Bluerock Residential Growth REIT (BRG) 10-Q 18 Nov 13 2013 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 04, 2013
Document Information [Line Items]	'	'
Entity Registrant Name	'Bluerock Multifamily Growth REIT, Inc.	'
Entity Central Index Key	'0001442626	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Trading Symbol	'CIK0001442626	'
Entity Common Stock, Shares Outstanding	'	2,413,811
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2013	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
ASSETS	'	'
Land	$25,750,000	$27,670,000
Building and improvements	97,687,164	115,428,011
Construction in progress	15,698,014	2,206,264
Furniture, fixtures and equipment	2,050,312	2,436,135
Total Gross Operating Real Estate Investments	141,185,490	147,740,410
Accumulated depreciation	-3,525,301	-1,150,477
Total Net Operating Real Estate	137,660,189	146,589,933
Operating real estate held for sale, net	19,531,487	0
Total Net Real Estate Investments	157,191,676	146,589,933
Cash and cash equivalents	2,349,181	2,789,163
Restricted cash	1,970,178	2,290,387
Due from affiliates	513,201	5,024
Accounts receivable, prepaids and other assets	530,640	547,600
Investments in unconsolidated real estate joint ventures (Note 5)	3,789,588	2,398,902
In-place leases, net	0	1,195,490
Deferred financing costs, net	740,026	814,932
Assets related to real estate held for sale	808,029	0
Total Assets	167,892,519	156,631,431
LIABILITIES, REEDEMABLE COMMON STOCK AND STOCKHOLDERS' EQUITY	'	'
Mortgage payable	89,060,328	96,099,690
Line of credit (Note 6)	7,611,437	11,935,830
Accounts payable	3,159,253	747,339
Other accrued liabilities	2,620,900	2,412,376
Due to affiliates	2,018,864	1,822,567
Distributions payable	139,499	129,656
Liabilities related to real estate held for sale	15,145,134	0
Total Liabilities	119,755,415	113,147,458
Commitments and contingencies (Note 10)	'	'
Redeemable common stock	570,949	372,581
Stockholders' Equity	'	'
Preferred stock, value	0	0
Common stock, $0.01 par value, 749,999,000 shares authorized; 2,412,511 and 2,219,432 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively	24,125	22,194
Additional paid-in-capital, net of costs	20,997,533	16,157,954
Cumulative distributions and net losses	-8,264,402	-5,142,197
Total Stockholders' Equity	12,757,266	11,037,961
Noncontrolling interest	34,808,889	32,073,431
Total Equity	47,566,155	43,111,392
TOTAL LIABILITIES, REEDEAMBLE COMMON STOCK AND STOCKHOLDERS' EQUITY	167,892,519	156,631,431
Nonvoting Convertible Stock [Member]	'	'
Stockholders' Equity	'	'
Preferred stock, value	$10	$10

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Sep. 30, 2013	Dec. 31, 2012
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	749,999,000	749,999,000
Common stock, shares issued	2,412,511	2,219,432
Common stock, shares outstanding	2,412,511	2,219,432
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	250,000,000	250,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Nonvoting Convertible Stock [Member]	'	'
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	1,000	1,000
Preferred stock, issued	1,000	1,000
Preferred stock, outstanding	1,000	1,000

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues	'	'	'	'
Net rental income	$2,975,101	$963,073	$8,754,751	$1,004,917
Other	122,702	34,231	349,905	36,712
Total revenues	3,097,803	997,304	9,104,656	1,041,629
Expenses	'	'	'	'
Property operating expenses	823,556	274,680	2,426,958	285,627
Management fees	109,309	40,662	328,108	42,471
Depreciation and amortization	1,061,685	698,314	4,088,893	729,318
General and administrative expenses	540,744	426,361	1,493,858	1,147,217
Asset management and oversight fees to affiliates	130,072	62,068	373,859	210,477
Real estate taxes and insurance	331,491	112,549	1,032,676	117,260
Acquisition costs	55,429	0	198,446	40,968
Total expenses	3,052,286	1,614,634	9,942,798	2,573,338
Other operating activities	'	'	'	'
Equity in operating earnings of unconsolidated joint ventures (Note 5)	-150,423	18,479	-97,729	12,729
Operating loss	-104,906	-598,851	-935,871	-1,518,980
Other income (expense)	'	'	'	'
Gain on revaluation of equity on business combination	0	0	0	2,284,656
Gain on sale of joint venture interests	0	0	0	2,014,533
Equity in gain on sale of real estate asset of unconsolidated joint venture (Note 5)	1,605,094	0	1,605,094	0
Interest expense, net	-1,137,769	-219,170	-3,461,251	-324,209
Total other (expense) income	467,325	-219,170	-1,856,157	3,974,980
Net income (loss) from continuing operations	362,419	-818,021	-2,792,028	2,456,000
Discontinued operations	'	'	'	'
(Loss) income on operations of rental property	-2,675	-336,787	-92,211	833,596
(Loss) income from discontinued operations	-2,675	-336,787	-92,211	833,596
Net income (loss)	359,744	-1,154,808	-2,884,239	3,289,596
Net loss attributable to noncontrolling interest	-171,969	-434,938	-993,656	-447,470
Net income (loss) attributable to common shareholders	$531,713	($719,870)	($1,890,583)	$3,737,066
Earnings (loss) per common share - continuing operations	'	'	'	'
Basic Income (Loss) Per Common Share (in dollars per share)	$0.22	($0.57)	($0.77)	$1.07
Diluted Income (Loss) Per Common Share (in dollars per share)	$0.22	($0.57)	($0.77)	$1.06
Earnings (loss) per common share - discontinued operations	'	'	'	'
Basic (Loss) Income Per Common Share (in dollars per share)	$0	$0.18	($0.04)	$1.35
Diluted (Loss) Income Per Common Share (in dollars per share)	$0	$0.18	($0.04)	$1.34
Weighted Average Basic Common Shares Outstanding (in shares)	2,386,426	1,855,791	2,332,144	1,537,554
Weighted Average Diluted Common Shares Outstanding (in shares)	2,402,143	1,855,791	2,348,204	1,553,873

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)	Total	Nonvoting Convertible Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Cumulative Distributions [Member]	Net Income (Loss) to Common Stockholders [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2011	($384,885)	$10	$11,140	$7,475,175	($810,088)	($7,061,122)	$0
Balance (in shares) at Dec. 31, 2011	'	1,000	1,113,968	'	'	'	'
Issuance of restricted stock, net	81,250	0	75	81,175	0	0	0
Issuance of restricted stock, net (in shares)	'	0	7,500	'	'	'	'
Issuance of common stock, net	9,067,295	0	11,251	9,056,044	0	0	0
Issuance of common stock, net (in shares)	'	0	1,127,089	'	'	'	'
Redemptions of common stock	0	0	-272	272	0	0	0
Redemptions of common stock (in shares)	'	0	-29,125	'	'	'	'
Transfers to redeemable common stock	-454,712	0	0	-454,712	0	0	0
Distributions declared	-1,191,828	0	0	0	-1,191,828	0	0
Distributions to noncontrolling interests	-398,116	0	0	0	0	0	-398,116
Noncontrolling interests upon acquisition or addition	29,027,080	0	0	0	0	0	29,027,080
Net income (loss)	7,365,308	0	0	0	0	3,920,841	3,444,467
Balance at Dec. 31, 2012	43,111,392	10	22,194	16,157,954	-2,001,916	-3,140,281	32,073,431
Balance (in shares) at Dec. 31, 2012	'	1,000	2,219,432	'	'	'	'
Issuance of restricted stock, net	73,750	0	45	73,705	0	0	0
Issuance of restricted stock, net (in shares)	'	0	4,500	'	'	'	'
Issuance of common stock, net	1,511,527	0	1,984	1,509,543	0	0	0
Issuance of common stock, net (in shares)	'	0	198,579	'	'	'	'
Redemptions of common stock	0	0	-98	98	0	0	0
Redemptions of common stock (in shares)	'	0	-10,000	'	'	'	'
Transfers to redeemable common stock	-443,034	0	0	-443,034	0	0	0
Gain on partial sale of controlling interests	3,699,267	0	0	3,699,267	0	0	0
Distributions declared	-1,231,622	0	0	0	-1,231,622	0	0
Distributions to noncontrolling interests	-755,623	0	0	0	0	0	-755,623
Noncontrolling interests upon acquisition or addition	4,484,737	0	0	0	0	0	4,484,737
Net income (loss)	-2,884,239	0	0	0	0	-1,890,583	-993,656
Balance at Sep. 30, 2013	$47,566,155	$10	$24,125	$20,997,533	($3,233,538)	($5,030,864)	$34,808,889
Balance (in shares) at Sep. 30, 2013	'	1,000	2,412,511	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:	'	'
Net income	($2,884,239)	$3,289,596
Adjustments to reconcile net income to net cash used in operating activities:	'	'
Depreciation and amortization	4,583,563	1,134,898
Amortization of fair value adjustment	-605,081	-125,281
Equity in (income) loss of unconsolidated joint ventures	97,729	-12,729
Gain on sale of joint venture interests	0	-2,014,533
Equity in gain on sale of real estate asset of unconsolidated joint ventures	-1,605,094	0
Gain on revaluation of equity on business combinations	0	-2,284,656
Distributions from unconsolidated real estate joint ventures	263,272	476,619
Share-based compensation attributable to director's stock compensation plan	73,750	45,000
Changes in operating assets and liabilities:	'	'
Due to affiliates	-446,042	-1,379,032
Accounts receivable, prepaids and other assets	-53,220	-12,696
Accounts payable and other accrued liabilities	3,446,367	40,216
Net cash provided by (used in) operating activities	2,768,505	-1,999,722
Cash flows from investing activities:	'	'
Restricted cash	-469,090	-196,368
Cash acquired in excess of acquisition of consolidated real estate investments	0	96,057
Additions to consolidated real estate investments	-13,989,816	-53,917
Proceeds from sale of joint venture interests	2,000,040	2,957,622
Investment in unconsolidated real estate joint ventures	0	-6,457
Net cash (used in) provided by investing activities	-12,458,866	2,796,937
Cash flows from financing activities:	'	'
Distributions on common stock	-743,464	-472,942
Distributions to noncontrolling interests	-755,623	-115,748
Noncontrolling equity interest additions to consolidated real estate investments	920,908	0
Repayment on notes payable	0	-3,834,578
Borrowings (repayments) on mortgages payable	8,291,815	-119,196
Borrowings from line of credit	1,200,019	0
Deferred financing fees	10,814	0
Issuance of common stock, net	405,897	7,443,431
Payments to redeem common stock	-98,425	-271,772
Net cash provided by financing activities	9,231,941	2,629,195
Net (decrease) increase in cash and cash equivalents	-458,420	3,426,410
Cash and cash equivalents at beginning of period	2,789,163	420,570
Cash and cash equivalents at end of period	2,349,181	3,846,980
Supplemental Disclosure of Cash Flow Information - Cash Interest Paid	661,991	100,024
Supplemental Disclosure of Noncash Transactions:	'	'
Distributions payable	139,499	114,367
Redemptions payable	169,366	23,125
Accrued offering costs	680,852	399,236
Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan including $14,276 and $43,868 declared but not yet reinvested at September 30, 2013 and 2012, respectively	443,034	312,407
Receivable for common stock issuances pursuant to the distribution reinvestment plan	-14,276	-43,868
Line of credit release and extension fee	175,356	0
Reduction of line of credit balance in exchange for sale of joint venture equity interest	5,524,412	0
Net assets acquired	$0	$5,187,724

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Distributions paid to common stockholders, declared but not yet reinvested	$14,276	$43,868

Organization_and_Nature_of_Bus

Organization and Nature of Business	9 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Nature of Operations [Text Block]	'
	Note 1 – Organization and Nature of Business
	Bluerock Multifamily Growth REIT, Inc. (the “Company”) was incorporated on July 25, 2008 under the laws of the state of Maryland. The Company has elected to be treated, and currently qualifies, as a real estate investment trust or REIT for Federal income tax purposes. The Company was incorporated to raise capital and acquire a diverse portfolio of residential real estate assets.  Our day-to-day operations are managed by Bluerock Multifamily Advisor, LLC (our “Advisor”), under an advisory agreement (the “Advisory Agreement”).  The Advisory Agreement has a one-year term expiring October 14, 2014, and may be renewed for an unlimited number of successive one-year periods upon the mutual consent of our Advisor and us. The use of the words “we,” “us” or “our” refers to Bluerock Multifamily Growth REIT, Inc. and its subsidiary Bluerock Multifamily Holdings, L.P., or our operating partnership, except where the context otherwise requires.  Bluerock Real Estate, L.L.C. is our sponsor (our “Sponsor”).
	On August 22, 2008, the Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to offer a maximum of $1,000,000,000 in shares of its common stock in a primary offering, at an offering price of $10.00 per share, with discounts available for certain categories of purchasers and up to $285,000,000 in shares pursuant to its distribution reinvestment plan at $9.50 per share (the “Initial Public Offering”).  The SEC declared the Company’s registration statement effective on October 15, 2009.  As of May 20, 2010, the Company had received gross offering proceeds sufficient to satisfy the minimum offering amount for the Initial Public Offering.  Accordingly, the Company broke escrow with respect to subscriptions received from all states in which the shares were then being offered.  On September 20, 2012, the Company filed a registration statement on Form S-11 with the SEC, to register $500.0 million in shares of its common stock (exclusive of shares to be sold pursuant to the Company’s distribution reinvestment program) at a price of $10.00 per share (subject to certain volume discounts described in the prospectus), and $50.0 million in shares of its common stock to be sold pursuant to the Company’s distribution reinvestment plan at $9.50 per share, pursuant to a follow-on offering to the Initial Public Offering (the “Follow-On Offering,” and together with the Initial Public Offering, the “Prior Public Offerings”). As permitted by Rule 415 under the Securities Act, we continued the Initial Public Offering until April 12, 2013, the date the SEC declared the registration statement for the Follow-On Offering effective, which terminated the Company’s Initial Public Offering.   As of April 12, 2013, the Company had accepted aggregate gross offering proceeds in its Initial Public Offering of $22,231,406.
	After consideration by the Company’s Board of Directors of strategic alternatives to enhance the growth of our portfolio and the slow rate at which we raised funds in our continuous registered offerings, on August 23, 2013, at the recommendation of its Advisor and following the approval of its Board of Directors, the Company terminated its Follow-On Offering, effective September 9, 2013. As of September 9, 2013, the Company had accepted aggregate gross Follow-On Offering proceeds of approximately $330,251 and aggregate gross Follow-On distribution reinvestment plan proceeds of approximately $275,848. As of September 30, 2013, the Company had redeemed a total of 45,850 shares sold in the Initial Public Offering for $433,532.  In conjunction with the termination of the Follow-On Offering, the Company also terminated its dealer manager agreement, effective September 9, 2013.
	The Company’s ongoing operating expenses exceed the cash flow received from its investments in real estate joint ventures.  The Company could not rely on raising offering proceeds in the Follow-On Offering to meet its liquidity needs and has a limited amount of cash resources. The Company must seek other sources of funding to address short and long-term liquidity requirements.  The Company anticipated that the sale of its indirect equity investment in The Estates at Perimeter in Augusta, Georgia would generate sufficient cash to support its short-term liquidity requirements; however, the purchaser terminated the membership interest purchase agreement on June 18, 2013. To address short-term liquidity needs, on August 13, 2013, following the approval of our Board of Directors, we sold a 10.27% indirect equity interest in the 23Hundred@Berry Hill development project located in Nashville, Tennessee to an affiliate, Bluerock Growth Fund, LLC, a Delaware limited liability company, with the Company retaining an approximate 53.46% indirect equity interest in the project. The transaction generated proceeds to the Company of approximately $2,000,040, excluding disposition fees of approximately $69,470 deferred by our Advisor, which the Company anticipates will support its primary liquidity requirements through the remainder of 2013.  Further, on August 29, 2013, we transferred an additional 28.36% indirect equity interest in the Berry Hill property, or the Additional Berry Hill Interest, to Bluerock Special Opportunity + Income Fund III, LLC (“SOIF III”), an affiliate of our Advisor, in exchange for a $5,524,412 reduction of the outstanding principal balance of our affiliate working capital line of credit, based on a third party appraisal, excluding a disposition fee of approximately $191,886 deferred by our Advisor.  If necessary, to meet additional short-term liquidity requirements, the Company may seek to sell assets selectively. The Company can provide no assurances that any such sale or sales will be consummated. The Company will also seek to utilize credit facilities obtained from affiliates or unaffiliated third parties when possible and also seek to extend its existing affiliate working line of credit, which matures in April 2014 but may be extended at our election for an additional six months. To date, the Company has relied on borrowing from affiliates to help finance its business activities. However, there are no assurances that the Company will be able to continue to borrow from affiliates or extend the maturity date of its existing affiliated line of credit. The Company is also exploring alternatives for a larger strategic transaction that would generate cash proceeds to the Company and/or improve operating cash flow. The Company can make no assurances any of these funding arrangements or strategic transactions will occur or be successful.
	The Company’s Sponsor has deferred payment by the Company as needed of asset management fees, acquisition fees and organizational and offering costs incurred by the Company and has deferred current year reimbursable operating expenses through March 14, 2014, though the Sponsor is not currently advancing cash on behalf of the Company. During the nine months ended September 30, 2013, the Company paid the Advisor approximately $500,000 of its outstanding accounts payable.
	As a result of these circumstances and unless the Company is able to locate alternative sources of financing as discussed above, the Company expects that it will continue to generate negative cash flow as its general and administrative costs will remain higher relative to the size of the Company’s portfolio, and that its portfolio will not be as diversified as it otherwise would be if the Company had been able to raise capital successfully through its continuous registered offerings.

Basis_of_Presentation_and_Summ

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Basis of Presentation and Significant Accounting Policies [Text Block]	'
	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 our wholly owned subsidiary and operating partnership, Bluerock Multifamily Holdings, L.P., a Delaware limited partnership, or its wholly owned subsidiaries, owns substantially all of the property interests acquired on its behalf.
	Because the Company is the sole general partner of its 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 our operating partnership are consolidated in its consolidated financial statements. All significant intercompany accounts and transactions are eliminated in consolidation.  The Company will consider future majority owned and controlled joint ventures for consolidation in accordance with the provisions required by the Topic 810 Consolidation of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”).
	Certain amounts in prior year presentations have been reclassified to conform with current period presentation.  Balances and amounts associated with the property held for sale at September 30, 2013 in the consolidated balance sheet for that period and for the statements of operations for the three and nine months ended September 30, 2013 and 2012 have been reclassified to discontinued operations to conform with current year presentation.  See Note 3, “Real Estate Assets Held for Sale and Sale of Joint Venture Equity Interests” for further explanation.  Also, balances associated with construction in progress have been reclassified from Building and improvements in the consolidated balance sheet as of December 31, 2012 to conform with current year presentation.  These reclassifications had no effect on previously reported results of operations.
	Interim Financial Information
	The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting, and the instructions to Form 10-Q and Article 10-01 of Regulation S-X.  Accordingly, the financial statements for interim reporting do not include all of 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, 2012 has been derived from the audited financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements.  For further information refer to the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2012 contained in the Annual Report on Form 10-K as filed with the SEC.
	Summary of Significant Accounting Policies
	There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2012.
	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.  At the property level, these estimates include such items as purchase price allocation of real estate acquisitions, impairment of long-lived assets, depreciation and amortization, and allowance for doubtful accounts.  Actual results could differ from those estimates.
	Selling Commissions and Dealer Manager Fees
	In connection with the Follow-On Offering, the Company paid the dealer manager up to 7.0% and 2.6% of the gross offering proceeds from the primary offering as selling commissions and dealer manager fees, respectively. A reduced sales commission and dealer manager fee was paid with respect to certain volume discount sales. No sales commission or dealer manager fee was paid with respect to shares issued through the distribution reinvestment plan. The dealer manager could re-allow all or a portion of sales commissions earned to participating broker-dealers. The dealer manager could re-allow, in its sole discretion, to any participating broker-dealer a portion of its dealer manager fee as a marketing fee.  As of September 30, 2013 and December 31, 2012, the Company has incurred $2,137,994 and $1,994,749, respectively, of selling commissions and dealer manager fees.

Real_Estate_Assets_Held_for_Sa

Real Estate Assets Held for Sale and Sale of Joint Venture Equity Interests	9 Months Ended
	Sep. 30, 2013
Real Estate Assets Held for Development and Sale [Abstract]	'
Real Estate Assets Held For Sale And Sale Of Joint Venture Interest Disclosure [Text Block]	'
	Note 3 – Real Estate Assets Held for Sale and Sale of Joint Venture Equity Interests
	Real Estate Assets Held for Sale
	ASC Topic 360-10, Property, Plant and Equipment – Overall, requires a long-lived asset to be classified as “held for sale” in the period in which certain criteria are met.  The Company classifies real estate assets as held for sale after the following conditions have been satisfied: (1) management, having the appropriate authority, commits to a plan to sell the asset, (2) the initiation of an active program to sell the asset, and (3) the asset is available for immediate sale and it is probable that the sale of the asset will be completed within one year.
	The Company periodically classifies real estate assets as held for sale, and these assets and their liabilities are stated separately on the accompanying consolidated balance sheets.  The real estate assets held for sale and the liabilities related to real estate assets held for sale, representative of the Creekside Property, as of September 30, 2013, were as follows:
		Real Estate Assets
		Held for Sale
		September 30, 2013
	Operating properties held for sale	$	19,531,487
	Other assets		808,029
	Assets held for sale	$	20,339,516
		Liabilities Related to
		Real Estate Assets
		Held for Sale
		September 30, 2013
	Property indebtedness	$	14,726,096
	Other liabilities		318,802
	Liabilities related to assets held for sale	$	15,044,898
	Sale of Joint Venture Equity Interests
	On August 13, 2013, the Company sold a 10.27% indirect joint venture equity interest in a to-be developed class A, mid-rise apartment community known as 23Hundred @ Berry Hill, (the “Berry Hill Property”) pursuant to the terms of a Membership Interest Purchase and Sale Agreement (the “MIPA”) with Bluerock Growth Fund, LLC, a Delaware limited liability company and an affiliate of the Sponsor, with the Company retaining an approximate 53.46% indirect equity interest in the Berry Hill Property. The sale generated proceeds to the Company of $2,000,040, excluding a disposition fee of approximately $69,470 payable per the Advisory Agreement between the Company and its Advisor and deferred by the Advisor, and subject to certain prorations and adjustments typical in a real estate transaction.  The Company realized a gain on the partial sale of controlling interests of $971,699, net of disposition fees. As this partial sale of the Company’s controlling interest did not result in a change of control, the gain has been recorded as an adjustment to additional paid-in capital and the proportionate carrying value of the partial interest has been reclassified to noncontrolling interests. The sale price in the transaction was determined based on an MAI, independent appraisal dated August 2013 for the Berry Hill Property underlying the subject joint venture.
	On August 29, 2013, the Company sold an additional 28.36% indirect joint venture equity interest in the Berry Hill Property to SOIF III, an affiliate of the Company, in exchange for a $5,524,412 reduction of the outstanding principal balance of a working capital line of credit provided by Bluerock Special Opportunity + Income Fund II, LLC (“SOIF II”) and SOIF III (the “SOIF LOC”), both of which are affiliates of our Sponsor. The consideration for the Berry Hill Interest was based on the proportionate share of the appraised value of the Berry Hill Property as determined by an MAI, independent appraisal dated August 2013 for the Berry Hill Property, excluding a disposition fee of approximately $191,886 payable per the Advisory Agreement between the Company and the Advisor, and deferred by the Advisor, and was subject to certain prorations and adjustments typical in a real estate transaction.  The Company realized a gain on the partial sale of controlling interests of $2,727,568, net of disposition fees. As this partial sale of the Company’s controlling interest did not result in a change of control, the gain has been recorded as an adjustment to additional paid-in capital and the proportionate carrying value of the partial interest has been reclassified to noncontrolling interests.
	Following these transactions, the Company owns a 25.1% indirect joint venture equity interest in the Berry Hill Property.
	On September 30, 2013, the Company, through its indirect joint venture equity interest in Bell BR Hillsboro Village JV, LLC (the “Hillsboro Managing Member JV Entity”), sold the underlying real estate asset to an unaffiliated third party for $44,000,000. The sale generated proceeds to the Company of approximately $2,439,204 based on its proportionate ownership, after closing costs and reserves and excluding a disposition fee of $82,500 payable per the Advisory Agreement between the Company and its Advisor and deferred by the Advisor.  The Company recognized a gain of $1,687,594 through its proportionate share of the equity interest in the property.

Investments_in_Real_Estate

Investments in Real Estate	9 Months Ended
	Sep. 30, 2013
Real Estate [Abstract]	'
Real Estate Disclosure [Text Block]	'
	Note 4 – Investments in Real Estate
	As of September 30, 2013, the Company was invested in five operating real estate properties and one development property through joint venture partnerships.  The following table provides summary information regarding the Company’s in-service investments ($ in thousands), which are either consolidated or presented on the equity method of accounting.
										Joint Venture Equity
										Investment Information
	Multifamily		Approx.		Number		Date	Property		Gross Amount of		Our		Approx.		Average		Approx.
	Community		Rentable		of Units		Acquired	Acquisition		Our Investment		Ownership		Annualized		Annual		%
	Name/Location		Square					Cost(1)				Interest in		Base Rent(2)		Effective		Leased(4)
			Footage									Property				Rent Per
												Owner				Unit(3)
	Springhouse at Newport News/Newport News, Virginia		310,826		432		12/3/09	$	29,250	$	2,670	38.25	%	$	4,390	$	10		93	%
	The Reserve at Creekside Village/Chattanooga, Tennessee		211,632		192		3/31/10	$	14,250	$	717	24.7	%	$	2,332	$	12		92	%
	The Estates at Perimeter/ Augusta, Georgia		266,148		240		9/1/10	$	24,950	$	1,931	25	%	$	2,991	$	12		94	%
	Enders Place at Baldwin Park/Orlando, Florida		234,600		198		10/2/12	$	25,100	$	4,599	48.4	%	$	3,492	$	18		95	%
	MDA Apartments/Chicago, Illinois(5)		160,290		190		12/17/12	$	54,900	$	6,098	35.31	%	$	4,899	$	26		94	%
	Total/Average		1,183,496		1,252			$	148,450	$	16,015			$	18,104	$	15		94	%
		-1	Property Acquisition Cost excludes acquisition fees and closing costs.
		-2	Annualized base rent is calculated by annualizing the current, in-place monthly base rent for leases as of September 30, 2013 and does not take into account any rent concessions or prospective rent increases. Total concessions for the nine months ended September 30, 2013 amounted to approximately $439,330.
		-3	Annual effective rent per unit includes the effect of tenant concessions over the term of the lease.
		-4	Percent leased is calculated as (i) the number of units under commenced leases as of September 30, 2013, divided by (ii) total number of units, expressed as a percentage.
		-5	The approximate rentable square footage for the MDA Apartments includes 8,200 square feet of retail space.
	On October 18, 2012, the Company acquired a 58.575% indirect equity interest and, on December 17, 2012, the Company acquired an additional 5.158% indirect equity interest in the Berry Hill Property, for a total investment of $4.2 million. Subsequently, the Company has partially disposed of its indirect equity interest, as described in Note 3, “Real Estate Assets Held for Sale and Sale of Joint Venture Equity Interests” above. The Berry Hill Property is anticipated to consist of approximately 194,275 rentable square feet encompassing 266 units. First move-ins are projected in November 2013.  The total projected development cost is approximately $33.7 million, or $129,580 per unit.  As of September 30, 2013, $21.1 million in development costs had been incurred by the Berry Hill Property joint venture, of which the Company has funded its proportionate share of the equity in the amount of $8.3 million.
	As of September 30, 2013, the major components of our consolidated real estate properties, Springhouse at Newport News, The Reserve at Creekside Village, Enders Place at Baldwin Park, 23Hundred @ Berry Hill and MDA Apartments, were as follows:
	Property			Land			Building and		Construction in		Furniture,		Totals
							Improvements		Progress		Fixtures and
											Equipment
	Springhouse		$	6,500,000		$	27,631,082	$	-	$	1,071,094	$	35,202,176
	Creekside			1,920,000			17,953,934		-		484,127		20,358,061
	Enders			4,750,000			19,241,837		284,934		523,859		24,800,630
	Berry Hill			5,000,000			-		15,014,061		-		20,014,061
	MDA			9,500,000			50,814,245		399,019		455,359		61,168,623
			$	27,670,000		$	115,641,098	$	15,698,014	$	2,534,439	$	161,543,551
	Less: Accumulated Depreciation			-			-3,828,341		-		-523,534		-4,351,875
	Totals		$	27,670,000		$	111,812,757	$	15,698,014	$	2,010,905	$	157,191,676
	Depreciation expense was $1,070,824 and $3,201,754 for the three and nine months ended September 30, 2013, respectively.  Depreciation expense was $450,972 and $470,972 for the three and nine months ended September 30, 2012.
	Costs of intangibles related to our consolidated investments in real estate consist of the value of in-place leases and deferred financing costs.  In-place leases are amortized over the remaining term of the in-place leases, approximately a six-month term, and deferred financing costs are amortized over the life of the related loan.  Amortization expense related to our in-place leases and deferred financing costs was $157,320 and $1,381,809 for the three and nine months ended September 30, 2013.  Amortization expense related to our in-place leases and deferred financing costs was $635,674 and $663,926 for the three and nine months ended September 30, 2012.
	Operating Leases
	The Company’s real estate assets are leased to tenants under operating leases for which the terms and expirations vary.  The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated.  The Company retains substantially all of the risks and benefits of ownership of the consolidated real estate assets leased to tenants.  Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit.  Amounts required as a security deposit vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts.  Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit.  Security deposits received in cash related to tenant leases are included in other liabilities in the accompanying consolidated balance sheets and totaled $257,206 and $234,370 as of September 30, 2013 and December 31, 2012, respectively, for the Company’s consolidated real estate properties.  No individual tenant represents over 10% of the Company’s annualized base rent for the consolidated real estate properties.

Equity_Method_Investments

Equity Method Investments	9 Months Ended
	Sep. 30, 2013
Equity Method Investments and Joint Ventures [Abstract]	'
Equity Method Investments Disclosure [Text Block]	'
	Note 5 – Equity Method Investments
	The Company accounted for the acquisitions of our unconsolidated interests in properties through managing member LLCs in accordance with the provisions of the Topic 810 Consolidation of the FASB ASC.  Following is a summary of the Company’s ownership interest by property, for investments we report under the equity method of accounting at September 30, 2013 and December 31, 2012.
	Property	Joint Venture		Managing Member		Indirect Equity
		Interest		LLC Interest		Interest in Property
	Augusta	50	%	50	%	25	%
	Hillsboro	37.57	%	33.27	%	12.5	%
	The carrying amount of the Company’s investments in unconsolidated joint ventures was $3,789,588 and $2,398,902 as of September 30, 2013 and December 31, 2012, respectively.  Summary unaudited financial information for Augusta and Hillsboro Balance Sheets as of September 30, 2013 and December 31, 2012 and Operating Statements for the three months and nine months ended September 30, 2013 and 2012, is as follows:
		September 30,		December 31,
		2013		2012
	Balance Sheet:
	Real estate, net of depreciation	$	22,363,505	$	53,693,437
	Other assets		21,072,660		1,397,388
	Total assets	$	43,436,165	$	55,090,825
	Mortgage payable	$	17,676,465	$	41,016,809
	Other liabilities		987,779		816,716
	Total liabilities	$	18,664,244	$	41,833,525
	Stockholders’ equity		24,771,921		13,257,300
	Total liabilities and stockholders’ equity	$	43,436,165	$	55,090,825
		Three Months Ended September 30,					Nine Months Ended September 30,
		2013		2012			2013	2012
	Operating Statement:
	Rental revenues	$	1,606,398	$	1,604,232	$	4,834,889	$	4,749,491
	Operating expenses		-1,412,880		-603,606		-2,569,652		-1,673,970
	Income before debt service, acquisition costs, and depreciation and amortization		193,518		1,000,626		2,265,237		3,075,521
	Mortgage interest		-421,376		-430,158		-1,260,673		-1,281,124
	Depreciation and amortization		-275,023		-421,053		-1,112,676		-1,229,341
	Net income (loss)		-502,881		149,415		-108,112		565,056
	Net income attributable to JV partners		-361,577		-130,097		-21,179		-486,409
			-141,304		19,318		-86,933		78,647
	Amortization of deferred financing costs paid on behalf of joint ventures		9,119		-838		10,796		-2,515
	Equity in earnings (loss) of unconsolidated joint ventures	$	-150,423	$	18,480	$	-97,729	$	76,132
	On April 3, 2013, an affiliate of the Company, BR Augusta JV Member, LLC (the “Augusta Member JV Entity”), entered into a Membership Interest Purchase Agreement (the “Augusta MIPA”) with Trade Street Operating Partnership, LP (“Trade Street OP”), an unaffiliated third party, for the sale of its entire joint venture interest (the “Augusta Interest”) in The Estates at Perimeter, formerly known as St. Andrews Apartments, located in Augusta, Georgia (the “Augusta Property”). The sale price for the Augusta Interest was to be $13,725,000, subject to deduction of approximately $8,950,000 for its portion of the outstanding indebtedness on the Augusta Property, and subject to certain prorations and adjustments typical in a real estate transaction. The closing on the sale of the Augusta Interest was expected to occur on or before May 31, 2013. For reasons unrelated to the value and condition of the Augusta Property, Trade Street OP elected not to proceed with the transactions contemplated by the Augusta MIPA, and on June 18, 2013, delivered written notice of termination of the Augusta MIPA to the Augusta Member JV Entity.  The Augusta MIPA was terminated effective as of June 18, 2013 by mutual agreement of the parties. We are currently marketing the Augusta Interest to other potential purchasers; however, there is no assurance those efforts will result in the sale of the Augusta Interest.

Line_of_Credit

Line of Credit	9 Months Ended
	Sep. 30, 2013
Line Of Credit Facility [Abstract]	'
Line Of Credit Facility [Text Block]	'
	Note 6 – Line of Credit
	On October 2, 2012, the Company entered into   the SOIF LOC, a working capital line of credit provided by SOIF II and SOIF III, both of which are affiliates of our Sponsor, pursuant to which it could borrow up to $12.5 million. The SOIF LOC may be prepaid without penalty. Under the original terms of the line of credit, the SOIF LOC was to bear interest compounding monthly at a rate of 30-day LIBOR + 6.00%, subject to a minimum rate of 7.50%, annualized for three months, and thereafter to bear interest compounding monthly at a rate of 30-day LIBOR + 6.00%, subject to a minimum rate of 8.50% for the remainder of the initial term.  As described below, beginning October 3, 2013, the SOIF LOC began bearing interest at a rate of 10.0% per annum.  Interest on the SOIF LOC will be paid on a current basis from cash flow distributed to the Company from its real estate assets and, if necessary, sales of real estate assets on a selective basis. The SOIF LOC is secured by a pledge of the Company’s unencumbered real estate assets, including those of its wholly owned subsidiaries. On March 4, 2013, the working capital line of credit was amended by increasing the commitment amount thereunder to $13.5 million and extending the initial 6-month term by six months to October 2, 2013, from the original maturity date of April 2, 2013. On August 13, 2013, the working capital line of credit was further amended in connection with our sale of the partial interest in our Berry Hill Property, to, among other things, remove the revolving feature of the line of credit such that we may not borrow any further under the SOIF LOC. Further, SOIF II and SOIF III required that the principal amount outstanding under the line of credit be increased $100,000 upon the release of the lien, and that this increase must be paid at the earlier of our next sale of an asset or the maturity date under the line of credit in October 2013. On August 29, 2013, the working capital line of credit was further amended in consideration for a paydown and in exchange for payment of a 1% extension fee in the amount of $75,356 and an increase in the interest rate to 10% per annum, effective beginning on October 3, 2013, to extend the maturity date for an additional six months to April 2, 2014, with an additional option to further extend the term an additional six months for an additional 1% extension fee.  All other terms remain unchanged.  At September 30, 2013 and December 31, 2012, the outstanding balance on the working capital line of credit was $7,611,437 and $11,935,830, respectively, and no amount and $564,170 was available for borrowing, respectively.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	Note 7 – Fair Value of Financial Instruments
	As of September 30, 2013 and December 31, 2012, the Company believes the carrying values of cash and cash equivalents and receivables and payables from affiliates, accounts payable, accrued liabilities, distribution payable and notes payable approximate their fair values based on their highly-liquid nature and/or short-term maturities, including prepayment options.  As of September 30, 2013, the carrying value and approximate fair value of the mortgage payables, as presented on the balance sheet, were $103.8 million and $101.3 million, respectively.  The fair value of mortgage payables is estimated based on the Company’s current interest rates (Level 3 inputs) for similar types of borrowing arrangements.  The only nonrecurring fair value measurements during the nine months ended September 30, 2013 and the year ended December 31, 2012 were in connection with the consolidation of previously unconsolidated properties, as discussed in Note 3, “Business Combinations and Sale of Joint Venture Equity Interests” in the Company’s Annual Report on Form 10-K as filed with the SEC.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	Note 8 – Related Party Transactions
	In connection with the Company’s investments in Enders, Berry Hill and the MDA Apartments, it entered into the SOIF LOC with SOIF II and SOIF III, the terms of which are described above in Note 6 – Line of Credit. Cash payments by the Company on the SOIF LOC as of the nine months ended September 30, 2013 were $1,637,328, including interest.  The Company also paid down an additional $5,524,412 in exchange for selling part of its joint venture interest in Berry Hill to SOIF III, as discussed in Note 3, “Business Combinations and Sale of Joint Venture Equity Interests” above.
	As of September 30, 2013, $2,396,605 of organizational and offering costs have been incurred on the Company’s behalf by the Advisor since inception. The Company is liable to reimburse these costs to the Advisor only to the extent selling commissions, the dealer manager fee and other organization and offering costs do not exceed 15% of the gross proceeds of the applicable offering. In 2010, the Company reimbursed the Advisor for approximately $508,000 of these costs.  When recorded by the Company, organizational costs are expensed and third-party offering costs are charged to stockholders’ equity.   As of  September 30, 2013, $3,619,115 of offering costs have been charged to stockholders’ equity and, in 2010, $49,931 of organizational costs were expensed. The organizational and offering costs exceed the 15% threshold discussed above, and given the termination of the Initial Public Offering in April 2013 and the Follow-On Offering in September 2013, the Company has recorded a receivable of approximately $508,000 due from the Advisor for the previously reimbursed organizational and offering costs.
	The Advisor performs its duties and responsibilities as the Company’s fiduciary under an Advisory Agreement. The Advisory Agreement has a one-year term expiring October 14, 2014, and may be renewed for an unlimited number of successive one-year periods upon the mutual consent of the Company and its Advisor. The Advisor conducts the Company’s operations and manages its portfolio of real estate investments under the terms of the Advisory Agreement.  Certain of the Company’s affiliates will receive fees and compensation in connection with the acquisition, management and sale of its real estate investments.
	The Advisor is entitled to receive a monthly asset management fee for the services it provides pursuant to the Advisory Agreement. On September 26, 2012, the Company amended the Advisory Agreement to reduce the monthly asset management fee from one-twelfth of 1.0% of the higher of the cost or the value of each asset to one-twelfth of 0.65% of the higher of the cost or the value of each asset, where (A) cost equals the amount actually paid, excluding acquisition fees and expenses, to purchase each asset it acquires, including any debt attributable to the asset (including any debt encumbering the asset after acquisition), provided that, with respect to any properties the Company develops, constructs or improves, cost will include the amount expended by the Company for the development, construction or improvement, and (B) the value of an asset is the value established by the most recent independent valuation report, if available, without reduction for depreciation, bad debts or other non-cash reserves.  The asset management fee will be based only on the portion of the cost or value attributable to our investment in an asset if the Company does not own all of an asset.
	Pursuant to the Advisory Agreement, the Advisor is entitled to receive an acquisition fee for its services in connection with the investigation, selection, sourcing, due diligence and acquisition of a property or investment.  On September 26, 2012, the Company amended its Advisory Agreement to increase the acquisition fee from 1.75% to 2.50% of the purchase price. The purchase price of a property or investment will equal the amount paid or allocated to the purchase, development, construction or improvement of a property, inclusive of expenses related thereto, and the amount of debt associated with such real property or investment. The purchase price allocable for joint venture investments will equal the product of (1) the purchase price of the underlying property and (2) the Company’s ownership percentage in the joint venture. Acquisition and disposition fees of $399,284 and $542,302 were incurred during the three and nine months ended September 30, 2013, respectively.  Acquisition and disposition fees of no amount and $216,376 were incurred during the three and nine months ended September 30, 2012, respectively.
	The Advisor is also entitled to receive a financing fee for any loan or line of credit, made available to the Company. The Advisor may re-allow some or all of this fee to reimburse third parties with whom it may subcontract to procure such financing for the Company. On October 21, 2013, the Company amended its Advisory Agreement to decrease the financing fee from 1.0% to 0.25% of any loan made to the Company. In addition, to the extent the Advisor provides a substantial amount of services in connection with the disposition of one or more of our properties or investments (except for securities that are traded on a national securities exchange), the Advisor will receive fees equal to the lesser of (A)  1.5% of the sales price of each property or other investment sold or (B) 50% of the selling commission that would have been paid to a third-party broker in connection with such a disposition. In no event may disposition fees paid to the Advisor or its affiliates and unaffiliated third parties exceed in the aggregate 6% of the contract sales price. On October 21, 2013, the Company amended its Advisory Agreement to change the disposition fee to only 1.5% of the sales price of each property or other investment sold, such that the disposition fee is no longer determined based on selling commissions payable to third-party sales brokers.
	In addition to the fees payable to the Advisor, the Company reimburses the Advisor for all reasonable expenses incurred in connection with services provided to the Company, subject to the limitation that it will not reimburse any amount that would cause the Company’s total operating expenses at the end of the four preceding fiscal quarters to exceed the greater of 2% of our average invested assets or 25% of its net income determined (1) without reductions for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and (2) excluding any gain from the sale of our assets for the period.  Notwithstanding the above, the Company may reimburse amounts in excess of the limitation if a majority of its independent directors determines such excess amount was justified based on unusual and non-recurring factors. If such excess expenses are not approved by a majority of the Company’s independent directors, the Advisor must reimburse us at the end of the four fiscal quarters the amount by which the aggregate expenses during the period paid or incurred by us exceeded the limitations provided above.  The Company will not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives acquisition, asset management or disposition fees.  Due to the limitation discussed above and because operating expenses incurred directly by the Company exceeded the 2% threshold, the Board of Directors, including all of its independent directors, reviewed the total operating expenses for the four fiscal quarters ended December 31, 2012 and the Company’s total operating expenses for the four fiscal quarters ended September 30, 2013 and unanimously determined the excess amounts to be justified because of the costs of operating a public company in its early stage of operation and the Company’s initial difficulties with raising capital, which are expected to be non-recurring.  As the Board of Directors has previously approved such expenses, all operating expenses for the year ended 2012 and the nine months ended September 30, 2013 have been expensed as incurred.
	The Company has issued 1,000 shares of convertible stock, par value $0.01 per share, to the Company’s Advisor. The convertible stock will convert to shares of common stock if and when: (A) the Company has made total distributions on the then outstanding shares of its common stock equal to the original issue price of those shares plus an 8% cumulative, non-compounded, annual return on the original issue price of those shares or (B) subject to specified conditions, the Company lists its common stock for trading on a national securities exchange. A “listing” will be deemed to have occurred on the effective date of any merger of the Company in which the consideration received by the holders of its common stock is the securities of another issuer that are listed on a national securities exchange. Upon conversion, each share of convertible stock will convert into a number of shares of common stock equal to 1/1000 of the quotient of (A) 15% of the excess of (1) the Company’s “enterprise value” (as defined in the Company’s charter) plus the aggregate value of distributions paid to date on the outstanding shares of its common stock over the (2) aggregate purchase price paid by the stockholders for those shares plus an 8% cumulative, non-compounded, annual return on the original issue price of those shares, divided by (B) the Company’s enterprise value divided by the number of outstanding shares of common stock, in each case calculated as of the date of the conversion. If an event triggering the conversion occurs after the Advisory Agreement with the Advisor is not renewed or terminates (other than because of a material breach by the Advisor), the number of shares of common stock the Advisor will receive upon conversion will be prorated to account for the period of time the Advisory Agreement was in force.
	In general, the Company contracts property management services for certain properties directly to non-affiliated third parties, in which event it will pay the Advisor an oversight fee equal to 1% of monthly gross revenues of such properties.
	All of the Company’s executive officers and some of its directors are also executive officers, managers and/or holders of a direct or indirect controlling interest in the Advisor and other Bluerock-affiliated entities.  As a result, they owe fiduciary duties to each of these entities, their members and limited partners and investors, which fiduciary duties may from time to time conflict with the fiduciary duties that they owe to the Company and its stockholders.
	Some of the material conflicts that the Advisor or its affiliates face are: 1) the determination of whether an investment opportunity should be recommended to us or another Bluerock-sponsored program or Bluerock-advised investor; 2) the allocation of the time of key executive officers, directors, and other real estate professionals among the Company, other Bluerock-sponsored programs and Bluerock-advised investors, and the activities in which they are involved; 3) the fees received by the Advisor and its affiliates in connection with transactions involving the purchase, management and sale of investments regardless of the quality of the asset acquired or the service provided us; and 4) the fees received by the Advisor and its affiliates.
	Pursuant to the terms of the Advisory Agreement, summarized below are the related party amounts payable to our Advisor, as well as other affiliates, as of September 30, 2013 and December 31, 2012.  During the nine months ended September 30, 2013, the Company paid the Advisor approximately $500,000 of its outstanding accounts payable.
		September 30,		December 31,
		2013		2012
	Asset management and oversight fees	$	822,308	$	426,938
	Acquisition fees and disposition fees		780,788		322,440
	Financing fees		5,891		5,891
	Reimbursable operating expenses		254,700		431,850
	Reimbursable offering costs		187,697		197,300
	Reimbursable organizational costs		49,931		49,931
	Other		17,785		388,217
	Total related-party amounts payable	$	2,119,100	$	1,822,567
	As of September 30, 2013 and December 31, 2012, we had $7,814 and $5,024, respectively, in receivables due to us from related parties other than our Advisor.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2013
Stockholders Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	Note 9 – Stockholders’ Equity
	Net Income (Loss) Per Common Share
	Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common shareholders, less dividends on restricted stock expected to vest plus gains on redemptions on common stock, 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 shareholders by the sum of the weighted average number of common shares outstanding and any potential dilutive shares for the period.  Under the two-class method of computing earnings per share, net income (loss) attributable to common shareholders is computed by adjusting net income (loss) for the non-forfeitable dividends paid on non-vested restricted stock.
	The following table reconciles the components of basic and diluted net income (loss) per common share:
		Three Months Ended September 30,					Nine Months Ended September 30,
		2013			2012		2013		2012
	Net income (loss) from continuing operations attributable to common shareholders	$	534,388		$	-1,056,657	$	-1,798,372	$	1,654,460
	Dividends on restricted stock expected to vest		-2,773			-3,127		-8,409		-8,575
	Gain on redemption of common stock(2)		-			250		1,575		4,018
	Basic net income (loss) from continuing operations attributable to common shareholders	$	531,615		$	-1,059,534	$	-1,805,206	$	1,649,903
	Basic net (loss) income from discontinued operations attributable to common shareholders	$	-2,675		$	-336,787	$	-92,211	$	833,596
	Weighted average common shares outstanding		2,386,426			1,855,791		2,332,144		1,537,554
	Potential dilutive shares (1)		15,717			-		-		16,319
	Weighted average common shares outstanding and potential dilutive shares		2,402,143			1,855,791		2,332,144		1,553,873
	Basic income (loss) from continuing operations per share	$	0.22		$	-0.57	$	-0.77	$	1.07
	Basic (loss) income from discontinued operations per share	$	-		$	0.18	$	-0.04	$	1.35
	Diluted income (loss) from continued operations per share	$	0.22		$	-0.57	$	-0.77	$	1.06
	Diluted (loss) income from discontinued operations per share	$	-		$	0.18	$	-0.04	$	1.34
	(1)  Excludes 16,060 shares for the nine months ended September 30, 2013 and 17,723 shares for the three months ended September 30, 2012 related to non-vested restricted stock as the effect would be anti-dilutive.  Also excludes any dilution related to the 1,000 shares of convertible stock as currently there would be no conversion into common shares.
	(2)   Represents the difference between the fair value and carrying amount of the common stock upon redemption.
	Common Stock
	Pursuant to its Initial Public Offering, the Company offered to the public up to $1 billion in shares of its common stock (exclusive of shares to be sold pursuant to the Company’s distribution reinvestment plan) for $10.00 per share, with discounts available for certain categories of purchasers, and up to $28.5 million in shares of common stock to be issued pursuant to our distribution reinvestment plan at $9.50 per share.  On September 20, 2012, the Company filed a registration statement on Form S-11 with the SEC, to register $500.0 million in shares of its common stock (exclusive of shares to be sold pursuant to the Company’s distribution reinvestment plan) at a price of $10.00 per share (subject to certain volume discounts described in the prospectus), and $50.0 million in shares of its common stock to be sold pursuant to the Company’s distribution reinvestment plan at $9.50 per share, pursuant to the Follow-On Offering. As permitted by Rule 415 under the Securities Act, we continued the Initial Public Offering until April 12, 2013, the date the SEC declared the registration statement for the Follow-On Offering effective, which terminated our Initial Public Offering.  As of April 12, 2013, the Company had accepted aggregate gross offering proceeds in its Initial Public Offering of $22,231,406.  On August 23, 2013, at the recommendation of its Advisor and following the approval of its Board of Directors, the Company terminated its Follow-On Offering, effective September 9, 2013. As of September 9, 2013, the Company had accepted aggregate gross offering proceeds in its Follow-On Offering of $330,251, excluding shares sold pursuant to the Company’s distribution reinvestment plan.
	Share Repurchase Plan and Redeemable Common Stock
	During the nine months ended September 30, 2013, the Company redeemed $98,425 of common stock as a result of redemption requests. Proceeds from our distribution reinvestment plan for the year ended December 31, 2012 were $454,711, which under our share redemption plan establishes the maximum amount of redemption requests we may satisfy during the year ended December 31, 2013, subject to exceptional circumstances as determined by our Board of Directors. In September 2012, $59,005 of shares were repurchased based on extraordinary circumstances, leaving $395,706 available to fulfill redemption requests in 2013.  As of September 30, 2013, we received a total of nine redemption requests during the nine month period ended September 30, 2013 for an aggregate of 25,129 shares, not including the partially deferred redemption request from the year ended December 31, 2012 in the amount of $23,125. We honored the deferred redemption requests from 2012 in full. Of the remaining redemption requests, we honored a total of 7,500 shares aggregating $75,300.  The average redemption price for the fulfilled redemptions during the nine months ended September 30, 2013 was $9.84 per share. Funds for the payment of redemption requests were derived from the proceeds of our distribution reinvestment plan.
	On June 27, 2013, following a meeting of its Board of Directors, the Company decided to explore strategic alternatives to enhance the growth of its portfolio. In anticipation of its review of strategic alternatives, the Board of Directors, including all of the Company’s independent directors, voted to suspend the Company’s share repurchase plan as of June 27, 2013 through the third quarter of 2013.  In addition, the Company’s Board of Directors, including all of the Company’s independent directors, voted to suspend payment of pending repurchase requests under the share repurchase plan that were queued as of June 27, 2013 for repurchase.
	On August 23, 2013, the Company’s Board of Directors, including all of the Company’s independent directors, voted to terminate the Company’s Distribution Reinvestment Plan (“DRP”).  The termination of the DRP eliminated the source of proceeds for the repurchase of shares under the share repurchase plan and, therefore, the Company’s Board of Directors, including all of the Company’s independent directors, voted to terminate the share repurchase plan, effective as of September 9, 2013.
	As a result of the termination of the share repurchase program, the repurchase requests received from stockholders during the second quarter of 2013, with respect to 17,629 shares aggregating $169,366, will not be fulfilled.  The aggregate amount has been reclassified from redeemable common stock to other accrued liabilities as of September 30, 2013.
	Stock-based Compensation for Independent Directors
	The Company’s independent directors received an automatic grant of 5,000 shares of restricted stock on the effective date of the Initial Public Offering and will receive an automatic grant of 2,500 shares of restricted stock when such directors are reelected at each annual meeting of the Company’s stockholders thereafter. Each person who thereafter is elected or appointed as an independent director will receive an automatic grant of 5,000 shares of restricted stock on the date such person is first elected as an independent director and an automatic grant of 2,500 shares of restricted stock when such director is reelected at each annual meeting of our stockholders thereafter. To the extent allowed by applicable law, the independent directors will not be required to pay any purchase price for these grants of restricted stock. The restricted stock will vest 20% at the time of the grant and 20% on each anniversary thereafter over four years from the date of the grant. All restricted stock may receive distributions, whether vested or unvested. The value of the restricted stock to be granted is not determinable until the date of grant.  During the nine months ended September 30, 2013, 2,500 shares of restricted stock have been granted to each of the three independent directors.
	A summary of the status of the Company’s non-vested shares as of September 30, 2013, and changes during the nine months ended September 30, 2013, is as follows:
	Non Vested shares	Shares			Weighted average grant-date
					fair value
	Balance at January 1, 2013	16,500		$	165,000
	Granted	7,500			75,000
	Vested	-6,000			-60,000
	Forfeited	-			-
	Balance at September 30, 2013	18,000		$	180,000
	At September 30, 2013, there was $133,750 of total unrecognized compensation cost related to unvested stock options granted under the independent director compensation plan. The original cost is expected to be recognized over a period of four years. The total fair value of shares vested during the nine months ended September 30, 2013 was $60,000.
	The Company currently uses authorized and unissued shares to satisfy share award grants.
	Distributions
	Distributions, including distributions paid by issuing shares under the distribution reinvestment plan, for the nine months ended September 30, 2013 were as follows:
		Distributions
	2013	Declared			Paid
	First Quarter	$	393,291		$	385,167
	Second Quarter		412,265			413,477
	Third Quarter		426,066			423,134
	Total	$	1,231,622		$	1,221,778
	Distributions were calculated based on stockholders of record per day during the period. Cash distributions were calculated at a rate of $0.00191781 per share of common stock per day, which would equal a daily amount that, if paid each day for a 365-day period, would equal a 7.0% annualized rate based on a purchase price of $10.00 per share. Stock distributions were calculated at a rate of $0.00219178 per share of common stock per day, which would equal a daily amount that, if paid each day for a 365-day period, would equal an 8.0% annualized rate based on a purchase price of $10.00 per share.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	Note 10 – 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.

Economic_Dependency

Economic Dependency	9 Months Ended
	Sep. 30, 2013
Economic Dependency Disclosure [Abstract]	'
Economic Dependency Disclosure [Text Block]	'
	Note 11 – Economic Dependency
	The Company is dependent on the Advisor for certain services that are essential to the Company, including the identification, evaluation, negotiation, purchase and disposition of properties and other investments; management of the daily operations of its real estate portfolio; and other general and administrative responsibilities. In the event that the Advisor or its affiliates are unable to provide the respective services, the Company will be required to obtain such services from other sources.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	Note 12 – Subsequent Events
	The Company has performed an evaluation of subsequent events through the date the Company’s consolidated financial statements were issued.  No material subsequent events, other than the items disclosed below, have occurred that required recognition or disclosure in these financial statements.
	Amended Advisory Agreement
	On October 21, 2013, the Board of Directors of the Company, including its independent directors, approved the renewal and amendment of the Third Amended and Restated Advisory Agreement dated February 27, 2013 (the “Advisory Agreement”) by and among the Company, the Company’s Advisor, and Bluerock Multifamily Holdings, L.P., the Company’s operating partnership (the “Operating Partnership”). The Company, the Advisor and the Operating Partnership have entered into a First Amendment to Third Amended and Restated Advisory Agreement effective October 14, 2013 (the “First Amendment”), which (i) renews and extends the Advisory Agreement through October 14, 2014, (ii) reflects a change in the disposition and financing fees payable to the Advisor and (iii) modifies the terms by which the Advisory Agreement may be terminated.
	Pursuant to the terms of the Advisory Agreement, as compensation to the Advisor for providing a substantial amount of services to the Company in connection with the disposition of one or more of the Company’s properties or investments, a disposition fee (the “Disposition Fee”) equal to the lesser of (A) 1.5% of the sales price of each property or other investment sold, or (B) 50% of the selling commission that would have been paid to a third-party sales broker in connection with such disposition, was to be paid by the Company to the Advisor. Pursuant to the First Amendment, the Disposition Fee payable to the Advisor has been amended to be only 1.5% of the sales price of each property or other investment sold and is no longer subject to determination based on selling commissions payable to third-party sales brokers.
	In addition, a financing fee in the amount of 1.0% of any loan made to the Company (the “Financing Fee”) was to be paid to the Advisor. Pursuant to the First Amendment, the Financing Fee has been amended to 0.25% of any loan made to the Company. Except as amended by the First Amendment, the terms of the renewed Advisory Agreement are identical to those of the Advisory Agreement that was previously in effect.
	Resignation of Chief Executive Officer
	Effective October 31, 2013, Randy I. Anderson resigned as Chief Executive Officer of the Company, for personal reasons. Mr. Anderson was previously appointed as Chief Executive Officer of our Company on February 26, 2013 by the Board of Directors at the recommendation of R. Ramin Kamfar, Chairman of the Board of Directors. Mr. Anderson has also resigned from his position as Chief Executive Officer of our Advisor, and from his position as President of our Sponsor, both of which are affiliates of the Company. Mr. Anderson’s resignation was for personal reasons and not the result of any disagreements with the Company on any matters relating to the company’s operations, policies or practices.
	Appointment of Chief Executive Officer
	On October 31, 2013, the Board of Directors appointed Mr. Kamfar, age 50, to serve as Chief Executive Officer of the Company and Chief Executive Officer of our Advisor until his successor is elected and qualifies or until his earlier death, resignation or removal. The appointment of Mr. Kamfar as Chief Executive Officer was not made pursuant to any arrangement or understanding between him and any other person. Mr. Kamfar previously served as Chief Executive Officer of the Company from its inception until the appointment of Mr. Anderson on February 26, 2013.
	Distributions Paid
	Distributions	Date Paid	Total Distribution		Cash Distribution		Dollar amount of
	Declared Daily						Shares Issued
	For Each Day in						pursuant to the
	Month Listed						Distribution
							Reinvestment
							Plan
	Sep-13	1-Oct-13	$	125,263	$	125,263	$	-
	Oct-13	1-Nov-13	$	143,393	$	143,393	$	-
	Declaration of Cash Distributions
	On October 21, 2013, the Company’s Board of Directors authorized cash distributions payable to the stockholders of record at the close of business on each of October 31, 2013, November 30, 2013 and December 31, 2013. Distributions payable to each stockholder of record will be paid on or before November 15, 2013, December 15, 2013 and January 15, 2014, respectively. The declared distributions for the month of October 2013 equal $0.05945211 per share of common stock, the declared distributions for the month of November 2013 equal $0.0575343 per share of common stock and the declared distributions for the month of December 2013 equal $0.05945211 per share of common stock. A portion of each distribution may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare distributions or at these rates.

Basis_of_Presentation_and_Summ1

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Use of Estimates, Policy [Policy Text Block]	'
	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.  At the property level, these estimates include such items as purchase price allocation of real estate acquisitions, impairment of long-lived assets, depreciation and amortization, and allowance for doubtful accounts.  Actual results could differ from those estimates.
Commissions, Policy [Policy Text Block]	'
	Selling Commissions and Dealer Manager Fees
	In connection with the Follow-On Offering, the Company paid the dealer manager up to 7.0% and 2.6% of the gross offering proceeds from the primary offering as selling commissions and dealer manager fees, respectively. A reduced sales commission and dealer manager fee was paid with respect to certain volume discount sales. No sales commission or dealer manager fee was paid with respect to shares issued through the distribution reinvestment plan. The dealer manager could re-allow all or a portion of sales commissions earned to participating broker-dealers. The dealer manager could re-allow, in its sole discretion, to any participating broker-dealer a portion of its dealer manager fee as a marketing fee.  As of September 30, 2013 and December 31, 2012, the Company has incurred $2,137,994 and $1,994,749, respectively, of selling commissions and dealer manager fees.

Real_Estate_Assets_Held_for_Sa1

Real Estate Assets Held for Sale and Sale of Joint Venture Equity Interests (Tables)	9 Months Ended
	Sep. 30, 2013
Real Estate Assets Held for Development and Sale [Abstract]	'
Schedule Of Real Estate Assets And Liabilities Held For Sale [Table Text Block]	'
	The real estate assets held for sale and the liabilities related to real estate assets held for sale, representative of the Creekside Property, as of September 30, 2013, were as follows:
		Real Estate Assets
		Held for Sale
		September 30, 2013
	Operating properties held for sale	$	19,531,487
	Other assets		808,029
	Assets held for sale	$	20,339,516
		Liabilities Related to
		Real Estate Assets
		Held for Sale
		September 30, 2013
	Property indebtedness	$	14,726,096
	Other liabilities		318,802
	Liabilities related to assets held for sale	$	15,044,898

Investments_in_Real_Estate_Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2013
Real Estate [Abstract]	'
Schedule Of Equity Method Investments And Consolidation Accounting Investments [Table Text Block]	'
	The following table provides summary information regarding the Company’s in-service investments ($ in thousands), which are either consolidated or presented on the equity method of accounting.
										Joint Venture Equity
										Investment Information
	Multifamily		Approx.		Number		Date	Property		Gross Amount of		Our		Approx.		Average		Approx.
	Community		Rentable		of Units		Acquired	Acquisition		Our Investment		Ownership		Annualized		Annual		%
	Name/Location		Square					Cost(1)				Interest in		Base Rent(2)		Effective		Leased(4)
			Footage									Property				Rent Per
												Owner				Unit(3)
	Springhouse at Newport News/Newport News, Virginia		310,826		432		12/3/09	$	29,250	$	2,670	38.25	%	$	4,390	$	10		93	%
	The Reserve at Creekside Village/Chattanooga, Tennessee		211,632		192		3/31/10	$	14,250	$	717	24.7	%	$	2,332	$	12		92	%
	The Estates at Perimeter/ Augusta, Georgia		266,148		240		9/1/10	$	24,950	$	1,931	25	%	$	2,991	$	12		94	%
	Enders Place at Baldwin Park/Orlando, Florida		234,600		198		10/2/12	$	25,100	$	4,599	48.4	%	$	3,492	$	18		95	%
	MDA Apartments/Chicago, Illinois(5)		160,290		190		12/17/12	$	54,900	$	6,098	35.31	%	$	4,899	$	26		94	%
	Total/Average		1,183,496		1,252			$	148,450	$	16,015			$	18,104	$	15		94	%
		-1	Property Acquisition Cost excludes acquisition fees and closing costs.
		-2	Annualized base rent is calculated by annualizing the current, in-place monthly base rent for leases as of September 30, 2013 and does not take into account any rent concessions or prospective rent increases. Total concessions for the nine months ended September 30, 2013 amounted to approximately $439,330.
		-3	Annual effective rent per unit includes the effect of tenant concessions over the term of the lease.
		-4	Percent leased is calculated as (i) the number of units under commenced leases as of September 30, 2013, divided by (ii) total number of units, expressed as a percentage.
		-5	The approximate rentable square footage for the MDA Apartments includes 8,200 square feet of retail space.
Schedule of Real Estate Properties [Table Text Block]	'
	As of September 30, 2013, the major components of our consolidated real estate properties, Springhouse at Newport News, The Reserve at Creekside Village, Enders Place at Baldwin Park, 23Hundred @ Berry Hill and MDA Apartments, were as follows:
	Property			Land			Building and		Construction in		Furniture,		Totals
							Improvements		Progress		Fixtures and
											Equipment
	Springhouse		$	6,500,000		$	27,631,082	$	-	$	1,071,094	$	35,202,176
	Creekside			1,920,000			17,953,934		-		484,127		20,358,061
	Enders			4,750,000			19,241,837		284,934		523,859		24,800,630
	Berry Hill			5,000,000			-		15,014,061		-		20,014,061
	MDA			9,500,000			50,814,245		399,019		455,359		61,168,623
			$	27,670,000		$	115,641,098	$	15,698,014	$	2,534,439	$	161,543,551
	Less: Accumulated Depreciation			-			-3,828,341		-		-523,534		-4,351,875
	Totals		$	27,670,000		$	111,812,757	$	15,698,014	$	2,010,905	$	157,191,676

Equity_Method_Investments_Tabl

Equity Method Investments (Tables)	9 Months Ended
	Sep. 30, 2013
Equity Method Investments and Joint Ventures [Abstract]	'
Schedule of Other Ownership Interests [Table Text Block]	'
	Following is a summary of the Company’s ownership interest by property, for investments we report under the equity method of accounting at September 30, 2013 and December 31, 2012.
	Property	Joint Venture		Managing Member		Indirect Equity
		Interest		LLC Interest		Interest in Property
	Augusta	50	%	50	%	25	%
	Hillsboro	37.57	%	33.27	%	12.5	%
Schedule Of Condensed Financial Statements [Table Text Block]	'
	Summary unaudited financial information for Augusta and Hillsboro Balance Sheets as of September 30, 2013 and December 31, 2012 and Operating Statements for the three months and nine months ended September 30, 2013 and 2012, is as follows:
		September 30,		December 31,
		2013		2012
	Balance Sheet:
	Real estate, net of depreciation	$	22,363,505	$	53,693,437
	Other assets		21,072,660		1,397,388
	Total assets	$	43,436,165	$	55,090,825
	Mortgage payable	$	17,676,465	$	41,016,809
	Other liabilities		987,779		816,716
	Total liabilities	$	18,664,244	$	41,833,525
	Stockholders’ equity		24,771,921		13,257,300
	Total liabilities and stockholders’ equity	$	43,436,165	$	55,090,825
		Three Months Ended September 30,					Nine Months Ended September 30,
		2013		2012			2013	2012
	Operating Statement:
	Rental revenues	$	1,606,398	$	1,604,232	$	4,834,889	$	4,749,491
	Operating expenses		-1,412,880		-603,606		-2,569,652		-1,673,970
	Income before debt service, acquisition costs, and depreciation and amortization		193,518		1,000,626		2,265,237		3,075,521
	Mortgage interest		-421,376		-430,158		-1,260,673		-1,281,124
	Depreciation and amortization		-275,023		-421,053		-1,112,676		-1,229,341
	Net income (loss)		-502,881		149,415		-108,112		565,056
	Net income attributable to JV partners		-361,577		-130,097		-21,179		-486,409
			-141,304		19,318		-86,933		78,647
	Amortization of deferred financing costs paid on behalf of joint ventures		9,119		-838		10,796		-2,515
	Equity in earnings (loss) of unconsolidated joint ventures	$	-150,423	$	18,480	$	-97,729	$	76,132

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Schedule Of Related Party Transactions [Table Text Block]	'
	Pursuant to the terms of the Advisory Agreement, summarized below are the related party amounts payable to our Advisor, as well as other affiliates, as of September 30, 2013 and December 31, 2012.  During the nine months ended September 30, 2013, the Company paid the Advisor approximately $500,000 of its outstanding accounts payable.
		September 30,		December 31,
		2013		2012
	Asset management and oversight fees	$	822,308	$	426,938
	Acquisition fees and disposition fees		780,788		322,440
	Financing fees		5,891		5,891
	Reimbursable operating expenses		254,700		431,850
	Reimbursable offering costs		187,697		197,300
	Reimbursable organizational costs		49,931		49,931
	Other		17,785		388,217
	Total related-party amounts payable	$	2,119,100	$	1,822,567

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2013
Stockholders Equity Note [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
	The following table reconciles the components of basic and diluted net income (loss) per common share:
		Three Months Ended September 30,					Nine Months Ended September 30,
		2013			2012		2013		2012
	Net income (loss) from continuing operations attributable to common shareholders	$	534,388		$	-1,056,657	$	-1,798,372	$	1,654,460
	Dividends on restricted stock expected to vest		-2,773			-3,127		-8,409		-8,575
	Gain on redemption of common stock(2)		-			250		1,575		4,018
	Basic net income (loss) from continuing operations attributable to common shareholders	$	531,615		$	-1,059,534	$	-1,805,206	$	1,649,903
	Basic net (loss) income from discontinued operations attributable to common shareholders	$	-2,675		$	-336,787	$	-92,211	$	833,596
	Weighted average common shares outstanding		2,386,426			1,855,791		2,332,144		1,537,554
	Potential dilutive shares (1)		15,717			-		-		16,319
	Weighted average common shares outstanding and potential dilutive shares		2,402,143			1,855,791		2,332,144		1,553,873
	Basic income (loss) from continuing operations per share	$	0.22		$	-0.57	$	-0.77	$	1.07
	Basic (loss) income from discontinued operations per share	$	-		$	0.18	$	-0.04	$	1.35
	Diluted income (loss) from continued operations per share	$	0.22		$	-0.57	$	-0.77	$	1.06
	Diluted (loss) income from discontinued operations per share	$	-		$	0.18	$	-0.04	$	1.34
	(1)  Excludes 16,060 shares for the nine months ended September 30, 2013 and 17,723 shares for the three months ended September 30, 2012 related to non-vested restricted stock as the effect would be anti-dilutive.  Also excludes any dilution related to the 1,000 shares of convertible stock as currently there would be no conversion into common shares.
	(2)   Represents the difference between the fair value and carrying amount of the common stock upon redemption.
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	'
	A summary of the status of the Company’s non-vested shares as of September 30, 2013, and changes during the nine months ended September 30, 2013, is as follows:
	Non Vested shares	Shares			Weighted average grant-date
					fair value
	Balance at January 1, 2013	16,500		$	165,000
	Granted	7,500			75,000
	Vested	-6,000			-60,000
	Forfeited	-			-
	Balance at September 30, 2013	18,000		$	180,000
Schedule of Distributions Made to Members or Limited Partners, by Distribution [Table Text Block]	'
	Distributions, including distributions paid by issuing shares under the distribution reinvestment plan, for the nine months ended September 30, 2013 were as follows:
		Distributions
	2013	Declared			Paid
	First Quarter	$	393,291		$	385,167
	Second Quarter		412,265			413,477
	Third Quarter		426,066			423,134
	Total	$	1,231,622		$	1,221,778

Subsequent_Events_Tables

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
Schedule of Subsequent Events [Table Text Block]	'
	Distributions Paid
	Distributions	Date Paid	Total Distribution		Cash Distribution		Dollar amount of
	Declared Daily						Shares Issued
	For Each Day in						pursuant to the
	Month Listed						Distribution
							Reinvestment
							Plan
	Sep-13	1-Oct-13	$	125,263	$	125,263	$	-
	Oct-13	1-Nov-13	$	143,393	$	143,393	$	-

Organization_and_Nature_of_Bus1

Organization and Nature of Business (Details Textual) (USD $)	1 Months Ended	9 Months Ended							1 Months Ended
	Aug. 31, 2013	Sep. 30, 2013	Sep. 09, 2013	Aug. 29, 2013	Apr. 12, 2013	Dec. 31, 2012	Sep. 20, 2012	Aug. 22, 2008	Aug. 31, 2013	Aug. 13, 2013
									HundredBerryHill [Member]	HundredBerryHill [Member]
Entity Incorporation, Date of Incorporation	'	25-Jul-08	'	'	'	'	'	'	'	'
Entity Incorporation, State Country Name	'	'Maryland	'	'	'	'	'	'	'	'
Common Stock, Shares Authorized (in shares)	'	749,999,000	'	'	'	749,999,000	'	1,000,000,000	'	'
Common Stock Offering Price Per Share (in dollars per share)	'	'	'	'	'	'	$10	$10	'	'
Common Stock Shares Available For Discount (in shares)	'	'	'	'	'	'	'	285,000,000	'	'
Initial Public Offering Value Per Share (in dollars per share)	'	'	'	'	'	'	$9.50	$9.50	'	'
Initial Public Offering Shares Redeemed (in shares)	'	45,850	'	'	'	'	'	'	'	'
Initial Public Offering Value Redeemed	'	$433,532	'	'	'	'	'	'	'	'
Registration Of Common Stock	'	'	'	'	'	'	500,000,000	'	'	'
Proceeds From Gross Offering	'	'	330,251	'	22,231,406	'	50,000,000	'	'	'
Sale of joint venture ownership percentage	'	'	'	'	'	'	'	'	'	10.27%
Equity Method Investment, Ownership Percentage	'	'	'	28.36%	'	'	'	'	'	53.46%
Sale of joint venture equity interest for affiliate	'	8,300,000	'	5,524,412	'	'	'	'	'	2,000,040
Disposition Fees	191,886	'	'	'	'	'	'	'	69,470	'
Maximum Gross Proceeds From Distribution Reinvestment Plan	'	'	275,848	'	'	'	'	'	'	'
Outstanding accounts Payable Paid By Advisor	'	$500,000	'	'	'	'	'	'	'	'
Line of Credit Facility, Description	'matures in April 2014 but may be extended at our election for an additional six months.	'	'	'	'	'	'	'	'	'

Basis_of_Presentation_and_Summ2

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Selling Commissions and Dealer Manager Fees Percentage Rate Range Maximum	7.00%	'
Selling Commissions and Dealer Manager Fees Percentage Rate Range Minimum	2.60%	'
Selling Commissions and Dealer Manager Fees	$2,137,994	$1,994,749

Real_Estate_Assets_Held_for_Sa2

Real Estate Assets Held for Sale and Sale of Joint Venture Equity Interests (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Operating properties held for sale	$19,531,487	$0
Other assets	808,029	'
Assets held for sale	20,339,516	'
Property Indebtedness	14,726,096	'
Other liabilities	318,802	'
Liabilities related to assets held for sale	$15,044,898	'

Real_Estate_Assets_Held_for_Sa3

Real Estate Assets Held for Sale and Sale of Joint Venture Equity Interests (Details Textual) (USD $)	1 Months Ended	9 Months Ended		1 Months Ended			1 Months Ended		9 Months Ended
	Aug. 31, 2013	Sep. 30, 2013	Aug. 29, 2013	Aug. 31, 2013	Sep. 30, 2013	Aug. 13, 2013	Aug. 31, 2013	Aug. 29, 2013	Sep. 30, 2013
				Berry Hill Property [Member]	Berry Hill Property [Member]	Berry Hill Property [Member]	SOIF III [Member]	SOIF III [Member]	Hillsboro Managing JV Entity [Member]
Sale of joint venture ownership percentage	'	'	'	'	25.10%	10.27%	'	28.36%	'
Equity Method Investment, Ownership Percentage	'	'	28.36%	'	'	53.46%	'	'	'
Sale of joint venture equity interest for affiliate	'	$8,300,000	$5,524,412	'	'	$2,000,040	'	$5,524,412	$2,439,204
Disposition Fees	191,886	'	'	69,470	'	'	191,886	'	82,500
Proceeds from Divestiture of Interest in Joint Venture	'	'	'	'	'	'	'	'	1,687,594
Sale Of Joint Venture Equity Interest For Un Affiliate	'	'	'	'	'	'	'	'	44,000,000
Noncontrolling Interest, Increase from Sale of Parent Equity Interest	'	$3,699,267	'	$971,699	'	'	$2,727,568	'	'

Investments_in_Real_Estate_Det

Investments in Real Estate (Details) (USD $)

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Number

Spring House [Member]

Creekside [Member]

Augusta [Member]

Orlando [Member]

Chicago [Member]

sqft

Number

sqft

Number

Number

sqft

sqft

Number

sqft

sqft

Number

Approx. Rentable Square Footage

1,183,496

'

310,826

211,632

266,148

234,600

160,290

[1]

Number of Units

1,252,000

'

432,000

192,000

240,000

198,000

190,000

[1]

Date Acquired

'

'

3-Dec-09

31-Mar-10

1-Sep-10

2-Oct-12

17-Dec-12

[1]

Property Acquisition Cost

$148,450,000

[2]

'

$29,250,000

[2]

$14,250,000

[2]

$24,950,000

[2]

$25,100,000

[2]

$54,900,000

[1],[2]

Gross Amount of Our Investment

137,660,189

146,589,933

2,670,000

717,000

1,931,000

4,599,000

6,098,000

[1]

Our Ownership Interest in Property Owner

'

'

38.25%

24.70%

25.00%

48.40%

35.31%

[1]

Approx. Annualized Base Rent

$18,104,000

[3]

'

$4,390,000

[3]

$2,332,000

[3]

$2,991,000

[3]

$3,492,000

[3]

$4,899,000

[1],[3]

Average Annual Effective Rent Per Unit

15,000

[4]

'

10,000

[4]

12,000

[4]

12,000

[4]

18,000

[4]

26,000

[1],[4]

Approx. % Leased

94.00%

[5]

'

93.00%

[5]

92.00%

[5]

94.00%

[5]

95.00%

[5]

94.00%

[1],[5]

[1]

The approximate rentable square footage for the MDA Apartments includes 8,200 square feet of retail space.

[2]

Property Acquisition Cost excludes acquisition fees and closing costs.

[3]

Annualized base rent is calculated by annualizing the current, in-place monthly base rent for leases as of September 30, 2013 and does not take into account any rent concessions or prospective rent increases. Total concessions for the nine months ended September 30, 2013 amounted to approximately $439,330.

[4]

Annual effective rent per unit includes the effect of tenant concessions over the term of the lease.

[5]

Percent leased is calculated as (i) the number of units under commenced leases as of September 30, 2013, divided by (ii) total number of units, expressed as a percentage.

Investments_in_Real_Estate_Det1

Investments in Real Estate (Details 1) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Total Gross Real Estate Investments	$141,185,490	$147,740,410
Less: Accumulated Depreciation	-3,525,301	-1,150,477
Totals	157,191,676	146,589,933
Spring House [Member]	'	'
Total Gross Real Estate Investments	35,202,176	'
Creekside [Member]	'	'
Total Gross Real Estate Investments	20,358,061	'
Enders [Member]	'	'
Total Gross Real Estate Investments	24,800,630	'
Berry Hill [Member]	'	'
Total Gross Real Estate Investments	20,014,061	'
MDA [Member]	'	'
Total Gross Real Estate Investments	61,168,623	'
Land [Member]	'	'
Total Gross Real Estate Investments	27,670,000	'
Less: Accumulated Depreciation	0	'
Totals	27,670,000	'
Land [Member] | Spring House [Member]	'	'
Total Gross Real Estate Investments	6,500,000	'
Land [Member] | Creekside [Member]	'	'
Total Gross Real Estate Investments	1,920,000	'
Land [Member] | Enders [Member]	'	'
Total Gross Real Estate Investments	4,750,000	'
Land [Member] | Berry Hill [Member]	'	'
Total Gross Real Estate Investments	5,000,000	'
Land [Member] | MDA [Member]	'	'
Total Gross Real Estate Investments	9,500,000	'
Building and Building Improvements [Member]	'	'
Total Gross Real Estate Investments	115,641,098	'
Less: Accumulated Depreciation	-3,828,341	'
Totals	111,812,757	'
Building and Building Improvements [Member] | Spring House [Member]	'	'
Total Gross Real Estate Investments	27,631,082	'
Building and Building Improvements [Member] | Creekside [Member]	'	'
Total Gross Real Estate Investments	17,953,934	'
Building and Building Improvements [Member] | Enders [Member]	'	'
Total Gross Real Estate Investments	19,241,837	'
Building and Building Improvements [Member] | Berry Hill [Member]	'	'
Total Gross Real Estate Investments	0	'
Building and Building Improvements [Member] | MDA [Member]	'	'
Total Gross Real Estate Investments	50,814,245	'
Construction in Progress [Member]	'	'
Total Gross Real Estate Investments	15,698,014	'
Less: Accumulated Depreciation	0	'
Totals	15,698,014	'
Construction in Progress [Member] | Spring House [Member]	'	'
Total Gross Real Estate Investments	0	'
Construction in Progress [Member] | Creekside [Member]	'	'
Total Gross Real Estate Investments	0	'
Construction in Progress [Member] | Enders [Member]	'	'
Total Gross Real Estate Investments	284,934	'
Construction in Progress [Member] | Berry Hill [Member]	'	'
Total Gross Real Estate Investments	15,014,061	'
Construction in Progress [Member] | MDA [Member]	'	'
Total Gross Real Estate Investments	399,019	'
Furniture, Fixtures and Equipment [Member]	'	'
Total Gross Real Estate Investments	2,534,439	'
Less: Accumulated Depreciation	-523,534	'
Totals	2,010,905	'
Furniture, Fixtures and Equipment [Member] | Spring House [Member]	'	'
Total Gross Real Estate Investments	1,071,094	'
Furniture, Fixtures and Equipment [Member] | Creekside [Member]	'	'
Total Gross Real Estate Investments	484,127	'
Furniture, Fixtures and Equipment [Member] | Enders [Member]	'	'
Total Gross Real Estate Investments	523,859	'
Furniture, Fixtures and Equipment [Member] | Berry Hill [Member]	'	'
Total Gross Real Estate Investments	0	'
Furniture, Fixtures and Equipment [Member] | MDA [Member]	'	'
Total Gross Real Estate Investments	$455,359	'

Investments_in_Real_Estate_Det2

Investments in Real Estate (Details Textual) (USD $)	3 Months Ended		9 Months Ended				9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Aug. 29, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 17, 2012	Oct. 18, 2012	Sep. 30, 2013
	sqft		sqft				Berry Hill Development [Member]	Berry Hill Development [Member]	Berry Hill Development [Member]	Augusta [Member]
	acre		acre					acre		sqft
Real Estate Accumulated Depreciation, Depreciation Expense	$1,070,824	$450,972	$3,201,754	$470,972	'	'	'	'	'	'
Amortization of Deferred Leasing Fees	157,320	635,674	1,381,809	663,926	'	'	'	'	'	'
Security Deposits Received	257,206	'	257,206	'	'	234,370	'	'	'	'
Maximum Percentage Of Annualized Base Rent Represented By Tenant	'	'	10.00%	'	'	'	'	'	'	'
Our Ownership Interest in Property Owner	'	'	'	'	28.36%	'	'	5.16%	58.58%	'
Approx. Rentable Square Footage	1,183,496	'	1,183,496	'	'	'	'	194,275	'	266,148
Investments	'	'	'	'	'	'	'	4,200,000	'	'
Approximate Rentable Square Footage For Mda Apartments	8,200	'	8,200	'	'	'	'	'	'	'
Concessions Costs	'	'	439,330	'	'	'	'	'	'	'
Projected Development Costs	'	'	33,700,000	'	'	'	'	'	'	'
Projected Development Costs Per Unit	'	'	129,580	'	'	'	'	'	'	'
Development Costs, Period Cost	'	'	'	'	'	'	21,100,000	'	'	'
Sale of joint venture equity interest for affiliate	$8,300,000	'	$8,300,000	'	$5,524,412	'	'	'	'	'

Equity_Method_Investments_Deta

Equity Method Investments (Details)

Aug. 29, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Augusta [Member]

Augusta [Member]

Augusta [Member]

Augusta [Member]

Augusta [Member]

Augusta [Member]

Hillsboro [Member]

Hillsboro [Member]

Hillsboro [Member]

Hillsboro [Member]

Hillsboro [Member]

Hillsboro [Member]

Joint Venture Interest [Member]

Joint Venture Interest [Member]

Managing Member LLC Interest [Member]

Managing Member LLC Interest [Member]

Indirect Equity Interest In Property [Member]

Indirect Equity Interest In Property [Member]

Joint Venture Interest [Member]

Joint Venture Interest [Member]

Managing Member LLC Interest [Member]

Managing Member LLC Interest [Member]

Indirect Equity Interest In Property [Member]

Indirect Equity Interest In Property [Member]

Our Ownership Interest in Property Owner

28.36%

50.00%

50.00%

50.00%

50.00%

25.00%

25.00%

37.57%

37.57%

33.27%

33.27%

12.50%

12.50%

Equity_Method_Investments_Deta1

Equity Method Investments (Details 1) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Balance Sheet:	'	'	'	'	'
Real estate, net of depreciation	$22,363,505	'	$22,363,505	'	$53,693,437
Other assets	21,072,660	'	21,072,660	'	1,397,388
Total assets	43,436,165	'	43,436,165	'	55,090,825
Mortgage payable	17,676,465	'	17,676,465	'	41,016,809
Other liabilities	987,779	'	987,779	'	816,716
Total liabilities	18,664,244	'	18,664,244	'	41,833,525
Stockholders' equity	24,771,921	'	24,771,921	'	13,257,300
Total liabilities and stockholders' equity.	43,436,165	'	43,436,165	'	55,090,825
Operating Statement:	'	'	'	'	'
Rental revenues	1,606,398	1,604,232	4,834,889	4,749,491	'
Operating expenses	-1,412,880	-603,606	-2,569,652	-1,673,970	'
Income before debt service, acquisition costs, and depreciation and amortization	193,518	1,000,626	2,265,237	3,075,521	'
Mortgage interest	-421,376	-430,158	-1,260,673	-1,281,124	'
Depreciation and amortization	-275,023	-421,053	-1,112,676	-1,229,341	'
Net income (loss)	-502,881	149,415	-108,112	565,056	'
Net income attributable to JV partners	-361,577	-130,097	-21,179	-486,409	'
Net Income Loss Equity Method Investment Total	-141,304	19,318	-86,933	78,647	'
Amortization of deferred financing costs paid on behalf of joint ventures	9,119	-838	10,796	-2,515	'
Equity in earnings (loss) of unconsolidated joint ventures	($150,423)	$18,480	($97,729)	$76,132	'

Equity_Method_Investments_Deta2

Equity Method Investments (Details Textual) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Apr. 03, 2013
			Augusta [Member]
Investments in unconsolidated real estate joint ventures	$3,789,588	$2,398,902	'
Joint Venture Interest Sale Price	'	'	13,725,000
Outstanding Indebtedness Portion	'	'	$8,950,000

Line_of_Credit_Details_Textual

Line of Credit (Details Textual) (USD $)	1 Months Ended		9 Months Ended
	Aug. 31, 2013	Oct. 31, 2012	Sep. 30, 2013	Oct. 31, 2013	Dec. 31, 2012	Oct. 02, 2012
Line of Credit Facility, Maximum Borrowing Capacity	'	'	'	'	'	$12,500,000
Line of credit (Note 6)	'	'	7,611,437	'	11,935,830	'
Line of Credit Facility, Amount Outstanding	'	'	564,170	100,000	'	'
Line of Credit Facility, Increase, Accrued Interest	'	'	13,500,000	'	'	'
Line of Credit Facility, Expiration Date	'	'	2-Apr-13	'	'	'
Line of Credit Facility, Interest Rate Description	'	'at a rate of 30-day LIBOR + 6.00%, subject to a minimum rate of 7.50%, annualized for three months, and thereafter to bear interest compounding monthly at a rate of 30-day LIBOR + 6.00%, subject to a minimum rate of 8.50% for the remainder of the initial term.	'	'	'	'
Extension Fee Percentage	1.00%	'	'	'	'	'
Extension Fee	$75,356	'	'	'	'	'
Line of Credit Facility, Interest Rate During Period	10.00%	'	'	'	'	'
Additional Extension Fee Percentage	1.00%	'	'	'	'	'

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Details Textual) (USD $)	Sep. 30, 2013
In Millions, unless otherwise specified
Mortgage Payable At Carrying Value	$103.80
Mortgage Payable At Fair Value	$101.30

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Total related-party amounts payable	$2,018,864	$1,822,567
Asset Management Fees Member [Member]	'	'
Total related-party amounts payable	822,308	426,938
Acquisitions Fees [Member]	'	'
Total related-party amounts payable	780,788	322,440
Financing Fees [Member]	'	'
Total related-party amounts payable	5,891	5,891
Reimbursable Operating Expenses [Member]	'	'
Total related-party amounts payable	254,700	431,850
Reimbursable Offering Costs [Member]	'	'
Total related-party amounts payable	187,697	197,300
Reimbursable Organizational Costs [Member]	'	'
Total related-party amounts payable	49,931	49,931
Others [Member]	'	'
Total related-party amounts payable	$17,785	$388,217

Related_Party_Transactions_Det1

Related Party Transactions (Details Textual) (USD $)	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2013	Sep. 26, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2010	Aug. 29, 2013
Organizational and Offering Costs	'	'	$2,396,605	'	$2,396,605	'	'	'
Maximum Percentage Reimbursement Of Organizational and Offering Costs	'	'	'	'	15.00%	'	'	'
Offering Costs Charged To Stockholders Equity	'	'	'	'	3,619,115	'	49,931	'
Advisory Agreement, Expiry Date	'	'	'	'	14-Oct-14	'	'	'
Asset Management Fees, Description	'	'asset management fee from one-twelfth of 1.0% of the higher of the cost or the value of each asset to one-twelfth of 0.65% of the higher of the cost or the value of each asset	'	'	'	'	'	'
Acquisition and Disposition Fees	'	'	399,284	'	542,302	216,376	'	'
Sales Price Percentage	1.50%	'	'	'	1.50%	'	'	'
Selling Commission Percentage	'	'	'	'	50.00%	'	'	'
Percentage Exceed In Contract Sales Price	'	'	'	'	6.00%	'	'	'
Percentage Exceed Relates To Operating Expenses	'	'	'	2.00%	2.00%	'	'	'
Percentage Determined For Net Income	'	'	'	'	25.00%	'	'	'
Convertible Preferred Stock, Shares Issued upon Conversion	'	'	1,000	'	1,000	'	'	'
Preferred Stock, Par Or Stated Value Per Share (in dollars per share)	'	'	$0.01	$0.01	$0.01	'	'	'
Excess Of Cumulative Percentage	'	'	'	'	15.00%	'	'	'
Cumulative Percentage	'	'	'	'	8.00%	'	'	'
Oversight Fee Percentage	'	'	'	'	1.00%	'	'	'
Due from affiliates	'	'	513,201	5,024	513,201	'	'	'
Line of Credit Facility, Periodic Payment	'	'	'	'	1,637,328	'	'	'
Sale of joint venture equity interest for affiliate	'	'	8,300,000	'	8,300,000	'	'	5,524,412
Outstanding accounts Payable Paid By Advisor	'	'	'	'	500,000	'	'	'
Reimbursement Of Organizational And Offering Costs	'	'	'	'	'	'	508,000	'
Reimbursement Of Organizational And Offering Costs Exceeded Percentage	'	'	'	'	15.00%	'	'	'
Reimbursed Organizational And Offering Costs Recorded As Receivable	'	'	$508,000	'	$508,000	'	'	'
Minimum [Member]	'	'	'	'	'	'	'	'
Percentage Of Financing Fees Receivable	0.25%	'	'	'	'	'	'	'
Related Party Transaction Acquisition Fee Percentage	'	1.75%	'	'	'	'	'	'
Maximum [Member]	'	'	'	'	'	'	'	'
Percentage Of Financing Fees Receivable	1.00%	'	'	'	'	'	'	'
Related Party Transaction Acquisition Fee Percentage	'	2.50%	'	'	'	'	'	'

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Net income (loss) from continuing operations attributable to common shareholders	$531,713		($719,870)		($1,890,583)		$3,737,066
Dividends on restricted stock expected to vest	-2,773		-3,127		-8,409		-8,575
Gain on redemption of common stock	0	[1]	250	[1]	1,575	[1]	4,018	[1]
Basic net income (loss) from continuing operations attributable to common shareholders	531,615		-1,059,534		-1,805,206		1,649,903
Basic net (loss) income from discontinued operations attributable to common shareholders	($2,675)		($336,787)		($92,211)		$833,596
Weighted average common shares outstanding (in shares)	2,386,426		1,855,791		2,332,144		1,537,554
Potential dilutive shares (in shares)	15,717	[2]	0	[2]	0	[2]	16,319	[2]
Weighted average common shares outstanding and potential dilutive shares (in shares)	2,402,143		1,855,791		2,332,144		1,553,873
Basic income (loss) from continuing operations per share (in dollar per share)	$0.22		($0.57)		($0.77)		$1.07
Basic (loss) income from discontinued operations per share (in dollar per share)	$0		$0.18		($0.04)		$1.35
Diluted income (loss) from continued operations per share (in dollars per share)	$0.22		($0.57)		($0.77)		$1.06
Diluted (loss) income from discontinued operations per share (in dollars per share)	$0		$0.18		($0.04)		$1.34
[1]	Represents the difference between the fair value and carrying amount of the common stock upon redemption.
[2]	Excludes 16,060 shares for the nine months ended September 30, 2013 and 17,723 shares for the three months ended September 30, 2012 related to non-vested restricted stock as the effect would be anti-dilutive. Also excludes any dilution related to the 1,000 shares of convertible stock as currently there would be no conversion into common shares.

Stockholders_Equity_Details_1

Stockholders' Equity (Details 1) (USD $)	9 Months Ended
	Sep. 30, 2013
Non Vested shares, Balance (in shares)	16,500
Non Vested shares, Granted (in shares)	7,500
Non Vested shares, Vested (in shares)	-6,000
Non Vested shares, Forfeited (in shares)	0
Non Vested shares, Balance (in shares)	18,000
Weighted average grant-date fair value, Balance (in dollars)	$165,000
Weighted average grant-date fair value, Granted (in dollars)	75,000
Weighted average grant-date fair value, Vested (in dollars)	-60,000
Weighted average grant-date fair value, Forfeited (in dollars)	0
Weighted average grant-date fair value, Balance (in dollars)	$180,000

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2) (USD $)	3 Months Ended			9 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2013
Distributions Declared	$426,066	$412,265	$393,291	$1,231,622
Distributions Paid	$423,134	$413,477	$385,167	$1,221,778

Stockholders_Equity_Details_Te

Stockholders' Equity (Details Textual) (USD $)	1 Months Ended	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2012	Jun. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 09, 2013	Apr. 12, 2013	Sep. 20, 2012	Aug. 22, 2008
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	'	'	17,723	16,060	'	'	'	'	'
Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan	'	'	'	'	$454,711	'	'	'	'
Maximum Additional Payments For Repurchase Of Common Stock	59,005	'	'	395,706	'	'	'	'	'
Share- Based Compensation Restricted Stock Issued To Directors (in shares)	'	'	'	5,000	'	'	'	'	'
Share- Based Compensation Restricted Stock To Be Issued To Re-elected Directors (in shares)	'	'	'	2,500	'	'	'	'	'
Restricted Stock Vested Percentage One	'	'	'	20.00%	'	'	'	'	'
Restricted Stock Vested Percentage Two	'	'	'	20.00%	'	'	'	'	'
Share Based Compensation Arrangement By Share Based Payments Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value	'	'	'	60,000	'	'	'	'	'
Distributions Calculated Description	'	'	'	'Distributions were calculated based on stockholders of record per day during the period. Cash distributions were calculated at a rate of $0.00191781 per share of common stock per day, which would equal a daily amount that, if paid each day for a 365-day period, would equal a 7.0% annualized rate based on a purchase price of $10.00 per share. Stock distributions were calculated at a rate of $0.00219178 per share of common stock per day, which would equal a daily amount that, if paid each day for a 365-day period, would equal an 8.0% annualized rate based on a purchase price of $10.00 per share.	'	'	'	'	'
Partners' Capital Account, Redemptions	'	'	'	98,425	23,125	'	'	'	'
Redemption Of Common Stock	'	'	'	25,129	'	'	'	'	'
Deferred Redemption Of Common Stock	'	'	'	7,500	'	'	'	'	'
Repurchase Price Per Share Redeemable Common Stock	'	'	'	$9.84	'	'	'	'	'
Registration Of Common Stock	'	'	'	'	'	'	'	500,000,000	'
Common Stock Offering Price Per Share (in dollars per share)	'	'	'	'	'	'	'	$10	$10
Proceeds From Gross Offering	'	'	'	'	'	330,251	22,231,406	50,000,000	'
Unrecognized Stock Based Compensation	'	'	'	133,750	'	'	'	'	'
Common stock, shares authorized	'	'	'	749,999,000	749,999,000	'	'	'	1,000,000,000
Redemption of common stock value	'	'	'	75,300	'	'	'	'	'
Share Repurchase Requests Received From Stockholders Suspended, Shares	'	17,629	'	'	'	'	'	'	'
Share Repurchase Requests Received From Stockholders Suspended, Value	'	$169,366	'	'	'	'	'	'	'
Convertible Stock [Member]	'	'	'	'	'	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	'	'	'	1,000	'	'	'	'	'
Independent Directors [Member]	'	'	'	'	'	'	'	'	'
Share- Based Compensation Restricted Stock Issued To Directors (in shares)	'	'	'	5,000	'	'	'	'	'
Share- Based Compensation Restricted Stock To Be Issued To Re-elected Directors (in shares)	'	'	'	2,500	'	'	'	'	'
Reinvestment Plan [Member]	'	'	'	'	'	'	'	'	'
Common Stock Offering Price Per Share (in dollars per share)	'	'	'	'	'	'	'	$9.50	'
Common stock, shares authorized	'	'	'	1,000,000,000	'	'	'	'	'
Distribution Reinvestment Value Per Share	'	'	'	$10	'	'	'	'	'
Common Stock [Member]	'	'	'	'	'	'	'	'	'
Common stock, shares authorized	'	'	'	28,500,000,000	'	'	'	'	'
Distribution Reinvestment Value Per Share	'	'	'	$9.50	'	'	'	'	'

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	3 Months Ended			9 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2013
Cash Distribution	$423,134	$413,477	$385,167	$1,221,778
September 2013 [Member]	'	'	'	'
Distributions Declared Daily For Each Day in Month Listed	'	'	'	'September 2013
Date Paid	'	'	'	1-Oct-13
Total Distribution	'	'	'	125,263
Cash Distribution	'	'	'	125,263
Dollar amount of Shares Issued pursuant to the Distribution Reinvestment plan	'	'	'	0
October 2013 [Member]	'	'	'	'
Distributions Declared Daily For Each Day in Month Listed	'	'	'	'October 2013
Date Paid	'	'	'	1-Nov-13
Total Distribution	'	'	'	143,393
Cash Distribution	'	'	'	143,393
Dollar amount of Shares Issued pursuant to the Distribution Reinvestment plan	'	'	'	$0

Subsequent_Events_Details_Text

Subsequent Events (Details Textual)	1 Months Ended	9 Months Ended
	Oct. 31, 2013	Sep. 30, 2013
Sales Price Percentage	1.50%	1.50%
Selling Commission Percentage	'	50.00%
Distributions Calculated Description	'	'Distributions were calculated based on stockholders of record per day during the period. Cash distributions were calculated at a rate of $0.00191781 per share of common stock per day, which would equal a daily amount that, if paid each day for a 365-day period, would equal a 7.0% annualized rate based on a purchase price of $10.00 per share. Stock distributions were calculated at a rate of $0.00219178 per share of common stock per day, which would equal a daily amount that, if paid each day for a 365-day period, would equal an 8.0% annualized rate based on a purchase price of $10.00 per share.
Maximum [Member]	'	'
Percentage Of Financing Fees Receivable	1.00%	'
Minimum [Member]	'	'
Percentage Of Financing Fees Receivable	0.25%	'
Subsequent Event [Member]	'	'
Advisory Agreements Expiry Date	'	14-Oct-14
Distributions Calculated Description	'The declared distributions for the month of October 2013 equal $0.05945211 per share of common stock, the declared distributions for the month of November 2013 equal $0.0575343 per share of common stock and the declared distributions for the month of December 2013 equal $0.05945211 per share of common stock. A portion of each distribution may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare distributions or at these rates	'
Subsequent Event [Member] | Maximum [Member]	'	'
Percentage Of Financing Fees Receivable	'	1.00%
Subsequent Event [Member] | Minimum [Member]	'	'
Percentage Of Financing Fees Receivable	'	0.25%
Subsequent Event [Member] | Third Party Sales Broker [Member]	'	'
Sales Price Percentage	'	1.50%
Selling Commission Percentage	'	50.00%