Bluerock Residential Growth REIT (BRG) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 02, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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	2021
Document Fiscal Period Focus	Q2
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		26,411,287
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 ($)	Jun. 30, 2021	Dec. 31, 2020
Net Real Estate Investments
Land	$ 251,691,000	$ 279,481,000
Buildings and improvements	1,703,536,000	1,889,471,000
Furniture, fixtures and equipment	75,488,000	78,438,000
Total Gross Real Estate Investments	2,030,715,000	2,247,390,000
Accumulated depreciation	(187,066,000)	(186,426,000)
Total Net Operating Real Estate Investments	1,843,649,000	2,060,964,000
Operating real estate held for sale, net	144,878,000	36,213,000
Total Net Real Estate Investments	1,988,527,000	2,097,177,000
Cash and cash equivalents	136,766,000	83,868,000
Restricted cash	36,308,000	35,093,000
Notes and accrued interest receivable, net	165,654,000	157,734,000
Due from affiliates	667,000	339,000
Accounts receivable, prepaids and other assets, net	40,783,000	29,502,000
Preferred equity investments and investments in unconsolidated real estate joint ventures, net	86,328,000	83,485,000
In-place lease intangible assets, net	1,531,000	2,594,000
Non-real estate assets associated with operating real estate held for sale	271,000	145,000
TOTAL ASSETS	2,456,835,000	2,489,937,000
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Mortgages payable	1,343,454,000	1,490,932,000
Mortgages payable associated with operating real estate held for sale	93,137,000	38,773,000
Revolving credit facilities		33,000,000
Accounts payable	1,972,000	1,317,000
Other accrued liabilities	34,677,000	31,025,000
Due to affiliates	635,000	618,000
Distributions payable	13,879,000	13,421,000
Liabilities associated with operating real estate held for sale	1,135,000	383,000
Total Liabilities	1,488,889,000	1,609,469,000
Stockholders' Equity
Additional paid-in-capital	362,507,000	304,710,000
Distributions in excess of cumulative earnings	(303,960,000)	(313,392,000)
Total Stockholders' Equity	125,704,000	58,406,000
Noncontrolling Interests
Operating partnership units	18,751,000	(3,272,000)
Partially owned properties	24,022,000	24,666,000
Total Noncontrolling Interests	42,773,000	21,394,000
Total Equity	168,477,000	79,800,000
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY	2,456,835,000	2,489,937,000
Preferred Stock [Member]
Stockholders' Equity
Preferred Stock Value	0	0
Class A common stock
Stockholders' Equity
Common Stock Value	289,000	220,000
Noncontrolling Interests
Total Equity	289,000	220,000
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
Cumulative Redeemable Preferred Stock | Series C [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	56,627,000	56,462,000
Cumulative Redeemable Preferred Stock | Series D [Member]
Stockholders' Equity
Preferred Stock Value	66,867,000	66,867,000
Redeemable Preferred Stock [Member] | Series B [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	327,124,000	469,907,000
Redeemable Preferred Stock [Member] | Series T
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	$ 415,718,000	$ 219,967,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
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	360,608	513,489
Temporary Equity, Shares Outstanding	360,608	513,489
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	18,353,252	9,717,917
Temporary Equity, Shares Outstanding	18,353,252	9,717,917
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	0	2,201,547
Temporary Equity, Shares Outstanding	0	2,201,547
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	2,295,845
Temporary Equity, Shares Outstanding	2,295,845	2,295,845
Cumulative Redeemable Preferred Stock | Series D [Member]
Preferred Stock, Liquidation Preference Per Share	$ 25	$ 25
Preferred Stock, Shares Authorized	4,000,000	4,000,000
Preferred Stock, Shares Issued	2,774,338	2,774,338
Preferred Stock, Shares Outstanding	2,774,338	2,774,338
Preferred Stock, Dividend Rate, Percentage	7.125%	7.125%
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	28,861,937	22,020,950
Common stock, shares outstanding	28,861,937	22,020,950
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	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Rental and other property revenues	$ 49,721	$ 47,695	$ 100,803	$ 98,047
Interest income from mezzanine loan and ground lease investments	4,114	5,338	8,835	11,227
Total revenues	53,835	53,033	109,638	109,274
Expenses
Property operating	18,909	18,571	38,841	37,870
Property management fees	1,247	1,194	2,528	2,488
General and administrative	6,595	5,303	13,240	11,674
Acquisition and pursuit costs	3	423	15	1,691
Weather-related losses, net	0	0	400
Depreciation and amortization	19,926	20,067	40,250	40,990
Total expenses	46,680	45,558	95,274	94,713
Operating income	7,155	7,475	14,364	14,561
Other income (expense)
Other income	57	19	209	59
Preferred returns on unconsolidated real estate joint ventures	2,329	2,834	4,616	5,249
Provision for credit losses	(26)	0	(567)	0
Gain on sale of real estate investments	19,429	57,843	88,342	58,096
Loss on extinguishment of debt and debt modification costs	(647)	(13,985)	(3,687)	(13,985)
Interest expense, net	(13,460)	(13,859)	(27,294)	(28,774)
Total other income	7,682	32,852	61,619	20,645
Net income (loss)	14,837	40,327	75,983	35,206
Preferred stock dividends	(14,367)	(14,237)	(28,984)	(27,784)
Preferred stock accretion	(7,290)	(3,602)	(14,312)	(7,527)
Net (loss) income attributable to noncontrolling interests
Operating partnership units	(1,978)	5,413	8,182	(409)
Partially-owned properties	587	1,985	6,353	1,707
Net income (loss) attributable to noncontrolling interests	(1,391)	7,398	14,535	1,298
Net income (loss) attributable to common stockholders	$ (5,429)	$ 15,090	$ 18,152	$ (1,403)
Net income (loss) per common share - Basic	$ (0.21)	$ 0.61	$ 0.68	$ (0.09)
Net income (loss) per common share - Diluted	$ (0.21)	$ 0.61	$ 0.68	$ (0.09)
Weighted average basic common shares outstanding	28,129,862	24,307,147	25,623,537	24,197,479
Weighted average diluted common shares outstanding	28,129,862	24,345,034	25,688,530	24,197,479

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)	Additional Paid-in Capital [Member]	Cumulative Distributions [Member]	Net Income to Stockholders [Member]	Noncontrolling Interests [Member]	Class A common stock	Class C Common Stock [Member]	Series D Preferred Stock [Member]	Total
Balance at Dec. 31, 2019	$ 311,683,000	$ (259,254,000)	$ 6,122,000	$ 48,170,000	$ 234,000	$ 1,000	$ 68,705,000	$ 175,661,000
Balance (in shares) at Dec. 31, 2019					23,422,557	76,603	2,850,602
Issuance of Class A common stock, net	1,972,000	0	0	0	$ 2,000	$ 0	$ 0	1,974,000
Issuance of Class A common stock, net (in shares)					169,255	0	0
Issuance of Class A common stock due to Series B warrants exercise	121,000	0	0	0	$ 0	$ 0	$ 0	121,000
Issuance of Class A common stock due to Series B warrants exercise (in shares)					11,172	0	0
Issuance of Class A common stock for executive salaries	147,000	0	0	0	$ 0	$ 0	$ 0	147,000
Issuance of Class A common stock for executive salaries (in shares)					25,174	0	0
Repurchase of Class A common stock	(11,597,000)	0	0	0	$ (10,000)	$ 0	$ 0	(11,607,000)
Repurchase of Class A common stock (in shares)					(1,028,293)	0	0
Issuance of restricted Class A common stock, net of shares withheld for employee taxes	221,000	0	0		$ 1,000	$ 0	$ 0	222,000
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares)					78,865	0	0
Repurchase of Series A, Series C and Series D Preferred Stock, net	511,000	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	221,000	0	0		$ 1,000	$ 0	$ 0	222,000
Issuance of restricted Class A common stock (in shares)					78,865	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 LTIP Units for executive bonuses	0	0	0	2,196,000	$ 0	$ 0	$ 0	2,196,000
Issuance of LTIP Units for executive bonuses (in shares)					0	0	0
Vesting of LTIP Units for compensation	0	0	0	3,228,000	$ 0	$ 0	$ 0	3,228,000
Issuance of LTIP Units for expense and capitalized cost reimbursements	0	0	0	943,000	0	0	0	943,000
Common stock distributions declared	0	(7,920,000)	0	0	0	0	0	(7,920,000)
Series A Preferred Stock distributions declared	0	(5,830,000)	0	0	0	0	0	(5,830,000)
Series A Preferred Stock accretion	0	(501,000)	0	0	0	0	0	(501,000)
Series B Preferred Stock distributions declared	0	(15,614,000)	0	0	0	0	0	(15,614,000)
Series B Preferred Stock accretion	0	(6,227,000)	0	0	0	0	0	(6,227,000)
Series C Preferred Stock distributions declared	0	(2,210,000)	0	0	0	0	0	(2,210,000)
Series C Preferred Stock accretion	0	(180,000)	0	0	0	0	0	(180,000)
Series D Preferred Stock distributions declared	0	(2,514,000)	0	0	0	0	0	(2,514,000)
Series T Preferred Stock distributions declared	0	(1,616,000)	0	0	0	0	0	(1,616,000)
Series T Preferred Stock accretion	0	(619,000)	0	0	0	0	0	(619,000)
Distributions to Operating Partnership ("OP") noncontrolling interests	0	0	0	(3,252,000)	0	0	0	(3,252,000)
Distributions to partially owned noncontrolling interests	0	0	0	(3,826,000)	0	0	0	(3,826,000)
Conversion of Operating Partnership Units ('OP Units") into Class A common stock	131,000	0	0	(132,000)	$ 1,000	$ 0	$ 0	0
Conversion of Operating Partnership Units ('OP Units") into Class A common stock (in shares)					69,713	0	0
Holder redemption of Series T Preferred Stock and conversion into Class A common stock	36,000	0	0	0	$ 0	$ 0	$ 0	36,000
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)					7,499	0	0
Holder redemption of Series B Preferred Stock and conversion into Class A common stock	3,740,000	0	0	0	$ 5,000	$ 0	$ 0	3,745,000
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					515,142	0	0
Company redemption of Series B Preferred Stock and conversion into Class A common stock	15,779,000	0	0	0	$ 13,000	$ 0	$ 0	15,792,000
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					1,334,501	0	0
Cash redemption of Series B Preferred Stock	8,000	0	0	0	$ 0	$ 0	$ 0	8,000
Series B warrant activity and exercise, net	(21,000)	0	0	0	0	0	0	(21,000)
Transfer of noncontrolling interest to controlling interest	0	0	0	(775,000)	0	0	0	(775,000)
Acquisition of noncontrolling interest	(2,876,000)	0	0	0	0	0	0	(2,876,000)
Adjustment for noncontrolling interest ownership in Operating Partnership	2,118,000	0	0	(2,118,000)	0	0	0	0
Net income (loss)	0	0	33,908,000	1,298,000	0	0	0	35,206,000
Balance at Jun. 30, 2020	321,973,000	(302,485,000)	40,030,000	46,075,000	$ 246,000	$ 1,000	$ 66,867,000	172,707,000
Balance (in shares) at Jun. 30, 2020					24,605,585	76,603	2,774,338
Balance at Mar. 31, 2020	318,802,000	(280,639,000)	7,101,000	43,100,000	$ 240,000	$ 1,000	$ 68,705,000	157,310,000
Balance (in shares) at Mar. 31, 2020					24,015,484	76,603	2,850,602
Issuance of Class A common stock, net	7,000	0	0		$ 0	$ 0	$ 0	7,000
Issuance of Class A common stock, net (in shares)					1,857	0	0
Issuance of Class A common stock for executive salaries	147,000	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	(1,000)	0	0		$ 0	$ 0	$ 0	(1,000)
Repurchase of Class A common stock (in shares)					0	0	0
Repurchase of Series A, Series C and Series D Preferred Stock, net	511,000	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	79,000	0	0		$ 1,000	$ 0	$ 0	80,000
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares)					78,865	0	0
Issuance of LTIP Units for executive bonuses	0	0	0	2,196,000	$ 0	$ 0	$ 0	2,196,000
Issuance of LTIP Units for executive bonuses (in shares)					0	0	0
Vesting of LTIP Units for compensation	0	0	0	1,370,000	$ 0	$ 0	$ 0	1,370,000
Issuance of LTIP Units for expense and capitalized cost reimbursements	0	0	0	438,000	0	0	0	438,000
Common stock distributions declared	0	(4,007,000)	0		0	0	0	(4,007,000)
Series A Preferred Stock distributions declared	0	(2,880,000)	0		0	0	0	(2,880,000)
Series A Preferred Stock accretion	0	(296,000)	0		0	0	0	(296,000)
Series B Preferred Stock distributions declared	0	(7,766,000)	0		0	0	0	(7,766,000)
Series B Preferred Stock accretion	0	(2,794,000)	0		0	0	0	(2,794,000)
Series C Preferred Stock distributions declared	0	(1,103,000)	0		0	0	0	(1,103,000)
Series C Preferred Stock accretion	0	(101,000)	0		0	0	0	(101,000)
Series D Preferred Stock distributions declared	0	(1,245,000)	0		0	0	0	(1,245,000)
Series T Preferred Stock distributions declared	0	(1,243,000)	0		0	0	0	(1,243,000)
Series T Preferred Stock accretion	0	(411,000)	0		0	0	0	(411,000)
Distributions to Operating Partnership ("OP") noncontrolling interests	0	0	0	(1,661,000)	0	0	0	(1,661,000)
Distributions to partially owned noncontrolling interests	0	0	0	(3,419,000)	0	0	0	(3,419,000)
Conversion of Operating Partnership Units ('OP Units") into Class A common stock	131,000	0	0	(132,000)	$ 1,000	0	0	0
Conversion of Operating Partnership Units ('OP Units") into Class A common stock (in shares)					69,713
Holder redemption of Series T Preferred Stock and conversion into Class A common stock	36,000	0	0		$ 0	$ 0	$ 0	36,000
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)					7,499	0	0
Holder redemption of Series B Preferred Stock and conversion into Class A common stock	2,562,000	0	0		$ 4,000	$ 0	$ 0	2,566,000
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					406,993	0	0
Company redemption of Series B Preferred Stock and conversion into Class A common stock	15,000	0	0		$ 0	$ 0	$ 0	15,000
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					0	0	0
Cash redemption of Series B Preferred Stock	2,000	0	0		$ 0	$ 0	$ 0	2,000
Transfer of noncontrolling interest to controlling interest	0	0	0	(775,000)	0	0	0	(775,000)
Acquisition of noncontrolling interest	(2,760,000)	0	0		0	0	0	(2,760,000)
Adjustment for noncontrolling interest ownership in Operating Partnership	2,440,000	0	0	(2,440,000)	0	0	0	0
Net income (loss)	0	0	32,929,000	7,398,000	0	0	0	40,327,000
Balance at Jun. 30, 2020	321,973,000	(302,485,000)	40,030,000	46,075,000	$ 246,000	$ 1,000	$ 66,867,000	172,707,000
Balance (in shares) at Jun. 30, 2020					24,605,585	76,603	2,774,338
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
Issuance of Class A common stock, net	19,000	0	0	0	$ 0	$ 0	$ 0	19,000
Issuance of Class A common stock, net (in shares)					1,740	0	0
Issuance costs for Class A common stock ATM	(626,000)	0	0	0	$ 0	$ 0	$ 0	(626,000)
Issuance of Class A common stock due to Series B warrants exercise	228,000	0	0	0	$ 0	$ 0	$ 0	228,000
Issuance of Class A common stock due to Series B warrants exercise (in shares)					20,908	0	0
Company redemption of Series A Preferred Stock	0	(710,000)	0	0	$ 0	$ 0	$ 0	(710,000)
Repurchase of Class A common stock	(85,744,000)	0	0	0	$ (81,000)	$ 0	$ 0	(85,825,000)
Repurchase of Class A common stock (in shares)					(8,163,160)	0	0
Issuance of restricted Class A common stock, net of shares withheld for employee taxes	61,000	0	0	0	$ 0	$ 0	$ 0	61,000
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares)					27,631	0	0
Issuance of restricted Class A common stock	61,000	0	0	0	$ 0	$ 0	$ 0	61,000
Issuance of restricted Class A common stock (in shares)					27,631	0	0
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation	0	0	0	374,000	$ 0	$ 0	$ 0	374,000
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation (in shares)					0	0	0
Issuance of LTIP Units for executive bonuses	0	0	0	2,170,000	$ 0	$ 0	$ 0	2,170,000
Issuance of LTIP Units for executive bonuses (in shares)					0	0	0
Issuance of LTIP Units for executive salaries	0	0	0	439,000	$ 0	$ 0	$ 0	439,000
Vesting of LTIP Units for compensation	0	0	0	3,785,000	0	0	0	3,785,000
Issuance of LTIP units for expense reimbursements	0	0	0	786,000	0	0	0	786,000
Contributions from noncontrolling interests, net	0	0	0	4,147,000	0	0	0	4,147,000
Common stock distributions declared	0	(8,720,000)	0	0	0	0	0	(8,720,000)
Series A Preferred Stock distributions declared	0	(706,000)	0	0	0	0	0	(706,000)
Series A Preferred Stock accretion	0	(35,000)	0	0	0	0	0	(35,000)
Series B Preferred Stock distributions declared	0	(12,907,000)	0	0	0	0	0	(12,907,000)
Series B Preferred Stock accretion	0	(10,051,000)	0	0	0	0	0	(10,051,000)
Series C Preferred Stock distributions declared	0	(2,188,000)	0	0	0	0	0	(2,188,000)
Series C Preferred Stock accretion	0	(165,000)	0	0	0	0	0	(165,000)
Series D Preferred Stock distributions declared	0	(2,470,000)	0	0	0	0	0	(2,470,000)
Series T Preferred Stock distributions declared	0	(10,713,000)	0	0	0	0	0	(10,713,000)
Series T Preferred Stock accretion	0	(3,351,000)	0	0	0	0	0	(3,351,000)
Distributions to Operating Partnership ("OP") noncontrolling interests	0	0	0	(3,589,000)	0	0	0	(3,589,000)
Distributions to partially owned noncontrolling interests	0	0	0	(11,144,000)	0	0	0	(11,144,000)
Redemption of Operating Partnership Units	(4,000)	0	0	(1,000)	0	0	0	(5,000)
Conversion of Operating Partnership Units ('OP Units") into Class A common stock	(23,000)	0	0	24,000	$ 1,000	$ 0	$ 0	2,000
Conversion of Operating Partnership Units ('OP Units") into Class A common stock (in shares)					62,023	0	0
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					14,592,550
Holder redemption of Series T Preferred Stock and conversion into Class A common stock	1,187,000	0	0	0	$ 1,000	$ 0	$ 0	1,188,000
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)					110,893	0	0
Holder redemption of Series B Preferred Stock and conversion into Class A common stock	2,091,000	0	0	0	$ 2,000	$ 0	$ 0	2,093,000
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					188,402	0	0
Company redemption of Series B Preferred Stock and conversion into Class A common stock	150,534,000	0	0	0	$ 146,000	$ 0	$ 0	150,680,000
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					14,592,550	0	0
Series B warrant activity and exercise, net	(95,000)	0	0	0	$ 0	$ 0	$ 0	(95,000)
Company redemption of Series A Preferred Stock costs	22,000	0	0	0	0	0	0	22,000
Adjustment for noncontrolling interest ownership in Operating Partnership	(9,853,000)	0	0	9,853,000	0	0	0	0
Net income (loss)	0	0	61,448,000	14,535,000	0	0	0	75,983,000
Balance at Jun. 30, 2021	362,507,000	(402,170,000)	98,210,000	42,773,000	$ 289,000	$ 1,000	$ 66,867,000	168,477,000
Balance (in shares) at Jun. 30, 2021					28,861,937	76,603	2,774,338
Balance at Mar. 31, 2021	332,926,000	(375,748,000)	81,982,000	36,510,000	$ 251,000	$ 1,000	$ 66,867,000	142,789,000
Balance (in shares) at Mar. 31, 2021					25,110,432	76,603	2,774,338
Issuance of Class A common stock, net	9,000							9,000
Issuance of Class A common stock, net (in shares)					941
Issuance costs for Class A common stock ATM	(626,000)							(626,000)
Issuance of Class A common stock due to Series B warrants exercise	1,000							1,000
Issuance of Class A common stock due to Series B warrants exercise (in shares)					20
Repurchase of Class A common stock	(45,060,000)				$ (45,000)			(45,105,000)
Repurchase of Class A common stock (in shares)					(4,605,598)
Issuance of restricted Class A common stock, net of shares withheld for employee taxes	1,000							1,000
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares)					38,721
Issuance of restricted Class A common stock	1,000							1,000
Issuance of restricted Class A common stock (in shares)					38,721
Issuance of LTIP Units for executive salaries				219,000				219,000
Vesting of LTIP Units for compensation				1,969,000				1,969,000
Issuance of LTIP units for expense reimbursements				389,000				389,000
Contributions from noncontrolling interests, net				4,147,000				4,147,000
Common stock distributions declared		(4,765,000)						(4,765,000)
Series B Preferred Stock distributions declared		(5,818,000)						(5,818,000)
Series B Preferred Stock accretion		(5,206,000)						(5,206,000)
Series C Preferred Stock distributions declared		(1,094,000)						(1,094,000)
Series C Preferred Stock accretion		(94,000)						(94,000)
Series D Preferred Stock distributions declared		(1,235,000)						(1,235,000)
Series T Preferred Stock distributions declared		(6,220,000)						(6,220,000)
Series T Preferred Stock accretion		(1,990,000)						(1,990,000)
Distributions to Operating Partnership ("OP") noncontrolling interests				(1,748,000)				(1,748,000)
Distributions to partially owned noncontrolling interests				(2,795,000)				(2,795,000)
Redemption of Operating Partnership Units	(4,000)			(1,000)				(5,000)
Holder redemption of Series T Preferred Stock and conversion into Class A common stock	547,000							547,000
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)					54,736
Holder redemption of Series B Preferred Stock and conversion into Class A common stock	714,000				$ 1,000			715,000
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					71,927
Company redemption of Series B Preferred Stock and conversion into Class A common stock	79,473,000				$ 82,000			79,555,000
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					8,190,758
Adjustment for noncontrolling interest ownership in Operating Partnership	(5,474,000)			5,474,000
Net income (loss)			16,228,000	(1,391,000)				14,837,000
Balance at Jun. 30, 2021	$ 362,507,000	$ (402,170,000)	$ 98,210,000	$ 42,773,000	$ 289,000	$ 1,000	$ 66,867,000	$ 168,477,000
Balance (in shares) at Jun. 30, 2021					28,861,937	76,603	2,774,338

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net income	$ 75,983,000	$ 35,206,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	42,005,000	42,825,000
Amortization of fair value adjustments	(578,000)	(220,000)
Preferred returns on unconsolidated real estate joint ventures	(4,616,000)	(5,249,000)
Gain on sale of real estate investments	(88,342,000)	(58,096,000)
Loss on extinguishment of debt and debt modification costs	3,687,000	13,985,000
Provision for credit losses	567,000	0
Amortization of deferred interest income on mezzanine loan	(997,000)	0
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures	5,884,000	7,007,000
Share-based compensation attributable to equity incentive plan	4,159,000	3,571,000
Share-based compensation attributable to executive salaries	439,000	147,000
Share-based compensation attributable to restricted stock grants	190,000	269,000
Share-based expense to BRE - LTIP Units	786,000	943,000
Changes in operating assets and liabilities:
Due to affiliates, net	117,000	2,597,000
Accounts receivable, prepaids and other assets	(5,083,000)	(5,516,000)
Notes and accrued interest receivable	(1,813,000)	317,000
Accounts payable and other accrued liabilities	7,631,000	5,552,000
Net cash provided by operating activities	40,019,000	43,338,000
Cash flows from investing activities:
Acquisitions of real estate investments	(76,998,000)	(109,460,000)
Capital expenditures	(10,130,000)	(8,951,000)
Investment in notes receivable and ground lease	(27,228,000)	(13,552,000)
Repayments on notes receivable	12,426,000	29,000,000
Proceeds from sale of real estate investments	224,051,000	158,448,000
Proceeds from sale and redemption of unconsolidated real estate joint ventures	31,412,000	35,542,000
Purchase of interests from noncontrolling interests		(3,651,000)
Investment in unconsolidated real estate joint venture interests	(34,881,000)	(17,119,000)
Net cash provided by investing activities	118,652,000	70,257,000
Cash flows from financing activities:
Distributions to common stockholders	(7,599,000)	(7,742,000)
Distributions to noncontrolling interests	(14,541,000)	(6,654,000)
Distributions to preferred stockholders	(29,838,000)	(27,428,000)
Contributions from noncontrolling interests	4,147,000	0
Borrowings on mortgages payable	12,880,000	70,845,000
Repayments on mortgages payable including prepayment penalties	(87,501,000)	(135,141,000)
Proceeds from credit facilities	30,000,000	276,189,000
Repayments on credit facilities	(63,000,000)	(163,689,000)
Payments of deferred financing fees	(1,139,000)	(2,946,000)
Net proceeds from issuance of Class A common stock	19,000	1,974,000
Miscellaneous issuance costs	(626,000)	0
Repurchase of Class A common stock	(85,825,000)	(11,607,000)
Shares withheld for employee taxes upon vesting of awards	(129,000)	(47,000)
Repurchase of Series A, Series C and/or Series D Preferred Stock	0	(6,103,000)
Payments to redeem Operating Partnership Units	(5,000)	0
Net cash (used in) provided by financing activities	(104,558,000)	77,337,000
Net increase in cash, cash equivalents and restricted cash	54,113,000	190,932,000
Cash, cash equivalents and restricted cash, beginning of year	118,961,000	50,768,000
Cash, cash equivalents and restricted cash, end of period	173,074,000	241,700,000
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	136,766,000	211,968,000
Restricted cash	36,308,000	29,732,000
Total cash, cash equivalents and restricted cash, end of period	173,074,000	241,700,000
Supplemental disclosure of cash flow information
Cash paid for interest (net of interest capitalized)	26,516,000	27,686,000
Supplemental disclosure of non-cash investing and financing activities
Distributions payable - declared and unpaid	13,879,000	14,498,000
Mortgages assumed upon property acquisition	45,515,000	30,997,000
Mortgages assumed by buyer upon sale of real estate assets	(67,268,000)	0
Capital expenditures held in accounts payable and other accrued liabilities	595,000	(536,000)
Series A Preferred Stock [Member]
Cash flows from financing activities:
Retirement of Redeemable Preferred Stock	(55,055,000)	0
Series B Preferred Stock [Member]
Cash flows from financing activities:
Retirement of Redeemable Preferred Stock	(79,000)	(290,000)
Net proceeds from exercise of Warrants associated with the 6.0% Series B Redeemable Preferred Stock	179,000	115,000
Payments to redeem Redeemable Preferred Stock	(28,000)	(93,000)
Series D Preferred Stock [Member]
Cash flows from operating activities
Net income	0	0
Series T Preferred Stock [Member]
Cash flows from financing activities:
Retirement of Redeemable Preferred Stock	(126,000)	(24,000)
Net proceeds from issuance of 6.150% Series T Redeemable Preferred Stock	193,714,000	89,978,000
Payments to redeem Redeemable Preferred Stock	$ (6,000)	$ 0

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	6 Months Ended
	Jun. 30, 2021
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	8.25%
Series T Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	6.15%
6.0% Redeemable Preferred Stock
Preferred Stock, Dividend Rate, Percentage	6.00%

Organization and Nature of Busi

Organization and Nature of Business	6 Months Ended
	Jun. 30, 2021
Organization and Nature of Business
Organization and Nature of Business	Note 1 – Organization and Nature of Business Bluerock Residential Growth REIT, Inc. (the “Company”) was incorporated as a Maryland corporation on July 25, 2008. The Company’s objective is to maximize long-term stockholder value by acquiring and developing well-located institutional-quality apartment properties in knowledge economy growth markets across the United States. The Company seeks to maximize returns through investments where it believes it can drive substantial growth in its core funds from operations and net asset value primarily through its Value-Add and Invest-to-Own investment strategies. As of June 30, 2021, the Company held sixty real estate investments, consisting of thirty-five consolidated operating properties and interests in twenty-five properties held through preferred equity, mezzanine loan or ground lease investments. Of the properties in which our interests are held through preferred equity, mezzanine loan or ground lease investments, eight are under development and seventeen are stabilized. The sixty investments contain an aggregate of 17,928 units, comprised of 11,532 consolidated multifamily operating units and 6,396 units through preferred equity, mezzanine loan or ground lease investments. Of the 6,396 units held through preferred, mezzanine loan or ground lease investments, 5,876 are multifamily units and 520 are single-family residential homes. As of June 30, 2021, the Company’s consolidated operating properties were approximately 96.2% occupied. The Company has elected to be treated, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. As a REIT, the Company generally is not subject to corporate-level income taxes. To maintain its REIT status, the Company is required, among other requirements, to distribute annually at least 90% of its “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s stockholders. If the Company fails to qualify as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate tax rates.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Summary of Significant Accounting Policies	Note 2 – Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or the Operating Partnership’s wholly-owned subsidiaries, owns substantially all the property interests acquired and investments made on the Company’s behalf. As of June 30, 2021, limited partners other than the Company owned approximately 28.28% of the common units of the Operating Partnership (15.64% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 12.64% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 5.53% which are not vested at June 30, 2021). 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. In cases where the Company holds a preferred equity investment in real estate joint ventures where the preferred equity interest must be redeemed by the issuing entity or is redeemable at the Company’s option, the preferred equity investment is accounted for as a held to maturity debt security. These preferred equity investments have a mandatory redemption provision, and the Company has the intent and ability to hold the investment until redemption. The preferred equity investments 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 preferred equity investments and mezzanine loan investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation. Significant Risks and Uncertainties At the present time, one of the most significant risks and uncertainties is the potential adverse effect of the current pandemic of the novel coronavirus (“COVID-19”). The Company’s tenants may experience financial difficulty due to the loss of their jobs and some have requested rent deferral or rent abatement during this pandemic. Experts have predicted that the outbreak will trigger, or has already triggered, a period of global economic slowdown or a global recession. The COVID-19 pandemic could have material and adverse effects on the Company’s financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: ● reduced economic activity may impact the employment of the Company’s tenants and their ability to pay their obligations to the Company, thus requesting modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; ● the negative financial impact of the pandemic could impact the Company’s future compliance with financial covenants of its credit facilities and other debt agreements; ● weaker economic conditions could require that the Company recognize impairment in value of its real estate assets due to a reduction in property income; ● the Company’s inability to maintain occupancy or leasing rates, or increase these rates at stabilizing development properties, including due to possible reduced foot traffic and lease applications from prospective tenants at the Company’s properties as a result of the 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 June 30, 2021, the Company collected 98% of rents from its multifamily properties for the three months ended June 30, 2021. In 2020, the Company had provided rent deferral payment plans as a result of hardships certain tenants experienced due to the impact of COVID-19; for the six months ended June 30, 2021, the Company did not provide rent deferral payment plans, compared to the onset of the COVID-19 pandemic (quarter ended June 30, 2020) in which 1% of the tenant base was on payment plans. Although the Company may 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 96.2% as of June 30, 2021, in future periods, the Company may experience reduced levels of tenant retention, and reduced foot traffic and lease applications from prospective tenants, as a result of the impact of COVID-19. Summary of Significant Accounting Policies Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the Securities and Exchange Commission (“SEC”) on February 23, 2021 for discussion of the Company’s significant accounting policies. During the six months ended June 30, 2021, there were no material changes to these policies. Interim Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with GAAP for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. The balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all the information and disclosures required by GAAP for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2020 contained in the Annual Report on Form 10-K as filed with the SEC on February 23, 2021. 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. New Accounting Pronouncements 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 ​ In January 2021, the FASB issued ASU No. 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”). The amendments in ASU 2021-01 permit entities to elect certain optional expedients in connection with reference rate reform activities and their impact on debt, contract modifications and derivative instruments as it is expected the global market will transition from LIBOR and other interbank offered rates to alternative reference rates. The amendments in ASU 2021-01 can be applied retrospectively to interim periods that include or are subsequent to March 12, 2020 or applied prospectively through December 31, 2022. The Company is currently evaluating the impact of this new guidance. ​

Sale of Real Estate Assets and

Sale of Real Estate Assets and Held for Sale Properties	6 Months Ended
	Jun. 30, 2021
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 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 Master Credit Facility Agreement (refer to Note 9 for further information). Under the agreement, the Company had 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 was completed on February 18, 2021. After consideration of the $39.1 million senior mortgage and payment of closing costs and fees of $1.1 million, the sale of ARIUM Grandewood generated net proceeds of approximately $25.1 million and a gain on sale of approximately $27.7 million. The Company recorded debt modification costs of $0.1 million related to the collateral substitution transaction. Sale of James at South First On February 24, 2021, the Company closed on the sale of James at South First located in Austin, Texas. The property was sold for $50.0 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 $25.6 million, the payment of early extinguishment of debt costs of $2.5 million and payment of closing costs and fees of $0.5 million, the sale of the property generated net proceeds of approximately $21.1 million and a gain on sale of approximately $17.4 million. The Company’s pro rata share of the proceeds was approximately $18.1 million. The Company recorded a loss on extinguishment of debt of $2.6 million related to the sale. Sale of Marquis at The Cascades On March 1, 2021, the Company closed on the sale of the Marquis at The Cascades properties, located in Tyler, Texas, pursuant to the terms and conditions of two separate purchase and sales agreements. The properties were sold for approximately $90.9 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 $53.6 million and payment of closing costs and fees of $0.3 million, the sale of the properties generated net proceeds of approximately $37.3 million and a gain on sale of approximately $23.7 million. The Company’s pro rata share of the proceeds was approximately $32.6 million. The Company recorded a loss on extinguishment of debt of $0.3 million related to the sale. Sale of The Conley Interests On March 18, 2021, The Conley, the underlying asset of an unconsolidated joint venture located in Leander, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $16.5 million, which included its original preferred investment of $15.2 million and accrued preferred return of $1.3 million. Sale of Alexan Southside Place Interests On March 25, 2021, Alexan Southside Place, the underlying asset of an unconsolidated joint venture located in Houston, Texas, was sold. In April 2021, the Company received $9.8 million of its $10.1 million preferred equity investment, which is net of the $15.9 million provision for credit loss recorded in the fourth quarter 2020. The remaining $0.3 million is expected to be received before year end and represents a holdback for a six-month representations and warranty period related to the sale. This amount was recorded as a related party receivable and is included in due from affiliates in the Company’s consolidated balance sheet. ​ Sale of Plantation Park On April 26, 2021, the Company closed on the sale of Plantation Park located in Lake Jackson, Texas. The property was sold for $32.0 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for assumption of the existing mortgage indebtedness encumbering the property in the amount of $26.6 million and payment of closing costs and fees of $0.4 million, a loss on the sale of $1.1 million was incurred. The sale of the property generated net proceeds of approximately $4.9 million, of which the Company’s pro rata share of the proceeds was approximately $2.7 million. The Company recorded a loss on extinguishment of debt of $0.2 million related to the sale. ​ Sale of The Reserve at Palmer Ranch On June 10, 2021, the Company closed on the sale of The Reserve at Palmer Ranch located in Sarasota, Florida. The property was sold for $57.6 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for assumption of the existing mortgage indebtedness encumbering the property in the amount of $40.6 million and payment of closing costs and fees of $0.9 million, the sale of the property generated net proceeds of approximately $16.6 million and a gain on sale of approximately $20.5 million. The Company recorded a loss on extinguishment of debt of $0.5 million related to the sale. The Company sold The Reserve at Palmer Ranch to its unaffiliated third-party joint venture partner in the Strategic Portfolio (the “Strategic JV”), and in conjunction with the sale, the Company used a portion of its net proceeds to make an additional preferred equity investment in the Strategic JV for The Reserve at Palmer Ranch. Refer to Note 7 for further information. ​ Sale of Vickers Historic Roswell On June 29, 2021, Vickers Historic Roswell, a property located in Roswell, Georgia, was sold. Upon the sale, the mezzanine loan provided by the Company was paid off in the amount of $12.9 million, which included principal repayment of $12.4 million and accrued interest of $0.5 million. ​ Held for Sale The Company entered into two separate purchase and sale agreements for the sales of the following properties: Park & Kingston, located in Charlotte, North Carolina, and The District at Scottsdale, located in Scottsdale, Arizona. The Company has classified both properties as held for sale as of June 30, 2021. Refer to Note 15 for further information.

Investments in Real Estate

Investments in Real Estate	6 Months Ended
	Jun. 30, 2021
Investments in Real Estate
Investments in Real Estate	Note 4 – Investments in Real Estate As of June 30, 2021, the Company held sixty real estate investments, consisting of thirty-five consolidated operating properties and interests in twenty-five properties held 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 Westside Atlanta, GA 336 2008 90 % Ashford Belmar Lakewood, CO 512 1988/1993 85 % Avenue 25 ​ Phoenix, AZ ​ 254 ​ 2013 ​ 100 % Burano Hunter’s Creek, formerly ARIUM Hunter’s Creek ​ Orlando, FL ​ 532 ​ 1999 ​ 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 % 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 % 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 Debra Metrowest, formerly ARIUM Metrowest ​ Orlando, FL ​ 510 ​ 2001 ​ 100 % The District at Scottsdale Scottsdale, AZ 332 2018 99 % (2) 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 Sanctuary Las Vegas, NV 320 1988 100 % Veranda at Centerfield Houston, TX 400 1999 93 % Villages of Cypress Creek Houston, TX 384 2001 80 % Wayford at Concord ​ Concord, NC ​ 150 ​ 2019 ​ 83 % Wesley Village ​ Charlotte, NC ​ 301 ​ 2010 ​ 100 % Windsor Falls ​ Raleigh, NC ​ 276 ​ 1994 ​ 100 % Yauger Park Villas ​ Olympia, WA ​ 80 ​ 2010 ​ 95 % Total ​ ​ ​ 11,532 ​ ​ ​ ​ ​ ​ (1) ​ (2) Depreciation expense was $18.4 million and $18.0 million, and $37.1 million and $36.2 million, for the three and six months ended June 30, 2021 and 2020, respectively. ​ Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. Amortization expense related to the in-place leases was $1.4 million and $2.1 million, and $2.9 and $4.8 million for the three and six months ended June 30, 2021 and 2020, respectively. ​ Preferred Equity, Mezzanine Loan and Ground Lease Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual / ​ ​ ​ ​ ​ ​ Actual / ​ Estimated ​ Actual / Estimated ​ ​ ​ ​ Planned ​ Initial ​ Construction Investment/Community Name Location Number of Units Occupancy Completion Development Investments (1) ​ ​ ​ ​ ​ ​ ​ ​ Zoey Austin, TX ​ 307 ​ 1Q 2022 ​ 2Q 2022 Reunion Apartments Orlando, FL ​ 280 ​ 1Q 2022 ​ 3Q 2022 Willow Park ​ Willow Park, TX ​ 46 (2) 2Q 2022 ​ 4Q 2022 Avondale Hills ​ Decatur, GA ​ 240 ​ 1Q 2023 ​ 1Q 2023 The Hartley at Blue Hill, formerly The Park at Chapel Hill ​ Chapel Hill, NC ​ 414 ​ 4Q 2021 ​ 1Q 2023 Deerwood Apartments ​ Houston, TX ​ 330 ​ 4Q 2022 ​ 2Q 2023 Encore Chandler Chandler, AZ ​ 208 ​ 2Q 2023 ​ 3Q 2023 Wayford at Innovation Park ​ Charlotte, NC ​ 210 ​ 1Q 2023 ​ 2Q 2024 Total development units ​ ​ 2,035 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multifamily Community Name Location ​ Number of Units ​ ​ ​ ​ Operating Investments (1) ​ ​ ​ ​ ​ ​ ​ ​ Alexan CityCentre Houston, TX ​ 340 ​ ​ ​ ​ Belmont Crossing (3) ​ Smyrna, GA ​ 192 ​ ​ ​ ​ Deercross ​ Indianapolis, IN ​ 372 ​ ​ ​ ​ Domain at The One Forty ​ Garland, TX ​ 299 ​ ​ ​ ​ Georgetown Crossing (3) ​ Savannah, GA ​ 168 ​ ​ ​ ​ Hunter’s Pointe (3) ​ Pensacola, FL ​ 204 ​ ​ ​ ​ Mira Vista ​ Austin, TX ​ 200 ​ ​ ​ ​ Motif ​ Fort Lauderdale, FL ​ 385 ​ ​ ​ ​ Park on the Square (3) ​ Pensacola, FL ​ 240 ​ ​ ​ ​ Peak Housing ​ Various, Texas ​ 474 (2) ​ ​ ​ Sierra Terrace (3) ​ Atlanta, GA ​ 135 ​ ​ ​ ​ Sierra Village (3) ​ Atlanta, GA ​ 154 ​ ​ ​ ​ The Commons (3) ​ Jacksonville, FL ​ 328 ​ ​ ​ ​ The Reserve at Palmer Ranch (3) ​ Sarasota, FL ​ 320 ​ ​ ​ ​ The Riley ​ Richardson, TX ​ 262 ​ ​ ​ ​ Thornton Flats ​ Austin, TX ​ 104 ​ ​ ​ ​ Water’s Edge (3) ​ Pensacola, FL ​ 184 ​ ​ ​ ​ Total operating units ​ ​ ​ 4,361 ​ ​ ​ ​ Total units ​ ​ ​ 6,396 ​ ​ ​ ​ ​ (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 and Note 7 for further information. (2) Willow Park and Peak Housing are preferred equity investments made by the Company in portfolios of single-family residential homes. The actual/planned number of units shown represents the number of single-family residential homes within each respective portfolio . (3) These nine operating properties are collectively known as the Strategic Portfolio. Refer to Note 7 for further information.

Acquisition of Real Estate

Acquisition of Real Estate	6 Months Ended
	Jun. 30, 2021
Acquisition of Real Estate
Acquisition of Real Estate	Note 5 – Acquisition of Real Estate The following describes the Company’s significant acquisition activity and related new financing during the six months ended June 30, 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership ​ Purchase ​ ​ ​ ​ Property Location Date Interest Price Mortgage Yauger Park Villas ​ Olympia, WA ​ April 14, 2021 ​ 95 % $ 24,500 ​ $ 15,077 (1) Wayford at Concord ​ Concord, NC ​ June 4, 2021 ​ 83 % ​ 44,438 ​ ​ — (2) Windsor Falls ​ Raleigh, NC ​ June 17, 2021 ​ 100 % ​ 48,775 ​ ​ 27,442 (3) ​ (1) Mortgage balance includes a $10.5 million senior loan assumption and a $4.6 million supplemental loan assumption secured by the Yauger Park Villas property. (2) Purchase price was funded in full by the Company and its unaffiliated joint venture partner upon acquisition. (3) Mortgage balance represents a loan assumption secured by the Windsor Falls 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 six months ended June 30, 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ Purchase ​ ​ Price ​ Allocation Land ​ $ 14,498 Building ​ 87,960 Building improvements ​ 2,790 Land improvements ​ 13,665 Furniture and fixtures ​ 1,769 In-place leases ​ 1,831 Total assets acquired ​ $ 122,513 Mortgages assumed ​ $ 42,519 Fair value adjustments ​ ​ 2,996 Total liabilities assumed ​ $ 45,515 ​

Notes and Interest Receivable

Notes and Interest Receivable	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Property 2021 2020 Avondale Hills ​ $ 12,153 ​ $ 1,021 Domain at The One Forty ​ 24,826 ​ 24,315 Motif ​ 80,521 ​ 75,436 Reunion Apartments ​ ​ 10,769 ​ ​ 8,161 The Hartley at Blue Hill, formerly The Park at Chapel Hill ​ ​ 37,920 ​ ​ 36,927 Vickers Historic Roswell ​ — ​ 12,048 Total ​ $ 166,189 ​ $ 157,908 Provision for credit losses (1) ​ ​ (535) ​ ​ (174) Total, net ​ $ 165,654 ​ $ 157,734 ​ (1) Refer to the Provision for Credit Losses table below. ​ Provision for Credit Losses As of June 30, 2021, the Company’s provision for credit losses on its mezzanine loan investments was $0.5 million on a carrying amount of $166.2 million of these investments. The provision for credit losses of the Company’s mezzanine loan investments for the three and six months ended June 30, 2021 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Six Months ​ ​ Ended ​ Ended ​ ​ June 30, 2021 ​ June 30, 2021 Beginning balance as of April 1 and January 1, 2021, respectively ​ $ 575 ​ $ 174 Provision for credit loss on pool of assets, net (1) ​ (40) ​ 361 Ending balance ​ $ 535 ​ $ 535 ​ (1) Under Current Expected Credit Losses (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. The decrease in the provision during the three months ended June 30, 2021 was primarily the result of the removal of Vickers Historic Roswell from the pool of assets as the property was sold and a slight decrease in the trailing twelve-month historical default rate. ​ Following is a summary of the interest income from mezzanine loan and ground lease investments for the three and six months ended June 30, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ June 30, ​ June 30, Property 2021 2020 ​ 2021 2020 Arlo (1) ​ $ — ​ $ 1,068 ​ $ — ​ $ 2,087 Avondale Hills ​ 286 ​ — ​ 403 ​ — Domain at The One Forty ​ 244 ​ 325 ​ 483 ​ 647 Motif (2) ​ 1,488 ​ 2,297 ​ 3,862 ​ 4,697 Novel Perimeter (1) ​ ​ — ​ ​ 795 ​ ​ — ​ ​ 1,566 Reunion Apartments ​ ​ 303 ​ ​ — ​ ​ 593 ​ ​ — The Hartley at Blue Hill ​ 1,035 ​ 384 ​ 2,058 ​ 1,320 Vickers Historic Roswell (1) ​ ​ 463 ​ ​ 430 ​ ​ 903 ​ ​ 859 Zoey (3) ​ ​ 295 ​ ​ 39 ​ ​ 533 ​ ​ 51 Total ​ $ 4,114 ​ $ 5,338 ​ $ 8,835 ​ $ 11,227 ​ (1) In the fourth quarter 2020, the Arlo and Novel Perimeter properties were sold. In the second quarter 2021, the Vickers Historic Roswell property was sold. Each mezzanine loan provided by the Company was paid off in full upon the sale of each property. (2) The Motif interest income amounts for the three and six months ended June 30, 2021 are net of a ($1.0) million adjustment for straight line income recognition. The adjustment results from a reduced loan rate in the upcoming years as part of the amended and restated mezzanine loan agreement as noted below. (3) The ground lease project is under development and the full leasehold improvement allowance of $20.4 million as committed by the Company has been fully funded and is included within accounts receivable, prepaids and other assets in the Company’s consolidated balance sheets. The occupancy percentages of the Company’s mezzanine loan investment properties at June 30, 2021 and December 31, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ Property 2021 2020 Avondale Hills (1) ​ (2) ​ Domain at The One Forty ​ 95.0 % 92.6 % Motif ​ 94.8 % 62.1 % Reunion Apartments (1) ​ (2) ​ The Hartley at Blue Hill ​ (1) ​ (2) ​ ​ (1) The development had not commenced lease-up as of June 30, 2021. (2) The development had not commenced lease-up as of December 31, 2020. Motif Financing On January 27, 2021, the Motif property owner entered into a $88.8 million bridge loan (the “Motif Bridge Loan”) secured by the Motif property and used the proceeds in part to pay off the outstanding balance, in full, of the Motif Construction Loan. The Motif Bridge Loan matures on August 1, 2023, contains a six-month extension option, subject to certain conditions, and bears interest at a floating basis of LIBOR + 3.70%, subject to a minimum interest rate of 3.85%, with interest-only payments through the term of the loan. The Motif Bridge Loan may be prepaid, subject to an exit fee, without prepayment penalties beginning (i) August 1, 2021 if prepayment is being made in connection with the lender providing a permanent mortgage loan, or (ii) February 1, 2022 otherwise. On March 29, 2021, the Company entered into an amended and restated mezzanine loan agreement (the “Motif Mezz Loan”) with BR Flagler JV Member, LLC (“Motif JV Member”) to increase its loan commitment to $88.6 million, of which $79.7 million had been funded as of June 30, 2021. As part of the agreement, the Company agreed to reduce, after December 31, 2021, the Motif Mezz Loan’s current fixed rate of 12.9% per annum as follows: 9.0% per annum for the calendar year 2022 and 6.0% per annum for the calendar year 2023 and thereafter. In conjunction with entering the amended and restated Motif Mezz Loan, the Company entered into an amended operating agreement for Motif JV Member with Bluerock Special Opportunity + Income Fund II, LLC (“Fund II”) and Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”). In consideration for the Company reducing the Motif Mezz Loan interest rate, Fund II and Fund III agreed to (a) admit BRG Flagler Village Profit Share, LLC (the “Motif PS”), a wholly-owned subsidiary of the Company, as an additional member of Motif JV Member, (b) grant Motif PS a 50% participation in any profits achieved in a sale after repayment of the Motif Mezz Loan and the Company, Fund II and Fund III each receive full return of their respective capital contributions, and (c) grant the Company a right to compel Motif JV Member to refinance and/or sell the Motif property beginning January 1, 2023. The Motif Mezz Loan matures on March 29, 2026 and can be prepaid without penalty. Domain at The One Forty Mezzanine Financing On June 29, 2021, the Company entered into an amended and restated mezzanine loan agreement (the “Domain Mezz Loan”) with BR Member Domain Phase I, LLC, an affiliate of BRG Manager, LLC, the Company’s former Manager, to increase the Company’s mezzanine loan commitment from $24.5 million to $27.4 million, of which $24.7 had been funded as of June 30, 2021. Additionally, the amended and restated Domain Mezz Loan extended the initial term date of the loan to June 29, 2024. There were no other changes in terms from the previous loan. Vickers Historic Roswell Mezzanine Financing The Vickers Historic Roswell property was sold on June 29, 2021. Refer to Note 3 for further information.

Preferred Equity Investments an

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures	6 Months Ended
	Jun. 30, 2021
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures	Note 7 – Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The carrying amount of the Company’s preferred equity investments and investments in unconsolidated real estate joint ventures as of June 30, 2021 and December 31, 2020 is summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Property 2021 2020 Alexan CityCentre ​ $ 16,678 ​ $ 15,063 Alexan Southside Place (1) ​ — ​ 26,038 Deercross ​ ​ 4,000 ​ ​ — Mira Vista ​ ​ 5,250 ​ ​ 5,250 Peak Housing ​ ​ 10,705 ​ ​ — Strategic Portfolio (2) ​ 38,454 ​ 27,054 The Conley (3) ​ ​ — ​ ​ 15,036 The Riley ​ ​ 6,961 ​ ​ — Thornton Flats ​ ​ 4,600 ​ ​ 4,600 Wayford at Concord (4) ​ ​ — ​ ​ 6,500 Other ​ 68 ​ 97 Total ​ $ 86,716 ​ $ 99,638 Provision for credit losses (5) ​ ​ (388) ​ ​ (16,153) Total, net ​ $ 86,328 ​ $ 83,485 ​ (1) On March 25, 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to Note 3 for further information. (2) Belmont Crossing, Georgetown Crossing, Hunter’s Pointe, Park on the Square, Sierra Terrace, Sierra Village, The Commons, The Reserve at Palmer Ranch and Water’s Edge are collectively known as the Strategic Portfolio. (3) On March 18, 2021, the Company’s preferred equity investment in The Conley was redeemed. Refer to Note 3 for further information. (4) On June 4, 2021, the Company’s preferred equity investment in Wayford at Concord was redeemed. Refer to the Wayford at Concord Interests disclosure below for further information. (5) Refer to the Provision for Credit Losses table below. Provision for Credit Losses As of June 30, 2021, the Company’s provision for credit losses on its preferred equity investments was $0.4 million on a carrying amount of $86.7 million of these investments. The provision for credit losses of the Company’s preferred equity investments for the three and six months ended June 30, 2021 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2021 ​ 2021 Beginning balance as of April 1 and January 1, 2021, respectively ​ $ 315 ​ $ 16,153 Provision for credit loss on pool of assets, net (1) ​ 73 ​ 165 Provision for credit loss – Alexan Southside Place (2) ​ — ​ (15,930) Ending balance ​ $ 388 ​ $ 388 ​ (1) Under Current Expected Credit Losses (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. The increase in the provision during the three months ended June 30, 2021 was the result of a net increase resulting from changes to the pool of assets as three new investments were made and one property underlying an investment was sold. (2) On March 25, 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to Note 3 for further information. As of June 30, 2021, the Company, through wholly-owned subsidiaries of the Operating Partnership, had outstanding equity investments in thirteen joint ventures. Eleven of the thirteen equity investments, Alexan CityCentre, Deercross, Deerwood Apartments, Encore Chandler, Mira Vista, Peak Housing, Strategic Portfolio, The Riley, Thornton Flats, Wayford at Innovation Park and Willow Park, 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 property. Two of the thirteen equity investments, Domain at The One Forty and Motif, 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 three and six months ended June 30, 2021 and 2020 are summarized below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, June 30, ​ Property 2021 2020 ​ 2021 2020 ​ Alexan CityCentre ​ $ 714 ​ $ 616 ​ $ 1,377 ​ $ 1,207 ​ Alexan Southside Place ​ — ​ 318 ​ — ​ 632 ​ Deercross ​ ​ 6 ​ ​ — ​ ​ 6 ​ ​ — ​ Helios (1) ​ — ​ — ​ — ​ (159) ​ Mira Vista ​ ​ 134 ​ ​ 134 ​ ​ 267 ​ ​ 268 ​ Peak Housing ​ ​ 235 ​ ​ — ​ ​ 235 ​ ​ — ​ Riverside Apartments ​ ​ — ​ ​ 421 ​ ​ — ​ ​ 829 ​ Strategic Portfolio ​ ​ 791 ​ ​ 544 ​ ​ 1,501 ​ ​ 841 ​ The Conley ​ ​ — ​ ​ 485 ​ ​ 405 ​ ​ 961 ​ The Riley ​ ​ 194 ​ ​ — ​ ​ 257 ​ ​ — ​ Thornton Flats ​ ​ 103 ​ ​ 103 ​ ​ 205 ​ ​ 206 ​ Wayford at Concord ​ 152 ​ 213 ​ 363 ​ 408 ​ Whetstone Apartments ​ — ​ — ​ — ​ 56 ​ Total preferred returns on unconsolidated joint ventures ​ $ 2,329 ​ $ 2,834 ​ $ 4,616 ​ $ 5,249 ​ ​ (1) Of the ($159) loss incurred at Helios for the six months ended June 30, 2020, ($143) pertains to costs related to the sale of Helios. The occupancy percentages of the Company’s unconsolidated real estate joint ventures at June 30, 2021 and December 31, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ Property 2021 2020 Alexan CityCentre ​ 96.5 % 94.1 % Deercross ​ 96.8 % — ​ Deerwood Apartments ​ (1) ​ — ​ Encore Chandler ​ (1) ​ (2) ​ Mira Vista ​ 95.5 % 95.0 % Peak Housing ​ 93.0 % — ​ Strategic Portfolio: ​ ​ ​ ​ ​ Belmont Crossing ​ 95.8 % 91.7 % Georgetown Crossing ​ 98.2 % 88.7 % Hunter’s Pointe ​ 98.0 % 99.0 % Park on the Square ​ 97.5 % 97.5 % Sierra Terrace ​ 97.0 % 89.6 % Sierra Village ​ 94.2 % 87.7 % The Commons ​ 98.8 % 93.9 % The Reserve at Palmer Ranch ​ 98.1 % — ​ Water’s Edge ​ 97.8 % 99.5 % The Riley ​ 97.3 % — ​ Thornton Flats ​ 97.1 % 88.5 % Wayford at Innovation Park ​ (1) ​ — ​ Willow Park ​ (1) ​ — ​ ​ (1) The development had not commenced lease-up as of June 30, 2021. (2) The development had not commenced lease-up as of December 31, 2020. Alexan Southside Place Interests On March 25, 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to Note 3 for further information. Deercross Interests On June 25, 2021, the Company made a $4.0 million preferred equity investment in a joint venture (the “Deercross JV”) with an unaffiliated third party for Deercross, a 372-unit, stabilized property located in Indianapolis, Indiana. The Company earns a 7.0% current return and a 3.5% accrued return on its investment, for a total preferred return of 10.5% per annum. The current return shall be paid monthly to the extent the property generates cash flow in excess of operating costs, and any amount of the current return not paid monthly shall be accrued. The Deercross JV is required to redeem the Company’s preferred equity interest plus any accrued preferred return on the earlier date of: (i) the sale of the property, (ii) the refinancing of the senior mortgage loan (refer to below), or (iii) the maturity date of the senior mortgage loan. In conjunction with the Deercross investment, the Deercross property owner, which is owned by an entity in which the Company has an equity interest, entered into an $18.9 million senior mortgage loan. The loan matures on June 1, 2033 and is secured by the fee simple interest in the Deercross property. The loan bears interest at a fixed rate of 4.66% with interest-only monthly payments through June 2025 and 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 December 1, 2032. Deerwood Apartments Interests On June 16, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Deerwood JV”) to develop an approximately 330-unit, Class A apartment community located in Houston, Texas to be known as Deerwood Apartments. The Company has made a commitment to invest $16.5 million of preferred equity interests in the Deerwood JV, of which none had been funded as of June 30, 2021. The Company will begin funding capital once the unaffiliated third party has contributed its full common equity commitment. The Company will earn an 11.5% 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/or there are available net proceeds from financing, refinancing or sale of the property. The Deerwood JV is required to redeem the Company’s preferred equity interest plus any accrued preferred return on the date the construction loan is due and payable (as noted below) or earlier upon the occurrence of certain events. In conjunction with the Deerwood Apartments development, the Deerwood Apartments property owner, which is owned by an entity in which the Company has an equity interest, entered into a $39.5 million construction loan, of which none was outstanding as of June 30, 2021. The loan matures on June 16, 2026 and is secured by the fee simple interest in the Deerwood Apartments 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 3.35% or one-month LIBOR plus 2.75%, with the potential for a reduced spread upon achieving a certain debt service coverage ratio. Regular monthly payments are interest-only through June 2025, with future monthly payments based on thirty-year amortization. Peak Housing Interests On April 12, 2021, the Company made a $10.7 million preferred equity investment in the operating partnership of Peak Housing REIT (the “Peak REIT OP”), an unaffiliated private REIT. Peak Housing’s portfolio consists of 474 single-family residential homes located in Texas. The Company earns a 7.0% current return and a 3.0% accrued return on its investment, for a total preferred return of 10.0% per annum. The current return shall be paid monthly to the extent the property generates cash flow in excess of operating costs, and any amount of the current return not paid monthly shall be accrued at a rate of 15% per annum. The properties in Peak Housing’s portfolio are subject to individual mortgage debt in the aggregate amount of $53.6 million. The Peak REIT OP is required to redeem the Company’s preferred equity interest plus any accrued preferred return in each property, on a pro rata basis, on the earlier date of: (i) April 12, 2024, with the option for two (2) one-year extensions, subject to certain conditions, (ii) the sale of a property, (iii) the refinancing of the loan related to a property, or (iv) the maturity date of a property loan. Strategic Portfolio Interests On June 10, 2021, the Company made an additional preferred equity investment of $11.4 million in a joint venture (the “Strategic JV”) with an unaffiliated third party for The Reserve at Palmer Ranch, a 320-unit, stabilized property located in Sarasota, Florida. The Reserve at Palmer Ranch was previously owned by the Company and sold on June 10, 2021 to its partner in the Strategic JV (refer to Note 3 for further information). The Reserve at Palmer Ranch, together with 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. For its investment related to The Reserve at Palmer Ranch, the Company earns a 6.35% current return and a 5.15% accrued return on its investment, for a total preferred return of 11.5% per annum. The current return shall be paid monthly to the extent the property generates cash flow in excess of operating costs, and any amount of the current return not paid monthly shall be accrued. The Strategic JV is required to redeem the Company’s preferred equity interest plus any accrued preferred return in each property on the earlier date of: (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 $161.0 million. The Conley Interests On March 18, 2021, the Company’s preferred equity investment in The Conley was redeemed. Refer to Note 3 for further information. The Riley Interests On March 1, 2021, the Company made a $7.0 million preferred equity investment in a joint venture (the “Riley JV”) with an unaffiliated third party for a stabilized property in Richardson, Texas known as The Riley. The Company earns a 6.0% current return and a 5.0% accrued return on its investment, for a total preferred return of 11.0% per annum. The Riley JV is required to redeem the Company’s preferred equity interest plus any accrued preferred return on the earlier date of: (i)(a) the refinancing or (b) maturity of the property loan, detailed below, (ii) the sale of the property, or (iii) any other acceleration event. In conjunction with The Riley investment, The Riley property owner, which is owned by an entity in which the Company has an equity interest, entered into a $44.1 million senior mortgage loan. The loan matures on March 9, 2024, contains two (2) one-year extension options, subject to certain conditions, and is secured by the fee simple interest in The Riley property. The loan bears interest at a floating basis of the greater of LIBOR or 0.15%, plus 3.35%, with interest-only payments during the initial term of the loan. The loan can only be prepaid in full and is subject to yield maintenance through June 9, 2022. Wayford at Concord Interests On June 4, 2021, the Company, along with an unaffiliated third party, purchased the interests in the Wayford at Concord property, the underlying asset of the Company’s unconsolidated joint venture (the “Wayford JV”) located in Concord, North Carolina, from the Company’s Wayford JV partner for $44.4 million. The Company acquired an 83% interest in Wayford at Concord. In conjunction with the sale, the Company’s preferred equity investment was redeemed by the Wayford JV for $7.0 million, which included its original preferred investment of $6.5 million and accrued preferred return of $0.5 million. Upon the redemption of its preferred investment and the purchase of Wayford at Concord, the Company began consolidating the property’s statement of operations and balance sheet. Wayford at Innovation Park Interests On June 17, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Wayford IP JV”) to develop an approximately 210-unit, Class A apartment community located in Charlotte, North Carolina to be known as Wayford at Innovation Park. The Company has made a commitment to invest in $11.7 million of preferred equity interests in the Wayford IP JV, of which none had been funded as of June 30, 2021. The Company will begin funding capital once the unaffiliated third party has contributed its full common equity commitment. The Company will earn a 12.5% 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/or there are available net proceeds from financing, refinancing or sale of the property. The Wayford IP JV is required to redeem the Company’s preferred equity interest plus any accrued preferred return on June 17, 2026 or earlier upon the occurrence of certain events. Willow Park Interests On June 17, 2021, the Company entered into a joint venture agreement with Peak Housing REIT (the “Willow Park JV”) to develop approximately 46-built for rent, single-family residential homes in Willow Park, Texas. The Company made a commitment to invest $3.8 million of preferred equity interests in the Willow Park JV, of which none had been funded as of June 30, 2021. The Company will begin funding capital once the unaffiliated third party has contributed its 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 properties generate cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of properties. The Willow Park JV is required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the future construction loan is due and payable or earlier upon the occurrence of certain events. Construction loan financing is expected to close in the third quarter 2021.

Revolving Credit Facilities

Revolving Credit Facilities	6 Months Ended
	Jun. 30, 2021
Revolving Credit Facilities
Revolving Credit Facilities	Note 8 – Revolving Credit Facilities The outstanding balances on the revolving credit facilities as of June 30, 2021 and December 31, 2020 are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, Revolving Credit Facilities ​ 2021 ​ 2020 Amended Senior Credit Facility ​ $ — ​ $ 33,000 Second Amended Junior Credit Facility ​ — ​ — Total ​ $ — ​ $ 33,000 ​ Amended Senior Credit Facility On March 6, 2020, the Company entered into 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 Company pays an unused fee at an annual rate of 0.15% to 0.20% of the unused portion of the Amended Senior Credit Facility, depending on the borrowings outstanding. The Amended Senior Credit Facility matures on March 6, 2023 and contains two one-year extension options, subject to certain conditions. The Amended Senior Credit Facility contains certain financial and operating covenants, including a maximum leverage ratio, minimum liquidity, minimum debt service coverage ratio and minimum tangible net worth. At June 30, 2021, the Company was in compliance with all covenants under the Amended Senior Credit Facility. The Company has guaranteed the obligations under the Amended Senior Credit Facility and has pledged certain assets as collateral. The Amended Senior Credit Facility provides the Company with the ability to issue up to $50 million in letters of credit. While the issuance of letters of credit does not increase the Company’s borrowings outstanding under the Amended Senior Credit Facility, it does reduce the availability of borrowings. At June 30, 2021, the Company had one outstanding letter of credit of $0.8 million. Second Amended Junior Credit Facility On November 6, 2019, the Company entered into the Second Amended Junior Credit Facility. The Second Amended Junior Credit Facility provides for a revolving loan with a maximum commitment amount of $72.5 million. Borrowings under the Second Amended Junior Credit Facility bear interest, at the Company’s option, at LIBOR plus 2.75% to 3.25% or the base rate plus 1.75% to 2.25% , depending on the Company’s leverage ratio. The 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 June 30, 2021, 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. As it matures in 2021, the Company is engaged in discussions to amend and extend the Second Amended Junior Credit Facility. The availability of borrowings under the revolving credit facilities at June 30, 2021 is based on the collateral and compliance with various ratios related to those assets and was approximately $107.7 million.

Mortgages Payable

Mortgages Payable	6 Months Ended
	Jun. 30, 2021
Mortgages Payable
Mortgages Payable	Note 9 – Mortgages Payable The following table summarizes certain information as of June 30, 2021 and December 31, 2020, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Principal ​ As of June 30, 2021 ​ ​ June 30, ​ December 31, ​ ​ ​ Interest-only ​ ​ Property 2021 2020 Interest Rate through date Maturity Date ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Avenue 25 (1) ​ ​ 36,566 ​ ​ 36,566 ​ 4.18 % July 2022 ​ July 1, 2027 Burano Hunter’s Creek (2) ​ ​ 70,189 ​ ​ 70,871 ​ 3.65 % (3) ​ November 1, 2024 Carrington at Perimeter Park (4) ​ ​ 31,273 ​ ​ 31,301 ​ 4.16 % (4) ​ July 1, 2027 Chattahoochee Ridge ​ 45,338 ​ 45,338 3.25 % December 2022 ​ December 5, 2024 Citrus Tower ​ ​ 40,263 ​ ​ 40,627 ​ 4.07 % (3) ​ October 1, 2024 Denim (5) ​ ​ 101,205 ​ ​ 101,205 ​ 3.41 % August 2024 ​ August 1, 2029 Elan (6) ​ 25,541 ​ 25,574 4.19 % (6) ​ July 1, 2027 Element ​ ​ 29,260 ​ ​ 29,260 ​ 3.63 % July 2022 ​ July 1, 2026 Falls at Forsyth (7) ​ ​ 19,426 ​ ​ — ​ 4.35 % (3) ​ July 1, 2025 Gulfshore Apartment Homes ​ ​ 46,345 ​ ​ 46,345 ​ 3.26 % September 2022 ​ September 1, 2029 James on South First ​ — ​ 25,674 ​ ​ ​ ​ ​ Navigator Villas (8) ​ 20,515 ​ 20,515 4.56 % (3) ​ June 1, 2028 Outlook at Greystone ​ ​ 22,105 ​ ​ 22,105 ​ 4.30 % (3) ​ June 1, 2025 Park & Kingston ​ — ​ 19,600 ​ ​ ​ ​ ​ Plantation Park ​ — ​ 26,625 ​ ​ ​ ​ ​ Providence Trail ​ 47,950 ​ 47,950 3.54 % July 2021 ​ July 1, 2026 Roswell City Walk ​ 49,551 ​ 50,043 3.63 % (3) ​ December 1, 2026 The Brodie ​ 33,215 ​ 33,551 3.71 % (3) ​ December 1, 2023 The Debra Metrowest (2) ​ ​ 64,481 ​ ​ 64,559 ​ 4.43 % (3) ​ May 1, 2025 The Links at Plum Creek ​ 39,248 ​ 39,578 4.31 % (3) ​ October 1, 2025 The Mills ​ 25,006 ​ 25,275 4.21 % (3) ​ 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 ​ ​ ​ ​ ​ ​ The Sanctuary ​ 33,707 ​ 33,707 3.31 % Interest-only ​ August 1, 2029 Wesley Village ​ ​ 39,084 ​ ​ 39,438 ​ 4.25 % (3) ​ April 1, 2024 Windsor Falls ​ ​ 27,442 ​ ​ — ​ 4.19 % November 2022 ​ November 1, 2027 Yauger Park Villas (9) ​ ​ 15,056 ​ ​ — ​ 4.86 % (3) ​ April 1, 2026 Total Fixed Rate ​ $ 1,064,081 ​ $ 1,117,999 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Floating Rate (10) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Glenridge ​ $ 49,500 ​ $ 49,500 1.42 % September 2021 ​ September 1, 2025 Chevy Chase ​ ​ 24,400 ​ ​ 24,400 ​ 2.41 % September 2022 ​ September 1, 2027 Cielo on Gilbert (11) ​ ​ 58,000 ​ ​ 58,000 ​ 2.62 % January 2026 ​ January 1, 2031 Falls at Forsyth (7) ​ ​ 19,358 ​ ​ — ​ 1.49 % (3) ​ July 1, 2025 Fannie Facility Advance ​ 13,936 ​ 13,936 2.69 % June 2022 ​ June 1, 2027 Fannie Facility Second Advance (11) ​ ​ 12,880 ​ ​ — ​ 2.71 % March 2023 ​ March 1, 2028 Marquis at The Cascades I ​ — ​ 31,668 ​ ​ ​ ​ ​ Marquis at The Cascades II ​ — ​ 22,101 ​ ​ ​ ​ ​ Pine Lakes Preserve ​ 42,728 ​ 42,728 3.07 % July 2025 ​ July 1, 2030 The District at Scottsdale ​ ​ — ​ ​ 75,577 ​ ​ ​ ​ ​ ​ Veranda at Centerfield ​ 26,100 ​ 26,100 1.34 % July 2021 ​ July 26, 2023 (12) Villages of Cypress Creek ​ 33,520 ​ 33,520 2.64 % July 2022 ​ July 1, 2027 Total Floating Rate ​ $ 280,422 ​ $ 377,530 ​ ​ ​ ​ ​ ​ Total ​ $ 1,344,503 ​ $ 1,495,529 ​ ​ ​ ​ ​ Fair value adjustments ​ ​ 8,922 ​ ​ 6,489 ​ ​ ​ ​ ​ ​ Deferred financing costs, net ​ ​ (9,971) ​ ​ (11,086) ​ ​ ​ ​ Total continuing operations ​ $ 1,343,454 ​ $ 1,490,932 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held for Sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Grandewood (7)(13) ​ $ — ​ $ 19,585 ​ ​ ​ ​ ​ ​ ARIUM Grandewood (7)(13) ​ ​ — ​ ​ 19,529 ​ ​ ​ ​ ​ ​ Park & Kingston ​ ​ 19,600 ​ ​ — ​ 3.32 % November 2024 ​ November 1, 2026 The District at Scottsdale (14) ​ ​ 73,778 ​ ​ — ​ 1.85 % (3) ​ July 11, 2021 (15) Deferred financing costs, net ​ ​ (241) ​ ​ (341) ​ ​ ​ ​ ​ ​ Total held for sale ​ ​ 93,137 ​ ​ 38,773 ​ ​ ​ ​ ​ ​ Total mortgages payable ​ $ 1,436,591 ​ $ 1,529,705 ​ ​ ​ ​ ​ ​ ​ (1) 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% . (2) Burano Hunter’s Creek and The Debra Metrowest, formerly ARIUM Hunter’s Creek and ARIUM Metrowest, respectively. (3) The loan requires monthly payments of principal and interest. (4) 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. (5) 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% . (6) 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. (7) Refer to the Master Credit Facility with Fannie Mae disclosure below for further information regarding the senior mortgage substitution of collateral. (8) 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% . (9) The principal balance includes a $10.5 million senior loan at a fixed rate of 4.81% and a $4.6 million supplemental loan at a fixed rate of 4.96 %. (10) Other than Cielo on Gilbert, the Fannie Facility Second Advance and The District at Scottsdale, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In June 2021, one-month LIBOR in effect was 0.09% . LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information. (11) The Cielo on Gilbert loan and the Fannie Facility Second Advance bear interest at a floating rate of the 30-day average SOFR + 2.61% and + 2.70% , respectively. In June 2021, the 30-day average SOFR in effect was 0.01% . SOFR rate is subject to a rate cap. Please refer to Note 11 for further information. (12) The loan has two (2) one-year extension options subject to certain conditions. (13) At December 31, 2020, ARIUM Grandewood had a fixed rate loan with a principal balance of $19.6 million and a floating rate loan with a principal balance of $19.5 million. (14) 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. (15) The loan has two (2) three-month extension options subject to certain conditions. Deferred financing costs Costs incurred in obtaining long-term financing are amortized on a straight-line basis to interest expense over the terms of the related financing agreements, as applicable, which approximates the effective interest method. Loss on Extinguishment of Debt and 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 $0.6 million and $14.0 million, and $3.7 million and $14.0 million for the three and six months ended June 30, 2021 and 2020, respectively. Master Credit Facility with Fannie Mae On April 30, 2018, the Company, through certain subsidiaries of the Operating Partnership, entered into a Master Credit Facility Agreement (the “Fannie Facility”), which was issued through Fannie Mae’s Multifamily Delegated Underwriting and Servicing Program. The Fannie Facility includes certain restrictive covenants, including indebtedness, liens, investments, mergers and asset sales, and distributions. The Fannie Facility also contains events of default, including payment defaults, covenant defaults, bankruptcy events, and change of control events. Each note under the Fannie Facility is cross-defaulted and cross-collateralized and the Company has guaranteed the obligations under the Fannie Facility. As of June 30, 2021, the mortgage loans secured by The Debra Metrowest (formerly ARIUM Metrowest), Falls at Forsyth 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. 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 “Fannie Facility Second Advance”). Upon the sale of ARIUM Grandewood (refer to Note 3 for further information), the Company had 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. As such, 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 exceeded 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 Fannie Facility 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 Fannie Facility Second Advance may be prepaid without prepayment or yield maintenance beginning December 1, 2027. The Company may request future fixed rate advances or floating rate advances under the Fannie Facility either by borrowing against the value of the mortgaged properties (based on the valuation methodology established in the Fannie Facility) or adding eligible properties to the collateral pool, subject to customary conditions, including satisfaction of minimum debt service coverage and maximum loan-to-value tests. The proceeds of any future advances made under the Fannie Facility may be used, among other things, for general operating purposes and the acquisition and refinancing of additional properties to be identified in the future. Debt maturities As of June 30, 2021, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Total 2021 (July 1-December 31) (1) ​ $ 79,082 2022 ​ 13,449 2023 ​ 126,051 2024 ​ 201,447 2025 ​ 331,380 Thereafter ​ 686,472 ​ ​ $ 1,437,881 Add: Unamortized fair value debt adjustment ​ 8,922 Subtract: Deferred financing costs, net ​ (10,212) Total ​ $ 1,436,591 ​ (1) $73.8 million relates to The District at Scottsdale, a property which was sold on July 7, 2021. Refer to Note 15 for further information. 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 $2,011.5 million as of June 30, 2021. The mortgage loans encumbering the Company’s properties are generally nonrecourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, the Company or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses. The mortgage loans generally have a period where a prepayment fee or yield maintenance would be required.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2021
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: ● ● ● If the inputs used to measure the fair value fall within different levels of the hierarchy, the fair value is determined based upon the lowest level input that is significant to the fair value measurement. Whenever possible, the Company uses quoted market prices to determine fair value. In the absence of quoted market prices, the Company uses independent sources and data to determine fair value. Financial Instrument Fair Value Disclosures As of June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 31, 2020, 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 $1,483.1 million and $1,586.0 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $1,446.8 million and $1,541.1 million, respectively. The fair value of mortgages payable is estimated based on the Company’s current interest rates (Level 3 inputs of the fair value hierarchy) for similar types of borrowing arrangements.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2021
Derivative Financial Instruments
Derivative Financial Instruments	Note 11 – Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings. The Company’s objectives in using interest rate derivative financial instruments are to add stability to interest expense and to manage the Company’s exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate caps as part of its interest rate risk management strategy. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The Company has not designated any of the interest rate derivatives as hedges. Although these derivative financial instruments were not designated or did not qualify for hedge accounting, the Company believes the derivative financial instruments are effective economic hedges against increases in interest rates. The Company does not use derivative financial instruments for trading or speculative purposes. As of June 30, 2021, 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 $280.4 million of the Company’s floating rate mortgage debt. The table below presents the classification and fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of June 30, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ ​ ​ Fair values of derivative instruments under ASC 815 ‑ 20 ​ Balance Sheet Location ​ instruments ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2021 2020 Interest rate caps Accounts receivable, prepaids and other assets ​ $ 106 ​ $ 14 ​ The table below presents the classification and effect of the Company's derivative financial instruments on the consolidated statements of operations for the three and six months ended June 30, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ Location of Gain or (Loss) ​ The Effect of Derivative Instruments instruments under ASC 815 ‑ 20 ​ Recognized in Income ​ on the Statements of Operations ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2021 2020 ​ 2021 2020 Interest rate caps ​ Interest Expense ​ $ (20) ​ $ 2 ​ $ 15 ​ $ 31 ​

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
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, in the sole discretion of the Company’s board of directors (the “Board”), in the form of fully-vested LTIP Units. The term of the Administrative Services Agreement expires on October 31, 2021 unless the Company renews. The Administrative Services Agreement will automatically terminate (i) upon termination by the Company of all Services, or (ii) in the event of non-renewal by the Company. Pursuant to the Administrative Services Agreement, BRE is responsible for the payment of all employee benefits and any other direct and indirect compensation for the employees of BRE (or their affiliates or permitted subcontractors) assigned to perform the Services, as well as such employees’ worker’s compensation insurance, employment taxes, and other applicable employer liabilities relating to such employees. 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, in the form of fully-vested LTIP Units. Recorded as part of general and administrative expenses, operating expenses paid by BRE on behalf of the Company of $0.7 million and $0.7 million, and $1.5 million and $1.4 million were expensed during the three and six months ended June 30, 2021 and 2020, respectively. Operating expense reimbursements of $0.4 million for the first quarter 2021 were paid to BRE through the issuance of 41,031 LTIP Units on May 11, 2021. Pursuant to the terms of the Administrative Services Agreement, the Company paid operating expenses on behalf of BRE of $0.6 million and $0.6 million, and $1.5 million and $1.1 million for the three and six months ended June 30, 2021 and 2020, respectively. Operating expense reimbursements for the first quarter 2021 were paid to the Company in cash during the second quarter 2021. Pursuant to the terms of the Administrative Services Agreement and the Leasehold Cost-Sharing Agreement, summarized below are the net related party amounts payable to BRE as of June 30, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 Amounts Payable to BRE under the Administrative Services Agreement, net ​ ​ Operating and direct expense reimbursements ​ $ 341 ​ $ 338 Offering expense reimbursements ​ ​ 108 ​ ​ 89 Total expense reimbursement amounts payable to BRE, net ​ $ 449 ​ $ 427 ​ ​ ​ ​ ​ ​ ​ Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement ​ ​ ​ ​ Operating and direct expense reimbursements ​ $ 186 ​ $ 191 Total expense reimbursement amounts payable to BRE ​ $ 186 ​ $ 191 Total ​ $ 635 ​ $ 618 ​ As of June 30, 2021 and December 31, 2020, the Company had $0.7 million and $0.3 million, respectively, in receivables due from related parties other than BRE. Of the $0.7 million balance at June 30, 2021, $0.2 million represents accrued preferred returns on unconsolidated real estate investments. The remaining amount represents the Company’s preferred equity investment in Alexan Southside Place. On March 25, 2021, the property underlying the Company’s investment in Alexan Southside Place was sold, and in April 2021, the Company received $9.8 million of its $10.1 million preferred equity investment. The remaining amount is expected to be received before year end and is classified as a related party receivable. Refer to Note 3 for further information. Selling Commissions and Dealer Manager Fees In conjunction with its offering of the Series T Preferred Stock (the “Series T Preferred Offering”), the Company engaged a related party as dealer manager, and pays up to 10% of the gross offering proceeds from the offering as selling commissions and dealer manager fees. The dealer manager re-allows the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers and incurs costs in excess of the 10%, which costs are borne by the dealer manager without reimbursement by the Company. For the six months ended June 30, 2021 and 2020, the Company has incurred $15.2 million and $7.0 million, respectively, in selling commissions and discounts and $6.5 million and $3.0 million, respectively, in dealer manager fees and discounts related to its Series T Preferred Offering. In addition, BRE was reimbursed for offering costs in conjunction with the Series T Preferred Offering of $0.6 million and $0.5 million during the six months ended June 30, 2021 and 2020, respectively. The selling commissions, dealer manager fees, discounts and reimbursements for offering costs were recorded as a reduction to the proceeds of the offering. Notes and interest receivable The Company provides mezzanine loans, in some cases, to related parties in conjunction with the developments of multifamily communities. At June 30, 2021, the following mezzanine loan investments were provided to related parties: Domain at The One Forty, Motif and The Hartley at Blue Hill (formerly The Park at Chapel Hill). Please refer to Note 6 and the Company’s Form 10-K for the year ended December 31, 2020 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 June 30, 2021, the Alexan CityCentre preferred equity investment involved related parties. Please refer to Note 7 and the Company’s Form 10-K for the year ended December 31, 2020 for further information.

Stockholders' Equity and Redeem

Stockholders' Equity and Redeemable Preferred Stock	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity and Redeemable Preferred Stock
Stockholders' Equity and Redeemable Preferred Stock	Note 13 – Stockholders’ Equity and Redeemable Preferred Stock Net (Loss) Income Per Common Share Basic net (loss) income per common share is computed by dividing net (loss) income 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) income per common share is computed by dividing net (loss) income 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) income attributable to common stockholders is computed by adjusting net (loss) income 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) income per common share (amounts in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2021 2020 2021 2020 ​ Net (loss) income attributable to common stockholders ​ $ (5,429) ​ $ 15,090 ​ $ 18,152 ​ $ (1,403) ​ Dividends on restricted stock and LTIP Units expected to vest ​ (384) ​ (342) ​ (767) ​ (666) ​ Basic net (loss) income attributable to common stockholders ​ $ (5,813) ​ $ 14,748 ​ $ 17,385 ​ $ (2,069) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding (1) ​ 28,129,862 ​ 24,307,147 ​ 25,623,537 ​ 24,197,479 ​ Potential dilutive shares (2) ​ — ​ 37,887 ​ 64,993 ​ — ​ Weighted average common shares outstanding and potential dilutive shares (1) ​ 28,129,862 ​ 24,345,034 ​ 25,688,530 ​ 24,197,479 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income per common share, basic ​ $ (0.21) ​ $ 0.61 ​ $ 0.68 ​ $ (0.09) ​ Net (loss) income per common share, diluted ​ $ (0.21) ​ $ 0.61 ​ $ 0.68 ​ $ (0.09) ​ ​ (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) For the three months ended June 30, 2021, potential vesting of restricted stock to employees for 53,988 shares of Class A common stock are excluded from the diluted shares calculation as the effect is antidilutive. For the six months ended June 30, 2021, the following are included in the diluted shares calculation: a) Warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 11,932 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 53,061 shares of Class A common stock. For the three months ended June 30, 2020, potential vesting of restricted stock to employees for 37,887 shares of Class A common stock are included in the diluted shares calculation. For the six months ended June 30, 2020, potential vesting of restricted stock to employees for 53,330 shares of Class A common stock are excluded from the diluted shares calculation as the effect is antidilutive. 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 six months ended June 30, 2021, the Company issued 8,657,663 shares of Series T Preferred Stock under its continuous registered Series T Preferred Offering with net proceeds of approximately $194.8 million after commissions, dealer manager fees and discounts of approximately $21.6 million, along with 25,437 shares issued under the dividend reinvestment plan with total proceeds of $0.6 million. During the life of the Series T Preferred Offering, the Company has issued a total of 18,407,429 shares of Series T Preferred Stock for net proceeds of approximately $414.2 million after commissions, dealer manager fees and discounts. During the six months ended June 30, 2021, the Company, at the request of holders, redeemed 47,514 shares of Series T Preferred Stock through the issuance of 110,893 shares of Class A common stock and redeemed 251 shares of Series T Preferred Stock in cash. Series B Redeemable Preferred Stock During the six months ended June 30, 2021, the Company, at the request of holders, redeemed 2,093 shares of Series B Preferred Stock through the issuance of 188,402 shares of Class A common stock and redeemed 30 shares of Series B Preferred Stock in cash. In November 2019, the Company began initiating redemptions of Series B Preferred Stock, and during the six months ended June 30, 2021, redemptions initiated by the Company resulted in 150,758 shares of Series B Preferred Stock redeemed through the issuance of 14,592,550 shares of Class A common stock. As of June 30, 2021, the Company had 445,870 outstanding Warrants from its offering of Series B Preferred Stock. 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). Each Warrant is exercisable by the holder to purchase 20 shares of Class A common stock. The Warrants are exercisable one year following the date of issuance and expire four years following the date of issuance. As of June 30, 2021, a total of 7,349 Warrants had been exercised into 70,912 shares of Class A common stock. The outstanding Warrants have exercise prices ranging from $10.00 to $15.89 per share. At-the-Market Offerings In September 2019, the Company and its Operating Partnership entered into an At Market Issuance Sales Agreement with respect to the offering and sale of up to $100,000,000 in shares of Class A common stock in “at the market offerings” as defined in Rule 415 under the Securities Act, including without limitation sales made directly on or through the NYSE American, or on any other existing trading market for Class A common stock or through a market maker (the “Class A Common Stock ATM Offering”). The Company did not issue any shares through the Class A Common Stock ATM Offering during the first and second quarters 2021. 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 October 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, 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”) to be conducted in accordance with Rules 10b5-1 and 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). On February 9, 2021, the Board authorized the modification of the stock repurchase plans to increase the maximum repurchase amount from an aggregate of $75 million in shares to an aggregate of $150 million in shares of Class A common stock, Series C Preferred Stock, and/or Series D Preferred Stock. 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 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 six months ended June 30, 2021, the Company repurchased 8,163,160 shares of Class A common stock for a total purchase price of approximately $85.8 million. Under the current repurchase plans, the total purchase price of shares repurchased by the Company is approximately $104.8 million, and as of June 30, 2021, the value of shares that may yet be repurchased under the repurchase plans is $45.2 million. Redemption of 8.250% Series A Cumulative Redeemable Preferred Stock On February 26, 2021, the Company redeemed all 2,201,547 outstanding 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 $0.320833 per share, for a total payment of $25.320833 per share, in cash. Operating Partnership and Long-Term Incentive Plan Units As of June 30, 2021, limited partners other than the Company owned approximately 28.28% of the common units of the Operating Partnership (6,309,672 OP Units, or 15.64%, is held by OP Unit holders, and 5,100,255 LTIP Units, or 12.64%, is held by LTIP Unit holders, including 5.53% which are not vested at June 30, 2021). Subject to certain restrictions set forth in the Operating Partnership’s Partnership Agreement, OP Units are exchangeable for Class A common stock on a one-for-one basis, or, at the Company’s election, redeemable for cash. LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock, or, at the Company’s election, cash. Equity Incentive Plans LTIP Unit Grants On January 1, 2021, the Company granted 277,001 time-based LTIP Units and 554,003 performance-based LTIP Units to various executive officers under the Fourth Amended 2014 Incentive Plans (“Incentive Plans”) pursuant to the executive officers’ employment and service agreements. The time-based LTIP Units vest over three years, while the performance-based LTIP Units are subject to a three-year performance period and will thereafter vest upon successful achievement of performance-based conditions. All such LTIP Unit grants require continuous employment for vesting. In addition, on January 1, 2021, the Company granted 7,381 LTIP Units pursuant to the Incentive Plans to each independent member of the Board in payment of the equity portion of their respective annual retainers. Such LTIP Units were fully vested upon issuance and the Company recognized expense of $0.4 million immediately based on the fair value at the date of grant. On February 16, 2021 and May 11, 2021, the Company granted an aggregate of 19,683 LTIP Units and 23,206 LTIP Units, respectively, to two executive officers under the Incentive Plans in lieu of cash payment of an agreed upon portion of the executive officers’ base salary, with the remaining portion payable in cash, for the first and second quarter 2021, respectively. Such LTIP Units will vest on the respective first anniversaries of the dates of grant. On March 25, 2021, the Company granted an aggregate of 193,112 LTIP Units to various executive officers under the Incentive Plans pursuant to the executive officers’ employment or service agreements in lieu of cash payment of annual incentive bonuses for the fiscal year ended December 31, 2020. Of the LTIP Units granted, 144,173 LTIP Units were fully vested upon issuance, with the remaining 48,939 LTIP Units to vest on the first anniversary of the date of grant. On April 1, 2021, the Company granted 22,598 LTIP Units to an employee under the Incentive Plans. Such LTIP Units will vest in three The Company recognizes compensation expense ratably over the requisite service periods for time-based LTIP Units based on the fair value at the date of grant; thus, the Company recognized compensation expense of approximately $1.0 million and $1.0 million, and $2.0 million and $1.9 million during the three and six months ended June 30, 2021 and 2020, respectively. The Company recognizes compensation expense based on the fair value at the date of grant and the probability of achievement of performance criteria over the performance period for performance-based LTIP Units; thus, the Company recognized approximately $0.9 million and $0.4 million, and $1.7 million and $1.3 million during the three and six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, there was $10.0 million of total unrecognized compensation expense related to unvested LTIP Units granted under the Incentive Plans. The remaining expense is expected to be recognized over a period of 2.0 years. Restricted Stock Grants In April 2019 and 2020, the Company provided restricted stock grants (“RSGs”) to employees under the Incentive Plans. Such RSGs will vest in three On April 1, 2021, the Company provided RSGs to employees under the Incentive Plans. Such RSGs will vest in three The Company recognized compensation expense for all such RSGs of approximately $0.1 million and $0.1 million, and $0.2 million and $0.2 million during the three and six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, there was $0.7 million of total unrecognized compensation expense related to the unvested RSGs granted under the Incentive Plans. The remaining expense is expected to be recognized over the remaining 2.4 years. Distributions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable to ​ ​ ​ ​ ​ stockholders ​ ​ ​ ​ Date Declaration Date of record as of Amount Paid or Payable Class A Common Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.162500 January 5, 2021 March 12, 2021 March 25, 2021 ​ $ 0.162500 April 5, 2021 June 11, 2021 ​ June 25, 2021 ​ $ 0.162500 ​ July 2, 2021 Class C Common Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.162500 January 5, 2021 March 12, 2021 March 25, 2021 ​ $ 0.162500 April 5, 2021 June 11, 2021 ​ June 25, 2021 ​ $ 0.162500 ​ July 2, 2021 Series A Preferred Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.515625 January 5, 2021 January 27, 2021 (1) February 26, 2021 ​ $ 0.320833 February 26, 2021 Series B Preferred Stock ​ October 9, 2020 December 24, 2020 ​ $ 5.00 January 5, 2021 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 April 12, 2021 ​ April 23, 2021 ​ $ 5.00 ​ May 5, 2021 April 12, 2021 ​ May 25, 2021 ​ $ 5.00 ​ June 4, 2021 April 12, 2021 ​ June 25, 2021 ​ $ 5.00 ​ July 2, 2021 Series C Preferred Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.4765625 January 5, 2021 March 12, 2021 March 25, 2021 ​ $ 0.4765625 April 5, 2021 June 11, 2021 ​ June 25, 2021 ​ $ 0.4765625 ​ July 2, 2021 Series D Preferred Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.4453125 January 5, 2021 March 12, 2021 March 25, 2021 ​ $ 0.4453125 April 5, 2021 June 11, 2021 ​ June 25, 2021 ​ $ 0.4453125 ​ July 2, 2021 Series T Preferred Stock (2) ​ October 9, 2020 ​ December 24, 2020 ​ $ 0.128125 ​ January 5, 2021 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 April 12, 2021 ​ April 23, 2021 ​ $ 0.128125 ​ May 5, 2021 April 12, 2021 ​ May 25, 2021 ​ $ 0.128125 ​ June 4, 2021 April 12, 2021 ​ June 25, 2021 ​ $ 0.128125 ​ July 2, 2021 ​ (1) The dividend was paid on the date indicated to stockholders in conjunction with the redemption of shares of Series A Preferred Stock. (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. A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate. Holders of OP Units and LTIP Units are entitled to receive "distribution equivalents" at the same time as dividends are paid to holders of the Company's Class A common stock. The Company has a dividend reinvestment plan that allows for participating stockholders to have their Class A common stock dividend distributions automatically invested in additional shares of Class A common stock based on the average price of the Class A common stock on the investment date. The Company plans to issue shares of Class A common stock to cover shares required for investment. The Company also 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. Distributions declared and paid for the six months ended June 30, 2021 were as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distributions 2021 Declared Paid First Quarter ​ ​ Class A Common Stock ​ $ 3,943 ​ $ 3,630 Class C Common Stock ​ 12 ​ 12 Series A Preferred Stock ​ 706 ​ 1,842 Series B Preferred Stock ​ 7,089 ​ 7,400 Series C Preferred Stock ​ 1,094 ​ 1,094 Series D Preferred Stock ​ 1,235 ​ 1,235 Series T Preferred Stock ​ ​ 4,493 ​ ​ 4,049 OP Units ​ 1,027 ​ 1,027 LTIP Units ​ 814 ​ 510 Total first quarter 2021 ​ $ 20,413 ​ $ 20,799 Second Quarter ​ ​ Class A Common Stock ​ $ 4,753 ​ $ 3,945 Class C Common Stock ​ 12 ​ 12 Series B Preferred Stock ​ 5,818 ​ 6,273 Series C Preferred Stock ​ 1,094 ​ 1,094 Series D Preferred Stock ​ 1,235 ​ 1,235 Series T Preferred Stock ​ ​ 6,220 ​ ​ 5,616 OP Units ​ 1,027 ​ 1,025 LTIP Units ​ 721 ​ 836 Total second quarter 2021 ​ $ 20,880 ​ $ 20,036 Total ​ $ 41,293 ​ $ 40,835 ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies
Commitments and Contingencies	Note 14 – Commitments and Contingencies The Company is subject to various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the consolidated financial position or results of operations or liquidity of the Company.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events
Subsequent Events	Note 15 – Subsequent Events Declaration of Dividends ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable to stockholders ​ ​ Declaration Date of record as of Amount Paid / Payable Date Series B Preferred Stock July 12, 2021 ​ July 23, 2021 ​ $ 5.00 ​ August 5, 2021 July 12, 2021 ​ August 25, 2021 ​ $ 5.00 ​ September 3, 2021 July 12, 2021 ​ September 24, 2021 ​ $ 5.00 ​ October 5, 2021 Series T Preferred Stock (1) ​ ​ ​ July 12, 2021 ​ July 23, 2021 ​ $ 0.128125 ​ August 5, 2021 July 12, 2021 ​ August 25, 2021 ​ $ 0.128125 ​ September 3, 2021 July 12, 2021 ​ September 24, 2021 ​ $ 0.128125 ​ October 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 June 30, 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distributions ​ Total Shares Declaration Date Record Date Date Paid per Share Distribution Class A Common Stock ​ June 11, 2021 ​ June 25, 2021 ​ July 2, 2021 ​ $ 0.1625000 ​ $ 4,753 Class C Common Stock ​ June 11, 2021 ​ June 25, 2021 ​ July 2, 2021 ​ ​ 0.1625000 ​ ​ 12 Series B Preferred Stock ​ April 12, 2021 ​ June 25, 2021 ​ July 2, 2021 ​ ​ 5.0000000 ​ ​ 1,803 Series C Preferred Stock ​ June 11, 2021 ​ June 25, 2021 ​ July 2, 2021 ​ ​ 0.4765625 ​ ​ 1,094 Series D Preferred Stock ​ June 11, 2021 ​ June 25, 2021 ​ July 2, 2021 ​ ​ 0.4453125 ​ ​ 1,235 Series T Preferred Stock ​ April 12, 2021 ​ June 25, 2021 ​ July 2, 2021 ​ ​ 0.1281250 ​ ​ 2,281 OP Units ​ June 11, 2021 ​ June 25, 2021 ​ July 2, 2021 ​ ​ 0.1625000 ​ ​ 1,027 LTIP Units ​ June 11, 2021 ​ June 25, 2021 ​ July 2, 2021 ​ ​ 0.1625000 ​ ​ 630 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series B Preferred Stock ​ July 12, 2021 ​ July 23, 2021 ​ August 5, 2021 ​ ​ 5.0000000 ​ ​ 1,802 Series T Preferred Stock ​ July 12, 2021 ​ July 23, 2021 ​ August 5, 2021 ​ ​ 0.1281250 ​ ​ 2,471 Total ​ ​ ​ ​ ​ ​ $ 17,108 ​ Sale of Park & Kingston On July 7, 2021, the Company closed on the sale of Park & Kingston located in Charlotte, North Carolina. The property was sold for $44.9 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of existing mortgage indebtedness encumbering the property in the amount of $19.6 million, the payment of early extinguishment of debt costs of $2.4 million and payment of closing costs and fees of $0.5 million, the sale of the property generated net proceeds of approximately $24.7 million. Sale of The District at Scottsdale On July 7, 2021, the Company closed on the sale of The District at Scottsdale located in Scottsdale, Arizona. The property was sold for $150.5 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 $73.8 million, the payment of early extinguishment of debt costs of $0.4 million and payment of closing costs and fees of $0.4 million, the sale of the property generated net proceeds of approximately $74.8 million, of which the Company’s pro rata share of the proceeds was approximately $69.5 million. Preferred In July 2021, the Company made an aggregate of $19.4 million of preferred equity investments and provided a bridge loan of $6.8 million for three new investments located in Corpus Christi, Texas; Dallas, Texas; and Dawsonville, Georgia. The Company also committed to invest an aggregate of $30.9 million of preferred equity interests in two new multifamily development projects located in San Antonio, Texas and Orange City, Florida, of which none had been funded as of July 31, 2021.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Basis of Presentation and Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or the Operating Partnership’s wholly-owned subsidiaries, owns substantially all the property interests acquired and investments made on the Company’s behalf. As of June 30, 2021, limited partners other than the Company owned approximately 28.28% of the common units of the Operating Partnership (15.64% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 12.64% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 5.53% which are not vested at June 30, 2021). 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. In cases where the Company holds a preferred equity investment in real estate joint ventures where the preferred equity interest must be redeemed by the issuing entity or is redeemable at the Company’s option, the preferred equity investment is accounted for as a held to maturity debt security. These preferred equity investments have a mandatory redemption provision, and the Company has the intent and ability to hold the investment until redemption. The preferred equity investments 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 preferred equity investments and mezzanine loan investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation.
Significant Risks and Uncertainties	Significant Risks and Uncertainties At the present time, one of the most significant risks and uncertainties is the potential adverse effect of the current pandemic of the novel coronavirus (“COVID-19”). The Company’s tenants may experience financial difficulty due to the loss of their jobs and some have requested rent deferral or rent abatement during this pandemic. Experts have predicted that the outbreak will trigger, or has already triggered, a period of global economic slowdown or a global recession. The COVID-19 pandemic could have material and adverse effects on the Company’s financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: ● reduced economic activity may impact the employment of the Company’s tenants and their ability to pay their obligations to the Company, thus requesting modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; ● the negative financial impact of the pandemic could impact the Company’s future compliance with financial covenants of its credit facilities and other debt agreements; ● weaker economic conditions could require that the Company recognize impairment in value of its real estate assets due to a reduction in property income; ● the Company’s inability to maintain occupancy or leasing rates, or increase these rates at stabilizing development properties, including due to possible reduced foot traffic and lease applications from prospective tenants at the Company’s properties as a result of the 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 June 30, 2021, the Company collected 98% of rents from its multifamily properties for the three months ended June 30, 2021. In 2020, the Company had provided rent deferral payment plans as a result of hardships certain tenants experienced due to the impact of COVID-19; for the six months ended June 30, 2021, the Company did not provide rent deferral payment plans, compared to the onset of the COVID-19 pandemic (quarter ended June 30, 2020) in which 1% of the tenant base was on payment plans. Although the Company may 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 96.2% as of June 30, 2021, in future periods, the Company may experience reduced levels of tenant retention, and reduced foot traffic and lease applications from prospective tenants, as a result of the impact of COVID-19.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the Securities and Exchange Commission (“SEC”) on February 23, 2021 for discussion of the Company’s significant accounting policies. During the six months ended June 30, 2021, there were no material changes to these policies.
Interim Financial Information	Interim Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with GAAP for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. The balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all the information and disclosures required by GAAP for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2020 contained in the Annual Report on Form 10-K as filed with the SEC on February 23, 2021.
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.
New Accounting Pronouncements	New Accounting Pronouncements 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 ​ In January 2021, the FASB issued ASU No. 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”). The amendments in ASU 2021-01 permit entities to elect certain optional expedients in connection with reference rate reform activities and their impact on debt, contract modifications and derivative instruments as it is expected the global market will transition from LIBOR and other interbank offered rates to alternative reference rates. The amendments in ASU 2021-01 can be applied retrospectively to interim periods that include or are subsequent to March 12, 2020 or applied prospectively through December 31, 2022. The Company is currently evaluating the impact of this new guidance.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2021
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 Westside Atlanta, GA 336 2008 90 % Ashford Belmar Lakewood, CO 512 1988/1993 85 % Avenue 25 ​ Phoenix, AZ ​ 254 ​ 2013 ​ 100 % Burano Hunter’s Creek, formerly ARIUM Hunter’s Creek ​ Orlando, FL ​ 532 ​ 1999 ​ 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 % 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 % 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 Debra Metrowest, formerly ARIUM Metrowest ​ Orlando, FL ​ 510 ​ 2001 ​ 100 % The District at Scottsdale Scottsdale, AZ 332 2018 99 % (2) 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 Sanctuary Las Vegas, NV 320 1988 100 % Veranda at Centerfield Houston, TX 400 1999 93 % Villages of Cypress Creek Houston, TX 384 2001 80 % Wayford at Concord ​ Concord, NC ​ 150 ​ 2019 ​ 83 % Wesley Village ​ Charlotte, NC ​ 301 ​ 2010 ​ 100 % Windsor Falls ​ Raleigh, NC ​ 276 ​ 1994 ​ 100 % Yauger Park Villas ​ Olympia, WA ​ 80 ​ 2010 ​ 95 % Total ​ ​ ​ 11,532 ​ ​ ​ ​ ​ ​ (1) ​ (2)
Schedule Of Development Properties In Real Estate	Preferred Equity, Mezzanine Loan and Ground Lease Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual / ​ ​ ​ ​ ​ ​ Actual / ​ Estimated ​ Actual / Estimated ​ ​ ​ ​ Planned ​ Initial ​ Construction Investment/Community Name Location Number of Units Occupancy Completion Development Investments (1) ​ ​ ​ ​ ​ ​ ​ ​ Zoey Austin, TX ​ 307 ​ 1Q 2022 ​ 2Q 2022 Reunion Apartments Orlando, FL ​ 280 ​ 1Q 2022 ​ 3Q 2022 Willow Park ​ Willow Park, TX ​ 46 (2) 2Q 2022 ​ 4Q 2022 Avondale Hills ​ Decatur, GA ​ 240 ​ 1Q 2023 ​ 1Q 2023 The Hartley at Blue Hill, formerly The Park at Chapel Hill ​ Chapel Hill, NC ​ 414 ​ 4Q 2021 ​ 1Q 2023 Deerwood Apartments ​ Houston, TX ​ 330 ​ 4Q 2022 ​ 2Q 2023 Encore Chandler Chandler, AZ ​ 208 ​ 2Q 2023 ​ 3Q 2023 Wayford at Innovation Park ​ Charlotte, NC ​ 210 ​ 1Q 2023 ​ 2Q 2024 Total development units ​ ​ 2,035 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multifamily Community Name Location ​ Number of Units ​ ​ ​ ​ Operating Investments (1) ​ ​ ​ ​ ​ ​ ​ ​ Alexan CityCentre Houston, TX ​ 340 ​ ​ ​ ​ Belmont Crossing (3) ​ Smyrna, GA ​ 192 ​ ​ ​ ​ Deercross ​ Indianapolis, IN ​ 372 ​ ​ ​ ​ Domain at The One Forty ​ Garland, TX ​ 299 ​ ​ ​ ​ Georgetown Crossing (3) ​ Savannah, GA ​ 168 ​ ​ ​ ​ Hunter’s Pointe (3) ​ Pensacola, FL ​ 204 ​ ​ ​ ​ Mira Vista ​ Austin, TX ​ 200 ​ ​ ​ ​ Motif ​ Fort Lauderdale, FL ​ 385 ​ ​ ​ ​ Park on the Square (3) ​ Pensacola, FL ​ 240 ​ ​ ​ ​ Peak Housing ​ Various, Texas ​ 474 (2) ​ ​ ​ Sierra Terrace (3) ​ Atlanta, GA ​ 135 ​ ​ ​ ​ Sierra Village (3) ​ Atlanta, GA ​ 154 ​ ​ ​ ​ The Commons (3) ​ Jacksonville, FL ​ 328 ​ ​ ​ ​ The Reserve at Palmer Ranch (3) ​ Sarasota, FL ​ 320 ​ ​ ​ ​ The Riley ​ Richardson, TX ​ 262 ​ ​ ​ ​ Thornton Flats ​ Austin, TX ​ 104 ​ ​ ​ ​ Water’s Edge (3) ​ Pensacola, FL ​ 184 ​ ​ ​ ​ Total operating units ​ ​ ​ 4,361 ​ ​ ​ ​ Total units ​ ​ ​ 6,396 ​ ​ ​ ​ ​ (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 and Note 7 for further information. (2) Willow Park and Peak Housing are preferred equity investments made by the Company in portfolios of single-family residential homes. The actual/planned number of units shown represents the number of single-family residential homes within each respective portfolio . (3) These nine operating properties are collectively known as the Strategic Portfolio. Refer to Note 7 for further information.

Acquisition of Real Estate (Tab

Acquisition of Real Estate (Tables)	6 Months Ended
	Jun. 30, 2021
Acquisition of Real Estate
Schedule of acquisition activity and related new financing of real estate Properties	The following describes the Company’s significant acquisition activity and related new financing during the six months ended June 30, 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership ​ Purchase ​ ​ ​ ​ Property Location Date Interest Price Mortgage Yauger Park Villas ​ Olympia, WA ​ April 14, 2021 ​ 95 % $ 24,500 ​ $ 15,077 (1) Wayford at Concord ​ Concord, NC ​ June 4, 2021 ​ 83 % ​ 44,438 ​ ​ — (2) Windsor Falls ​ Raleigh, NC ​ June 17, 2021 ​ 100 % ​ 48,775 ​ ​ 27,442 (3) ​ (1) Mortgage balance includes a $10.5 million senior loan assumption and a $4.6 million supplemental loan assumption secured by the Yauger Park Villas property. (2) Purchase price was funded in full by the Company and its unaffiliated joint venture partner upon acquisition. (3) Mortgage balance represents a loan assumption secured by the Windsor Falls 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 six months ended June 30, 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ Purchase ​ ​ Price ​ Allocation Land ​ $ 14,498 Building ​ 87,960 Building improvements ​ 2,790 Land improvements ​ 13,665 Furniture and fixtures ​ 1,769 In-place leases ​ 1,831 Total assets acquired ​ $ 122,513 Mortgages assumed ​ $ 42,519 Fair value adjustments ​ ​ 2,996 Total liabilities assumed ​ $ 45,515

Notes and Interest Receivable (

Notes and Interest Receivable (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Property 2021 2020 Avondale Hills ​ $ 12,153 ​ $ 1,021 Domain at The One Forty ​ 24,826 ​ 24,315 Motif ​ 80,521 ​ 75,436 Reunion Apartments ​ ​ 10,769 ​ ​ 8,161 The Hartley at Blue Hill, formerly The Park at Chapel Hill ​ ​ 37,920 ​ ​ 36,927 Vickers Historic Roswell ​ — ​ 12,048 Total ​ $ 166,189 ​ $ 157,908 Provision for credit losses (1) ​ ​ (535) ​ ​ (174) Total, net ​ $ 165,654 ​ $ 157,734 ​ (1) Refer to the Provision for Credit Losses table below.
Summary of changes in provision for credit losses	The provision for credit losses of the Company’s mezzanine loan investments for the three and six months ended June 30, 2021 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Six Months ​ ​ Ended ​ Ended ​ ​ June 30, 2021 ​ June 30, 2021 Beginning balance as of April 1 and January 1, 2021, respectively ​ $ 575 ​ $ 174 Provision for credit loss on pool of assets, net (1) ​ (40) ​ 361 Ending balance ​ $ 535 ​ $ 535 ​ (1) Under Current Expected Credit Losses (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. The decrease in the provision during the three months ended June 30, 2021 was primarily the result of the removal of Vickers Historic Roswell from the pool of assets as the property was sold and a slight decrease in the trailing twelve-month historical default rate.
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 three and six months ended June 30, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ June 30, ​ June 30, Property 2021 2020 ​ 2021 2020 Arlo (1) ​ $ — ​ $ 1,068 ​ $ — ​ $ 2,087 Avondale Hills ​ 286 ​ — ​ 403 ​ — Domain at The One Forty ​ 244 ​ 325 ​ 483 ​ 647 Motif (2) ​ 1,488 ​ 2,297 ​ 3,862 ​ 4,697 Novel Perimeter (1) ​ ​ — ​ ​ 795 ​ ​ — ​ ​ 1,566 Reunion Apartments ​ ​ 303 ​ ​ — ​ ​ 593 ​ ​ — The Hartley at Blue Hill ​ 1,035 ​ 384 ​ 2,058 ​ 1,320 Vickers Historic Roswell (1) ​ ​ 463 ​ ​ 430 ​ ​ 903 ​ ​ 859 Zoey (3) ​ ​ 295 ​ ​ 39 ​ ​ 533 ​ ​ 51 Total ​ $ 4,114 ​ $ 5,338 ​ $ 8,835 ​ $ 11,227 ​ (1) In the fourth quarter 2020, the Arlo and Novel Perimeter properties were sold. In the second quarter 2021, the Vickers Historic Roswell property was sold. Each mezzanine loan provided by the Company was paid off in full upon the sale of each property. (2) The Motif interest income amounts for the three and six months ended June 30, 2021 are net of a ($1.0) million adjustment for straight line income recognition. The adjustment results from a reduced loan rate in the upcoming years as part of the amended and restated mezzanine loan agreement as noted below. (3) The ground lease project is under development and the full leasehold improvement allowance of $20.4 million as committed by the Company has been fully funded and is included within accounts receivable, prepaids and other assets in the Company’s consolidated balance sheets.
Schedule of occupancy percentages of the Company's related parties	The occupancy percentages of the Company’s mezzanine loan investment properties at June 30, 2021 and December 31, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ Property 2021 2020 Avondale Hills (1) ​ (2) ​ Domain at The One Forty ​ 95.0 % 92.6 % Motif ​ 94.8 % 62.1 % Reunion Apartments (1) ​ (2) ​ The Hartley at Blue Hill ​ (1) ​ (2) ​ ​ (1) The development had not commenced lease-up as of June 30, 2021. (2) The development had not commenced lease-up as of December 31, 2020.

Preferred Equity Investments _2

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2021
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Schedule of Equity Method Investments	The carrying amount of the Company’s preferred equity investments and investments in unconsolidated real estate joint ventures as of June 30, 2021 and December 31, 2020 is summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Property 2021 2020 Alexan CityCentre ​ $ 16,678 ​ $ 15,063 Alexan Southside Place (1) ​ — ​ 26,038 Deercross ​ ​ 4,000 ​ ​ — Mira Vista ​ ​ 5,250 ​ ​ 5,250 Peak Housing ​ ​ 10,705 ​ ​ — Strategic Portfolio (2) ​ 38,454 ​ 27,054 The Conley (3) ​ ​ — ​ ​ 15,036 The Riley ​ ​ 6,961 ​ ​ — Thornton Flats ​ ​ 4,600 ​ ​ 4,600 Wayford at Concord (4) ​ ​ — ​ ​ 6,500 Other ​ 68 ​ 97 Total ​ $ 86,716 ​ $ 99,638 Provision for credit losses (5) ​ ​ (388) ​ ​ (16,153) Total, net ​ $ 86,328 ​ $ 83,485 ​ (1) On March 25, 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to Note 3 for further information. (2) Belmont Crossing, Georgetown Crossing, Hunter’s Pointe, Park on the Square, Sierra Terrace, Sierra Village, The Commons, The Reserve at Palmer Ranch and Water’s Edge are collectively known as the Strategic Portfolio. (3) On March 18, 2021, the Company’s preferred equity investment in The Conley was redeemed. Refer to Note 3 for further information. (4) On June 4, 2021, the Company’s preferred equity investment in Wayford at Concord was redeemed. Refer to the Wayford at Concord Interests disclosure below for further information. (5) Refer to the Provision for Credit Losses table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2021 ​ 2021 Beginning balance as of April 1 and January 1, 2021, respectively ​ $ 315 ​ $ 16,153 Provision for credit loss on pool of assets, net (1) ​ 73 ​ 165 Provision for credit loss – Alexan Southside Place (2) ​ — ​ (15,930) Ending balance ​ $ 388 ​ $ 388 ​ (1) Under Current Expected Credit Losses (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. The increase in the provision during the three months ended June 30, 2021 was the result of a net increase resulting from changes to the pool of assets as three new investments were made and one property underlying an investment was sold. (2) On March 25, 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to Note 3 for further information.
Schedule of preferred returns on the company	The preferred returns on the Company’s unconsolidated real estate joint ventures for the three and six months ended June 30, 2021 and 2020 are summarized below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, June 30, ​ Property 2021 2020 ​ 2021 2020 ​ Alexan CityCentre ​ $ 714 ​ $ 616 ​ $ 1,377 ​ $ 1,207 ​ Alexan Southside Place ​ — ​ 318 ​ — ​ 632 ​ Deercross ​ ​ 6 ​ ​ — ​ ​ 6 ​ ​ — ​ Helios (1) ​ — ​ — ​ — ​ (159) ​ Mira Vista ​ ​ 134 ​ ​ 134 ​ ​ 267 ​ ​ 268 ​ Peak Housing ​ ​ 235 ​ ​ — ​ ​ 235 ​ ​ — ​ Riverside Apartments ​ ​ — ​ ​ 421 ​ ​ — ​ ​ 829 ​ Strategic Portfolio ​ ​ 791 ​ ​ 544 ​ ​ 1,501 ​ ​ 841 ​ The Conley ​ ​ — ​ ​ 485 ​ ​ 405 ​ ​ 961 ​ The Riley ​ ​ 194 ​ ​ — ​ ​ 257 ​ ​ — ​ Thornton Flats ​ ​ 103 ​ ​ 103 ​ ​ 205 ​ ​ 206 ​ Wayford at Concord ​ 152 ​ 213 ​ 363 ​ 408 ​ Whetstone Apartments ​ — ​ — ​ — ​ 56 ​ Total preferred returns on unconsolidated joint ventures ​ $ 2,329 ​ $ 2,834 ​ $ 4,616 ​ $ 5,249 ​ ​ (1) Of the ($159) loss incurred at Helios for the six months ended June 30, 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 June 30, 2021 and December 31, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ Property 2021 2020 Alexan CityCentre ​ 96.5 % 94.1 % Deercross ​ 96.8 % — ​ Deerwood Apartments ​ (1) ​ — ​ Encore Chandler ​ (1) ​ (2) ​ Mira Vista ​ 95.5 % 95.0 % Peak Housing ​ 93.0 % — ​ Strategic Portfolio: ​ ​ ​ ​ ​ Belmont Crossing ​ 95.8 % 91.7 % Georgetown Crossing ​ 98.2 % 88.7 % Hunter’s Pointe ​ 98.0 % 99.0 % Park on the Square ​ 97.5 % 97.5 % Sierra Terrace ​ 97.0 % 89.6 % Sierra Village ​ 94.2 % 87.7 % The Commons ​ 98.8 % 93.9 % The Reserve at Palmer Ranch ​ 98.1 % — ​ Water’s Edge ​ 97.8 % 99.5 % The Riley ​ 97.3 % — ​ Thornton Flats ​ 97.1 % 88.5 % Wayford at Innovation Park ​ (1) ​ — ​ Willow Park ​ (1) ​ — ​ ​ (1) The development had not commenced lease-up as of June 30, 2021. (2) The development had not commenced lease-up as of December 31, 2020.

Revolving Credit Facilities (Ta

Revolving Credit Facilities (Tables)	6 Months Ended
	Jun. 30, 2021
Revolving Credit Facilities
Schedule of Line of Credit Facilities	The outstanding balances on the revolving credit facilities as of June 30, 2021 and December 31, 2020 are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, Revolving Credit Facilities ​ 2021 ​ 2020 Amended Senior Credit Facility ​ $ — ​ $ 33,000 Second Amended Junior Credit Facility ​ — ​ — Total ​ $ — ​ $ 33,000

Mortgages Payable (Tables)

Mortgages Payable (Tables)	6 Months Ended
	Jun. 30, 2021
Mortgages Payable
Schedule of senior mortgage indebtedness	The following table summarizes certain information as of June 30, 2021 and December 31, 2020, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Principal ​ As of June 30, 2021 ​ ​ June 30, ​ December 31, ​ ​ ​ Interest-only ​ ​ Property 2021 2020 Interest Rate through date Maturity Date ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Avenue 25 (1) ​ ​ 36,566 ​ ​ 36,566 ​ 4.18 % July 2022 ​ July 1, 2027 Burano Hunter’s Creek (2) ​ ​ 70,189 ​ ​ 70,871 ​ 3.65 % (3) ​ November 1, 2024 Carrington at Perimeter Park (4) ​ ​ 31,273 ​ ​ 31,301 ​ 4.16 % (4) ​ July 1, 2027 Chattahoochee Ridge ​ 45,338 ​ 45,338 3.25 % December 2022 ​ December 5, 2024 Citrus Tower ​ ​ 40,263 ​ ​ 40,627 ​ 4.07 % (3) ​ October 1, 2024 Denim (5) ​ ​ 101,205 ​ ​ 101,205 ​ 3.41 % August 2024 ​ August 1, 2029 Elan (6) ​ 25,541 ​ 25,574 4.19 % (6) ​ July 1, 2027 Element ​ ​ 29,260 ​ ​ 29,260 ​ 3.63 % July 2022 ​ July 1, 2026 Falls at Forsyth (7) ​ ​ 19,426 ​ ​ — ​ 4.35 % (3) ​ July 1, 2025 Gulfshore Apartment Homes ​ ​ 46,345 ​ ​ 46,345 ​ 3.26 % September 2022 ​ September 1, 2029 James on South First ​ — ​ 25,674 ​ ​ ​ ​ ​ Navigator Villas (8) ​ 20,515 ​ 20,515 4.56 % (3) ​ June 1, 2028 Outlook at Greystone ​ ​ 22,105 ​ ​ 22,105 ​ 4.30 % (3) ​ June 1, 2025 Park & Kingston ​ — ​ 19,600 ​ ​ ​ ​ ​ Plantation Park ​ — ​ 26,625 ​ ​ ​ ​ ​ Providence Trail ​ 47,950 ​ 47,950 3.54 % July 2021 ​ July 1, 2026 Roswell City Walk ​ 49,551 ​ 50,043 3.63 % (3) ​ December 1, 2026 The Brodie ​ 33,215 ​ 33,551 3.71 % (3) ​ December 1, 2023 The Debra Metrowest (2) ​ ​ 64,481 ​ ​ 64,559 ​ 4.43 % (3) ​ May 1, 2025 The Links at Plum Creek ​ 39,248 ​ 39,578 4.31 % (3) ​ October 1, 2025 The Mills ​ 25,006 ​ 25,275 4.21 % (3) ​ 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 ​ ​ ​ ​ ​ ​ The Sanctuary ​ 33,707 ​ 33,707 3.31 % Interest-only ​ August 1, 2029 Wesley Village ​ ​ 39,084 ​ ​ 39,438 ​ 4.25 % (3) ​ April 1, 2024 Windsor Falls ​ ​ 27,442 ​ ​ — ​ 4.19 % November 2022 ​ November 1, 2027 Yauger Park Villas (9) ​ ​ 15,056 ​ ​ — ​ 4.86 % (3) ​ April 1, 2026 Total Fixed Rate ​ $ 1,064,081 ​ $ 1,117,999 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Floating Rate (10) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Glenridge ​ $ 49,500 ​ $ 49,500 1.42 % September 2021 ​ September 1, 2025 Chevy Chase ​ ​ 24,400 ​ ​ 24,400 ​ 2.41 % September 2022 ​ September 1, 2027 Cielo on Gilbert (11) ​ ​ 58,000 ​ ​ 58,000 ​ 2.62 % January 2026 ​ January 1, 2031 Falls at Forsyth (7) ​ ​ 19,358 ​ ​ — ​ 1.49 % (3) ​ July 1, 2025 Fannie Facility Advance ​ 13,936 ​ 13,936 2.69 % June 2022 ​ June 1, 2027 Fannie Facility Second Advance (11) ​ ​ 12,880 ​ ​ — ​ 2.71 % March 2023 ​ March 1, 2028 Marquis at The Cascades I ​ — ​ 31,668 ​ ​ ​ ​ ​ Marquis at The Cascades II ​ — ​ 22,101 ​ ​ ​ ​ ​ Pine Lakes Preserve ​ 42,728 ​ 42,728 3.07 % July 2025 ​ July 1, 2030 The District at Scottsdale ​ ​ — ​ ​ 75,577 ​ ​ ​ ​ ​ ​ Veranda at Centerfield ​ 26,100 ​ 26,100 1.34 % July 2021 ​ July 26, 2023 (12) Villages of Cypress Creek ​ 33,520 ​ 33,520 2.64 % July 2022 ​ July 1, 2027 Total Floating Rate ​ $ 280,422 ​ $ 377,530 ​ ​ ​ ​ ​ ​ Total ​ $ 1,344,503 ​ $ 1,495,529 ​ ​ ​ ​ ​ Fair value adjustments ​ ​ 8,922 ​ ​ 6,489 ​ ​ ​ ​ ​ ​ Deferred financing costs, net ​ ​ (9,971) ​ ​ (11,086) ​ ​ ​ ​ Total continuing operations ​ $ 1,343,454 ​ $ 1,490,932 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held for Sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Grandewood (7)(13) ​ $ — ​ $ 19,585 ​ ​ ​ ​ ​ ​ ARIUM Grandewood (7)(13) ​ ​ — ​ ​ 19,529 ​ ​ ​ ​ ​ ​ Park & Kingston ​ ​ 19,600 ​ ​ — ​ 3.32 % November 2024 ​ November 1, 2026 The District at Scottsdale (14) ​ ​ 73,778 ​ ​ — ​ 1.85 % (3) ​ July 11, 2021 (15) Deferred financing costs, net ​ ​ (241) ​ ​ (341) ​ ​ ​ ​ ​ ​ Total held for sale ​ ​ 93,137 ​ ​ 38,773 ​ ​ ​ ​ ​ ​ Total mortgages payable ​ $ 1,436,591 ​ $ 1,529,705 ​ ​ ​ ​ ​ ​ ​ (1) 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% . (2) Burano Hunter’s Creek and The Debra Metrowest, formerly ARIUM Hunter’s Creek and ARIUM Metrowest, respectively. (3) The loan requires monthly payments of principal and interest. (4) 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. (5) 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% . (6) 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. (7) Refer to the Master Credit Facility with Fannie Mae disclosure below for further information regarding the senior mortgage substitution of collateral. (8) 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% . (9) The principal balance includes a $10.5 million senior loan at a fixed rate of 4.81% and a $4.6 million supplemental loan at a fixed rate of 4.96 %. (10) Other than Cielo on Gilbert, the Fannie Facility Second Advance and The District at Scottsdale, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In June 2021, one-month LIBOR in effect was 0.09% . LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information. (11) The Cielo on Gilbert loan and the Fannie Facility Second Advance bear interest at a floating rate of the 30-day average SOFR + 2.61% and + 2.70% , respectively. In June 2021, the 30-day average SOFR in effect was 0.01% . SOFR rate is subject to a rate cap. Please refer to Note 11 for further information. (12) The loan has two (2) one-year extension options subject to certain conditions. (13) At December 31, 2020, ARIUM Grandewood had a fixed rate loan with a principal balance of $19.6 million and a floating rate loan with a principal balance of $19.5 million. (14) 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. (15) The loan has two (2) three-month extension options subject to certain conditions.
Schedule of contractual principal payments	As of June 30, 2021, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Total 2021 (July 1-December 31) (1) ​ $ 79,082 2022 ​ 13,449 2023 ​ 126,051 2024 ​ 201,447 2025 ​ 331,380 Thereafter ​ 686,472 ​ ​ $ 1,437,881 Add: Unamortized fair value debt adjustment ​ 8,922 Subtract: Deferred financing costs, net ​ (10,212) Total ​ $ 1,436,591 ​ (1) $73.8 million relates to The District at Scottsdale, a property which was sold on July 7, 2021. Refer to Note 15 for further information.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Financial Instruments
Schedule of the fair value of the Company's derivative financial instruments	The table below presents the classification and fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of June 30, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ ​ ​ Fair values of derivative instruments under ASC 815 ‑ 20 ​ Balance Sheet Location ​ instruments ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2021 2020 Interest rate caps Accounts receivable, prepaids and other assets ​ $ 106 ​ $ 14 ​ The table below presents the classification and effect of the Company's derivative financial instruments on the consolidated statements of operations for the three and six months ended June 30, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ Location of Gain or (Loss) ​ The Effect of Derivative Instruments instruments under ASC 815 ‑ 20 ​ Recognized in Income ​ on the Statements of Operations ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2021 2020 ​ 2021 2020 Interest rate caps ​ Interest Expense ​ $ (20) ​ $ 2 ​ $ 15 ​ $ 31

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 Amounts Payable to BRE under the Administrative Services Agreement, net ​ ​ Operating and direct expense reimbursements ​ $ 341 ​ $ 338 Offering expense reimbursements ​ ​ 108 ​ ​ 89 Total expense reimbursement amounts payable to BRE, net ​ $ 449 ​ $ 427 ​ ​ ​ ​ ​ ​ ​ Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement ​ ​ ​ ​ Operating and direct expense reimbursements ​ $ 186 ​ $ 191 Total expense reimbursement amounts payable to BRE ​ $ 186 ​ $ 191 Total ​ $ 635 ​ $ 618

Stockholders' Equity and Rede_2

Stockholders' Equity and Redeemable Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity and Redeemable Preferred Stock
Schedule of reconciliation of components of basic and diluted net loss per common share	The following table reconciles the components of basic and diluted net (loss) income per common share (amounts in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2021 2020 2021 2020 ​ Net (loss) income attributable to common stockholders ​ $ (5,429) ​ $ 15,090 ​ $ 18,152 ​ $ (1,403) ​ Dividends on restricted stock and LTIP Units expected to vest ​ (384) ​ (342) ​ (767) ​ (666) ​ Basic net (loss) income attributable to common stockholders ​ $ (5,813) ​ $ 14,748 ​ $ 17,385 ​ $ (2,069) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding (1) ​ 28,129,862 ​ 24,307,147 ​ 25,623,537 ​ 24,197,479 ​ Potential dilutive shares (2) ​ — ​ 37,887 ​ 64,993 ​ — ​ Weighted average common shares outstanding and potential dilutive shares (1) ​ 28,129,862 ​ 24,345,034 ​ 25,688,530 ​ 24,197,479 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income per common share, basic ​ $ (0.21) ​ $ 0.61 ​ $ 0.68 ​ $ (0.09) ​ Net (loss) income per common share, diluted ​ $ (0.21) ​ $ 0.61 ​ $ 0.68 ​ $ (0.09) ​ ​ (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) For the three months ended June 30, 2021, potential vesting of restricted stock to employees for 53,988 shares of Class A common stock are excluded from the diluted shares calculation as the effect is antidilutive. For the six months ended June 30, 2021, the following are included in the diluted shares calculation: a) Warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 11,932 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 53,061 shares of Class A common stock.
Schedule of distributions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable to ​ ​ ​ ​ ​ stockholders ​ ​ ​ ​ Date Declaration Date of record as of Amount Paid or Payable Class A Common Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.162500 January 5, 2021 March 12, 2021 March 25, 2021 ​ $ 0.162500 April 5, 2021 June 11, 2021 ​ June 25, 2021 ​ $ 0.162500 ​ July 2, 2021 Class C Common Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.162500 January 5, 2021 March 12, 2021 March 25, 2021 ​ $ 0.162500 April 5, 2021 June 11, 2021 ​ June 25, 2021 ​ $ 0.162500 ​ July 2, 2021 Series A Preferred Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.515625 January 5, 2021 January 27, 2021 (1) February 26, 2021 ​ $ 0.320833 February 26, 2021 Series B Preferred Stock ​ October 9, 2020 December 24, 2020 ​ $ 5.00 January 5, 2021 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 April 12, 2021 ​ April 23, 2021 ​ $ 5.00 ​ May 5, 2021 April 12, 2021 ​ May 25, 2021 ​ $ 5.00 ​ June 4, 2021 April 12, 2021 ​ June 25, 2021 ​ $ 5.00 ​ July 2, 2021 Series C Preferred Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.4765625 January 5, 2021 March 12, 2021 March 25, 2021 ​ $ 0.4765625 April 5, 2021 June 11, 2021 ​ June 25, 2021 ​ $ 0.4765625 ​ July 2, 2021 Series D Preferred Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.4453125 January 5, 2021 March 12, 2021 March 25, 2021 ​ $ 0.4453125 April 5, 2021 June 11, 2021 ​ June 25, 2021 ​ $ 0.4453125 ​ July 2, 2021 Series T Preferred Stock (2) ​ October 9, 2020 ​ December 24, 2020 ​ $ 0.128125 ​ January 5, 2021 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 April 12, 2021 ​ April 23, 2021 ​ $ 0.128125 ​ May 5, 2021 April 12, 2021 ​ May 25, 2021 ​ $ 0.128125 ​ June 4, 2021 April 12, 2021 ​ June 25, 2021 ​ $ 0.128125 ​ July 2, 2021 ​ (1) The dividend was paid on the date indicated to stockholders in conjunction with the redemption of shares of Series A Preferred Stock. (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.
Summary of distributions declared and paid	Distributions declared and paid for the six months ended June 30, 2021 were as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distributions 2021 Declared Paid First Quarter ​ ​ Class A Common Stock ​ $ 3,943 ​ $ 3,630 Class C Common Stock ​ 12 ​ 12 Series A Preferred Stock ​ 706 ​ 1,842 Series B Preferred Stock ​ 7,089 ​ 7,400 Series C Preferred Stock ​ 1,094 ​ 1,094 Series D Preferred Stock ​ 1,235 ​ 1,235 Series T Preferred Stock ​ ​ 4,493 ​ ​ 4,049 OP Units ​ 1,027 ​ 1,027 LTIP Units ​ 814 ​ 510 Total first quarter 2021 ​ $ 20,413 ​ $ 20,799 Second Quarter ​ ​ Class A Common Stock ​ $ 4,753 ​ $ 3,945 Class C Common Stock ​ 12 ​ 12 Series B Preferred Stock ​ 5,818 ​ 6,273 Series C Preferred Stock ​ 1,094 ​ 1,094 Series D Preferred Stock ​ 1,235 ​ 1,235 Series T Preferred Stock ​ ​ 6,220 ​ ​ 5,616 OP Units ​ 1,027 ​ 1,025 LTIP Units ​ 721 ​ 836 Total second quarter 2021 ​ $ 20,880 ​ $ 20,036 Total ​ $ 41,293 ​ $ 40,835

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2021
Subsequent Events
Schedule of Declaration of Dividends	Declaration of Dividends ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable to stockholders ​ ​ Declaration Date of record as of Amount Paid / Payable Date Series B Preferred Stock July 12, 2021 ​ July 23, 2021 ​ $ 5.00 ​ August 5, 2021 July 12, 2021 ​ August 25, 2021 ​ $ 5.00 ​ September 3, 2021 July 12, 2021 ​ September 24, 2021 ​ $ 5.00 ​ October 5, 2021 Series T Preferred Stock (1) ​ ​ ​ July 12, 2021 ​ July 23, 2021 ​ $ 0.128125 ​ August 5, 2021 July 12, 2021 ​ August 25, 2021 ​ $ 0.128125 ​ September 3, 2021 July 12, 2021 ​ September 24, 2021 ​ $ 0.128125 ​ October 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 June 30, 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distributions ​ Total Shares Declaration Date Record Date Date Paid per Share Distribution Class A Common Stock ​ June 11, 2021 ​ June 25, 2021 ​ July 2, 2021 ​ $ 0.1625000 ​ $ 4,753 Class C Common Stock ​ June 11, 2021 ​ June 25, 2021 ​ July 2, 2021 ​ ​ 0.1625000 ​ ​ 12 Series B Preferred Stock ​ April 12, 2021 ​ June 25, 2021 ​ July 2, 2021 ​ ​ 5.0000000 ​ ​ 1,803 Series C Preferred Stock ​ June 11, 2021 ​ June 25, 2021 ​ July 2, 2021 ​ ​ 0.4765625 ​ ​ 1,094 Series D Preferred Stock ​ June 11, 2021 ​ June 25, 2021 ​ July 2, 2021 ​ ​ 0.4453125 ​ ​ 1,235 Series T Preferred Stock ​ April 12, 2021 ​ June 25, 2021 ​ July 2, 2021 ​ ​ 0.1281250 ​ ​ 2,281 OP Units ​ June 11, 2021 ​ June 25, 2021 ​ July 2, 2021 ​ ​ 0.1625000 ​ ​ 1,027 LTIP Units ​ June 11, 2021 ​ June 25, 2021 ​ July 2, 2021 ​ ​ 0.1625000 ​ ​ 630 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series B Preferred Stock ​ July 12, 2021 ​ July 23, 2021 ​ August 5, 2021 ​ ​ 5.0000000 ​ ​ 1,802 Series T Preferred Stock ​ July 12, 2021 ​ July 23, 2021 ​ August 5, 2021 ​ ​ 0.1281250 ​ ​ 2,471 Total ​ ​ ​ ​ ​ ​ $ 17,108

Organization and Nature of Bu_2

Organization and Nature of Business (Details)	6 Months Ended
	Jun. 30, 2021
Organization and Nature of Business [Line Items]
Percent of Real Estate Properties Occupied	96.20%
Number of Units in Real Estate Property	17,928
Annual Distribution Percentage Rate	90.00%
Operating Units [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property	11,532
Under Development [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property	6,396
Number of multifamily units in Real Estate Property	5,876
Number of single-family residential homes	520

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accounting Policies [Line Items]
Percentage Of Unvested Incentive Plan In Operating Partnership	5.53%		5.53%
Percentage of Voting Equity			50.00%
Provision for credit loss	$ 26	$ 0	$ 567	$ 0
Percentage of rent collected	98.00%
Percentage of tenants , on rent deferral payment plan			1.00%
Occupancy rate (as a percent)	96.20%		96.20%
Ltip Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			12.64%
Op Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			15.64%
Op Ltip Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			28.28%

Sale of Real Estate Assets an_2

Sale of Real Estate Assets and Held for Sale Properties (Details) - USD ($) $ in Thousands	Jun. 29, 2021	Jun. 10, 2021	Apr. 26, 2021	Mar. 18, 2021	Mar. 01, 2021	Feb. 24, 2021	Jan. 28, 2021	Jan. 24, 2020	Apr. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 25, 2021
Real Estate Assets Held for Development and Sale [Line Items]
Loss on extinguishment of debt										$ (647)		$ (13,985)	$ (3,687)	$ (13,985)
Debt modification costs							$ 100
Proceeds from sale of interests													31,412	35,542
Payments to Acquire Equity Method Investments													34,881	17,119
Preferred returns on unconsolidated real estate joint ventures										2,329		2,834	4,616	5,249
Preferred equity investments and investments in unconsolidated real estate joint ventures, net										86,328	$ 83,485		86,328
Provision For Credit Losses on Equity Method Investments										73			165
Expected proceeds from sale of equity investment										$ 200			200
ARIUM Grandewood
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate Gross							65,300
Secured Debt							39,100
Payments for closing costs and fees on real estate investments							1,100
Proceeds from Sale of Real Estate							25,100
Gain (loss) on sale of asset							$ 27,700
James At South First
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate Gross						$ 50,000
Loss on extinguishment of debt						2,600
Payments for closing costs and fees on real estate investments						500
Proceeds from Sale of Real Estate						21,100
Gain (loss) on sale of asset								$ 17,400
Payment for Debt Extinguishment or Debt Prepayment Cost						2,500
Payoff of Mortgage Indebtedness						25,600
James At South First | Pro Rata [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate						$ 18,100
Marquis at the Cascades
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate Gross					$ 90,900
Loss on extinguishment of debt					300
Payments for closing costs and fees on real estate investments					300
Proceeds from Sale of Real Estate					37,300
Gain (loss) on sale of asset					23,700
Payoff of Mortgage Indebtedness					53,600
Marquis at the Cascades | Pro Rata [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate					$ 32,600
The Conley
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from sale of interests				$ 16,500
Payments to Acquire Equity Method Investments				15,200
Preferred returns on unconsolidated real estate joint ventures				$ 1,300
Alexan Southside Place
Real Estate Assets Held for Development and Sale [Line Items]
Preferred returns on unconsolidated real estate joint ventures												$ 318		$ 632
Preferred equity investments and investments in unconsolidated real estate joint ventures, net									$ 10,100
Provision For Credit Losses on Equity Method Investments											$ 15,900		$ (15,930)
Proceeds from sale of equity investment									$ 9,800
Expected proceeds from sale of equity investment															$ 300
Plantation Park
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate Gross			$ 32,000
Loss on extinguishment of debt			200
Payments for closing costs and fees on real estate investments			400
Payments for Mortgage on Real Estate Sold			26,600
Proceeds from Sale of Real Estate			4,900
Gain (loss) on sale of asset			(1,100)
Plantation Park | Pro Rata [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate			$ 2,700
Reserve at Palmer Ranch
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate Gross		$ 57,600
Loss on extinguishment of debt		500
Payments for closing costs and fees on real estate investments		900
Payments for Mortgage on Real Estate Sold		40,600
Proceeds from Sale of Real Estate		16,600
Gain (loss) on sale of asset		$ 20,500
Vickers Historic Roswell
Real Estate Assets Held for Development and Sale [Line Items]
Accrued interest paid	$ 500
Repayments of principal amount of debt	12,400
Repayment of principal	$ 12,900

Investments in Real Estate (Det

Investments in Real Estate (Details)	6 Months Ended
	Jun. 30, 2021itemUSD ($)	Apr. 01, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units | $	6,396
Total operating units	4,361
Total development units	2,035
Number of real estate investments	60
Consolidated operating properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of real estate investments	35
Properties held through preferred equity, mezzanine loan or ground lease investments
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of real estate investments	25
The District at Scottsdale
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Ownership interest by third party		1.00%
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
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
The Riley
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Richardson, TX
Total operating units	262
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
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 operating units	385
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
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
The Hartley at Blue Hill, formerly 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
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
Willow Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Willow Park, TX
Total development units	46
Wayford at Innovation Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Charlotte, NC
Total development units	210
Deerwood Apartments
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Houston, TX
Total development units	330
Deercross
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Indianapolis, IN
Total operating units	372
Peak Housing
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Various, Texas
Total operating units	474
ARIUM Glenridge
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 Westside
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
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
Burano Hunter's Creek, formerly ARIUM Hunter's Creek
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
Carrington At Perimeter Park
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
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
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
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
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
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
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
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
Navigator Villas
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
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
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
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
Roswell City Walk
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
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
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 Debra Metrowest, formerly ARIUM Metrowest
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
The District at Scottsdale
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)	99
The Mills
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
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 Sanctuary
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
The Links at Plum Creek
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
Veranda at Centerfield
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
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
Wayford at Concord
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Concord, NC
Number of Units	150
Ownership interest (as a percent)	83
Wesley Village
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
Windsor Falls
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Raleigh, NC
Number of Units	276
Ownership interest (as a percent)	100
Yauger Park Villas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Olympia, WA
Number of Units	80
Ownership interest (as a percent)	95
Providence Trail
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
The Reserve at Palmer Ranch
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Sarasota, FL
Total operating units	320
Average [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	11,532

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Investments in Real Estate
Investments in real estate of depreciation expense	$ 18.4	$ 18	$ 37.1	$ 36.2
Amortization of Deferred Leasing Fees	$ 1.4	$ 2.1	$ 2.9	$ 4.8

Acquisition of Real Estate - Ac

Acquisition of Real Estate - Acquisition activity and related new financing (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Business Acquisition [Line Items]
Proceeds from Issuance of Senior Long-term Debt	$ 42,519
Yauger Park Villas
Business Acquisition [Line Items]
Ownership interest	95.00%
Purchase price	$ 24,500
Mortgage	15,077
Proceeds from Issuance of Senior Long-term Debt	10,500
Proceeds from Issuance of Secured Debt	$ 4,600
Wayford at Concord
Business Acquisition [Line Items]
Ownership interest	83.00%
Purchase price	$ 44,438
Windsor Falls
Business Acquisition [Line Items]
Ownership interest	100.00%
Purchase price	$ 48,775
Mortgage	$ 27,442

Acquisition of Real Estate - As

Acquisition of Real Estate - Assets acquired (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Preliminary Purchase Price Allocation
Land	$ 14,498
Building	87,960
Building improvements	2,790
Land improvements	13,665
Furniture and fixtures	1,769
In-place leases	1,831
Total assets acquired	122,513
Mortgages assumed	42,519
Fair value adjustments	2,996
Total liabilities assumed	$ 45,515

Notes and Interest Receivable -

Notes and Interest Receivable - Summary of the notes and accrued interest receivable due from related parties (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Total	$ 166,189	$ 157,908
Provision for credit losses	(535)	(174)
Total, net	165,654	157,734
Avondale Hills Member
Total	12,153	1,021
Domain at The One Forty [Member]
Total	24,826	24,315
Motif [Member]
Total	80,521	75,436
Reunion Apartments [Member]
Total	10,769	8,161
The Hartley at Blue Hill, formerly The Park at Chapel Hill [Member]
Total	$ 37,920	36,927
Vickers Historic Roswell
Total		$ 12,048

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	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Notes and Interest Receivable
Beginning balance as of April 1 and January 1, 2021, respectively	$ 575	$ 174
Provision for credit loss on pool of assets, net (1)	(40)	361
Ending balance	$ 535	$ 535

Notes and Interest Receivable_3

Notes and Interest Receivable - Summary of the interest income from related parties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest Income, Related Party	$ 4,114	$ 5,338	$ 8,835	$ 11,227
Amount funded for leasehold improvement allowance	20,400		20,400
Arlo
Interest Income, Related Party		1,068		2,087
Avondale Hills Member
Interest Income, Related Party	286		403
Domain at The One Forty [Member]
Interest Income, Related Party	244	325	483	647
Motif [Member]
Interest Income, Related Party	1,488	2,297	3,862	4,697
Interest income related party, net of adjustment	1,000		1,000
Novel Perimeter
Interest Income, Related Party		795		1,566
Reunion Apartments [Member]
Interest Income, Related Party	303		593
The Hartley at Blue Hill, formerly The Park at Chapel Hill [Member]
Interest Income, Related Party	1,035	384	2,058	1,320
Vickers Historic Roswell
Interest Income, Related Party	463	430	903	859
Zoey [Member]
Interest Income, Related Party	$ 295	$ 39	$ 533	$ 51

Notes and Interest Receivable_4

Notes and Interest Receivable - Schedule of occupancy percentages of the Company's related parties (Details)	Jun. 30, 2021	Dec. 31, 2020
Domain at The One Forty [Member]
Development Leased	95.00%	92.60%
Motif [Member]
Development Leased	94.80%	62.10%

Notes and Interest Receivable_5

Notes and Interest Receivable - Additional Information (Details) - USD ($) $ in Thousands	Mar. 29, 2021	Jan. 27, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 29, 2021	Dec. 31, 2020
Interest Income, Related Party			$ 4,114	$ 5,338	$ 8,835	$ 11,227
Provision for credit losses on carrying amount of investments			166,189		166,189			$ 157,908
Provision for credit loss on mezzanine loan investments					500
Motif [Member]
Interest Income, Related Party			1,488	$ 2,297	3,862	$ 4,697
Provision for credit losses on carrying amount of investments			$ 80,521		80,521			$ 75,436
Motif Bridge Loan
Amount of loan entered		$ 88,800
Spread on floating rate		3.70%
Minimum interest rate		3.85%
Motif Mezz Loan
Amount funded					79,700
Increase in loan commitment	$ 88,600
Fixed rate	12.90%
Fixed rate in year 2022	9.00%
Fixed rate in year 2023 and thereafter	6.00%
Percentage of participation in profit	50.00%
Domain Mezz Loan [Member]
Amount funded					$ 24,700
Minimum [Member] | Domain Mezz Loan [Member]
Increase in loan commitment							$ 24,500
Maximum [Member] | Domain Mezz Loan [Member]
Increase in loan commitment							$ 27,400

Preferred Equity Investments _3

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Apr. 30, 2021	Apr. 12, 2021	Mar. 31, 2021	Dec. 31, 2020
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	$ 86,716				$ 99,638
Provision for credit losses	(388)			$ (315)	(16,153)
Total, net	86,328				83,485
Deercross Interests
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	4,000
Peak Housing
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	10,705
Total, net			$ 10,700
Alexan CityCentre [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	16,678				15,063
Alexan Southside Place
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total					26,038
Total, net		$ 10,100
Mira Vista [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	5,250				5,250
Strategic Portfolio [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	38,454				27,054
The Riley
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	6,961
The Conley
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total					15,036
Thornton Flats [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	4,600				4,600
Wayforth at Concord [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total					6,500
Other Property [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	$ 68				$ 97

Preferred Equity Investments _4

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Provision for credit losses (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)item	Dec. 31, 2020USD ($)	Jun. 30, 2021USD ($)
Beginning balance as of April 1 and January 1, 2021, respectively	$ 315		$ 16,153
Provision for credit loss	73		165
Ending balance	$ 388	$ 16,153	388
Number of equity method investments made during the period | item	3
Number of equity method investment properties sold during the period | item	1
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	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	$ 2,329	$ 2,834	$ 4,616	$ 5,249
Alexan CityCentre [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	714	616	1,377	1,207
Alexan Southside Place
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures		318		632
Helios [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures				(159)
Mira Vista [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	134	134	267	268
Riverside Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures		421		829
Strategic Portfolio [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	791	544	1,501	841
The Conley
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures		485	405	961
The Riley
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	194		257
Thornton Flats [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	103	103	205	206
Wayforth at Concord [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	152	$ 213	363	408
Whetstone Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures				$ 56
Deercross Interests
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	6		6
Peak Housing
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	$ 235		$ 235

Preferred Equity Investments _6

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Occupancy percentages (Details)	Jun. 30, 2021	Dec. 31, 2020
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	96.20%
Alexan CityCentre [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	96.50%	94.10%
Mira Vista [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	95.50%	95.00%
Belmont Crossing [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	95.80%	91.70%
Georgetown Crossing [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	98.20%	88.70%
Hunter's Pointe [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	98.00%	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%	97.50%
Sierra Terrace [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	97.00%	89.60%
Sierra Village [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	94.20%	87.70%
The Commons [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	98.80%	93.90%
Reserve at Palmer Ranch
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	98.10%
Water's Edge [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	97.80%	99.50%
The Riley
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	97.30%
Thornton Flats [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	97.10%	88.50%
Deercross Interests
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	96.80%
Peak Housing
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	93.00%

Preferred Equity Investments _7

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional Information (Details) $ in Thousands	Jun. 25, 2021USD ($)item	Jun. 16, 2021USD ($)	Mar. 01, 2021USD ($)	Jun. 30, 2021USD ($)item	Jun. 30, 2020USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Equity Method Investment And Joint Venture [Line Items]
Number of joint ventures in which company has equity investment | item				13
Number of joint ventures which generate a stated preferred return on outstanding capital contributions | item				11
Number of equity investments representing 0.5% common interest in joint venture | item				2
Total Loan Commitment		$ 16,500
Equity Method Investments				$ 86,328			$ 83,485
Due from Affiliates				667			339
Payments to Acquire Equity Method Investments				$ 34,881	$ 17,119
Common interest (as a percent)				0.50%
Equity Method Investments, Provision for Credit Losses				$ 388		$ 315	$ 16,153
Helios [Member]
Equity Method Investment And Joint Venture [Line Items]
Cost expense				$ (143)
Deercross Interests
Equity Method Investment And Joint Venture [Line Items]
Fixed rate	4.66%
Current return (as a percent)	7.00%
Total preferred return (as a percent)	10.50%
Accrued return (as a percent)	3.50%
Equity Method Investments	$ 4,000
Number of Units | item	372
Construction Loan	$ 18,900
The Riley Interests
Equity Method Investment And Joint Venture [Line Items]
Spread on variable rate				3.35%
Current return (as a percent)			6.00%
Total preferred return (as a percent)			11.00%
Accrued return (as a percent)			5.00%
Equity Method Investments			$ 7,000
Construction Loan				$ 44,100
The Riley Interests | LIBOR
Equity Method Investment And Joint Venture [Line Items]
Interest floating basis rate percentage				0.15%

Preferred Equity Investments _8

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional information (Details-1) $ in Thousands	Jun. 25, 2021	Jun. 17, 2021USD ($)item	Jun. 16, 2021USD ($)	Jun. 12, 2021	Jun. 10, 2021USD ($)item	Jun. 04, 2021USD ($)	Apr. 12, 2021USD ($)itemOption	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Equity Method Investments								$ 86,328		$ 86,328		$ 83,485
Total Loan Commitment			$ 16,500
Proceeds From Sale Of Joint Venture Interest										31,412	$ 35,542
Payments to Acquire Equity Method Investments										34,881	17,119
Income (Loss) from Equity Method Investments								2,329	$ 2,834	4,616	$ 5,249
Deercross Interests
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Amortization Period	30 years
Income (Loss) from Equity Method Investments								6		6
Debt Instrument, Interest Rate, Stated Percentage	1.00%
Strategic Portfolio Interests [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments					$ 11,400
Number of Units | item					320
Current return (as a percent)					6.35%
Total preferred return (as a percent)					11.50%
Accrued return (as a percent)					5.15%
Construction Loan					$ 161,000
Peak Housing
Schedule of Equity Method Investments [Line Items]
Equity Method Investments							$ 10,700
Number of Units | item							474
Current return (as a percent)							7.00%
Total preferred return (as a percent)				10.00%
Accrued return (as a percent)							3.00%
Construction Loan							$ 53,600
Number of extension options | Option							2
Extension term							1 year
Accrual rate for current return not paid							15.00%
Income (Loss) from Equity Method Investments								235		235
Wayford at Concord
Schedule of Equity Method Investments [Line Items]
Equity Method Investments						$ 44,400
Ownership Interest						83
Proceeds From Sale Of Joint Venture Interest						$ 7,000
Payments to Acquire Equity Method Investments						6,500
Income (Loss) from Equity Method Investments						$ 500
Willow Park Interests [Member]
Schedule of Equity Method Investments [Line Items]
Number of Units | item		46
Accrued return (as a percent)		13.00%
Funded Amount								0		0
Total Loan Commitment		$ 3,800
Wayford at Innovation Park Interests [Member]
Schedule of Equity Method Investments [Line Items]
Number of Units | item		210
Accrued return (as a percent)		12.50%
Funded Amount								$ 0		$ 0
Total Loan Commitment		$ 11,700

Preferred Equity Investments _9

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional information (Details-2) $ in Thousands	Jun. 25, 2021	Jun. 16, 2021USD ($)item	Apr. 12, 2021USD ($)item	Jun. 30, 2021USD ($)
Schedule of Equity Method Investments [Line Items]
Total Loan Commitment		$ 16,500
Long-term Debt				$ 1,436,591
Deercross Interests
Schedule of Equity Method Investments [Line Items]
Amortization period	30 years
Deerwood Apartments Interests[Member]
Schedule of Equity Method Investments [Line Items]
Number of Units | item		330
Funded Amount				0
Preferredship Interest Return At Annual Rate Accrued		11.50%
Construction Loan				$ 39,500
Extension term		1 year
Interest floating basis rate percentage		3.35%
Amortization period		30 years
Peak Housing
Schedule of Equity Method Investments [Line Items]
Number of Units | item			474
Preferredship Interest Return At Annual Rate Accrued			3.00%
Construction Loan			$ 53,600
Extension term			1 year
LIBOR | Deerwood Apartments Interests[Member]
Schedule of Equity Method Investments [Line Items]
Spread on floating rate		2.75%

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) $ in Thousands	Dec. 31, 2020USD ($)
Long-term Line of Credit	$ 33,000
Amended Senior Credit Facility [Member]
Long-term Line of Credit	$ 33,000

Revolving Credit Facility - Add

Revolving Credit Facility - Additional Information (Details) $ in Millions	Mar. 06, 2020USD ($)item	Nov. 06, 2019USD ($)	Jun. 30, 2021USD ($)item
Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.35%
Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.40%
Revolving Credit Facility [Member]
Line of Credit Facility, Remaining Borrowing Capacity			$ 107.7
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
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
Second Amended Junior Credit Facility [Member] | LIBOR | Line of Credit [Member] | Minimum [Member]
Debt Instrument, Description of Variable Rate Basis		2.75%
Second Amended Junior Credit Facility [Member] | LIBOR | Line of Credit [Member] | Maximum [Member]
Debt Instrument, Description of Variable Rate Basis		3.25%
Second Amended Junior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		1.75%
Second Amended Junior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		2.25%

Mortgages Payable (Details)

Mortgages Payable (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)item	Feb. 18, 2021USD ($)	Dec. 31, 2020USD ($)	May 27, 2020USD ($)
Line of Credit Facility [Line Items]
Total	$ 1,436,591		$ 1,529,705
Total continuing operations	1,343,454		1,490,932
Total held for sale	93,137		38,773
Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	1,064,081		1,117,999
Mortgages
Line of Credit Facility [Line Items]
Total	1,344,503		1,495,529
Fair value adjustments	8,922		6,489
Deferred financing costs, net	(9,971)		(11,086)
Mortgages | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	280,422		377,530
Mortgages | Held for sale
Line of Credit Facility [Line Items]
Deferred financing costs, net	(241)		(341)
Fannie Facility Advance | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal				$ 13,900
ARIUM Grandewood | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal			19,600
ARIUM Grandewood | Mortgages | Held for sale
Line of Credit Facility [Line Items]
Total Outstanding Principal			19,585
ARIUM Grandewood | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal			19,500
ARIUM Grandewood | Mortgages | Held for sale
Line of Credit Facility [Line Items]
Total Outstanding Principal			19,529
ARIUM Westside | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 52,150		52,150
Fixed rate	3.68%
Ashford Belmar | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 100,675		100,675
Fixed rate	4.53%
Avenue 25 | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 36,566		36,566
Fixed rate	4.18%
Burano Hunter's Creek | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 70,189		70,871
Fixed rate	3.65%
Carrington At Perimeter Park | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 31,273		31,301
Fixed rate	4.16%
Chattahoochee Ridge | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 45,338		45,338
Fixed rate	3.25%
Citrus Tower | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 40,263		40,627
Fixed rate	4.07%
Denim | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 101,205		101,205
Fixed rate	3.41%
The Debra Metrowest | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 64,481		64,559
Fixed rate	4.43%
Windsor Falls | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 27,442
Fixed rate	4.19%
Yauger Park Villas | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 15,056
Fixed rate	4.86%
Elan | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 25,541		25,574
Fixed rate	4.19%
Element | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 29,260		29,260
Fixed rate	3.63%
Falls at Forsyth | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 19,426
Fixed rate	4.35%
Falls at Forsyth | Mortgages | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 19,358
Fixed rate	1.49%
Gulfshore Apartment Homes | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 46,345		46,345
Fixed rate	3.26%
James on South First | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal			25,674
Navigator Villas | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 20,515		20,515
Fixed rate	4.56%
Outlook at Greystone | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 22,105		22,105
Fixed rate	4.30%
Park & Kingston | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal			19,600
Park & Kingston | Mortgages | Held for sale
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 19,600
Fixed rate	3.32%
Plantation Park | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal			26,625
Providence Trail | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 47,950		47,950
Fixed rate	3.54%
Rosewell City Walk | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 49,551		50,043
Fixed rate	3.63%
The Brodie | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 33,215		33,551
Fixed rate	3.71%
The Links at Plum Creek | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 39,248		39,578
Fixed rate	4.31%
The Mills | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 25,006		25,275
Fixed rate	4.21%
The Preserve at Henderson Beach | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 48,490		48,490
Fixed rate	3.26%
Reserve at Palmer Ranch | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal			40,977
The Sanctuary | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 33,707		33,707
Fixed rate	3.31%
Wesley Village | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 39,084		39,438
Fixed rate	4.25%
ARIUM Glenridge | Mortgages | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 49,500		49,500
Fixed rate	1.42%
Chevy Chase | Mortgages | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 24,400		24,400
Fixed rate	2.41%
Cielo On Gilbert | Mortgages | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 58,000		58,000
Fixed rate	2.62%
Fannie Facility Advance | Mortgages | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 13,936		13,936
Fixed rate	2.69%
Fannie Facility Second Advance | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 12,900
Fannie Facility Second Advance | Mortgages | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 12,880
Fixed rate	2.71%
Marquis at the Cascades I | Mortgages | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal			31,668
Marquis at the Cascades II | Mortgages | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal			22,101
Pine Lakes Preserve | Mortgages | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 42,728		42,728
Fixed rate	3.07%
The District at Scottsdale
Line of Credit Facility [Line Items]
Number of extension options | item	2
Extension term	3 months
The District at Scottsdale | Mortgages | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal			75,577
The District at Scottsdale | Mortgages | Held for sale
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 73,778
Fixed rate	1.85%
Veranda at Centerfield
Line of Credit Facility [Line Items]
Number of extension options | item	2
Extension term	1 year
Veranda at Centerfield | Mortgages | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 26,100		26,100
Fixed rate	1.34%
Villages of Cypress Creek | Mortgages | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 33,520		$ 33,520
Fixed rate	2.64%

Mortgages Payable - Debt maturi

Mortgages Payable - Debt maturities (Details) $ in Thousands	Jun. 30, 2021USD ($)
Mortgages Payable [Abstract]
2021 (July 1-December 31)	$ 79,082
2022	13,449
2023	126,051
2024	201,447
2025	331,380
Thereafter	686,472
Long-term Debt	1,437,881
Add: Unamortized fair value debt adjustment	8,922
Subtract: Deferred financing costs, net	(10,212)
Total	$ 1,436,591

Mortgages Payable - Additional

Mortgages Payable - Additional Information (Details) $ in Thousands	Jul. 07, 2021USD ($)	Feb. 18, 2021USD ($)	May 27, 2020USD ($)	Mar. 06, 2020item	Mar. 31, 2021	Jun. 30, 2021USD ($)item	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)item	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Line of Credit Facility [Line Items]
Loan amount						$ 13,449		$ 13,449
Real Estate Investments, Net						1,988,527		1,988,527		$ 2,097,177
Loss on extinguishment of debt						647	$ 13,985	3,687	$ 13,985
Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal						1,064,081		1,064,081		1,117,999
SOFR
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate					0.01%
Amended Senior Credit Facility [Member]
Line of Credit Facility [Line Items]
Real Estate Investments, Net						2,011,500		2,011,500
Number of extension options | item				2
Extension term				1 year
Mortgages | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal						280,422		280,422		377,530
Fannie Facility Advance | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal			$ 13,900
Amortization period			30 years
Fannie Facility Advance | LIBOR | Floating Interest Rate
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		$ 29,700
Debt Instrument, Basis Spread on Variable Rate								4.02%
Avenue 25 | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal						36,566		$ 36,566		36,566
Avenue 25 | Supplemental Loan
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						6,900		$ 6,900
Debt Instrument, Basis Spread on Variable Rate								4.86%
Carrington At Perimeter Park
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						27,500		$ 27,500
Debt Instrument, Basis Spread on Variable Rate								4.09%
Carrington At Perimeter Park | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal						31,273		$ 31,273		31,301
Carrington At Perimeter Park | Supplemental Loan
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						3,800		$ 3,800
Debt Instrument, Basis Spread on Variable Rate								4.66%
Denim
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						91,600		$ 91,600
Debt Instrument, Basis Spread on Variable Rate								3.32%
Denim | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal						101,205		$ 101,205		101,205
Denim | Supplemental Loan
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						9,600		$ 9,600
Debt Instrument, Basis Spread on Variable Rate								4.22%
Elan
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						21,200		$ 21,200
Debt Instrument, Basis Spread on Variable Rate								4.09%
Elan | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal						25,541		$ 25,541		25,574
Elan | Supplemental Loan
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						4,400		$ 4,400
Debt Instrument, Basis Spread on Variable Rate								4.66%
Navigator Villas
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						14,800		$ 14,800
Debt Instrument, Basis Spread on Variable Rate								4.31%
Navigator Villas | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal						20,515		$ 20,515		20,515
Navigator Villas | Supplemental Loan
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 5,700		$ 5,700
Debt Instrument, Basis Spread on Variable Rate								5.23%
The District at Scottsdale
Line of Credit Facility [Line Items]
Number of extension options | item						2		2
Extension term								3 months
The District at Scottsdale | Subsequent event
Line of Credit Facility [Line Items]
Payments for Mortgage on Real Estate Sold	$ 73,800
The District at Scottsdale | Mortgages | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal										75,577
Veranda at Centerfield
Line of Credit Facility [Line Items]
Number of extension options | item						2		2
Extension term								1 year
Veranda at Centerfield | Mortgages | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 26,100		$ 26,100		26,100
Villages of Cypress Creek | Mortgages | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal						33,520		33,520		33,520
Park & Kingston | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal										19,600
Gulfshore Apartment Homes | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal						46,345		46,345		46,345
Yauger Park Villas
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						10,500		$ 10,500
Debt Instrument, Basis Spread on Variable Rate								4.81%
Yauger Park Villas | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal						15,056		$ 15,056
Yauger Park Villas | Supplemental Loan
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						4,600		$ 4,600
Debt Instrument, Basis Spread on Variable Rate								4.96%
The Preserve at Henderson Beach | Mortgages | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal						48,490		$ 48,490		48,490
Other than Cielo on Gilbert, The Fannie Facility Second Advance and The District at Scottsdale [Member] | Mortgages
Line of Credit Facility [Line Items]
Debt Instrument Prepayment Fee Percentage								0.09%
The Cielo on Gilbert Loan [Member] | SOFR
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate								2.61%
Fannie Facility Second Advance | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 12,900
Fannie Facility Second Advance | SOFR
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.70%						2.70%
Fannie Facility Second Advance | Mortgages | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 12,880		$ 12,880
ARIUM Grandewood | Fixed Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal										19,600
ARIUM Grandewood | Floating Interest Rate
Line of Credit Facility [Line Items]
Total Outstanding Principal										$ 19,500

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value of Financial Instruments
Long-term Debt, Fair Value	$ 1,483.1	$ 1,586
Mortgage Payable At Carrying Value	$ 1,446.8	$ 1,541.1

Derivative Financial Instrume_3

Derivative Financial Instruments - Fair Value of company's derivative financial instruments (Details) - Interest Rate Cap [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Interest Expense [Member]
Fair value adjustment of interest rate Caps	$ (20)	$ 2	$ 15	$ 31
Accounts Receivable, Prepaids and Other Assets [Member]
Derivative, Fair Value, Net	$ 106		$ 106		$ 14

Derivative Financial Instrume_4

Derivative Financial Instruments - Additional Information (Details) $ in Millions	Jun. 30, 2021USD ($)
Interest Rate Cap [Member]
Amount Of Debt Covered By Derivatives	$ 280.4

Related Party Transactions - Re

Related Party Transactions - Related party amounts payable to BRE (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Related Party Transactions
Total related-party amounts payable	$ 635	$ 618
Amounts Payable to BRE under the Administrative Services Agreement, net [Member] | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	449	427
Operating and direct expense reimbursements | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	341	338
Offering expense reimbursements | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	108	89
Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement [Member] | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	186	191
Operating and direct expense reimbursements | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	$ 186	$ 191

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	May 11, 2021	Apr. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jul. 31, 2021	Mar. 25, 2021	Dec. 31, 2020
Related Party Transactions
Reimbursement of Payroll Operating Costs				$ 400,000
Reimbursement of total expenses			$ 600,000		$ 600,000	$ 1,500,000	$ 1,100,000
Due to Affiliates Excluding Former Advisor			700,000			700,000				$ 300,000
Due From Affiliates Excluding Former Advisor			700,000			700,000
Accrued preferred returns on unconsolidated real estate investments			200,000			200,000
Preferred equity interests			86,328,000			$ 86,328,000				$ 83,485,000
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			15,200,000		7,000,000	$ 15,200,000	7,000,000
Dealer manager fees and discounts						6,500,000	3,000,000
Subsequent event
Related Party Transactions
Preferred equity interests								$ 19,400,000
General and Administrative Expense [Member]
Related Party Transactions
Reimbursement of Payroll Operating Costs			700,000		$ 700,000	1,500,000	1,400,000
Long-term Incentive Plan Units One [Member]
Related Party Transactions
Stock Issued During Period, Shares, Share-based Compensation, Gross	41,031
Alexan Southside Place
Related Party Transactions
Accrued preferred returns on unconsolidated real estate investments									$ 300,000
Preferred equity interests		$ 10,100,000
Proceeds from sale of equity investment		$ 9,800,000
Affiliated Entity [Member]
Related Party Transactions
Security Deposit Liability			$ 750,000			750,000
Series T Preferred Stock [Member]
Related Party Transactions
Reimbursement Of Offering Costs						$ 600,000	$ 500,000

Stockholders' Equity and Rede_3

Stockholders' Equity and Redeemable Preferred Stock - Reconciliation of components of basic and diluted net loss per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stockholders' Equity and Redeemable Preferred Stock
Net (loss) income attributable to common stockholders	$ (5,429)	$ 15,090	$ 18,152	$ (1,403)
Dividends on restricted stock and LTIP Units expected to vest	(384)	(342)	(767)	(666)
Basic net (loss) income attributable to common stockholders	$ (5,813)	$ 14,748	$ 17,385	$ (2,069)
Weighted average common shares outstanding	28,129,862	24,307,147	25,623,537	24,197,479
Potential dilutive shares		37,887	64,993
Weighted average common shares outstanding and potential dilutive shares (1)	28,129,862	24,345,034	25,688,530	24,197,479
Net (loss) income per common share, basic	$ (0.21)	$ 0.61	$ 0.68	$ (0.09)
Net (loss) income per common share, diluted	$ (0.21)	$ 0.61	$ 0.68	$ (0.09)

Stockholders' Equity and Rede_4

Stockholders' Equity and Redeemable Preferred Stock - Distributions (Details)	6 Months Ended
	Jun. 30, 2021$ / 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
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
Series A Preferred Stock [Member]
Common stock, distribution amount	0.515625
Series Preferred Stock One [Member]
Common stock, distribution amount	0.320833
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 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 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 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

Stockholders' Equity and Rede_5

Stockholders' Equity and Redeemable Preferred Stock - Distributions declared and paid (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	$ 20,880	$ 20,413	$ 41,293
Distributions Paid	20,036	20,799	$ 40,835
Class A common stock
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	4,753	3,943
Distributions Paid	3,945	3,630
Class C Common Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	12	12
Distributions Paid	12	12
Series A Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared		706
Distributions Paid		1,842
Series B Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	5,818	7,089
Distributions Paid	6,273	7,400
Series C Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,094	1,094
Distributions Paid	1,094	1,094
Series D Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,235	1,235
Distributions Paid	1,235	1,235
Series T Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	6,220	4,493
Distributions Paid	5,616	4,049
Operating Partnership Units One [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,027	1,027
Distributions Paid	1,025	1,027
Long-term Incentive Plan Units One [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	721	814
Distributions Paid	$ 836	$ 510

Stockholders' Equity and Rede_6

Stockholders' Equity and Redeemable Preferred Stock - Additional Information (Details)	Jul. 11, 2021shares	Apr. 01, 2021USD ($)$ / sharesshares	Mar. 25, 2021shares	Feb. 26, 2021$ / sharesshares	Feb. 16, 2021itemshares	Jan. 01, 2021USD ($)shares	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)shares	Jun. 30, 2021USD ($)item$ / sharesshares	Jun. 30, 2020USD ($)shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)shares	Feb. 09, 2021USD ($)	Oct. 31, 2020USD ($)$ / shares	Oct. 21, 2020$ / shares	Sep. 30, 2019USD ($)
Class of Stock [Line Items]
Shares included in the diluted shares calculations								37,887	64,993
Preferred Stock, Shares Issued							0		0		0
Proceeds from Issuance of Common Stock | $									$ 19,000	$ 1,974,000
Stock Repurchased During Period, Value | $							$ 45,105,000	$ 1,000	85,825,000	11,607,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $							$ 45,200,000		$ 45,200,000
Percentage Of Unvested Incentive Plan In Operating Partnership							5.53%		5.53%
Preferred Stock, Par or Stated Value Per Share | $ / shares							$ 0.01		$ 0.01		$ 0.01
Share price | $ / shares							$ 25		$ 25
Share Repurchase Plan [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Value | $									$ 104,800,000
Class A common stock
Class of Stock [Line Items]
Stock Repurchased During Period, Shares									8,163,160
OP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest									15.64%
Partners' Capital Account, Units							6,309,672		6,309,672
LTIP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest									12.64%
Partners' Capital Account, Units							5,100,255		5,100,255
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									28.28%
Stock Offering [Member]
Class of Stock [Line Items]
Redemption of series T preferred stock and conversion into cash									251
Redemption of series B preferred stock and conversion into cash									30
Restricted Stock [Member]
Class of Stock [Line Items]
Share-based Compensation | $							$ 100,000	100,000	$ 200,000	200,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $							700,000		$ 700,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition									2 years 4 months 24 days
Remaining compensation cost is expected to be recognized (in years)									2 years 4 months 24 days
Long-term Incentive Plan Units One [Member] | Time-based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation | $							1,000,000	1,000,000	$ 2,000,000	1,900,000
Long-term Incentive Plan Units One [Member] | Performance Based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation | $							900,000	$ 400,000	$ 1,700,000	$ 1,300,000
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						277,001
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						554,003
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						3 years
Restricted Stock [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years							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						7,381
Compensation cost recognized | $						$ 400,000
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	23,206	22,598	193,112		19,683						144,173
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $							$ 10,000,000		$ 10,000,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition									2 years
Remaining compensation cost is expected to be recognized (in years)									2 years
Number Of Executive Officers To Whom Shares Were Issued In Lieu Of Salaries | item					2
Incentive Plan [Member] | Long term Incentive Plan Units Remaining[Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			48,939
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							941	1,857	1,740	169,255
Redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)									110,893
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)									14,592,550
Stock Issued During Period, Shares, Exercise Of Warrants									70,912
Common Stock, Shares, Issued							28,861,937		28,861,937		22,020,950
Shares Issued, Price Per Share | $ / shares							$ 12.01		$ 12.01
Proceeds from Issuance of Common Stock | $									$ 7,300,000
Stock Repurchase Program, Authorized Amount | $														$ 75,000,000
Stock Repurchased During Period, Shares							4,605,598	0	8,163,160	1,028,293
Stock Repurchased During Period, Value | $							$ 45,000	$ 0	$ 81,000	$ 10,000
Preferred Stock, Value, Issued | $																$ 100,000,000
Class A common stock | Share Repurchase Plan [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Value | $									$ 85,800,000
Class A common stock | Maximum [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares							$ 15.89		$ 15.89
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]
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)									188,402
Class A common stock | Warrant [Member]
Class of Stock [Line Items]
Shares included in the diluted shares calculations									11,932
Class A common stock | Restricted Stock [Member]
Class of Stock [Line Items]
Shares included in the diluted shares calculations									53,061
Shares excluded from the diluted shares calculations							53,988
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ / shares		$ 10.42
Total fair value | $		$ 600,000									$ 1,400,000	$ 1,400,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		57,654									179,748	179,748
Class A common stock | Restricted Stock [Member]
Class of Stock [Line Items]
Shares excluded from the diluted shares calculations								37,887		53,330
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
Common Stock, Shares, Issued							76,603		76,603		76,603
Stock Repurchased During Period, Shares								0	0	0
Stock Repurchased During Period, Value | $								$ 0	$ 0	$ 0
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)									150,758
Class of Warrant or Right, Outstanding							445,870		445,870
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									7,349
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]
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)									2,093
At The Market Offerings [Member]
Class of Stock [Line Items]
Common Stock, Shares, Issued							621,110		621,110
Series T Preferred Stock [Member]
Class of Stock [Line Items]
Total number of new stock issued									18,407,429
Proceeds from Issuance of Preferred Stock and Preference Stock | $									$ 414,200,000
Redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)									47,514
Preferred Stock, Dividend Rate, Percentage									6.15%
Series T Preferred Stock [Member] | Dividend Reinvestment Plan [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues									25,437
Proceeds from Issuance of Preferred Stock and Preference Stock | $											$ 600,000
Series T Preferred Stock [Member] | Stock Offering [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues									8,657,663
Proceeds from Issuance of Preferred Stock and Preference Stock | $									$ 194,800,000
Preferred Stock Offering Commissions And Dealer Manager Fees | $									$ 21,600,000
Cumulative Redeemable Preferred Stock | Series A [Member]
Class of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share | $ / shares														$ 0.01
Preferred Stock, Dividend Rate, Percentage									8.25%		8.25%
Cumulative Redeemable Preferred Stock | Series C [Member]
Class of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share | $ / shares														0.01
Preferred Stock, Dividend Rate, Percentage									7.625%		7.625%
Cumulative Redeemable Preferred Stock | Series D [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued							2,774,338		2,774,338		2,774,338
Preferred Stock, Value, Issued | $							$ 66,867,000		$ 66,867,000		$ 66,867,000
Preferred Stock, Par or Stated Value Per Share | $ / shares														$ 0.01
Preferred Stock, Dividend Rate, Percentage									7.125%		7.125%
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 | $													$ 75,000,000
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] | Maximum [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount | $													$ 150,000,000
8.250% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Accrued and unpaid dividends (in dollars per share) | $ / shares				$ 0.320833
Total redemption payment (in dollars per share) | $ / shares				$ 25.320833
Number of shares redeemed				2,201,547
Preferred Stock, Redemption Price Per Share | $ / shares															$ 25
Preferred Stock, Dividend Rate, Percentage									8.25%

Subsequent Events - Declaration

Subsequent Events - Declaration of Dividends (Details) - Subsequent event - Dividend Declared [Member]	Jul. 12, 2021$ / shares
Series B Preferred Stock [Member] | August 5, 2021
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 5
Series B Preferred Stock [Member] | September 3, 2021
Subsequent Event [Line Items]
Declaration of Dividends, Amount	5
Series B Preferred Stock [Member] | October 5, 2021
Subsequent Event [Line Items]
Declaration of Dividends, Amount	5
Series T Preferred Stock [Member] | August 5, 2021
Subsequent Event [Line Items]
Declaration of Dividends, Amount	0.128125
Series T Preferred Stock [Member] | September 3, 2021
Subsequent Event [Line Items]
Declaration of Dividends, Amount	0.128125
Series T Preferred Stock [Member] | October 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	Aug. 05, 2021	Jul. 12, 2021	Jul. 02, 2021
Subsequent Events
Total Distribution			$ 17,108
Long-term Incentive Plan Units One [Member]
Subsequent Events
Distributions per Share/Units			$ 0.1625000
Total Distribution		$ 630
Class A common stock
Subsequent Events
Distributions per Share/Units			0.1625000
Total Distribution		4,753
Class C Common Stock [Member]
Subsequent Events
Distributions per Share/Units			0.1625000
Total Distribution		12
Series B Preferred Stock [Member]
Subsequent Events
Distributions per Share/Units	$ 5		5
Total Distribution	$ 1,802	1,803
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		0.1281250
Total Distribution	$ 2,471	2,281
Operating Partnership Units One [Member]
Subsequent Events
Distributions per Share/Units			$ 0.1625000
Total Distribution		$ 1,027

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Thousands	Jul. 07, 2021USD ($)	Jun. 16, 2021USD ($)	Jul. 31, 2021USD ($)item	Jun. 30, 2021USD ($)item	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Subsequent Event [Line Items]
Proceeds from Sale of Real Estate Held-for-investment					$ 224,051	$ 158,448
Preferred equity investments				$ 86,328	$ 86,328		$ 83,485
Number of equity method investments made during the period | item				3
Committed to invest in preferred equity interests		$ 16,500
Subsequent event
Subsequent Event [Line Items]
Preferred equity investments			$ 19,400
Bridge Loan			$ 6,800
Number of equity method investments made during the period | item			3
Committed to invest in preferred equity interests			$ 30,900
Number of development projects for which commitment made to invest in preferred equity interests | item			2
Subsequent event | Park & Kingston
Subsequent Event [Line Items]
Proceeds from Sale of Real Estate, Gross	$ 44,900
Payments for Mortgage on Real Estate Sold	19,600
Payment for early extinguishment of debt costs	2,400
Payments for closing costs and fees on real estate investments	500
Proceeds from Sale of Real Estate Held-for-investment	24,700
Subsequent event | The District at Scottsdale
Subsequent Event [Line Items]
Proceeds from Sale of Real Estate, Gross	150,500
Payments for Mortgage on Real Estate Sold	73,800
Payment for early extinguishment of debt costs	400
Payments for closing costs and fees on real estate investments	400
Proceeds from Sale of Real Estate Held-for-investment	74,800
Subsequent event | Pro Rata [Member] | The District at Scottsdale
Subsequent Event [Line Items]
Proceeds from Sale of Real Estate Held-for-investment	$ 69,500