Bluerock Residential Growth REIT (BRG) 10-Q 8 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 02, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 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	Q3
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		26,270,608
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
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		76,603

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Net Real Estate Investments
Land	$ 263,361,000	$ 279,481,000
Buildings and improvements	1,772,822,000	1,889,471,000
Furniture, fixtures and equipment	84,221,000	78,438,000
Total Gross Real Estate Investments	2,120,404,000	2,247,390,000
Accumulated depreciation	(205,124,000)	(186,426,000)
Total Net Operating Real Estate Investments	1,915,280,000	2,060,964,000
Operating real estate held for sale, net		36,213,000
Total Net Real Estate Investments	1,915,280,000	2,097,177,000
Cash and cash equivalents	163,349,000	83,868,000
Restricted cash	35,483,000	35,093,000
Notes and accrued interest receivable, net	179,395,000	157,734,000
Due from affiliates	682,000	339,000
Accounts receivable, prepaids and other assets, net	43,315,000	29,502,000
Preferred equity investments and investments in unconsolidated real estate joint ventures, net	127,421,000	83,485,000
In-place lease intangible assets, net	1,748,000	2,594,000
Non-real estate assets associated with operating real estate held for sale		145,000
TOTAL ASSETS	2,466,673,000	2,489,937,000
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Mortgages payable	1,341,241,000	1,490,932,000
Mortgages payable associated with operating real estate held for sale		38,773,000
Revolving credit facilities		33,000,000
Accounts payable	2,073,000	1,317,000
Other accrued liabilities	44,254,000	31,025,000
Due to affiliates	595,000	618,000
Distributions payable	14,177,000	13,421,000
Liabilities associated with operating real estate held for sale		383,000
Total Liabilities	1,402,340,000	1,609,469,000
Stockholders' Equity
Additional paid-in-capital	339,815,000	304,710,000
Distributions in excess of cumulative earnings	(295,672,000)	(313,392,000)
Total Stockholders' Equity	111,272,000	58,406,000
Noncontrolling Interests
Operating partnership units	15,730,000	(3,272,000)
Partially owned properties	31,118,000	24,666,000
Total Noncontrolling Interests	46,848,000	21,394,000
Total Equity	158,120,000	79,800,000
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY	2,466,673,000	2,489,937,000
Preferred Stock [Member]
Stockholders' Equity
Preferred Stock Value	0	0
Class A Common Stock
Stockholders' Equity
Common Stock Value	261,000	220,000
Class C Common Stock
Stockholders' Equity
Common Stock Value	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	56,728,000	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	328,781,000	469,907,000
Redeemable Preferred Stock [Member] | Series T
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	$ 520,704,000	$ 219,967,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 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	359,925	513,489
Temporary Equity, Shares Outstanding	359,925	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	22,920,168	9,717,917
Temporary Equity, Shares Outstanding	22,920,168	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	26,120,780	22,020,950
Common stock, shares outstanding	26,120,780	22,020,950
Class C Common Stock
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Rental and other property revenues	$ 49,783	$ 48,666	$ 150,586	$ 146,713
Interest income from loan and ground lease investments	4,013	5,923	12,848	17,149
Total revenues	53,796	54,589	163,434	163,862
Expenses
Property operating	19,138	19,571	57,978	57,441
Property management fees	1,259	1,231	3,787	3,719
General and administrative	6,856	5,901	20,097	17,575
Acquisition and pursuit costs	413	2,242	428	3,933
Weather-related losses, net	140	0	540
Depreciation and amortization	19,204	19,216	59,454	60,206
Total expenses	47,010	48,161	142,284	142,874
Operating income	6,786	6,428	21,150	20,988
Other income (expense)
Other income	208	60	418	119
Preferred returns on unconsolidated real estate joint ventures	3,322	2,963	7,938	8,213
Provision for credit losses	(17)	0	(584)	0
Gain on sale of real estate investments	48,943	0	137,285	58,096
Loss on extinguishment of debt and debt modification costs	(3,053)	0	(6,740)	(13,985)
Interest expense, net	(12,755)	(13,520)	(40,050)	(42,294)
Total other income (expense)	36,648	(10,497)	98,267	10,149
Net income (loss)	43,434	(4,069)	119,417	31,137
Preferred stock dividends	(15,772)	(15,003)	(44,756)	(42,787)
Preferred stock accretion	(4,840)	(4,451)	(19,152)	(11,978)
Net income (loss) attributable to noncontrolling interests
Operating partnership units	4,994	(6,270)	13,176	(6,679)
Partially-owned properties	5,284	(195)	11,637	1,512
Net income (loss) attributable to noncontrolling interests	10,278	(6,465)	24,813	(5,167)
Net income (loss) attributable to common stockholders	$ 12,544	$ (17,058)	$ 30,696	$ (18,461)
Net income (loss) per common share - Basic	$ 0.46	$ (0.71)	$ 1.14	$ (0.80)
Net income (loss) per common share - Diluted	$ 0.45	$ (0.71)	$ 1.13	$ (0.80)
Weighted average basic common shares outstanding	26,567,269	24,566,196	25,941,571	24,321,282
Weighted average diluted common shares outstanding	26,795,507	24,566,196	26,032,592	24,321,282

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)	Additional Paid-in Capital [Member]	Cumulative Distributions [Member]	Net Loss to Common Stockholders [Member]	Noncontrolling Interests [Member]	Common Stock [Member]Class A Common Stock	Common Stock [Member]Class C Common Stock	Preferred Stock [Member]Series D Preferred Stock [Member]	Class A Common Stock	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	1,982,000	0	0	0	$ 2,000	$ 0	$ 0		1,984,000
Issuance of Class A common stock, net (in shares)					170,462	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	(12,353,000)	0	0	0	$ (11,000)	$ 0	$ 0		(12,364,000)
Repurchase of Class A common stock (in shares)					(1,131,867)	0	0
Issuance of restricted Class A common stock, net of shares withheld for employee taxes	350,000	0	0		$ 1,000	$ 0	$ 0		351,000
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 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	2,034,000	$ 0	$ 0	$ 0		2,034,000
Issuance of LTIP Units for executive bonuses (in shares)					0	0	0
Issuance of LTIP Units for executive salaries	0	0	0	325,000	$ 0	$ 0	$ 0		325,000
Vesting of LTIP Units for compensation	0	0	0	5,026,000	0	0	0		5,026,000
Issuance of LTIP Units for expense and capitalized cost reimbursements	0	0	0	1,357,000	0	0	0		1,357,000
Contributions from noncontrolling interests	0	0	0	(1,000,000)	0	0	0		(1,000,000)
Common stock distributions declared	0	(11,944,000)	0	0	0	0	0		(11,944,000)
Series A Preferred Stock distributions declared	0	(8,696,000)	0	0	0	0	0		(8,696,000)
Series A Preferred Stock accretion	0	(744,000)	0	0	0	0	0		(744,000)
Company redemption of Series A Preferred Stock accretion	0	(468,000)	0	0	0	0	0		(468,000)
Series B Preferred Stock distributions declared	0	(23,359,000)	0	0	0	0	0		(23,359,000)
Series B Preferred Stock accretion	0	(9,166,000)	0	0	0	0	0		(9,166,000)
Series C Preferred Stock distributions declared	0	(3,304,000)	0	0	0	0	0		(3,304,000)
Series C Preferred Stock accretion	0	(274,000)	0	0	0	0	0		(274,000)
Series D Preferred Stock distributions declared	0	(3,750,000)	0	0	0	0	0		(3,750,000)
Series T Preferred Stock distributions declared	0	(3,678,000)	0	0	0	0	0		(3,678,000)
Series T Preferred Stock accretion	0	(1,326,000)	0	0	0	0	0		(1,326,000)
Distributions to Operating Partnership noncontrolling interests	0	0	0	(4,927,000)	0	0	0		(4,927,000)
Distributions to partially owned noncontrolling interests	0	0	0	(4,120,000)	0	0	0		(4,120,000)
Conversion of Operating Partnership Units into Class A common stock	(131,000)	0	0	132,000	$ (1,000)	$ 0	$ 0		0
Conversion of Operating Partnership 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	78,000	0	0	0	$ 0	$ 0	$ 0		78,000
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)					12,633	0	0
Holder redemption of Series B Preferred Stock and conversion into Class A common stock	4,377,000	0	0	0	$ 6,000	$ 0	$ 0		4,383,000
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					596,179	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 expiration, 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	3,147,000	0	0	(3,147,000)	0	0	0		0
Net income (loss)	0	0	36,304,000	(5,167,000)	0	0	0		31,137,000
Balance at Sep. 30, 2020	323,064,000	(325,963,000)	42,426,000	39,987,000	$ 246,000	$ 1,000	$ 66,867,000		146,628,000
Balance (in shares) at Sep. 30, 2020					24,589,389	76,603	2,774,338
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
Issuance of Class A common stock, net	10,000	0	0		$ 0	$ 0	$ 0		10,000
Issuance of Class A common stock, net (in shares)					1,207	0	0
Repurchase of Class A common stock	(756,000)	0	0		$ (1,000)	$ 0	$ 0		(757,000)
Repurchase of Class A common stock (in shares)					(103,574)	0	0
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares)					0	0	0
Repurchase of Series A, Series C and Series D Preferred Stock, net (In shares)					0	0	0
Issuance of LTIP Units for executive bonuses (in shares)					0	0	0
Issuance of LTIP Units for executive salaries	0	0	0	163,000	$ 0	$ 0	$ 0		163,000
Vesting of restricted Class A common stock	129,000	0	0		0	0	0		129,000
Vesting of LTIP Units for compensation	0	0	0	1,798,000	0	0	0		1,798,000
Issuance of LTIP Units for expense and capitalized cost reimbursements	0	0	0	414,000	0	0	0		414,000
Contributions from noncontrolling interests	0	0	0	(1,000,000)	0	0	0		(1,000,000)
Common stock distributions declared	0	(4,024,000)	0		0	0	0		(4,024,000)
Series A Preferred Stock distributions declared	0	(2,866,000)	0		0	0	0		(2,866,000)
Series A Preferred Stock accretion	0	(243,000)	0		0	0	0		(243,000)
Company redemption of Series A Preferred Stock accretion	0	(468,000)	0		0	0	0		(468,000)
Series B Preferred Stock distributions declared	0	(7,745,000)	0		0	0	0		(7,745,000)
Series B Preferred Stock accretion	0	(2,939,000)	0		0	0	0		(2,939,000)
Series C Preferred Stock distributions declared	0	(1,094,000)	0		0	0	0		(1,094,000)
Series C Preferred Stock accretion	0	(94,000)	0		0	0	0		(94,000)
Series D Preferred Stock distributions declared	0	(1,236,000)	0		0	0	0		(1,236,000)
Series T Preferred Stock distributions declared	0	(2,062,000)	0		0	0	0		(2,062,000)
Series T Preferred Stock accretion	0	(707,000)	0		0	0	0		(707,000)
Distributions to Operating Partnership noncontrolling interests	0	0	0	(1,675,000)	0	0	0		(1,675,000)
Distributions to partially owned noncontrolling interests	0	0	0	(294,000)	0	0	0		(294,000)
Holder redemption of Series T Preferred Stock and conversion into Class A common stock	42,000	0	0		$ 0	$ 0	$ 0		42,000
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)					5,134	0	0
Holder redemption of Series B Preferred Stock and conversion into Class A common stock	637,000	0	0		$ 1,000	$ 0	$ 0		638,000
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					81,037		0
Adjustment for noncontrolling interest ownership in Operating Partnership	1,029,000	0	0	(1,029,000)	$ 0	0	$ 0		0
Net income (loss)	0	0	2,396,000	(6,465,000)	0	0	0		(4,069,000)
Balance at Sep. 30, 2020	323,064,000	(325,963,000)	42,426,000	39,987,000	$ 246,000	$ 1,000	$ 66,867,000		146,628,000
Balance (in shares) at Sep. 30, 2020					24,589,389	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	34,000	0	0	0	$ 0	$ 0	$ 0		34,000
Issuance of Class A common stock, net (in shares)					3,106	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	1,598,000	0	0	0	$ 1,000	$ 0	$ 0		1,599,000
Issuance of Class A common stock due to Series B warrants exercise (in shares)					143,140	0	0
Company redemption of Series A Preferred Stock activity	22,000	0	0	0	$ 0	$ 0	$ 0		22,000
Repurchase of Class A common stock	(119,478,000)	0	0	0	$ (111,000)	$ 0	$ 0		(119,589,000)
Repurchase of Class A common stock (in shares)					(11,140,637)	0	0
Issuance of restricted Class A common stock, net of shares withheld for employee taxes	202,000	0	0	0	$ 0	$ 0	$ 0		202,000
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares)					27,631	0	0
Issuance of LTIP units for director compensation	0	0	0	(374,000)	$ 0	$ 0	$ 0		(374,000)
Issuance of 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	659,000	$ 0	$ 0	$ 0		659,000
Vesting of LTIP Units for compensation	0	0	0	5,753,000	0	0	0		5,753,000
Issuance of LTIP units for expense reimbursements	0	0	0	1,176,000	0	0	0		1,176,000
Contributions from noncontrolling interests	0	0	0	(12,616,000)	0	0	0		(12,616,000)
Common stock distributions declared	0	(12,976,000)	0	0	0	0	0		(12,976,000)
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)
Company redemption of Series A Preferred Stock accretion	0	(710,000)	0	0	0	0	0		(710,000)
Series B Preferred Stock distributions declared	0	(18,311,000)	0	0	0	0	0		(18,311,000)
Series B Preferred Stock accretion	0	(12,179,000)	0	0	0	0	0		(12,179,000)
Series C Preferred Stock distributions declared	0	(3,282,000)	0	0	0	0	0		(3,282,000)
Series C Preferred Stock accretion	0	(266,000)	0	0	0	0	0		(266,000)
Series D Preferred Stock distributions declared	0	(3,705,000)	0	0	0	0	0		(3,705,000)
Series T Preferred Stock distributions declared	0	(18,752,000)	0	0	0	0	0		(18,752,000)
Series T Preferred Stock accretion	0	(5,962,000)	0	0	0	0	0		(5,962,000)
Distributions to Operating Partnership noncontrolling interests	0	0	0	(5,452,000)	0	0	0		(5,452,000)
Distributions to partially owned noncontrolling interests	0	0	0	(17,801,000)	0	0	0		(17,801,000)
Redemption of Operating Partnership Units	(4,000)	0	0	(1,000)	0	0	0		(5,000)
Conversion of Operating Partnership Units into Class A common stock	23,000	0	0	(24,000)	$ (1,000)	$ 0	$ 0		(2,000)
Conversion of Operating Partnership 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	1,799,000	0	0	0	$ 2,000	$ 0	$ 0		1,801,000
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)					165,063	0	0
Holder redemption of Series B Preferred Stock and conversion into Class A common stock	2,765,000	0	0	0	$ 2,000	$ 0	$ 0		2,767,000
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					246,954	0	0
Company redemption of Series B Preferred Stock and conversion into Class A common stock	150,536,000	0	0	0	$ 146,000	$ 0	$ 0		150,682,000
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 expiration, net	(597,000)	0	0	0	$ 0	$ 0	$ 0		(597,000)
Adjustment for noncontrolling interest ownership in Operating Partnership	(1,123,000)	0	0	1,123,000	0	0	0		0
Net income (loss)	0	0	94,604,000	24,813,000	0	0	0		119,417,000
Balance at Sep. 30, 2021	339,815,000	(427,038,000)	131,366,000	46,848,000	$ 261,000	$ 1,000	$ 66,867,000		158,120,000
Balance (in shares) at Sep. 30, 2021					26,120,780	76,603	2,774,338
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
Issuance of Class A common stock, net	15,000								15,000
Issuance of Class A common stock, net (in shares)					1,366
Issuance of Class A common stock due to Series B warrants exercise	1,370,000				$ 1,000				1,371,000
Issuance of Class A common stock due to Series B warrants exercise (in shares)					122,232
Repurchase of Class A common stock	(33,734,000)				$ (30,000)				(33,764,000)
Repurchase of Class A common stock (in shares)					(2,977,477)
Issuance of restricted Class A common stock, net of shares withheld for employee taxes	141,000								141,000
Issuance of LTIP Units for executive salaries				(220,000)					(220,000)
Vesting of LTIP Units for compensation				1,968,000					1,968,000
Issuance of LTIP units for expense reimbursements				390,000					390,000
Contributions from noncontrolling interests				(8,469,000)					(8,469,000)
Common stock distributions declared		(4,256,000)							(4,256,000)
Series B Preferred Stock distributions declared		(5,404,000)							(5,404,000)
Series B Preferred Stock accretion		(2,128,000)							(2,128,000)
Series C Preferred Stock distributions declared		(1,094,000)							(1,094,000)
Series C Preferred Stock accretion		(101,000)							(101,000)
Series D Preferred Stock distributions declared		(1,235,000)							(1,235,000)
Series T Preferred Stock distributions declared		(8,039,000)							(8,039,000)
Series T Preferred Stock accretion		(2,611,000)							(2,611,000)
Distributions to Operating Partnership noncontrolling interests				(1,863,000)					(1,863,000)
Distributions to partially owned noncontrolling interests				(6,657,000)					(6,657,000)
Holder redemption of Series T Preferred Stock and conversion into Class A common stock	612,000				$ 1,000				613,000
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)					54,170
Holder redemption of Series B Preferred Stock and conversion into Class A common stock	676,000								676,000
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					58,552
Series B warrant activity and expiration, net	(502,000)								(502,000)
Adjustment for noncontrolling interest ownership in Operating Partnership	8,730,000			(8,730,000)
Net income (loss)			33,156,000	10,278,000					43,434,000
Balance at Sep. 30, 2021	$ 339,815,000	$ (427,038,000)	$ 131,366,000	$ 46,848,000	$ 261,000	$ 1,000	$ 66,867,000		$ 158,120,000
Balance (in shares) at Sep. 30, 2021					26,120,780	76,603	2,774,338

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income	$ 119,417	$ 31,137
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	61,955	62,882
Amortization of fair value adjustments	(973)	(352)
Preferred returns on unconsolidated real estate joint ventures	(7,938)	(8,213)
Gain on sale of real estate investments	(137,285)	(58,096)
Loss on extinguishment of debt and debt modification costs	6,740	13,985
Provision for credit losses	584	0
Amortization of deferred interest income on mezzanine loan	1,982	0
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures	8,705	10,295
Share-based compensation attributable to equity incentive plan	6,127	5,369
Share-based compensation attributable to executive salaries	659	472
Share-based compensation attributable to restricted stock grants	331	398
Share-based expense to BRE - LTIP Units	1,176	1,357
Changes in operating assets and liabilities:
Due to affiliates, net	62	2,466
Accounts receivable, prepaids and other assets	(7,125)	(11,964)
Notes and accrued interest receivable	(3,075)	68
Accounts payable and other accrued liabilities	11,906	12,127
Net cash provided by operating activities	63,248	61,931
Cash flows from investing activities:
Acquisitions of real estate investments	(157,812)	(144,703)
Capital expenditures	(19,037)	(12,253)
Investment in notes receivable and ground lease	(39,673)	(37,936)
Repayments on notes receivable	12,426	29,000
Proceeds from sale of real estate investments	417,918	158,448
Proceeds from sale and redemption of unconsolidated real estate joint ventures	36,662	35,542
Purchase of interests from noncontrolling interests		(3,651)
Investment in unconsolidated real estate joint venture interests	(81,298)	(18,330)
Net cash provided by investing activities	169,186	6,117
Cash flows from financing activities:
Distributions to common stockholders	(12,361)	(11,748)
Distributions to noncontrolling interests	(22,855)	(8,462)
Distributions to preferred stockholders	(45,013)	(42,144)
Contributions from noncontrolling interests	12,616	1,000
Borrowings on mortgages payable	12,880	95,245
Repayments on mortgages payable including prepayment penalties	(186,036)	(137,263)
Proceeds from credit facilities	30,000	276,189
Repayments on credit facilities	(63,000)	(294,189)
Payments of deferred financing fees	(1,145)	(3,253)
Net proceeds from issuance of Class A common stock	34	1,984
Miscellaneous issuance costs	(626)	0
Repurchase of Class A common stock	(119,589)	(12,364)
Shares withheld for employee taxes upon vesting of awards	(129)	(47)
Repurchase of Series A, Series C and/or Series D Preferred Stock	0	(6,103)
Payments to redeem Operating Partnership Units	(5)	0
Net cash (used in) provided by financing activities	(152,563)	7,764
Net increase in cash, cash equivalents and restricted cash	79,871	75,812
Cash, cash equivalents and restricted cash, beginning of year	118,961	50,768
Cash, cash equivalents and restricted cash, end of period	198,832	126,580
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	163,349	91,836
Restricted cash	35,483	34,744
Total cash, cash equivalents and restricted cash, end of period	198,832	126,580
Supplemental disclosure of cash flow information
Cash paid for interest (net of interest capitalized)	38,931	40,173
Supplemental disclosure of non-cash investing and financing activities
Distributions payable - declared and unpaid	14,177	14,964
Mortgages assumed upon property acquisition	45,515	30,997
Mortgages assumed by buyer upon sale of real estate assets	(67,268)	0
Capital expenditures held in accounts payable and other accrued liabilities	1,885	(568)
Series A Preferred Stock [Member]
Cash flows from financing activities:
Retirement of Redeemable Preferred Stock	(55,055)	0
Series B Preferred Stock [Member]
Cash flows from financing activities:
Retirement of Redeemable Preferred Stock	(79)	(290)
Net proceeds from exercise of Warrants associated with the 6.0% Series B Redeemable Preferred Stock	1,260	115
Payments to redeem Redeemable Preferred Stock	(35)	(93)
Series T Preferred Stock [Member]
Cash flows from financing activities:
Retirement of Redeemable Preferred Stock	(123)	(32)
Net proceeds from issuance of 6.150% Series T Redeemable Preferred Stock	296,713	149,219
Payments to redeem Redeemable Preferred Stock	$ (15)	$ 0

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	9 Months Ended
	Sep. 30, 2021
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	8.25%
Series B Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	6.00%
Series T Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	6.15%
6.0% Redeemable Preferred Stock
Preferred Stock, Dividend Rate, Percentage	6.00%

Organization and Nature of Busi

Organization and Nature of Business	9 Months Ended
	Sep. 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 multifamily apartment communities and single-family residential homes 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 September 30, 2021, the Company held an aggregate of 19,772 units, comprised of 17,632 multifamily units and 2,140 single-family residential homes. The aggregate number of units are held through seventy-two thirty-nine thirty-three ​ 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	9 Months Ended
	Sep. 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 September 30, 2021, limited partners other than the Company owned approximately 30.44% of the common units of the Operating Partnership (16.75% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 13.69% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 5.92% which are not vested at September 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 loan investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. 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 and its variants (“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 September 30, 2021, the Company collected 97% of rents from its multifamily properties for the three months ended September 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 nine months ended September 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 September 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 nine months ended September 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 are effective immediately and may be elected over time as reference rate reform activities occur through December 31, 2022. The Company will continue to evaluate the impact of the guidance and may apply elections as applicable as changes in the market occur. ​

Sale of Real Estate Assets and

Sale of Real Estate Assets and Held for Sale Properties	9 Months Ended
	Sep. 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 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. 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 the 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 and a gain on sale of approximately $19.4 million. The Company recorded a loss on extinguishment of debt of $2.6 million related to the sale. 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 the 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 and a gain on sale of approximately $29.6 million. The Company’s pro rata share of the proceeds was approximately $69.5 million. The Company recorded a loss on extinguishment of debt of $0.4 million related to the sale. Sale of Mira Vista Interests On September 23, 2021, Mira Vista, the underlying asset of an unconsolidated joint venture located in Austin, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $5.6 million, which included its original preferred investment of $5.2 million and accrued preferred return of $0.4 million.

Investments in Real Estate

Investments in Real Estate	9 Months Ended
	Sep. 30, 2021
Investments in Real Estate
Investments in Real Estate	Note 4 – Investments in Real Estate As of September 30, 2021, the Company held seventy-two real estate investments, consisting of thirty-nine consolidated operating investments and thirty-three investments held through preferred equity, loan or ground lease investments. The following tables provide summary information regarding the Company’s consolidated operating investments and preferred equity, loan and ground lease investments. Consolidated Operating Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Date Built / Ownership Name ​ Location ​ Units ​ Renovated (1) ​ Interest Multifamily ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 % Outlook at Greystone Birmingham, AL 300 2007 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 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 % Wesley Village ​ Charlotte, NC ​ 301 ​ 2010 ​ 100 % Windsor Falls ​ Raleigh, NC ​ 276 ​ 1994 ​ 100 % Total Units ​ ​ ​ 10,626 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Average Year ​ ​ ​ Single-Family Residential (2) Market ​ Homes Built Granbury ​ Granbury, TX ​ 36 ​ 2020-2021 ​ 80 % Indy Indianapolis, IN ​ 44 1958 60 % Lubbock ​ Lubbock, TX ​ 60 ​ 1955 ​ 80 % Navigator Villas ​ Pasco, WA ​ 176 ​ 2013 ​ 90 % Springfield Springfield, MO ​ 290 2004 60 % Springtown Springtown, TX ​ 70 1991 80 % Texarkana Texarkana, TX ​ 29 1967 80 % Wayford at Concord ​ Concord, NC ​ 150 ​ 2019 ​ 83 % Yauger Park Villas ​ Olympia, WA ​ 80 ​ 2010 ​ 95 % Total Homes ​ ​ 935 ​ ​ Total Units and Homes ​ ​ 11,561 ​ ​ ​ ​ ​ (1) Represents date of last significant renovation or year built if there were no renovations. (2) Single-Family Residential includes single-family residential homes and attached townhomes/flats. Depreciation expense was $18.1 million and $18.2 million, and $55.2 million and $54.4 million, for the three and nine months ended September 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 $1.0 million and $1.0 million, and $4.0 and $5.8 million for the three and nine months ended September 30, 2021 and 2020, respectively. ​ Preferred Equity, Loan and Ground Lease Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual / ​ Actual / ​ ​ ​ ​ ​ ​ Planned ​ Estimated ​ Actual / Estimated ​ ​ ​ ​ Number of Units ​ Initial ​ Construction Lease-up Investment Name (1) Location / Market or Homes Occupancy Completion Multifamily ​ ​ ​ ​ ​ ​ ​ ​ Reunion Apartments Orlando, FL ​ 280 ​ 3Q 2021 ​ 3Q 2022 Total Lease-up Units ​ ​ 280 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investment Name (1) ​ ​ ​ ​ ​ ​ ​ ​ Multifamily ​ ​ ​ ​ ​ ​ ​ ​ Zoey Austin, TX ​ 307 ​ 1Q 2022 ​ 2Q 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 ​ 1Q 2022 ​ 1Q 2023 Deerwood Apartments ​ Houston, TX ​ 330 ​ 4Q 2022 ​ 2Q 2023 Chandler Chandler, AZ ​ 208 ​ 3Q 2023 ​ 4Q 2023 Orange City Apartments ​ Orange City, FL ​ 298 ​ 1Q 2023 ​ 4Q 2023 Lower Broadway ​ San Antonio, TX ​ 386 ​ 4Q 2023 ​ 2Q 2024 Wayford at Innovation Park ​ Charlotte, NC ​ 210 ​ 3Q 2023 ​ 3Q 2024 Total Units ​ ​ 2,393 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Single-Family Residential ​ ​ ​ ​ ​ ​ ​ ​ Willow Park ​ Willow Park, TX ​ 46 ​ 2Q 2022 ​ 4Q 2022 The Cottages at Myrtle Beach ​ Myrtle Beach, SC ​ 294 ​ 1Q 2023 ​ 4Q 2023 The Cottages of Port St. Lucie ​ Port St. Lucie, FL ​ 286 ​ 1Q 2023 ​ 4Q 2023 Total Homes ​ ​ ​ 626 ​ ​ ​ ​ Total Development Units and Homes ​ ​ ​ 3,019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Units / ​ ​ ​ ​ Operating Investment Name (1) ​ Location / Market ​ Homes ​ ​ ​ ​ Multifamily ​ ​ ​ ​ ​ ​ ​ ​ Alexan CityCentre Houston, TX ​ 340 ​ ​ ​ ​ Belmont Crossing (2) ​ Smyrna, GA ​ 192 ​ ​ ​ ​ Deercross ​ Indianapolis, IN ​ 372 ​ ​ ​ ​ Domain at The One Forty ​ Garland, TX ​ 299 ​ ​ ​ ​ Georgetown Crossing (2) ​ Savannah, GA ​ 168 ​ ​ ​ ​ Hunter’s Pointe (2) ​ Pensacola, FL ​ 204 ​ ​ ​ ​ Motif ​ Fort Lauderdale, FL ​ 385 ​ ​ ​ ​ Park on the Square (2) ​ Pensacola, FL ​ 240 ​ ​ ​ ​ Renew 3030 ​ Mesa, AZ ​ 126 ​ ​ ​ ​ Sierra Terrace (2) ​ Atlanta, GA ​ 135 ​ ​ ​ ​ Sierra Village (2) ​ Atlanta, GA ​ 154 ​ ​ ​ ​ Spring Parc ​ Dallas, TX ​ 304 ​ ​ ​ ​ The Commons (2) ​ Jacksonville, FL ​ 328 ​ ​ ​ ​ The Crossings of Dawsonville ​ Dawsonville, GA ​ 216 ​ ​ ​ ​ The Reserve at Palmer Ranch (2) ​ Sarasota, FL ​ 320 ​ ​ ​ ​ The Riley ​ Richardson, TX ​ 262 ​ ​ ​ ​ Thornton Flats ​ Austin, TX ​ 104 ​ ​ ​ ​ Water’s Edge (2) ​ Pensacola, FL ​ 184 ​ ​ ​ ​ Total Units ​ ​ ​ 4,333 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Single-Family Residential ​ ​ ​ ​ ​ ​ ​ ​ Corpus ​ Corpus Christi, TX ​ 81 ​ ​ ​ ​ Jolin ​ Weatherford, TX ​ 24 ​ ​ ​ ​ Peak Housing (3) ​ Various (4) ​ 474 ​ ​ ​ ​ Total Homes ​ ​ ​ 579 ​ ​ ​ ​ Total Operating Units and Homes ​ ​ ​ 4,912 ​ ​ ​ ​ Total Units and Homes ​ ​ ​ 8,211 ​ ​ ​ ​ (1) Investments in which the Company has a loan, preferred equity or ground lease investment. Operating investments represent stabilized operating investments. Refer to Note 6 and Note 7 for further information. (2) These nine operating investments are collectively known as the Strategic Portfolio. Refer to Note 7 for further information. (3) Peak Housing consists of the Company's preferred equity investments in a private single-family home REIT (refer to Note 7 for further information). Peak Housing consists of the following nine portfolios of single-family residential homes: Corpus, Granbury, Indy, Jolin, Lubbock, Peak I, Springfield, Springtown and Texarkana. The 474 homes presented only represent those in the Peak I portfolio. The number of homes related to the other eight portfolios are presented separately in the above tables as the Company also holds a common equity interest in the portfolio or has provided a mortgage loan to the portfolio. (4) Peak Housing includes portfolios of homes located in Indiana, Missouri and Texas.

Acquisition of Real Estate

Acquisition of Real Estate	9 Months Ended
	Sep. 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 nine months ended September 30, 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership ​ Purchase ​ ​ ​ ​ Name Location / Market Date Interest Price Mortgage Multifamily ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Windsor Falls ​ Raleigh, NC ​ June 17, 2021 ​ 100 % $ 48,775 ​ $ 27,442 (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Single-Family Residential (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Yauger Park Villas ​ Olympia, WA ​ April 14, 2021 ​ 95 % ​ 24,500 ​ ​ 15,077 (3) Wayford at Concord ​ Concord, NC ​ June 4, 2021 ​ 83 % ​ 44,438 ​ ​ — (4) Indy ​ Indianapolis, IN ​ August 12, 2021 ​ 60 % ​ 3,785 ​ ​ 2,650 (5) Springfield ​ Springfield, MO ​ August 18, 2021 ​ 60 % ​ 49,000 ​ ​ 35,525 (5) Springtown ​ Springtown, TX ​ September 15, 2021 ​ 80 % ​ 9,350 ​ ​ 6,545 (5) Texarkana ​ Texarkana, TX ​ September 21, 2021 ​ 80 % ​ 3,100 ​ ​ 2,170 (5) Lubbock ​ Lubbock, TX ​ September 24, 2021 ​ 80 % ​ 5,600 ​ ​ 3,920 (5) Granbury ​ Granbury, TX ​ September 30, 2021 ​ 80 % ​ 8,100 ​ ​ 5,670 (5) (1) Mortgage balance represents a loan assumption secured by the Windsor Falls property. (2) Single-Family Residential includes single-family residential homes and attached townhomes/flats. (3) 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. (4) Purchase price was funded in full by the Company and its unaffiliated joint venture partner upon acquisition. (5) As part of the acquisition, the Company provided a mortgage loan to the consolidated portfolio owner in the full amount shown. The mortgage loan is eliminated in the Company’s consolidated financial statements. Refer to the Peak Housing Financing disclosure in Note 6 for further information. 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 nine months ended September 30, 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ Purchase ​ ​ Price ​ Allocation Land ​ $ 26,169 Building ​ 155,594 Building improvements ​ 2,871 Land improvements ​ 13,665 Furniture and fixtures ​ 1,937 In-place leases ​ 3,092 Total assets acquired ​ $ 203,328 Mortgages assumed ​ $ 42,519 Fair value adjustments ​ ​ 2,996 Total liabilities assumed ​ $ 45,515 ​

Notes and Interest Receivable

Notes and Interest Receivable	9 Months Ended
	Sep. 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 loan investments as of September 30, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, Name 2021 2020 Avondale Hills ​ $ 12,513 ​ $ 1,021 Corpus ​ ​ 6,819 ​ ​ — Domain at The One Forty ​ 25,050 ​ 24,315 Jolin ​ 3,135 ​ — Motif ​ 82,872 ​ 75,436 Reunion Apartments ​ ​ 11,076 ​ ​ 8,161 The Hartley at Blue Hill, formerly The Park at Chapel Hill ​ ​ 38,428 ​ ​ 36,927 Vickers Historic Roswell ​ — ​ 12,048 Total ​ $ 179,893 ​ $ 157,908 Provision for credit losses (1) ​ ​ (498) ​ ​ (174) Total, net ​ $ 179,395 ​ $ 157,734 (1) Refer to the Provision for Credit Losses table below. ​ Provision for Credit Losses As of September 30, 2021, the Company’s provision for credit losses on its loan investments was $0.5 million on a carrying amount of $179.9 million of these investments. The provision for credit losses of the Company’s loan investments for the three and nine months ended September 30, 2021 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Nine Months ​ ​ Ended ​ Ended ​ ​ September 30, 2021 ​ September 30, 2021 Beginning balance as of July 1 and January 1, 2021, respectively ​ $ 535 ​ $ 174 Provision for credit loss on pool of assets, net (1) ​ (37) ​ 324 Ending balance ​ $ 498 ​ $ 498 (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 September 30, 2021 was primarily the result of a decrease in the trailing twelve-month historical default rate, partially offset by the addition of two investments to the pool of assets. ​ Following is a summary of the interest income from loan and ground lease investments for the three and nine months ended September 30, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, ​ September 30, Name 2021 2020 ​ 2021 2020 Arlo (1) ​ $ — ​ $ 1,110 ​ $ — ​ $ 3,197 Avondale Hills ​ 360 ​ — ​ 764 ​ — Corpus ​ 110 ​ — ​ 110 ​ — Domain at The One Forty ​ 250 ​ 330 ​ 733 ​ 977 Jolin ​ ​ 33 ​ ​ — ​ ​ 33 ​ ​ — Motif (2) ​ 1,609 ​ 2,427 ​ 5,470 ​ 7,123 Novel Perimeter (1) ​ ​ — ​ ​ 845 ​ ​ — ​ ​ 2,411 Reunion Apartments ​ ​ 307 ​ ​ 15 ​ ​ 900 ​ ​ 15 The Hartley at Blue Hill ​ 1,046 ​ 712 ​ 3,104 ​ 2,032 Vickers Historic Roswell (1) ​ ​ — ​ ​ 434 ​ ​ 903 ​ ​ 1,293 Zoey (3) ​ ​ 298 ​ ​ 50 ​ ​ 831 ​ ​ 101 Total ​ $ 4,013 ​ $ 5,923 ​ $ 12,848 ​ $ 17,149 (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 nine months ended September 30, 2021 are net of a ($1.0) million and ($2.0) million, respectively, 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 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 loan investments at September 30, 2021 and December 31, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ Name 2021 2020 Avondale Hills (1) ​ (2) ​ Corpus ​ 93.8 % — ​ Domain at The One Forty ​ 96.0 % 92.6 % Jolin ​ 95.8 % — ​ Motif 91.9 % 62.1 % Reunion Apartments ​ (1) ​ (2) ​ The Hartley at Blue Hill (1) ​ (2) ​ (1) The development had not commenced lease-up as of September 30, 2021. (2) The development had not commenced lease-up as of December 31, 2020. Corpus Bridge Loan Financing On July 9, 2021, the Company provided a $6.8 million bridge loan (the “Corpus Bridge Loan”) to an unaffiliated third party for Corpus, an 81-unit, stabilized portfolio of single-family residential homes located in the Corpus Christi, Texas market. The Corpus Bridge Loan matures on August 1, 2023 and is secured by the fee simple interest in the portfolio of Corpus homes. The Corpus Bridge Loan contains a one Domain at The One Forty Mezzanine Loan 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 $25.0 million had been funded as of September 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. Jolin Bridge Loan Financing On August 6, 2021, the Company provided a $3.1 million bridge loan (the “Jolin Bridge Loan”) to an unaffiliated third party for Jolin, a 24-unit, stabilized portfolio of single-family residential homes located in the Weatherford, Texas market. The Jolin Bridge Loan matures on September 1, 2023 and is secured by the fee simple interest in the portfolio of Jolin homes. The Jolin Bridge Loan contains a one Motif Loan 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 $82.0 million had been funded as of September 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. Peak Housing Financing During the third quarter 2021, the Company made common and preferred equity investments, along with the operating partnership of Peak Housing REIT (the “Peak REIT OP”), an unaffiliated private REIT, in the following portfolios of single-family residential homes: Granbury, Indy, Lubbock, Springfield, Springtown and Texarkana. These six portfolios are part of Peak Housing (refer to Note 7 for further information about the Company’s preferred equity investment therein). In addition to its common and preferred equity investments, the Company, through wholly-owned lender-entities, provided the full mortgage loan to each respective portfolio owner. These portfolio owners are owned by joint ventures in which the Company has its common equity investments along with Peak REIT OP. To determine if consolidation of the joint ventures was appropriate, the Company evaluated the basis of consolidation under ASC 810: Consolidation using the voting interest equity method as it had determined that the joint ventures were not variable interest entities. As the Company has controlling voting interests and substantive participating rights of the joint ventures under the operating agreements, the Company determined that consolidation of the joint ventures was appropriate. As the entities through which the Company provided the loans (the lender-entities) and the entities to which the loans were provided (the property owners) consolidate into the Company’s financial statements, the loan receivable balances and the loan payable balances are eliminated through consolidation and therefore are not reflected in the Company’s consolidated balance sheets. In addition, the Company’s pro rata share of each loan’s interest expense incurred through the portfolio owner partially offsets, through consolidation, the Company’s interest income for each loan recognized at the wholly-owned lender-entity. The remaining interest income, which is attributable to interest incurred by Peak REIT OP as the noncontrolling interest in each portfolio, is reflected in net income (loss) attributable to common stockholders in the Company’s consolidated statements of operations. Through its impact on the net operations of the portfolio, Peak REIT OP’s pro rata share of each loan’s interest expense is reflected in net income (loss) attributable to noncontrolling interests partially owned properties in the Company’s consolidated statements of operations. Vickers Historic Roswell Mezzanine Loan 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	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020 is summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, Property 2021 2020 Alexan CityCentre ​ $ 17,442 ​ $ 15,063 Alexan Southside Place (1) ​ — ​ 26,038 Chandler ​ ​ 1,304 ​ ​ — Deercross ​ ​ 4,000 ​ ​ — Deerwood Apartments ​ ​ 2,358 ​ ​ — Mira Vista (2) ​ ​ — ​ ​ 5,250 Peak Housing (3) ​ ​ 18,203 ​ ​ — Renew 3030 ​ ​ 7,060 ​ ​ — Spring Parc ​ ​ 8,000 ​ ​ — Strategic Portfolio (4) ​ ​ 38,454 ​ ​ 27,054 The Conley (5) ​ — ​ 15,036 The Cottages at Myrtle Beach ​ ​ 4,651 ​ ​ — The Cottages of Port St. Lucie ​ ​ 3,581 ​ ​ — The Crossings at Dawsonville ​ ​ 10,450 ​ ​ — The Riley ​ ​ 6,961 ​ ​ — Thornton Flats ​ ​ 5,350 ​ ​ 4,600 Wayford at Concord (6) ​ ​ — ​ ​ 6,500 Other ​ 58 ​ 97 Total ​ $ 127,872 ​ $ 99,638 Provision for credit losses (7) ​ ​ (451) ​ ​ (16,153) Total, net ​ $ 127,421 ​ $ 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) On September 23, 2021, the Company’s preferred equity investment in Mira Vista was redeemed. Refer to Note 3 for further information. (3) Peak Housing consists of the following portfolios of single-family residential homes: Corpus, Granbury, Indy, Jolin, Lubbock, Peak I, Springfield, Springtown and Texarkana. (4) 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. (5) On March 18, 2021, the Company’s preferred equity investment in The Conley was redeemed. Refer to Note 3 for further information. (6) 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. (7) Refer to the Provision for Credit Losses table below. Provision for Credit Losses As of September 30, 2021, the Company’s provision for credit losses on its preferred equity investments was $0.5 million on a carrying amount of $127.9 million of these investments. The provision for credit losses of the Company’s preferred equity investments for the three and nine months ended September 30, 2021 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2021 Beginning balance as of July 1 and January 1, 2021, respectively ​ $ 388 ​ $ 16,153 Provision for credit loss on pool of assets, net (1) ​ 63 ​ 228 Provision for credit loss – Alexan Southside Place (2) ​ — ​ (15,930) Ending balance ​ $ 451 ​ $ 451 (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 September 30, 2021 was the result of a net increase resulting from changes to the pool of assets as five 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 September 30, 2021, the Company, through wholly-owned subsidiaries of the Operating Partnership, had outstanding equity investments in nineteen joint ventures. Seventeen of the nineteen investments in joint ventures, Alexan CityCentre, Chandler, Deercross, Deerwood Apartments, Lower Broadway, Orange City Apartments, Peak Housing, Renew 3030, Spring Parc, Strategic Portfolio, The Cottages at Myrtle Beach, The Cottages of Port St. Lucie, The Crossings of Dawsonville, 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 nineteen 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 nine months ended September 30, 2021 and 2020 are summarized below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, September 30, Property 2021 2020 ​ 2021 2020 Alexan CityCentre ​ $ 765 ​ $ 631 ​ $ 2,141 ​ $ 1,838 Alexan Southside Place ​ — ​ 322 ​ — ​ 955 Chandler ​ ​ 17 ​ ​ — ​ ​ 17 ​ ​ — Deercross ​ ​ 107 ​ ​ — ​ ​ 113 ​ ​ — Deerwood Apartments ​ ​ 29 ​ ​ — ​ ​ 29 ​ ​ — Helios (1) ​ — ​ 26 ​ — ​ (133) Leigh House ​ ​ — ​ ​ 2 ​ ​ — ​ ​ 2 Mira Vista ​ ​ 125 ​ ​ 136 ​ ​ 391 ​ ​ 404 Peak Housing ​ ​ 339 ​ ​ — ​ ​ 574 ​ ​ — Renew 3030 ​ ​ 62 ​ ​ — ​ ​ 62 ​ ​ — Riverside Apartments ​ ​ — ​ ​ 434 ​ ​ — ​ ​ 1,263 Spring Parc ​ ​ 187 ​ ​ — ​ ​ 187 ​ ​ — Strategic Portfolio ​ ​ 1,061 ​ ​ 593 ​ ​ 2,562 ​ ​ 1,434 The Conley ​ ​ — ​ ​ 499 ​ ​ 405 ​ ​ 1,460 The Cottages at Myrtle Beach ​ 39 ​ — ​ 39 ​ — The Cottages of Port St. Lucie ​ 48 ​ — ​ 48 ​ — The Crossings of Dawsonville ​ ​ 238 ​ ​ — ​ ​ 238 ​ ​ — The Riley ​ ​ 196 ​ ​ — ​ ​ 453 ​ ​ — Thornton Flats ​ ​ 109 ​ ​ 104 ​ ​ 315 ​ ​ 311 Wayford at Concord ​ ​ — ​ ​ 216 ​ ​ 364 ​ ​ 623 Whetstone Apartments ​ ​ — ​ ​ — ​ ​ — ​ ​ 56 Total preferred returns on unconsolidated joint ventures ​ $ 3,322 ​ $ 2,963 ​ $ 7,938 ​ $ 8,213 (1) Of the ($133) loss incurred at Helios for the nine months ended September 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 September 30, 2021 and December 31, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ Property 2021 2020 Alexan CityCentre ​ 95.0 % 94.1 % Chandler ​ (1) ​ (2) ​ Deercross ​ 90.6 % — ​ Deerwood Apartments ​ (1) ​ — ​ Lower Broadway ​ (1) ​ — ​ Orange City Apartments ​ (1) ​ — ​ Peak Housing: ​ ​ ​ ​ ​ Corpus ​ 93.8 % — ​ Granbury ​ 97.2 % — ​ Indy ​ 75.0 % — ​ Jolin ​ 95.8 % — ​ Lubbock ​ 93.3 % — ​ Peak I ​ 90.7 % — ​ Springfield ​ 96.2 % — ​ Springtown ​ 100.0 % — ​ Texarkana ​ 93.1 % — ​ Renew 3030 ​ 96.0 % — ​ Spring Parc ​ 96.1 % — ​ Strategic Portfolio: ​ ​ ​ ​ ​ Belmont Crossing ​ 98.4 % 91.7 % Georgetown Crossing ​ 92.9 % 88.7 % Hunter’s Pointe ​ 99.5 % 99.0 % Park on the Square ​ 96.3 % 97.5 % Sierra Terrace ​ 97.8 % 89.6 % Sierra Village ​ 92.9 % 87.7 % The Commons ​ 99.4 % 93.9 % The Reserve at Palmer Ranch ​ 95.3 % — ​ Water’s Edge ​ 96.7 % 99.5 % The Cottages at Myrtle Beach ​ (1) ​ — ​ The Cottages of Port St. Lucie ​ (1) ​ — ​ The Crossings of Dawsonville ​ 94.4 % — ​ The Riley ​ 98.5 % — ​ Thornton Flats ​ 93.3 % 88.5 % Wayford at Innovation Park ​ (1) ​ — ​ Willow Park ​ (1) ​ — ​ (1) The development had not commenced lease-up as of September 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 $2.4 million had been funded as of September 30, 2021. 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 September 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 the amount drawn at 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. Lower Broadway Interests On July 15, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Lower Broadway JV”) to develop an approximately 386-unit, Class A apartment community located in San Antonio, Texas to be known as Lower Broadway. The Company has made a commitment to invest in $15.8 million of preferred equity interests in the Lower Broadway JV, of which none had been funded as of September 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 Lower Broadway JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on July 15, 2027 (the “redemption date”) or earlier upon the occurrence of certain events. The redemption date can be extended through two (2) one year extension options, subject to certain conditions. In conjunction with the Lower Broadway development, the Lower Broadway property owner, which is owned by an entity in which the Company has an equity interest, entered into a $51.0 million construction loan, of which none is outstanding as of September 30, 2021. The loan matures on July 15, 2025 and is secured by the fee simple interest in the Lower Broadway property. The loan contains two (2) one-year extension options, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at one-month LIBOR plus 2.55% with interest-only monthly payments during the term of the loan. Mira Vista Interests On September 23, 2021, the Company’s preferred equity investment in Mira Vista was redeemed. Refer to Note 3 for further information. Orange City Apartments Interests On July 26, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Orange City JV”) to develop an approximately 298-unit, Class A apartment community located in Orange City, Florida to be known as Orange City Apartments. The Company has made a commitment to invest in $15.1 million of preferred equity interests in the Orange City JV, of which none had been funded as of September 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 13.0% 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 Orange City JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on July 26, 2024 (the “redemption date”) or earlier upon the occurrence of certain events. The redemption date can be extended through two (2) one year extension options, subject to certain conditions. In conjunction with the Orange City Apartments development, the Orange City Apartments property owner, which is owned by an entity in which the Company has an equity interest, entered into a $36.3 million construction loan, of which none is outstanding as of September 30, 2021. The loan matures on July 15, 2024 and is secured by the fee simple interest in the Orange City Apartments property. The loan contains two (2) one-year extension options, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at the greater of 3.50% or one-month LIBOR plus 2.75% with interest-only monthly payments during the term of the loan. Peak Housing Interests On April 12, 2021, the Company made a $10.7 million preferred equity investment in the Peak REIT OP for a portfolio of 474 single-family residential homes (known as “Peak I”) located throughout Texas. During the third quarter 2021, the Company made additional preferred equity investments totaling $7.5 million in the Peak REIT OP for the following portfolios of single-family residential homes: Corpus, Granbury, Indy, Jolin, Lubbock, Springfield, Springtown and Texarkana (refer to Note 4 for the respective portfolio markets and number of homes). These eight portfolios, together with Peak I, are collectively known as Peak Housing. The Company also made common equity investments in and provided mortgage loans to some of the portfolios in Peak Housing. Refer to Note 6 for further information. Of the Company’s total $18.2 million preferred equity investment in the Peak REIT OP, the Company earns a 7.0% current return and a 3.0% accrued return on $17.3 million of its investment, for a total preferred return of 10.0% per annum. On its remaining $0.9 million investment, the Company earns a 4.0% current return and a 4.0% accrued return, for a total preferred return of 8.0% per annum. The current returns shall be paid monthly to the extent the property generates cash flow in excess of operating costs, and any amount of the current returns not paid monthly shall be accrued at a rate of 15% per annum. The homes in Peak Housing are subject to individual mortgage debt in the aggregate amount of $98.6 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) the third anniversary on which the Company made its preferred equity investment, 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. Renew 3030 Interests On August 31, 2021, the Company made a $7.1 million preferred equity investment in a joint venture (the “Renew 3030 JV”) with an unaffiliated third party for Renew 3030, a 126-unit, stabilized property located in Mesa, Arizona. The Company earns a 6.0% current return and a 4.5% 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 Renew 3030 JV is required to redeem the Company’s preferred equity interest plus any accrued preferred return on the earlier date of the maturity of the senior mortgage loan (refer to below) or its repayment in full. In conjunction with the Renew 3030 investment, the Renew 3030 property owner, which is owned by an entity in which the Company has an equity interest, entered into a $13.6 million senior mortgage loan. The loan matures on May 1, 2030 and is secured by the fee simple interest in the Renew 3030 property. The loan bears interest at a fixed rate of 3.52% with interest-only monthly payments through May 2025 and future monthly payments based on thirty-year Spring Parc Interests On July 13, 2021, the Company made an $8.0 million preferred equity investment in a joint venture (the “Spring Parc JV”) with an unaffiliated third party for Spring Parc, a 304-unit, stabilized property located in Dallas, Texas. 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 Company’s preferred membership interest plus any accrued but unpaid preferred return shall be redeemed by the Spring Parc JV at a date no earlier than July 13, 2023 and no later than the repayment in full of the senior mortgage loan (refer to below). In conjunction with the Spring Parc investment, the Spring Parc property owner, which is owned by an entity in which the Company has an equity interest, entered into a $30.1 million senior mortgage loan. The loan matures on March 1, 2028 and is secured by the fee simple interest in the Spring Parc property. The loan bears interest at the 30-day thirty-year 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 $160.8 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 Cottages at Myrtle Beach Interests On September 9, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Cottages MB JV”) to develop approximately 294-build for rent, single-family residential homes in Myrtle Beach, South Carolina. The Company made a commitment to invest $17.9 million of preferred equity interests in the Cottages MB JV, of which $4.7 million had been funded as of September 30, 2021. The Company will earn a 14.5% 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 Cottages MB JV is required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the construction loan (refer to below) is due and payable or earlier upon the occurrence of certain events. In conjunction with The Cottages at Myrtle Beach investment, The Cottages at Myrtle Beach property owner, which is owned by an entity in which the Company has an equity interest, entered into a $40.2 million construction loan, of which none is outstanding as of September 30, 2021. The loan matures on March 9, 2025 and is secured by the fee simple interest in The Cottages at Myrtle Beach property. The loan contains two (2) one-year extension options, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at the greater of 3.10% or one-month LIBOR plus 2.60% with interest-only monthly payments through the initial term of the loan. The Cottages of Port St. Lucie Interests On August 26, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Cottages St. Lucie JV”) to develop approximately 286-build for rent, single-family residential homes in Port St. Lucie, Florida. The Company made a commitment to invest $18.8 million of preferred equity interests in the Cottages St. Lucie JV, of which $3.6 million had been funded as of September 30, 2021. The Company will earn a 14.5% 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 Cottages St. Lucie JV is required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the construction loan (refer to below) is due and payable or earlier upon the occurrence of certain events. In conjunction with The Cottages of Port St. Lucie investment, The Cottages of Port St. Lucie property owner, which is owned by an entity in which the Company has an equity interest, entered into a $45.2 million construction loan, of which none is outstanding as of September 30, 2021. The loan matures on August 26, 2024 and is secured by the fee simple interest in The Cottages of Port St. Lucie property. The loan contains two (2) one-year extension options, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at the greater of 3.50% or one-month LIBOR plus 2.75% with interest-only monthly payments through the initial term of the loan. The Crossings of Dawsonville Interests On July 14, 2021, the Company made a $10.5 million preferred equity investment in a joint venture (the “Dawsonville JV”) with an unaffiliated third party for The Crossings of Dawsonville, a 216-unit, stabilized property located in Dawsonville, Georgia. 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 Company’s preferred membership interest plus any accrued but unpaid preferred return shall be redeemed by the Dawsonville JV at a date no earlier than July 14, 2023 and no later than the repayment in full of the senior mortgage loan (refer to below). In conjunction with The Crossings of Dawsonville investment, The Crossings of Dawsonville property owner, which is owned by an entity in which the Company has an equity interest, entered into a $37.6 million senior mortgage loan. The loan matures on August 1, 2033 and is secured by the fee simple interest in The Crossings of Dawsonville property. The loan bears interest at a fixed rate of 3.28% with interest-only monthly payments through August 2026 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 April 29, 2033. 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 the greater of (i) LIBOR or (ii) 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. Thornton Flats Interests On August 26, 2021, the Company, in accordance with terms as set forth in the Thornton Flats operating agreement, funded an additional $0.8 million of preferred equity interests in the Thornton JV, increasing the Company’s total preferred equity investment in the Thornton JV to $5.4 million as of September 30, 2021. 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 September 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. Construction loan financing for the Wayford at Innovation Park development closed in the fourth quarter 2021. 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-build 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 September 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 construction loan (refer to below) is due and payable or earlier upon the occurrence of certain events. In conjunction with the Willow Park development, the Willow Park property owner, which is owned by an entity in which the Company has an equity interest, entered into an $8.8 million construction loan, of which none is outstanding as of September 30, 2021. The loan matures on August 5, 2024 and is secured by the fee simple interest in the Willow Park property. The loan contains two (2) one-year extension options, subject to certain conditions, and can be prepaid subject to a make whole premium. The loan bears interest on the amount drawn at the greater of 4.50% or the prime rate plus 1.25% with interest-only monthly payments through February 2024 and future monthly payments based on twenty-five-year amortization.

Revolving Credit Facilities

Revolving Credit Facilities	9 Months Ended
	Sep. 30, 2021
Revolving Credit Facilities
Revolving Credit Facilities	Note 8 – Revolving Credit Facilities The outstanding balances on the revolving credit facilities as of September 30, 2021 and December 31, 2020 are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, Revolving Credit Facilities ​ 2021 ​ 2020 Amended Senior Credit Facility ​ $ — ​ $ 33,000 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 September 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 September 30, 2021, the Company had one outstanding letter of credit of $0.8 million. Amended Junior Credit Facility On September 21, 2021, the Company entered into an amended and restated Junior Credit Facility (the “Amended Junior Credit Facility”). The Amended Junior Credit Facility extended the maturity date of the credit facility to December 21, 2023 and included changes in certain financial and operating covenants. There were no other material changes in terms from the previous credit facility. The Amended Junior Credit Facility provides for a revolving loan with a maximum commitment amount of $72.5 million. Borrowings under the 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 Amended Junior Credit Facility, depending on the borrowings outstanding. The Amended Junior Credit Facility 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 September 30, 2021, the Company was in compliance with all covenants under the Amended Junior Credit Facility. The Company has guaranteed the obligations under the Amended Junior Credit Facility and has pledged certain assets as collateral. The availability of borrowings under the revolving credit facilities at September 30, 2021 is based on the collateral and compliance with various ratios related to those assets and was approximately $137.4 million.

Mortgages Payable

Mortgages Payable	9 Months Ended
	Sep. 30, 2021
Mortgages Payable
Mortgages Payable	Note 9 – Mortgages Payable The following table summarizes certain information as of September 30, 2021 and December 31, 2020, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Principal ​ As of September 30, 2021 ​ ​ September 30, ​ December 31, ​ ​ ​ Interest-only ​ ​ Property 2021 2020 Interest Rate through date Maturity Date ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Westside ​ $ 52,076 ​ $ 52,150 3.68 % (3) ​ 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) ​ ​ 69,851 ​ ​ 70,871 ​ 3.65 % (3) ​ November 1, 2024 Carrington at Perimeter Park (4) ​ ​ 31,259 ​ ​ 31,301 ​ 4.16 % (4) ​ July 1, 2027 Chattahoochee Ridge ​ 45,338 ​ 45,338 3.25 % December 2022 ​ December 5, 2024 Citrus Tower ​ ​ 40,083 ​ ​ 40,627 ​ 4.07 % (3) ​ October 1, 2024 Denim (5) ​ ​ 101,205 ​ ​ 101,205 ​ 3.41 % August 2024 ​ August 1, 2029 Elan (6) ​ 25,525 ​ 25,574 4.19 % (6) ​ July 1, 2027 Element ​ ​ 29,260 ​ ​ 29,260 ​ 3.63 % July 2022 ​ July 1, 2026 Falls at Forsyth (7) ​ ​ 19,347 ​ ​ — ​ 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) ​ 20,440 ​ 20,515 4.56 % (3) ​ June 1, 2028 Outlook at Greystone ​ ​ 22,019 ​ ​ 22,105 ​ 4.30 % (3) ​ June 1, 2025 Park & Kingston ​ — ​ 19,600 ​ ​ ​ ​ ​ Plantation Park ​ — ​ 26,625 ​ ​ ​ ​ ​ Providence Trail ​ 47,809 ​ 47,950 3.54 % (3) ​ July 1, 2026 Roswell City Walk ​ 49,302 ​ 50,043 3.63 % (3) ​ December 1, 2026 The Brodie ​ 33,048 ​ 33,551 3.71 % (3) ​ December 1, 2023 The Debra Metrowest (2) ​ ​ 64,237 ​ ​ 64,559 ​ 4.43 % (3) ​ May 1, 2025 The Links at Plum Creek ​ 39,085 ​ 39,578 4.31 % (3) ​ October 1, 2025 The Mills ​ 24,869 ​ 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 ​ ​ 38,909 ​ ​ 39,438 ​ 4.25 % (3) ​ April 1, 2024 Windsor Falls ​ ​ 27,442 ​ ​ — ​ 4.19 % November 2022 ​ November 1, 2027 Yauger Park Villas (9) ​ ​ 14,990 ​ ​ — ​ 4.86 % (3) ​ April 1, 2026 Total Fixed Rate ​ $ 1,061,877 ​ $ 1,117,999 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Floating Rate (10) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Glenridge ​ $ 49,500 ​ $ 49,500 1.41 % (3) ​ September 1, 2025 Chevy Chase ​ ​ 24,400 ​ ​ 24,400 ​ 2.40 % September 2022 ​ September 1, 2027 Cielo on Gilbert (11) ​ ​ 58,000 ​ ​ 58,000 ​ 2.66 % January 2026 ​ January 1, 2031 Falls at Forsyth (7) ​ ​ 19,272 ​ ​ — ​ 1.48 % (3) ​ July 1, 2025 Fannie Facility Advance ​ 13,936 ​ 13,936 2.68 % June 2022 ​ June 1, 2027 Fannie Facility Second Advance (11) ​ ​ 12,880 ​ ​ — ​ 2.75 % 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 3.06 % July 2025 ​ July 1, 2030 The District at Scottsdale ​ ​ — ​ ​ 75,577 ​ ​ ​ ​ ​ ​ Veranda at Centerfield ​ 26,045 ​ 26,100 1.34 % (3) ​ July 26, 2023 (12) Villages of Cypress Creek ​ 33,520 ​ 33,520 2.63 % July 2022 ​ July 1, 2027 Total Floating Rate ​ $ 280,281 ​ $ 377,530 ​ ​ ​ ​ ​ ​ Total ​ $ 1,342,158 ​ $ 1,495,529 ​ ​ ​ ​ ​ Fair value adjustments ​ ​ 8,540 ​ ​ 6,489 ​ ​ ​ ​ ​ ​ Deferred financing costs, net ​ ​ (9,457) ​ ​ (11,086) ​ ​ ​ ​ Total continuing operations ​ $ 1,341,241 ​ $ 1,490,932 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held for Sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Grandewood (7)(13) ​ $ — ​ $ 19,585 ​ ​ ​ ​ ​ ​ ARIUM Grandewood (7)(13) ​ ​ — ​ ​ 19,529 ​ ​ ​ ​ ​ ​ Deferred financing costs, net ​ ​ — ​ ​ (341) ​ ​ ​ ​ ​ ​ Total held for sale ​ ​ — ​ ​ 38,773 ​ ​ ​ ​ ​ ​ Total mortgages payable ​ $ 1,341,241 ​ $ 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 $14.7 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 $10.4 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 and the Fannie Facility Second Advance, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In September 2021, one-month LIBOR in effect was 0.08% . 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 September 2021, the 30-day average SOFR in effect was 0.05% . 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. 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 $3.1 million and zero, and $6.7 million and $14.0 million for the three and nine months ended September 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 September 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 September 30, 2021, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Total 2021 (October 1-December 31) ​ $ 3,007 2022 ​ 13,552 2023 ​ 126,102 2024 ​ 201,503 2025 ​ 331,011 Thereafter ​ 666,983 ​ ​ $ 1,342,158 Add: Unamortized fair value debt adjustment ​ 8,540 Subtract: Deferred financing costs, net ​ (9,457) Total ​ $ 1,341,241 ​ The net book value of real estate assets providing collateral for these above borrowings, including the Amended Senior Credit Facility, Amended Junior Credit Facility and Fannie Facility, was $1,938.3 million as of September 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	9 Months Ended
	Sep. 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 September 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 September 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 $1,379.2 million and $1,586.0 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $1,350.7 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	9 Months Ended
	Sep. 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 September 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 $280.3 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 September 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 ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2021 2020 Interest rate caps Accounts receivable, prepaids and other assets ​ $ 74 ​ $ 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 nine months ended September 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 ​ Nine Months Ended ​ ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2021 2020 ​ 2021 2020 Interest rate caps ​ Interest Expense ​ $ (44) ​ $ (106) ​ $ (29) ​ $ (75) ​

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 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 LTIP Units. On August 4, 2021, the Company delivered written notice to BRE of the Company’s intention to renew the Administrative Services Agreement for an additional one-year term, to expire on October 31, 2022 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 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 $2.2 million and $2.1 million were expensed during the three and nine months ended September 30, 2021 and 2020, respectively. Operating expense reimbursements of $0.4 million for the second quarter 2021 were paid to BRE through the issuance of 34,143 LTIP Units on August 3, 2021. Pursuant to the terms of the Administrative Services Agreement, the Company paid operating expenses on behalf of BRE of $0.4 million and $0.4 million, and $1.8 million and $1.5 million for the three and nine months ended September 30, 2021 and 2020, respectively. Operating expense reimbursements for the second quarter 2021 were paid to the Company in cash during the third 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 September 30, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 Amounts Payable to BRE under the Administrative Services Agreement, net ​ ​ Operating and direct expense reimbursements ​ $ 302 ​ $ 338 Offering expense reimbursements ​ ​ 103 ​ ​ 89 Total expense reimbursement amounts payable to BRE, net ​ $ 405 ​ $ 427 ​ ​ ​ ​ ​ ​ ​ Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement ​ ​ ​ ​ Operating and direct expense reimbursements ​ $ 190 ​ $ 191 Total expense reimbursement amounts payable to BRE ​ $ 190 ​ $ 191 Total ​ $ 595 ​ $ 618 ​ As of September 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 September 30, 2021, $0.3 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 nine months ended September 30, 2021 and 2020, the Company has incurred $23.2 million and $11.6 million, respectively, in selling commissions and discounts and $9.9 million and $5.0 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 $0.9 million and $0.7 million during the nine months ended September 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 loans, in some cases, to related parties in conjunction with the developments of multifamily communities. At September 30, 2021, the following 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 September 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	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity and Redeemable Preferred Stock
Stockholders' Equity and Redeemable Preferred Stock	Note 13 – Stockholders’ Equity and Redeemable Preferred Stock Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders, less dividends on restricted stock and LTIP Units expected to vest, by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the sum of the weighted average number of common shares outstanding and any potential dilutive shares for the period. Net income (loss) attributable to common stockholders is computed by adjusting net income (loss) for the non-forfeitable dividends paid on restricted stock and non-vested LTIP Units. The Company considers the requirements of the two-class method when preparing earnings per share. The Company has two classes of common stock outstanding: Class A common stock, $0.01 par value per share, and Class C common stock, $0.01 par value per share. Earnings per share is not affected by the two-class method because the Company’s Class A and C common stock participate in dividends on a one-for-one basis. The following table reconciles the components of basic and diluted net income (loss) per common share (amounts in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2021 2020 2021 2020 ​ Net income (loss) attributable to common stockholders ​ $ 12,544 ​ $ (17,058) ​ $ 30,696 ​ $ (18,461) ​ Dividends on restricted stock and LTIP Units expected to vest ​ (384) ​ (342) ​ (1,150) ​ (1,008) ​ Basic net income (loss) attributable to common stockholders ​ $ 12,160 ​ $ (17,400) ​ $ 29,546 ​ $ (19,469) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding (1) ​ 26,567,269 ​ 24,566,196 ​ 25,941,571 ​ 24,321,282 ​ Potential dilutive shares (2) ​ 228,238 ​ — ​ 91,021 ​ — ​ Weighted average common shares outstanding and potential dilutive shares (1) ​ 26,795,507 ​ 24,566,196 ​ 26,032,592 ​ 24,321,282 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per common share, basic ​ $ 0.46 ​ $ (0.71) ​ $ 1.14 ​ $ (0.80) ​ Net income (loss) per common share, diluted ​ $ 0.45 ​ $ (0.71) ​ $ 1.13 ​ $ (0.80) ​ (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) For the three and nine months ended September 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 149,037 shares and 28,668 shares of Class A common stock, respectively, and b) potential vesting of restricted stock to employees for 79,201 shares and 62,353 shares of Class A common stock, respectively. For the three and nine months ended September 30, 2020, potential vesting of restricted stock to employees for 67,036 shares and 57,102 shares of Class A common stock, respectively, 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 nine months ended September 30, 2021, the Company issued 13,228,681 shares of Series T Preferred Stock under its continuous registered Series T Preferred Offering with net proceeds of approximately $297.6 million after commissions, dealer manager fees and discounts of approximately $33.1 million, along with 46,211 shares issued under the dividend reinvestment plan with total proceeds of $1.2 million. During the life of the Series T Preferred Offering, the Company has issued a total of 22,999,221 shares of Series T Preferred Stock for net proceeds of approximately $517.5 million after commissions, dealer manager fees and discounts. During the nine months ended September 30, 2021, the Company, at the request of holders, redeemed 71,990 shares of Series T Preferred Stock through the issuance of 165,063 shares of Class A common stock and redeemed 651 shares of Series T Preferred Stock in cash. Series B Redeemable Preferred Stock During the nine months ended September 30, 2021, the Company, at the request of holders, redeemed 2,766 shares of Series B Preferred Stock through the issuance of 246,954 shares of Class A common stock and redeemed 40 shares of Series B Preferred Stock in cash. In November 2019, the Company began initiating redemptions of Series B Preferred Stock, and during the nine months ended September 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. The Company did not initiate any redemptions of Series B Preferred Stock in the third quarter 2021. As of September 30, 2021, the Company had 389,210 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 September 30, 2021, a total of 21,723 Warrants had been exercised into 193,144 shares of Class A common stock. The outstanding Warrants have exercise prices ranging from $10.00 to $14.71 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 three quarters of 2021. During the life of the Class A Common Stock ATM Offering, the Company 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 nine months ended September 30, 2021, the Company repurchased 11,140,637 shares of Class A common stock for a total purchase price of approximately $119.6 million. Under the current repurchase plans, the total purchase price of shares repurchased by the Company was approximately $138.5 million, and as of September 30, 2021, the value of shares that was available for repurchase under the repurchase plans was $11.5 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 September 30, 2021, limited partners other than the Company owned approximately 30.44% of the common units of the Operating Partnership (6,309,672 OP Units, or 16.75%, is held by OP Unit holders, and 5,153,607 LTIP Units, or 13.69%, is held by LTIP Unit holders, including 5.92% which are not vested at September 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. The Company granted LTIP Units to two executive officers under the Incentive Plans in lieu of cash payment of an agreed upon portion of the executive officers’ base salary, with the remaining portion payable in cash, as follows: an aggregate of 19,683 LTIP Units granted on February 16, 2021 for the first quarter 2021, an aggregate of 23,206 LTIP Units granted on May 11, 2021 for the second quarter 2021, and an aggregate of 19,209 LTIP Units granted on August 3, 2021 for the third quarter 2021. ​ 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 $3.0 million and $2.9 million during the three and nine months ended September 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 $0.8 million, and $2.7 million and $2.1 million during the three and nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, there was $8.0 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 1.8 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 $0.3 million and $0.3 million during the three and nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, there was $0.6 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 2.2 years. Distributions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable to stockholders ​ ​ ​ ​ ​ Declaration Date of record as of Amount Date 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 September 10, 2021 ​ September 24, 2021 ​ $ 0.162500 ​ October 5, 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 September 10, 2021 ​ September 24, 2021 ​ $ 0.162500 ​ October 5, 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 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 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 September 10, 2021 ​ September 24, 2021 ​ $ 0.4765625 ​ October 5, 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 September 10, 2021 ​ September 24, 2021 ​ $ 0.4453125 ​ October 5, 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 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) 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 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 nine months ended September 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 Third Quarter ​ ​ Class A Common Stock ​ $ 4,244 ​ $ 4,750 Class C Common Stock ​ 12 ​ 12 Series B Preferred Stock ​ 5,404 ​ 5,407 Series C Preferred Stock ​ 1,094 ​ 1,094 Series D Preferred Stock ​ 1,235 ​ 1,235 Series T Preferred Stock ​ ​ 8,039 ​ ​ 7,439 OP Units ​ 1,027 ​ 1,025 LTIP Units ​ 836 ​ 631 Total third quarter 2021 ​ $ 21,891 ​ $ 21,593 Total ​ $ 63,184 ​ $ 62,428 ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 October 11, 2021 ​ October 25, 2021 ​ $ 5.00 ​ November 5, 2021 October 11, 2021 ​ November 24, 2021 ​ $ 5.00 ​ December 3, 2021 October 11, 2021 ​ December 23, 2021 ​ $ 5.00 ​ January 5, 2022 Series T Preferred Stock (1) ​ ​ ​ October 11, 2021 ​ October 25, 2021 ​ $ 0.128125 ​ November 5, 2021 October 11, 2021 ​ November 24, 2021 ​ $ 0.128125 ​ December 3, 2021 October 11, 2021 ​ December 23, 2021 ​ $ 0.128125 ​ January 5, 2022 (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 September 30, 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration ​ ​ ​ ​ ​ Distributions ​ Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock ​ September 10, 2021 ​ September 24, 2021 ​ October 5, 2021 ​ $ 0.1625000 ​ $ 4,244 Class C Common Stock ​ September 10, 2021 ​ September 24, 2021 ​ October 5, 2021 ​ ​ 0.1625000 ​ ​ 12 Series B Preferred Stock ​ July 12, 2021 ​ September 24, 2021 ​ October 5, 2021 ​ ​ 5.0000000 ​ ​ 1,800 Series C Preferred Stock ​ September 10, 2021 ​ September 24, 2021 ​ October 5, 2021 ​ ​ 0.4765625 ​ ​ 1,094 Series D Preferred Stock ​ September 10, 2021 ​ September 24, 2021 ​ October 5, 2021 ​ ​ 0.4453125 ​ ​ 1,235 Series T Preferred Stock ​ July 12, 2021 ​ September 24, 2021 ​ October 5, 2021 ​ ​ 0.1281250 ​ ​ 2,882 OP Units ​ September 10, 2021 ​ September 24, 2021 ​ October 5, 2021 ​ ​ 0.1625000 ​ ​ 1,027 LTIP Units ​ September 10, 2021 ​ September 24, 2021 ​ October 5, 2021 ​ ​ 0.1625000 ​ ​ 639 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series B Preferred Stock ​ October 11, 2021 ​ October 25, 2021 ​ November 5, 2021 ​ ​ 5.0000000 ​ ​ 1,799 Series T Preferred Stock ​ October 11, 2021 ​ October 25, 2021 ​ November 5, 2021 ​ ​ 0.1281250 ​ ​ 3,090 Total ​ ​ ​ ​ ​ ​ $ 17,822 ​ Acquisitions of Single-Family Residential Homes In October 2021, the Company acquired an 80% interest in three portfolios of single-family residential homes, pursuant to the terms and conditions of three separate purchase and sales agreements, located throughout Texas for an aggregate purchase price of $16.4 million. The purchase price was funded, in part, with $11.5 million in mortgage loans provided by the Company to the consolidated property owners. The Company also made additional preferred equity investments totaling $0.6 million in the Peak REIT OP related to these three portfolios. Refer to the Peak Housing disclosures in Note 6 and Note 7 for further information about the Company’s consolidation of the mortgage loans and its preferred equity investment in Peak REIT OP. Joint Venture Financing In October 2021, the Company entered into a joint venture with an unaffiliated third party to invest in single-family residential homes. The Company has made a commitment to fund $71.3 million, or 95% of the total common equity, in the joint venture, of which the Company has funded $11.4 million of the total $12.0 million funded to the joint venture as of November 2, 2021. The joint venture provided a short-term loan of $11.0 million to entities affiliated with the Company’s joint venture partner. The loan proceeds will be used by these entities to acquire homes, and as the entities are under agreement to be contributed to the joint venture, any homes acquired by the entities affiliated with the Company’s joint venture partner will be contributed to the joint venture.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 September 30, 2021, limited partners other than the Company owned approximately 30.44% of the common units of the Operating Partnership (16.75% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 13.69% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 5.92% which are not vested at September 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 loan investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation.
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 and its variants (“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 September 30, 2021, the Company collected 97% of rents from its multifamily properties for the three months ended September 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 nine months ended September 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 September 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 nine months ended September 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 are effective immediately and may be elected over time as reference rate reform activities occur through December 31, 2022. The Company will continue to evaluate the impact of the guidance and may apply elections as applicable as changes in the market occur.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2021
Investments in Real Estate
Schedule Of Equity Method Investments And Consolidation Accounting Investments	As of September 30, 2021, the Company held seventy-two real estate investments, consisting of thirty-nine consolidated operating investments and thirty-three investments held through preferred equity, loan or ground lease investments. The following tables provide summary information regarding the Company’s consolidated operating investments and preferred equity, loan and ground lease investments. Consolidated Operating Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Date Built / Ownership Name ​ Location ​ Units ​ Renovated (1) ​ Interest Multifamily ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 % Outlook at Greystone Birmingham, AL 300 2007 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 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 % Wesley Village ​ Charlotte, NC ​ 301 ​ 2010 ​ 100 % Windsor Falls ​ Raleigh, NC ​ 276 ​ 1994 ​ 100 % Total Units ​ ​ ​ 10,626 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Average Year ​ ​ ​ Single-Family Residential (2) Market ​ Homes Built Granbury ​ Granbury, TX ​ 36 ​ 2020-2021 ​ 80 % Indy Indianapolis, IN ​ 44 1958 60 % Lubbock ​ Lubbock, TX ​ 60 ​ 1955 ​ 80 % Navigator Villas ​ Pasco, WA ​ 176 ​ 2013 ​ 90 % Springfield Springfield, MO ​ 290 2004 60 % Springtown Springtown, TX ​ 70 1991 80 % Texarkana Texarkana, TX ​ 29 1967 80 % Wayford at Concord ​ Concord, NC ​ 150 ​ 2019 ​ 83 % Yauger Park Villas ​ Olympia, WA ​ 80 ​ 2010 ​ 95 % Total Homes ​ ​ 935 ​ ​ Total Units and Homes ​ ​ 11,561 ​ ​ ​ ​ ​ (1) Represents date of last significant renovation or year built if there were no renovations. (2) Single-Family Residential includes single-family residential homes and attached townhomes/flats.
Schedule Of Development Properties In Real Estate	Preferred Equity, Loan and Ground Lease Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual / ​ Actual / ​ ​ ​ ​ ​ ​ Planned ​ Estimated ​ Actual / Estimated ​ ​ ​ ​ Number of Units ​ Initial ​ Construction Lease-up Investment Name (1) Location / Market or Homes Occupancy Completion Multifamily ​ ​ ​ ​ ​ ​ ​ ​ Reunion Apartments Orlando, FL ​ 280 ​ 3Q 2021 ​ 3Q 2022 Total Lease-up Units ​ ​ 280 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investment Name (1) ​ ​ ​ ​ ​ ​ ​ ​ Multifamily ​ ​ ​ ​ ​ ​ ​ ​ Zoey Austin, TX ​ 307 ​ 1Q 2022 ​ 2Q 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 ​ 1Q 2022 ​ 1Q 2023 Deerwood Apartments ​ Houston, TX ​ 330 ​ 4Q 2022 ​ 2Q 2023 Chandler Chandler, AZ ​ 208 ​ 3Q 2023 ​ 4Q 2023 Orange City Apartments ​ Orange City, FL ​ 298 ​ 1Q 2023 ​ 4Q 2023 Lower Broadway ​ San Antonio, TX ​ 386 ​ 4Q 2023 ​ 2Q 2024 Wayford at Innovation Park ​ Charlotte, NC ​ 210 ​ 3Q 2023 ​ 3Q 2024 Total Units ​ ​ 2,393 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Single-Family Residential ​ ​ ​ ​ ​ ​ ​ ​ Willow Park ​ Willow Park, TX ​ 46 ​ 2Q 2022 ​ 4Q 2022 The Cottages at Myrtle Beach ​ Myrtle Beach, SC ​ 294 ​ 1Q 2023 ​ 4Q 2023 The Cottages of Port St. Lucie ​ Port St. Lucie, FL ​ 286 ​ 1Q 2023 ​ 4Q 2023 Total Homes ​ ​ ​ 626 ​ ​ ​ ​ Total Development Units and Homes ​ ​ ​ 3,019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Units / ​ ​ ​ ​ Operating Investment Name (1) ​ Location / Market ​ Homes ​ ​ ​ ​ Multifamily ​ ​ ​ ​ ​ ​ ​ ​ Alexan CityCentre Houston, TX ​ 340 ​ ​ ​ ​ Belmont Crossing (2) ​ Smyrna, GA ​ 192 ​ ​ ​ ​ Deercross ​ Indianapolis, IN ​ 372 ​ ​ ​ ​ Domain at The One Forty ​ Garland, TX ​ 299 ​ ​ ​ ​ Georgetown Crossing (2) ​ Savannah, GA ​ 168 ​ ​ ​ ​ Hunter’s Pointe (2) ​ Pensacola, FL ​ 204 ​ ​ ​ ​ Motif ​ Fort Lauderdale, FL ​ 385 ​ ​ ​ ​ Park on the Square (2) ​ Pensacola, FL ​ 240 ​ ​ ​ ​ Renew 3030 ​ Mesa, AZ ​ 126 ​ ​ ​ ​ Sierra Terrace (2) ​ Atlanta, GA ​ 135 ​ ​ ​ ​ Sierra Village (2) ​ Atlanta, GA ​ 154 ​ ​ ​ ​ Spring Parc ​ Dallas, TX ​ 304 ​ ​ ​ ​ The Commons (2) ​ Jacksonville, FL ​ 328 ​ ​ ​ ​ The Crossings of Dawsonville ​ Dawsonville, GA ​ 216 ​ ​ ​ ​ The Reserve at Palmer Ranch (2) ​ Sarasota, FL ​ 320 ​ ​ ​ ​ The Riley ​ Richardson, TX ​ 262 ​ ​ ​ ​ Thornton Flats ​ Austin, TX ​ 104 ​ ​ ​ ​ Water’s Edge (2) ​ Pensacola, FL ​ 184 ​ ​ ​ ​ Total Units ​ ​ ​ 4,333 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Single-Family Residential ​ ​ ​ ​ ​ ​ ​ ​ Corpus ​ Corpus Christi, TX ​ 81 ​ ​ ​ ​ Jolin ​ Weatherford, TX ​ 24 ​ ​ ​ ​ Peak Housing (3) ​ Various (4) ​ 474 ​ ​ ​ ​ Total Homes ​ ​ ​ 579 ​ ​ ​ ​ Total Operating Units and Homes ​ ​ ​ 4,912 ​ ​ ​ ​ Total Units and Homes ​ ​ ​ 8,211 ​ ​ ​ ​ (1) Investments in which the Company has a loan, preferred equity or ground lease investment. Operating investments represent stabilized operating investments. Refer to Note 6 and Note 7 for further information. (2) These nine operating investments are collectively known as the Strategic Portfolio. Refer to Note 7 for further information. (3) Peak Housing consists of the Company's preferred equity investments in a private single-family home REIT (refer to Note 7 for further information). Peak Housing consists of the following nine portfolios of single-family residential homes: Corpus, Granbury, Indy, Jolin, Lubbock, Peak I, Springfield, Springtown and Texarkana. The 474 homes presented only represent those in the Peak I portfolio. The number of homes related to the other eight portfolios are presented separately in the above tables as the Company also holds a common equity interest in the portfolio or has provided a mortgage loan to the portfolio. (4) Peak Housing includes portfolios of homes located in Indiana, Missouri and Texas.

Acquisition of Real Estate (Tab

Acquisition of Real Estate (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership ​ Purchase ​ ​ ​ ​ Name Location / Market Date Interest Price Mortgage Multifamily ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Windsor Falls ​ Raleigh, NC ​ June 17, 2021 ​ 100 % $ 48,775 ​ $ 27,442 (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Single-Family Residential (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Yauger Park Villas ​ Olympia, WA ​ April 14, 2021 ​ 95 % ​ 24,500 ​ ​ 15,077 (3) Wayford at Concord ​ Concord, NC ​ June 4, 2021 ​ 83 % ​ 44,438 ​ ​ — (4) Indy ​ Indianapolis, IN ​ August 12, 2021 ​ 60 % ​ 3,785 ​ ​ 2,650 (5) Springfield ​ Springfield, MO ​ August 18, 2021 ​ 60 % ​ 49,000 ​ ​ 35,525 (5) Springtown ​ Springtown, TX ​ September 15, 2021 ​ 80 % ​ 9,350 ​ ​ 6,545 (5) Texarkana ​ Texarkana, TX ​ September 21, 2021 ​ 80 % ​ 3,100 ​ ​ 2,170 (5) Lubbock ​ Lubbock, TX ​ September 24, 2021 ​ 80 % ​ 5,600 ​ ​ 3,920 (5) Granbury ​ Granbury, TX ​ September 30, 2021 ​ 80 % ​ 8,100 ​ ​ 5,670 (5) (1) Mortgage balance represents a loan assumption secured by the Windsor Falls property. (2) Single-Family Residential includes single-family residential homes and attached townhomes/flats. (3) 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. (4) Purchase price was funded in full by the Company and its unaffiliated joint venture partner upon acquisition. (5) As part of the acquisition, the Company provided a mortgage loan to the consolidated portfolio owner in the full amount shown. The mortgage loan is eliminated in the Company’s consolidated financial statements. Refer to the Peak Housing Financing disclosure in Note 6 for further information.
Schedule of Real Estate Properties	The following table summarizes the assets acquired and liabilities assumed at the acquisition date for acquisitions made during the nine months ended September 30, 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ Purchase ​ ​ Price ​ Allocation Land ​ $ 26,169 Building ​ 155,594 Building improvements ​ 2,871 Land improvements ​ 13,665 Furniture and fixtures ​ 1,937 In-place leases ​ 3,092 Total assets acquired ​ $ 203,328 Mortgages assumed ​ $ 42,519 Fair value adjustments ​ ​ 2,996 Total liabilities assumed ​ $ 45,515

Notes and Interest Receivable (

Notes and Interest Receivable (Tables)	9 Months Ended
	Sep. 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 loan investments as of September 30, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, Name 2021 2020 Avondale Hills ​ $ 12,513 ​ $ 1,021 Corpus ​ ​ 6,819 ​ ​ — Domain at The One Forty ​ 25,050 ​ 24,315 Jolin ​ 3,135 ​ — Motif ​ 82,872 ​ 75,436 Reunion Apartments ​ ​ 11,076 ​ ​ 8,161 The Hartley at Blue Hill, formerly The Park at Chapel Hill ​ ​ 38,428 ​ ​ 36,927 Vickers Historic Roswell ​ — ​ 12,048 Total ​ $ 179,893 ​ $ 157,908 Provision for credit losses (1) ​ ​ (498) ​ ​ (174) Total, net ​ $ 179,395 ​ $ 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 loan investments for the three and nine months ended September 30, 2021 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Nine Months ​ ​ Ended ​ Ended ​ ​ September 30, 2021 ​ September 30, 2021 Beginning balance as of July 1 and January 1, 2021, respectively ​ $ 535 ​ $ 174 Provision for credit loss on pool of assets, net (1) ​ (37) ​ 324 Ending balance ​ $ 498 ​ $ 498 (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 September 30, 2021 was primarily the result of a decrease in the trailing twelve-month historical default rate, partially offset by the addition of two investments to the pool of assets.
Summary of the interest income from related parties and ground leases	Following is a summary of the interest income from loan and ground lease investments for the three and nine months ended September 30, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, ​ September 30, Name 2021 2020 ​ 2021 2020 Arlo (1) ​ $ — ​ $ 1,110 ​ $ — ​ $ 3,197 Avondale Hills ​ 360 ​ — ​ 764 ​ — Corpus ​ 110 ​ — ​ 110 ​ — Domain at The One Forty ​ 250 ​ 330 ​ 733 ​ 977 Jolin ​ ​ 33 ​ ​ — ​ ​ 33 ​ ​ — Motif (2) ​ 1,609 ​ 2,427 ​ 5,470 ​ 7,123 Novel Perimeter (1) ​ ​ — ​ ​ 845 ​ ​ — ​ ​ 2,411 Reunion Apartments ​ ​ 307 ​ ​ 15 ​ ​ 900 ​ ​ 15 The Hartley at Blue Hill ​ 1,046 ​ 712 ​ 3,104 ​ 2,032 Vickers Historic Roswell (1) ​ ​ — ​ ​ 434 ​ ​ 903 ​ ​ 1,293 Zoey (3) ​ ​ 298 ​ ​ 50 ​ ​ 831 ​ ​ 101 Total ​ $ 4,013 ​ $ 5,923 ​ $ 12,848 ​ $ 17,149 (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 nine months ended September 30, 2021 are net of a ($1.0) million and ($2.0) million, respectively, 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 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 loan investments at September 30, 2021 and December 31, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ Name 2021 2020 Avondale Hills (1) ​ (2) ​ Corpus ​ 93.8 % — ​ Domain at The One Forty ​ 96.0 % 92.6 % Jolin ​ 95.8 % — ​ Motif 91.9 % 62.1 % Reunion Apartments ​ (1) ​ (2) ​ The Hartley at Blue Hill (1) ​ (2) ​ (1) The development had not commenced lease-up as of September 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)	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020 is summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, Property 2021 2020 Alexan CityCentre ​ $ 17,442 ​ $ 15,063 Alexan Southside Place (1) ​ — ​ 26,038 Chandler ​ ​ 1,304 ​ ​ — Deercross ​ ​ 4,000 ​ ​ — Deerwood Apartments ​ ​ 2,358 ​ ​ — Mira Vista (2) ​ ​ — ​ ​ 5,250 Peak Housing (3) ​ ​ 18,203 ​ ​ — Renew 3030 ​ ​ 7,060 ​ ​ — Spring Parc ​ ​ 8,000 ​ ​ — Strategic Portfolio (4) ​ ​ 38,454 ​ ​ 27,054 The Conley (5) ​ — ​ 15,036 The Cottages at Myrtle Beach ​ ​ 4,651 ​ ​ — The Cottages of Port St. Lucie ​ ​ 3,581 ​ ​ — The Crossings at Dawsonville ​ ​ 10,450 ​ ​ — The Riley ​ ​ 6,961 ​ ​ — Thornton Flats ​ ​ 5,350 ​ ​ 4,600 Wayford at Concord (6) ​ ​ — ​ ​ 6,500 Other ​ 58 ​ 97 Total ​ $ 127,872 ​ $ 99,638 Provision for credit losses (7) ​ ​ (451) ​ ​ (16,153) Total, net ​ $ 127,421 ​ $ 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) On September 23, 2021, the Company’s preferred equity investment in Mira Vista was redeemed. Refer to Note 3 for further information. (3) Peak Housing consists of the following portfolios of single-family residential homes: Corpus, Granbury, Indy, Jolin, Lubbock, Peak I, Springfield, Springtown and Texarkana. (4) 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. (5) On March 18, 2021, the Company’s preferred equity investment in The Conley was redeemed. Refer to Note 3 for further information. (6) 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. (7) Refer to the Provision for Credit Losses table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2021 Beginning balance as of July 1 and January 1, 2021, respectively ​ $ 388 ​ $ 16,153 Provision for credit loss on pool of assets, net (1) ​ 63 ​ 228 Provision for credit loss – Alexan Southside Place (2) ​ — ​ (15,930) Ending balance ​ $ 451 ​ $ 451 (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 September 30, 2021 was the result of a net increase resulting from changes to the pool of assets as five 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 nine months ended September 30, 2021 and 2020 are summarized below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, September 30, Property 2021 2020 ​ 2021 2020 Alexan CityCentre ​ $ 765 ​ $ 631 ​ $ 2,141 ​ $ 1,838 Alexan Southside Place ​ — ​ 322 ​ — ​ 955 Chandler ​ ​ 17 ​ ​ — ​ ​ 17 ​ ​ — Deercross ​ ​ 107 ​ ​ — ​ ​ 113 ​ ​ — Deerwood Apartments ​ ​ 29 ​ ​ — ​ ​ 29 ​ ​ — Helios (1) ​ — ​ 26 ​ — ​ (133) Leigh House ​ ​ — ​ ​ 2 ​ ​ — ​ ​ 2 Mira Vista ​ ​ 125 ​ ​ 136 ​ ​ 391 ​ ​ 404 Peak Housing ​ ​ 339 ​ ​ — ​ ​ 574 ​ ​ — Renew 3030 ​ ​ 62 ​ ​ — ​ ​ 62 ​ ​ — Riverside Apartments ​ ​ — ​ ​ 434 ​ ​ — ​ ​ 1,263 Spring Parc ​ ​ 187 ​ ​ — ​ ​ 187 ​ ​ — Strategic Portfolio ​ ​ 1,061 ​ ​ 593 ​ ​ 2,562 ​ ​ 1,434 The Conley ​ ​ — ​ ​ 499 ​ ​ 405 ​ ​ 1,460 The Cottages at Myrtle Beach ​ 39 ​ — ​ 39 ​ — The Cottages of Port St. Lucie ​ 48 ​ — ​ 48 ​ — The Crossings of Dawsonville ​ ​ 238 ​ ​ — ​ ​ 238 ​ ​ — The Riley ​ ​ 196 ​ ​ — ​ ​ 453 ​ ​ — Thornton Flats ​ ​ 109 ​ ​ 104 ​ ​ 315 ​ ​ 311 Wayford at Concord ​ ​ — ​ ​ 216 ​ ​ 364 ​ ​ 623 Whetstone Apartments ​ ​ — ​ ​ — ​ ​ — ​ ​ 56 Total preferred returns on unconsolidated joint ventures ​ $ 3,322 ​ $ 2,963 ​ $ 7,938 ​ $ 8,213 (1) Of the ($133) loss incurred at Helios for the nine months ended September 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 September 30, 2021 and December 31, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ Property 2021 2020 Alexan CityCentre ​ 95.0 % 94.1 % Chandler ​ (1) ​ (2) ​ Deercross ​ 90.6 % — ​ Deerwood Apartments ​ (1) ​ — ​ Lower Broadway ​ (1) ​ — ​ Orange City Apartments ​ (1) ​ — ​ Peak Housing: ​ ​ ​ ​ ​ Corpus ​ 93.8 % — ​ Granbury ​ 97.2 % — ​ Indy ​ 75.0 % — ​ Jolin ​ 95.8 % — ​ Lubbock ​ 93.3 % — ​ Peak I ​ 90.7 % — ​ Springfield ​ 96.2 % — ​ Springtown ​ 100.0 % — ​ Texarkana ​ 93.1 % — ​ Renew 3030 ​ 96.0 % — ​ Spring Parc ​ 96.1 % — ​ Strategic Portfolio: ​ ​ ​ ​ ​ Belmont Crossing ​ 98.4 % 91.7 % Georgetown Crossing ​ 92.9 % 88.7 % Hunter’s Pointe ​ 99.5 % 99.0 % Park on the Square ​ 96.3 % 97.5 % Sierra Terrace ​ 97.8 % 89.6 % Sierra Village ​ 92.9 % 87.7 % The Commons ​ 99.4 % 93.9 % The Reserve at Palmer Ranch ​ 95.3 % — ​ Water’s Edge ​ 96.7 % 99.5 % The Cottages at Myrtle Beach ​ (1) ​ — ​ The Cottages of Port St. Lucie ​ (1) ​ — ​ The Crossings of Dawsonville ​ 94.4 % — ​ The Riley ​ 98.5 % — ​ Thornton Flats ​ 93.3 % 88.5 % Wayford at Innovation Park ​ (1) ​ — ​ Willow Park ​ (1) ​ — ​ (1) The development had not commenced lease-up as of September 30, 2021. (2) The development had not commenced lease-up as of December 31, 2020.

Revolving Credit Facilities (Ta

Revolving Credit Facilities (Tables)	9 Months Ended
	Sep. 30, 2021
Revolving Credit Facilities
Schedule of Line of Credit Facilities	The outstanding balances on the revolving credit facilities as of September 30, 2021 and December 31, 2020 are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, Revolving Credit Facilities ​ 2021 ​ 2020 Amended Senior Credit Facility ​ $ — ​ $ 33,000 Amended Junior Credit Facility ​ — ​ — Total ​ $ — ​ $ 33,000

Mortgages Payable (Tables)

Mortgages Payable (Tables)	9 Months Ended
	Sep. 30, 2021
Mortgages Payable
Schedule of senior mortgage indebtedness	The following table summarizes certain information as of September 30, 2021 and December 31, 2020, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Principal ​ As of September 30, 2021 ​ ​ September 30, ​ December 31, ​ ​ ​ Interest-only ​ ​ Property 2021 2020 Interest Rate through date Maturity Date ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Westside ​ $ 52,076 ​ $ 52,150 3.68 % (3) ​ 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) ​ ​ 69,851 ​ ​ 70,871 ​ 3.65 % (3) ​ November 1, 2024 Carrington at Perimeter Park (4) ​ ​ 31,259 ​ ​ 31,301 ​ 4.16 % (4) ​ July 1, 2027 Chattahoochee Ridge ​ 45,338 ​ 45,338 3.25 % December 2022 ​ December 5, 2024 Citrus Tower ​ ​ 40,083 ​ ​ 40,627 ​ 4.07 % (3) ​ October 1, 2024 Denim (5) ​ ​ 101,205 ​ ​ 101,205 ​ 3.41 % August 2024 ​ August 1, 2029 Elan (6) ​ 25,525 ​ 25,574 4.19 % (6) ​ July 1, 2027 Element ​ ​ 29,260 ​ ​ 29,260 ​ 3.63 % July 2022 ​ July 1, 2026 Falls at Forsyth (7) ​ ​ 19,347 ​ ​ — ​ 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) ​ 20,440 ​ 20,515 4.56 % (3) ​ June 1, 2028 Outlook at Greystone ​ ​ 22,019 ​ ​ 22,105 ​ 4.30 % (3) ​ June 1, 2025 Park & Kingston ​ — ​ 19,600 ​ ​ ​ ​ ​ Plantation Park ​ — ​ 26,625 ​ ​ ​ ​ ​ Providence Trail ​ 47,809 ​ 47,950 3.54 % (3) ​ July 1, 2026 Roswell City Walk ​ 49,302 ​ 50,043 3.63 % (3) ​ December 1, 2026 The Brodie ​ 33,048 ​ 33,551 3.71 % (3) ​ December 1, 2023 The Debra Metrowest (2) ​ ​ 64,237 ​ ​ 64,559 ​ 4.43 % (3) ​ May 1, 2025 The Links at Plum Creek ​ 39,085 ​ 39,578 4.31 % (3) ​ October 1, 2025 The Mills ​ 24,869 ​ 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 ​ ​ 38,909 ​ ​ 39,438 ​ 4.25 % (3) ​ April 1, 2024 Windsor Falls ​ ​ 27,442 ​ ​ — ​ 4.19 % November 2022 ​ November 1, 2027 Yauger Park Villas (9) ​ ​ 14,990 ​ ​ — ​ 4.86 % (3) ​ April 1, 2026 Total Fixed Rate ​ $ 1,061,877 ​ $ 1,117,999 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Floating Rate (10) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Glenridge ​ $ 49,500 ​ $ 49,500 1.41 % (3) ​ September 1, 2025 Chevy Chase ​ ​ 24,400 ​ ​ 24,400 ​ 2.40 % September 2022 ​ September 1, 2027 Cielo on Gilbert (11) ​ ​ 58,000 ​ ​ 58,000 ​ 2.66 % January 2026 ​ January 1, 2031 Falls at Forsyth (7) ​ ​ 19,272 ​ ​ — ​ 1.48 % (3) ​ July 1, 2025 Fannie Facility Advance ​ 13,936 ​ 13,936 2.68 % June 2022 ​ June 1, 2027 Fannie Facility Second Advance (11) ​ ​ 12,880 ​ ​ — ​ 2.75 % 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 3.06 % July 2025 ​ July 1, 2030 The District at Scottsdale ​ ​ — ​ ​ 75,577 ​ ​ ​ ​ ​ ​ Veranda at Centerfield ​ 26,045 ​ 26,100 1.34 % (3) ​ July 26, 2023 (12) Villages of Cypress Creek ​ 33,520 ​ 33,520 2.63 % July 2022 ​ July 1, 2027 Total Floating Rate ​ $ 280,281 ​ $ 377,530 ​ ​ ​ ​ ​ ​ Total ​ $ 1,342,158 ​ $ 1,495,529 ​ ​ ​ ​ ​ Fair value adjustments ​ ​ 8,540 ​ ​ 6,489 ​ ​ ​ ​ ​ ​ Deferred financing costs, net ​ ​ (9,457) ​ ​ (11,086) ​ ​ ​ ​ Total continuing operations ​ $ 1,341,241 ​ $ 1,490,932 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held for Sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Grandewood (7)(13) ​ $ — ​ $ 19,585 ​ ​ ​ ​ ​ ​ ARIUM Grandewood (7)(13) ​ ​ — ​ ​ 19,529 ​ ​ ​ ​ ​ ​ Deferred financing costs, net ​ ​ — ​ ​ (341) ​ ​ ​ ​ ​ ​ Total held for sale ​ ​ — ​ ​ 38,773 ​ ​ ​ ​ ​ ​ Total mortgages payable ​ $ 1,341,241 ​ $ 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 $14.7 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 $10.4 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 and the Fannie Facility Second Advance, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In September 2021, one-month LIBOR in effect was 0.08% . 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 September 2021, the 30-day average SOFR in effect was 0.05% . 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.
Schedule of contractual principal payments	As of September 30, 2021, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Total 2021 (October 1-December 31) ​ $ 3,007 2022 ​ 13,552 2023 ​ 126,102 2024 ​ 201,503 2025 ​ 331,011 Thereafter ​ 666,983 ​ ​ $ 1,342,158 Add: Unamortized fair value debt adjustment ​ 8,540 Subtract: Deferred financing costs, net ​ (9,457) Total ​ $ 1,341,241 ​

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 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 September 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 ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2021 2020 Interest rate caps Accounts receivable, prepaids and other assets ​ $ 74 ​ $ 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 nine months ended September 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 ​ Nine Months Ended ​ ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2021 2020 ​ 2021 2020 Interest rate caps ​ Interest Expense ​ $ (44) ​ $ (106) ​ $ (29) ​ $ (75)

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 Amounts Payable to BRE under the Administrative Services Agreement, net ​ ​ Operating and direct expense reimbursements ​ $ 302 ​ $ 338 Offering expense reimbursements ​ ​ 103 ​ ​ 89 Total expense reimbursement amounts payable to BRE, net ​ $ 405 ​ $ 427 ​ ​ ​ ​ ​ ​ ​ Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement ​ ​ ​ ​ Operating and direct expense reimbursements ​ $ 190 ​ $ 191 Total expense reimbursement amounts payable to BRE ​ $ 190 ​ $ 191 Total ​ $ 595 ​ $ 618

Stockholders' Equity and Rede_2

Stockholders' Equity and Redeemable Preferred Stock (Tables)	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity and Redeemable Preferred Stock
Schedule of reconciliation of components of basic and diluted net income (loss) per common share	The following table reconciles the components of basic and diluted net income (loss) per common share (amounts in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2021 2020 2021 2020 ​ Net income (loss) attributable to common stockholders ​ $ 12,544 ​ $ (17,058) ​ $ 30,696 ​ $ (18,461) ​ Dividends on restricted stock and LTIP Units expected to vest ​ (384) ​ (342) ​ (1,150) ​ (1,008) ​ Basic net income (loss) attributable to common stockholders ​ $ 12,160 ​ $ (17,400) ​ $ 29,546 ​ $ (19,469) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding (1) ​ 26,567,269 ​ 24,566,196 ​ 25,941,571 ​ 24,321,282 ​ Potential dilutive shares (2) ​ 228,238 ​ — ​ 91,021 ​ — ​ Weighted average common shares outstanding and potential dilutive shares (1) ​ 26,795,507 ​ 24,566,196 ​ 26,032,592 ​ 24,321,282 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per common share, basic ​ $ 0.46 ​ $ (0.71) ​ $ 1.14 ​ $ (0.80) ​ Net income (loss) per common share, diluted ​ $ 0.45 ​ $ (0.71) ​ $ 1.13 ​ $ (0.80) ​ (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) For the three and nine months ended September 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 149,037 shares and 28,668 shares of Class A common stock, respectively, and b) potential vesting of restricted stock to employees for 79,201 shares and 62,353 shares of Class A common stock, respectively. For the three and nine months ended September 30, 2020, potential vesting of restricted stock to employees for 67,036 shares and 57,102 shares of Class A common stock, respectively, are excluded from the diluted shares calculation as the effect is antidilutive.
Schedule of distributions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable to stockholders ​ ​ ​ ​ ​ Declaration Date of record as of Amount Date 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 September 10, 2021 ​ September 24, 2021 ​ $ 0.162500 ​ October 5, 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 September 10, 2021 ​ September 24, 2021 ​ $ 0.162500 ​ October 5, 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 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 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 September 10, 2021 ​ September 24, 2021 ​ $ 0.4765625 ​ October 5, 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 September 10, 2021 ​ September 24, 2021 ​ $ 0.4453125 ​ October 5, 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 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) 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 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 nine months ended September 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 Third Quarter ​ ​ Class A Common Stock ​ $ 4,244 ​ $ 4,750 Class C Common Stock ​ 12 ​ 12 Series B Preferred Stock ​ 5,404 ​ 5,407 Series C Preferred Stock ​ 1,094 ​ 1,094 Series D Preferred Stock ​ 1,235 ​ 1,235 Series T Preferred Stock ​ ​ 8,039 ​ ​ 7,439 OP Units ​ 1,027 ​ 1,025 LTIP Units ​ 836 ​ 631 Total third quarter 2021 ​ $ 21,891 ​ $ 21,593 Total ​ $ 63,184 ​ $ 62,428

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 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 October 11, 2021 ​ October 25, 2021 ​ $ 5.00 ​ November 5, 2021 October 11, 2021 ​ November 24, 2021 ​ $ 5.00 ​ December 3, 2021 October 11, 2021 ​ December 23, 2021 ​ $ 5.00 ​ January 5, 2022 Series T Preferred Stock (1) ​ ​ ​ October 11, 2021 ​ October 25, 2021 ​ $ 0.128125 ​ November 5, 2021 October 11, 2021 ​ November 24, 2021 ​ $ 0.128125 ​ December 3, 2021 October 11, 2021 ​ December 23, 2021 ​ $ 0.128125 ​ January 5, 2022 (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 September 30, 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration ​ ​ ​ ​ ​ Distributions ​ Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock ​ September 10, 2021 ​ September 24, 2021 ​ October 5, 2021 ​ $ 0.1625000 ​ $ 4,244 Class C Common Stock ​ September 10, 2021 ​ September 24, 2021 ​ October 5, 2021 ​ ​ 0.1625000 ​ ​ 12 Series B Preferred Stock ​ July 12, 2021 ​ September 24, 2021 ​ October 5, 2021 ​ ​ 5.0000000 ​ ​ 1,800 Series C Preferred Stock ​ September 10, 2021 ​ September 24, 2021 ​ October 5, 2021 ​ ​ 0.4765625 ​ ​ 1,094 Series D Preferred Stock ​ September 10, 2021 ​ September 24, 2021 ​ October 5, 2021 ​ ​ 0.4453125 ​ ​ 1,235 Series T Preferred Stock ​ July 12, 2021 ​ September 24, 2021 ​ October 5, 2021 ​ ​ 0.1281250 ​ ​ 2,882 OP Units ​ September 10, 2021 ​ September 24, 2021 ​ October 5, 2021 ​ ​ 0.1625000 ​ ​ 1,027 LTIP Units ​ September 10, 2021 ​ September 24, 2021 ​ October 5, 2021 ​ ​ 0.1625000 ​ ​ 639 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series B Preferred Stock ​ October 11, 2021 ​ October 25, 2021 ​ November 5, 2021 ​ ​ 5.0000000 ​ ​ 1,799 Series T Preferred Stock ​ October 11, 2021 ​ October 25, 2021 ​ November 5, 2021 ​ ​ 0.1281250 ​ ​ 3,090 Total ​ ​ ​ ​ ​ ​ $ 17,822

Organization and Nature of Bu_2

Organization and Nature of Business (Details) - 9 months ended Sep. 30, 2021	propertyUSD ($)	Total	item
Organization and Nature of Business
Annual Distribution Percentage Rate	90.00%
Percent of Real Estate Properties Occupied		96.20%
Number of Units in Real Estate Property	19,772
Number of multifamily units in Real Estate Property | $	17,632
Number of single-family residential homes | $	2,140
Number of real estate investments	72		72
Number of operating investments	39
Number of investments through preferred equity, loan or ground lease investments	33

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Accounting Policies [Line Items]
Percentage Of Unvested Incentive Plan In Operating Partnership	5.92%	5.92%
Percentage of Voting Equity		50.00%
Percentage of rent collected	97.00%
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		13.69%
Op Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		16.75%
Op Ltip Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		30.44%

Sale of Real Estate Assets an_2

Sale of Real Estate Assets and Held for Sale Properties (Details) - USD ($) $ in Thousands	Sep. 23, 2021	Jul. 07, 2021	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	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 25, 2021
Real Estate Assets Held for Development and Sale [Line Items]
Loss on extinguishment of debt												$ (3,053)		$ 0	$ (6,740)	$ (13,985)
Debt modification costs									$ 100
Proceeds from sale of interests															36,662	35,542
Payments to Acquire Equity Method Investments															81,298	18,330
Preferred returns on unconsolidated real estate joint ventures												3,322		2,963	7,938	8,213
Preferred equity investments and investments in unconsolidated real estate joint ventures, net												127,421	$ 83,485		127,421
Provision For Credit Losses on Equity Method Investments												63			228
Expected proceeds from sale of equity investment												$ 300			300
Proceeds from Sale of Real Estate Held-for-investment															417,918	158,448
Payments to Acquire Real Estate Held-for-investment															157,812	144,703
Leigh House [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Preferred returns on unconsolidated real estate joint ventures														2		2
ARIUM Grandewood [Member]
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 [Member]
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								499	405	1,460
Alexan Southside Place [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Preferred returns on unconsolidated real estate joint ventures														$ 322		$ 955
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
The 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
Park And Kingston [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate Gross		$ 44,900
Loss on extinguishment of debt		2,600
Payments for closing costs and fees on real estate investments		500
Payments for Mortgage on Real Estate Sold		19,600
Proceeds from Sale of Real Estate		24,700
Gain (loss) on sale of asset		19,400
Payment for Debt Extinguishment or Debt Prepayment Cost		2,400
The District At Scottsdale [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate Gross		150,500
Loss on extinguishment of debt		400
Payments for closing costs and fees on real estate investments		400
Payments for Mortgage on Real Estate Sold		73,800
Proceeds from Sale of Real Estate		74,800
Gain (loss) on sale of asset		29,600
Payment for Debt Extinguishment or Debt Prepayment Cost		400
The District At Scottsdale [Member] | Pro Rata [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate		$ 69,500
Mira Vista Interests [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Noncontrolling Interest in Joint Ventures	$ 5,600
Equity method investment, aggregate cost	5,200
Accrued preferred return	$ 400
Vickers Historic Roswell [Member]
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) - 9 months ended Sep. 30, 2021	property	item	Total	USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units | $				8,211
Total operating units	4,333
Total development units	2,393
Total Development Units and Homes	3,019
Total Operating Units and Homes	4,912
Total lease-up units	280
Number of real estate investments	72	72
Number of homes		935		626
Number of Units and Homes		11,561
Consolidated operating properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of real estate investments		39
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		33
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
Lower Broadway [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	San Antonio, TX
Total development units	386
Spring Parc [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Dallas, TX
Total operating units	304
The Cottages of Port St. Lucie [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Port St. Lucie, FL
Number of homes | $				286
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
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
Crossings of Dawsonville [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Dawsonville, GA
Total operating units	216
The Reserve at Palmer Ranch, Formerly Arium at Palmer Ranch [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Sarasota, FL
Total operating units	320
The Riley [Member]
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
Renew 3030 [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Mesa, AZ
Total operating units	126
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 lease-up 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
Chandler [Member]
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
Orange City Apartments [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orange City, FL
Total development units	298
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
Number of homes | $				579
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
Number of homes | $				46
The Cottages at Myrtle Beach [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Myrtle Beach, SC
Number of homes | $				294
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 [Member]
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 [Member]
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 [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Various (4)
Total operating units	Various
Number of homes | $				474
Corpus [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Corpus Christi, TX
Number of homes | $				81
Jolin [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Weatherford, TX
Number of homes | $				24
ARIUM Glenridge [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Atlanta, GA
Number of Units		480
Ownership interest (as a percent)			90
ARIUM Westside [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Atlanta, GA
Number of Units		336
Ownership interest (as a percent)			90
Ashford Belmar [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Lakewood, CO
Number of Units		512
Ownership interest (as a percent)			85
Avenue 25
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Phoenix, AZ
Number of Units		254
Ownership interest (as a percent)			100
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 [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Atlanta, GA
Number of Units		358
Ownership interest (as a percent)			90
Chevy Chase
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Number of Units		320
Ownership interest (as a percent)			92
Cielo On Gilbert
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Mesa, AZ
Number of Units		432
Ownership interest (as a percent)			90
Citrus Tower [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orlando, FL
Number of Units		336
Ownership interest (as a percent)			97
Denim [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Scottsdale, AZ
Number of Units		645
Ownership interest (as a percent)			100
Elan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Number of Units		270
Ownership interest (as a percent)			100
Element [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Las Vegas, NV
Number of Units		200
Ownership interest (as a percent)			100
Falls at Forsyth
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Cumming, GA
Number of Units		356
Ownership interest (as a percent)			100
Gulfshore Apartment Homes Naples, FL [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Naples, FL
Number of Units		368
Ownership interest (as a percent)			100
Navigator Villas [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Pasco, WA
Ownership interest (as a percent)			90
Number of homes		176
Outlook at Greystone [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Birmingham, AL
Number of Units		300
Ownership interest (as a percent)			100
Pine Lakes Preserve, Formerly Arium Pine Lakes [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Port St. Lucie, FL
Number of Units		320
Ownership interest (as a percent)			100
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 [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Daytona Beach, FL
Number of Units		264
Ownership interest (as a percent)			100
The Brodie [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Number of Units		324
Ownership interest (as a percent)			100
The 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 Mills [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Greenville, SC
Number of Units		304
Ownership interest (as a percent)			100
The Preserve at Henderson Beach [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Destin, FL
Number of Units		340
Ownership interest (as a percent)			100
The Sanctuary [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Las Vegas, NV
Number of Units		320
Ownership interest (as a percent)			100
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 [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Houston, TX
Number of Units		400
Ownership interest (as a percent)			93
Villages of Cypress Creek [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Houston, TX
Number of Units		384
Ownership interest (as a percent)			80
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
Ownership interest (as a percent)			83
Number of homes		150
Wesley Village [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Charlotte, NC
Number of Units		301
Ownership interest (as a percent)			100
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
Ownership interest (as a percent)			95
Number of homes		80
Providence Trail [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Mount Juliet, TN
Number of Units		334
Ownership interest (as a percent)			100
Average [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units		10,626
Granbury [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Granbury, TX
Ownership interest (as a percent)			80
Number of homes		36
Indy [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Indianapolis, IN
Ownership interest (as a percent)			60
Number of homes		44
Lubbock [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Lubbock, TX
Ownership interest (as a percent)			80
Number of homes		60
Springfield [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Springfield, MO
Ownership interest (as a percent)			60
Number of homes		290
Springtown [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Springtown, TX
Ownership interest (as a percent)			80
Number of homes		70
Texarkana [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Texarkana, TX
Ownership interest (as a percent)			80
Number of homes		29

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments in Real Estate
Investments in real estate of depreciation expense	$ 18.1	$ 55.2	$ 18.2	$ 54.4
Amortization Of Deferred Leasing Fees	$ 1	$ 4	$ 1	$ 5.8

Acquisition of Real Estate - Ac

Acquisition of Real Estate - Acquisition activity and related new financing (Details) $ in Thousands	9 Months Ended
	Sep. 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
Indy [Member]
Business Acquisition [Line Items]
Ownership interest	60.00%
Purchase price	$ 3,785
Mortgage	$ 2,650
Springfield [Member]
Business Acquisition [Line Items]
Ownership interest	60.00%
Purchase price	$ 49,000
Mortgage	$ 35,525
Springtown [Member]
Business Acquisition [Line Items]
Ownership interest	80.00%
Purchase price	$ 9,350
Mortgage	$ 6,545
Texarkana [Member]
Business Acquisition [Line Items]
Ownership interest	80.00%
Purchase price	$ 3,100
Mortgage	$ 2,170
Lubbock [Member]
Business Acquisition [Line Items]
Ownership interest	80.00%
Purchase price	$ 5,600
Mortgage	$ 3,920
Granbury [Member]
Business Acquisition [Line Items]
Ownership interest	80.00%
Purchase price	$ 8,100
Mortgage	$ 5,670

Acquisition of Real Estate - As

Acquisition of Real Estate - Assets acquired (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Preliminary Purchase Price Allocation
Land	$ 26,169
Building	155,594
Building improvements	2,871
Land improvements	13,665
Furniture and fixtures	1,937
In-place leases	3,092
Total assets acquired	203,328
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	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Total	$ 179,893	$ 157,908
Provision for credit losses	(498)	(174)
Total, net	179,395	157,734
Avondale Hills Member
Total	12,513	1,021
Corpus [Member]
Total	6,819
Domain at The One Forty [Member]
Total	25,050	24,315
Jolin [Member]
Total	3,135
Motif [Member]
Total	82,872	75,436
Reunion Apartments [Member]
Total	11,076	8,161
The Hartley at Blue Hill, formerly The Park at Chapel Hill [Member]
Total	$ 38,428	36,927
Vickers Historic Roswell [Member]
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	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Notes and Interest Receivable
Beginning balance as of July 1 and January 1, 2021, respectively	$ 535	$ 174
Provision for credit loss on pool of assets, net (1)	(37)	324
Ending balance	$ 498	$ 498

Notes and Interest Receivable_3

Notes and Interest Receivable - Summary of the interest income from related parties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest Income, Related Party	$ 4,013	$ 5,923	$ 12,848	$ 17,149
Amount funded for leasehold improvement allowance	20,400		20,400
Arlo [Member]
Interest Income, Related Party		1,110		3,197
Avondale Hills Member
Interest Income, Related Party	360		764
Corpus [Member]
Interest Income, Related Party	110		110
Domain at The One Forty [Member]
Interest Income, Related Party	250	330	733	977
Jolin [Member]
Interest Income, Related Party	33		33
Motif [Member]
Interest Income, Related Party	1,609	2,427	5,470	7,123
Interest income related party, net of adjustment	1,000		2,000
Novel Perimeter, formerly Crescent Perimeter [Member]
Interest Income, Related Party		845		2,411
Reunion Apartments [Member]
Interest Income, Related Party	307	15	900	15
The Hartley at Blue Hill, formerly The Park at Chapel Hill [Member]
Interest Income, Related Party	1,046	712	3,104	2,032
Vickers Historic Roswell [Member]
Interest Income, Related Party		434	903	1,293
Zoey [Member]
Interest Income, Related Party	$ 298	$ 50	$ 831	$ 101

Notes and Interest Receivable_4

Notes and Interest Receivable - Schedule of occupancy percentages of the Company's related parties (Details)	Sep. 30, 2021	Dec. 31, 2020
Corpus [Member]
Development Leased	93.80%
Domain at The One Forty [Member]
Development Leased	96.00%	92.60%
Jolin [Member]
Development Leased	95.80%
Motif [Member]
Development Leased	91.90%	62.10%

Notes and Interest Receivable_5

Notes and Interest Receivable - Additional Information (Details) $ in Thousands	Aug. 06, 2021USD ($)item	Jul. 09, 2021USD ($)item	Mar. 29, 2021USD ($)	Jan. 27, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 29, 2021USD ($)	Dec. 31, 2020USD ($)
Interest Income, Related Party					$ 4,013	$ 5,923	$ 12,848	$ 17,149
Provision for credit losses on carrying amount of investments					179,893		179,893			$ 157,908
Provision for credit loss on mezzanine loan investments							500
Motif [Member]
Interest Income, Related Party					1,609	$ 2,427	5,470	$ 7,123
Provision for credit losses on carrying amount of investments					$ 82,872		82,872			$ 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							82,000
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%
Corpus Bridge Loan
Loan provided		$ 6,800
Number of Units | item		81
Extension term		1 year
Fixed rate		7.00%
Jolin Bridge Loan
Loan provided	$ 3,100
Number of Units | item	24
Extension term	1 year
Fixed rate	7.00%
Domain Mezz Loan [Member]
Amount funded							$ 25,000
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	Sep. 30, 2021	Jun. 30, 2021	Apr. 30, 2021	Apr. 12, 2021	Dec. 31, 2020
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	$ 127,872				$ 99,638
Provision for credit losses	(451)	$ (388)			(16,153)
Total, net	127,421				83,485
Deercross Interests [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	4,000
Peak Housing [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	18,203
Total, net				$ 18,200
Alexan CityCentre [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	17,442				15,063
Alexan Southside Place [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total					26,038
Total, net			$ 10,100
Chandler [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	1,304
Deerwood Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	2,358
Mira Vista [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total					5,250
Renew 3030 [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	7,060
Spring Parc [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	8,000
Strategic Portfolio [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	38,454				27,054
The Conley [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total					15,036
The Cottages at Myrtle Beach [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	4,651
The Cottages of Port St. Lucie [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	3,581
Crossings of Dawsonville [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	10,450
The Riley [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	6,961
Thornton Flats [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	5,350				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	$ 58				$ 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		9 Months Ended
	Sep. 30, 2021USD ($)item	Dec. 31, 2020USD ($)	Sep. 30, 2021USD ($)
Beginning balance as of July 1 and January 1, 2021, respectively	$ 388		$ 16,153
Provision for credit loss	63		228
Ending balance	$ 451	$ 16,153	451
Number of equity method investments made during the period | item	5
Number of equity method investment properties sold during the period | item	1
Alexan Southside Place [Member]
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	Mar. 18, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures		$ 3,322	$ 2,963	$ 7,938	$ 8,213
Alexan CityCentre [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures		765	631	2,141	1,838
Alexan Southside Place [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures			322		955
Chandler [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures		17		17
Deerwood Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures		29		29
Helios [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures			26		(133)
Leigh House [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures			2		2
Mira Vista [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures		125	136	391	404
Renew 3030 [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures		62		62
Riverside Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures			434		1,263
Spring Parc [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures		187		187
Strategic Portfolio [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures		1,061	593	2,562	1,434
The Conley [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures	$ 1,300		499	405	1,460
The Cottages at Myrtle Beach [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures		39		39
The Cottages of Port St. Lucie [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures		48		48
Crossings of Dawsonville [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures		238		238
The Riley [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures		196		453
Thornton Flats [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures		109	104	315	311
Wayforth at Concord [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures			$ 216	364	623
Whetstone Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures					$ 56
Deercross Interests [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures		107		113
Peak Housing [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated joint ventures		$ 339		$ 574

Preferred Equity Investments _6

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Occupancy percentages (Details)	Sep. 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	95.00%	94.10%
Corpus [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	93.80%
Granbury [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	97.20%
Indy [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	75.00%
Jolin [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	95.80%
Lubbock [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	93.30%
Peak I [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	90.70%
Springfield [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	96.20%
Springtown [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	100.00%
Texarkana [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	93.10%
Spring Parc [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	96.10%
Renew 3030 [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	96.00%
Belmont Crossing [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	98.40%	91.70%
Georgetown Crossing [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	92.90%	88.70%
Hunter's Pointe [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	99.50%	99.00%
Park on the Square
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	96.30%	97.50%
Sierra Terrace [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	97.80%	89.60%
Sierra Village [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	92.90%	87.70%
The Commons [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	99.40%	93.90%
The Reserve at Palmer Ranch [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	95.30%
Water's Edge [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	96.70%	99.50%
Crossings of Dawsonville [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	94.40%
The Riley [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	98.50%
Thornton Flats [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	93.30%	88.50%
Deercross Interests [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	90.60%

Preferred Equity Investments _7

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional Information (Details) $ in Thousands	Jul. 26, 2021USD ($)item	Jul. 15, 2021USD ($)item	Jun. 25, 2021USD ($)item	Jun. 16, 2021USD ($)item	Mar. 01, 2021USD ($)	Sep. 30, 2021USD ($)item	Sep. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Equity Method Investment And Joint Venture [Line Items]
Number of joint ventures in which company has equity investment | item						19
Number of joint ventures which generate a stated preferred return on outstanding capital contributions | item						17
Number of equity investments representing 0.5% common interest in joint venture | item						2
Total Loan Commitment				$ 16,500
Equity Method Investments						$ 127,421			$ 83,485
Due from Affiliates						682			339
Payments to Acquire Equity Method Investments						$ 81,298	$ 18,330
Common interest (as a percent)						0.50%
Equity Method Investments, Provision for Credit Losses						$ 451		$ 388	$ 16,153
Helios [Member]
Equity Method Investment And Joint Venture [Line Items]
Cost expense						$ (143)
Deercross Interests [Member]
Equity Method Investment And Joint Venture [Line Items]
Preferredship Interest Return At Annual Rate Accrued			3.50%
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]
Preferredship Interest Return At Annual Rate Accrued					5.00%
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 | London Interbank Offered Rate (LIBOR) [Member]
Equity Method Investment And Joint Venture [Line Items]
Interest floating basis rate percentage						0.15%
Lower Broadway Interests [Member]
Equity Method Investment And Joint Venture [Line Items]
Total Loan Commitment		$ 15,800
Preferredship Interest Return At Annual Rate Accrued		12.50%
Accrued return (as a percent)		12.50%
Number of Units | item		386
Construction Loan.		$ 51,000
Lower Broadway Interests [Member] | London Interbank Offered Rate (LIBOR) [Member]
Equity Method Investment And Joint Venture [Line Items]
Spread on variable rate		2.55%
Orange City Apartments Interests [Member]
Equity Method Investment And Joint Venture [Line Items]
Total Loan Commitment	$ 15,100
Preferredship Interest Return At Annual Rate Accrued	13.00%
Interest floating basis rate percentage	3.50%
Accrued return (as a percent)	13.00%
Number of Units | item	298
Construction Loan.	$ 36,300
Orange City Apartments Interests [Member] | London Interbank Offered Rate (LIBOR) [Member]
Equity Method Investment And Joint Venture [Line Items]
Spread on variable rate	2.75%
Deerwood Apartments Interests[Member]
Equity Method Investment And Joint Venture [Line Items]
Preferredship Interest Return At Annual Rate Accrued				11.50%
Interest floating basis rate percentage				3.35%
Extension term				1 year
Funded Amount						$ 2,400
Accrued return (as a percent)				11.50%
Number of Units | item				330
Construction Loan.						$ 39,500
Debt Instrument, Amortization Period				30 years
Deerwood Apartments Interests[Member] | London Interbank Offered Rate (LIBOR) [Member]
Equity Method Investment And Joint Venture [Line Items]
Spread on variable rate				2.75%
Deercross Interests [Member]
Equity Method Investment And Joint Venture [Line Items]
Fixed rate			1.00%
Debt Instrument, Amortization Period			30 years

Preferred Equity Investments _8

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional information (Details-1) $ in Thousands	Sep. 30, 2021USD ($)	Sep. 09, 2021item	Aug. 31, 2021USD ($)item	Aug. 26, 2021USD ($)item	Jul. 14, 2021USD ($)item	Jul. 13, 2021USD ($)item	Jun. 17, 2021USD ($)item	Jun. 16, 2021USD ($)	Jun. 10, 2021USD ($)item	Jun. 04, 2021USD ($)	Apr. 12, 2021USD ($)itemOption	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 127,421											$ 127,421		$ 127,421		$ 83,485
Preferred equity investment											$ 7,500
Total Loan Commitment								$ 16,500
Proceeds From Sale Of Joint Venture Interest														36,662	$ 35,542
Payments to Acquire Equity Method Investments														81,298	18,330
Income (Loss) from Equity Method Investments												3,322	$ 2,963	7,938	$ 8,213
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.									$ 160,800
Peak Housing [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments											$ 18,200
Number of Units | item											474
Preferred equity investment											$ 10,700
Investments for calculating the return											17,300
Remaining investments											$ 900
Total preferred return on remaining investment (as a percent)											8.00%
Accrued return on remaining investment (as a percent)											4.00%
Current return on remaining investment (as a percent)											4.00%
Current return (as a percent)											7.00%
Total preferred return (as a percent)											10.00%
Accrued return (as a percent)											3.00%
Construction Loan.											$ 98,600
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												339		574
Preferredship Interest Return on Remaining Investment At Annual Rate Accrued											4.00%
Renew 3030 [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments			$ 7,100
Number of Units | item			126
Investments for calculating the return			$ 13,600
Total preferred return on remaining investment (as a percent)			10.50%
Accrued return on remaining investment (as a percent)			4.50%
Current return on remaining investment (as a percent)			6.00%
Debt Instrument, Amortization Period			30 years
Debt Instrument, Interest Rate, Stated Percentage			3.52%
Percentage Of Yield Maintenance Prepayment Penalty			1.00%
Preferredship Interest Return on Remaining Investment At Annual Rate Accrued			4.50%
Spring Parc [Member]
Schedule of Equity Method Investments [Line Items]
Number of Units | item						304
Preferred equity investment						$ 8,000
Remaining investments						$ 30,100
Total preferred return on remaining investment (as a percent)						10.50%
Accrued return on remaining investment (as a percent)						3.50%
Current return on remaining investment (as a percent)						7.00%
Extension term						30 days
Debt Instrument, Amortization Period						30 years
Debt Instrument, Interest Rate, Stated Percentage						2.49%
Percentage Of Yield Maintenance Prepayment Penalty						1.00%
Preferredship Interest Return on Remaining Investment At Annual Rate Accrued						3.50%
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%
Construction Loan.	8,800											8,800		8,800
Funded Amount	0											0		0
Total Loan Commitment							$ 3,800
Extension term							1 year
Debt Instrument, Amortization Period							25 years
Debt Instrument, Interest Rate, Effective Percentage							4.50%
Willow Park Interests [Member] | Prime Rate [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Basis Spread on Variable Rate							1.25%
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		0
Total Loan Commitment							$ 11,700
The Cottages at Myrtle Beach Interests [Member]
Schedule of Equity Method Investments [Line Items]
Number of Units | item		294
Accrued return (as a percent)		14.50%
Construction Loan.	40,200											40,200		40,200
Funded Amount	4,700											4,700		4,700
Total Loan Commitment	17,900
Extension term		1 year
Debt Instrument, Interest Rate, Effective Percentage		3.10%
The Cottages at Myrtle Beach Interests [Member] | London Interbank Offered Rate (LIBOR) [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.60%
The Cottages of Port St. Lucie Interests [Member]
Schedule of Equity Method Investments [Line Items]
Number of Units | item				286
Accrued return (as a percent)				14.50%
Construction Loan.	45,200											45,200		45,200
Funded Amount	3,600											$ 3,600		$ 3,600
Total Loan Commitment	18,800
Extension term				1 year
Debt Instrument, Interest Rate, Effective Percentage				3.50%
The Cottages of Port St. Lucie Interests [Member] | London Interbank Offered Rate (LIBOR) [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Basis Spread on Variable Rate				2.75%
Thornton Flats Interests [Member]
Schedule of Equity Method Investments [Line Items]
Preferred equity investment	$ 5,400			$ 800
The Crossings of Dawsonville Interests [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments					$ 10,500
Number of Units | item					216
Current return (as a percent)					7.00%
Total preferred return (as a percent)					10.50%
Accrued return (as a percent)					3.50%
Construction Loan.					$ 37,600
Debt Instrument, Amortization Period					30 years
Debt Instrument, Interest Rate, Stated Percentage					1.00%
The Crossings of Dawsonville Interests [Member] | The Crossings of Dawsonville Interests [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					3.28%

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	Sep. 21, 2021USD ($)	Mar. 06, 2020USD ($)item	Sep. 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			$ 137.4
Amended Senior Credit Facility [Member]
Number of extension options | item		2
Extension term		1 year
Amount of letter of credit issuable, maximum		$ 50
Number of letters of credit outstanding | item			1
Letters of credit outstanding amount			$ 0.8
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] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		1.30%
Amended Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | 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] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Minimum [Member]
Debt Instrument, Description of Variable Rate Basis	2.75%
Second Amended Junior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | 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	9 Months Ended
	Sep. 30, 2021USD ($)item	Feb. 18, 2021USD ($)	Jan. 28, 2021USD ($)	Dec. 31, 2020USD ($)	May 27, 2020USD ($)
Line of Credit Facility [Line Items]
Total	$ 1,341,241			$ 1,529,705
Total continuing operations	1,341,241			1,490,932
Total held for sale				38,773
Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	1,061,877			1,117,999
Mortgages [Member]
Line of Credit Facility [Line Items]
Total	1,342,158			1,495,529
Fair value adjustments	8,540			6,489
Deferred financing costs, net	(9,457)			(11,086)
Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	280,281			377,530
Mortgages [Member] | Held for sale
Line of Credit Facility [Line Items]
Deferred financing costs, net				(341)
Fannie Facility Advance | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal					$ 13,900
ARIUM Grandewood [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal			$ 39,100
ARIUM Grandewood [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				19,600
ARIUM Grandewood [Member] | Mortgages [Member] | Held for sale
Line of Credit Facility [Line Items]
Total Outstanding Principal				19,585
ARIUM Grandewood | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				19,500
ARIUM Grandewood | Mortgages [Member] | Held for sale
Line of Credit Facility [Line Items]
Total Outstanding Principal				19,529
ARIUM Westside [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 52,076			52,150
Fixed rate	3.68%
Ashford Belmar [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 100,675			100,675
Fixed rate	4.53%
Avenue 25 | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 36,566			36,566
Fixed rate	4.18%
Burano Hunter's Creek | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 69,851			70,871
Fixed rate	3.65%
Carrington At Perimeter Park | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 31,259			31,301
Fixed rate	4.16%
Chattahoochee Ridge [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 45,338			45,338
Fixed rate	3.25%
Citrus Tower [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 40,083			40,627
Fixed rate	4.07%
Denim [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 101,205			101,205
Fixed rate	3.41%
The Debra Metrowest | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 64,237			64,559
Fixed rate	4.43%
Windsor Falls | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 27,442
Fixed rate	4.19%
Yauger Park Villas | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 14,990
Fixed rate	4.86%
Elan | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 25,525			25,574
Fixed rate	4.19%
Element [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 29,260			29,260
Fixed rate	3.63%
Falls at Forsyth | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 19,347
Fixed rate	4.35%
Falls at Forsyth | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 19,272
Fixed rate	1.48%
Gulfshore Apartment Homes [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 46,345			46,345
Fixed rate	3.26%
James on South First [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				25,674
Navigator Villas [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 20,440			20,515
Fixed rate	4.56%
Outlook at Greystone [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 22,019			22,105
Fixed rate	4.30%
Park & Kingston [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				19,600
Plantation Park | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				26,625
Providence Trail [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 47,809			47,950
Fixed rate	3.54%
Rosewell City Walk [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 49,302			50,043
Fixed rate	3.63%
The Brodie [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 33,048			33,551
Fixed rate	3.71%
The Links at Plum Creek | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 39,085			39,578
Fixed rate	4.31%
The Mills [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 24,869			25,275
Fixed rate	4.21%
The Preserve at Henderson Beach [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 48,490			48,490
Fixed rate	3.26%
The Reserve at Palmer Ranch | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				40,977
The Sanctuary [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 33,707			33,707
Fixed rate	3.31%
Wesley Village [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 38,909			39,438
Fixed rate	4.25%
ARIUM Glenridge [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 49,500			49,500
Fixed rate	1.41%
Chevy Chase | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 24,400			24,400
Fixed rate	2.40%
Cielo On Gilbert | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 58,000			58,000
Fixed rate	2.66%
Fannie Facility Advance | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 13,936			13,936
Fixed rate	2.68%
Fannie Facility Second Advance | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 12,900
Fannie Facility Second Advance | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 12,880
Fixed rate	2.75%
Marquis at the Cascades I [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				31,668
Marquis at the Cascades II [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				22,101
The District At Scottsdale [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				75,577
Veranda at Centerfield [Member]
Line of Credit Facility [Line Items]
Number of extension options | item	2
Extension term	1 year
Veranda at Centerfield [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 26,045			26,100
Fixed rate	1.34%
Villages of Cypress Creek | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 33,520			33,520
Fixed rate	2.63%
Pine Lakes Preserve [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 42,728			$ 42,728
Fixed rate	3.06%

Mortgages Payable - Debt maturi

Mortgages Payable - Debt maturities (Details) $ in Thousands	Sep. 30, 2021USD ($)
Mortgages Payable [Abstract]
2021 (October 1-December 31)	$ 3,007
2022	13,552
2023	126,102
2024	201,503
2025	331,011
Thereafter	666,983
Long-term Debt	1,342,158
Add: Unamortized fair value debt adjustment	8,540
Subtract: Deferred financing costs, net	(9,457)
Total	$ 1,341,241

Mortgages Payable - Additional

Mortgages Payable - Additional Information (Details) $ in Thousands	Jul. 07, 2021USD ($)	Feb. 18, 2021USD ($)	May 27, 2020USD ($)	Mar. 06, 2020item	Jun. 30, 2021	Sep. 30, 2021USD ($)item	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)item	Sep. 30, 2020USD ($)	Jan. 28, 2021USD ($)	Dec. 31, 2020USD ($)
Line of Credit Facility [Line Items]
Loan amount						$ 13,552		$ 13,552
Real Estate Investments, Net						1,915,280		1,915,280			$ 2,097,177
Loss on extinguishment of debt						3,053	$ 0	6,740	$ 13,985
Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						1,061,877		1,061,877			1,117,999
SOFR
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate					0.05%
Amended Senior Credit Facility [Member]
Line of Credit Facility [Line Items]
Real Estate Investments, Net						1,938,300		1,938,300
Number of extension options | item				2
Extension term				1 year
Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						280,281		280,281			377,530
Fannie Facility Advance | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal			$ 13,900
Amortization period			30 years
Fannie Facility Advance | London Interbank Offered Rate (LIBOR) [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.60%
Avenue 25
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						29,700		$ 29,700
Debt Instrument, Basis Spread on Variable Rate								4.02%
Avenue 25 | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						36,566		$ 36,566			36,566
Avenue 25 | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						6,900		$ 6,900
Debt Instrument, Basis Spread on Variable Rate								4.86%
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 [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						31,259		$ 31,259			31,301
Carrington At Perimeter Park | Supplemental Loan [Member]
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 [Member]
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 [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						101,205		$ 101,205			101,205
Denim [Member] | Supplemental Loan [Member]
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 [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						25,525		$ 25,525			25,574
Elan | Supplemental Loan [Member]
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 [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						14,700		$ 14,700
Debt Instrument, Basis Spread on Variable Rate								4.31%
Navigator Villas [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						20,440		$ 20,440			20,515
Navigator Villas [Member] | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 5,700		$ 5,700
Debt Instrument, Basis Spread on Variable Rate								5.23%
The District At Scottsdale [Member]
Line of Credit Facility [Line Items]
Loss on extinguishment of debt	$ (400)
Payments for Mortgage on Real Estate Sold	$ 73,800
The District At Scottsdale [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal											75,577
Veranda at Centerfield [Member]
Line of Credit Facility [Line Items]
Number of extension options | item						2		2
Extension term								1 year
Veranda at Centerfield [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 26,045		$ 26,045			26,100
Villages of Cypress Creek | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						33,520		33,520			33,520
Pine Lakes Preserve [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						42,728		42,728			42,728
Park & Kingston [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal											19,600
Gulfshore Apartment Homes [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
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						10,400		$ 10,400
Debt Instrument, Basis Spread on Variable Rate								4.81%
Yauger Park Villas | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						14,990		$ 14,990
Yauger Park Villas | Supplemental Loan [Member]
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 [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
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 [Member]
Line of Credit Facility [Line Items]
Debt Instrument Prepayment Fee Percentage								0.08%
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 [Member]
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 [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 12,880		$ 12,880
ARIUM Grandewood [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal										$ 39,100
ARIUM Grandewood [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal											19,600
ARIUM Grandewood | Floating Interest Rate [Member]
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	Sep. 30, 2021	Dec. 31, 2020
Fair Value of Financial Instruments
Long-term Debt, Fair Value	$ 1,379.2	$ 1,586
Mortgage Payable At Carrying Value	$ 1,350.7	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Interest Expense [Member]
Fair value adjustment of interest rate Caps	$ (44)	$ (106)	$ (29)	$ (75)
Accounts Receivable, Prepaids and Other Assets [Member]
Derivative, Fair Value, Net	$ 74		$ 74		$ 14

Derivative Financial Instrume_4

Derivative Financial Instruments - Additional Information (Details) $ in Millions	Sep. 30, 2021USD ($)
Interest Rate Cap [Member]
Amount Of Debt Covered By Derivatives	$ 280.3

Related Party Transactions - Re

Related Party Transactions - Related party amounts payable to BRE (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Related Party Transactions
Total related-party amounts payable	$ 595	$ 618
Amounts Payable to BRE under the Administrative Services Agreement, net [Member] | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	405	427
Operating expense reimbursements and direct expense reimbursements [Member] | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	302	338
Offering expense reimbursements [Member] | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	103	89
Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement [Member] | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	190	191
Reimbursable Operating Expenses, Leasehold Cost-Sharing Agreement [Member] | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	$ 190	$ 191

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	May 11, 2021	Apr. 30, 2021	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 25, 2021	Dec. 31, 2020
Related Party Transactions
Reimbursement of Payroll Operating Costs				$ 400,000
Reimbursement of total expenses			$ 400,000		$ 400,000	$ 1,800,000	$ 1,500,000
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			300,000			300,000
Preferred equity interests			127,421,000			$ 127,421,000			$ 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			23,200,000		11,600,000	$ 23,200,000	11,600,000
Dealer manager fees and discounts						9,900,000	5,000,000
General and Administrative Expense [Member]
Related Party Transactions
Reimbursement of Payroll Operating Costs			700,000		$ 700,000	2,200,000	2,100,000
Long-term Incentive Plan Units One [Member]
Related Party Transactions
Stock Issued During Period, Shares, Share-based Compensation, Gross	34,143
Alexan Southside Place [Member]
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						$ 900,000	$ 700,000

Stockholders' Equity and Rede_3

Stockholders' Equity and Redeemable Preferred Stock - Reconciliation of components of basic and diluted net income (loss) per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stockholders' Equity and Redeemable Preferred Stock
Net income (loss) attributable to common stockholders	$ 12,544	$ (17,058)	$ 30,696	$ (18,461)
Dividends on restricted stock and LTIP Units expected to vest	(384)	(342)	(1,150)	(1,008)
Basic net income (loss) attributable to common stockholders	$ 12,160	$ (17,400)	$ 29,546	$ (19,469)
Weighted average common shares outstanding	26,567,269	24,566,196	25,941,571	24,321,282
Potential dilutive shares	228,238		91,021
Weighted Average Number of Shares Outstanding, Diluted, Total	26,795,507	24,566,196	26,032,592	24,321,282
Net income (loss) per common share, basic	$ 0.46	$ (0.71)	$ 1.14	$ (0.80)
Net income (loss) per common share, diluted	$ 0.45	$ (0.71)	$ 1.13	$ (0.80)

Stockholders' Equity and Rede_4

Stockholders' Equity and Redeemable Preferred Stock - Distributions (Details)	9 Months Ended
	Sep. 30, 2021$ / shares
Class A Common Stock
Common stock, distribution amount	$ 0.162500
Common Class A two [Member]
Common stock, distribution amount	0.162500
Common Class A Three [Member]
Common stock, distribution amount	0.162500
Common Class A Four [Member]
Common stock, distribution amount	0.162500
Class C Common Stock
Common stock, distribution amount	0.162500
Common Class C One [Member]
Common stock, distribution amount	0.162500
Common Class C Two [Member]
Common stock, distribution amount	0.162500
Common Class C Three [Member]
Common stock, distribution amount	0.162500
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 B Preferred Stock seven [Member]
Common stock, distribution amount	5
Series B Preferred Stock eight [Member]
Common stock, distribution amount	5
Series B Preferred Stock Nine [Member]
Common stock, distribution amount	5
Series C Preferred Stock [Member]
Common stock, distribution amount	0.4765625
Series C Preferred Stock One [Member]
Common stock, distribution amount	0.4765625
Series C Preferred Stock Two [Member]
Common stock, distribution amount	0.4765625
Series C Preferred Stock three [Member]
Common stock, distribution amount	0.4765625
Series D Preferred Stock [Member]
Common stock, distribution amount	0.4453125
Series D Preferred Stock One [Member]
Common stock, distribution amount	0.4453125
Series D Preferred Stock Two [Member]
Common stock, distribution amount	0.4453125
Series D Preferred Stock three [Member]
Common stock, distribution amount	0.4453125
Series T Preferred Stock [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock One [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Two [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Three [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Four [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Five [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Six [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Seven [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Eight [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Nine [Member]
Common stock, distribution amount	$ 0.128125

Stockholders' Equity and Rede_5

Stockholders' Equity and Redeemable Preferred Stock - Distributions declared and paid (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2021
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	$ 21,891	$ 20,880	$ 20,413	$ 63,184
Distributions Paid	21,593	20,036	20,799	$ 62,428
Class A Common Stock
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	4,244	4,753	3,943
Distributions Paid	4,750	3,945	3,630
Class C Common Stock
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	12	12	12
Distributions Paid	12	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	5,404	5,818	7,089
Distributions Paid	5,407	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	1,094
Distributions Paid	1,094	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	1,235
Distributions Paid	1,235	1,235	1,235
Series T Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	8,039	6,220	4,493
Distributions Paid	7,439	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	1,027
Distributions Paid	1,025	1,025	1,027
Long-term Incentive Plan Units One [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	836	721	814
Distributions Paid	$ 631	$ 836	$ 510

Stockholders' Equity and Rede_6

Stockholders' Equity and Redeemable Preferred Stock - Additional Information (Details)	Aug. 03, 2021shares	May 11, 2021shares	Apr. 01, 2021USD ($)$ / sharesshares	Mar. 25, 2021shares	Feb. 26, 2021$ / sharesshares	Feb. 16, 2021itemshares	Jan. 01, 2021USD ($)shares	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2020USD ($)shares	Sep. 30, 2021USD ($)item$ / sharesshares	Sep. 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								228,238		91,021
Preferred Stock, Shares Issued								0		0		0
Proceeds from Issuance of Common Stock | $										$ 34,000	$ 1,984,000
Stock Repurchased During Period, Value | $								$ 33,764,000	$ 757,000	119,589,000	12,364,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $								$ 11,500,000		$ 11,500,000
Percentage Of Unvested Incentive Plan In Operating Partnership								5.92%		5.92%
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 | $										$ 138,500,000
Class A Common Stock
Class of Stock [Line Items]
Stock Repurchased During Period, Shares										11,140,637
OP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest										16.75%
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										13.69%
Partners' Capital Account, Units								5,153		5,153
Percentage Of Unvested Incentive Plan In Operating Partnership								5.92%		5.92%
OP And LTIP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest										30.44%
Stock Offering [Member]
Class of Stock [Line Items]
Redemption of series T preferred stock and conversion into cash										651
Redemption of series B preferred stock and conversion into cash										40
Restricted Stock [Member]
Class of Stock [Line Items]
Share-based Compensation | $								$ 100,000	100,000	$ 300,000	300,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $								600,000		$ 600,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition										2 years 2 months 12 days
Remaining compensation cost is expected to be recognized (in years)										2 years 2 months 12 days
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	$ 3,000,000	2,900,000
Long-term Incentive Plan Units One [Member] | Performance Based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation | $								900,000	$ 800,000	$ 2,700,000	$ 2,100,000
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	19,209	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 | $								$ 8,000,000		$ 8,000,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition										1 year 9 months 18 days
Remaining compensation cost is expected to be recognized (in years)										1 year 9 months 18 days
Number Of Executive Officers To Whom 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
Redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)										165,063
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										193,144
Common Stock, Shares, Issued								26,120,780		26,120,780		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
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 | $										$ 119,600,000
Class A Common Stock | Maximum [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares								14.71		$ 14.71
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)										246,954
Class A Common Stock | Warrant [Member]
Class of Stock [Line Items]
Shares excluded from the diluted shares calculations								149,037		28,668
Class A Common Stock | Restricted Stock [Member]
Class of Stock [Line Items]
Shares excluded from the diluted shares calculations								79,201	67,036	62,353	57,102
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 C Common Stock
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares								$ 0.01		$ 0.01		$ 0.01
Common Stock, Shares, Issued								76,603		76,603		76,603
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								389,210		389,210
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										21,723
Preferred Stock, Dividend Rate, Percentage										6.00%
Series B Preferred Stock [Member] | Minimum [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares								$ 10		$ 10
Series B Preferred Stock [Member] | Stock Offering [Member]
Class of Stock [Line Items]
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)										2,766
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										22,999,221
Proceeds from Issuance of Preferred Stock and Preference Stock | $										$ 517,500,000
Redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)										71,990
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										46,211
Proceeds from Issuance of Preferred Stock and Preference Stock | $										$ 1,200,000
Series T Preferred Stock [Member] | Stock Offering [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues										13,228,681
Proceeds from Issuance of Preferred Stock and Preference Stock | $										$ 297,600,000
Preferred Stock Offering Commissions And Dealer Manager Fees | $										$ 33,100,000
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%
Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Value, Issued | $								$ 0		$ 0		$ 0

Subsequent Events - Declaration

Subsequent Events - Declaration of Dividends (Details) - Dividend Declared [Member]	Oct. 11, 2021$ / shares
Series B Preferred Stock [Member] | November 5, 2021
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 5
Series B Preferred Stock [Member] | December 3, 2021
Subsequent Event [Line Items]
Declaration of Dividends, Amount	5
Series B Preferred Stock [Member] | January 5, 2022
Subsequent Event [Line Items]
Declaration of Dividends, Amount	5
Series T Preferred Stock [Member] | November 5, 2021
Subsequent Event [Line Items]
Declaration of Dividends, Amount	0.128125
Series T Preferred Stock [Member] | December 3, 2021
Subsequent Event [Line Items]
Declaration of Dividends, Amount	0.128125
Series T Preferred Stock [Member] | January 5, 2022
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 0.128125

Subsequent Events - Distributio

Subsequent Events - Distribution paid (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 05, 2021	Oct. 11, 2021	Oct. 05, 2021
Subsequent Events
Total Distribution			$ 17,822
Long-term Incentive Plan Units One [Member]
Subsequent Events
Distributions per Share/Units			$ 0.1625000
Total Distribution		$ 639
Class A Common Stock
Subsequent Events
Distributions per Share/Units			0.1625000
Total Distribution		4,244
Class C Common Stock
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	$ 1,799	1,800
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	$ 3,090	2,882
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) - USD ($) $ in Thousands	Jun. 16, 2021	Oct. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Nov. 02, 2021
Business Acquisition [Line Items]
Payments to Acquire Equity Method Investments			$ 81,298	$ 18,330
Outstanding loan	$ 16,500
Proceeds from short-term loan		$ 11,000
Subsequent Event [Member]
Business Acquisition [Line Items]
Ownership interest		95.00%
Payments to Acquire Equity Method Investments		$ 11,400
Outstanding loan		$ 71,300
Funded Amount					$ 12,000
Texas Portfolio [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Ownership interest		80.00%
Purchase price		$ 16,400
Mortgage		11,500
Peak Housing [Member] | Texas Portfolio [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Payments to Acquire Equity Method Investments		$ 600