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 5
Series B Preferred Stock [Member] | March 5, 2021
Subsequent Event [Line Items]
Declaration of Dividends, Amount	5
Series B Preferred Stock [Member] | April 5, 2021
Subsequent Event [Line Items]
Declaration of Dividends, Amount	5
Series T Preferred Stock [Member] | February 5, 2021
Subsequent Event [Line Items]
Declaration of Dividends, Amount	0.128125
Series T Preferred Stock [Member] | March 5, 2021
Subsequent Event [Line Items]
Declaration of Dividends, Amount	0.128125
Series T Preferred Stock [Member] | April 5, 2021
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 0.128125

Subsequent Events - Distributio

Subsequent Events - Distribution paid (Details) - Subsequent event - USD ($) $ / shares in Units, $ in Thousands	Feb. 05, 2021	Jan. 05, 2021
Subsequent Events
Total Distribution	$ 16,226
Long-term Incentive Plan Units One [Member]
Subsequent Events
Distributions per Share/Units		$ 0.1625000
Total Distribution		$ 510
Class A common stock
Subsequent Events
Distributions per Share/Units		$ 0.1625000
Total Distribution		$ 3,630
Class C Common Stock [Member]
Subsequent Events
Distributions per Share/Units		$ 0.1625000
Total Distribution		$ 12
Series A Preferred Stock [Member]
Subsequent Events
Distributions per Share/Units		$ 0.5156250
Total Distribution		$ 1,135
Series B Preferred Stock [Member]
Subsequent Events
Distributions per Share/Units		$ 5
Total Distribution		$ 2,568
Series C Preferred Stock [Member]
Subsequent Events
Distributions per Share/Units		$ 0.4765625
Total Distribution		$ 1,094
Series D Preferred Stock [Member]
Subsequent Events
Distributions per Share/Units		$ 0.4453125
Total Distribution		$ 1,235
Series T Preferred Stock [Member]
Subsequent Events
Distributions per Share/Units		$ 0.1281250
Total Distribution		$ 1,190
Operating Partnership Units One [Member]
Subsequent Events
Distributions per Share/Units		$ 0.1625000
Total Distribution		$ 1,026
Series B Preferred Stock One [Member]
Subsequent Events
Distributions per Share/Units	$ 5
Total Distribution	$ 2,492
Series T Preferred Stock Two [Member]
Subsequent Events
Distributions per Share/Units	$ 0.1281250
Total Distribution	$ 1,334

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 18, 2021	Feb. 05, 2021	Jan. 28, 2021	Jan. 27, 2021	Jan. 01, 2021	Dec. 21, 2020	Oct. 21, 2020	May 27, 2020	Jan. 24, 2020	Jan. 08, 2020	Jan. 01, 2020	Aug. 09, 2019	Jan. 01, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 09, 2021	Feb. 08, 2021
Repurchase of Class A common stock														$ 40,334	$ 14,086	$ 9,018
Floating Interest Rate [Member] | Fannie Facility Advance
Secured Debt								$ 13,900
Floating Interest Rate [Member] | Fannie Facility Advance | LIBOR
Spread on variable rate								2.60%
Subsequent event
Stock repurchase plans authorized																	$ 150,000	$ 75,000
Subsequent event | Floating Interest Rate [Member] | Fannie Facility Advance
Secured Debt	$ 12,900
Subsequent event | Floating Interest Rate [Member] | Fannie Facility Advance | LIBOR
Spread on variable rate	2.70%
Long-term Incentive Plan Units One [Member] | Incentive Plans 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross											7,126	2,929	6,836
Long-term Incentive Plan Units One [Member] | Incentive Plans 2014 [Member] | Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross					7,381
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					3 years
Long-term Incentive Plan Units One [Member] | Incentive Plans 2014 [Member] | Subsequent event | Time-based LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross					277,001
Long-term Incentive Plan Units One [Member] | Incentive Plans 2014 [Member] | Subsequent event | Performance Based LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross					554,003
Class A common stock
Issuance of Class A common stock, net (in shares)														171,713	456,708	2,831
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)														1,334,501
Repurchase of Class A common stock (in shares)														3,983,842	1,313,328	1,055,057
Repurchase of Class A common stock														$ 40	$ 13	$ 11
Stock repurchase plans authorized															$ 50,000
Class A common stock | Subsequent event
Repurchase of Class A common stock (in shares)		1,668,551
Repurchase of Class A common stock		$ 19,300
8.250% Series A Cumulative Redeemable Preferred Stock
Preferred Stock, Dividend Rate, Percentage														8.25%	59.00%
Redemption price per share (in dollars per share)						$ 25	$ 25							$ 25
Accrued and unpaid dividends (in dollars per share)						0.464063	0.120313
Total redemption payment (in dollars per share)						$ 25.464063	$ 25.120313
8.250% Series A Cumulative Redeemable Preferred Stock | Subsequent event
Preferred Stock, Dividend Rate, Percentage				8.25%
Number of shares redeemed				2,201,547
Redemption price per share (in dollars per share)				$ 25
Accrued and unpaid dividends (in dollars per share)				0.320833
Total redemption payment (in dollars per share)				$ 25.320833
ARIUM Grandewood [Member] | Subsequent event
Proceeds from Sale of Real Estate, Gross			$ 65,300
Payments for closing costs and fees on real estate investments			900
Net proceeds from sale of real estate			25,100
ARIUM Grandewood [Member] | Subsequent event | Fannie Facility Advance
Secured Debt			$ 39,100
Helios [Member]
Proceeds from Sale of Real Estate, Gross										$ 65,600
Payments for Mortgage on Real Estate Sold										$ 39,500
Avenue 25
Spread on variable rate														4.02%
Whetstone Apartments [Member]
Proceeds from Sale of Real Estate, Gross									$ 46,500
Payments for Mortgage on Real Estate Sold									25,400
Net proceeds from sale of real estate									$ 19,600
Stock Offering [Member]
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)														122
Stock Offering [Member] | Class A common stock | Subsequent event
Issuance of Class A common stock, net (in shares)		2,240,374
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)		27,513

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 1,534,643
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		284,375
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		1,927,086
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		80,473
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		284,681
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		2,007,253
SEC Schedule III, Real Estate, Gross, Total		2,291,934	$ 2,088,886	$ 1,802,668	$ 1,452,759
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		194,757	141,566	$ 108,911	$ 55,177
Proceeds from credit facility		33,000	$ 18,000
ARIUM Grandewood [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	[1]	39,115
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	[1]	5,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	[1]	37,220
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements	[1]	2,177
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	[1]	5,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	[1]	39,397
SEC Schedule III, Real Estate, Gross, Total	[1]	44,597
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance	[1]	$ 8,344
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition	[1]	2014
ARIUM Grandewood [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Grandewood [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Park And Kingston [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 19,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,060
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		24,353
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		3,421
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,360
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		27,474
SEC Schedule III, Real Estate, Gross, Total		30,834
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 5,565
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2015
Park And Kingston [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Park And Kingston [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Reserve at Palmer Ranch [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 40,977
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		7,800
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		30,597
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		5,335
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		7,800
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		35,932
SEC Schedule III, Real Estate, Gross, Total		43,732
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 7,129
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2016
The Reserve at Palmer Ranch [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Reserve at Palmer Ranch [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Gulfshore Apartment Homes [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 46,345
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		10,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		36,047
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		5,459
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		10,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		41,506
SEC Schedule III, Real Estate, Gross, Total		51,506
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 8,126
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2016
Gulfshore Apartment Homes [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Gulfshore Apartment Homes [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Preserve at Henderson Beach [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 48,490
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,100
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		50,117
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		2,751
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,100
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		52,868
SEC Schedule III, Real Estate, Gross, Total		56,968
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 8,593
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2016
The Preserve at Henderson Beach [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Preserve at Henderson Beach [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Westside [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 52,150
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		8,657
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		63,402
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		3,021
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		8,657
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		66,423
SEC Schedule III, Real Estate, Gross, Total		75,080
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 9,514
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2016
ARIUM Westside [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Westside [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Glenridge [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 49,500
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		14,513
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		52,324
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		9,601
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		14,513
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		61,925
SEC Schedule III, Real Estate, Gross, Total		76,438
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 9,861
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2016
ARIUM Glenridge [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Glenridge [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Pine Lakes Preserve [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 42,728
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,760
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		31,854
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		2,322
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,760
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		34,176
SEC Schedule III, Real Estate, Gross, Total		39,936
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 6,988
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2016
Pine Lakes Preserve [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Pine Lakes Preserve [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Brodie [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 33,551
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		42,497
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		2,374
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		44,871
SEC Schedule III, Real Estate, Gross, Total		50,271
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 7,797
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2016
The Brodie [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Brodie [Member] | Property Under Development [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Roswell City Walk [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 50,043
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		8,423
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		66,249
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		420
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		8,423
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		66,669
SEC Schedule III, Real Estate, Gross, Total		75,092
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 9,368
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2016
Roswell City Walk [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
James on South First [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 25,674
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,500
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		32,471
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		838
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,500
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		33,309
SEC Schedule III, Real Estate, Gross, Total		36,809
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 4,888
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2016
James on South First [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Wesley Village [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 39,437
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		50,062
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,948
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		52,010
SEC Schedule III, Real Estate, Gross, Total		57,610
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 6,142
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2017
Wesley Village [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Wesley Village [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Marquis at the Cascades I [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 31,668
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		41,120
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,414
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		42,534
SEC Schedule III, Real Estate, Gross, Total		45,734
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 5,377
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2017
Marquis at the Cascades I [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Marquis at the Cascades I [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Marquis at the Cascades II [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 22,101
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		2,450
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		25,827
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,217
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		2,450
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		27,044
SEC Schedule III, Real Estate, Gross, Total		29,494
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,515
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2017
Marquis at the Cascades II [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Marquis at the Cascades II [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Villages of Cypress Creek [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 33,520
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,650
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		35,990
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		2,432
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,650
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		38,422
SEC Schedule III, Real Estate, Gross, Total		43,072
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 4,835
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2017
Villages of Cypress Creek [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Villages of Cypress Creek [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Citrus Tower [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 40,627
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,208
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		49,388
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,703
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,208
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		51,091
SEC Schedule III, Real Estate, Gross, Total		56,299
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 6,538
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2017
Citrus Tower [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Citrus Tower [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Outlook at Greystone [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 22,105
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,950
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		31,664
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		4,241
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,950
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		35,905
SEC Schedule III, Real Estate, Gross, Total		39,855
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 4,642
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2017
Outlook at Greystone [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Outlook at Greystone [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Hunters Creek [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 70,871
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		9,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		86,202
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		4,715
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		9,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		90,917
SEC Schedule III, Real Estate, Gross, Total		100,517
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 10,628
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2017
ARIUM Hunters Creek [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Hunters Creek [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Metrowest [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 64,559
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		10,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		74,768
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		4,457
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		10,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		79,225
SEC Schedule III, Real Estate, Gross, Total		89,425
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 9,459
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2017
ARIUM Metrowest [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Metrowest [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Mills [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 25,275
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,300
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		36,969
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		887
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,300
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		37,856
SEC Schedule III, Real Estate, Gross, Total		41,156
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 4,054
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2017
The Mills [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Mills [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Links at Plum Creek [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 39,578
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		2,960
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		57,803
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		4,217
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		2,960
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		62,020
SEC Schedule III, Real Estate, Gross, Total		64,980
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 6,900
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2018
The Links at Plum Creek [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Links at Plum Creek [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Sands Parc [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	[2]	$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,170
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		42,443
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		336
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,170
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		42,779
SEC Schedule III, Real Estate, Gross, Total		45,949
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,877
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2018
Sands Parc [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Sands Parc [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Plantation Park [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 26,625
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		1,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		34,065
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		177
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		1,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		34,242
SEC Schedule III, Real Estate, Gross, Total		35,842
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,010
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2018
Plantation Park [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Plantation Park [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Veranda at Centerfield [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 26,100
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,120
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		35,506
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		2,440
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,120
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		37,946
SEC Schedule III, Real Estate, Gross, Total		43,066
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,755
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2018
Veranda at Centerfield [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Veranda at Centerfield [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Ashford Belmar [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 100,675
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		18,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		124,149
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		4,544
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		18,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		128,693
SEC Schedule III, Real Estate, Gross, Total		147,093
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 10,862
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2018
Ashford Belmar [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Ashford Belmar [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Element [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 29,260
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		8,056
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		33,346
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		407
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		8,056
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		33,753
SEC Schedule III, Real Estate, Gross, Total		41,809
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 2,119
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2019
Element [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Element [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Providence Trail [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 47,950
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,362
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		62,620
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		922
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,362
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		63,542
SEC Schedule III, Real Estate, Gross, Total		68,904
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,315
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2019
Providence Trail [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Providence Trail [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Denim [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 101,205
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		43,182
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		96,361
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		2,485
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		43,182
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		98,846
SEC Schedule III, Real Estate, Gross, Total		142,028
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 5,513
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2019
Denim [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Denim [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Sanctuary [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 33,707
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,406
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		45,805
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,358
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,406
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		47,163
SEC Schedule III, Real Estate, Gross, Total		52,569
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 2,867
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2019
The Sanctuary [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Sanctuary [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Chattahoochee Ridge [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 45,338
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		9,660
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		59,457
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		641
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		9,660
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		60,098
SEC Schedule III, Real Estate, Gross, Total		69,758
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 2,272
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2019
Chattahoochee Ridge [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Chattahoochee Ridge [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The District At Scottsdale [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 75,577
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		20,297
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		103,423
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		353
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		20,297
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		103,776
SEC Schedule III, Real Estate, Gross, Total		124,073
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,342
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2019
The District At Scottsdale [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The District At Scottsdale [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Navigator Villas [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 20,515
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		2,026
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		27,206
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		192
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		2,027
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		27,397
SEC Schedule III, Real Estate, Gross, Total		29,424
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,018
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2019
Navigator Villas [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Navigator Villas [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Avenue 25 | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 36,566
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,527
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		50,679
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		458
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,527
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		51,137
SEC Schedule III, Real Estate, Gross, Total		56,664
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,576
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2020
Avenue 25 | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Avenue 25 | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Falls at Forsyth | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	[2]	$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		7,067
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		74,445
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		165
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		7,070
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		74,607
SEC Schedule III, Real Estate, Gross, Total		81,677
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,946
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2020
Falls at Forsyth | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Falls at Forsyth | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Chevy Chase | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 24,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,453
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		28,843
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		226
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,453
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		29,069
SEC Schedule III, Real Estate, Gross, Total		34,522
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 470
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2020
Chevy Chase | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Chevy Chase | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Elan [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 25,574
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,185
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		36,612
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		18
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,187
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		36,628
SEC Schedule III, Real Estate, Gross, Total		40,815
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 106
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2020
Elan [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Elan [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Carrington At Perimeter Park [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 31,301
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,041
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		48,798
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		11
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,041
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		48,809
SEC Schedule III, Real Estate, Gross, Total		53,850
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 130
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2020
Carrington At Perimeter Park [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Carrington At Perimeter Park [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Cielo On Gilbert [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 58,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		7,292
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		66,219
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		7,292
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		66,219
SEC Schedule III, Real Estate, Gross, Total		73,511
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2020
Cielo On Gilbert [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Cielo On Gilbert [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Subtotal [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 1,520,707
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		284,375
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		1,926,901
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		79,683
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		284,681
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		2,006,278
SEC Schedule III, Real Estate, Gross, Total		2,290,959
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		194,441
Subtotal [Member] | Property Under Development [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		13,936
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		185
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		790
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		975
SEC Schedule III, Real Estate, Gross, Total		975
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		316
REIT Operator [Member] | Property Under Development [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		185
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		790
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		975
SEC Schedule III, Real Estate, Gross, Total		975
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 316
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2017
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		5 years
Fannie Facility [Member] | Property Under Development [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 13,936
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		0
SEC Schedule III, Real Estate, Gross, Total		0
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2020
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		7 years
Sands Parc And Falls At Forsyth [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Proceeds from credit facility		$ 33,000
[1]	This property was classified as held for sale as of December 31, 2020.
[2]	Sands Parc and Falls at Forsyth were funded, in part, by a secured credit facility. As of December 31, 2020, the outstanding credit facility balance was $33.0 million.

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule III - Real Estate and Accumulated Depreciation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Beginning Balance	$ 2,088,886	$ 1,802,668	$ 1,452,759
Construction and acquisition cost	358,288	580,208	349,909
Disposition of real estate	(155,240)	(293,990)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance	$ 2,291,934	$ 2,088,886	$ 1,802,668

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule III - Real Estate and Accumulated Depreciation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Beginning Balance	$ 141,566	$ 108,911	$ 55,177
Current year depreciation expense	72,826	63,709	53,734
Disposition of real estate	(19,635)	(31,054)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance	$ 194,757	$ 141,566	$ 108,911