Bluerock Residential Growth REIT (BRG) 10-K 24 Feb 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 18, 2016	Jun. 30, 2015
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Registrant Name	Bluerock Residential Growth REIT, Inc.
Entity Central Index Key	1,442,626
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Accelerated Filer
Entity Public Float			$ 225,309,608
Trading Symbol	BRG
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		19,202,833
Common Class B-3 [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		353,629

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Net Real Estate Investments
Land	$ 65,057	$ 37,909
Buildings and improvements	474,608	240,074
Furniture, fixtures and equipment	17,155	6,481
Total Gross Operating Real Estate Investments	556,820	284,464
Accumulated depreciation	(23,437)	(10,992)
Total Net Operating Real Estate Investments	533,383	273,472
Operating real estate held for sale, net	0	14,939
Total Net Real Estate Investments	533,383	288,411
Cash and cash equivalents	68,960	23,059
Restricted cash	11,669	11,091
Due from affiliates	861	570
Accounts receivable, prepaid expenses and other assets	6,742	753
Investments in unconsolidated real estate joint ventures	75,223	18,331
In-place lease intangible assets, net	2,389	745
Deferred financing costs, net	3,535	2,199
Non-real estate assets associated with operating real estate held for sale	0	927
Total Assets	702,762	346,086
LIABILITIES AND EQUITY
Mortgages payable	383,637	201,343
Mortgage payable associated with operating real estate held for sale	0	11,500
Accounts payable	587	634
Other accrued liabilities	7,013	3,345
Due to affiliates	1,485	1,946
Distributions payable	3,163	889
Liabilities associated with operating real estate held for sale	0	418
Total Liabilities	395,885	220,075
Stockholders' Equity
Temporary Equity, Carrying Amount, Attributable to Parent	69,165	0
Additional paid-in-capital	248,484	113,511
Distributions in excess of cumulative earnings	(41,496)	(21,213)
Total Stockholders' Equity	207,184	92,385
Noncontrolling Interests
Operating partnership units	2,908	2,949
Partially owned properties	27,620	30,677
Total Noncontrolling Interests	30,528	33,626
Total Equity	237,712	126,011
TOTAL LIABILITIES AND EQUITY	702,762	346,086
Preferred Stock [Member]
Stockholders' Equity
Temporary Equity, Carrying Amount, Attributable to Parent	0	0
Common Class A [Member]
Stockholders' Equity
Common Stock, value	192	75
Common Class B-1 [Member]
Stockholders' Equity
Common Stock, value	0	4
Common Class B-2 [Member]
Stockholders' Equity
Common Stock, value	0	4
Common Class B-3 [Member]
Stockholders' Equity
Common Stock, value	4	4
Redeemable Preferred Stock [Member] | Series B [Member]
Stockholders' Equity
Temporary Equity, Carrying Amount, Attributable to Parent	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Preferred Stock, Shares Authorized	246,975,000	246,975,000
Redeemable Preferred Stock [Member] | Series A [Member]
Preferred Stock, Dividend Rate, Percentage	8.25%
Temporary Equity, Liquidation Preference Per Share	$ 25	$ 25
Temporary Equity, Shares Authorized	2,875,000	0
Temporary Equity, Shares Issued	2,875,000	0
Temporary Equity, Shares Outstanding	2,875,000	0
Redeemable Preferred Stock [Member] | Series B [Member]
Temporary Equity, Liquidation Preference Per Share	$ 1,000	$ 1,000
Temporary Equity, Shares Authorized	150,000	0
Temporary Equity, Shares Issued	0	0
Temporary Equity, Shares Outstanding	0	0
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	747,586,185	747,586,185
Common stock, shares issued	19,202,112	7,531,188
Common stock, shares outstanding	19,202,112	7,531,188
Common Class B-1 [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	804,605	804,605
Common stock, shares issued	0	353,630
Common stock, shares outstanding	0	353,630
Common Class B-2 [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	804,605	804,605
Common stock, shares issued	0	353,630
Common stock, shares outstanding	0	353,630
Common Class B-3 [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	804,605	804,605
Common stock, shares issued	353,629	353,629
Common stock, shares outstanding	353,629	353,629

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Revenues
Net rental income		$ 42,259	$ 29,198
Other property revenues		1,996	1,165
Total revenues		44,255	30,363
Expenses
Property operating		17,851	13,213
General and administrative		4,108	2,694
Management fees		4,185	1,004
Acquisition costs		3,508	4,378
Depreciation and amortization		16,226	12,639
Total expenses		45,878	33,928
Operating loss		(1,623)	(3,565)
Other income (expense)
Other income		62	185
Equity in income (loss) of unconsolidated real estate joint ventures		6,590	1,066
Equity in gain on sale of unconsolidated real estate joint venture interests		11,303	4,067
Gain on sale of real estate assets		2,677	0
Interest expense, net		(11,366)	(8,427)
Total other income (expense)		9,266	(3,109)
Net income (loss) from continuing operations		7,643	(6,674)
Discontinued operations
Loss on operations of rental property		0	(10)
Loss on early extinguishment of debt		0	(880)
Gain on sale of joint venture interest		0	1,006
Income from discontinued operations		0	116
Net income (loss)		7,643	(6,558)
Income allocated to preferred shares		(1,153)	0
Net income (loss) attributable to noncontrolling interests
Operating partner units		35	(238)
Partially-owned properties		5,820	(1,148)
Net income (loss) attributable to noncontrolling interests		5,855	(1,386)
Net income (loss) attributable to common stockholders		$ 635	$ (5,172)
Income (loss) per common share - Basic
Continuing operations (in dollars per share)	[1]	$ 0.04	$ (0.98)
Discontinued operations (in dollars per share)	[1]	0	0.02
Income (loss) per common share - Basic Total	[1]	0.04	(0.96)
Income (loss) per common share - Diluted
Continuing operations (in dollars per share)	[1]	0.04	(0.98)
Discontinued operations (in dollars per share)	[1]	0	0.02
Income (loss) per common share - Diluted Total	[1]	$ 0.04	$ (0.96)
Weighted average basic common shares outstanding (in shares)	[1],[2]	17,404,348	5,381,787
Weighted average diluted common shares outstanding (in shares)	[1]	17,417,198	5,381,787
[1]	Share and per share amounts have been restated to reflect the effects of two reverse stock splits of the Company’s Class B common stock, which occurred during the first quarter of 2014. See Note 1, "Organization and Nature of Business" and Note 12, "Stockholders' Equity" for further discussion.
[2]	For 2015 and 2014, amounts relate to shares of the Company’s Class A, B-1, B-2, B-3 common stock and LTIP Units outstanding.

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Series A Preferred Stock [Member]	Conversion of Class B-1 into Class A shares [Member]	Conversion of Class B-2 into Class A shares [Member]	Nonvoting Convertible Stock [Member]	Nonvoting Convertible Stock [Member]Series A Preferred Stock [Member]	Nonvoting Convertible Stock [Member]Conversion of Class B-1 into Class A shares [Member]	Nonvoting Convertible Stock [Member]Conversion of Class B-2 into Class A shares [Member]	Common Stock [Member]	Common Stock [Member]Series A Preferred Stock [Member]	Common Stock [Member]Conversion of Class B-1 into Class A shares [Member]	Common Stock [Member]Conversion of Class B-2 into Class A shares [Member]	Common Class A [Member]	Common Class A [Member]Series A Preferred Stock [Member]	Common Class A [Member]Conversion of Class B-1 into Class A shares [Member]	Common Class A [Member]Conversion of Class B-2 into Class A shares [Member]	Common Class B-1 [Member]	Common Class B-1 [Member]Series A Preferred Stock [Member]	Common Class B-1 [Member]Conversion of Class B-1 into Class A shares [Member]	Common Class B-1 [Member]Conversion of Class B-2 into Class A shares [Member]	Common Class B-2 [Member]	Common Class B-2 [Member]Series A Preferred Stock [Member]	Common Class B-2 [Member]Conversion of Class B-1 into Class A shares [Member]	Common Class B-2 [Member]Conversion of Class B-2 into Class A shares [Member]	Common Class B-3 [Member]	Common Class B-3 [Member]Series A Preferred Stock [Member]	Common Class B-3 [Member]Conversion of Class B-1 into Class A shares [Member]	Common Class B-3 [Member]Conversion of Class B-2 into Class A shares [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member]Series A Preferred Stock [Member]	Additional Paid-in Capital [Member]Conversion of Class B-1 into Class A shares [Member]	Additional Paid-in Capital [Member]Conversion of Class B-2 into Class A shares [Member]	Cumulative Distributions [Member]	Cumulative Distributions [Member]Series A Preferred Stock [Member]	Cumulative Distributions [Member]Conversion of Class B-1 into Class A shares [Member]	Cumulative Distributions [Member]Conversion of Class B-2 into Class A shares [Member]	Net Income (Loss) to Common Stockholders [Member]	Net Income (Loss) to Common Stockholders [Member]Series A Preferred Stock [Member]	Net Income (Loss) to Common Stockholders [Member]Conversion of Class B-1 into Class A shares [Member]	Net Income (Loss) to Common Stockholders [Member]Conversion of Class B-2 into Class A shares [Member]	Noncontrolling Interests [Member]	Noncontrolling Interests [Member]Series A Preferred Stock [Member]	Noncontrolling Interests [Member]Conversion of Class B-1 into Class A shares [Member]	Noncontrolling Interests [Member]Conversion of Class B-2 into Class A shares [Member]
Balance at Dec. 31, 2013	$ 46,083				$ 0				$ 24				$ 0				$ 0				$ 0				$ 0				$ 21,747				$ (3,659)				$ (6,111)				$ 34,082
Balance (in shares) at Dec. 31, 2013					1,000				2,413,811				0				0				0				0
Reverse stock split effect	0				$ 0				$ (24)				$ 0				$ 4				$ 4				$ 4				12				0				0				0
Reverse stock-split effect (in shares)					0				(2,413,811)				0				353,630				353,630				353,629
Issuance of Class A common stock, net	92,055				$ 0				$ 0				$ 75				$ 0				$ 0				$ 0				91,980				0				0				0
Issuance of Class A common stock, net (in shares)					0				0				7,531,188				0				0				0
Vesting of restricted stock compensation	48				$ 0				$ 0				$ 0				$ 0				$ 0				$ 0				48				0				0				0
Issuance of Operating Partnership ("OP") units	4,100				0				0				0				0				0				0				666				0				0				3,434
Issuance of Long-Term Incentive Plan ("LTIP") units																													2,117
Issuance of LTIP units for compensation	964				$ 0				$ 0				$ 0				$ 0				$ 0				$ 0				964				0				0				0
Issuance of LTIP units for compensation (in shares)					0				0				0				0				0				0
Issuance of convertible stock, net (in shares)					(1,000)				0				0				0				0				0
Contributions, net	5,066				$ 0				$ 0				$ 0				$ 0				$ 0				$ 0				0				0				0				5,066
Distributions declared	(6,517)				0				0				0				0				0				0				0				(6,271)				0				(246)
Distributions to noncontrolling interests	(5,774)				0				0				0				0				0				0				0				0				0				(5,774)
Changes in additional-paid in capital due to acquisitions	(4,023)				0				0				0				0				0				0				(4,023)				0				0				0
Deconsolidation of Grove at Waterford and 23Hundred@Berry Hill	(7,814)				0				0				0				0				0				0				0				0				0				(7,814)
Noncontrolling interest upon acquisition	6,264				0				0				0				0				0				0				0				0				0				6,264
Net income (loss)	(6,558)				0				0				0				0				0				0				0				0				(5,172)				(1,386)
Balance at Dec. 31, 2014	126,011				$ 0				$ 0				$ 75				$ 4				$ 4				$ 4				113,511				(9,930)				(11,283)				33,626
Balance (in shares) at Dec. 31, 2014					0				0				7,531,188				353,630				353,630				353,629
Issuance of Class A common stock, net	131,321				$ 0				$ 0				$ 109				$ 0				$ 0				$ 0				131,212				0				0				0
Issuance of Class A common stock, net (in shares)					0				0				10,948,664				0				0				0
Vesting of restricted stock compensation	126				$ 0				$ 0				$ 0				$ 0				$ 0				$ 0				126				0				0				0
Issuance of LTIP units for compensation	1,879				$ 0				$ 0				$ 0				$ 0				$ 0				$ 0				1,879				0				0				0
Issuance of LTIP units for compensation (in shares)					0				0				0				0				0				0
Conversion of Class B-1 shares to Class A			$ 0				$ 0				$ 0				$ 4				$ (4)				$ 0				$ 0				$ 0				$ 0				$ 0				$ 0
Conversion of Class B-1 shares to Class A (in shares)							0				0				353,630				(353,630)				0				0
Conversion of Class B-2 shares to Class A				$ 0				$ 0				$ 0				$ 4				$ 0				$ (4)				$ 0				$ 0				$ 0				$ 0				$ 0
Conversion of Class B-2 shares to Class A (in shares)								0				0				353,630				0				(353,630)				0
Contributions, net	3,321				$ 0				$ 0				$ 0				$ 0				$ 0				$ 0				0				0				0				3,321
Distributions declared	(21,248)	$ (1,153)			0	$ 0			0	$ 0			0	$ 0			0	$ 0			0	$ 0			0	$ 0			0	$ 0			(20,918)	$ (1,153)			0	$ 0			(330)	$ 0
Distributions to noncontrolling interests	(2,105)				0				0				0				0				0				0				0				0				0				(2,105)
Changes in additional-paid in capital due to acquisitions	(2,103)				0				0				0				0				0				0				(2,103)				0				0				0
Disposition of noncontrolling interests	(9,839)				0				0				0				0				0				0				0				0				0				(9,839)
Issuance of restricted stock	0				$ 0				$ 0				$ 0				$ 0				$ 0				$ 0				0				0				0				0
Issuance of restricted stock (in shares)					0				0				15,000				0				0				0
Issuance of LTIP units	3,859				$ 0				$ 0				$ 0				$ 0				$ 0				$ 0				3,859				0				0				0
Issuance of LTIP units (in shares)					0				0				0				0				0				0
Net income (loss)	7,643				$ 0				$ 0				$ 0				$ 0				$ 0				$ 0				0				0				1,788				5,855
Balance at Dec. 31, 2015	$ 237,712				$ 0				$ 0				$ 192				$ 0				$ 0				$ 4				$ 248,484				$ (32,001)				$ (9,495)				$ 30,528
Balance (in shares) at Dec. 31, 2015					0				0				19,202,112				0				0				353,629

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net income (loss)	$ 7,643	$ (6,558)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	16,747	13,231
Amortization of fair value adjustments	(295)	(282)
Equity in income of unconsolidated joint ventures	(6,590)	(1,066)
Equity in gain on sale of real estate assets of unconsolidated joint ventures	(11,303)	(4,067)
Gain on sale of joint venture interests	0	(1,006)
Gain on sale of real estate assets	(2,677)	0
Distributions from unconsolidated real estate joint ventures	9,027	720
Share-based compensation attributable to directors' stock compensation plan	126	48
Share-based compensation to Former Advisor - LTIP Units	0	2,117
Share-based compensation to Manager - LTIP Units	5,738	964
Changes in operating assets and liabilities:
Due to affiliates	737	(291)
Accounts receivable, prepaid expenses and other assets	(5,647)	27
Accounts payable and other accrued liabilities	3,202	1,308
Net cash provided by operating activities	16,708	5,145
Cash flows from investing activities:
Increase in restricted cash	(42)	(10,335)
Acquisitions of consolidated real estate investments	(241,415)	(59,329)
Capital expenditures	(3,670)	(7,967)
Proceeds from sale of joint venture interests	0	4,985
Proceeds from sale of unconsolidated real estate joint venture interests	15,590	10,830
Proceeds from sale of real estate assets	17,862	0
Deconsolidation of Grove at Waterford and 23Hundred@Berry Hill	0	(1,687)
Purchases of interests from noncontrolling members	(11,942)	(15,447)
Investment in unconsolidated real estate joint venture interests	(65,093)	(10,135)
Net cash used in investing activities	(288,710)	(89,085)
Cash flows from financing activities:
Distributions to common stockholders	(20,127)	(5,771)
Distributions to noncontrolling interests	(2,105)	(5,774)
Noncontrolling equity interest contributions to consolidated real estate investments	3,321	5,066
Fair value adjustment for debt assumed in acquisition	0	(1,547)
Borrowings on mortgages payable	151,058	45,335
Repayments on mortgages payable	(12,911)	(468)
Repayments under line of credit	0	(7,571)
Deferred financing fees	(1,819)	(2,119)
Net proceeds from issuance of common stock	131,321	76,864
Net proceeds from issuance of preferred stock	69,165	0
Net cash provided by financing activities	317,903	104,015
Net increase in cash and cash equivalents	45,901	20,075
Cash and cash equivalents at beginning of period	23,059	2,984
Cash and cash equivalents at end of period	68,960	23,059
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized of $143 for the year ended December 31, 2014	10,909	7,769
Supplemental Disclosure of Noncash Investing and Financing Activities
Distributions payable	3,163	889
Accrued offering costs	0	219
Mortgages assumed upon property acquisitions	32,942	116,800
Class A common stock issued upon property acquisitions	0	15,188
OP Units issued for property acquisition	0	4,100
Reduction of assets from deconsolidation	0	63,109
Reduction of mortgages payable from deconsolidation	0	43,453
Reduction of noncontrolling interests from deconsolidation	$ 0	$ 7,814

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] $ in Thousands	12 Months Ended
	Dec. 31, 2014USD ($)
Net of Interest Capitalized Amount	$ 143

Organization and Nature of Busi

Organization and Nature of Business	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations [Text Block]	Note 1 – Organization and Nature of Business Bluerock Residential Growth REIT, Inc. (the “Company”) was incorporated as a Maryland corporation on July 25, 2008. The Company’s objective is to maximize long-term stockholder value by acquiring well-located institutional-quality apartment properties in demographically attractive growth markets across the United States. The Company seeks to maximize returns through investments where it believes it can drive substantial growth in its funds from operations and net asset value through one or more of its Core-Plus, Value-Add, Opportunistic and Invest-to-Own investment strategies. The Company has elected to be treated, and currently qualifies, as a real estate investment trust, (“REIT”), for federal income tax purposes. As a REIT, the Company generally is not subject to corporate-level income taxes. To maintain its REIT status, the Company is required, among other requirements, to distribute annually at least 90 The Company raised capital in a continuous registered offering, carried out in a manner consistent with offerings of non-listed REITs, from its inception until September 9, 2013, when it terminated the continuous registered offering in connection with the Company’s Board of Directors (the “Board’s”) consideration of strategic alternatives to maximize value to its stockholders. The Company subsequently determined to register shares of newly authorized Class A common stock that were to be offered in a firmly underwritten public offering, (the “IPO”), by filing a registration statement on Form S-11 (File No. 333-192610) with the SEC, on November 27, 2013. On March 28, 2014, the SEC declared the registration statement effective and the Company announced the pricing of the IPO of 3,448,276 14.50 50.0 44.0 In connection with the IPO, shares of the Company’s Class A common stock were listed on the NYSE MKT for trading under the symbol “BRG.” Pursuant to the second articles of amendment and restatement to its charter filed on March 26, 2014, (the “Second Charter Amendment”), each share of its common stock outstanding immediately prior to the listing, including shares sold in its continuous registered offering, was changed into one-third of a share of each of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. Following the filing of the Second Charter Amendment, the Company effected a 2.264881-to-1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, the Company effected an additional 1.0045878-to-1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. Substantially concurrently with the completion of the IPO, the Company completed a series of related contribution transactions pursuant to which it acquired indirect equity interests in four apartment properties, and a 100% fee simple interest in a fifth apartment property for an aggregate asset value of $152.3 million (inclusive of Villas at Oak Crest, which is accounted for under the equity method, and Springhouse, in which the Company already owned an interest and which has been reported as consolidated prior to the IPO). The Company subsequently determined to register additional shares of its Class A common stock to be offered in a firmly underwritten public offering, (the “October 2014 Follow-On Offering”), by filing a registration statement on Form S-11 (File No. 333-198770) with the SEC on September 16, 2014. On October 2, 2014, the SEC declared the Registration Statement effective and the Company announced the pricing of the October 2014 Follow-On Offering at a public offering price of $ 11.90 3,035,444 32.9 On January 20, 2015, the Company completed an underwritten shelf takedown offering (the “January 2015 Follow-On Offering”) of 4,600,000 0.01 12.50 53.7 On May 22, 2015, the Company completed an underwritten shelf takedown offering (the “May 2015 Follow-On Offering”) of 6,348,000 0.01 13.00 77.6 On October 21, 2015, the Company completed an underwritten shelf takedown offering (the “October 2015 Preferred Stock Offering”) of 2,875,000 8.250 0.01 25.00 25.00 69.2 On December 17, 2015, the Company filed a prospectus supplement to the December 2014 Shelf Registration Statement offering a maximum of 150,000 150,000 3,000,000 1,000 As of December 31, 2015, we were continuing to organize our sales activities for the Original Series B Preferred Stock and no Original Units had been sold . As of December 31, 2015, the Company's portfolio consisted of interests in twenty properties (fourteen operating properties and six development properties). The Company’s twenty properties contain an aggregate of 6,449 4,625 1,824 93

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	Note 2 – Basis of Presentation and Summary of Significant Accounting Policies The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or its wholly-owned subsidiaries, owns substantially all of the property interests acquired on the Company’s behalf. As of December 31, 2015, limited partners other than the Company owned approximately 5.95 1.47 4.48 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 the Operating Partnership are consolidated in its consolidated financial statements. The Company consolidates entities in which it owns more than 50 Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation. Summary of Significant Accounting Policies The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: ⋅ Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; ⋅ Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and ⋅ Level 3 – Prices or valuation techniques where little or no market data is available that requires inputs that are significant to the fair value measurement and unobservable. If the inputs used to measure the fair value fall within different levels of the hierarchy, the fair value is determined based upon the lowest level input that is significant to the fair value measurement. Whenever possible, the Company uses quoted market prices to determine fair value. In the absence of quoted market prices, the Company uses independent sources and data to determine fair value. The Company first analyzes its investments in joint ventures to determine if the joint venture is a variable interest entity (“VIE”) in accordance with ASC 810 and if so, whether the Company is the primary beneficiary requiring consolidation. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that potentially could be significant to the entity. Variable interests in a VIE are contractual, ownership, or other financial interests in a VIE that change with changes in the fair value of the VIE’s net assets. The Company continuously re-assesses at each level of the joint venture whether the entity is (i) a VIE, and (ii) if the Company is the primary beneficiary of the VIE. If it was determined an entity in which the Company holds a joint venture interest qualified as a VIE and the Company was the primary beneficiary, the entity would be consolidated. If, after consideration of the VIE accounting literature, the Company has determined that VIE accounting is not applicable to the joint ventures, the Company assesses the need for consolidation under all other provisions of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the Company providing control, or through determination of control by virtue of the Company being the general partner in a limited partnership or the controlling member of a limited liability company. In assessing whether the Company is in control of and requiring consolidation of the limited liability company and partnership venture structures the Company evaluates the respective rights and privileges afforded each member or partner (collectively referred to as “member”). The Company’s member would not be deemed to control the entity if any of the other members have either (i) substantive kickout rights providing the ability to dissolve (liquidate) the entity or otherwise remove the managing member or general partner without cause or (ii) has substantive participating rights in the entity. Substantive participating rights (whether granted by contract or law) provide for the ability to effectively participate in significant decisions of the entity that would be expected to be made in the ordinary course business. If it has been determined that the Company does not have control, but does have the ability to exercise significant influence over the entity, the Company accounts for these unconsolidated investments under the equity method of accounting. The equity method of accounting requires these investments to be initially recorded at cost and subsequently increased (decreased) for the Company’s share of net income (loss), including eliminations for the Company’s share of inter-company transactions, and increased (decreased) for contributions (distributions). The Company’s proportionate share of the results of operations of these investments is reflected in the Company’s earnings or losses. Development, Improvements, Depreciation and Amortization Costs incurred to develop and improve properties are capitalized. Cost capitalization begins once the development or construction activity commences and ceases when the asset is ready for its intended use. Repair and maintenance and tenant turnover costs are charged to expense as incurred. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. Depreciation and amortization expense is computed on the straight-line method over the asset’s estimated useful life. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: Buildings 30 35 Building improvements 15 Land improvements 15 Furniture, fixtures and equipment 3 7 In-place leases 6 The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination. All assets acquired and liabilities assumed in a business combination are measured at their acquisition date fair values. Acquisition costs are expensed as incurred. Intangible assets include the value of in-place leases, which represents the estimated fair value of the net cash flows of leases in place at the time of acquisition to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases, which is on average six months. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be significant based upon the assumptions made in calculating these estimates. The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets and liabilities may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets and liabilities. No impairment charges were recorded in 2015 or 2014. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. Restricted cash is comprised of lender imposed escrow accounts for replacement reserves and amounts set aside for real estate taxes and insurance and amounts set aside for reinvestment in accordance with Internal Revenue Service Code Section 1031 related to like-kind exchanges. The Company maintains cash balances with high quality financial institutions and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation. The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Deferred financing fees represent commitment fees, legal fees and other third party costs associated with obtaining financing. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures are capitalized and amortized to interest expense over the terms of the financing agreement using the straight-line method, which approximates the effective interest method. Deferred financing fees paid by the Company on behalf of its unconsolidated joint ventures are recorded within investments in unconsolidated real estate joint ventures on the consolidated balance sheets and are amortized to equity in income (loss) of unconsolidated real estate joint ventures. Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in consolidated joint ventures, as well as interests held by Operating Partnership Unit holders. The Company reports its joint venture partners’ interest in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder pursuant to each joint venture’s operating agreement. Rental income related to tenant leases is recognized on an accrual basis over the terms of the related leases on a straight-line basis. Amounts received in advance are recorded as a liability within other related liabilities. Other property revenues are recognized in the period earned. The Company records sales of real estate assets using the full accrual method at closing when both of the following conditions are met: a) the profit is determinable, meaning that, the collectability of the sales price is reasonably assured or the amount that will not be collectible can be estimated; and b) the earnings process is virtually complete, meaning that the seller is not obligated to perform significant activities after the sale to earn the profit. Sales not qualifying for full recognition at the time of sale are accounted for under other appropriate deferral methods. The Company expenses the fair value of share awards in accordance with the fair value recognition requirements of ASC Topic 718 “Compensation-Stock Compensation.” ASC Topic 718 requires companies to measure the cost of the recipient services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. The cost of the share award is expensed over the requisite service period (usually the vesting period). The Company expects to authorize and declare regular cash distributions to its stockholders in order to maintain its REIT status. Distributions to stockholders will be determined by the Company’s Board of Directors and will be dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT, and other considerations as the Board of Directors may deem relevant. Prior to the IPO, the Company was externally advised by its former advisor, Bluerock Multifamily Advisor, LLC (the “Former Advisor”), an affiliate of Bluerock. Under the initial advisory agreement, the Company was obligated to pay the Former Advisor specified fees upon the provision of certain services related to, the investment of funds in real estate investments, management of the Company’s investments and for other services (including, but not limited to, the disposition of investments). The Company was also obligated to reimburse the Former Advisor for organization and offering costs incurred by the Former Advisor on the Company’s behalf, and was obligated to reimburse the Former Advisor for acquisition expenses and certain operating expenses incurred on its behalf or incurred in connection with providing services to the Company. The Company recorded all related party fees as incurred, subject to any limitations described in the advisory agreement. This advisory agreement was terminated on April 2, 2014 in connection with the Company’s IPO.On April 2, 2014, upon the completion of the IPO, the Company entered into a Management Agreement with the Manager, an affiliate of Bluerock, to be the Company’s external manager. Under the Management Agreement the Company pays the Manager a base management fee and incentive fee. The Company records all related party fees as incurred. The Company paid a related party, as the dealer manager, up to 7 2.6 In conjunction with the offering of the Series B Preferred Stock, the Company engaged a related party, as dealer manager, up to 7 3 The Company also paid the Former Advisor 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 2.50 The Company also paid the Former Advisor a fee for its services in connection with the disposition of a property or investment equal to the lesser of (A) 1.5 50 1.5 With respect to investments in real estate, the Company paid the Former Advisor a monthly asset management fee. On September 26, 2012, the Company amended its advisory agreement to decrease the asset management fee from one-twelfth of 1% to one-twelfth of 0.65% of the amount paid or allocated to acquire the investment excluding acquisition fees and expenses related thereto and the amount of any debt associated with or used to acquire such investment. In the case of investments made through joint ventures, the asset management fee was determined based on the Company’s proportionate share of the underlying investment. The Company paid the Former Advisor a financing fee equal to 1 0.25 The Company pays each of its independent directors an annual retainer of $ 25,000 2,500 2,000 1,000 1,000 The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and has qualified since the taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90 For the year ended December 31, 2015, 99.46 0.54 8.2 91.8 ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It requires a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, in an income tax return. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management has considered all positions taken on the 2009 through 2014 tax returns (where applicable), and those positions expected to be taken on the 2015 tax returns, and concluded that tax positions taken will more likely than not be sustained at the full amount upon examination. Accordingly, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its consolidated financial statements. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2015. If any income tax exposure was identified, the Company would recognize an estimated liability for income tax items that meet the criteria for accrual. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. If any interest and penalties related to income tax assessments arose, the Company would record them as income tax expense. As of December 31, 2015, tax returns for the calendar years 2010 and subsequent remain subject to examination by the Internal Revenue Service and various state tax jurisdictions. The Company’s current business consists of investing in and operating multifamily communities. Substantially all of its consolidated net income (loss) is from investments in real estate properties that the Company owns through co-investment ventures which it either consolidates or accounts for under the equity method of accounting. The Company evaluates operating performance on an individual property level and views its real estate assets as one industry segment, and, accordingly, its properties are aggregated into one reportable segment. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). The amendments in ASU 2015-03 require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of that liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. The amendments in ASU 2015-03 become effective for public business entities in the first annual period beginning after December 15, 2015, and interim periods within those fiscal years, with early application permitted. The Company is currently evaluating the impact of this accounting standard. In February 2015, the FASB issued Accounting Standards Update No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 eliminates specific consolidation guidance for limited partnerships and revises other aspects of consolidation analysis, including how kick-out rights, fee arrangements and related parties are assessed. ASU 2015-02 is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the impact of ASU 2015-02 on the Company’s financial statements. In January 2015, the FASB issued Accounting Standards Update No. 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” (“ASU 2015-01”), which eliminates the concept of extraordinary items and require items that are either unusual in nature or infrequently occurring to be reported as a separate component of income from continuing operations or disclosed in the notes to the financial statements. ASU 2015-01 is effective for periods beginning after December 15, 2015, with early adoption permitted. ASU 2015-01 is not expected to have a material impact on the Company's financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern” (“ASU 2014-15”), which requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for periods beginning after December 15, 2016. ASU 2014-15 is not expected to have a material impact on the Company's financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The updated standard is a new comprehensive revenue recognition model that requires revenue to be recognized in a manner that depicts the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In July 2015, the FASB voted to approve the deferral of the effective date of ASU 2014-09 by one year. Therefore, ASU 2014-09 will become effective for the Company in the first quarter of the fiscal year ending December 31, 2018. Early adoption is permitted, but not earlier than the first quarter of the fiscal year ending December 31, 2017. The ASU allows for either full retrospective or modified retrospective adoption. The Company has not selected a transition method, and is currently evaluating the effect that ASU 2014-09 will have on the consolidated financial statements and related disclosures.

Real Estate Assets Held for Sal

Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests	12 Months Ended
	Dec. 31, 2015
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, Discontinued Operations and Sale of Joint Venture Equity Interests Real Estate Assets Held for Sale and Discontinued Operations The Company had reported its Creekside property as held for sale in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. On March 28, 2014, the special purpose entity that owned the Creekside property, in which the Company held a 24.7 Property Classified as Discontinued Operations For the Years Ended 2015 2014 Total revenues $ - $ 508 Expenses Property operating expenses - (177) Depreciation and amortization - (184) Management fees - (8) Interest expense, net - (149) Loss on operations of rental property $ - $ (10) Gain on sale of joint venture interest - 1,006 Loss on early extinguishment of debt - (880) Income from discontinued operations $ - $ 116 Sale of Joint Venture Equity Interests On December 10, 2014, the Company through BEMT Augusta, LLC, sold its 25.0 25.0 50.0 26.0 1.7 0.6 On December 9, 2014, the Company, through BEMT Berry Hill, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Operating Partnership (“BEMT Berry Hill’), entered into a series of transactions and agreements to restructure the ownership of Berry Hill, (the “Restructuring Transactions”). Prior to the Restructuring Transactions, the Company held a 25.1 28.4 29.0 17.5 100 100 Following the Restructuring Transactions, as of December 31, 2014, Berry Hill was owned in tenancy-in-common interests, adjusted for the agreed Stonehenge promote interest as follows:(i) BEMT Berry Hill and Fund III, through 23Hundred, hold a 42.2 19.8 22.4 22.9 34.8 As a result of the restructuring, the Company no longer controlled Berry Hill through its voting rights. Accordingly, the Company’s investment in Berry Hill was deconsolidated and subsequently accounted for under the equity method. On January 14, 2015, the Company, along with the other two holders of tenant-in-common interests in Berry Hill, sold their respective interests to an unaffiliated third party. The aggregate purchase price was $ 61.2 7.3 11.3 5.3 0.1 On December 3, 2014, the Company, through BR Waterford Crossing JV, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Operating Partnership (“BRG Grove”), and Bell HNW Waterford, LLC, a Delaware limited liability company and an unaffiliated third party (“BRG Co-Owner”), owned a 252-unit apartment community located in Hendersonville, Tennessee named the Grove at Waterford, as tenants-in-common. BRG Grove owned a 60.0 60.0 40.0 37.7 9.0 3.5 On March 28, 2014, BR Creekside, LLC, a special-purpose entity in which the Company holds a 24.7 18.9 13.5 0.1 1.2 1.0 Sale of North Park Towers On October 16, 2015, the Company closed on the sale of the North Park Towers property, located in Southfield, Michigan. The 100 18.2 11.5 6.6 2.70 net of disposition expenses of $ 0.3

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	Note 4 – Investments in Real Estate As of December 31, 2015, the Company was invested in fourteen operating real estate properties and six development properties through joint venture partnerships. The following tables provide summary information regarding the Company’s operating and development investments, which are either consolidated or presented on the equity method of accounting. Operating Properties Number of Date Ownership Average Multifamily Community Name/Location Units Built/Renovated (1) Interest Rent (2) % Occupied (3) ARIUM Grandewood, Orlando, FL (4) 306 2005 95.0 % $ 1,184 97 % ARIUM Palms, Orlando, FL 252 2008 95.0 % 1,161 94 % Ashton Reserve, Charlotte, NC (5) 473 2012/2015 100.0 % 968 92 % Enders at Baldwin Park, Orlando, FL 220 2003 89.5 % 1,595 97 % EOS, Orlando, FL 296 2015 (6 ) 1,211 51 % Fox Hill, Austin, TX 288 2010 94.6 % 1,145 98 % Lansbrook Village, Palm Harbor, FL 602 2004 90.0 % 1,182 93 % MDA Apartments, Chicago, IL 190 2006 35.3 % 2,251 92 % Park & Kingston, Charlotte, NC (7) 168 2015 96.4 % 1,151 91 % Sorrel, Frisco, TX (8) 352 2015 95.0 % 1,288 77 % Sovereign, Fort Worth, TX 322 2015 95.0 % 1,265 90 % Springhouse at Newport News, Newport News, VA 432 1985 75.0 % 837 93 % Village Green of Ann Arbor, Ann Arbor, MI 520 2013 48.6 % 1,167 91 % Whetstone, Durham, NC 204 2015 (6 ) 1,325 73 % Total/Average 4,625 $ 1,200 93 % (1) (2) (3) (4) (5) (6) (7) (8) Development Properties Pro Forma Multifamily Community Name/Location Number of Initial Final Units to be Average Rent (1) (Unaudited) Alexan CityCentre, Houston, TX 340 1Q 2017 4Q 2017 $ 2,144 Alexan Southside Place, Houston, TX 269 3Q 2017 2Q 2018 2,019 Cheshire Bridge, Atlanta, GA 285 1Q 2017 3Q 2017 1,559 Domain, Garland, TX 301 2Q 2017 2Q 2018 1,425 Flagler Village, Ft. Lauderdale, FL 384 2Q 2018 1Q 2019 2,481 Lake Boone Trail, Raleigh, NC 245 1Q 2018 3Q 2018 1,402 Total/Average 1,824 $ 1,887 (1)

Consolidated Investments

Consolidated Investments	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Consolidated Real Estate Properties Disclosure [Text Block]	Note 5 – Consolidated Investments As of December 31, 2015, the major components of our consolidated real estate properties were as follows (amounts in thousands): Property Land Building Furniture, Total ARIUM Grandewood $ 5,200 $ 36,915 $ 760 $ 42,875 ARIUM Palms 4,030 31,545 1,058 36,633 Ashton Reserve 5,900 58,636 1,838 66,374 Enders Place at Baldwin Park 5,453 22,281 1,481 29,215 Fox Hill 4,180 32,389 910 37,479 Lansbrook Village 7,224 52,331 1,798 61,353 MDA Apartments 9,500 51,558 753 61,811 Park & Kingston 3,360 26,438 465 30,263 Sorrel 6,710 44,607 2,847 54,164 Sovereign 2,800 38,480 2,130 43,410 Springhouse at Newport News 6,500 27,860 1,371 35,731 Village Green of Ann Arbor 4,200 51,568 1,744 57,512 $ 65,057 $ 474,608 $ 17,155 $ 556,820 Less: accumulated depreciation — 20,046 3,391 23,437 Total $ 65,057 $ 454,562 $ 13,764 $ 533,383 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 individually significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of their security deposit. Security deposits received in cash related to tenant leases are included in other liabilities in the accompanying consolidated balance sheets and totaled $ 1.3 0.7 0.1 Depreciation expense was $ 12.4 8.4 Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. In-place leases are amortized over the remaining term of the in-place leases, which is approximately six months. Amortization expense related to the in-place leases was $ 3.8 4.5

Acquisition of Real Estate

Acquisition of Real Estate	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	Note 6 – Acquisition of Real Estate The following describes the Company’s significant acquisition activity during the years ended December 31, 2015 and 2014: Acquisition of North Park Towers On April 3, 2014, the Company, through BRG North Park Towers, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company’s Operating Partnership, acquired all of North Park Towers’ (“NPT”) right, title and interest in a 100 313 282,759 4.1 As further consideration for the 100% fee simple interest of NPT in the NPT Property, on April 3, 2014, the Company and its Operating Partnership entered into a Joinder By and Agreement of New Indemnitor with U.S. Bank National Association, as trustee for the benefit of the holders of COMM 2014-CCRE14 Mortgage Trust Commercial Mortgage Pass-Through Certificates pursuant to which R. Ramin Kamfar, the Company’s Chairman of the Board and Chief Executive Officer, was released from his obligations under a Guaranty of Recourse Obligations Agreement dated as of December 24, 2013, and an Environmental Indemnity Agreement dated as of December 24, 2013, both of which are related to approximately $ 11.5 In conjunction with the consummation of the contribution agreement and the purchase and sale of the NPT Property, Bluerock Property Management (“BPM”) received a disposition fee of approximately $ 0.5 32,276 0.4 26,897 As discussed in Note 3, on October 16, 2015, the Company closed on the sale of the NPT Property. Acquisition of Interest in Village Green of Ann Arbor On April 2, 2014, the Company, through BRG Ann Arbor, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company’s Operating Partnership, acquired all of Bluerock Special Opportunity + Income Fund II, LLC’s “(Fund II”), right, title and interest in and to a 58.6084 38.6084 50 520 As consideration for Fund II’s interest, the Company issued 293,042 4.2 193,042 2.8 As further consideration for the Fund II and Fund III interests, on April 2, 2014, the Company entered into a Consent Agreement with Deutsche Bank Trust Company Americas, as Trustee for the Registered Holders of Wells Fargo Commercial Mortgage Securities Inc. Multifamily Mortgage Pass-Through Certificates, Series 2013-K26, VG Ann Arbor, Fund II, Fund III, BRG Ann Arbor, LLC, the Operating Partnership and Jonathan Holtzman, to release Fund II and Fund III from their obligations under a Guaranty entered into with the lender related to the loan which encumbers the Village Green Property. In conjunction with the consummation of the contribution agreement and the purchase and sale of Fund II’s and Fund III’s interests, BR SOIF Manager II, LLC, and BR SOIF III Manager, LLC, received respective disposition fees of approximately $ 0.3 0.2 23,322 11,523 0.7 48,357 Acquisition of Additional Interest in Springhouse at Newport News On April 2, 2014, the Company acquired through BEMT Springhouse, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company’s Operating Partnership, all of Bluerock Special Opportunity + Income Fund, LLC's (“Fund I”), right, title and interest in and to a 49 75 100 432 38.25 The Company purchased the interest from Fund I for approximately $ 3.5 As further consideration for Fund I’s interest, on April 2, 2014, the Company entered into an Indemnity Agreement with James G. Babb, III and R. Ramin Kamfar, pursuant to which, subject to certain exceptions, the Company agreed to indemnify and hold Mr. Babb and Mr. Kamfar (“collectively, the Guarantors”), harmless from and against any loss, claim, liability or cost incurred by the Guarantors, or either of them, pursuant to the terms of certain Guaranties provided by the Guarantors in conjunction with the loan encumbering the Springhouse Property in the original principal amount of $ 23.4 In conjunction with the consummation of the contribution agreement and the purchase and sale of Fund I’s interest, Bluerock received a disposition fee of approximately $ 0.4 0.3 20,593 Acquisition of Interest in Grove at Waterford On April 2, 2014, the Company, through BRG Waterford, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company’s Operating Partnership, acquired all of Fund I’s right, title and interest in and to a 10 90 60 252 As consideration for Fund I’s interest, the Company paid approximately $ 600,000 361,241 5.2 As further consideration, the Company entered into an Assumption and Release Agreement related to approximately $ 20.1 In conjunction with the consummation of the contribution agreement and the purchase and sale of the Fund I and Fund II interests, the Manager of Fund II, BR SOIF II Manager, LLC (the “Fund II Manager”), received a disposition fee of approximately $ 0.3 22,196 0.05 0.5 30,828 All amounts paid in either OP Units or LTIP Units for the acquisitions described above, were determined to have a value of $ 14.50 See Footnote 3 regarding the subsequent sale. Acquisition of Interest in Lansbrook Village On May 23, 2014, Fund II sold a 32.67 5.4 52.67 8.8 1.4 90 602 774 42.0 8 0.2 7.33 29 2.6 In December 2015, the Company invested an additional $ 3.7 76.8 90.00 Acquisition of Additional Interest in Enders Property As of June 30, 2014, the Company held a 48.4 On September 10, 2014, through the Enders property joint venture, the Company acquired an additional 41.1 4.4 8.0 89.5 Acquisition of Interest in ARIUM Grandewood, formerly referred to as ARIUM Grande Lakes On November 4, 2014, the Company, through BRG Grande Lakes, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company’s Operating Partnership, acquired a ninety five percent ( 95.0 306 14.4 29.4 1.2 Acquisition of Interest in Park & Kingston On March 16, 2015, the Company, through a wholly-owned subsidiary of its Operating Partnership, completed an investment of $ 6.3 46.95 27.85 15.25 In May 2015, the Company invested an additional $ 6.5 46.95 96.0 At the time of the acquisition of Park & Kingston the Company had the ability to acquire 15 units under development at Park & Kingston (the “Phase II Units”). On November 30, 2015, the Company acquired 100 2.9 Acquisition of Interest in Fox Hill On March 26, 2015, the Company, through subsidiaries of its Operating Partnership, completed an investment of $ 10.2 85.27 38.15 26.71 In May 2015, the Company invested an additional $ 1.1 85.27 94.62 Acquisition of Interest in Ashton Reserve, comprised of Ashton I and II On August 19, 2015, the Company, through subsidiaries of its Operating Partnership, completed an investment of $ 13.5 44.75 31.9 In addition, on December 14, 2015, the Company, through a subsidiary of our Operating Partnership, acquired an additional 151-unit apartment community adjacent to Ashton I, known as Ashton Reserve at Northlake Phase II, (“Ashton II”). The purchase price of approximately $ 21.8 15.3 Acquisition of ARIUM Palms at World Gateway, formerly known as Century Palms at World Gateway On August 20, 2015, the Company, through subsidiaries of its Operating Partnership, completed an investment of $ 13.0 95.0 37.0 25.0 Acquisition of Sorrel and Sovereign Apartments On October 29, 2015, the Company, through subsidiaries of its Operating Partnership, completed investments of approximately $ 17.7 15.2 95.0 55.3 38.7 44.4 28.9 Purchase Price Allocation The acquisitions of Park & Kingston, Fox Hill, Ashton Reserve, ARIUM Palms, Sorrel and Sovereign have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Company expects to finalize the purchase price allocations as soon as practical, but no later than one year from each property’s respective acquisition date. Purchase Land $ 26,980 Building 207,842 Building improvements 11,638 Land improvements 12,593 Furniture and fixtures 8,740 In-place leases 5,389 Total assets acquired $ 273,182 Mortgages assumed $ 31,900 Fair value adjustments 1,042 Total liabilities acquired $ 32,942 In connection with the acquisition of Ashton I, the Company assumed mortgage debt with a fair value of approximately $ 32.9 For the Year Ended December 31, For the Year Ended December 31, 2015 2014 As Reported Pro-Forma Pro-Forma As Reported Pro-Forma Pro-Forma Revenues $ 44,255 $ 6,757 $ 51,012 $ 30,363 $ 18,026 $ 48,389 Net income (loss) $ 7,643 $ (8,048) $ (405) $ (6,558) $ (4,415) $ (10,973) Net income (loss) attributable to BRG $ 635 $ (7,887) $ (7,252) $ (5,172) $ (4,274) $ (9,446) Earnings per share, basic and diluted (1) $ 0.04 $ (0.42) $ (0.96) $ (1.76) (1) Pro-forma earnings per share, both basic and diluted, are calculated based on the net income (loss) attributable to BRG. Aggregate property level revenues and net loss for the Recent Acquisitions, since the properties’ respective acquisition dates, that are reflected in the Company’s 2015 consolidated statement of operations amounted to $ 28.2 4.1

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Joint Ventures	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Joint Ventures Disclosure [Text Block]	Note 7 – Investments in Unconsolidated Real Estate Joint Ventures Following is a summary of the Company’s ownership interests in the investments reported under the equity method of accounting. Property December 31, December 31, Alexan CityCentre $ 6,505 $ 6,505 Alexan Southside Place 17,322 — Cheshire Bridge 16,360 — Domain 3,806 — EOS, formerly referred to as UCF Orlando 3,629 3,629 Flagler Village 5,451 — Lake Boone Trail 9,919 — Villas at Oak Crest — 3,170 Whetstone 12,231 — 23Hundred Berry Hill — 4,906 Other — 121 Total $ 75,223 $ 18,331 As of December 31, 2015, the Company had outstanding preferred equity investments in eight multi-tiered joint ventures, each of which were created to develop a multifamily property. In each case, a wholly-owned subsidiary of the operating partnership made a preferred investment in a joint venture. The common interests in these joint ventures, as well as preferred interests in some cases, are owned by affiliates of the Manager. In each case, the Company’s investment in the joint venture generates a preferred return of 15 70 The following provides additional information regarding the Company’s preferred equity investments as of December 31, 2015. The equity in income of the Company’s unconsolidated real estate joint ventures for the years ended December 31, 2015 and 2014 is summarized below (amounts in thousands): Property December 31, December 31, Alexan CityCentre $ 976 $ 388 Alexan Southside Place 1,996 — Cheshire Bridge 1,383 — Domain 64 — EOS 544 230 Flagler Village (5) — Lake Boone Trail 44 — Villas at Oak Crest 489 322 Whetstone 1,131 — Other (32) 126 Equity in income of unconsolidated joint venture $ 6,590 $ 1,066 December 31, December 31, Balance Sheets: Real estate, net of depreciation $ 132,265 $ 55,091 Real estate, net of depreciation, held for sale - 31,334 Other assets 24,737 1,193 Other assets, held for sale - 2,458 Total assets $ 157,002 $ 90,076 Mortgage payable $ 55,066 $ 19,820 Mortgage payable, held for sale - 23,569 Other liabilities 5,018 2,812 Other liabilities, held for sale - 1,026 Total liabilities $ 60,084 $ 47,227 Members’ equity 96,918 42,849 Total liabilities and members’ equity $ 157,002 $ 90,076 Year Ended December 31, 2015 2014 Operating Statements: Rental revenues $ 2,765 $ 7,214 Operating expenses (2,776) (3,190) (Loss) income before debt service, acquisition costs, and depreciation and amortization (11) 4,024 Interest expense, net (756) (1,648) Acquisition costs (66) (2) Depreciation and amortization (2,009) (1,970) Operating (loss) income (2,842) 404 Gain on sale 29,200 2,498 Net income $ 26,358 $ 2,902 Acquisition of Interest in Villas at Oak Crest On April 2, 2014, the Company, through BRG Oak Crest, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company’s Operating Partnership, acquired all of Fund II’s right, title and interest in and to a 93.432 71.9 100 209 15 As consideration, the Company issued 200,143 2.9 In conjunction with the consummation of the contribution agreement and the purchase and sale of Fund II’s interest, Fund II Manager received a disposition fee of approximately $ 0.2 15,474 300,000 19,343 All amounts paid in either Class A common stock or LTIP Units for the acquisition described above, were determined to have a value of $ 14.50 Sale of Villas at Oak Crest The controlling member of the joint venture that owned the Oak Crest Property sold the property on September 1, 2015 and upon closing, the Company received a distribution of its original investment plus accrued return. Investment in Alexan CityCentre Property On July 1, 2014, a wholly-owned subsidiary of the Operating Partnership made a convertible preferred equity investment in a multi-tiered joint venture that includes Bluerock Growth Fund, LLC (“BGF”), Fund II and Fund III (collectively, the “BRG Co-Investors”), which are affiliates of the Manager, and an affiliate of Trammell Crow Residential to develop a 340 For the development of Alexan CityCentre and funding of any required reserves, the Company has made a capital commitment of $ 6.5 100 8.8 5.4 3.4 49.95 30.61 19.44 Under the operating agreement of BR Alexan Member, the Company’s preferred membership interest earns and shall be paid on a current basis a preferred return at the annual rate of 15.0 6.5 17.7 Investment in EOS Property, formerly referred to as UCF Orlando On July 29, 2014, a wholly-owned subsidiary of our Operating Partnership made a convertible preferred equity investment in a multi-tiered joint venture that includes Fund I, an affiliate of our Manager, and CDP UCFP Developer, LLC, a Georgia limited liability company and non-affiliated entity, to develop a 296 For the development of the EOS property and funding of any required reserves, the Company has made a capital commitment of $ 3.6 100 Under the operating agreement of BR Orlando JV Member, our preferred membership interest earns and shall be paid on a current basis a preferred return at the annual rate of 15.0 3.6 5.6 The Company is not required to make any additional capital contributions beyond our initial capital commitment. However, if BR Orlando JV Member makes an additional capital call and Fund I does not fully fund it, then the Company may elect to fund such shortfall as an additional capital contribution, in which case those contributions will accrue a preferred return at the annual rate of 20.0 Restructuring of 23Hundred Berry Hill Interests and Transition from Consolidation to Equity Method of Accounting On December 9, 2014 the Company, through BEMT Berry Hill, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company’s Operating Partnership, entered into a series of transactions and agreements to restructure the ownership of Berry Hill. Prior to the restructuring, the Company held a 25.1 28.4 29.0 17.5 100 100 As a result of the described restructuring, the Company no longer controlled Berry Hill through voting rights. Accordingly, the Company deconsolidated its investment in Berry Hill and subsequently accounted for its investment under the equity method beginning on December 9, 2014. Acquisition of Alexan Southside Place (formerly referred to as Alexan Blaire House) Interests On January 12, 2015, through BRG Southside, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture, along with Fund II and Fund III, which are affiliates of the Manager, and an affiliate of Trammell Crow Residential, to develop an approximately 269 85 17.3 100 Alexan Southside Place Construction Financing On April 7, 2015, the Company, through BR Bellaire BLVD, LLC, an indirect subsidiary, entered into a $ 31.8 April 7, 2019 1.25% or LIBOR plus 2.25%. Acquisition of Whetstone Interests On May 20, 2015, through BRG Whetstone Durham, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture, along with Fund III and an affiliate of TriBridge Residential, LLC, to acquire a 204 12.2 100 25.2 Acquisition of Cheshire Bridge Interests On May 29, 2015, through BRG Cheshire, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture, along with Fund III and an affiliate of Catalyst Development Partners II, to develop a 285 16.4 100 Cheshire Bridge Construction Financing On December 16, 2015, the Company, through CB Owner, LLC, an indirect subsidiary, entered into a $ 38.1 one-month LIBOR plus 2.50%. Acquisition of Domain Phase 1 Interest On November 20, 2015, through a wholly-owned subsidiary of the Operating Partnership, BRG Domain Phase 1, LLC, the Company made a convertible preferred equity investment in a multi-tiered joint venture along with Fund II, an affiliate of the Manager, and an affiliate of ArchCo Residential, to develop an approximately 301 18.6 100 3.8 Acquisition of Flagler Village Interest On December 18, 2015, through a wholly-owned subsidiary of the Operating Partnership, BRG Flagler Village, LLC, the Company made an investment in a multi-tiered joint venture along with Fund II, an affiliate of the Manager, and an affiliate of ArchCo Residential, to develop an approximately 384 46.8 5.5 Acquisition of Lake Boone Trail On December 18, 2015, through a wholly-owned subsidiary of the Operating Partnership, BRG Lake Boone, LLC, the Company made a convertible preferred equity investment in a multi-tiered joint venture along with Fund II, an affiliate of the Manager, and an affiliate of Tribridge Residential, LLC, to develop an approximately 245 16.8 100 9.9

Mortgages Payable

Mortgages Payable	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Mortgage Notes Payable Disclosure [Text Block]	Note 8 – Mortgages Payable Outstanding Principal As of December 31, 2015 Property December 31, December 31, Interest Rate Fixed/ Floating Maturity Date ARIUM Grandewood $ 29,444 $ 29,444 1.91 % Floating (1) December 1, 2024 ARIUM Palms 24,999 - 2.46 % Floating (2) September 1, 2022 Ashton I 31,900 - 4.67 % Fixed December 1, 2025 Ashton II 15,270 - 2.92 % Floating (3) January 1, 2026 Enders Place at Baldwin Park (4) 25,155 25,475 4.30 % Fixed November 1, 2022 Fox Hill 26,705 - 3.57 % Fixed April 1, 2022 Lansbrook Village 43,628 42,357 4.41 % Blended (5) March 31, 2018 MDA Apartments 37,600 37,600 5.35 % Fixed January 1, 2023 Park & Kingston 15,250 - 3.21 % Fixed April 1, 2020 Sorrel 38,684 - 2.53 % Floating (6) May 1, 2023 Sovereign 28,880 - 3.46 % Fixed November 10, 2022 Springhouse at Newport News 22,176 22,515 5.66 % Fixed January 1, 2020 Village Green of Ann Arbor 42,326 43,078 3.92 % Fixed October 1, 2022 Total 382,017 200,469 Fair value adjustments 1,620 874 Total continuing operations 383,637 201,343 North Park Towers - held for sale - 11,500 Total $ 383,637 $ 212,843 (1) 1.91 (2) loan bears interest at a floating rate of 2.22% plus one-month LIBOR 2.46 (3) loan bears interest at a floating rate of 2.62% plus one-month LIBOR 2.92 (4) 17.2 3.97 8.0 5.01 (5) 42.0 4.45 1.6 three-month LIBOR plus 3.00% 3.38 (6) loan bears interest at a floating rate of 2.29% plus one-month LIBOR 2.53 Springhouse at Newport News Mortgage Payable On December 3, 2009, the Company, through an indirect subsidiary (the “Springhouse Borrower”), entered into a $ 23.4 January 1, 2020 5.66 1 Enders Mortgage Payable On October 2, 2012, the Company, through an indirect subsidiary (the “Enders Borrower”), entered into a $ 17.5 November 1, 2022 3.97 83,245 1 On September 10, 2014, the Company, though an indirect subsidiary (the “Enders Borrower”), entered into a supplemental $ 8 November 1, 2022 5.01 42,995 1 MDA Mortgage Payable On December 17, 2012, the Company, through an indirect subsidiary (the “MDA Borrower”), entered into a $ 37.6 January 1, 2023 5.35 209,964 1 Village Green Mortgage Payable On September 12, 2012, the Company, through an indirect subsidiary (the “Village Green Borrower”), entered into a $ 43.2 October 1, 2022 3.92 204,256 1 Lansbrook Mortgage Payable On March 21, 2014, the Company, through an indirect subsidiary (the “Lansbrook Borrower”), entered into a $ 48 48.0 42.0 6.0 1.6 March 31, 2018 4.45 240,000 ARIUM Grandewood Mortgage Payable On November 4, 2014, the Company, through an indirect subsidiary (the “ARIUM Grandewood Borrower”), entered into a $ 29.44 December 1, 2024 bears interest at a floating rate of LIBOR plus 1.67%, with interest-only payments due for the entire loan term 5 1 North Park Towers Mortgage Payable On December 24, 2013, the Company, through an indirect subsidiary (the “North Park Borrower”), entered into an $ 11.5 January 6, 2024 5.65 4 Park & Kingston Mortgage Payable On March 16, 2015, the Company, through an indirect subsidiary (the “Park & Kingston Borrower”), entered into a $ 15.25 April 1, 2020 3.21 1 Fox Hill Mortgage Payable On March 26, 2015, the Company, through an indirect subsidiary (the “Fox Hill Borrower”), entered into a $ 26.7 April 1, 2022 3.57 1 Ashton I Mortgage Payable On August 19, 2015, the Company, through an indirect subsidiary (the “Ashton I Borrower”), assumed a $ 31.9 December 1, 2025 4.67 1.0 ARIUM Palms Mortgage Payable On August 20, 2015, the Company, through an indirect subsidiary (the “ARIUM Palms Borrower”), entered into a $ 25.0 September 1, 2022 2.22 1 Sorrel Mortgage Payable On October 29, 2015, the Company, through an indirect subsidiary (the “Sorrel Borrower”), entered into a $ 38.7 May 1, 2023 2.29 1 Sovereign Mortgage Payable On October 29, 2015, the Company, through an indirect subsidiary (the “Sovereign Borrower”), entered into a $ 28.9 November 10, 2022 3.46 1 Ashton II Mortgage Payable On December 14, 2015, the Company, through an indirect subsidiary (the “Ashton II Borrower”), entered into a $ 15.3 January 1, 2026 2.62 5 1 Year Total 2016 $ 2,622 2017 3,514 2018 45,755 2019 4,701 2020 41,268 Thereafter 284,157 $ 382,017 Add: Unamortized fair value debt adjustment 1,620 Total $ 383,637 The net book value of real estate assets providing collateral for these above borrowings was $ 530.6

Line of Credit

Line of Credit	12 Months Ended
	Dec. 31, 2015
Line Of Credit Facility [Abstract]
Line Of Credit Facility [Text Block]	Note 9 – Line of Credit As of January 1, 2014, the outstanding balance on the Company's working capital line of credit provided by Fund II and Fund III, both of which are affiliates of Bluerock, was $ 7.6

Fair Value Measurement Financia

Fair Value Measurement Financial Instruments	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 10 – Fair Value Measurement Financial Instruments As of December 31, 2015 and 2014, the carrying value of cash and cash equivalents, accounts receivable, due to and from affiliates, accounts payable, accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. Based on the discounted amount of future cash flows currently available to the Company for similar liabilities, the fair value of the Company’s mortgages payable is estimated at $ 387.1 215.8 383.6 212.8

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 11 – Related Party Transactions In connection with the Company’s investments in Enders Place at Baldwin Park, Berry Hill and MDA Apartments, it entered into a line of credit agreement with Fund II and Fund III. As of January 1, 2014, the outstanding balance on the Company's working capital line of credit provided by Fund II and Fund III, both of which are affiliates of Bluerock, was $ 7.6 In connection with the Company’s acquisition of an interest in the Villas at Oak Crest, the Company assumed a receivable of $ 0.3 0.3 In May 2015, the Company invested an additional $ 6.5 46.95 96.0 In May 2015, the Company invested an additional $ 1.1 85.27 94.62 In December 2015, the Company invested an additional $ 3.7 76.8 90.00 In December 2015, in conjunction with the sale of Villas at Oak Crest, two former joint venture partners, who were related to the Company’s Chief Executive Officer, converted their ownership in Villas at Oak Crest into 22,809 Operating Partnership Units. As of March 31, 2014, the Company was externally managed by our Former Advisor pursuant to the Advisory Agreement. In connection with the completion of the IPO, the Company terminated the Advisory Agreement with the Former Advisor, and the Company entered into a new management agreement, (the “Management Agreement”), with the Manager, on April 2, 2014. The terms and conditions of the Management Agreement, which became effective as of April 2, 2014, and the Advisory Agreement, which was effective for the reported periods prior to April 2, 2014, are described below. Management Agreement The Management Agreement requires the Manager to manage the Company’s business affairs in conformity with the investment guidelines and other policies that are approved and monitored by the Company’s board of directors. The Manager acts under the supervision and direction of the Board. Specifically, the Manager is responsible for (1) the selection, purchase and sale of the Company’s investment portfolio, (2) the Company’s financing activities, and (3) providing the Company with advisory and management services. The Manager provides the Company with a management team, including a chief executive officer, president, chief accounting officer and chief operating officer, along with appropriate support personnel. None of the officers or employees of the Manager are dedicated exclusively to the Company. The Company pays the Manager a base management fee in an amount equal to the sum of:(A) 0.25 1.5 3.3 0.7 0.7 59,077 77,497 95,649 11.85 The Company also pays the Manager an incentive fee with respect to each calendar quarter in arrears. The incentive fee is equal to the difference between (1) the product of (x) 20 8 0.15 10,896 0.9 67,837 Management fee expense of $ 0.9 1.0 179,562 11.85 59,854 On July 2, 2015, the Company issued a grant of LTIP Units under the Amended 2014 Incentive Plans to the Manager. The equity grant consisted of 283,390 1.0 11.85 The Company is also required to reimburse the Manager for certain expenses and pay all operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. The Manager waived all reimbursements through the six months ended June 30, 2015. Reimbursements of $ 0.3 The initial term of the Management Agreement expires on April 2, 2017 (the third anniversary of the closing of the IPO), and will be automatically renewed for a one-year term on each anniversary date thereafter unless previously terminated in accordance with the terms of the Management Agreement. Following the initial term of the Management Agreement, the Management Agreement may be terminated annually upon the affirmative vote of at least two-thirds of the Company’s independent directors, based upon (1) unsatisfactory performance that is materially detrimental to the Company, or (2) the Company’s determination that the fees payable to the Manager are not fair, subject to the Manager’s right to prevent such termination due to unfair fees by accepting a reduction of the fees agreed to by at least two-thirds of the Company’s independent directors. The Company must provide 180 days’ prior notice of any such termination. Unless terminated for cause, as further described in the Management Agreement, the Manager will be paid a termination fee equal to three times the sum of the base management fee and incentive fee earned, in each case, by the Manager during the 12-month period immediately preceding such termination, calculated as of the end of the most recently completed fiscal quarter before the date of termination. The Company may also terminate the Management Agreement at any time, including during the initial term, without the payment of any termination fee, for cause with 30 days’ prior written notice from the Board. During the initial three-year term of the Management Agreement, the Company may not terminate the Management Agreement except as described above or in the following circumstance: At the earlier of (i) April 2, 2017 (three years following the completion of the IPO), and (ii) the date on which the value of the Company’s stockholders’ equity exceeds $ 250.0 The Manager may retain, at its sole cost and expense, the services of such persons and firms as the Manager deems necessary in connection with our management and operations (including accountants, legal counsel and other professional service providers), provided that such expenses are in amounts no greater than those that would be payable to third-party professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis. The Manager has in the past retained, and going forward may retain Konig & Associates, P.C., a professional corporation wholly-owned by Michael L. Konig, the Company’s Chief Operating Officer, Secretary and General Counsel, to provide transaction based legal services, if the Manager determines that such retention would be less expensive than retaining third party professionals. The Company incurred $ 0.2 Prior and Terminated Advisory Agreement Prior to the entry by the Company into the Management Agreement upon the completion of the IPO and the concurrent termination of the Advisory Agreement, the Former Advisor performed essentially the same duties and responsibilities as the Company’s new Manager. The Advisory Agreement had a one-year term expiring October 14, 2014, and was renewable for an unlimited number of successive one-year periods upon the mutual consent of the Company and its Advisor. The Former Advisor was entitled to receive a monthly asset management fee for the services it provided pursuant to the Advisory Agreement. For 2013 and subsequent, the monthly asset management fee was 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 was based only on the portion of the cost or value attributable to our investment in an asset if the Company did not own all of an asset. Pursuant to the Advisory Agreement, the Former Advisor was 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. For 2013 and subsequent, the acquisition fee was 2.50 5.7 2.2 The Former Advisor was also entitled to receive a financing fee for any loan or line of credit, made available to the Company. The Former Advisor was entitled to re-allow some, or all, of this fee to reimburse third parties with whom it subcontracted 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 0.25 1.5 50 6 1.5 In addition to the fees payable to the Former Advisor, the Company reimbursed the Former Advisor for all reasonable expenses incurred in connection with services provided to the Company, subject to the limitation that it would 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 25 2 The Company had issued 1,000 0.01 8 In general, under the Advisory Agreement, the Company contracted property management services for certain properties directly to non-affiliated third parties, in which event it was to pay the Former Advisor an oversight fee equal to 1 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 Manager and other Bluerock-affiliated entities. As a result, they owe fiduciary duties to each of these entities, their members, limited partners and investors, which fiduciary duties may from time to time conflict with the fiduciary duties that they owe to the Company and its stockholders. Some of the material conflicts that the Manager or its affiliates face are: 1) the determination of whether an investment opportunity should be recommended to the Company 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; and 3) the fees received by the Manager and its affiliates. During the first quarter of 2014, the Company was reimbursed approximately $ 0.5 December 31, December 31, Amounts Payable to the Former Advisor under our Prior and Terminated Advisory Agreement Asset management and oversight fees $ - $ 404 Acquisition fees and disposition fees - 740 Financing fees - 36 Total payable to the Former Advisor - 1,180 Amounts Payable to the Manager under the New Management Agreement Base management fee 1,133 310 Incentive fee - 146 Operating Expense Reimbursements and Direct Expense Reimbursements 218 7 Total payable to the Manager 1,351 463 Total amounts payable to Former Advisor and Manager $ 1,351 $ 1,643 The Former Advisor was entitled to the payment of certain fees in compensation for advisory and general management services rendered thereunder for periods prior to the Company’s initial public offering on April 2, 2014, and reimbursements for certain costs and expenses incurred in connection with the provision thereof, in 1.18 on September 4, 2015, the Former Advisor The Manager 108,119 As of December 31, 2015 and 2014, the Company had $ 0.1 0.3 As of December 31, 2015 and 2014, the Company had $ 0.9 0.6 Bluerock Property Management, LLC The Company incurred $ 0.1 0.1

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Stockholders Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 12 – 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 stockholders, 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 stockholders by the sum of the weighted average number of common shares outstanding and any potential dilutive shares for the period. Net income (loss) attributable to common stockholders is computed by adjusting net income (loss) for the non-forfeitable dividends paid on non-vested restricted stock. The Company considers the requirements of the two-class method when preparing earnings per share. Earnings per share is not affected by the two-class method because the Company’s Class A, B-1, B-2 and B-3 common stock and LTIP Units participate in dividends on a one-for-one basis. For the Year Ended December 31, 2015 2014 Net income (loss) from continuing operations attributable to common stockholders $ 635 $ (5,288) Dividends on restricted stock expected to vest (16) (7) Basic net income (loss) from continuing operations attributable to common stockholders $ 619 $ (5,295) Basic net income from discontinued operations attributable to common stockholders $ — $ 116 Weighted average common shares outstanding (1) 17,404,348 5,381,787 Potential dilutive shares (2) 12,850 - Weighted average common shares outstanding and potential dilutive shares (3) 17,417,198 5,381,787 Income (loss) per common share, basic Continuing operations $ 0.04 $ (0.98) Discontinued operations $ 0.00 $ 0.02 $ 0.04 $ (0.96) Income (loss) per common share, diluted Continuing operations $ 0.04 $ (0.98) Discontinued operations $ 0.00 $ 0.02 $ 0.04 $ (0.96) The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed below. The effect of the conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A Common Stock on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. (1) For 2015 and 2014, amounts relate to shares of the Company’s Class A, B-1, B-2, B-3 common stock and LTIP Units outstanding. (2) Excludes 5,280 212,263 (3) For 2015 and 2014, amounts relate to shares of the Company’s Class A, B-1, B-2, B-3 common stock and LTIP Units outstanding. Class B Common Stock The Company raised capital in a continuous registered offering, carried out in a manner consistent with offerings of non-listed REITs, from its inception until September 9, 2013, when it terminated the continuous registered offering in connection with the Board’s consideration of strategic alternatives to maximize value to the Company’s stockholders. Through September 9, 2013, the Company had raised an aggregate of $ 22.6 On January 23, 2014, the Company's stockholders approved the second articles of amendment and restatement to the Company’s charter, (“Second Charter Amendment”), that provided, among other things, for the designation of a new share class of Class A common stock, and for the change of each existing outstanding share of its common stock into: • 1/3 of a share of our Class B-1 common stock; plus • 1/3 of a share of our Class B-2 common stock; plus • 1/3 of a share of our Class B-3 common stock. This transaction was effective upon filing the Second Charter Amendment with the State Department of Assessments and Taxation of the State of Maryland on March 26, 2014. Immediately following the filing of the Second Charter Amendment, the Company effectuated a 2.264881 to 1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, the Company effected an additional 1.0045878 to 1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. The Company refers to Class B-1 common stock, Class B-2 common stock and Class B-3 common stock collectively as “Class B” common stock. The Company listed its Class A common stock on the NYSE MKT on March 28, 2014. The Class B common stock is identical to the Class A common stock, except that (i) the Company does not intend to list the Class B common stock on a national securities exchange, and (ii) shares of the Class B common stock will convert automatically into shares of Class A common stock at specified times, as follows: • March 23, 2015, in the case of the Class B-1 common stock; • September 19, 2015, in the case of the Class B-2 common stock; and • March 17, 2016, in the case of the Class B-3 common stock. On March 23, 2015, 353,630 353,630 Follow-On Equity Offerings On January 20, 2015, the Company closed its January 2015 Follow-On Offering of 4,600,000 0.01 12.50 53.7 On May 22, 2015, the Company completed an underwritten shelf takedown offering (the “May 2015 Follow-On Offering”) of 6,348,000 0.01 13.00 77.6 On October 21, 2015, the Company completed an underwritten shelf takedown offering (the “October 2015 Preferred Stock Offering”) of 2,875,000 8.250 0.01 25.00 25.00 69.2 On December 17, 2015, the Company filed a prospectus supplement to the December 2014 Shelf Registration Statement offering a maximum of 150,000 150,000 3,000,000 1,000 As of December 31, 2015, we were continuing to organize our sales activities for the Original Series B Preferred Stock and no Original Units had been sold . Operating Partnership and Long-Term Incentive Plan Units On April 2, 2014, concurrently with the completion of the IPO, the Company entered into the Second Amended and Restated Agreement of Limited Partnership of its Operating Partnership, Bluerock Residential Holdings, L.P. Pursuant to the amendment, the Company is the sole general partner of the Operating Partnership and may not be removed as general partner by the limited partners with or without cause. The limited partners of the Operating Partnership include Bluerock REIT Holdings, LLC, BR-NPT Springing Entity, LLC (“NPT”), Bluerock Property Management, LLC (“BPM”), our Manager and Bluerock Multifamily Advisor, LLC (“Former Advisor”), all of which are affiliates of the Company. Prior to the completion of the IPO, the Company owned, directly and indirectly, 100 9.87 282,759 4.59 325,578 5.28 5.95 305,568 1.47 932,394 4.48 The Partnership Agreement, as amended, provides, among other things, that the Operating Partnership initially has two classes of limited partnership interests, which are units of limited partnership interest (“OP Units”), and the Operating Partnership’s long-term incentive plan units (“LTIP Units”). In calculating the percentage interests of the partners in the Operating Partnership, LTIP Units are treated as OP Units. In general, LTIP Units will receive the same per-unit distributions as the OP Units. Initially, each LTIP Unit will have a capital account balance of zero and, therefore, will not have full parity with OP Units with respect to any liquidating distributions. However, the Partnership Agreement, as amended provides that “book gain,” or economic appreciation, in the Company’s assets realized by the Operating Partnership as a result of the actual sale of all or substantially all of the Operating Partnership’s assets, or the revaluation of the Operating Partnership’s assets as provided by applicable U.S. Department of Treasury regulations, will be allocated first to the holders of LTIP Units until their capital account per unit is equal to the average capital account per-unit of the Company’s OP Unit holders in the Operating Partnership. We expect that the Operating Partnership will issue OP Units to limited partners, and the Company, in exchange for capital contributions of cash or property, and will issue LTIP Units pursuant to the Company’s 2014 Equity Incentive Plan for Individuals and 2014 Equity Incentive Plan for Entities (collectively the “Incentive Plans”), to persons who provide services to the Company, including the Company’s officers, directors and employees. Pursuant to the Partnership Agreement, as amended, any holders of OP Units, other than the Company or its subsidiaries, will receive redemption rights which, subject to certain restrictions and limitations, will enable them to cause the Operating Partnership to redeem their OP Units in exchange for cash or, at the Company’s option, shares of the Company’s Class A common stock, on a one-for-one basis. The Company has agreed to file, not earlier than one year after the closing of the IPO, one or more registration statements registering the issuance or resale of shares of its Class A common stock issuable upon redemption of the OP Units, including those issued upon conversion of LTIP Units to the Manager and the Former Advisor. Subject to certain exceptions, the Operating Partnership will pay all expenses in connection with the exercise of registration rights under the Partnership Agreement. Subsequent to December 31, 2015, the Company has filed a registration statement to provide for their issuance or resale. Equity Incentive Plans Prior to the Company’s IPO on April 2, 2014, the Company’s independent directors received an automatic grant of 5,000 2,500 20 20 On March 24, 2015, in accordance with the Company’s 2014 Equity Incentive Plan for Individuals (the “2014 Individuals Plan”), the Board authorized and each of the Company’s independent directors received two grants of 2,500 2,500 2,500 On May 28, 2015, the Company’s stockholders approved the amendment and restatement of the 2014 Individuals Plan, (the “Amended Individuals Plan), and the 2014 Entities Plan, (the “Amended Entities Plan” and together with the Amended Individuals Plan, the “Amended 2014 Incentive Plans”). The Amended 2014 Incentive Plans allow for the issuance of up to 475,000 A summary of the status of the Company’s non-vested shares as of December 31, 2015, and 2014, is as follows (dollars in thousands): Non-Vested shares Shares (1) Weighted average grant-date (1) Balance at January 1, 2014 6,593 $ 150 Granted — — Vested (2,637) (60) Forfeited — — Balance at December 31, 2014 3,956 90 Granted 15,000 197 Vested (4,480) (78) Forfeited — — Balance at December 31, 2015 14,476 $ 209 (1) At December 31, 2015, there was $ 142,000 2.2 The Company currently uses authorized and unissued shares to satisfy share award grants. Equity Incentive Plans - LTIP Grants On July 2, 2015, the Company issued a grant of LTIP Units under the Amended 2014 Incentive Plans to the Manager. The equity grant consisted of 283,390 1.0 11.85 Distributions On December 27, 2013, the Board authorized, and the Company declared, distributions on its common stock for the month of January 2014 at a rate of $ 0.05945211 January 31, 2014 February 3, 2014 On March 13, 2014, the Board authorized, and the Company declared, distributions on its common stock for the month of February 2014 at a rate of $ 0.05369868 February 28, 2014 On April 8, 2014, the Board declared monthly dividends for the second quarter of 2014 equal to a quarterly rate of $ 0.29 April 25, 2014 May 25, 2014 June 25, 2014 May 5, 2014 June 5, 2014 July 5, 2014 The declared dividends equal a monthly dividend on the Class A common stock and Class B common stock as follows: $ 0.096666 April 25, 2014 0.096667 May 25, 2014 June 25, 2014 On July 10, 2014, the Board declared monthly dividends for the third quarter of 2014 equal to a quarterly rate of $ 0.29 July 25, 2014 August 25, 2014 September 25, 2014 August 5, 2014 September 5, 2014 October 5, 2014 On October 10, 2014, the Board declared monthly dividends for the fourth quarter of 2014 equal to a quarterly rate of $ 0.29 October 25, 2014 November 25, 2014 December 25, 2014 November 5, 2014 December 5, 2014 January 5, 2015 The declared dividends equal a monthly dividend on the Class A common stock and Class B common stock as follows: $ 0.096666 October 25, 2014 0.096667 November 25, 2014 December 25, 2014 On January 9, 2015, the Board declared monthly dividends for the first quarter of 2015 equal to a quarterly rate of $ 0.29 January 25, 2015 February 25, 2015 March 25, 2015 February 5, 2015 March 5, 2015 April 5, 2015 The declared dividends equal a monthly dividend on the Class A common stock and Class B common stock as follows: $ 0.096666 January 25, 2015 0.096667 February 25, 2015 March 25, 2015 On April 10, 2015, the Board declared monthly dividends for the second quarter of 2015 equal to a quarterly rate of $ 0.29 April 25, 2015 May 25, 2015 June 25, 2015 May 5, 2015 June 5, 2015 July 2, 2015 The declared dividends equal a monthly dividend on the Class A common stock and Class B common stock as follows: $ 0.096666 April 25, 2015 0.096667 May 25, 2015 June 25, 2015 On July 10, 2015, the Board declared monthly dividends for the third quarter of 2015 equal to a quarterly rate of $ 0.29 July 25, 2015 August 25, 2015 September 25, 2015 August 5, 2015 September 4, 2015 October 5, 2015 The declared dividends equal a monthly dividend on the Class A common stock and Class B common stock as follows: $ 0.096667 July 25, 2015 August 25, 2015 0.096666 September 25, 2015 On October 7, 2015, the Board declared monthly dividends for the fourth quarter of 2015 equal to a quarterly rate of $ 0.29 October 25, 2015 November 25, 2015 December 25, 2015 November 5, 2015 December 4, 2015 January 5, 2016 The declared dividends equal a monthly dividend on the Class A common stock and Class B common stock as follows: $ 0.096666 October 25, 2015 0.096667 On December 14, 2015, the Board declared a dividend for the fourth quarter of 2015 equal to $ 0.4010 December 24, 2015 January 5, 2016 A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate. Holders of OP and LTIP Units are entitled to receive "distribution equivalents" at the same time as dividends are paid to holders of the Company's Class A common stock. The Company has a dividend reinvestment plan that allows for participating stockholders to have their dividend distributions automatically invested in additional Class A common shares based on the average price of the shares on the investment date. The Company plans to issue Class A common shares to cover shares required for investment. Distributions paid for the year ended December 31, 2015 were as follows (amounts in thousands): Distributions 2015 Declared Paid First Quarter Class A Common Stock $ 3,554 $ 3,073 Class B-1 Common Stock 68 103 Class B-2 Common Stock 103 103 Class B-3 Common Stock 103 103 OP Units 82 82 LTIP Units 96 96 Total first quarter $ 4,006 $ 3,560 Second Quarter Class A Common Stock $ 4,852 $ 4,236 Class B-2 Common Stock 103 103 Class B-3 Common Stock 103 103 OP Units 82 82 LTIP Units 110 104 Total second quarter $ 5,250 $ 4,628 Third Quarter Class A Common Stock $ 5,500 $ 5,465 Class B-2 Common Stock 68 103 Class B-3 Common Stock 103 103 OP Units 82 82 LTIP Units 221 178 Total third quarter $ 5,974 $ 5,931 Fourth Quarter Class A Common Stock $ 5,568 $ 5,568 Class B-3 Common Stock 103 103 Series A Preferred Stock 1,153 - OP Units 84 82 LTIP Units 263 255 Total fourth quarter $ 7,171 $ 6,008 Total year $ 22,401 $ 20,127

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 13 – 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	12 Months Ended
	Dec. 31, 2015
Economic Dependency Disclosure [Abstract]
Economic Dependency Disclosure [Text Block]	Note 14 – Economic Dependency The Company is dependent on its Manager, an affiliate of Bluerock, to provide certain external management 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 Manager 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	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 15 – Subsequent Events Distributions Declared On January 13, 2016, the Company’s Board declared monthly dividends for the first quarter of 2016 equal to a quarterly rate of $ 0.29 January 25, 2016 February 25, 2016 March 24, 2016 February 5, 2016 March 5, 2016 April 5, 2016 The declared dividends equal a monthly dividend on the Class A common stock and Class B common stock as follows: $ 0.096666 January 25, 2016 0.096667 February 25, 2016 March 24, 2016 Issuance of LTIP Units for Payment of the Fourth Quarter 2015 Base Management Fee and operating expense reimbursement to the Manager The Manager earned a base management fee of $ 1.1 0.1 This amount was payable 50% in LTIP Units with the other 50% payable in either cash or LTIP Units at the discretion of the Company’s board of directors. Upon consultation with the Manager, the board of directors elected to pay 100% of the base management fee and operating expense reimbursement in LTIP Units. Distributions Paid Shares Declaration Record Date Date Paid Distributions Total Class A Common Stock October 7, 2015 December 25, 2015 January 5, 2016 $ 0.096667 $ 1,856 Class B-3 Common Stock October 7, 2015 December 25, 2015 January 5, 2016 $ 0.096667 $ 34 Series A Preferred Stock December 14, 2015 December 25, 2015 January 5, 2016 $ 0.401000 $ 1,153 OP Units October 7, 2015 December 25, 2015 January 5, 2016 $ 0.096667 $ 30 LTIP Units October 7, 2015 December 25, 2015 January 5, 2016 $ 0.096667 $ 90 Class A Common Stock January 13, 2016 January 25, 2016 February 5, 2016 $ 0.096666 $ 1,856 Class B-3 Common Stock January 13, 2016 January 25, 2016 February 5, 2016 $ 0.096666 $ 34 OP Units January 13, 2016 January 25, 2016 February 5, 2016 $ 0.096666 $ 30 LTIP Units January 13, 2016 January 25, 2016 February 5, 2016 $ 0.096666 $ 90 Total $ 5,173 Acquisition of Summer Wind and Citation Club Apartments On January 5, 2016, the Company, through subsidiaries of its Operating Partnership, completed investments of approximately $ 15.9 13.6 95.0 47.0 32.6 39.3 26.9 Acquisition of West Morehead interest On January 6, 2016, the Company made an investment in a 283-unit to-be-built Class A apartment community located in Charlotte, North Carolina known as West Morehead. This investment of approximately $ 19 15 Termination of Original Series B Preferred Stock Offering, Reclassification of Original Series B Preferred Stock, and Filing of New Prospectus Supplement for Offering of Series B Preferred Stock On February 22, 2016, our board of directors authorized the termination of the offering of the Original Series B Preferred Stock in order to revise certain terms thereof, and the reclassification of the Original Series B Preferred Stock. On February 23, 2016, we terminated the offering of the Original Series B Preferred Stock, and on February 24, 2016, we filed a new prospectus supplement to the December 2014 Shelf Registration Statement offering a maximum of 150,000 150,000 3,000,000 1,000 Change in Vesting of Equity Grants to Independent Directors On March 24, 2015, pursuant to the company’s Amended and Restated 2014 Equity Incentive Plan for Individuals dated effective as of May 28, 2015 (the “2014 Individuals Plan”), the board approved restricted stock awards to each of the company’s independent directors in recognition of the service of each independent director during the fiscal years ended December 31, 2014 and December 31, 2015 (each, a “Stock Award”). As approved by the board, the Stock Awards to each independent director consisted of (i) a Stock Award for the fiscal year ended December 31, 2014 (the “2014 Stock Award”) of 2,500 2,500 Under the 2014-2015 Stock Award Agreements, the 2014 Restricted Stock and the 2015 Restricted Stock was subject to time-based vesting provisions over specified three-year periods, whereby the 2014 Restricted Stock would vest ratably on March 24, 2015, March 24, 2016 and March 24, 2017, and the 2015 Restricted Stock would vest ratably on March 24, 2016, March 24, 2017 and March 24, 2018, in each case subject to certain terms and conditions related to the continued service of the independent director. On the board approved the amendment of each of the 2014-2015 Stock Award Agreements, effective as of March 24, 2016, such that the Stock Awards that did not vest on the grant date of March 24, 2015 1,666 2,500 Entrance into Real Estate Purchase Agreement for The On February 22, 2016, the Company, through BR Henderson Beach, LLC and BRG Henderson Beach, LLC (collectively “BRG Henderson Beach”), subsidiaries of the Company’s Operating Partnership, entered into an Assignment of Rights agreement with Bluerock Real Estate, L.L.C. (“BRRE”), the Company’s sponsor, pursuant to which BRRE assigned to BRG Henderson Beach a real estate purchase agreement (the “Real Estate Purchase Agreement”) to acquire in fee simple a 340-unit apartment community located in Destin, Florida, known as Alexan Henderson Beach to be rebranded as The Preserve at Henderson Beach (“The Preserve at Henderson Beach”). The purchase price for The Preserve at Henderson Beach is $53.7 million and subject to customary adjustments and prorations and including the assumption of the current first priority loan secured by The Preserve at Henderson Beach, which has an expected principal amount as of the anticipated closing date of approximately $37.5 million. The Company expects to invest approximately $ 17.0 million of equity in The Preserve at Henderson Beach, a portion of which will be funded with the proceeds of an I.R.C. § 1031 exchange.

Basis of Presentation and Sum23

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation and Basis of Presentation The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or its wholly-owned subsidiaries, owns substantially all of the property interests acquired on the Company’s behalf. As of December 31, 2015, limited partners other than the Company owned approximately 5.95 1.47 4.48 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 the Operating Partnership are consolidated in its consolidated financial statements. The Company consolidates entities in which it owns more than 50 Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurements Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: ⋅ Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; ⋅ Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and ⋅ Level 3 – Prices or valuation techniques where little or no market data is available that requires inputs that are significant to the fair value measurement and unobservable. If the inputs used to measure the fair value fall within different levels of the hierarchy, the fair value is determined based upon the lowest level input that is significant to the fair value measurement. Whenever possible, the Company uses quoted market prices to determine fair value. In the absence of quoted market prices, the Company uses independent sources and data to determine fair value.
Investments in Unconsolidated Real Estate Joint Ventures [Policy Text Block]	Investments in Unconsolidated Real Estate Joint Ventures The Company first analyzes its investments in joint ventures to determine if the joint venture is a variable interest entity (“VIE”) in accordance with ASC 810 and if so, whether the Company is the primary beneficiary requiring consolidation. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that potentially could be significant to the entity. Variable interests in a VIE are contractual, ownership, or other financial interests in a VIE that change with changes in the fair value of the VIE’s net assets. The Company continuously re-assesses at each level of the joint venture whether the entity is (i) a VIE, and (ii) if the Company is the primary beneficiary of the VIE. If it was determined an entity in which the Company holds a joint venture interest qualified as a VIE and the Company was the primary beneficiary, the entity would be consolidated. If, after consideration of the VIE accounting literature, the Company has determined that VIE accounting is not applicable to the joint ventures, the Company assesses the need for consolidation under all other provisions of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the Company providing control, or through determination of control by virtue of the Company being the general partner in a limited partnership or the controlling member of a limited liability company. In assessing whether the Company is in control of and requiring consolidation of the limited liability company and partnership venture structures the Company evaluates the respective rights and privileges afforded each member or partner (collectively referred to as “member”). The Company’s member would not be deemed to control the entity if any of the other members have either (i) substantive kickout rights providing the ability to dissolve (liquidate) the entity or otherwise remove the managing member or general partner without cause or (ii) has substantive participating rights in the entity. Substantive participating rights (whether granted by contract or law) provide for the ability to effectively participate in significant decisions of the entity that would be expected to be made in the ordinary course business. If it has been determined that the Company does not have control, but does have the ability to exercise significant influence over the entity, the Company accounts for these unconsolidated investments under the equity method of accounting. The equity method of accounting requires these investments to be initially recorded at cost and subsequently increased (decreased) for the Company’s share of net income (loss), including eliminations for the Company’s share of inter-company transactions, and increased (decreased) for contributions (distributions). The Company’s proportionate share of the results of operations of these investments is reflected in the Company’s earnings or losses.
Real Estate, Policy [Policy Text Block]	Development, Improvements, Depreciation and Amortization Costs incurred to develop and improve properties are capitalized. Cost capitalization begins once the development or construction activity commences and ceases when the asset is ready for its intended use. Repair and maintenance and tenant turnover costs are charged to expense as incurred. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. Depreciation and amortization expense is computed on the straight-line method over the asset’s estimated useful life. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: Buildings 30 35 Building improvements 15 Land improvements 15 Furniture, fixtures and equipment 3 7 In-place leases 6
Real Estate Purchase Price Allocation [Policy Text Block]	Real Estate Purchase Price Allocations The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination. All assets acquired and liabilities assumed in a business combination are measured at their acquisition date fair values. Acquisition costs are expensed as incurred. Intangible assets include the value of in-place leases, which represents the estimated fair value of the net cash flows of leases in place at the time of acquisition to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases, which is on average six months. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be significant based upon the assumptions made in calculating these estimates.
Impairment Of Real Estate Assets [Policy Text Block]	The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets and liabilities may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets and liabilities. No impairment charges were recorded in 2015 or 2014.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value.
Restricted Cash [Policy Text Block]	Restricted Cash Restricted cash is comprised of lender imposed escrow accounts for replacement reserves and amounts set aside for real estate taxes and insurance and amounts set aside for reinvestment in accordance with Internal Revenue Service Code Section 1031 related to like-kind exchanges.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk The Company maintains cash balances with high quality financial institutions and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation.
Rents And Other Receivables [Policy Text Block]	Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates.
Deferred Charges, Policy [Policy Text Block]	Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other third party costs associated with obtaining financing. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures are capitalized and amortized to interest expense over the terms of the financing agreement using the straight-line method, which approximates the effective interest method. Deferred financing fees paid by the Company on behalf of its unconsolidated joint ventures are recorded within investments in unconsolidated real estate joint ventures on the consolidated balance sheets and are amortized to equity in income (loss) of unconsolidated real estate joint ventures.
Noncontrolling Interests [Policy Text Block]	Noncontrolling Interests Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in consolidated joint ventures, as well as interests held by Operating Partnership Unit holders. The Company reports its joint venture partners’ interest in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder pursuant to each joint venture’s operating agreement.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Rental income related to tenant leases is recognized on an accrual basis over the terms of the related leases on a straight-line basis. Amounts received in advance are recorded as a liability within other related liabilities. Other property revenues are recognized in the period earned. The Company records sales of real estate assets using the full accrual method at closing when both of the following conditions are met: a) the profit is determinable, meaning that, the collectability of the sales price is reasonably assured or the amount that will not be collectible can be estimated; and b) the earnings process is virtually complete, meaning that the seller is not obligated to perform significant activities after the sale to earn the profit. Sales not qualifying for full recognition at the time of sale are accounted for under other appropriate deferral methods.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation The Company expenses the fair value of share awards in accordance with the fair value recognition requirements of ASC Topic 718 “Compensation-Stock Compensation.” ASC Topic 718 requires companies to measure the cost of the recipient services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. The cost of the share award is expensed over the requisite service period (usually the vesting period).
Distribution [Policy Text Block]	Distribution Policy The Company expects to authorize and declare regular cash distributions to its stockholders in order to maintain its REIT status. Distributions to stockholders will be determined by the Company’s Board of Directors and will be dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT, and other considerations as the Board of Directors may deem relevant.
Related Party Transactions [Policy Text Block]	Related Party Transactions Prior to the IPO, the Company was externally advised by its former advisor, Bluerock Multifamily Advisor, LLC (the “Former Advisor”), an affiliate of Bluerock. Under the initial advisory agreement, the Company was obligated to pay the Former Advisor specified fees upon the provision of certain services related to, the investment of funds in real estate investments, management of the Company’s investments and for other services (including, but not limited to, the disposition of investments). The Company was also obligated to reimburse the Former Advisor for organization and offering costs incurred by the Former Advisor on the Company’s behalf, and was obligated to reimburse the Former Advisor for acquisition expenses and certain operating expenses incurred on its behalf or incurred in connection with providing services to the Company. The Company recorded all related party fees as incurred, subject to any limitations described in the advisory agreement. This advisory agreement was terminated on April 2, 2014 in connection with the Company’s IPO.On April 2, 2014, upon the completion of the IPO, the Company entered into a Management Agreement with the Manager, an affiliate of Bluerock, to be the Company’s external manager. Under the Management Agreement the Company pays the Manager a base management fee and incentive fee. The Company records all related party fees as incurred.
Commissions, Policy [Policy Text Block]	Selling Commissions and Dealer Manager Fees The Company paid a related party, as the dealer manager, up to 7 2.6 In conjunction with the offering of the Series B Preferred Stock, the Company engaged a related party, as dealer manager, up to 7 3
Acquisition And Origination Fees [Policy Text Block]	Acquisition and Disposition Fees to the Former Advisor The Company also paid the Former Advisor 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 2.50 The Company also paid the Former Advisor a fee for its services in connection with the disposition of a property or investment equal to the lesser of (A) 1.5 50 1.5
Asset Management Fee [Policy Text Block]	Asset Management Fee to the Former Advisor With respect to investments in real estate, the Company paid the Former Advisor a monthly asset management fee. On September 26, 2012, the Company amended its advisory agreement to decrease the asset management fee from one-twelfth of 1% to one-twelfth of 0.65% of the amount paid or allocated to acquire the investment excluding acquisition fees and expenses related thereto and the amount of any debt associated with or used to acquire such investment. In the case of investments made through joint ventures, the asset management fee was determined based on the Company’s proportionate share of the underlying investment.
Financing Fee [Policy Text Block]	Financing Fee to the Former Advisor The Company paid the Former Advisor a financing fee equal to 1 0.25
Share-based Compensation, Option and Incentive Plans, Director Policy [Policy Text Block]	Independent Director Compensation The Company pays each of its independent directors an annual retainer of $ 25,000 2,500 2,000 1,000 1,000
Income Tax, Policy [Policy Text Block]	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and has qualified since the taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90 For the year ended December 31, 2015, 99.46 0.54 8.2 91.8 ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It requires a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, in an income tax return. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management has considered all positions taken on the 2009 through 2014 tax returns (where applicable), and those positions expected to be taken on the 2015 tax returns, and concluded that tax positions taken will more likely than not be sustained at the full amount upon examination. Accordingly, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its consolidated financial statements. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2015. If any income tax exposure was identified, the Company would recognize an estimated liability for income tax items that meet the criteria for accrual. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. If any interest and penalties related to income tax assessments arose, the Company would record them as income tax expense. As of December 31, 2015, tax returns for the calendar years 2010 and subsequent remain subject to examination by the Internal Revenue Service and various state tax jurisdictions.
Segment Reporting, Policy [Policy Text Block]	Reportable Segment The Company’s current business consists of investing in and operating multifamily communities. Substantially all of its consolidated net income (loss) is from investments in real estate properties that the Company owns through co-investment ventures which it either consolidates or accounts for under the equity method of accounting. The Company evaluates operating performance on an individual property level and views its real estate assets as one industry segment, and, accordingly, its properties are aggregated into one reportable segment.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements In April 2015, the FASB issued Accounting Standards Update No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). The amendments in ASU 2015-03 require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of that liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. The amendments in ASU 2015-03 become effective for public business entities in the first annual period beginning after December 15, 2015, and interim periods within those fiscal years, with early application permitted. The Company is currently evaluating the impact of this accounting standard. In February 2015, the FASB issued Accounting Standards Update No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 eliminates specific consolidation guidance for limited partnerships and revises other aspects of consolidation analysis, including how kick-out rights, fee arrangements and related parties are assessed. ASU 2015-02 is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the impact of ASU 2015-02 on the Company’s financial statements. In January 2015, the FASB issued Accounting Standards Update No. 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” (“ASU 2015-01”), which eliminates the concept of extraordinary items and require items that are either unusual in nature or infrequently occurring to be reported as a separate component of income from continuing operations or disclosed in the notes to the financial statements. ASU 2015-01 is effective for periods beginning after December 15, 2015, with early adoption permitted. ASU 2015-01 is not expected to have a material impact on the Company's financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern” (“ASU 2014-15”), which requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for periods beginning after December 15, 2016. ASU 2014-15 is not expected to have a material impact on the Company's financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The updated standard is a new comprehensive revenue recognition model that requires revenue to be recognized in a manner that depicts the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In July 2015, the FASB voted to approve the deferral of the effective date of ASU 2014-09 by one year. Therefore, ASU 2014-09 will become effective for the Company in the first quarter of the fiscal year ending December 31, 2018. Early adoption is permitted, but not earlier than the first quarter of the fiscal year ending December 31, 2017. The ASU allows for either full retrospective or modified retrospective adoption. The Company has not selected a transition method, and is currently evaluating the effect that ASU 2014-09 will have on the consolidated financial statements and related disclosures.

Real Estate Assets Held for S24

Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate Assets Held for Development and Sale [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	The following is a summary of the results of operations of the Creekside property classified as discontinued operations for the years ended December 31, 2015 and 2014 (amounts in thousands): For the Years Ended 2015 2014 Total revenues $ - $ 508 Expenses Property operating expenses - (177) Depreciation and amortization - (184) Management fees - (8) Interest expense, net - (149) Loss on operations of rental property $ - $ (10) Gain on sale of joint venture interest - 1,006 Loss on early extinguishment of debt - (880) Income from discontinued operations $ - $ 116

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Schedule Of Equity Method Investments And Consolidation Accounting Investments [Table Text Block]	Operating Properties Number of Date Ownership Average Multifamily Community Name/Location Units Built/Renovated (1) Interest Rent (2) % Occupied (3) ARIUM Grandewood, Orlando, FL (4) 306 2005 95.0 % $ 1,184 97 % ARIUM Palms, Orlando, FL 252 2008 95.0 % 1,161 94 % Ashton Reserve, Charlotte, NC (5) 473 2012/2015 100.0 % 968 92 % Enders at Baldwin Park, Orlando, FL 220 2003 89.5 % 1,595 97 % EOS, Orlando, FL 296 2015 (6 ) 1,211 51 % Fox Hill, Austin, TX 288 2010 94.6 % 1,145 98 % Lansbrook Village, Palm Harbor, FL 602 2004 90.0 % 1,182 93 % MDA Apartments, Chicago, IL 190 2006 35.3 % 2,251 92 % Park & Kingston, Charlotte, NC (7) 168 2015 96.4 % 1,151 91 % Sorrel, Frisco, TX (8) 352 2015 95.0 % 1,288 77 % Sovereign, Fort Worth, TX 322 2015 95.0 % 1,265 90 % Springhouse at Newport News, Newport News, VA 432 1985 75.0 % 837 93 % Village Green of Ann Arbor, Ann Arbor, MI 520 2013 48.6 % 1,167 91 % Whetstone, Durham, NC 204 2015 (6 ) 1,325 73 % Total/Average 4,625 $ 1,200 93 % (1) (2) (3) (4) (5) (6) (7) (8)
Schedule Of Development Properties In Real Estate [Table Text Block]	Development Properties Pro Forma Multifamily Community Name/Location Number of Initial Final Units to be Average Rent (1) (Unaudited) Alexan CityCentre, Houston, TX 340 1Q 2017 4Q 2017 $ 2,144 Alexan Southside Place, Houston, TX 269 3Q 2017 2Q 2018 2,019 Cheshire Bridge, Atlanta, GA 285 1Q 2017 3Q 2017 1,559 Domain, Garland, TX 301 2Q 2017 2Q 2018 1,425 Flagler Village, Ft. Lauderdale, FL 384 2Q 2018 1Q 2019 2,481 Lake Boone Trail, Raleigh, NC 245 1Q 2018 3Q 2018 1,402 Total/Average 1,824 $ 1,887 (1)

Consolidated Investments (Table

Consolidated Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Schedule of Real Estate Properties [Table Text Block]	As of December 31, 2015, the major components of our consolidated real estate properties were as follows (amounts in thousands): Property Land Building Furniture, Total ARIUM Grandewood $ 5,200 $ 36,915 $ 760 $ 42,875 ARIUM Palms 4,030 31,545 1,058 36,633 Ashton Reserve 5,900 58,636 1,838 66,374 Enders Place at Baldwin Park 5,453 22,281 1,481 29,215 Fox Hill 4,180 32,389 910 37,479 Lansbrook Village 7,224 52,331 1,798 61,353 MDA Apartments 9,500 51,558 753 61,811 Park & Kingston 3,360 26,438 465 30,263 Sorrel 6,710 44,607 2,847 54,164 Sovereign 2,800 38,480 2,130 43,410 Springhouse at Newport News 6,500 27,860 1,371 35,731 Village Green of Ann Arbor 4,200 51,568 1,744 57,512 $ 65,057 $ 474,608 $ 17,155 $ 556,820 Less: accumulated depreciation — 20,046 3,391 23,437 Total $ 65,057 $ 454,562 $ 13,764 $ 533,383

Acquisition of Real Estate (Tab

Acquisition of Real Estate (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Schedule of Purchase Prices Allocations [Table Text Block]	The following table summarizes the assets acquired and liabilities assumed at the acquisition date. The amounts listed below reflect provisional amounts that will be updated as information becomes available for acquisitions made during the year ended December 31, 2015 (amounts in thousands): Purchase Land $ 26,980 Building 207,842 Building improvements 11,638 Land improvements 12,593 Furniture and fixtures 8,740 In-place leases 5,389 Total assets acquired $ 273,182 Mortgages assumed $ 31,900 Fair value adjustments 1,042 Total liabilities acquired $ 32,942
Business Acquisition, Pro Forma Information [Table Text Block]	The pro-forma information presented below represents the change in consolidated revenue and earnings as if the Company's significant acquisitions of Village Green of Ann Arbor, Lansbrook Village, ARIUM Grandewood, Park & Kingston, Fox Hill, Ashton Reserve, ARIUM Palms, Sorrel and Sovereign, collectively (the "Recent Acquisitions"), had occurred on January 1, 2014. Certain expenses such as property management fees and other costs not directly related to the future operations of the Recent Acquisitions have been excluded. (amounts in thousands, except per share amounts) For the Year Ended December 31, For the Year Ended December 31, 2015 2014 As Reported Pro-Forma Pro-Forma As Reported Pro-Forma Pro-Forma Revenues $ 44,255 $ 6,757 $ 51,012 $ 30,363 $ 18,026 $ 48,389 Net income (loss) $ 7,643 $ (8,048) $ (405) $ (6,558) $ (4,415) $ (10,973) Net income (loss) attributable to BRG $ 635 $ (7,887) $ (7,252) $ (5,172) $ (4,274) $ (9,446) Earnings per share, basic and diluted (1) $ 0.04 $ (0.42) $ (0.96) $ (1.76) (1) Pro-forma earnings per share, both basic and diluted, are calculated based on the net income (loss) attributable to BRG.

Investments in Unconsolidated28

Investments in Unconsolidated Real Estate Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments [Table Text Block]	Property December 31, December 31, Alexan CityCentre $ 6,505 $ 6,505 Alexan Southside Place 17,322 — Cheshire Bridge 16,360 — Domain 3,806 — EOS, formerly referred to as UCF Orlando 3,629 3,629 Flagler Village 5,451 — Lake Boone Trail 9,919 — Villas at Oak Crest — 3,170 Whetstone 12,231 — 23Hundred Berry Hill — 4,906 Other — 121 Total $ 75,223 $ 18,331
Equity Income Loss of Joint Ventures [Table Text Block]	The equity in income of the Company’s unconsolidated real estate joint ventures for the years ended December 31, 2015 and 2014 is summarized below (amounts in thousands): Property December 31, December 31, Alexan CityCentre $ 976 $ 388 Alexan Southside Place 1,996 — Cheshire Bridge 1,383 — Domain 64 — EOS 544 230 Flagler Village (5) — Lake Boone Trail 44 — Villas at Oak Crest 489 322 Whetstone 1,131 — Other (32) 126 Equity in income of unconsolidated joint venture $ 6,590 $ 1,066
Schedule Of Condensed Financial Statements [Table Text Block]	December 31, December 31, Balance Sheets: Real estate, net of depreciation $ 132,265 $ 55,091 Real estate, net of depreciation, held for sale - 31,334 Other assets 24,737 1,193 Other assets, held for sale - 2,458 Total assets $ 157,002 $ 90,076 Mortgage payable $ 55,066 $ 19,820 Mortgage payable, held for sale - 23,569 Other liabilities 5,018 2,812 Other liabilities, held for sale - 1,026 Total liabilities $ 60,084 $ 47,227 Members’ equity 96,918 42,849 Total liabilities and members’ equity $ 157,002 $ 90,076 Year Ended December 31, 2015 2014 Operating Statements: Rental revenues $ 2,765 $ 7,214 Operating expenses (2,776) (3,190) (Loss) income before debt service, acquisition costs, and depreciation and amortization (11) 4,024 Interest expense, net (756) (1,648) Acquisition costs (66) (2) Depreciation and amortization (2,009) (1,970) Operating (loss) income (2,842) 404 Gain on sale 29,200 2,498 Net income $ 26,358 $ 2,902

Mortgages Payable (Tables)

Mortgages Payable (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Mortgage Notes Payable [Table Text Block]	The following table summarizes certain information as of December 31, 2015 and 2014, with respect to the Company’s indebtedness (amounts in thousands). Outstanding Principal As of December 31, 2015 Property December 31, December 31, Interest Rate Fixed/ Floating Maturity Date ARIUM Grandewood $ 29,444 $ 29,444 1.91 % Floating (1) December 1, 2024 ARIUM Palms 24,999 - 2.46 % Floating (2) September 1, 2022 Ashton I 31,900 - 4.67 % Fixed December 1, 2025 Ashton II 15,270 - 2.92 % Floating (3) January 1, 2026 Enders Place at Baldwin Park (4) 25,155 25,475 4.30 % Fixed November 1, 2022 Fox Hill 26,705 - 3.57 % Fixed April 1, 2022 Lansbrook Village 43,628 42,357 4.41 % Blended (5) March 31, 2018 MDA Apartments 37,600 37,600 5.35 % Fixed January 1, 2023 Park & Kingston 15,250 - 3.21 % Fixed April 1, 2020 Sorrel 38,684 - 2.53 % Floating (6) May 1, 2023 Sovereign 28,880 - 3.46 % Fixed November 10, 2022 Springhouse at Newport News 22,176 22,515 5.66 % Fixed January 1, 2020 Village Green of Ann Arbor 42,326 43,078 3.92 % Fixed October 1, 2022 Total 382,017 200,469 Fair value adjustments 1,620 874 Total continuing operations 383,637 201,343 North Park Towers - held for sale - 11,500 Total $ 383,637 $ 212,843 (1) 1.91 (2) loan bears interest at a floating rate of 2.22% plus one-month LIBOR 2.46 (3) loan bears interest at a floating rate of 2.62% plus one-month LIBOR 2.92 (4) 17.2 3.97 8.0 5.01 (5) 42.0 4.45 1.6 three-month LIBOR plus 3.00% 3.38 (6) loan bears interest at a floating rate of 2.29% plus one-month LIBOR 2.53
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]	Year Total 2016 $ 2,622 2017 3,514 2018 45,755 2019 4,701 2020 41,268 Thereafter 284,157 $ 382,017 Add: Unamortized fair value debt adjustment 1,620 Total $ 383,637

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Schedule Of Related Party Transactions [Table Text Block]	Pursuant to the terms of the Advisory Agreement and the Management Agreement, summarized below are the related party amounts payable to our Former Advisor and the Manager, as of December 31, 2015 and December 31, 2014. December 31, December 31, Amounts Payable to the Former Advisor under our Prior and Terminated Advisory Agreement Asset management and oversight fees $ - $ 404 Acquisition fees and disposition fees - 740 Financing fees - 36 Total payable to the Former Advisor - 1,180 Amounts Payable to the Manager under the New Management Agreement Base management fee 1,133 310 Incentive fee - 146 Operating Expense Reimbursements and Direct Expense Reimbursements 218 7 Total payable to the Manager 1,351 463 Total amounts payable to Former Advisor and Manager $ 1,351 $ 1,643

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Stockholders Equity Note [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Year Ended December 31, 2015 2014 Net income (loss) from continuing operations attributable to common stockholders $ 635 $ (5,288) Dividends on restricted stock expected to vest (16) (7) Basic net income (loss) from continuing operations attributable to common stockholders $ 619 $ (5,295) Basic net income from discontinued operations attributable to common stockholders $ — $ 116 Weighted average common shares outstanding (1) 17,404,348 5,381,787 Potential dilutive shares (2) 12,850 - Weighted average common shares outstanding and potential dilutive shares (3) 17,417,198 5,381,787 Income (loss) per common share, basic Continuing operations $ 0.04 $ (0.98) Discontinued operations $ 0.00 $ 0.02 $ 0.04 $ (0.96) Income (loss) per common share, diluted Continuing operations $ 0.04 $ (0.98) Discontinued operations $ 0.00 $ 0.02 $ 0.04 $ (0.96) (1) For 2015 and 2014, amounts relate to shares of the Company’s Class A, B-1, B-2, B-3 common stock and LTIP Units outstanding. (2) Excludes 5,280 212,263 (3) For 2015 and 2014, amounts relate to shares of the Company’s Class A, B-1, B-2, B-3 common stock and LTIP Units outstanding.
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 December 31, 2015, and 2014, is as follows (dollars in thousands): Non-Vested shares Shares (1) Weighted average grant-date (1) Balance at January 1, 2014 6,593 $ 150 Granted — — Vested (2,637) (60) Forfeited — — Balance at December 31, 2014 3,956 90 Granted 15,000 197 Vested (4,480) (78) Forfeited — — Balance at December 31, 2015 14,476 $ 209 (1)
Schedule of Distributions Made to Members or Limited Partners, by Distribution [Table Text Block]	Distributions paid for the year ended December 31, 2015 were as follows (amounts in thousands): Distributions 2015 Declared Paid First Quarter Class A Common Stock $ 3,554 $ 3,073 Class B-1 Common Stock 68 103 Class B-2 Common Stock 103 103 Class B-3 Common Stock 103 103 OP Units 82 82 LTIP Units 96 96 Total first quarter $ 4,006 $ 3,560 Second Quarter Class A Common Stock $ 4,852 $ 4,236 Class B-2 Common Stock 103 103 Class B-3 Common Stock 103 103 OP Units 82 82 LTIP Units 110 104 Total second quarter $ 5,250 $ 4,628 Third Quarter Class A Common Stock $ 5,500 $ 5,465 Class B-2 Common Stock 68 103 Class B-3 Common Stock 103 103 OP Units 82 82 LTIP Units 221 178 Total third quarter $ 5,974 $ 5,931 Fourth Quarter Class A Common Stock $ 5,568 $ 5,568 Class B-3 Common Stock 103 103 Series A Preferred Stock 1,153 - OP Units 84 82 LTIP Units 263 255 Total fourth quarter $ 7,171 $ 6,008 Total year $ 22,401 $ 20,127

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Schedule of Subsequent Events [Table Text Block]	The following distributions have been paid subsequent to December 31, 2015 (amounts in thousands): Shares Declaration Record Date Date Paid Distributions Total Class A Common Stock October 7, 2015 December 25, 2015 January 5, 2016 $ 0.096667 $ 1,856 Class B-3 Common Stock October 7, 2015 December 25, 2015 January 5, 2016 $ 0.096667 $ 34 Series A Preferred Stock December 14, 2015 December 25, 2015 January 5, 2016 $ 0.401000 $ 1,153 OP Units October 7, 2015 December 25, 2015 January 5, 2016 $ 0.096667 $ 30 LTIP Units October 7, 2015 December 25, 2015 January 5, 2016 $ 0.096667 $ 90 Class A Common Stock January 13, 2016 January 25, 2016 February 5, 2016 $ 0.096666 $ 1,856 Class B-3 Common Stock January 13, 2016 January 25, 2016 February 5, 2016 $ 0.096666 $ 34 OP Units January 13, 2016 January 25, 2016 February 5, 2016 $ 0.096666 $ 30 LTIP Units January 13, 2016 January 25, 2016 February 5, 2016 $ 0.096666 $ 90 Total $ 5,173

Organization and Nature of Bu33

Organization and Nature of Business (Details Textual) $ / shares in Units, $ in Thousands	Oct. 08, 2014USD ($)$ / shares	Apr. 02, 2014USD ($)$ / shares	Sep. 09, 2013USD ($)	Dec. 17, 2015$ / sharesshares	Oct. 21, 2015USD ($)$ / sharesshares	May. 22, 2015USD ($)$ / sharesshares	Jan. 20, 2015USD ($)$ / sharesshares	Mar. 28, 2014USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / shares
Organization and Nature of Business [Line Items]
Proceeds From Issuance Of Common Stock | $	$ 32,900		$ 22,600						$ 131,321	$ 76,864
Contribution Transactions Completed Description									a series of related contribution transactions pursuant to which it acquired indirect equity interests in four apartment properties, and a 100% fee simple interest in a fifth apartment property for an aggregate asset value of $152.3 million (inclusive of Villas at Oak Crest, which is accounted for under the equity method, and Springhouse, in which the Company already owned an interest and which has been reported as consolidated prior to the IPO).
Percent of Real Estate Properties Occupied									93.00%
Number of Units in Real Estate Property									6,449
Annual Distribution Percentage Rate									90.00%
Common Class A [Member]
Organization and Nature of Business [Line Items]
Proceeds From Issuance Of Common Stock | $						$ 77,600	$ 53,700
Stock Issued During Period, Shares, New Issues | shares						6,348,000	4,600,000		3,035,444
Proceeds from Issuance Initial Public Offering | $		$ 44,000
Stockholders Equity, Reverse Stock Split									immediately prior to the listing, including shares sold in its continuous registered offering, was changed into one-third of a share of each of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. Following the filing of the Second Charter Amendment, the Company effected a 2.264881-to-1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, the Company effected an additional 1.0045878-to-1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock.
Sale of Stock, Price Per Share	$ 11.90					$ 13	$ 12.50
Common Stock, Par or Stated Value Per Share						$ 0.01	$ 0.01		$ 0.01	$ 0.01
Stock and Warrants Issued During Period, Shares, Preferred Stock and Warrants | shares				3,000,000
Series A Cumulative Redeemable Preferred Stock
Organization and Nature of Business [Line Items]
Proceeds From Issuance Of Common Stock | $					$ 69,200
Stock Issued During Period, Shares, New Issues | shares					2,875,000
Shares Issued, Price Per Share					$ 0.01
Sale of Stock, Price Per Share					$ 25
Annual Distribution Percentage Rate					8.25%
Preferred Stock, Liquidation Preference Per Share				$ 1,000	$ 25
Preferred Stock, Capital Shares Reserved for Future Issuance | shares				150,000
Series B Preferred Stock [Member]
Organization and Nature of Business [Line Items]
Preferred Stock, Liquidation Preference Per Share				$ 1,000
Preferred Stock, Capital Shares Reserved for Future Issuance | shares				150,000
IPO [Member]
Organization and Nature of Business [Line Items]
Sale of Stock, Price Per Share		$ 14.50
IPO [Member] | Common Class A [Member]
Organization and Nature of Business [Line Items]
Stock Issued During Period, Shares, New Issues | shares								3,448,276
Shares Issued, Price Per Share								$ 14.50
Proceeds From Issuance Initial Public Offering Gross | $								$ 50,000
December 2014 Shelf Registration Statement Offering [Member]
Organization and Nature of Business [Line Items]
Preferred Stock, Capital Shares Reserved for Future Issuance | shares				150,000
Operating Units [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property									4,625
Under Development [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property									1,824

Basis of Presentation and Sum34

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($)	1 Months Ended		12 Months Ended
	Oct. 21, 2013	Sep. 26, 2012	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Line Items]
Selling Commissions And Dealer Manager Fees Percentage Rate Range Maximum			7.00%
Selling Commissions And Dealer Manager Fees Percentage Rate Range Minimum			3.00%
Acquisition Fee Percentage Of Purchase Price			1.00%
Acquisition And Disposition Fees Percentage	1.50%		1.50%
Selling Commission Percentage	50.00%		50.00%
Asset Management Fee Percent Fee Description		On September 26, 2012, the Company amended its advisory agreement to decrease the asset management fee from one-twelfth of 1% to one-twelfth of 0.65% of the amount paid or allocated to acquire the investment excluding acquisition fees and expenses related thereto and the amount of any debt associated with or used to acquire such investment. In the case of investments made through joint ventures, the asset management fee was determined based on the Companys proportionate share of the underlying investment.
Independent Director Compensation			$ 25,000
Additional Director Compensation Paid For Board Meeting			2,500
Additional Director Compensation Paid For Committee Board Meeting			2,000
Additional Director Compensation Paid For Teleconference Board Meeting			1,000
Additional Director Compensation Paid For Teleconference Committee Meeting			$ 1,000
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest				42.20%
Percentage Of Distributions Classified As Return On Capital			99.46%	91.80%
Percentage Of Distributions Classified As Capital Gains			0.54%	8.20%
Percentage Of Minimum Distributions Of Taxable Income			90.00%
Maximum [Member]
Accounting Policies [Line Items]
Selling Commissions And Dealer Manager Fees Percentage Rate Range Maximum			7.00%
Acquisition Fee Percentage Of Purchase Price			2.50%
Minimum [Member]
Accounting Policies [Line Items]
Selling Commissions And Dealer Manager Fees Percentage Rate Range Minimum			2.60%
Acquisition Fee Percentage Of Purchase Price			1.75%
Finance Fee Percentage					0.25%
Selling Commission Percentage			50.00%
Building [Member] | Maximum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation			35 years
Building [Member] | Minimum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation			30 years
Building Improvements [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation			15 years
Land Improvements [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation			15 years
Furniture and Fixtures [Member] | Maximum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation			7 years
Furniture and Fixtures [Member] | Minimum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation			3 years
In Place Leases [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation			6 months
OP LTIP unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			5.95%
OP Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			1.47%
LTIP Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			4.48%

Real Estate Assets Held for S35

Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Expenses
Management fees	$ (4,185)	$ (1,004)
Loss on early extinguishment of debt	0	(880)
Income from discontinued operations	0	116
Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues	0	508
Expenses
Property operating expenses	0	(177)
Depreciation and amortization	0	(184)
Management fees	0	(8)
Interest expense, net	0	(149)
Loss on operations of rental property	0	(10)
Gain on sale of joint venture interest	0	1,006
Loss on early extinguishment of debt	0	(880)
Income from discontinued operations	$ 0	$ 116

Real Estate Assets Held for S36

Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests (Details Textual) - USD ($) $ in Thousands	Jan. 14, 2015	Dec. 10, 2014	Oct. 16, 2015	Dec. 18, 2014	Mar. 28, 2014	Dec. 31, 2015	Dec. 31, 2014
Real Estate Assets Held for Development and Sale [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest							42.20%
Prior To Restructuring [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest						100.00%
Berry Hill [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Sale of joint venture ownership percentage						25.10%
Fund III [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Sale of joint venture ownership percentage						28.40%
Fund III [Member] | Restructuring [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest							22.40%
Bemt Berry Hill [Member] | Restructuring [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest							19.80%
BR Creekside [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Sale of joint venture ownership percentage					24.70%
Disposition Fees					$ 100
Proceeds from Sale of Real Estate Gross					18,900
Payments for Mortgage on Real Estate Sold					13,500
Proceeds from Sale of Real Estate					1,200
Deferred Gain on Sale of Property					$ 1,000
Sale Of Joint Venture Real Estate Ownership Percentage					24.70%
BEMT Augusta, LLC [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Sale of joint venture ownership percentage		25.00%
Estates at Perimeter/Augusta [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Disposition Fees			$ 300
Proceeds from Sale of Real Estate Gross			18,200
Payments for Mortgage on Real Estate Sold			$ 11,500
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			100.00%
Net Proceeds From Divestiture Of Interest In Joint Venture		$ 1,700	$ 6,600
Gain On Sale Of Equity Interests		$ 600	$ 2,700
BRG Co-Owner [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Sale of joint venture ownership percentage		50.00%		40.00%
Waypoint Residential Services [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Sale Of Joint Venture Equity Interest For Unaffiliate		$ 26,000
BRG Grove [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Sale of joint venture ownership percentage				60.00%
Sale Of Joint Venture Real Estate Ownership Percentage				60.00%
BGF’s subsidiary BGF 23Hundred, LLC [Member] | Restructuring [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest							22.90%
SH 23Hundred TIC, LLC [Member] | Restructuring [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest							34.80%
Bluerock Growth Fund, LLC [Member] | Prior To Restructuring [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest						29.00%
Un Affiliated Third Party [Member] | Prior To Restructuring [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest						17.50%
BR Stonehenge 23Hundred JV, LLC [Member] | Prior To Restructuring [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest						100.00%
Fund II LLC [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Sale of joint venture ownership percentage		25.00%
Bel Hendersonville [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Sale Of Joint Venture Equity Interest For Unaffiliate				$ 37,700
Waterford [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Divestiture of Interest in Joint Venture				9,000
Gain On Sale Of Equity Interests				$ 3,500
Berry Hill General Partnership [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Disposition Fees						$ 100
Sale Of Joint Venture Equity Interest For Unaffiliate	$ 61,200
Net Proceeds From Divestiture Of Interest In Joint Venture	7,300
Gain On Sale Of Equity Interests	$ 11,300
Gain On Sale Of Equity Investments Pro Rata Basis						$ 5,300

Investments in Real Estate (Det

Investments in Real Estate (Details)	12 Months Ended
	Dec. 31, 2015USD ($)NumberInterger
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units | Number	1,824
Pro Forma Average Rent	$ 1,887	[1]
Alexan CityCentre, Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units | Number	340
Initial Occupancy	1Q 2017
Final Units to be Delivered	4Q 2017
Pro Forma Average Rent	$ 2,144	[1]
Alexan Southside Place, Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units | Number	269
Initial Occupancy	3Q 2017
Final Units to be Delivered	2Q 2018
Pro Forma Average Rent	$ 2,019	[1]
Cheshire Bridge, Atlanta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units | Number	285
Initial Occupancy	1Q 2017
Final Units to be Delivered	3Q 2017
Pro Forma Average Rent	$ 1,559	[1]
Domain, Garland, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units | Number	301
Initial Occupancy	2Q 2017
Final Units to be Delivered	2Q 2018
Pro Forma Average Rent	$ 1,425	[1]
Flagler Village Ft Lauderdale FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units | Number	384
Initial Occupancy	2Q 2018
Final Units to be Delivered	1Q 2019
Pro Forma Average Rent	$ 2,481	[1]
Lake Boone Trail Raleigh NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units | Number	245
Initial Occupancy	1Q 2018
Final Units to be Delivered	3Q 2018
Pro Forma Average Rent	$ 1,402	[1]
MDA Apartments, Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	190
Pro Forma Average Rent	$ 2,251	[2]
Date Build/Renovated	2,006	[3]
Ownership Interest	35.30%
% Occupied	92.00%	[4]
Enders at Baldwin Park, Orlando, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	220
Pro Forma Average Rent	$ 1,595	[2]
Date Build/Renovated	2,003	[3]
Ownership Interest	89.50%
% Occupied	97.00%	[4]
Whetstone Durham N C [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	204
Pro Forma Average Rent	$ 1,325	[2]
Date Build/Renovated	2,015	[3]
Ownership Interest	(6.00%)	[5]
% Occupied	73.00%	[4]
Park Kingston, Charlotte [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	168	[6]
Pro Forma Average Rent	$ 1,151	[2],[6]
Date Build/Renovated	2,015	[3],[6]
Ownership Interest	96.40%	[6]
% Occupied	91.00%	[4],[6]
Lansbrook Village, Palm Harbor, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	602
Pro Forma Average Rent	$ 1,182	[2]
Date Build/Renovated	2,004	[3]
Ownership Interest	90.00%
% Occupied	93.00%	[4]
ARIUM Grandewood, Orlando, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	306	[7]
Pro Forma Average Rent	$ 1,184	[2],[7]
Date Build/Renovated	2,005	[3],[7]
Ownership Interest	95.00%	[7]
% Occupied	97.00%	[4],[7]
Village Green of Ann Arbor, Ann Arbor, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	520
Pro Forma Average Rent	$ 1,167	[2]
Date Build/Renovated	2,013	[3]
Ownership Interest	48.60%
% Occupied	91.00%	[4]
Fox Hill, Austin, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	288
Pro Forma Average Rent	$ 1,145	[2]
Date Build/Renovated	2,010	[3]
Ownership Interest	94.60%
% Occupied	98.00%	[4]
Springhouse at Newport News, Newport News, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	432
Pro Forma Average Rent	$ 837	[2]
Date Build/Renovated	1,985	[3]
Ownership Interest	75.00%
% Occupied	93.00%	[4]
Average [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	4,625
Pro Forma Average Rent	$ 1,200
% Occupied	93.00%	[4]
EOS Orlando F L [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	296
Pro Forma Average Rent	$ 1,211	[2]
Date Build/Renovated	2,015	[3]
Ownership Interest	(6.00%)	[5]
% Occupied	51.00%	[4]
ARIUM Palms Orlando, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	252
Pro Forma Average Rent	$ 1,161	[2]
Date Build/Renovated	2,008	[3]
Ownership Interest	95.00%
% Occupied	94.00%	[4]
Ashton I Charlotte, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units | Interger	473	[8]
Pro Forma Average Rent	$ 968	[2],[8]
Date Build/Renovated	2012/2015	[3],[8]
Ownership Interest	100.00%	[8]
% Occupied	92.00%	[4],[8]
Sorrel Frisco TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units | Interger	352	[9]
Pro Forma Average Rent	$ 1,288	[2],[9]
Date Build/Renovated	2,015	[3],[9]
Ownership Interest	95.00%	[9]
% Occupied	77.00%	[4],[9]
Sovereign Fort Worth TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units | Interger	322
Pro Forma Average Rent	$ 1,265	[2]
Date Build/Renovated	2,015	[3]
Ownership Interest	95.00%
% Occupied	90.00%	[4]
[1]	Represents the average pro forma effective monthly rent per occupied unit for all expected occupied units upon stabilization.
[2]	Represents the average effective monthly rent per occupied unit for all occupied units for the three months ended December 31, 2015. The average rent for Whetstone, EOS and Sorrel, which are still in lease-up, is pro forma based on underwriting. Total concessions for the three months ended December 31, 2015 amounted to approximately $0.3 million.
[3]	Represents date of last significant renovation or year built if there were no renovations.
[4]	Percent occupied is calculated as (i) the number of units occupied as of December 31, 2015, divided by (ii) total number of units, expressed as a percentage, excluding Whetstone, EOS and Sorrel, which are still in lease-up.
[5]	EOS and Whetstone are currently preferred equity investments providing a stated investment return and both properties are in lease-up and average actual rents were $1,165 and $1,091, respectively, net of upfront lease-up concessions.
[6]	Park & Kingston is comprised of Park & Kingston and Park & Kingston II. We own 96.0% of 151 units of Park & Kingston acquired in March 2015 and 100.0% of 15 units of Park & Kingston II acquired in November 2015, for a combined ownership of 96.4%.
[7]	ARIUM Grandewood was formerly called ARIUM Grande Lakes.
[8]	Ashton Reserve is comprised of Ashton I and Ashton II.
[9]	Sorrel is in lease-up and average actual rents were $1,272, net of up-front lease-up concessions.

Consolidated Investments (Detai

Consolidated Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real Estate Property [Line Items]
Total Gross Real Estate Investments	$ 556,820	$ 284,464
Less: accumulated depreciation	23,437	10,992
Total	533,383	$ 288,411
ARIUM Grandewood [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	42,875
ARIUM Palms [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	36,633
Ashton Reserve [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	66,374
Enders Place at Baldwin Park [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	29,215
Fox Hill [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	37,479
Lansbrook Village [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	61,353
MDA Apartments [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	61,811
Park & Kingston [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	30,263
Sorrel [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	54,164
Sovereign [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	43,410
Springhouse at Newport News [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	35,731
Village Green of Ann Arbor [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	57,512
Land [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	65,057
Less: accumulated depreciation	0
Total	65,057
Land [Member] | ARIUM Grandewood [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	5,200
Land [Member] | ARIUM Palms [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	4,030
Land [Member] | Ashton Reserve [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	5,900
Land [Member] | Enders Place at Baldwin Park [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	5,453
Land [Member] | Fox Hill [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	4,180
Land [Member] | Lansbrook Village [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	7,224
Land [Member] | MDA Apartments [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	9,500
Land [Member] | Park & Kingston [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	3,360
Land [Member] | Sorrel [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	6,710
Land [Member] | Sovereign [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	2,800
Land [Member] | Springhouse at Newport News [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	6,500
Land [Member] | Village Green of Ann Arbor [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	4,200
Building and Building Improvements [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	474,608
Less: accumulated depreciation	20,046
Total	454,562
Building and Building Improvements [Member] | ARIUM Grandewood [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	36,915
Building and Building Improvements [Member] | ARIUM Palms [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	31,545
Building and Building Improvements [Member] | Ashton Reserve [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	58,636
Building and Building Improvements [Member] | Enders Place at Baldwin Park [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	22,281
Building and Building Improvements [Member] | Fox Hill [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	32,389
Building and Building Improvements [Member] | Lansbrook Village [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	52,331
Building and Building Improvements [Member] | MDA Apartments [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	51,558
Building and Building Improvements [Member] | Park & Kingston [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	26,438
Building and Building Improvements [Member] | Sorrel [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	44,607
Building and Building Improvements [Member] | Sovereign [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	38,480
Building and Building Improvements [Member] | Springhouse at Newport News [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	27,860
Building and Building Improvements [Member] | Village Green of Ann Arbor [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	51,568
Furniture, Fixtures and Equipment [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	17,155
Less: accumulated depreciation	3,391
Total	13,764
Furniture, Fixtures and Equipment [Member] | ARIUM Grandewood [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	760
Furniture, Fixtures and Equipment [Member] | ARIUM Palms [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	1,058
Furniture, Fixtures and Equipment [Member] | Ashton Reserve [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	1,838
Furniture, Fixtures and Equipment [Member] | Enders Place at Baldwin Park [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	1,481
Furniture, Fixtures and Equipment [Member] | Fox Hill [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	910
Furniture, Fixtures and Equipment [Member] | Lansbrook Village [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	1,798
Furniture, Fixtures and Equipment [Member] | MDA Apartments [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	753
Furniture, Fixtures and Equipment [Member] | Park & Kingston [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	465
Furniture, Fixtures and Equipment [Member] | Sorrel [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	2,847
Furniture, Fixtures and Equipment [Member] | Sovereign [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	2,130
Furniture, Fixtures and Equipment [Member] | Springhouse at Newport News [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	1,371
Furniture, Fixtures and Equipment [Member] | Village Green of Ann Arbor [Member]
Real Estate Property [Line Items]
Total Gross Real Estate Investments	$ 1,744

Consolidated Investments (Det39

Consolidated Investments (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate Accumulated Depreciation, Depreciation Expense	$ 12.4	$ 8.4
Amortization of Deferred Leasing Fees	3.8	4.5
Security Deposit Liability	$ 1.3	0.7
North Park Towers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Security Deposit Liability		$ 0.1

Acquisition of Real Estate (Det

Acquisition of Real Estate (Details) $ in Thousands	Dec. 31, 2015USD ($)
Preliminary Purchase Price Allocation
Land	$ 26,980
Building	207,842
Building improvements	11,638
Land improvements	12,593
Furniture and fixtures	8,740
In-place leases	5,389
Total assets acquired	273,182
Mortgages assumed	31,900
Fair value adjustments	1,042
Total liabilities acquired	$ 32,942

Acquisition of Real Estate (D41

Acquisition of Real Estate (Details 1) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Revenues		$ 44,255	$ 30,363
Net income (loss)		7,643	(6,558)
Net income (loss) attributable to BRG		635	(5,172)
Scenario, Previously Reported [Member]
Business Acquisition [Line Items]
Revenues		44,255	30,363
Net income (loss)		7,643	(6,558)
Net income (loss) attributable to BRG		$ 635	$ (5,172)
Earnings (loss) per share, basic and diluted (in dollars per share)	[1]	$ 0.04	$ (0.96)
Scenario, Adjustment [Member]
Business Acquisition [Line Items]
Revenues		$ 6,757	$ 18,026
Net income (loss)		(8,048)	(4,415)
Net income (loss) attributable to BRG		(7,887)	(4,274)
Pro Forma [Member]
Business Acquisition [Line Items]
Revenues		51,012	48,389
Net income (loss)		(405)	(10,973)
Net income (loss) attributable to BRG		$ (7,252)	$ (9,446)
Earnings (loss) per share, basic and diluted (in dollars per share)	[1]	$ (0.42)	$ (1.76)
[1]	Pro-forma earnings per share, both basic and diluted, are calculated based on the net income (loss) attributable to BRG.

Acquisition of Real Estate (D42

Acquisition of Real Estate (Details Textual)

Nov. 04, 2014USD ($)

Sep. 10, 2014USD ($)

Apr. 03, 2014USD ($)shares

Apr. 02, 2014USD ($)$ / sharesshares

Dec. 31, 2015USD ($)

Nov. 30, 2015USD ($)

Aug. 20, 2015USD ($)

May. 31, 2015USD ($)

Mar. 26, 2015USD ($)

Mar. 16, 2015USD ($)

Sep. 30, 2014

Jun. 30, 2014

May. 23, 2014USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Dec. 14, 2015USD ($)

Oct. 29, 2015USD ($)

Aug. 19, 2015USD ($)

May. 22, 2015$ / shares

Jan. 20, 2015$ / shares

Oct. 08, 2014$ / shares

Dec. 24, 2013USD ($)

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

100.00%

100.00%

Number of Real Estate Properties, Fee Simple

306

29

Business Combination, Consideration Transferred, Equity Interests Issued and Issuable

$ 2,600,000

Business Acquisition Indirect Ownership, Amount

$ 2,900,000

Aggregate Property Level Revenues And Recent Acquisitions

$ 28,200,000

Aggregate Property Level Net Income And Recent Acquisitions

4,100,000

Noncash or Part Noncash Acquisition, Debt Assumed

32,942,000

$ 116,800,000

IPO [Member]

Business Acquisition [Line Items]

Sale of Stock, Price Per Share | $ / shares

$ 14.50

Common Class A [Member]

Business Acquisition [Line Items]

Business Combination Disposition Fee

$ 300,000

Sale of Stock, Price Per Share | $ / shares

$ 13

$ 12.50

$ 11.90

BR Carroll Arium Grande Lakes Owner, LLC [Member]

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

$ 29,400,000

Business Combination, Consideration Transferred Cash and Order Closing Costs

1,200,000

Payments to Acquire Businesses, Gross

$ 14,400,000

BR Lansbrook JV [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred Cash and Order Closing Costs

$ 1,400,000

Fund III VG Interest in BRVG Ann Arbor JV [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

38.6084%

Fund II VG Interest in BRVG Ann Arbor JV [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

58.6084%

Bluerock Multifamily Advisor, LLC [Member]

Business Acquisition [Line Items]

Business Combination Disposition Fee Shares

19,343

BR Carroll Lansbrook JV, LLC [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

52.67%

Phase II [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

100.00%

Lansbrook [Member]

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

$ 3,700,000

$ 3,700,000

Minimum [Member] | Lansbrook [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

76.80%

Maximum [Member] | Lansbrook [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

90.00%

North Park Towers [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

100.00%

Number of Real Estate Properties, Fee Simple

313

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability

$ 11,500,000

Business Combination Disposition Fee

$ 500,000

Business Combination Disposition Fee Shares

32,276

North Park Towers [Member] | Bluerock Multifamily Advisor, LLC [Member]

Business Acquisition [Line Items]

Business Combination Disposition Fee

$ 400,000

Business Combination Disposition Fee Shares

26,897

North Park Towers [Member] | BR-NPT Springing Entity [Member]

Business Acquisition [Line Items]

Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares

282,759

Business Combination, Consideration Transferred, Equity Interests Issued and Issuable

$ 4,100,000

Village Green of Ann Arbor [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

50.00%

Village Green of Ann Arbor [Member] | Fund III VG Interest in BRVG Ann Arbor JV [Member] | Common Class A [Member]

Business Acquisition [Line Items]

Business Combination Disposition Fee Shares

11,523

Village Green of Ann Arbor [Member] | Fund II VG Interest in BRVG Ann Arbor JV [Member]

Business Acquisition [Line Items]

Business Combination Disposition Fee

$ 200,000

Village Green of Ann Arbor [Member] | Fund II VG Interest in BRVG Ann Arbor JV [Member] | Common Class A [Member]

Business Acquisition [Line Items]

Business Combination Disposition Fee

$ 300,000

Business Combination Disposition Fee Shares

23,322

Stock Issued During Period, Shares, Acquisitions | shares

293,042

Stock Issued During Period, Value, Acquisitions

$ 4,200,000

Village Green of Ann Arbor [Member] | Village Green Property [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

520

Village Green of Ann Arbor [Member] | Bluerock Multifamily Advisor, LLC [Member]

Business Acquisition [Line Items]

Business Combination Disposition Fee

$ 700,000

Business Combination Disposition Fee Shares

48,357

Village Green of Ann Arbor [Member] | Funds III Vg Interest In Ann Arbor Jv [Member] | Common Class A [Member]

Business Acquisition [Line Items]

Stock Issued During Period, Shares, Acquisitions | shares

193,042

Stock Issued During Period, Value, Acquisitions

$ 2,800,000

Additional Interest in Springhouse at Newport News [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

432

Additional Interest in Springhouse at Newport News [Member] | Fund I Spring house Interests In Br Spring house Managing Llc [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

49.00%

Business Combination Disposition Fee

$ 400,000

Additional Interest in Springhouse at Newport News [Member] | BR Hawthorne Springhouse JV [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

75.00%

Additional Interest in Springhouse at Newport News [Member] | Bluerock Multifamily Advisor, LLC [Member]

Business Acquisition [Line Items]

Business Combination Disposition Fee

$ 300,000

Business Combination Disposition Fee Shares

20,593

Spring House [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

38.25%

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability

$ 23,400,000

Payments to Acquire Real Estate

$ 3,500,000

Grove At Waterford [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

252

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability

$ 20,100,000

Grove At Waterford [Member] | Fund I Waterford Interest, in BR Waterford JV , LLC [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

10.00%

Business Combination Disposition Fee

$ 50,000

Payments to Acquire Real Estate

$ 600,000

Grove At Waterford [Member] | Bell BR Waterford Crossing JV, LLC [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

60.00%

Grove At Waterford [Member] | Fund II Waterford Interest [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

90.00%

Grove At Waterford [Member] | Fund II Waterford Interest [Member] | Common Class A [Member]

Business Acquisition [Line Items]

Business Combination Disposition Fee

$ 300,000

Business Combination Disposition Fee Shares

22,196

Stock Issued During Period, Shares, Acquisitions | shares

361,241

Stock Issued During Period, Value, Acquisitions

$ 5,200,000

Grove At Waterford [Member] | Bluerock Multifamily Advisor, LLC [Member]

Business Acquisition [Line Items]

Business Combination Disposition Fee

$ 500,000

Stock Issued During Period, Shares, Acquisitions | shares

30,828

Lansbrook Village [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

90.00%

Number of Real Estate Properties, Fee Simple

602

602

Business Combination, Consideration Transferred, Equity Interests Issued and Issuable

$ 5,400,000

Payments to Acquire Real Estate

8,800,000

Aggregate Indebtedness

$ 42,000,000

Percentage of Annual Capitalized Return

8.00%

Lansbrook Village [Member] | Palm Harbor, Florida [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

774

774

Lansbrook Village [Member] | Fund II BR Lansbrook [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

7.33%

Lansbrook Village [Member] | Bluerock Multifamily Advisor, LLC [Member]

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

$ 200,000

Enders [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

41.10%

89.50%

48.40%

Payments to Acquire Real Estate

$ 4,400,000

Business Acquisition Indirect Ownership, Amount

$ 8,000,000

Park Kingston Phase I Units [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

46.95%

Business Acquisition Indirect Ownership, Amount

$ 6,500,000

$ 6,300,000

Park Kingston Phase I Units [Member] | Phase I [Member]

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

27,850,000

Park Kingston Phase I Units [Member] | Minimum [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

46.95%

Park Kingston Phase I Units [Member] | Maximum [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

96.00%

Park Kingston Phase I Units [Member] | Senior Secured Mortgage Loan [Member]

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

$ 15,250,000

Fox Hill [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

85.27%

Business Acquisition Indirect Ownership, Amount

$ 1,100,000

$ 10,200,000

Fox Hill [Member] | Minimum [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

85.27%

Fox Hill [Member] | Maximum [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

94.62%

Business Acquisition Indirect Ownership, Amount

38,150,000

Fox Hill [Member] | Senior Secured Mortgage Loan [Member]

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

$ 26,710,000

ARIUM Palms [Member]

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

95.00%

Business Acquisition Indirect Ownership, Amount

$ 13,000,000

ARIUM Palms [Member] | Founded [Member]

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

37,000,000

ARIUM Palms [Member] | Senior Secured Mortgage Loan [Member]

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

$ 25,000,000

Ashton II [Member]

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

$ 21,800,000

$ 13,500,000

Ashton II [Member] | Founded [Member]

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

44,750,000

Ashton II [Member] | Senior Secured Mortgage Loan [Member]

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

$ 15,300,000

$ 31,900,000

Sorrel [Member]

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

$ 55,300,000

Long-term Investments, Total

17,700,000

Sorrel [Member] | Senior Secured Mortgage Loan [Member]

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

38,700,000

Sovereign [Member]

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

44,400,000

Long-term Investments, Total

15,200,000

Sovereign [Member] | Senior Secured Mortgage Loan [Member]

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

$ 28,900,000

Sorrel and Sovereign [Member]

Business Acquisition [Line Items]

Equity Method Investment, Ownership Percentage

95.00%

Investments in Unconsolidated43

Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 75,223	$ 18,331
Alexan CityCentre [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	6,505	6,505
Alexan Southside Place [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	17,322	0
Cheshire Bridge [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	16,360	0
Domain [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	3,806	0
EOS [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	3,629	3,629
Flagler Village [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	5,451	0
Lake Boone Trail [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	9,919	0
Villas at Oak Crest [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	0	3,170
Whetstone [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	12,231	0
Hundred Berry Hill [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	0	4,906
Others [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 0	$ 121

Investments in Unconsolidated44

Investments in Unconsolidated Real Estate Joint Ventures (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Income (Loss) From Equity Method Investments	$ 6,590	$ 1,066
Alexan CityCentre [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) From Equity Method Investments	976	388
Alexan Southside Place [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) From Equity Method Investments	1,996	0
Cheshire Bridge [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) From Equity Method Investments	1,383	0
Domain [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) From Equity Method Investments	64	0
EOS [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) From Equity Method Investments	544	230
Flagler Village [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) From Equity Method Investments	(5)	0
Lake Boone Trail [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) From Equity Method Investments	44	0
Villas at Oak Crest [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) From Equity Method Investments	489	322
Whetstone [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) From Equity Method Investments	1,131	0
Other [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) From Equity Method Investments	$ (32)	$ 126

Investments in Unconsolidated45

Investments in Unconsolidated Real Estate Joint Ventures (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Balance Sheets:
Real estate, net of depreciation	$ 132,265	$ 55,091
Real estate, net of depreciation, held for sale	0	31,334
Other assets	24,737	1,193
Other assets, held for sale	0	2,458
Total assets	157,002	90,076
Mortgages payable	55,066	19,820
Mortgage payable, held for sale	0	23,569
Other liabilities	5,018	2,812
Other liabilities, held for sale	0	1,026
Total liabilities	60,084	47,227
Members' equity	96,918	42,849
Total liabilities and members' equity	157,002	90,076
Operating Statement:
Rental revenues	2,765	7,214
Operating expenses	(2,776)	(3,190)
(Loss) income before debt service, acquisition costs, and depreciation and amortization	(11)	4,024
Interest expense, net	(756)	(1,648)
Acquisition costs	(66)	(2)
Depreciation and amortization	(2,009)	(1,970)
Operating (loss) income	(2,842)	404
Gain on sale	29,200	2,498
Net income	$ 26,358	$ 2,902

Investments in Unconsolidated46

Investments in Unconsolidated Real Estate Joint Ventures (Details Textual)

Apr. 07, 2015

Apr. 02, 2014USD ($)$ / sharesshares

Dec. 18, 2015USD ($)

Dec. 16, 2015USD ($)

Nov. 20, 2015USD ($)

May. 20, 2015

Jul. 29, 2014USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

May. 22, 2015$ / shares

Jan. 20, 2015$ / shares

Nov. 04, 2014

Oct. 08, 2014$ / shares

Jul. 31, 2014

May. 23, 2014

Equity Method Investment And Joint Venture [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

100.00%

100.00%

Number of Real Estate Properties, Fee Simple

306

29

Preferred ship Interest Return At Annual Rate

15.00%

Percentage Of Preferred ship Interest

70.00%

Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value

$ 17,300,000

Ground Lease Term

85 years

Debt Instrument, Description of Variable Rate Basis

base rate plus 1.25% or LIBOR plus 2.25%.

LIBOR plus 2.0%.

Proceeds from Construction Loans Payable

$ 38,100,000

Debt Instrument, Interest Rate Terms

one-month LIBOR plus 2.50%.

Common Class A [Member]

Equity Method Investment And Joint Venture [Line Items]

Business Combination Disposition Fee

$ 300,000

Sale of Stock, Price Per Share | $ / shares

$ 13

$ 12.50

$ 11.90

IPO [Member]

Equity Method Investment And Joint Venture [Line Items]

Sale of Stock, Price Per Share | $ / shares

$ 14.50

Bluerock Multifamily Advisor, LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Business Combination Disposition Fee Shares

19,343

Fund I [Member]

Equity Method Investment And Joint Venture [Line Items]

Equity Method Investment Capital Commitment Funded Amount

$ 5,600,000

BR Alexan [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

340

Preferred ship Interest Return At Annual Rate

15.00%

Equity Method Investment Capital Commitment Funded Amount

$ 6,500,000

Stonehenge 23Hundred JV ,LLC [Member] | Prior To Restructuring [Member]

Equity Method Investment And Joint Venture [Line Items]

Equity Method Investment, Ownership Percentage

17.50%

23Hundred, LLC member

Equity Method Investment And Joint Venture [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

100.00%

23Hundred@Berry Hill

Equity Method Investment And Joint Venture [Line Items]

Restructuring and Related Activities, Description

Following the restructuring, Berry Hill was owned in tenancy-in-common interests, adjusted for the promote interest, as follows: (i) BEMT Berry Hill and Fund III, through 23Hundred, LLC, hold a 42.2287% undivided tenant-in-common interest in Berry Hill (the Company, through BEMT Berry Hill, LLC, owns a 19.8% indirect equity interest and Fund III owns a 22.4% indirect equity interest); (ii) BGFs subsidiary, BGF 23Hundred, LLC, a Delaware limited liability company, holds a 22.9330% undivided tenant-in-common interest in Berry Hill; and (iii) Stonehenge 23Hundred JV Member LLCs subsidiary, SH 23Hundred TIC, LLC, a Delaware limited liability company, holds a 34.8383% undivided tenant-in-common interest in Berry Hill.

BRG Co-Owner [Member]

Equity Method Investment And Joint Venture [Line Items]

Equity Method Investment Capital Commitment Funded Amount

$ 17,700,000

BRG Whetstone Durham LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Bridge Loan

$ 25,200,000

BRG Whetstone Durham LLC [Member] | Common Class A [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

204

BRG Cheshire LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value

$ 16,400,000

Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage

100.00%

BRG Cheshire LLC [Member] | Common Class A [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

285

BRG Oak Crest, LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

93.432%

BR Oak Crest Villas, LLC, [Member]

Equity Method Investment And Joint Venture [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

71.90%

Oak Crest Villas JV, LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

100.00%

Number of Real Estate Properties, Fee Simple

209

Oak Crest Interest [Member]

Equity Method Investment And Joint Venture [Line Items]

Stock Issued During Period, Shares, Acquisitions | shares

200,143

Stock Issued During Period, Value, Acquisitions

$ 2,900,000

Fund II, Oak Crest Interest, in BR Oak Crest Villas, LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Business Combination Disposition Fee

$ 200,000

Fund II, Oak Crest Interest, in BR Oak Crest Villas, LLC [Member] | Common Class A [Member]

Equity Method Investment And Joint Venture [Line Items]

Business Combination Disposition Fee Shares

15,474

Berry Hill [Member] | Prior To Restructuring [Member]

Equity Method Investment And Joint Venture [Line Items]

Equity Method Investment, Ownership Percentage

25.10%

Alexan CityCentre [Member]

Equity Method Investment And Joint Venture [Line Items]

Long-term Purchase Commitment, Amount

$ 6,500,000

Equity Method Investment, Ownership Percentage

100.00%

BGF [Member]

Equity Method Investment And Joint Venture [Line Items]

Long-term Purchase Commitment, Amount

$ 8,800,000

Equity Method Investment, Ownership Percentage

49.95%

BGF [Member] | Prior To Restructuring [Member]

Equity Method Investment And Joint Venture [Line Items]

Equity Method Investment, Ownership Percentage

29.00%

UCF or lando [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

296

Preferred Return On Investment, Percentage

100.00%

Long-term Purchase Commitment, Amount

$ 3,600,000

Preferred ship Interest Return At Annual Rate

15.00%

Equity Method Investment Capital Commitment Funded Amount

$ 3,600,000

Percent Reduction In Outstanding Capital Contributions

20.00%

BRG Southside LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage

100.00%

BRG Southside LLC [Member] | Common Class A [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

269

Bank of America [Member]

Equity Method Investment And Joint Venture [Line Items]

Debt Instrument, Description of Variable Rate Basis

1.25% or LIBOR plus 2.25%.

Fund II LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Long-term Purchase Commitment, Amount

$ 5,400,000

Equity Method Investment, Ownership Percentage

30.61%

Fund III LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Long-term Purchase Commitment, Amount

$ 3,400,000

Equity Method Investment, Ownership Percentage

19.44%

Fund III LLC [Member] | Prior To Restructuring [Member]

Equity Method Investment And Joint Venture [Line Items]

Equity Method Investment, Ownership Percentage

28.40%

Acquisition of Phase 1 Interest [Member]

Equity Method Investment And Joint Venture [Line Items]

Capital Commitment

$ 18,600,000

Percentage of Acquire Preferred Equity Interests

100.00%

Funded Amount

$ 3,800,000

Acquisition of Phase 1 Interest [Member] | Common Class A [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

301

Acquisition of Flagler Village Interest [Member]

Equity Method Investment And Joint Venture [Line Items]

Capital Commitment

$ 46,800,000

Funded Amount

$ 5,500,000

Acquisition of Flagler Village Interest [Member] | Common Class A [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

384

Acquisition of Lake Boone Trail [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

245

Capital Commitment

$ 16,800,000

Percentage of Acquire Preferred Equity Interests

100.00%

Funded Amount

$ 9,900,000

Mortgages Payable (Details)

Mortgages Payable (Details) - USD ($) $ in Thousands

Dec. 14, 2015

Nov. 04, 2014

Dec. 03, 2009

Dec. 16, 2015

Oct. 29, 2015

Aug. 20, 2015

Aug. 19, 2015

Mar. 26, 2015

Mar. 16, 2015

Mar. 21, 2014

Dec. 24, 2013

Dec. 31, 2015

Dec. 31, 2014

Line of Credit Facility [Line Items]

Fixed/Floating

one-month LIBOR plus 2.50%.

Mortgages [Member]

Line of Credit Facility [Line Items]

Total Outstanding Principal

$ 382,017

$ 200,469

Fair value adjustments

1,620

874

Total continuing operations

383,637

201,343

Total

383,637

212,843

Spring House [Member]

Line of Credit Facility [Line Items]

Maturity Date

Jan. 1, 2020

Spring House [Member] | Mortgages [Member]

Line of Credit Facility [Line Items]

Total Outstanding Principal

$ 22,176

22,515

Interest Rate

5.66%

Fixed/Floating

Fixed

Maturity Date

Jan. 1, 2020

Enders Place at Baldwin Park [Member] | Mortgages [Member]

Line of Credit Facility [Line Items]

Total Outstanding Principal

[1]

$ 25,155

25,475

Interest Rate

[1]

4.30%

Fixed/Floating

[1]

Fixed

Maturity Date

[1]

Nov. 1, 2022

MDA Apartments [Member] | Mortgages [Member]

Line of Credit Facility [Line Items]

Total Outstanding Principal

$ 37,600

37,600

Interest Rate

5.35%

Fixed/Floating

Fixed

Maturity Date

Jan. 1, 2023

Village Green Ann Arbor [Member] | Mortgages [Member]

Line of Credit Facility [Line Items]

Total Outstanding Principal

$ 42,326

43,078

Interest Rate

3.92%

Fixed/Floating

Fixed

Maturity Date

Oct. 1, 2022

Lansbrook Village [Member]

Line of Credit Facility [Line Items]

Interest Rate

3.38%

Maturity Date

Mar. 31, 2018

Lansbrook Village [Member] | Mortgages [Member]

Line of Credit Facility [Line Items]

Total Outstanding Principal

$ 43,628

42,357

Interest Rate

4.41%

Fixed/Floating

[2]

Blended

Maturity Date

Mar. 31, 2018

ARIUM Grandewood [Member]

Line of Credit Facility [Line Items]

Maturity Date

Dec. 1, 2024

ARIUM Grandewood [Member] | Mortgages [Member]

Line of Credit Facility [Line Items]

Total Outstanding Principal

$ 29,444

29,444

Interest Rate

1.91%

Fixed/Floating

[3]

Floating

Maturity Date

Dec. 1, 2024

North Park Towers [Member]

Line of Credit Facility [Line Items]

Maturity Date

Jan. 6, 2024

North Park Towers [Member] | Mortgages [Member]

Line of Credit Facility [Line Items]

Total Outstanding Principal

$ 0

11,500

Fox Hills [Member]

Line of Credit Facility [Line Items]

Maturity Date

Apr. 1, 2022

Fox Hills [Member] | Mortgages [Member]

Line of Credit Facility [Line Items]

Total Outstanding Principal

$ 26,705

0

Interest Rate

3.57%

Fixed/Floating

Fixed

Maturity Date

Apr. 1, 2022

Park Kingston [Member]

Line of Credit Facility [Line Items]

Maturity Date

Apr. 1, 2020

Park Kingston [Member] | Mortgages [Member]

Line of Credit Facility [Line Items]

Total Outstanding Principal

$ 15,250

0

Interest Rate

3.21%

Fixed/Floating

Fixed

Maturity Date

Apr. 1, 2020

ARIUM Palms [Member]

Line of Credit Facility [Line Items]

Maturity Date

Sep. 1, 2022

ARIUM Palms [Member] | Mortgages [Member]

Line of Credit Facility [Line Items]

Total Outstanding Principal

$ 24,999

0

Interest Rate

2.46%

Fixed/Floating

[4]

Floating

Maturity Date

Sep. 1, 2022

Ashton I [Member]

Line of Credit Facility [Line Items]

Maturity Date

Dec. 1, 2025

Ashton I [Member] | Mortgages [Member]

Line of Credit Facility [Line Items]

Total Outstanding Principal

$ 31,900

0

Interest Rate

4.67%

Fixed/Floating

Fixed

Maturity Date

Dec. 1, 2025

Ashton II [Member]

Line of Credit Facility [Line Items]

Maturity Date

Jan. 1, 2026

Ashton II [Member] | Mortgages [Member]

Line of Credit Facility [Line Items]

Total Outstanding Principal

$ 15,270

0

Interest Rate

2.92%

Fixed/Floating

[5]

Floating

Maturity Date

Jan. 1, 2026

Sorrel [Member]

Line of Credit Facility [Line Items]

Interest Rate

2.53%

Maturity Date

May 1, 2023

Sorrel [Member] | Mortgages [Member]

Line of Credit Facility [Line Items]

Total Outstanding Principal

$ 38,684

0

Interest Rate

2.53%

Fixed/Floating

[6]

Floating

Maturity Date

May 1, 2023

Sovereign [Member]

Line of Credit Facility [Line Items]

Maturity Date

Nov. 10, 2022

Sovereign [Member] | Mortgages [Member]

Line of Credit Facility [Line Items]

Total Outstanding Principal

$ 28,880

$ 0

Interest Rate

3.46%

Fixed/Floating

Fixed

Maturity Date

Nov. 10, 2022

[1]

The principal includes a $17.2 million loan at a 3.97% interest rate and an $8.0 million supplemental loan at a 5.01% interest rate.

[2]

The principal balance includes the initial advance of $42.0 million at a fixed rate of 4.45% and an additional advance of $1.6 million that bears interest at a floating rate of three-month LIBOR plus 3.00%. At December 31, 2015, the additional advance had an interest rate of 3.38%.

[3]

ARIUM Grandewood Senior Loan bears interest at a floating rate of 1.67% plus one-month LIBOR. At December 31, 2015, the interest rate was 1.91%.

[4]

ARIUM Palms loan bears interest at a floating rate of 2.22% plus one-month LIBOR. At December 31, 2015, the interest rate was 2.46%.

[5]

Ashton II loan bears interest at a floating rate of 2.62% plus one-month LIBOR. At December 31, 2015, the interest rate was 2.92%.

[6]

Sorrel loan bears interest at a floating rate of 2.29% plus one-month LIBOR. At December 31, 2015, the interest rate was 2.53%.

Mortgages Payable (Details 1)

Mortgages Payable (Details 1) $ in Thousands	Dec. 31, 2015USD ($)
Debt Disclosure [Abstract]
2,016	$ 2,622
2,017	3,514
2,018	45,755
2,019	4,701
2,020	41,268
Thereafter	284,157
Long-term Debt	382,017
Add: Unamortized fair value debt adjustment	1,620
Total	$ 383,637

Mortgages Payable (Details Text

Mortgages Payable (Details Textual) - USD ($)

Dec. 14, 2015

Apr. 07, 2015

Nov. 04, 2014

Sep. 10, 2014

Oct. 02, 2012

Sep. 12, 2012

Dec. 03, 2009

Oct. 29, 2015

Aug. 20, 2015

Aug. 19, 2015

May. 20, 2015

Mar. 26, 2015

Mar. 16, 2015

Mar. 21, 2014

Dec. 24, 2013

Dec. 17, 2012

Dec. 31, 2015

Dec. 31, 2014

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 42,000,000

Debt Instrument, Description of Variable Rate Basis

base rate plus 1.25% or LIBOR plus 2.25%.

LIBOR plus 2.0%.

Real Estate Investments, Net, Total

$ 533,383,000

$ 288,411,000

Spring House [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 23,400,000

Debt Instrument, Maturity Date

Jan. 1, 2020

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

5.66%

Percentage Of Prepayment Premium

1.00%

Mda [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 37,600,000

Debt Instrument, Maturity Date

Jan. 1, 2023

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

5.35%

Percentage Of Prepayment Premium

1.00%

Debt Instrument, Periodic Payment, Principal

$ 209,964

Enders [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 17,500,000

Debt Instrument, Maturity Date

Nov. 1, 2022

Nov. 1, 2022

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

3.97%

Percentage Of Prepayment Premium

1.00%

Debt Instrument, Periodic Payment, Principal

$ 83,245

Enders [Member] | Loans Payable [Member]

Line of Credit Facility [Line Items]

Debt Instrument, Face Amount

$ 17,200,000

Debt Instrument, Interest Rate, Stated Percentage

3.97%

Enders [Member] | Supplemental Loan [Member]

Line of Credit Facility [Line Items]

Debt Instrument, Face Amount

$ 8,000,000

Debt Instrument, Interest Rate, Stated Percentage

5.01%

Secured Long-term Debt, Noncurrent

$ 8,000,000

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

5.01%

Percentage Of Prepayment Premium

1.00%

Debt Instrument, Periodic Payment, Principal

$ 42,995

Village Green [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 43,200,000

Debt Instrument, Maturity Date

Oct. 1, 2022

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

3.92%

Percentage Of Prepayment Premium

1.00%

Debt Instrument, Periodic Payment, Principal

$ 204,256

Lansbrook [Member]

Line of Credit Facility [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

3.38%

Secured Long-term Debt, Noncurrent

$ 48,000,000

Debt Instrument, Maturity Date

Mar. 31, 2018

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

4.45%

Debt Instrument, Description of Variable Rate Basis

three-month LIBOR plus 3.00%

Debt Instrument, Fee Amount

$ 240,000

Lansbrook [Member] | Initial Advance [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

42,000,000

Lansbrook [Member] | Additional borrowing [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 6,000,000

Lansbrook [Member] | Supplemental Loan [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 1,600,000

ARIUM Grandewood [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 29,440,000

Debt Instrument, Maturity Date

Dec. 1, 2024

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

5.00%

Percentage Of Prepayment Premium

1.00%

Debt Instrument, Description of Variable Rate Basis

bears interest at a floating rate of LIBOR plus 1.67%, with interest-only payments due for the entire loan term

North Park Towers [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 11,500,000

Debt Instrument, Maturity Date

Jan. 6, 2024

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

5.65%

Percentage Of Unpaid Outstanding Principal Balance

4.00%

Park Kingston [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 15,250,000

Debt Instrument, Maturity Date

Apr. 1, 2020

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

3.21%

Percentage Of Prepayment Premium

1.00%

Fox Hills [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 26,700,000

Debt Instrument, Maturity Date

Apr. 1, 2022

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

3.57%

Percentage Of Prepayment Premium

0.00%

Long-term Debt, Description

During the first 60 months of the term, the loan may be prepaid at any time with at least 30 business days prior notice and the payment of a prepayment premium equal to the greater of (i) 1% of the principal balance and (ii) a yield maintenance amount calculated as set forth in the loan agreement. After the first 60 months of the term through the fourth month prior to the end of the term, the loan may be prepaid at any time with at least 30 business days prior notice and the payment of a prepayment premium equal to 1% of the principal balance, and thereafter, the loan may be prepaid at any time at par. The loan is nonrecourse to the Company and the Fox Hill Borrower with recourse carve-outs for certain deeds, acts or failures to act on the part of the Company and the Fox Hill Borrower, or any of its officers, members, managers or employees.

ARIUM Palms [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 25,000,000

Debt Instrument, Maturity Date

Sep. 1, 2022

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

2.22%

Percentage Of Prepayment Premium

1.00%

Debt Instrument, Description of Variable Rate Basis

loan bears interest at a floating rate of 2.22% plus one-month LIBOR

Ashton I Charlotte, NC [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 31,900,000

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

4.67%

Percentage Of Prepayment Premium

1.00%

Sorrel [Member]

Line of Credit Facility [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

2.53%

Secured Long-term Debt, Noncurrent

$ 38,700,000

Debt Instrument, Maturity Date

May 1, 2023

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

2.29%

Percentage Of Prepayment Premium

1.00%

Debt Instrument, Description of Variable Rate Basis

loan bears interest at a floating rate of 2.29% plus one-month LIBOR

Sovereign [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 28,900,000

Debt Instrument, Maturity Date

Nov. 10, 2022

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

3.46%

Percentage Of Prepayment Premium

1.00%

Ashton II [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 15,300,000

Debt Instrument, Maturity Date

Jan. 1, 2026

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

2.62%

Percentage Of Prepayment Premium

1.00%

5.00%

Debt Instrument, Description of Variable Rate Basis

loan bears interest at a floating rate of 2.62% plus one-month LIBOR

Ashton I [Member]

Line of Credit Facility [Line Items]

Debt Instrument, Maturity Date

Dec. 1, 2025

Line of Credit (Details Textual

Line of Credit (Details Textual) $ in Millions	Jan. 02, 2014USD ($)
Line of Credit Facility [Line Items]
Line Of Credit, Current	$ 7.6

Fair Value Measurement Financ51

Fair Value Measurement Financial Instruments (Details Textual) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage Payable At Carrying Value	$ 383.6	$ 212.8
Interest Rate Derivative Liabilities, at Fair Value	$ 387.1	$ 215.8

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Total related-party amounts payable	$ 1,351	$ 1,643
Former Advisor [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	0	1,180
Manager [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	1,351	463
Asset management and oversight fees [Member] | Former Advisor [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	0	404
Acquisition fees and disposition fees [Member] | Former Advisor [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	0	740
Financing fees [Member] | Former Advisor [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	0	36
Operating Expense Reimbursements and Direct Expense Reimbursements [Member] | Manager [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	218	7
Base management fee [Member] | Manager [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	1,133	310
Incentive fee [Member] | Manager [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	$ 0	$ 146

Related Party Transactions (D53

Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Jul. 02, 2015	May. 14, 2015	Apr. 03, 2014	Apr. 02, 2014	Nov. 18, 2015	May. 31, 2015	Apr. 30, 2015	Mar. 26, 2015	Mar. 16, 2015	Feb. 18, 2015	Oct. 21, 2013	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 30, 2015	Jan. 02, 2014
Related Party Transaction [Line Items]
Line of credit outstanding																						$ 7,600
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value																		$ 17,300
Acquisition And Disposition Expenses																			$ 5,700
Sales Price Percentage											1.50%
Selling Commission Percentage											50.00%							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%
Oversight Fee Percentage																		1.00%
Related Party Transaction Acquisition Fee Percentage																				2.50%
Base Management Fee Expense																		$ 3,300	$ 700
Preferred Stock, Shares Issued												0				0		0	0
Preferred Stock, Par Or Stated Value Per Share (in dollars per share)												$ 0.01				$ 0.01		$ 0.01	$ 0.01
Due From Affiliates Excluding Former Advisor												$ 900				$ 900		$ 900	$ 600
Compensation Percent Of Stockholders Equity												0.25%				0.25%		0.25%
Management Agreement, Agreement Termination Minimum Stockholders Equity												$ 250,000				$ 250,000		$ 250,000
Compensation Incentive Fee Product Percentage												20.00%				20.00%		20.00%
Compensation Incentive Fee Base Percentage												8.00%				8.00%		8.00%
Due to Affiliates Excluding Manager and Former Advisor												$ 100				$ 100		$ 100	300
Incentive Fee Expense													$ 700						150
Management Fee Expense																		$ 900	1,000
Long Term Incentive Plan Units Issued		67,837								10,896
Share Price												$ 11.85				$ 11.85		$ 11.85
Long Term Incentive Plan Units Vested							59,854
Business Acquisition Indirect Ownership, Amount																					$ 2,900
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest				100.00%														100.00%
Due to Related Parties												$ 1,351				$ 1,351		$ 1,351	$ 1,643
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	283,390				77,497
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures, Total																300
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Due to Related Parties												$ 1,180				$ 1,180		1,180
Allocated Share-based Compensation Expense																		$ 1,000
Long-term Incentive Plan Units [Member]
Related Party Transaction [Line Items]
Common Stock Closing Share Price																		$ 11.85
Long Term Incentive Plan Units Granted																		179,562	179,562
Share Price												$ 11.85				$ 11.85		$ 11.85
Stock Issued During Period, Shares, Share-based Compensation, Gross												95,649						59,077
Partners' Capital Account, Units, Sale of Units, Total																		108,119
October 2014 Follow-On Offering [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party																			$ 200
Manager [Member]
Related Party Transaction [Line Items]
Incentive Fee Expense														$ 900
Due to Related Parties												$ 1,351				$ 1,351		$ 1,351	463
Villas at Oak Crest [Member]
Related Party Transaction [Line Items]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value																		300
Park Kingston Phase I Units [Member]
Related Party Transaction [Line Items]
Business Acquisition Indirect Ownership, Amount						$ 6,500			$ 6,300
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest									46.95%
Fox Hill [Member]
Related Party Transaction [Line Items]
Business Acquisition Indirect Ownership, Amount						$ 1,100		$ 10,200
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest								85.27%
North Park Towers [Member]
Related Party Transaction [Line Items]
Management Fee Expense																		100	$ 100
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest			100.00%
Lansbrook [Member]
Related Party Transaction [Line Items]
Business Acquisition Indirect Ownership, Amount												$ 3,700				$ 3,700		$ 3,700
Bluerock Multifamily Advisor, LLC [Member]
Related Party Transaction [Line Items]
Reimbursement Of Organizational And Offering Costs															$ 500
Advisory Agreement [Member]
Related Party Transaction [Line Items]
Sales Price Percentage											1.50%
Preferred Stock, Shares Issued																			1,000
Preferred Stock, Par Or Stated Value Per Share (in dollars per share)																			$ 0.01
Preferred Stock, Dividend Rate, Percentage																			8.00%
Fund II [Member]
Related Party Transaction [Line Items]
Repayments of Related Party Debt																	$ 300
Former Advisor [Member]
Related Party Transaction [Line Items]
Acquisition And Disposition Expenses																			$ 2,200
Common Class A [Member]
Related Party Transaction [Line Items]
Compensation Percent Of Stockholders Equity												1.50%				1.50%		1.50%
Minimum [Member]
Related Party Transaction [Line Items]
Percentage Of Financing Fees Receivable											0.25%
Selling Commission Percentage																		50.00%
Minimum [Member] | Park Kingston Phase I Units [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest						46.95%
Minimum [Member] | Fox Hill [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest						85.27%
Minimum [Member] | Lansbrook [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest																		76.80%
Maximum [Member]
Related Party Transaction [Line Items]
Percentage Of Financing Fees Receivable											1.00%
Maximum [Member] | Park Kingston Phase I Units [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest						96.00%
Maximum [Member] | Fox Hill [Member]
Related Party Transaction [Line Items]
Business Acquisition Indirect Ownership, Amount								$ 38,150
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest						94.62%
Maximum [Member] | Lansbrook [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest																		90.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) from continuing operations attributable to common stockholders		$ 635	$ (5,288)
Dividends on restricted stock expected to vest		(16)	(7)
Basic net income (loss) from continuing operations attributable to common stockholders		619	(5,295)
Basic net income from discontinued operations attributable to common stockholders		$ 0	$ 116
Weighted average common shares outstanding (in shares)	[1],[2]	17,404,348	5,381,787
Potential dilutive shares (in shares)	[3]	12,850	0
Weighted average common shares outstanding and potential dilutive shares (in shares)	[1]	17,417,198	5,381,787
Income (loss) per common share, basic
Continuing operations (in dollars per share)	[2]	$ 0.04	$ (0.98)
Discontinued operations (in dollars per share)	[2]	0	0.02
Income (loss) per common share, basic (in dollars per share)	[2]	0.04	(0.96)
Income (loss) per common share, diluted
Continuing operations (in dollars per share)	[2]	0.04	(0.98)
Discontinued operations (in dollars per share)	[2]	0	0.02
Income (loss) per common share, diluted (in dollars per share)	[2]	$ 0.04	$ (0.96)
[1]	For 2015 and 2014, amounts relate to shares of the Company’s Class A, B-1, B-2, B-3 common stock and LTIP Units outstanding.
[2]	Share and per share amounts have been restated to reflect the effects of two reverse stock splits of the Company’s Class B common stock, which occurred during the first quarter of 2014. See Note 1, "Organization and Nature of Business" and Note 12, "Stockholders' Equity" for further discussion.
[3]	Excludes 5,280 shares of Class B common stock and 212,263 OP Units for the year ended December 31, 2014 related to non-vested restricted stock and OP Units, as the effect would be anti-dilutive.

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - $ / shares		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non Vested shares, Balance (in shares)	[1]	3,956	6,593
Non Vested shares, Granted (in shares)	[1]	15,000	0
Non Vested shares, Vested (in shares)	[1]	(4,480)	(2,637)
Non Vested shares, Forfeited (in shares)	[1]	0	0
Non Vested shares, Balance (in shares)	[1]	14,476	3,956
Weighted average grant-date fair value, Balance (in dollars)	[1]	$ 90	$ 150
Weighted average grant-date fair value, Granted (in dollars)	[1]	197	0
Weighted average grant-date fair value, Vested (in dollars)	[1]	(78)	(60)
Weighted average grant-date fair value, Forfeited (in dollars)	[1]	0	0
Weighted average grant-date fair value, Balance (in dollars)	[1]	$ 209	$ 90
[1]	The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed above.

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	$ 7,171	$ 5,974	$ 5,250	$ 4,006	$ 22,401
Distributions Paid	6,008	5,931	4,628	3,560	$ 20,127
Common Class A [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	5,568	5,500	4,852	3,554
Distributions Paid	5,568	5,465	4,236	3,073
Common Class B-1 [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared				68
Distributions Paid				103
Common Class B-2 [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared		68	103	103
Distributions Paid		103	103	103
Common Class B-3 [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	103	103	103	103
Distributions Paid	103	103	103	103
Operating Partnership Units [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	84	82	82	82
Distributions Paid	82	82	82	82
Long-term Incentive Plan Units [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	263	221	110	96
Distributions Paid	255	$ 178	$ 104	$ 96
Series A Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,153
Distributions Paid	$ 0

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)

Oct. 07, 2015

Jul. 10, 2015

Jul. 02, 2015

Apr. 10, 2015

Jan. 09, 2015

Oct. 10, 2014

Oct. 08, 2014

Jul. 10, 2014

Apr. 08, 2014

Apr. 02, 2014

Sep. 09, 2013

Aug. 05, 2013

Mar. 13, 2013

Oct. 21, 2015

Sep. 19, 2015

May. 22, 2015

Mar. 24, 2015

Mar. 23, 2015

Jan. 20, 2015

Dec. 27, 2013

Dec. 31, 2015

Dec. 31, 2015

Dec. 31, 2014

Dec. 17, 2015

May. 28, 2015

Class of Stock [Line Items]

Share- Based Compensation Restricted Stock Issued To Directors (in shares)

2,500

5,000

Restricted Stock Vested Percentage One

20.00%

Restricted Stock Vested Percentage Two

20.00%

Unrecognized Stock Based Compensation

$ 142,000

Common Stock, Dividends, Per Share, Declared

$ 0.29

$ 0.29

Proceeds From Issuance Of Common Stock

$ 32,900,000

$ 22,600,000

$ 131,321,000

$ 76,864,000

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

100.00%

100.00%

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

[1]

15,000

0

Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition

2 years 2 months 12 days

Share Price

$ 11.85

$ 11.85

Stock Issued During Period, Value, New Issues

$ 131,321,000

$ 92,055,000

December 2014 Shelf Registration Statement Offering [Member]

Class of Stock [Line Items]

Preferred Stock, Capital Shares Reserved for Future Issuance

150,000

Public Offering [Member]

Class of Stock [Line Items]

Shares Issued, Price Per Share

$ 25

Stock Issued During Period, Value, New Issues

$ 69,200,000

General and Administrative Expense [Member]

Class of Stock [Line Items]

Allocated Share-based Compensation Expense

$ 1,000,000

Bluerock Residential Growth REIT, Inc [Member]

Class of Stock [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

100.00%

OP And LTIP Unit holders [Member]

Class of Stock [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

5.95%

9.87%

OP Unit holders [Member]

Class of Stock [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

1.47%

4.59%

Partners' Capital Account, Units, Beginning Balance

305,568

305,568

282,759

LTIP Unit holders [Member]

Class of Stock [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

4.48%

5.28%

Partners' Capital Account, Units, Beginning Balance

932,394

932,394

325,578

Common Class A One [Member]

Class of Stock [Line Items]

Common Stock, Dividends, Per Share, Declared

$ 0.29

$ 0.29

$ 0.29

$ 0.29

$ 0.05945211

$ 0.096667

Dividends Payable, Date of Record

Nov. 25, 2015

Jul. 25, 2015

Apr. 25, 2015

Jan. 25, 2015

Oct. 25, 2014

May 25, 2014

Feb. 3, 2014

Dec. 25, 2015

Dividends Payable, Date to be Paid

Aug. 5, 2015

May 5, 2015

Feb. 5, 2015

Nov. 5, 2014

Jan. 31, 2014

Jan. 5, 2016

Common Class A One [Member] | Monthly Dividends [Member]

Class of Stock [Line Items]

Common Stock, Dividends, Per Share, Declared

$ 0.096667

$ 0.096666

$ 0.096666

$ 0.096666

$ 0.05369868

$ 0.096666

Dividends Payable, Date of Record

Jul. 25, 2015

Apr. 25, 2015

Jan. 25, 2015

Oct. 25, 2014

Jan. 25, 2016

Dividends Payable, Date to be Paid

Feb. 28, 2014

Common Class A Two [Member]

Class of Stock [Line Items]

Dividends Payable, Date of Record

Dec. 25, 2015

Aug. 25, 2015

May 25, 2015

Feb. 25, 2015

Nov. 25, 2014

Jan. 25, 2016

Dividends Payable, Date to be Paid

Sep. 4, 2015

Jun. 5, 2015

Mar. 5, 2015

Dec. 5, 2014

Feb. 5, 2016

Common Class A Two [Member] | Monthly Dividends [Member]

Class of Stock [Line Items]

Dividends Payable, Date of Record

Aug. 25, 2015

Feb. 25, 2015

Nov. 25, 2014

Common Class A Three [Member]

Class of Stock [Line Items]

Dividends Payable, Date of Record

Sep. 25, 2015

Dec. 25, 2014

Common Class A Three [Member] | Monthly Dividends [Member]

Class of Stock [Line Items]

Dividends Payable, Date of Record

Mar. 25, 2015

Dec. 25, 2014

Common Class B One [Member]

Class of Stock [Line Items]

Common Stock, Dividends, Per Share, Declared

$ 0.4010

Dividends Payable, Date of Record

Jun. 25, 2015

Mar. 25, 2015

Aug. 25, 2014

May 25, 2014

Dividends Payable, Date to be Paid

Nov. 5, 2015

Oct. 5, 2015

Jul. 2, 2015

Apr. 5, 2015

Jan. 5, 2015

Sep. 5, 2014

Jun. 5, 2014

Conversion of Stock, Shares Converted

353,630

Common Class B One [Member] | Monthly Dividends [Member]

Class of Stock [Line Items]

Common Stock, Dividends, Per Share, Declared

$ 0.096666

$ 0.096667

$ 0.096667

$ 0.096667

$ 0.096667

Dividends Payable, Date of Record

Sep. 25, 2015

Jun. 25, 2015

Feb. 25, 2016

Common Class B Two [Member]

Class of Stock [Line Items]

Dividends Payable, Date of Record

Sep. 25, 2014

Jun. 25, 2014

Dec. 24, 2015

Dividends Payable, Date to be Paid

Dec. 4, 2015

Oct. 5, 2014

Jul. 5, 2014

Conversion of Stock, Shares Converted

353,630

Common Class B Two [Member] | Monthly Dividends [Member]

Class of Stock [Line Items]

Dividends Payable, Date of Record

May 25, 2015

Mar. 24, 2016

Common Class B Three [Member]

Class of Stock [Line Items]

Dividends Payable, Date to be Paid

Jan. 5, 2016

Jan. 5, 2016

Common Class A [Member]

Class of Stock [Line Items]

Common Stock, Dividends, Per Share, Declared

$ 0.29

$ 0.096666

$ 0.096666

Proceeds From Issuance Of Common Stock

$ 77,600,000

$ 53,700,000

Stockholders' Equity, Reverse Stock Split

immediately prior to the listing, including shares sold in its continuous registered offering, was changed into one-third of a share of each of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. Following the filing of the Second Charter Amendment, the Company effected a 2.264881-to-1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, the Company effected an additional 1.0045878-to-1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock.

Dividends Payable, Date of Record

Oct. 25, 2015

Jul. 25, 2014

Apr. 25, 2014

Oct. 25, 2015

Dividends Payable, Date to be Paid

Aug. 5, 2014

May 5, 2014

Stock Issued During Period, Shares, New Issues

6,348,000

4,600,000

3,035,444

Common Stock, Par or Stated Value Per Share

$ 0.01

$ 0.01

$ 0.01

$ 0.01

$ 0.01

Sale of Stock, Price Per Share

$ 11.90

$ 13

$ 12.50

Common Class A [Member] | Monthly Dividends [Member]

Class of Stock [Line Items]

Common Stock, Dividends, Per Share, Declared

$ 0.096667

Dividends Payable, Date of Record

Apr. 25, 2014

Class B-1 common stock [Member]

Class of Stock [Line Items]

Dividends Payable, Date of Record

Jun. 25, 2014

Cumulative Preferred Stock [Member]

Class of Stock [Line Items]

Stock Issued During Period, Shares, New Issues

2,875,000

Redeemable Preferred Stock [Member]

Class of Stock [Line Items]

Proceeds From Issuance Of Common Stock

$ 69,200,000

Stock Issued During Period, Shares, New Issues

2,875,000

Sale of Stock, Price Per Share

$ 25

Preferred Stock, Dividend Rate, Percentage

8.25%

Shares Issued, Price Per Share

$ 0.01

Preferred Stock, Liquidation Preference Per Share

$ 25

$ 1,000

Preferred Stock, Capital Shares Reserved for Future Issuance

150,000

2014 Restricted Stock Award [Member] | Common Class A [Member]

Class of Stock [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

2,500

Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award

The vesting schedule for each 2014 Restricted Stock Award is as follows: (i) 834 shares as of March 24, 2015, (ii) 833 shares on March 24, 2016, and (iii) 833 shares on March 24, 2017.

2015 Restricted Stock Award [Member] | Common Class A [Member]

Class of Stock [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

2,500

Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award

The vesting schedule for each 2015 Restricted Stock Award is as follows: (i) 834 shares as of March 24, 2016, (ii) 833 shares on March 24, 2017, and (iii) 833 shares on March 24, 2018.

2014 Individuals Plan [Member] | Common Class A [Member]

Class of Stock [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

2,500

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized

475,000

Common Stock [Member]

Class of Stock [Line Items]

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount

[2]

5,280

Stock Issued During Period, Shares, New Issues

0

0

Stock Issued During Period, Value, New Issues

$ 0

$ 0

Incentive Plan [Member]

Class of Stock [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

283,390

Common Class B [Member]

Class of Stock [Line Items]

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount

212,263

[1]

The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed above.

[2]

For 2015 and 2014, amounts relate to shares of the Company’s Class A, B-1, B-2, B-3 common stock and LTIP Units outstanding.

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 07, 2015	Jul. 10, 2015	Apr. 10, 2015	Jan. 09, 2015	Oct. 10, 2014	Apr. 08, 2014	Dec. 27, 2013	Dec. 31, 2015
Subsequent Event [Line Items]
Dividends, Total Distribution								$ 5,173
Class A Common Stock One [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date								Oct. 7, 2015
Dividends, Record Date	Nov. 25, 2015	Jul. 25, 2015	Apr. 25, 2015	Jan. 25, 2015	Oct. 25, 2014	May 25, 2014	Feb. 3, 2014	Dec. 25, 2015
Dividends, Date paid		Aug. 5, 2015	May 5, 2015	Feb. 5, 2015	Nov. 5, 2014		Jan. 31, 2014	Jan. 5, 2016
Dividends, Distributions per Share (in dollars per share)								$ 0.096667
Dividends, Total Distribution								$ 1,856
Class B-3 Common Stock One [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date								Oct. 7, 2015
Dividends, Record Date								Dec. 25, 2015
Dividends, Date paid								Jan. 5, 2016
Dividends, Distributions per Share (in dollars per share)								$ 0.096667
Dividends, Total Distribution								$ 34
Operating Partnership Units One [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date								Oct. 7, 2015
Dividends, Record Date								Dec. 25, 2015
Dividends, Date paid								Jan. 5, 2016
Dividends, Distributions per Share (in dollars per share)								$ 0.096667
Dividends, Total Distribution								$ 30
Long-term Incentive Plan Units One [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date								Oct. 7, 2015
Dividends, Record Date								Dec. 25, 2015
Dividends, Date paid								Jan. 5, 2016
Dividends, Distributions per Share (in dollars per share)								$ 0.096667
Dividends, Total Distribution								$ 90
Class A Common Stock Two [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date								Jan. 13, 2016
Dividends, Record Date	Dec. 25, 2015	Aug. 25, 2015	May 25, 2015	Feb. 25, 2015	Nov. 25, 2014			Jan. 25, 2016
Dividends, Date paid		Sep. 4, 2015	Jun. 5, 2015	Mar. 5, 2015	Dec. 5, 2014			Feb. 5, 2016
Dividends, Distributions per Share (in dollars per share)								$ 0.096666
Dividends, Total Distribution								$ 1,856
Class B-3 Common Stock Two [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date								Jan. 13, 2016
Dividends, Record Date								Jan. 25, 2016
Dividends, Date paid								Feb. 5, 2016
Dividends, Distributions per Share (in dollars per share)								$ 0.096666
Dividends, Total Distribution								$ 34
Operating Partnership Units Two [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date								Jan. 13, 2016
Dividends, Record Date								Jan. 25, 2016
Dividends, Date paid								Feb. 5, 2016
Dividends, Distributions per Share (in dollars per share)								$ 0.096666
Dividends, Total Distribution								$ 30
Long-term Incentive Plan Units Two [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date								Jan. 13, 2016
Dividends, Record Date								Jan. 25, 2016
Dividends, Date paid								Feb. 5, 2016
Dividends, Distributions per Share (in dollars per share)								$ 0.096666
Dividends, Total Distribution								$ 90
Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date								Dec. 14, 2015
Dividends, Record Date								Dec. 25, 2015
Dividends, Date paid								Jan. 5, 2016
Dividends, Distributions per Share (in dollars per share)								$ 0.401000
Dividends, Total Distribution								$ 1,153

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($)

Jan. 13, 2016

Oct. 07, 2015

Jul. 10, 2015

May. 14, 2015

Apr. 10, 2015

Jan. 09, 2015

Oct. 10, 2014

Jul. 10, 2014

Apr. 08, 2014

Mar. 13, 2013

Feb. 29, 2016

Feb. 24, 2016

Feb. 22, 2016

Feb. 18, 2015

May. 23, 2014

Dec. 27, 2013

Dec. 31, 2015

Dec. 31, 2015

Dec. 31, 2014

Jan. 06, 2016

Jan. 05, 2016

Subsequent Event [Line Items]

Common Stock, Dividends, Per Share, Declared

$ 0.29

$ 0.29

Long Term Incentive Plan Units Issued

67,837

10,896

Management Fee, Description

This amount was payable 50% in LTIP Units with the other 50% payable in either cash or LTIP Units at the discretion of the Companys board of directors. Upon consultation with the Manager, the board of directors elected to pay 100% of the base management fee and operating expense reimbursement in LTIP Units.

Management Fees, Base Revenue

$ 1,100,000

Cost of Reimbursable Expense

$ 100,000

Preferred Stock, Shares Authorized

246,975,000

246,975,000

246,975,000

Preferred Stock, Par or Stated Value Per Share

$ 0.01

$ 0.01

$ 0.01

Business Combination, Consideration Transferred, Equity Interests Issued and Issuable

$ 2,600,000

Common Stock [Member]

Subsequent Event [Line Items]

Stock Issued During Period, Shares, Restricted Stock Award, Gross

2,500

2,500

Common Class A One [Member]

Subsequent Event [Line Items]

Dividends Payable, Date of Record

Nov. 25, 2015

Jul. 25, 2015

Apr. 25, 2015

Jan. 25, 2015

Oct. 25, 2014

May 25, 2014

Feb. 3, 2014

Dec. 25, 2015

Common Stock, Dividends, Per Share, Declared

$ 0.29

$ 0.29

$ 0.29

$ 0.29

$ 0.05945211

$ 0.096667

Dividends Payable, Date to be Paid

Aug. 5, 2015

May 5, 2015

Feb. 5, 2015

Nov. 5, 2014

Jan. 31, 2014

Jan. 5, 2016

Common Class A Two [Member]

Subsequent Event [Line Items]

Dividends Payable, Date of Record

Dec. 25, 2015

Aug. 25, 2015

May 25, 2015

Feb. 25, 2015

Nov. 25, 2014

Jan. 25, 2016

Dividends Payable, Date to be Paid

Sep. 4, 2015

Jun. 5, 2015

Mar. 5, 2015

Dec. 5, 2014

Feb. 5, 2016

Common Class B One [Member]

Subsequent Event [Line Items]

Dividends Payable, Date of Record

Jun. 25, 2015

Mar. 25, 2015

Aug. 25, 2014

May 25, 2014

Common Stock, Dividends, Per Share, Declared

$ 0.4010

Dividends Payable, Date to be Paid

Nov. 5, 2015

Oct. 5, 2015

Jul. 2, 2015

Apr. 5, 2015

Jan. 5, 2015

Sep. 5, 2014

Jun. 5, 2014

Common Class B Two [Member]

Subsequent Event [Line Items]

Dividends Payable, Date of Record

Sep. 25, 2014

Jun. 25, 2014

Dec. 24, 2015

Dividends Payable, Date to be Paid

Dec. 4, 2015

Oct. 5, 2014

Jul. 5, 2014

Common Class B Three [Member]

Subsequent Event [Line Items]

Dividends Payable, Date to be Paid

Jan. 5, 2016

Jan. 5, 2016

Common Class A [Member]

Subsequent Event [Line Items]

Dividends Payable, Date of Record

Oct. 25, 2015

Jul. 25, 2014

Apr. 25, 2014

Oct. 25, 2015

Common Stock, Dividends, Per Share, Declared

$ 0.29

$ 0.096666

$ 0.096666

Dividends Payable, Date to be Paid

Aug. 5, 2014

May 5, 2014

Common Stock, Shares Authorized

747,586,185

747,586,185

747,586,185

Monthly Dividends [Member] | Common Class A One [Member]

Subsequent Event [Line Items]

Dividends Payable, Date of Record

Jul. 25, 2015

Apr. 25, 2015

Jan. 25, 2015

Oct. 25, 2014

Jan. 25, 2016

Common Stock, Dividends, Per Share, Declared

$ 0.096667

$ 0.096666

$ 0.096666

$ 0.096666

$ 0.05369868

$ 0.096666

Dividends Payable, Date to be Paid

Feb. 28, 2014

Monthly Dividends [Member] | Common Class A Two [Member]

Subsequent Event [Line Items]

Dividends Payable, Date of Record

Aug. 25, 2015

Feb. 25, 2015

Nov. 25, 2014

Monthly Dividends [Member] | Common Class B One [Member]

Subsequent Event [Line Items]

Dividends Payable, Date of Record

Sep. 25, 2015

Jun. 25, 2015

Feb. 25, 2016

Common Stock, Dividends, Per Share, Declared

$ 0.096666

$ 0.096667

$ 0.096667

$ 0.096667

$ 0.096667

Monthly Dividends [Member] | Common Class B Two [Member]

Subsequent Event [Line Items]

Dividends Payable, Date of Record

May 25, 2015

Mar. 24, 2016

Monthly Dividends [Member] | Common Class A [Member]

Subsequent Event [Line Items]

Dividends Payable, Date of Record

Apr. 25, 2014

Common Stock, Dividends, Per Share, Declared

$ 0.096667

Subsequent Event [Member]

Subsequent Event [Line Items]

Long Term Incentive Plan Units Issued

0

Maximum Purchase Price In Purchase Agreement

$ 47,000,000

Equity Method Investment, Ownership Percentage

95.00%

Long-term Investments, Total

$ 15,900,000

Subsequent Event [Member] | Preserve At Henderson Beach [Member]

Subsequent Event [Line Items]

Real Estate Purchase Agreement Purchase Price

$ 53.7

Business Combination, Consideration Transferred, Equity Interests Issued and Issuable

17

Subsequent Event [Member] | Preserve At Henderson Beach [Member] | Priority Loan Secured [Member]

Subsequent Event [Line Items]

Debt Instrument, Face Amount

$ 37.5

Subsequent Event [Member] | Senior Mortgage Loan [Member]

Subsequent Event [Line Items]

Mortgage Notes Payable Gross

32,600,000

Subsequent Event [Member] | Citation Club Apartments [Member]

Subsequent Event [Line Items]

Maximum Purchase Price In Purchase Agreement

39,300,000

Long-term Investments, Total

13,600,000

Subsequent Event [Member] | Citation Club Apartments [Member] | Senior Mortgage Loan [Member]

Subsequent Event [Line Items]

Mortgage Notes Payable Gross

$ 26,900,000

Subsequent Event [Member] | Stock Award 2014 [Member] | Independent Director [Member]

Subsequent Event [Line Items]

Stock Issued During Period, Shares, Restricted Stock Award, Gross

1,666

Subsequent Event [Member] | Stock Award 2015 [Member] | Independent Director [Member]

Subsequent Event [Line Items]

Stock Issued During Period, Shares, Restricted Stock Award, Gross

2,500

Subsequent Event [Member] | Original Series B Preferred Stock [Member]

Subsequent Event [Line Items]

Warrants to Purchase of Common Stock

3,000,000

Common Stock, Shares Authorized

150,000

Preferred Stock, Shares Authorized

150,000

Preferred Stock, Par or Stated Value Per Share

$ 1,000

Subsequent Event [Member] | Monthly Dividends [Member] | Common Class A One [Member]

Subsequent Event [Line Items]

Dividends Payable, Date of Record

Jan. 25, 2016

Common Stock, Dividends, Per Share, Declared

$ 0.29

Dividends Payable, Date to be Paid

Feb. 5, 2016

Subsequent Event [Member] | Monthly Dividends [Member] | Common Class A Two [Member]

Subsequent Event [Line Items]

Dividends Payable, Date of Record

Feb. 25, 2016

Dividends Payable, Date to be Paid

Mar. 5, 2016

Subsequent Event [Member] | Monthly Dividends [Member] | Common Class B One [Member]

Subsequent Event [Line Items]

Dividends Payable, Date of Record

Mar. 24, 2016

Common Stock, Dividends, Per Share, Declared

$ 0.29

Dividends Payable, Date to be Paid

Apr. 5, 2016

Subsequent Event [Member] | West Morehead [Member]

Subsequent Event [Line Items]

Equity Method Investment, Ownership Percentage

15.00%

Long-term Investments, Total

$ 19,000,000