Bluerock Residential Growth REIT (BRG) 10-K 13 Mar 18 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 06, 2018	Jun. 30, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
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	Accelerated Filer
Entity Public Float			$ 310,553,240
Trading Symbol	BRG
Entity Common Stock, Shares Outstanding		24,257,551

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Net Real Estate Investments
Land	$ 169,135	$ 142,274
Buildings and improvements	1,244,193	848,445
Furniture, fixtures and equipment	38,446	27,617
Construction in progress	985	10,878
Total Gross Real Estate Investments	1,452,759	1,029,214
Accumulated depreciation	(55,177)	(42,137)
Total Net Real Estate Investments	1,397,582	987,077
Cash and cash equivalents	35,015	82,047
Restricted cash	29,575	45,402
Notes and accrued interest receivable from related parties	140,903	21,267
Due from affiliates	2,003	948
Accounts receivable, prepaid and other assets	9,689	8,610
Preferred equity investments and investments in unconsolidated real estate joint ventures	71,145	91,132
In-place lease intangible assets, net	4,635	4,839
Total Assets	1,690,547	1,241,322
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Mortgages payable	939,494	710,575
Revolving credit facility	67,670	0
Accounts payable	1,652	1,669
Other accrued liabilities	22,952	13,431
Due to affiliates	1,575	2,409
Distributions payable	14,287	7,328
Total Liabilities	1,047,630	735,412
Stockholders’ Equity
Additional paid-in-capital	318,170	257,403
Distributions in excess of cumulative earnings	(164,286)	(84,631)
Total Stockholders’ Equity	222,832	241,728
Noncontrolling Interests
Operating partnership units	42,999	2,216
Partially owned properties	20,347	48,617
Total Noncontrolling Interests	63,346	50,833
Total Equity	286,178	292,561
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY	1,690,547	1,241,322
Preferred Stock [Member]
Stockholders’ Equity
Preferred Stock Value	0	0
Common Class A [Member]
Stockholders’ Equity
Common Stock Value	242	196
Noncontrolling Interests
Total Equity	242	196
Redeemable Preferred Stock [Member] | Series B [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	161,742	18,938
Cumulative Preferred Stock [Member] | Series A [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	138,801	138,316
Cumulative Preferred Stock [Member] | Series C [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	56,196	56,095
Cumulative Preferred Stock [Member] | Series D [Member]
Stockholders’ Equity
Preferred Stock Value	68,705	68,760
Common Class C [Member]
Stockholders’ Equity
Common Stock Value	1	0
Noncontrolling Interests
Total Equity	$ 1	$ 0

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	230,400,000	246,975,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	747,509,582	747,586,185
Common stock, shares issued	24,218,359	19,567,506
Common stock, shares outstanding	24,218,359	19,567,506
Cumulative Preferred Stock [Member] | Series A [Member]
Preferred Stock, Dividend Rate, Percentage	8.25%	8.25%
Temporary Equity, Liquidation Preference Per Share	$ 25	$ 25
Temporary Equity, Shares Authorized	10,875,000	10,875,000
Temporary Equity, Shares Issued	5,721,460	5,721,460
Temporary Equity, Shares Outstanding	5,721,460	5,721,460
Cumulative Preferred Stock [Member] | Series C [Member]
Preferred Stock, Dividend Rate, Percentage	7.625%	7.625%
Temporary Equity, Liquidation Preference Per Share	$ 25	$ 25
Temporary Equity, Shares Authorized	4,000,000	4,000,000
Temporary Equity, Shares Issued	2,323,750	2,323,750
Temporary Equity, Shares Outstanding	2,323,750	2,323,750
Cumulative Preferred Stock [Member] | Series D [Member]
Preferred Stock, Liquidation Preference Per Share (in dollars per share)	$ 25	$ 25
Preferred Stock, Shares Authorized	4,000,000	4,000,000
Preferred Stock, Shares Issued	2,850,602	2,850,602
Preferred Stock, Shares Outstanding	2,850,602	2,850,602
Preferred Stock, Dividend Rate, Percentage	7.125%	7.125%
Cumulative Redeemable Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	8.25%
Cumulative Redeemable Preferred Stock [Member] | Series B [Member]
Preferred Stock, Dividend Rate, Percentage	6.00%	6.00%
Temporary Equity, Liquidation Preference Per Share	$ 1,000	$ 1,000
Temporary Equity, Shares Authorized	725,000	150,000
Temporary Equity, Shares Issued	184,130	21,482
Temporary Equity, Shares Outstanding	184,130	21,482
Common Class C [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	76,603	0
Common stock, shares issued	76,603	0
Common stock, shares outstanding	76,603	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues
Net rental income		$ 102,974	$ 73,366	$ 42,259
Other property revenues		12,280	7,658	4,014
Interest income from related parties		7,930	17	0
Total revenues		123,184	81,041	46,273
Expenses
Property operating		47,954	31,521	18,475
Property management fees		3,185	2,339	1,394
General and administrative		7,541	5,863	4,108
Management fees to related parties		12,726	6,510	4,185
Acquisition and pursuit costs		3,233	4,590	3,508
Management internalization		43,554	63	0
Weather-related losses, net		1,014	0	0
Depreciation and amortization		48,624	31,187	16,226
Total expenses		167,831	82,073	47,896
Operating loss		(44,647)	(1,032)	(1,623)
Other Income (Expense)
Other income		17	26	62
Preferred returns and equity in income of unconsolidated real estate joint ventures		10,336	11,632	6,590
Equity in gain on sale of unconsolidated real estate joint venture interests		0	0	11,303
Gain on sale of real estate investments		50,163	4,947	2,677
Gain on sale of joint ventures interests, net		10,262	0	0
Gain on revaluation of equity of business combination		0	3,761	0
Loss on early extinguishment of debt		(1,639)	(2,393)	0
Interest expense, net		(31,520)	(19,915)	(11,366)
Total other income (expense)		37,619	(1,942)	9,266
Net (loss) income		(7,028)	(2,974)	7,643
Preferred stock dividends		(27,023)	(13,763)	(1,153)
Preferred stock accretion		(3,011)	(893)	0
Net (loss) income attributable to noncontrolling interests
Operating partnership units		(9,372)	(276)	35
Partially-owned properties		17,989	1,631	5,820
Net income attributable to noncontrolling interests		8,617	1,355	5,855
Net (loss) income attributable to common stockholders		$ (45,679)	$ (18,985)	$ 635
Basic (Loss) Earnings Per Share		$ (1.79)	$ (0.91)	$ 0.04
Diluted (Loss) Earnings Per Share		$ (1.79)	$ (0.91)	$ 0.04
Weighted Average Number of Common Shares Outstanding - Basic:	[1]	25,561,673	20,805,852	17,404,348
Weighted Average Number of Common Shares Outstanding - Diluted:		25,561,673	20,805,852	17,417,198
[1]	For 2017, amounts relate to shares of the Company’s Class A and Class C common stock and LTIP Units outstanding. For 2016, amounts relate to shares of the Company’s Class A and B-3 common stock and LTIP Units outstanding. For 2015, amounts relate to shares of the Company’s Class A, B-1, B-2, and B-3 common stock and LTIP Units outstanding.

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Class A [Member]	Common Class C [Member]	Common Class B-1 [Member]	Common Class B-2 [Member]	Common Class B-3 [Member]	Series B Preferred Stock [Member]	Series C Preferred Stock [Member]	Series D Preferred Stock [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member]Series B Preferred Stock [Member]	Additional Paid-in Capital [Member]Series C Preferred Stock [Member]	Additional Paid-in Capital [Member]Series D Preferred Stock [Member]	Cumulative Distributions [Member]	Cumulative Distributions [Member]Series B Preferred Stock [Member]	Cumulative Distributions [Member]Series C Preferred Stock [Member]	Cumulative Distributions [Member]Series D Preferred Stock [Member]	Net income (loss) to Common Stockholders [Member]	Net income (loss) to Common Stockholders [Member]Series B Preferred Stock [Member]	Net income (loss) to Common Stockholders [Member]Series C Preferred Stock [Member]	Net income (loss) to Common Stockholders [Member]Series D Preferred Stock [Member]	Non-controlling Interests [Member]	Non-controlling Interests [Member]Series B Preferred Stock [Member]	Non-controlling Interests [Member]Series C Preferred Stock [Member]	Non-controlling Interests [Member]Series D Preferred Stock [Member]
Balance at Dec. 31, 2014	$ 126,011	$ 75	$ 0	$ 4	$ 4	$ 4			$ 0	$ 113,511				$ (9,930)				$ (11,283)				$ 33,626
Balance (in shares) at Dec. 31, 2014		7,531,188	0	353,630	353,630	353,629			0
Issuance of Class A common stock, net	131,321	$ 109	$ 0	$ 0	$ 0	$ 0			$ 0	131,212				0				0				0
Issuance of Class A common stock, net (in shares)		10,948,664	0	0	0	0			0
Conversion of Class B-1 shares into Class A	0	$ 4	$ 0	$ (4)	$ 0	$ 0			$ 0	0				0				0				0
Conversion of Class B-1 shares into Class A (in shares)		353,630	0	(353,630)	0	0			0
Conversion of Class B-2 shares into Class A	0	$ 4	$ 0	$ 0	$ (4)	$ 0			$ 0	0				0				0				0
Conversion of Class B-2 shares into Class A (in shares)		353,630	0	0	(353,630)	0			0
Vesting of restricted stock compensation	126	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	126				0				0				0
Issuance of Long-Term Incentive Plan ("LTIP") units	3,859	0	0	0	0	0			0	3,859				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
Contributions, net	3,321	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	0				0				0				3,321
Disposition of noncontrolling interests	(9,839)	0	0	0	0	0			0	0				0				0				(9,839)
Distributions declared	(21,248)	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	0				(20,918)				0				(330)
Distributions declared (in shares)		0	0	0	0	0			0
Series A preferred distributions declared	(1,153)	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	0				(1,153)				0				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
Issuance of restricted stock	0	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	0				0				0				0
Issuance of restricted stock (in shares)		15,000	0	0	0	0			0
Net (loss) income	7,643	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	0				0				1,788				5,855
Balance at Dec. 31, 2015	237,712	$ 192	$ 0	$ 0	$ 0	$ 4			$ 0	248,484				(32,001)				(9,495)				30,528
Balance (in shares) at Dec. 31, 2015		19,202,112	0	0	0	353,629			0
Issuance of Class A common stock, net	51	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	51				0				0				0
Issuance of Class A common stock, net (in shares)		4,265	0	0	0	0			0
Conversion of Class B-3 shares into Class A	0	$ 4	$ 0	$ 0	$ 0	$ (4)			$ 0	0				0				0				0
Conversion of Class B-3 shares into Class A (in shares)		353,629	0	0	0	(353,629)			0
Vesting of restricted stock compensation	133	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	133				0				0				0
Issuance of LTIP Units for director compensation	77			$ 0	$ 0	$ 0			$ 0	77				0				0				0
Issuance of LTIP Units for director compensation (in shares)		7,500		0	0	0			0
Issuance of LTIP units	5,770			$ 0	$ 0	$ 0			$ 0	5,770				0				0				0
Issuance of LTIP units (in shares)				0	0	0			0
Issuance of LTIP units for compensation	2,821	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	2,821				0				0				0
Issuance of LTIP units for compensation (in shares)		0	0	0	0	0			0
Series B warrants	275	$ 0		$ 0	$ 0	$ 0			$ 0	275				0				0				0
Contributions from noncontrolling interests, net	25,009			0	0	0			0	0				0				0				25,009
Distributions declared	(24,502)	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	0				(24,150)				0				(352)
Distributions declared (in shares)		0	0	0	0	0			0
Series A preferred distributions declared	(10,333)	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	0				(10,333)				0				0
Series A Preferred Stock accretion	(627)	0		0	0	0			0	0				(627)				0				0
Series B Preferred Stock distributions declared	(321)	0	0	0	0	0			0	0				(321)				0				0
Series B Preferred Stock accretion	(149)	0	0	0	0	0			0	0				(149)				0				0
Series C Preferred Stock distributions declared	(2,009)	0	0	0	0	0			0	0				(2,009)				0				0
Series C Preferred Stock accretion	(117)	0	0	0	0	0			0	0				(117)				0				0
Issuance costs of Series D Preferred Stock	68,760	$ 0	$ 0	$ 0	$ 0	$ 0			$ 68,760	0				0				0				0
Issuance costs of Series D Preferred Stock (in shares)		0	0	0	0	0			2,850,602
Series D Preferred Stock distributions	(1,100)	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	0				(1,100)				0				0
Distributions to noncontrolling interests	(3,626)	0	0	0	0	0			0	0				0				0				(3,626)
Cash redemption of Operating Partnership units	(101)	0	0	0	0	0			0	(37)				0				0				(64)
Noncontrolling interest related to sale of Springhouse at Newport News	(1,997)	0	0	0	0	0			0	20				0				0				(2,017)
Noncontrolling interest related to sale of EOS	(191)	0	0	0	0	0			0	(191)				0				0				0
Net (loss) income	(2,974)	0	0	0	0	0			0	0				0				(4,329)				1,355
Balance at Dec. 31, 2016	292,561	$ 196	$ 0	$ 0	$ 0	$ 0			$ 68,760	257,403				(70,807)				(13,824)				50,833
Balance (in shares) at Dec. 31, 2016		19,567,506	0	0	0	0			2,850,602
Issuance of Class A common stock, net	57,376	$ 46	$ 0	$ 0	$ 0	$ 0			$ 0	57,330				0				0				0
Issuance of Class A common stock, net (in shares)		4,604,701	0	0	0	0	163,204		0
Issuance of Class C common stock	815	$ 0	$ 1	$ 0	$ 0	$ 0			$ 0	814				0				0				0
Issuance of Class C common stock (in shares)		0	76,603	0	0	0			0
Vesting of restricted stock compensation	9	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	9				0				0				0
Issuance of LTIP Units for director compensation	100	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	100				0				0				0
Issuance of LTIP Units for director compensation (in shares)		0	0	0	0	0			0
Issuance of LTIP units	13,748	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	13,748				0				0				0
Issuance of LTIP units (in shares)		0	0	0	0	0			0
Issuance of LTIP units for compensation	2,187	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	2,187				0				0				0
Issuance of LTIP units for compensation (in shares)		0	0	0	0	0			0
Issuance of OP Units for Internalization	39,938	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	0				0				0				39,938
Series B warrants	3,072	0	0	0	0	0			0	3,072				0				0				0
Contributions from noncontrolling interests, net	10,738	0	0	0	0	0			0	0				0				0				10,738
Distributions declared	(36,675)	0	0	$ 0	$ 0	$ 0	$ (5,715)	$ (4,430)	$ 0	0	$ 0	$ 0	$ 0	(33,976)	$ (5,715)	$ (4,430)	$ (5,077)	0	$ 0	$ 0	$ 0	(2,699)	$ 0	$ 0	$ 0
Distributions declared (in shares)				0	0	0			0
Series A preferred distributions declared	(11,801)	0	0	$ 0	$ 0	$ 0			$ 0	0				(11,801)				0				0
Series A Preferred Stock accretion	(658)	0	0	0	0	0			0	0				(658)				0				0
Series B Preferred Stock distributions declared		0	0	0	0	0			0
Series B Preferred Stock accretion			0	0	0	0	$ (2,104)		0		$ 0				$ (2,104)				$ 0				$ 0
Series C Preferred Stock distributions declared		0	0	0	0	0			0
Series C Preferred Stock accretion			0	0	0	0		$ (249)	0			$ 0				$ (249)				$ 0				$ 0
Issuance costs of Series D Preferred Stock	(55)	$ 0	$ 0	$ 0	$ 0	$ 0			$ (55)	0				0				0				0
Issuance costs of Series D Preferred Stock (in shares)		0	0	0	0	0			0
Series D Preferred Stock distributions	(5,077)	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0
Distributions to noncontrolling interests	(30,252)	0	0	0	0	0			0	0				0				0				(30,252)
Cash redemption of Operating Partnership units	(45)	0	0	0	0	0			0	(16)				0				0				(29)
Cash redemption of Series B Preferred Stock	33	0	0	0	0	0			0	33				0				0				0
Redemption of Series B Preferred Stock and conversion into Class A common stock	267	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	267				0				0				0
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)		23,785	0	0	0	0			0
Conversion of OP Units into Class A common stock	0	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	167				0				0				(167)
Conversion of OP Units into Class A common stock (in shares)		22,367	0	0	0	0			0
Transfer of noncontrolling interest to controlling interest	(3,825)	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	0				0				0				(3,825)
Conversion of LTIP units into OP Units	0	0	0	0	0	0			0	(18,414)				0				0				18,414
Changes in additional paid-in capital	(3,832)	0	0	0	0	0			0	(3,832)				0				0				0
Deconsolidation of MDA Apartments, Crescent Perimeter and Vickers Village	(22,920)	0	0	0	0	0			0	0				0				0				(22,920)
Adjustment for noncontrolling interests ownership in Operating Partnership	0	0	0	0	0	0			0	5,302				0				0				(5,302)
Net (loss) income	(7,028)	0	0	0	0	0			0	0				0				(15,645)				8,617
Balance at Dec. 31, 2017	$ 286,178	$ 242	$ 1	$ 0	$ 0	$ 0			$ 68,705	$ 318,170				$ (134,817)				$ (29,469)				$ 63,346
Balance (in shares) at Dec. 31, 2017		24,218,359	76,603	0	0	0			2,850,602

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Flows from Operating Activities
Net (loss) income	$ (7,028)	$ (2,974)	$ 7,643
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	51,146	32,435	16,747
Amortization of fair value adjustments	(319)	(362)	(295)
Preferred returns and equity in income of unconsolidated joint ventures	(10,336)	(11,632)	(6,590)
Equity in gain on sale of real estate assets of unconsolidated joint ventures	0	0	(11,303)
Gain on sale of joint venture interests	(10,262)	0	0
Gain on sale of real estate assets	(50,163)	(4,947)	(2,677)
Gain on revaluation of equity of business combination	0	(3,761)	0
Loss on early extinguishment of debt	0	(1,104)	0
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures	9,252	11,405	9,027
Share-based compensation attributable to directors' stock compensation plan	109	210	126
Share-based compensation to former Manager - LTIP Units	15,935	8,591	5,738
Internalization OP Units issued	39,938	0	0
Internalization Class C Shares issued	814	0	0
Changes in operating assets and liabilities:
Due to affiliates	(1,565)	950	737
Accounts receivable, prepaid expenses and other assets	294	(1,867)	(5,647)
Accounts payable and other accrued liabilities	16,432	7,500	3,202
Net Cash Provided by Operating Activities	54,247	34,444	16,708
Cash Flows from Investing Activities
Acquisition of real estate investments	(493,311)	(472,791)	(241,415)
Capital expenditures	(46,971)	(6,413)	(3,670)
Investment in notes receivable from related parties	(54,096)	(14,717)	0
Proceeds from sale of joint venture interests	17,603	0	0
Proceeds from sale of unconsolidated real estate joint venture interests	0	0	15,590
Proceeds from sale of real estate assets	71,945	36,675	17,862
Purchase of interests from noncontrolling interests	(7,864)	(15,581)	(11,942)
Investment in unconsolidated real estate joint venture interests	(20,989)	(26,864)	(65,093)
Deconsolidation of MDA Apartments, Crescent Perimeter and Vickers Village	(140)	0	0
Decrease (increase) in restricted cash	15,173	(13,212)	(42)
Net Cash Used In Investing Activities	(518,650)	(512,903)	(288,710)
Cash Flows from Financing Activities
Distributions to common stockholders	(29,583)	(24,437)	(20,127)
Distributions to noncontrolling interests	(31,363)	(3,626)	(2,105)
Distributions to preferred stockholders	(26,042)	(9,664)	0
Contributions from noncontrolling interests	10,738	25,009	3,321
Borrowings on mortgages payable	234,133	365,406	151,058
Repayments on mortgages payable	(2,581)	(68,746)	(12,911)
Proceeds on revolving credit facility	107,670	0	0
Repayments of revolving credit facility	(40,000)	0	0
Payments of deferred financing fees	(6,627)	(4,672)	(1,819)
Net proceeds from issuance of common stock	57,376	51	131,321
Net proceeds from issuance of Warrants underlying the Series B Redeemable Preferred Stock	3,072	275	0
Payments to redeem Operating Partnership Units	(46)	(101)	0
Net Cash Provided by Financing Activities	417,371	491,546	317,903
Net (Decrease) Increase in Cash and Cash Equivalents	(47,032)	13,087	45,901
Cash and Cash Equivalents, beginning of period	82,047	68,960	23,059
Cash and Cash Equivalents, end of period	35,015	82,047	68,960
Supplemental Disclosure of Cash Flow Information
Cash paid for interest (net of amounts capitalized)	28,004	18,095	10,909
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Distributions payable - declared and unpaid	14,287	7,328	3,163
Mortgages assumed upon property acquisitions	173,831	39,054	32,942
Proceeds of sale of property held in restricted cash	0	20,521	0
Conversion of equity investment to notes receivable	(40,760)	0	0
Mortgage payable assumed by buyer upon sale of real estate assets	(41,419)	0	0
Reduction of assets from deconsolidation	109,749	0	0
Reduction of mortgages payable from deconsolidation	(49,445)
Reduction of other liabilities from deconsolidation	(6,905)	0	0
Reduction of noncontrolling interests from deconsolidation	22,920	0	0
Series A Preferred Stock [Member]
Cash Flows from Financing Activities
Proceeds from (Repurchase of) Redeemable Preferred Stock	(173)	68,524	69,165
Series B Preferred Stock [Member]
Cash Flows from Financing Activities
Proceeds from (Repurchase of) Redeemable Preferred Stock	141,244	18,789	0
Payments to redeem Series B Redeemable Preferred Stock	(244)	0	0
Series C Preferred Stock [Member]
Cash Flows from Financing Activities
Proceeds from (Repurchase of) Redeemable Preferred Stock	(148)	55,978	0
Series D Preferred Stock [Member]
Cash Flows from Operating Activities
Net (loss) income	0	0	0
Cash Flows from Financing Activities
Proceeds from (Repurchase of) Redeemable Preferred Stock	$ (55)	$ 68,760	$ 0

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical]	12 Months Ended
	Dec. 31, 2017
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	8.25%
Series C Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	7.625%
Series D Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	7.125%

Organization and Nature of Busi

Organization and Nature of Business	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations [Text Block]	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% of its “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s stockholders. If the Company fails to qualify as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate tax rates. On August 4, 2017, the Company and BRG Manager, LLC (the former “Manager”), announced that the parties had entered into a Contribution and Sale Agreement (as amended by that certain Amendment No. 1 thereto, dated August 9, 2017), (the “Contribution Agreement”), and other definitive agreements providing for the Company’s acquisition of a newly-formed entity to own the assets used by the former Manager in its performance of the management functions then provided to the Company pursuant to the Management Agreement, or the Internalization. A special committee comprised entirely of independent and disinterested members of the Company’s board of directors, or the Special Committee, which retained independent legal and financial advisors, unanimously determined that the entry into the Contribution Agreement and the completion of the Internalization were in the best interests of the Company. The Company’s board of directors, by unanimous vote, made a similar determination, and on October 26, 2017, the Company held its annual meeting of stockholders, at which the Company’s stockholders approved the proposals necessary for the completion of the Internalization. On October 31, 2017, the Company completed the Internalization pursuant to the Contribution Agreement for total consideration of approximately $41.24 million, as determined pursuant to a formula established in the Management Agreement at the time of the Company’s IPO in April 2014. Upon completion of the Internalization, the Company’s current management and investment teams, who were previously employed by an affiliate of the Company’s former Manager, became employed by the Company’s indirect subsidiary, and the Company become an internally managed real estate investment trust. In order to further align the interests of the Company’s management with those of the Company’s stockholders, payment of the aggregate Internalization consideration was paid 99.9% in equity: the Company caused the Operating Partnership to issue an aggregate of 3,753,593 OP Units, and the Company issued an aggregate of 76,603 shares of a newly reclassified Class C common stock and paid an aggregate of approximately $40,794 in cash to the applicable contributor and its affiliates and related persons (the “Contributors”) in connection with the Internalization. In addition to the Internalization consideration, the Company incurred approximately $2.3 million in professional expenses. As of December 31, 2017, the Company owned interests in thirty-nine real estate properties, twenty-eight consolidated operating properties and eleven through preferred equity and mezzanine loan investments. Of the property interests held through preferred equity and mezzanine loan investments, six are under development, four are in leaseup and one property is stabilized. The thirty-nine properties contain an aggregate of 12,408 units, comprised of 9,608 consolidated operating units and 2,800 units through preferred equity and mezzanine loan investments. As of December 31, 2017, the Company’s consolidated operating properties were approximately 94% occupied.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
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, 2017, limited partners other than the Company owned approximately 21.81% of the common units of the Operating Partnership (20.05% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 1.76% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”)). Bluerock Real Estate, L.L.C., a Delaware limited liability company, is referred to as Bluerock (“Bluerock” or “BRRE”), and the Company’s former external manager, BRG Manager, LLC, a Delaware limited liability company is referred to as the former Manager (the “former Manager”). Both Bluerock and the former Manager are related parties with respect to the Company, but are not within the Company’s control and are not consolidated in the Company’s financial statements. 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% of the voting equity and in which control does not rest with other investors. Investments in real estate joint ventures over which the Company has the ability to exercise significant influence, but for which it does not have financial or operating control, are accounted for using the equity method of accounting. These entities are reflected on the Company’s consolidated financial statements as “Preferred equity investments and investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company will consider future joint ventures for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Certain amounts in prior periods, related to tenant reimbursements for utility expenses amounting to $4.0 million and $2.0 million for the years ended December 31, 2016 and 2015, have been reclassified to other property revenues from property operating expenses, to conform to the current period presentation which includes tenant reimbursements for utility expenses amounting to $6.5 million for the year ended December 31, 2017. In addition, property management fees have been reclassified from property operating expenses to a separate line on the statements of operations. 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 in value 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 an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the Company providing control, 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. The Company recognizes interest income on mortgage loans on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected. The Company evaluates the collectability of both interest and principal on each of its loans to determine whether the loans are impaired. A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the underlying collateral (if the loan is collateralized) less costs to sell. As of December 31, 2017, there was no significant uncertainty of collection; therefore, interest income was recognized. As of December 31, 2017, the Company determined that no allowance for collectability of the mortgage loans receivable was necessary. Development, Improvements, Depreciation and Amortization Costs incurred to develop and improve properties are capitalized. The Company capitalizes direct and indirect costs that are clearly related to the development, construction, or improvement of properties, including internal costs such as interest, taxes, and qualifying payroll related expenditures. 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 20 – 40 years Building improvements 10 – 20 years Land improvements 10 – 20 years Furniture, fixtures and equipment 3 – 10 years In-place leases 6 months Real Estate Purchase Price Allocations Upon the acquisition of real estate properties, we recognize the assets acquired, the liabilities assumed, and any noncontrolling interest as of the acquisition date, measured at their fair values. Acquisition-related costs are capitalized in the period incurred. Prior to the adoption of Financial Accounting Standards Board ASU 2017-01 in January 2017, “Business Combinations; Clarifying the Definition of a Business”, acquisition-related costs were expensed in the period incurred. We assess the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Intangible assets include the value of in-place leases, which represents the estimated fair value of the net cash flows of leases in place at the time of acquisition 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, prevailing interest rates and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be significant based upon the assumptions made in calculating these estimates. 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 2017, 2016 or 2015. 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, reflected as a reduction of mortgages payable, 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 OP Unit holders. The Company reports its joint venture partners’ interest in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder pursuant to each joint venture’s operating agreement. 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. Distributions are recorded as a reduction of stockholders’ equity in the period in which they are declared. On April 2, 2014, upon the completion of the IPO, the Company entered into a Management Agreement with the former Manager, an affiliate of Bluerock, to be the Company’s external manager. Under the Management Agreement the Company paid the former Manager a base management fee and incentive fee. The Company records all related party fees as incurred. Following the Internalization on October 31, 2017, the Company’s senior management team continues to oversee, manage and operate the company, and the Company is no longer externally managed by the Company’s former Manager. As an internally managed company, the Company no longer pays the former Manager any fees or expense reimbursements arising from the Management Agreement. In conjunction with the offering of the Series B Preferred Stock, the Company engaged a related party, as dealer manager, up to 7% and 3% of the gross offering proceeds are paid The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and has qualified since the taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company intends to continue to organize and operate in such a manner as to remain qualified for treatment as a REIT. For the year ended December 31, 2017, 64.21% of the distributions received by the common stockholders were classified as return of capital for income tax purposes, 4.00% were ordinary income, 31.79% were capital gains, with 21.29% of the capital gains were Section 1250 gains. In addition, for the year ended December 31, 2017, 11.19% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes and 88.81% were capital gains, with 21.29% of the capital gains qualifying as Section 1250 gains. For the year ended December 31, 2016, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2016, 91.05% of the distributions received by the preferred stockholders were classified as return of capital for income tax purposes and 8.95% were ordinary income. For the year ended December 31, 2015, 99.46% of the distributions received by the common stockholders were classified as return of capital and 0.54% were ordinary income. 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 2010 through 2016 tax returns (where applicable), and those positions expected to be taken on the 2017 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, 2017. 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, 2017, 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 based on the properties’ similar economic characteristics, the Company’s properties are aggregated into one reportable segment. In January 2017, the FASB issued ASU 2017-01, “Business Combinations; Clarifying the Definition of a Business” (“ASU 2017-01). ASU 2017-01 modifies the requirements to meet the definition of a business under Topic 805, “Business Combinations.” The amendments provide a screen to determine when a set of identifiable assets and liabilities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The Company believes that this amendment results in most if its real estate acquisitions to be accounted for as asset acquisitions rather than business combinations. ASU 2017-01 is effective for the Company for annual and interim periods beginning after December 15, 2017 with early adoption permitted. The Company adopted this standard effective January 1, 2017. The impact to the Consolidated Financial Statements and related notes as a result of the adoption of this standard primarily relates to the difference in the accounting of acquisition costs. When accounting for these costs as a part of an asset acquisition, the Company is permitted to capitalize the costs. Upon adoption of ASU 2017-01 the Company evaluates each acquisition of real estate or in-substance real estate to determine if the integrated set of assets and activities acquired meet the definition of a business and need to be accounted as a business combination. All acquisitions of real estate by the Company during 2017 did not meet the new definition of a business and therefore have been accounted for as asset acquisitions. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows; Restricted Cash” (“ASU 2016-18”). This update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company will adjust the consolidated statement of cash flows as required in conjunction with the adoption of ASU 2016-08 in 2018. ASU 2016-18 is effective for the Company for annual and interim periods beginning after December 15, 2017. In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). The ASU provides guidance on the treatment of cash receipts and cash payments for certain types of cash transactions, to eliminate diversity in practice in the presentation of the cash flow statement. For public business entities, the amendments in ASU 2016-15 are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Earlier application is permitted. The Company will adjust the consolidated statement of cash flows as required in conjunction with the adoption of ASU 2016-15 in 2018. In March 2016, the FASB issued ASU No. 2016-07, “Simplifying the Transition to the Equity Method of Accounting” (“ASU 2016-07”), which eliminates the requirement to retroactively adjust an investment, results of operations, and retained earnings when the investment qualifies for the use of the equity method as a result of an increase in the level of ownership interest or degree of influence. The new standard is effective for annual reporting periods beginning after December 15, 2016 and early adoption is permitted. ASU 2016-07 did not have a material impact on the Company’s financial statements when adopted. In June 2016, the FASB updated Accounting Standards Codification (“ASC”) Topic 326 “Financial Instruments — Credit Losses” with 2016-13 “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. ASU 2016-13 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2019. The Company is currently evaluating the guidance and has not determined the impact this standard may have on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). Under ASU 2016-02, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company expects that, because of the ASU 2016-02’s emphasis on lessee accounting, ASU 2016-02 will not have a material impact on the Company’s accounting for leases. Consistent with present standards, the Company will continue to account for lease revenue on a straight-line basis. Also consistent with the Company’s current practice, under ASU 2016-02 only initial direct costs that are incremental to the lessor will be capitalized. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). Under the new standard, revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. Revenue is generally recognized net of allowances. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers-Deferral of the Effective Date which defers the effective date of the new revenue recognition standard until the first quarter of 2018. 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 selected the modified retrospective approach. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers” (Topic 606): Identifying Performance Obligations and Licensing, which adds guidance on identifying performance obligations within a contract. The majority of the Company’s revenue is derived from rental income, which is scoped out from this standard and will be accounted for under ASU 2016-02, Leases, discussed above. The Company’s other revenue streams, which are being evaluated under this ASU, include but are not limited to other property revenues and interest income from related parties determined not to be within the scope of ASU 2016-02, and gains and losses from real estate dispositions. The Company will continue to assess the impact of the new standard and will adopt it as of January 1, 2018, however, the Company does expect additional disclosures that are required from the adoption of this standard. In March 2016, the FASB issued ASU 2016-08, “Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) (Topic 606)” (“ASU 2016-08”), which updates the new revenue standard by clarifying the principal versus agent implementation guidance, but does not change the core principle of the new standard. The updates to the principal versus agent guidance (1) require an entity to determine whether it is a principal or an agent for each distinct good or service (or a distinct bundle of goods or services) to be provided

Sale of Real Estate Assets and

Sale of Real Estate Assets and Joint Venture Equity Interests and Abandonment of Development Project	12 Months Ended
	Dec. 31, 2017
Real Estate Assets Held for Development and Sale [Abstract]
Sale of Real Estate Asset and Abandonment of Development Project Disclosure [Text Block]	Note 3 — Sale of Real Estate Assets and Joint Venture Equity Interests and Abandonment of Development Project Sale of Springhouse at Newport News On August 10, 2016, the Company closed on the sale of the Springhouse at Newport News property, located in Newport News, Virginia, and the buyout of its 25% joint venture partner in conjunction with the sale. The property was sold for approximately $38.0 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the defeasance of the existing mortgage indebtedness encumbering the Springhouse at Newport News property in the amount of $25.4 million and payment of closing costs and fees of $0.5 million the sale of the property generated net proceeds for the Company of approximately $9.0 million and a gain on sale of approximately $4.9 million. Sale of Village Green Ann Arbor On February 22, 2017, the Company closed on the sale of the Village Green Ann Arbor property, located in Ann Arbor, Michigan. The property was sold for approximately $71.4 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the Village Green Ann Arbor property in the amount of $41.4 million and payment of closing costs and fees of $1.3 million, the sale of the property generated net proceeds of approximately $28.6 million and a gain on sale of approximately $16.7 million, of which the Company’s pro rata share of proceeds was approximately $13.6 million and pro rata share of the gain was approximately $7.8 million. Sale of Lansbrook Village On April 26, 2017, the Company closed on the sale of Lansbrook Village, located in Palm Harbor, Florida. The 90% owned property was sold for approximately $82.4 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for assumption of the existing mortgage indebtedness encumbering Lansbrook Village in the amount of $57.2 million and payment of closing costs and fees of $1.2 million, the sale of the property generated net proceeds of approximately $24.1 million and a gain on sale of approximately $22.8 million, of which the Company’s pro rata share of proceeds was approximately $19.1 million and pro rata share of the gain was approximately $16.1 million. Sale of Fox Hill On May 24, 2017, the Company closed on the sale of the Fox Hill property, located in Austin, Texas. The property was sold for approximately $46.5 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the Fox Hill property in the amount of $26.7 million, the payment of a prepayment penalty on the mortgage of $1.6 million and payment of closing costs and fees of $0.5 million, the sale of the property generated net proceeds of approximately $19.2 million and a gain on sale of approximately $10.7 million, of which the Company’s pro rata share of proceeds was approximately $16.4 million and pro rata share of the gain was approximately $10.3 million. Sale of MDA Apartments On June 30, 2017, the Company closed on the sale of its interest in MDA Apartments, located in Chicago, Illinois. The Company’s 35% interest in the property was sold for approximately $18.3 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payment of closing costs and fees of $0.7 million, the sale of the joint venture interest in the property generated net proceeds of approximately $17.6 million and gain on sale of $10.2 million, of which the Company’s pro rata share of proceeds was approximately $11.0 million and pro rata share of the gain was approximately $6.4 million. Election to Abandon East San Marco Development On November 24, 2015, the Company entered into a cost-sharing agreement to pursue the acquisition of a tract of real property located in Jacksonville, Florida for the development of a 266-unit, Class A multifamily apartment community with 44,276 square feet of retail space, or the East San Marco Property. In 2017 the Company elected to abandon pursuit of the development of the East San Marco Property due to significant cost escalations arising from scope changes imposed on the project after the start and from both general and market specific labor and material inflation, which negatively impacted the risk and return profile of the project. The Company recognized approximately $2.9 million of acquisition and pursuit costs during the year ended December 31, 2017 based on its investment in a controlling equity position in the East San Marco Property prior to abandonment.

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	Note 4 — Investments in Real Estate As of December 31, 2017, the Company owned interests in thirty-nine real estate properties, twenty-eight consolidated operating properties and eleven through preferred equity and mezzanine loan investments. The following tables provide summary information regarding the Company’s consolidated operating properties and preferred equity and mezzanine loan investments, which are either consolidated or accounted for under the equity method of accounting. Consolidated Operating Properties Multifamily Community, Name, Location Number of Year (1) Ownership ARIUM at Palmer Ranch, Sarasota, FL 320 2016 95.0 % ARIUM Glenridge, formerly Nevadan, Atlanta, GA 480 1990 90.0 % ARIUM Grandewood, Orlando, FL 306 2005 100.0 % ARIUM Gulfshore, Naples, FL 368 2016 95.0 % ARIUM Hunter’s Creek, Orlando, FL 532 1999 100.0 % ARIUM Metrowest, Orlando, FL 510 2001 100.0 % ARIUM Palms, Orlando, FL 252 2008 95.0 % ARIUM Pine Lakes, Port St. Lucie, FL 320 2003 85.0 % ARIUM Westside, Atlanta, GA 336 2008 90.0 % Ashton Reserve, Charlotte, NC 473 2015 100.0 % Citrus Tower, Orlando, FL 336 2006 96.8 % Enders at Baldwin Park, Orlando, FL 220 2003 92.0 % James at South First, Austin, TX 250 2016 90.0 % Marquis at Crown Ridge, San Antonio, TX 352 2009 90.0 % Marquis at Stone Oak, San Antonio, TX 335 2007 90.0 % Marquis at the Cascades, Tyler, TX 582 2009 90.0 % Marquis at TPC, San Antonio, TX 139 2008 90.0 % Outlook at Greystone, Birmingham, AL 300 2007 100.0 % Park & Kingston, Charlotte, NC 168 2015 100.0 % Preston View, Morrisville, NC 382 2000 100.0 % Roswell City Walk, Roswell, GA 320 2015 98.0 % Sorrel, Frisco, TX 352 2015 95.0 % Sovereign, Fort Worth, TX 322 2015 95.0 % The Brodie, Austin, TX 324 2001 92.5 % The Mills, Greenville, SC 304 2013 100.0 % The Preserve at Henderson Beach, Destin, FL 340 2009 100.0 % Villages at Cypress Creek, Houston, TX 384 2001 80.0 % Wesley Village, Charlotte, NC 301 2010 100.0 % Total 9,608 (1) Represents date of last significant renovation or year built if there were no renovations. Multifamily Community Name/Location Number of Actual/ Actual/ Whetstone, Durham, NC 204 3Q 2014 3Q 2015 Alexan CityCentre, Houston, TX 340 2Q 2017 4Q 2017 Helios, Atlanta, GA 282 2Q 2017 4Q 2017 Alexan Southside Place, Houston, TX 270 4Q 2017 2Q 2018 Lake Boone Trail, Raleigh, NC 245 3Q 2017 4Q 2018 Vickers Village, Roswell, GA 79 3Q 2018 4Q 2018 APOK Townhomes, Boca Raton, FL 90 3Q 2018 1Q 2019 Crescent Perimeter, Atlanta, GA 320 4Q 2018 2Q 2019 Domain, Garland, TX 299 4Q 2018 2Q 2019 West Morehead, Charlotte, NC 286 4Q 2018 2Q 2019 Flagler Village, Ft. Lauderdale, FL 385 3Q 2019 3Q 2020 Total 2,800

Acquisition of Real Estate

Acquisition of Real Estate	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	Note 5 — Acquisition of Real Estate The following describes the Company’s significant acquisition activity during the years ended December 31, 2017 and 2016: Acquisition of ARIUM Gulfshore, formerly Summer Wind, and ARIUM Palmer Ranch, formerly Citation Club Apartments On January 5, 2016, the Company, through subsidiaries of its Operating Partnership, completed investments of approximately $15.9 million and approximately $13.6 million in a multi-tiered joint venture along with an affiliate of Carroll Organization, to acquire (i) a 368-unit apartment community located in Naples, Florida to be known as ARIUM Gulfshore, formerly known as the Summer Wind Apartments (“ARIUM Gulfshore”) and (ii) a 320-unit apartment community located in Sarasota, Florida to be known as ARIUM at Palmer Ranch, formerly known as Citation Club Apartments (“ARIUM at Palmer Ranch”), respectively. The Company’s indirect ownership interest in the joint venture that owns ARIUM Gulfshore and ARIUM at Palmer Ranch is 95.0%. ARIUM Gulfshore’s purchase price of approximately $47.0 million was funded, in part, with a $32.6 million senior mortgage loan secured by ARIUM Gulfshore property and improvements. ARIUM at Palmer Ranch’s purchase price of approximately $39.3 million was funded, in part, with a $26.9 million senior mortgage loan secured by the ARIUM at Palmer Ranch property and improvements. Acquisition of The Preserve at Henderson Beach On March 15, 2016, the Company, through subsidiaries of its Operating Partnership, completed an investment of approximately $17.2 million to acquire a 100% fee interest in a 340-unit apartment community located in Destin, Florida, known as Alexan Henderson Beach to be rebranded as The Preserve at Henderson Beach (“Henderson Beach”) for approximately $53.7 million. The purchase price for Henderson Beach included the assumption of a $37.5 million loan secured by Henderson Beach. Acquisition of ARIUM Westside On July 14, 2016, the Company, through subsidiaries of its Operating Partnership, completed an investment of approximately $22.2 million to acquire a leasehold interest in a 336-unit, Class A, mixed-use apartment community located in Atlanta, Georgia, known as Tenside Apartment Homes, to be rebranded as ARIUM Westside (“Westside”). The Company’s indirect ownership interest in the joint venture that owns Westside is 90%. The purchase price for Westside of approximately $74.5 million was funded, in part, with a $52.2 million senior mortgage loan secured by the Westside leasehold interest (the “Westside Loan”). The Company provided certain standard scope non-recourse carveout guarantees in conjunction with the Westside Loan. Acquisition of ARIUM Glenridge, formerly Nevadan Apartments On October 13, 2016, the Company, through joint venture subsidiaries of its Operating Partnership, completed an investment of approximately $22.8 million along with an affiliate of Carroll Organization, to acquire a 480-unit apartment community located in Atlanta, Georgia known as Nevadan Apartments. Nevadan Apartments was rebranded as ARIUM Glenridge in 2017. The Company’s indirect ownership in the joint venture that owns Nevadan Apartments is 90%. Nevadan Apartments’ purchase price of approximately $68.25 million was funded, in part, with a $48.4 million senior mortgage loan secured by the Nevadan Apartments property and improvements (the “Nevadan Loan”). The Company provided certain standard scope non-recourse carveout guarantees in conjunction with the Nevadan Loan. Acquisition of ARIUM Pine Lakes On October 31, 2016, the Company, through joint venture subsidiaries of its Operating Partnership, completed an investment of approximately $11.3 million along with an affiliate of Carroll Organization, to acquire a 320-unit, garden-style apartment community located in Port St. Lucie, Florida formerly known as Apex Prima Vista Apartments which the Company has rebranded as ARIUM Pine Lakes. The Company’s indirect ownership in the joint venture that owns Apex Prima Vista Apartments is 85%. Apex Prima Vista Apartments’ purchase price of approximately $38.3 million was funded, in part, with senior mortgage loan secured by the Apex Prima Vista Apartments property and improvements (the “Apex Loan”) of approximately $27.0 million. The Company provided certain standard scope non-recourse carveout guarantees in conjunction with the Apex Loan. Acquisition of The Brodie On November 10, 2016, the Company, through joint venture subsidiaries of its Operating Partnership, completed an investment of approximately $15.3 million along with an affiliate of F & B Capital, to acquire a 324-unit, garden-style apartment community located in Austin, Texas known as Deerfield Apartments which the Company has rebranded as The Brodie. The Company’s indirect ownership in the joint venture that owns The Brodie is 92.5%. The Brodie’s purchase price of approximately $48.9 million was funded, in part, with senior mortgage loan secured by The Brodie’s property and improvements (the “Brodie Loan”) of approximately $34.8 million. Acquisition of Roswell City Walk On December 1, 2016, the Company, through joint venture subsidiaries of its Operating Partnership, completed an investment of approximately $25.5 million along with an affiliate of Carroll Organization, to acquire a 320-unit apartment community located in Roswell, Georgia known as Roswell City Walk. The Company’s indirect ownership in the joint venture that owns Roswell City Walk is 98%. Roswell City Walk’s purchase price of approximately $76.0 million was funded, in part, with senior mortgage loan secured by the Roswell City Walk property and improvements (the “Roswell City Walk Loan”) of approximately $51.0 million. The Company provided certain standard scope non-recourse carveout guarantees in conjunction with the Roswell City Walk Loan. Acquisition of James on South First, formerly Legacy at Southpark On December 15, 2016, the Company, through joint venture subsidiaries of its Operating Partnership, completed an investment of approximately $10.4 million along with an affiliate of F & B Capital, to acquire a 250-unit apartment community located in Austin, Texas known as Legacy at Southpark. The Company’s indirect ownership in the joint venture that owns Legacy at Southpark is 90%. Legacy at Southpark’s purchase price of approximately $36.8 million was funded, in part, with senior mortgage loan secured by the Legacy at Southpark property and improvements (the “Legacy Loan”) of approximately $26.5 million. Acquisition of Bell Preston View On February 17, 2017, the Company, through subsidiaries of its Operating Partnership, acquired a 91.8% interest in a 382-unit apartment community located in Morrisville, North Carolina, known as Bell Preston View Apartments (“Preston View”) for approximately $59.5 million. The purchase price of $59.5 million was funded, in part, with a $41.1 million senior mortgage loan secured by the Preston View property. Acquisition of Wesley Village On March 9, 2017, the Company, through subsidiaries of its Operating Partnership, acquired a 91.8% interest in a 301-unit apartment community and adjacent land located in Charlotte, North Carolina, known as Wesley Village Apartments (“Wesley Village”) for approximately $57.2 million. The purchase price for Wesley Village of approximately $57.2 million was funded, in part, with a $40.5 million senior mortgage loan secured by the Wesley Village property. Acquisition of Texas Portfolio (“Texas Portfolio”) On June 9, 2017, the Company, through subsidiaries of its Operating Partnership, acquired a 90.0% interest in a portfolio of five apartment community properties containing 1,408-units, located in San Antonio and Tyler, Texas for approximately $188.9 million. The purchase price for the five-property portfolio was funded, in part, with the assumption of five senior mortgage loans of a total of approximately $146.4 million secured individually by each of the portfolio properties. The properties are Marquis at Crown Ridge, Marquis at Stone Oak and Marquis at TPC located in San Antonio, Texas, and Marquis at The Cascades I and II (considered one property subsequent to acquisition) located in Tyler, Texas. Acquisition at Villages at Cypress Creek On September 8, 2017, the Company, through subsidiaries of its Operating Partnership, acquired an 80.0% interest in a 384-unit apartment community located in Houston, Texas, known as Villages at Cypress Creek (“Villages at Cypress Creek”) for approximately $40.7 million. The purchase price for Villages at Cypress Creek of approximately $40.7 million was funded, in part, with a $26.2 million senior mortgage loan secured by the Villages at Cypress Creek property. Acquisition of Citrus Tower On September 28, 2017, the Company, through subsidiaries of its Operating Partnership, acquired a 96.8% interest in a 336-unit apartment community located in Orlando, Florida, known as Citrus Tower (“Citrus Tower”) for approximately $55.3 million. The purchase price for Citrus Tower of approximately $55.3 million was funded, in part, with a $41.4 million senior mortgage loan secured by the Citrus Tower property. Acquisition of Outlook at Greystone On October 19, 2017, the Company, through subsidiaries of its Operating Partnership, acquired a 100.0% interest in a 300-unit apartment community located in Birmingham, Alabama, known as Springs at Greystone, which the Company has rebranded as Outlook at Greystone (“Outlook at Greystone”), for approximately $36.3 million. The purchase price for Outlook at Greystone of approximately $36.3 million was funded, in part, with the Company’s credit facility secured by the Outlook at Greystone property. Acquisition of ARIUM Metrowest On October 30, 2017, the Company, through subsidiaries of its Operating Partnership, acquired a 100.0% interest in a 510-unit apartment community located in Orlando, Florida, known as ARIUM Metrowest for approximately $86.0 million. The purchase price for ARIUM Metrowest of approximately $86.0 million was funded, in part, with the Company’s credit facility secured by the ARIUM Metrowest property. Acquisition of ARIUM Hunter’s Creek On October 30, 2017, the Company, through subsidiaries of its Operating Partnership, acquired a 100.0% interest in a 532-unit apartment community located in Orlando, Florida, known as ARIUM Hunter’s Creek for approximately $96.9 million. The purchase price for ARIUM Hunter’s Creek of approximately $96.9 million was funded, in part, with a $72.3 million senior mortgage loan secured by ARIUM Hunter’s Creek property. Acquisition of The Mills On November 29, 2017, the Company, through subsidiaries of its Operating Partnership, acquired a 100.0% interest in a 304-unit apartment community located in Greenville, South Carolina, known as Springs at Greenville, which the Company has rebranded as The Mills (“The Mills”), for approximately $40.3 million. The purchase price for The Mills of approximately $40.3 million was funded, in part, with the assumption of a $26.8 million senior mortgage loan secured by The Mills property. Acquisition of Additional Interest in ARIUM Grandewood In November 2017, the Company invested an additional $3.1 million of equity in ARIUM Grandewood, increasing the Company’s indirect ownership interest in the property from 95.0% to 100.00%. The additional interests were purchased from an unaffiliated joint venture partner, based on arms length negotiations. Acquisition of Additional Interest in Park & Kingston In December 2017, the Company invested an additional $0.5 million of equity in Park & Kingston, increasing the Company’s indirect ownership interest in the property from 96.0% to 100.0%. The additional interests were purchased from Fund III based on broker’s opinion of value. Acquisition of Additional Interest in Enders Place at Baldwin Park In December 2017, the Company invested an additional $0.5 million of equity in Enders Place at Baldwin Park, increasing the Company’s indirect ownership interest in the property from 89.5% to 92.0%. The additional interests were purchased from Fund III based on broker’s opinion of value. Acquisition of Additional Interest in Preston View and Wesley Village In December 2017, the Company invested an additional $3.4 million of equity in Preston View and Wesley Village, increasing the Company’s indirect ownership interest in the properties from 91.8% to 100.0%. The additional interests were purchased from Fund I based on an 8% return on equity from the original purchase dates in February 2017 and March 2017, respectively. Purchase Price Allocation The real estate acquisitions in 2017 have been accounted for as asset acquisitions, while the acquisitions prior to January 1, 2017 were 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. Purchase Land $ 67,523 Building 515,803 Building improvements 34,398 Land improvements 25,302 Furniture and fixtures 10,651 In-place leases 12,843 Other assets 666 Total assets acquired $ 667,186 Mortgages assumed $ 173,155 Fair value adjustments 676 Total liabilities assumed $ 173,831 In connection with the acquisition of Texas Portfolio and The Mills, the Company assumed mortgage debt with a fair value of approximately $173.8 million. Investment in Crescent Perimeter On December 12, 2016, through BRG Perimeter, LLC, a wholly-owned subsidiary of the Operating Partnership, the Company made a common equity investment of approximately $15.2 million to obtain an approximately 60% interest in a multi-tiered joint venture structure along with Fund III, an affiliate of the former Manager, and an affiliate of Crescent Communities, to acquire a tract of real property located in Atlanta, Georgia for the development of a 320-unit, Class A apartment community, to be known as Crescent Perimeter. The acquisition was accounted for as an asset acquisition. On December 29, 2017, (i) Fund III substantially redeemed the common equity investment held by BRG Perimeter, LLC in BR Perimeter JV Member, LLC for $15.3 million, (ii) BRG Perimeter, LLC maintained a 0.5% common interest in BR Perimeter JV Member, LLC, and (iii) the Company, through BRG Perimeter, LLC, provided a mezzanine loan in the amount of $20.6 million to BR Perimeter JV Member, LLC, or the BRG Perimeter JV Mezz Loan. See Note 6 for further details regarding Crescent Perimeter and the BRG Perimeter JV Mezz Loan. Investment in Vickers Village On December 22, 2016, through BRG Vickers Roswell, LLC, a wholly-owned subsidiary of the Operating Partnership, the Company made a common equity investment of approximately $8.5 million to obtain an approximately 80% interest in a multi-tiered joint venture structure along with Fund III, an affiliate of the former Manager, and an affiliate of TPA Group, and our development partner, King Lowry Ventures, for the development of a 79-unit, Class A apartment community in the Roswell submarket of Atlanta, Georgia, to be known as Vickers Village. The acquisition was accounted for as an asset acquisition. On December 29, 2017, (i) Fund III substantially redeemed the common equity investment held by BRG Vickers Roswell, LLC in BR Vickers Roswell JV Member, LLC for $8.7 million, (ii) BRG Vickers Roswell, LLC maintained a 0.5% common interest in BR Vickers Roswell JV Member, LLC, and (iii) the Company, through BRG Vickers Roswell, LLC, provided a mezzanine loan in the amount of $9.8 million to BR Vickers Roswell JV Member, LLC, or the BRG Vickers JV Mezz Loan. See Note 6 for further details regarding Vickers Village and the BRG Vickers JV Mezz Loan. 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 $2.3 million and $2.2 million as of December 31, 2017 and 2016, respectively, for the Company’s consolidated real estate properties. No individual tenant represents over 10% of the Company’s annualized base rent for the consolidated real estate properties. Depreciation expense Depreciation expense was $35.5 million, $23.6 million and $12.4 million for the years ended December 31, 2017, 2016 and 2015, respectively. Intangible assets and related amortization 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 $13.1 million, $7.6 million and $3.8 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Notes and Interest Receivable d

Notes and Interest Receivable due from Related Party	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Notes And Interest Receivable Due From Related Party Disclosure [Text Block]	Note 6 — Notes and Interest Receivable due from Related Party Property December 31, December 31, APOK Townhomes $ 11,365 $ — Crescent Perimeter 20,622 — Domain 20,536 — Flagler 53,668 — Vickers Village 9,819 — West Morehead 24,893 21,267 Total $ 140,903 $ 21,267 Property December 31, December 31, APOK Townhomes $ 1,656 $ — Crescent Perimeter 17 — Domain 2,525 — Flagler 44 — Vickers Village 8 — West Morehead 3,680 17 Total $ 7,930 $ 17 West Morehead Mezzanine Financing On December 29, 2016, the Company, through BRG Morehead NC, LLC, or BRG Morehead NC, an indirect subsidiary, provided a $21.3 million mezzanine loan, or the BRG West Morehead Mezz Loan, to BR Morehead JV Member, LLC, an affiliate of the former Manager, or BR Morehead JV Member. The BRG West Morehead Mezz Loan is secured by BR Morehead JV Member’s approximate 95.0% interest in a multi-tiered joint venture along with Bluerock Special Opportunity + Income Fund II, (“Fund II”), an affiliate of the former Manager, and an affiliate of ArchCo Residential, or the West Morehead JV, which intends to develop an approximately 286-unit Class A apartment community located in Charlotte, North Carolina to be known as West Morehead. The BRG West Morehead Mezz Loan matures on the earlier of January 5, 2020, or the maturity date of the West Morehead Construction Loan, as defined below, as extended, and bears interest at a fixed rate of 15.0%. Regular monthly payments are interest-only during the initial term. The BRG West Morehead Mezz Loan can be prepaid without penalty. The Company has the right to exercise an option to purchase, at the greater of a 25 basis point discount to fair market value or 15% internal rate of return for Fund II, up to a 100% common membership interest in BR Morehead JV Member (the mezzanine borrower), which is 99.5% owned by Fund II and which currently holds an approximate 95.0% interest in the West Morehead JV and in the West Morehead property, subject to certain promote rights of our unaffiliated development partner. On January 5, 2017, the Company increased the amount of the BRG West Morehead Mezz Loan to approximately $24.6 million. In conjunction with the West Morehead development, on December 29, 2016, the West Morehead property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $34.5 million construction loan with an unaffiliated party, or the West Morehead Construction Loan, of which approximately $2.3 million is outstanding at December 31, 2017, and which is secured by the West Morehead property. The West Morehead Construction Loan matures on December 29, 2019, and contains two one-year extension options, subject to certain conditions including a debt service coverage, loan to value ratio and payment of an extension fee. The West Morehead Construction Loan bears interest on a floating basis on the amount drawn based on LIBOR plus 3.75%, subject to a minimum of 4.25%. Regular monthly payments are interest-only until September 2019, with further payments based on twenty-five-year amortization. The West Morehead Construction Loan can be prepaid without penalty. In addition, on December 29, 2016, the West Morehead property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $7.3 million mezzanine loan with an unaffiliated party, of which $7.3 million is outstanding at December 31, 2017, and which is secured by membership interest in the joint venture developing the West Morehead property. The loan matures on December 29, 2019, and contains two one-year extension options, subject to certain conditions including a debt service coverage, loan to value ratio, extension of the West Morehead Construction Loan and payment of an extension fee. The loan bears interest on a fixed rate of 11.5%. Regular monthly payments are interest-only. The loan can be prepaid prior to maturity provided the lender receives a cumulative return of 30% of its loan amount including all principal and interest paid. APOK Townhomes Mezzanine Financing On January 6, 2017, the Company, through BRG Boca, LLC, or BRG Boca, an indirect subsidiary, provided a $11.2 million mezzanine loan, or the BRG Boca Mezz Loan, to BRG Boca JV Member, LLC, an affiliate of the former Manager, or BR Boca JV Member. The BRG Boca Mezz Loan is secured by BR Boca JV Member’s approximate 90.0% interest in a multi-tiered joint venture along with Fund II, an affiliate of the former Manager, and an affiliate of NCC Development Group, or the Boca JV, which intends to develop an approximately 90-unit Class A apartment community located in Boca Raton, Florida to be known as APOK Townhomes. The BRG Boca Mezz Loan matures on the earlier of January 6, 2020, or the maturity of the Boca Construction Loan, defined below, as extended, and bears interest at a fixed rate of 15.0%. Regular monthly payments are interest-only during the initial term. The BRG Boca Mezz Loan can be prepaid without penalty. The Company has the right to exercise an option to purchase, at the greater of a 25 basis point discount to fair market value or 15% internal rate of return for Fund II, up to a 100% common membership interest in BR Boca JV Member (the mezzanine borrower), which is 99.5% owned by Fund II and which currently holds an approximate 90.0% interest in the Boca JV and in the Boca property, subject to certain promote rights of our unaffiliated development partner. In conjunction with the APOK Townhomes development, on December 29, 2016, the APOK Townhomes property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $18.7 million construction loan with an unaffiliated party, the Boca Construction Loan, of which $4.6 million is outstanding at December 31, 2017, which is secured by the APOK Townhomes property. The loan matures on June 29, 2019, and contains two one-year extension option, subject to certain conditions including a debt service coverage, stabilized occupancy and payment of an extension fee. The loan requires interest-only payments at prime plus 0.625%, subject to a floor of 4.125%. The loan can be prepaid without penalty. Domain Mezzanine Financing On March 3, 2017, the Company, through BRG Domain Phase 1, LLC, or BRG Domain 1, an indirect subsidiary, provided a $20.3 million mezzanine loan, or the BRG Domain 1 Mezz Loan, to BR Member Domain Phase 1, LLC, an affiliate of the former Manager, or BR Domain 1 JV Member. The BRG Domain 1 Mezz Loan is secured by BR Domain 1 JV Member’s approximate 97.7% interest in a multi-tiered joint venture along with Fund II, an affiliate of the former Manager, and an affiliate of ArchCo Residential, or the Domain Phase 1 JV, which intends to develop an approximately 299-unit Class A apartment community located in Garland, Texas. The BRG Domain Phase 1 Mezz Loan matures on the earlier of March 3, 2020, or the maturity of the Domain 1 Construction Loan, defined below, as extended, and bears interest at a fixed rate of 15.0%. Regular monthly payments are interest-only during the initial term. The BRG Domain 1 Mezz Loan can be prepaid without penalty. The Company has the right to exercise an option to purchase, at the greater of a 25 basis point discount to fair market value or 15% internal rate of return for Fund II, up to a 100% common membership interest in BR Domain 1 JV Member (the mezzanine borrower), which is 99.5% owned by Fund II and which currently holds an approximate 95.0% interest in the Domain 1 JV and in the Domain 1 property, subject to certain promote rights of our unaffiliated development partner. In conjunction with the Domain 1 development, on March 3, 2017, the Domain 1 property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $30.3 million construction loan with an unaffiliated party, or the Domain 1 Construction Loan, of which none is outstanding at December 31, 2017, and which is secured by the Domain 1 property. The Domain 1 Construction Loan matures on March 3, 2020, and contains two one-year extension options, subject to certain conditions including construction completion, a debt service coverage, loan to value ratio and payment of an extension fee. The Domain 1 Construction Loan bears interest on a floating basis on the amount drawn based on LIBOR plus 3.25%. Regular monthly payments are interest-only until March 2020, with further payments based on thirty-year amortization. The Domain 1 Construction Loan can be prepaid without penalty. In addition, on March 3, 2017, the Domain 1 property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $6.4 million mezzanine loan with an unaffiliated party, of which $4.6 million is outstanding at December 31, 2017, and which is secured by membership interest in the joint venture developing the Domain 1 property. The loan matures on March 3, 2020, and contains two one-year extension options, subject to certain conditions including a debt service coverage, loan to value ratio, extension of the Domain 1 Construction Loan and payment of an extension fee. The loan bears interest on a fixed rate of 12.5%, with 9.5% paid currently. Regular monthly payments are interest-only. The loan can be prepaid prior to maturity provided the lender receives a minimum profit and 1% exit fee. Crescent Perimeter Mezzanine Financing On December 29, 2017, the Company, through BRG Perimeter, LLC, or BRG Perimeter, an indirect subsidiary, provided a $20.6 million mezzanine loan, to BR Perimeter JV Member, LLC, an affiliate of the former Manager, or BR Perimeter JV Member. The BRG Perimeter Mezz Loan is secured by BR Perimeter JV Member’s approximate 60.0% interest in a multi-tiered joint venture along with Bluerock Special Opportunity + Income Fund III, (“Fund III”), an affiliate of the former Manager, and an affiliate of Crescent Communities, or the Crescent Perimeter Venture, which intends to develop an approximately 320-unit Class A apartment community located in Atlanta, Georgia to be known as Crescent Perimeter. The BRG Perimeter JV Mezz Loan matures on the later of December 29, 2021, or the maturity date of the Crescent Perimeter Construction Loan, as defined below, as extended, and bears interest at a fixed rate of 15.0%. Regular monthly payments are interest-only during the initial term. The BRG Perimeter JV Mezz Loan can be prepaid without penalty. On December 12, 2016, the Company, through joint venture subsidiaries of its Operating Partnership, entered into an approximately $44.7 million construction loan with an unaffiliated party, of which $5.1 million is outstanding at December 31, 2017, and which is secured by the Crescent Perimeter development, or the Crescent Perimeter Construction Loan. The loan matures December 12, 2020, with a one-year extension option subject to certain conditions including a debt service coverage, loan to value ratio and payment of an extension fee. The loan bears interest at a rate of LIBOR plus 3.00%, with interest only payments until December 12, 2020, with future payments based on 30-year amortization. The loan can be prepaid without penalty. Vickers Village Mezzanine Financing On December 29, 2017, the Company, through BRG Vickers Roswell, LLC, or BRG Vickers, an indirect subsidiary, provided a $9.8 million mezzanine loan, to BR Vickers Roswell JV Member, LLC, an affiliate of the former Manager, or BR Vickers JV Member. The BRG Vickers Mezz Loan is secured by BR Vickers JV Member’s approximate 80.0% interest in a multi-tiered joint venture along with Bluerock Special Opportunity + Income Fund III, an affiliate of the former Manager, and an affiliate of King Lowry Ventures, or the Vickers Venture, which intends to develop an approximately 79-unit Class A apartment community located in Roswell, Georgia to be known as Vickers Village. The BRG Vickers JV Mezz Loan matures on the latest of December 29, 2020, or the maturity date of the Vickers Construction Loan, as defined below, as extended, and bears interest at a fixed rate of 15.0%. Regular monthly payments are interest-only during the initial term. The BRG Vickers JV Mezz Loan can be prepaid without penalty. On December 22, 2016, the Company, through joint venture subsidiaries of its Operating Partnership, entered into an approximately $18.0 million construction loan with an unaffiliated party, of which $7.5 million is outstanding at December 31, 2017, and which is secured by the Vickers Village development. The loan matures December 1, 2020. The loan bears interest at a rate of LIBOR plus 3.00%, with interest only payments until December 1, 2018, with future payments based on 25-year amortization. The loan can be prepaid without penalty. Flagler Village Mezzanine Financing On December 29, 2017, the Company, through BRG Flagler Village, LLC, or BRG Flagler, an indirect subsidiary, provided a $53.6 million mezzanine loan, or the BRG Flagler Mezz Loan, to BR Flagler JV Member, LLC, an affiliate of the former Manager, or BR Flagler JV Member. The BRG Flagler Mezz Loan is secured by BR Flagler JV Member’s approximate 100.0% interest in a multi-tiered joint venture along with Fund II and Fund III, affiliates of the former Manager, and an affiliate of ArchCo Residential, or the Flagler JV, which intends to develop an approximately 385-unit Class A apartment community located in Fort Lauderdale, Florida to be known as Flagler Village. So long as BR Flagler JV Member has not timely exercised its Flagler Conversion Right, as defined below, the BRG Flagler Mezz Loan matures on December 29, 2022 and bears interest at a fixed rate of 15.0%. Regular monthly payments are interest-only during the initial term. The BRG Flagler Mezz Loan can be prepaid without penalty. BRG Flagler JV Member has the right to elect to cause BRG Flagler to convert its rights under the BRG Flagler Mezz Loan into membership interests in BR Flagler JV Member based on the capital contributed by Fund II and Fund III and the BRG Flagler Mezz Loan balance, until the earlier of the closing of construction financing or March 31, 2018, or the Flagler Conversion Right. The Company has the right of first offer to purchase the member’s ownership interests in BR Flagler JV Member, or, if applicable, to purchase Flagler Village if BR Flagler JV Member exercises its rights under the Flagler JV to cause the sale of Flagler Village.

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Joint Ventures	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments Disclosure [Text Block]	Note 7 — Investments in Unconsolidated Real Estate Joint Ventures Property December 31, December 31, Alexan CityCentre $ 9,258 $ 7,733 Alexan Southside Place 20,584 17,322 APOK Townhomes 7 7,569 Crescent Perimeter 12 — Domain 12 5,249 Flagler Village 30 14,035 Helios, formerly known as Cheshire Bridge 16,360 16,360 Lake Boone Trail 11,930 9,919 Vickers Village 6 — West Morehead 14 13 Whetstone 12,932 12,932 Total $ 71,145 $ 91,132 As of December 31, 2017, the Company had outstanding equity investments in eleven 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, except APOK Townhomes, Crescent Perimeter, Flagler Village and Vickers Village, which are common interests. The common interests in these joint ventures, as well as preferred interests in some cases, are owned by affiliates of the former Manager. In each case, the Company’s preferred equity investment in the joint venture generates a preferred return of 15% on its outstanding capital contributions, unless noted below, and the Company is not allocated any of the income or loss in the joint ventures. The joint venture is the controlling member in an entity whose purpose is to develop a multifamily property. Each joint venture in which the Company owns a preferred interest is required to redeem the Company’s preferred membership interests plus any accrued but unpaid preferred return on the earlier of the date which is six months following the maturity of the related development’s construction loan, or any earlier acceleration or due date, unless noted below. Additionally, the Company has the right, in its sole discretion, to convert its preferred membership interest in each joint venture into a common membership interest for a period of six months from the date upon which 70% of the units in the related development have been leased and occupied. The following provides additional information regarding the Company’s preferred equity investments and unconsolidated real estate joint ventures as of December 31, 2017. Property December 31, December 31, December 31, Alexan CityCentre $ 1,395 $ 1,085 $ 976 Alexan Southside Place 2,879 2,605 1,996 APOK Townhomes — 226 — Crescent Perimeter — — — Domain 141 614 64 EOS (26 ) 530 544 Flagler Village (7 ) (6 ) (5 ) Helios, formerly known as Cheshire Bridge 2,454 2,461 1,383 Lake Boone Trail 1,770 1,492 44 Vickers Village — — — Villas at Oak Crest — — 489 West Morehead — 677 — Whetstone 1,730 1,948 1,131 Other — — (32 ) Preferred returns and equity in income of unconsolidated joint venture $ 10,336 $ 11,632 $ 6,590 December 31, December 31, Balance Sheets: Real estate, net of depreciation $ 399,111 $ 197,742 Other assets 62,667 33,814 Total assets $ 461,778 $ 231,556 Mortgage payable $ 325,702 $ 97,598 Other liabilities 25,956 13,191 Total liabilities $ 351,658 $ 110,789 Members’ equity 110,120 120,767 Total liabilities and members’ equity $ 461,778 $ 231,556 Year Ended December 31, 2017 2016 2015 Operating Statements: Rental revenues $ 5,517 $ 6,652 $ 3,125 Operating expenses (4,990 ) (3,760 ) (3,136 ) Income (loss) before debt service, acquisition costs, and depreciation and amortization 527 2,892 (11 ) Interest expense, net (3,004 ) (1,409 ) (756 ) Acquisition costs — (3 ) (66 ) Depreciation and amortization (3,478 ) (2,881 ) (2,009 ) Operating loss (5,955 ) (1,401 ) (2,842 ) Gain on sale — 16,733 29,200 Net (loss) income $ (5,955 ) $ 15,332 $ 26,358 Alexan CityCentre Interests On July 1, 2014, through BRG T&C BLVD Houston, LLC, a wholly-owned subsidiary of the Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture along with Bluerock Growth Fund (“BGF”), Bluerock Special Opportunity + Income Fund II, LLC, (“Fund II”) and Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”), affiliates of the former Manager, and an affiliate of Trammell Crowe Residential, to develop a 340-unit Class A apartment community located in Houston, Texas, to be known as Alexan CityCentre. The Company has made a capital commitment of approximately $9.3 million to acquire 100% of the Class A preferred equity interests in BR T&C BLVD JV Member, LLC all of which has been funded as of December 31, 2017 (of which $2.8 million earns a 20% preferred return). On June 7, 2016, the Alexan CityCentre property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a loan modification agreement to amend the terms of its construction loan financing the construction and development of the Alexan CityCentre property (the “Alexan Development”). The maximum principal amount available to the borrower under the terms of the modified loan is $55.1 million of which approximately $54.4 million is outstanding at December 31, 2017. The maturity date is January 1, 2020, subject to a single one-year extension exercisable at the option of the borrower. The interest rate on the loan is a variable per annum rate equal to the prime rate plus 0.5%, or LIBOR plus 3.00%, at the borrower’s option. The loan requires monthly interest payments until the maturity date, after which $60,000 monthly payments of principal will be required in addition to payment of accrued interest during the maturity extension period. The borrower was required to initially fund approximately $2.6 million as an interest reserve and approximately $0.6 million as an operating deficit reserve. Certain unaffiliated third parties agreed to guaranty the completion of the development of the Alexan Development and provided partial guaranties of the borrower’s principal and interest obligations under the loan. To obtain the loan modification, the borrower was required to contribute additional equity for the Alexan Development in the amount of approximately $2.2 million to be applied to development costs, of which the Company funded approximately $0.7 million and Bluerock Growth Fund II (“BGF II”), an affiliate of the former Manager, funded $1.3 million as Class B preferred interests earning a 20% preferred return. Alexan Southside Place 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 former Manager, and an affiliate of Trammell Crow Residential, to develop an approximately 270-unit Class A apartment community located in Houston, Texas, to be known as Alexan Southside Place. Alexan Southside Place will be developed upon a tract of land ground leased from Prokop Industries BH, L.P., a Texas limited partnership, by BR Bellaire BLVD, LLC, as tenant under an 85-year ground lease. The Company has made a capital commitment of $20.6 million to acquire 100% of the preferred equity interests in BRG Southside, LLC, all of which has been funded as of December 31, 2017 (of which $3.3 million earns a 20% return). In conjunction with the Alexan Southside development, on April 7, 2015, the Alexan Southside leasehold interest holder, which is owned by an entity in which the Company owns an indirect interest, entered into a $31.8 million construction loan with Bank of America, NA of which $24.5 million is outstanding at December 31, 2017, which is secured by the leasehold interest in the Alexan Southside Place property. The loan matures on April 7, 2019, and contains a one-year extension option, subject to certain conditions including a debt service coverage, loan to value ratio and payment of an extension fee. The loan bears interest on a floating basis on the amount drawn based on the base rate plus 1.25% or LIBOR plus 2.25%. Regular monthly payments are interest-only during the initial term, with payments during the extension period based on a thirty-year amortization. The loan can be prepaid without penalty. APOK Townhomes Interests On September 1, 2016, through BRG Boca, LLC, or BRG Boca, a wholly-owned subsidiary of its Operating Partnership, the Company made an investment in a multi-tiered joint venture, along with Fund II, an affiliate of the former Manager, and NCC Development Group, or the Boca JV, to develop a 90-unit Class A apartment community located in Boca Raton, Florida to be known as APOK Townhomes. On January 6, 2017, (i) Fund II substantially redeemed the common equity investment held by BRG Boca in BR Boca JV Member for $7.3 million, (ii) BRG Boca maintained a 0.5% common interest in BR Boca JV Member, and (iii) the Company, through BRG Boca, provided a mezzanine loan in the amount of $11.2 million to BR Boca JV Member, or the BRG Boca Mezz Loan. See Note 6 for further details regarding APOK Townhomes and the BRG Boca Mezz Loan. Crescent Perimeter On December 12, 2016, through joint venture subsidiaries of the Operating Partnership, the Company made a common equity investment of approximately $15.2 million to obtain an approximately 60% interest in a multi-tiered joint venture structure along with an affiliate of Manager and an affiliate of Crescent Communities, to acquire a tract of real property located in Atlanta, Georgia for the development of a 320-unit, Class A apartment community, to be known as Crescent Perimeter. The acquisition was accounted for as an asset acquisition and Crescent Perimeter was consolidated. On December 29, 2017, in conjunction with procuring a mezzanine loan, (i) Fund III substantially redeemed the common equity investment held by BRG Perimeter, LLC in BR Perimeter JV Member, LLC for $15.3 million, (ii) BRG Perimeter, LLC maintained a 0.5% common interest in BR Perimeter JV Member, and (iii) the Company, through BRG Perimeter, LLC, provided a mezzanine loan in the amount of $20.6 million to BR Perimeter JV Member, LLC, or the BRG Perimeter Mezz Loan. See Note 6 for further details regarding Crescent Perimeter and the BRG Perimeter Mezz Loan. Crescent Perimeter will no longer be consolidated as a result of the activity. Domain Phase 1 Interests 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 former Manager, and an affiliate of ArchCo Residential, to develop an approximately 299-unit, class A, apartment community located in Garland, Texas. The property will be developed upon a tract of approximately 10 acres of land. On March 3, 2017, (i) Fund II substantially redeemed the preferred equity investment held by BRG Domain 1 in BR Domain 1 JV Member for $7.1 million, (ii) BRG Domain 1 maintained a 0.5% common interest in BR Domain 1 JV Member, and (iii) the Company, through BRG Domain 1, provided a mezzanine loan in the amount of $20.3 million to BR Domain 1 JV Member, or the BRG Domain 1 Mezz Loan. See Note 6 for further details regarding Domain Phase 1 and the BRG Domain 1 Mezz Loan. EOS Interests On July 29, 2014, through BRG UCFP Investor, LLC, a wholly-owned subsidiary of the Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture along with Bluerock Special Opportunity + Income Fund I, LLC (“Fund I”), an affiliate of the former Manager, and CDP UCFP Developer, LLC, to develop a 296-unit Class A apartment community located in Orlando, Florida, to be known as EOS. The Company made a capital commitment of approximately $3.6 million to acquire 100% of the Class A preferred equity interests in BR Orlando UCFP, LLC all of which had been funded as of November 10, 2016. In conjunction with the EOS development, on May 14, 2014, an indirect unconsolidated subsidiary, entered into a $27.5 million construction loan with KeyBank National Association which was secured by the EOS property, of which approximately $27.0 million was outstanding at November 10, 2016. The loan was scheduled to mature on May 14, 2017, and contained two one-year extension options, subject to certain conditions including a debt service coverage, loan to value ratio and payment of an extension fee. The loan bore interest on a floating basis on the amount drawn based on one-month LIBOR plus 2.15%. Regular monthly payments were interest-only during the initial term, with payments during the extension period based on a thirty-year amortization. The loan could be prepaid without penalty. On November 10, 2016, through an indirect subsidiary of the Operating Partnership, the Company converted its $3.6 million preferred equity investment in the joint venture into a 31% common investment. The Company recognized a $3.8 million gain on the conversion based on the estimated fair market value of the joint venture, which was based on the anticipated sale price of the underlying property that was under a sales contract which sale closed on December 19, 2016. In addition, an unaffiliated joint venture partner’s interest was purchased for $4.2 million in conjunction with the sale and 49.9% of Fund III interest was purchased for $8.2 million. The underlying property was sold for $52.0 million, subject to certain prorations and adjustments typical in such transactions. After deductions for the existing construction loan encumbering the EOS property in the amount of $27.0 million and payment of closing costs and fees of $0.9 million, and buyout of the joint venture partners, the sale of the underlying property generated proceeds of approximately $5.1 million to the Company for its proportionate ownership of the underlying joint venture. Flagler Village Interests On December 18, 2015, through BRG Flagler Village, LLC, a wholly-owned subsidiary of the Operating Partnership, the Company made an investment in a multi-tiered joint venture along with Fund II, an affiliate of the former Manager, and an affiliate of ArchCo Residential, to develop an approximately 385-unit, Class A apartment community located in Ft. Lauderdale, Florida. On December 29, 2017, (i) Fund II substantially redeemed the equity investment held by BRG Flagler Village, LLC in BR Flagler JV Member, LLC for $26.3 million, (ii) BRG Flagler Village, LLC maintained a 0.5% common interest in BR Flagler JV Member, and (iii) the Company, through BRG Flagler Village, LLC, provided a mezzanine loan in the amount of $53.6 million to BR Flagler JV Member, LLC, or the BRG Flagler Mezz Loan. See Note 6 for further details regarding Flagler Village and the BRG Flagler Mezz Loan. Helios, formerly known as 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 282-unit Class A apartment community located in Atlanta, Georgia, to be known as Helios Apartments. The Company has made a capital commitment of $16.4 million to acquire 100% of the preferred equity interests in BRG Cheshire, LLC, all of which has been funded as of December 31, 2017. In conjunction with the Helios development, on December 16, 2015, the Helios property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $38.1 million construction loan with The PrivateBank and Trust Company which is secured by the fee simple interest in the Helios property, of which approximately $35.1 million is outstanding at December 31, 2017. The loan matures on December 16, 2018, and contains two one-year extension options, subject to certain conditions including a debt service coverage, loan to value ratio and payment of an extension fee. The loan bears interest on a floating basis on the amount drawn based on one-month LIBOR plus 2.50%. Regular monthly payments are interest-only during the initial term, with payments during the extension period based on a thirty-year amortization. The loan can be prepaid without penalty. Lake Boone Trail Interests On December 18, 2015, through BRG Lake Boone, LLC, 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 former Manager, and an affiliate of Tribridge Residential, LLC, to develop an approximately 245-unit, Class A apartment community located in Raleigh, North Carolina, or Lake Boone Trail. The Company has made a capital commitment of $11.9 million to acquire 100% of the preferred equity interests in BR Lake Boone, LLC, all of which has been funded at December 31, 2017. In conjunction with the Lake Boone Trail development, on June 23, 2016, the Lake Boone property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $25.2 million construction loan with Citizens Bank, National Association which is secured by the fee simple interest in the Lake Boone Trail property, of which $14.1 million is outstanding as of December 31, 2017. The loan matures on December 23, 2019, and contains one extension option for one year to five years, subject to certain conditions including construction completion, a debt service coverage, loan to value ratio and payment of an extension fee. The loan bears interest on a floating basis on the amount drawn based on one-month LIBOR plus 2.65%. Regular monthly payments are interest-only during the initial term, with payments during the extension period based on a thirty-year amortization. The loan can be prepaid without penalty. Vickers Village On December 22, 2016, through joint venture subsidiaries of the Operating Partnership, the Company made a common equity investment of approximately $8.5 million to obtain an approximately 80% interest in a multi-tiered joint venture structure along with an affiliate of Manager, an affiliate of TPA Group, and our development partner, King Lowry Ventures, for the development of a 79-unit, Class A apartment community in the Roswell submarket of Atlanta, Georgia, to be known as Vickers Village. The acquisition was accounted for as an asset acquisition and Vickers Village was consolidated. On December 29, 2017, in conjunction with procuring a mezzanine loan, (i) Fund III substantially redeemed the common equity investment held by BRG Vickers Roswell, LLC in BR Vickers Roswell JV Member, LLC for $8.7 million, (ii) BRG Vickers Roswell, LLC maintained a 0.5% common interest in BR Vickers Roswell JV Member, and (iii) the Company, through BRG Vickers Roswell, LLC, provided a mezzanine loan in the amount of $9.8 million to BR Vickers Roswell JV Member, LLC, or the BRG Vickers Roswell Mezz Loan. See Note 6 for further details regarding Vickers Village and the BRG Vickers Roswell Mezz Loan. Vickers Village will no longer be consolidated as a result of the activity. West Morehead Interests On January 6, 2016, through BRG Morehead NC, LLC, or BRG Morehead NC, a wholly-owned subsidiary of the Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture along with Fund II, an affiliate of the former Manager, and an affiliate of ArchCo Residential, or the West Morehead JV, to develop an approximately 286-unit Class A apartment community located in Charlotte, North Carolina to be known as West Morehead. The Company has a 0.5% common equity interest in BR Morehead JV Member, LLC, at December 31, 2017. See Note 6 for further details regarding West Morehead and the BRG West Morehead Mezz Loan. 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-unit Class A apartment community located in Durham, North Carolina, to be known as Whetstone Apartments. The Company has made a capital commitment of $12.9 million to acquire 100% of the preferred equity interests in BRG Whetstone Durham, LLC, all of which has been funded as of December 31, 2017. On October 6, 2016, the Company entered into an agreement that provided for an extended twelve-month period in which it had a right to convert into common ownership. The Company did not elect to convert into common ownership on October 6, 2017, and therefore its preferred return decreased to 6.5%. Effective April 1, 2017, Whetstone ceased paying its preferred return on a current basis. The accrued preferred return of $1.2 million is shown as a due from affiliates in the consolidated balance sheet. The Company has evaluated the preferred equity investment and accrued preferred return and determined that the investment is not impaired and will be fully recoverable in the future. On October 6, 2016, the Whetstone property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a mortgage loan of approximately $26.5 million secured by the Whetstone Apartment property, of which $26.4 million was outstanding as of December 31, 2017. The loan matures on November 1, 2023. The loan bears interest at a fixed rate of 3.81%. Regular monthly payments were interest-only until November 1, 2017, with monthly payments beginning December 1, 2017 based on thirty-year amortization. The loan may be prepaid with the greater of 1% prepayment fee or yield maintenance until October 31, 2021, and thereafter at par. The loan is nonrecourse to the Company and its joint venture partners with certain standard scope non-recourse carve-outs for certain deeds, acts or failures to act on the part of the Company and the joint venture partners.

Revolving credit facility

Revolving credit facility	12 Months Ended
	Dec. 31, 2017
Revolving credit facility [Abstract]
Disclosure of Revolving credit facility [Text Block]	Note 8 — Revolving credit facility On October 4, 2017, the Company, through its Operating Partnership, entered into a credit agreement (the “Senior Credit Facility”) with KeyBank National Association (“KeyBank”) and other lenders. The Senior Credit Facility provides for an initial loan commitment amount of $150 million, which commitment contains an accordion feature up to a maximum commitment of up to $250 million. The remaining availability of borrowings at December 31, 2017 is based on the value of a pool of collateral properties and compliance with various ratios related to those assets and was approximately $4.4 million. The Senior Credit Facility matures on October 4, 2020, with a one-year extension option, subject to certain conditions and the payment of an extension fee. Borrowings under the Senior Credit Facility bear interest, at the Company’s option, at LIBOR plus 1.80% to 2.45%, or the base rate plus 0.80% to 1.45%, depending on the Company’s leverage ratio. The Company pays an unused fee at an annual rate of 0.20% to 0.25% of the unused portion of the Senior Credit Facility, depending on the amount of borrowings outstanding. The Senior Credit Facility contains certain financial and operating covenants, including a maximum leverage ratio, minimum liquidity, minimum debt service coverage ratio, and minimum tangible net worth. The Company has guaranteed the obligations under the Senior Credit Facility.

Mortgages Payable

Mortgages Payable	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Mortgage Notes Payable Disclosure [Text Block]	Note 9 — Mortgages Payable Outstanding Principal As of December 31, 2017 Property December 31, 2017 December 31, 2016 Interest Rate Fixed/Floating Maturity Date ARIUM at Palmer Ranch $ 26,925 $ 26,925 3.54 % LIBOR + 2.17% (1) February 1, 2023 ARIUM Glenridge 48,431 48,431 3.85 % LIBOR + 2.48% (1) November 1, 2023 ARIUM Grandewood 34,294 34,294 3.19 % Floating (2) December 1, 2024 ARIUM Gulfshore 32,626 32,626 3.54 % LIBOR + 2.17% (1) February 1, 2023 ARIUM Hunter’s Creek 72,294 — 3.65 % Fixed November 1, 2024 ARIUM Palms 24,999 24,999 3.59 % LIBOR + 2.22% (1) September 1, 2022 ARIUM Pine Lakes 26,950 26,950 3.95 % Fixed November 1, 2023 ARIUM Westside 52,150 52,150 3.68 % Fixed August 1, 2023 Ashton Reserve I 31,401 31,900 4.67 % Fixed December 1, 2025 Ashton Reserve II 15,270 15,270 3.99 % LIBOR + 2.62% (1) January 1, 2026 Citrus Tower 41,438 — 4.07 % Fixed October 1, 2024 Enders Place at Baldwin Park (3) 24,287 24,732 4.30 % Fixed November 1, 2022 Fox Hill — 26,705 James on South First 26,500 26,500 4.35 % Fixed January 1, 2024 Lansbrook Village — 57,190 Marquis at Crown Ridge 29,217 — 2.98 % LIBOR + 1.61% (1) June 1, 2024 Marquis at Stone Oak 43,125 — 2.98 % LIBOR + 1.61% (1) June 1, 2024 Marquis at The Cascades I 33,207 — 2.98 % LIBOR + 1.61% (1) June 1, 2024 Marquis at The Cascades II 23,175 — 2.98 % LIBOR + 1.61% (1) June 1, 2024 Marquis at TPC 17,184 — 2.98 % LIBOR + 1.61% (1) June 1, 2024 MDA Apartments — 37,124 Park & Kingston (4) 18,432 18,432 3.41 % Fixed April 1, 2020 Preston View 41,066 — 3.44 % LIBOR + 2.07% (1) March 1, 2024 Roswell City Walk 51,000 51,000 3.63 % Fixed December 1, 2026 Sorrel 38,684 38,684 3.66 % LIBOR + 2.29% (1) May 1, 2023 Sovereign 28,788 28,880 3.46 % Fixed November 10, 2022 The Brodie 34,825 34,825 3.71 % Fixed December 1, 2023 The Mills 26,777 — 4.21 % Fixed January 1, 2025 The Preserve at Henderson Beach 36,311 36,989 4.65 % Fixed January 5, 2023 Village Green of Ann Arbor — 41,547 Villages at Cypress Creek 26,200 — 3.23 % Fixed October 1, 2022 Wesley Village 40,545 — 4.25 % Fixed April 1, 2024 Total $ 946,101 $ 716,153 Fair value adjustments 2,638 1,364 Deferred financing costs, net (9,245 ) (6,942 ) Total mortgages payable $ 939,494 $ 710,575 (1) One month LIBOR as of December 31, 2017 was 1.57% and at December 1, 2017 was 1.37%. (2) ARIUM Grandewood principal balance includes the initial advance of $29.44 million at a floating rate of 1.67% plus one month LIBOR and a $4.85 million supplemental loan at a floating rate of 2.74% plus one month LIBOR. At December 31, 2017, the interest rates on the initial advance and supplemental loan were 3.04% and 4.11%, respectively. (3) The principal includes a $16.5 million loan at a fixed rate of 3.97% and a $7.7 million supplemental loan at a fixed rate of 5.01%. (4) The principal includes a $15.3 million loan at a fixed rate of 3.21% and a $3.2 million supplemental loan at a fixed rate of 4.34%. Deferred financing costs Costs incurred in obtaining long-term financing, reflected as a reduction of Mortgages Payable in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements, as applicable. Amortization of deferred financing costs, including the amounts related to the Revolving credit facility Fair value adjustments of debt The Company records a fair value adjustment based upon the fair value of the loans on the date they were assumed in conjunction with acquisitions. The fair value adjustments are being amortized to interest expense over the remaining life of the loans. Amortization of fair value adjustments was $0.3 million, $0.4 million, and $0.3 million for the years ended December 31, 2017, 2016 and 2015, respectively. Preston View Mortgage Payable On February 17, 2017, the Company, through an indirect subsidiary, entered into an approximately $41.1 million loan secured by Preston View. The loan matures March 1, 2024 and bears interest on a floating basis based on LIBOR plus 2.07%, with interest only payments until March 2019, and then monthly payments based on 30-year amortization. After March 31, 2018, the loan may be prepaid with a 1% prepayment fee through December 31, 2023, and thereafter at par. Wesley Village Mortgage Payable On March 9, 2017, the Company, through an indirect subsidiary, entered into an approximately $40.5 million loan secured by Wesley Village. The loan matures April 1, 2024 and bears interest at a fixed rate of 4.25%, with interest only payments until April 2019, and then fixed monthly payments based on 30-year amortization. After January 1, 2024, the loan may be prepaid without prepayment fee or yield maintenance. Marquis at Crown Ridge Mortgage Payable On June 9, 2017, the Company, through an indirect subsidiary, assumed a loan with a principal balance of approximately $29.5 million secured by Marquis at Crown Ridge. The loan matures June 1, 2024, unless the maturity date is extended in connection with an election to convert to a fixed interest rate loan. The loan bears interest at a floating basis based on LIBOR plus 1.61%, with fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance. Marquis at Stone Oak Mortgage Payable On June 9, 2017, the Company, through an indirect subsidiary, assumed a loan with a principal balance of approximately $43.1 million secured by Marquis at Stone Oak. The loan matures June 1, 2024, unless the maturity date is extended in connection with an election to convert to a fixed interest rate loan. The loan bears interest at a floating basis based on LIBOR plus 1.61%, with interest only payments until June 2018, and then fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance. Marquis at The Cascades I Mortgage Payable On June 9, 2017, the Company, through an indirect subsidiary, assumed a loan with a principal balance of approximately $33.2 million secured by Marquis at The Cascades I. The loan matures June 1, 2024, unless the maturity date is extended in connection with an election to convert to a fixed interest rate loan. The loan bears interest at a floating basis based on LIBOR plus 1.61%, with interest only payments until June 2018, and then fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance. Marquis at The Cascades II Mortgage Payable On June 9, 2017, the Company, through an indirect subsidiary, assumed a loan with a principal balance of approximately $23.2 million secured by Marquis at The Cascades II. The loan matures June 1, 2024, unless the maturity date is extended in connection with an election to convert to a fixed interest rate loan. The loan bears interest at a floating basis based on LIBOR plus 1.61%, with interest only payments until June 2018, and then fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance. Marquis at TPC Mortgage Payable On June 9, 2017, the Company, through an indirect subsidiary, assumed a loan with a principal balance of approximately $17.4 million secured by Marquis at TPC. The loan matures June 1, 2024, unless the maturity date is extended in connection with an election to convert to a fixed interest rate loan. The loan bears interest at a floating basis based on LIBOR plus 1.61%, with fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance. Villages at Cypress Creek On September 8, 2017, the Company, through an indirect subsidiary, entered into an approximately $26.2 million loan secured by Villages at Cypress Creek. The loan matures October 1, 2022, with two-one year extensions subject to certain conditions, and bears interest at a fixed rate of 3.23%, with interest only payments until October l, 2020, and then fixed monthly payments based on 30-year amortization. After July 1, 2022, the loan may be prepaid without prepayment fee or yield maintenance. Citrus Tower On September 28, 2017, the Company, through an indirect subsidiary, entered into an approximately $41.4 million loan secured by Citrus Tower. The loan matures October 1, 2024, and bears interest at a fixed rate of 4.07%, with interest only payments until October l, 2019, and then fixed monthly payments based on 30-year amortization. After July 1, 2024, the loan may be prepaid without prepayment fee or yield maintenance. ARIUM Hunter’s Creek On October 30, 2017, the Company, through an indirect subsidiary, entered into a loan with a principal balance of approximately $72.3 million secured by ARIUM Hunter’s Creek. The loan matures November 1, 2024, and bears interest at a fixed rate of 3.65%, with interest-only payments until November 1, 2019, and then fixed monthly payments based on 30-year amortization. After July 31, 2024, the loan may be prepaid without prepayment fee or yield maintenance. The Mills On November 29, 2017, the Company, through an indirect subsidiary, assumed a loan with a principal balance of approximately $26.8 million secured by The Mills. The loan matures January 1, 2025, unless the maturity date is extended for five years per lender option if The Mills shall fail to pay the outstanding principal due on the original maturity date. The loan bears interest at a fixed rate of 4.21%, with fixed monthly payments based on 30-year amortization. After January 1, 2020, the loan may be prepaid with prepayment fee or yield maintenance through October 31, 2024, and thereafter at par. Year Total 2018 $ 4,580 2019 8,152 2020 31,123 2021 13,874 2022 111,635 Thereafter 776,737 $ 946,101 Add: Unamortized fair value debt adjustment 2,638 Subtract: Deferred financing costs (9,245 ) Total $ 939,494 The net book value of real estate assets providing collateral for these above borrowings, including the Revolving credit facility The mortgage loans encumbering the Company’s properties are generally nonrecourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, the Company or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 10 — Fair Value of Financial Instruments As of December 31, 2017 and 2016, 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 $940.7 million and $714.8 million as of December 31, 2017 and 2016, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $948.7 million and $717.5 million as of December 31, 2017 and 2016, respectively. The fair value of mortgages payable is estimated based on the Company’s current interest rates (Level 3 inputs, as defined in ASC Topic 820, “Fair Value Measurement”) for similar types of borrowing arrangements.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 11 — Related Party Transactions 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 the Villas at Oak Crest, which was accounted for under the equity method, and Springhouse, in which the Company already owned an interest and which had been reported as consolidated for the periods presented). As holders of shares of the Company’s Class A common stock issued in the contribution transactions in connection with the IPO, Fund II and Fund III and their respective managers have certain registration rights covering the resale of their shares of Class A common stock. In addition, BR-NPT Springing Entity, LLC (“NPT”) and Bluerock Property Management, LLC, the property manager of North Park Towers (“BPM”), as holders of OP Units issued in the contribution transactions, and the former Manager and the former advisor, as holders of LTIP Units, have certain registration rights covering the resale of shares of the Class A common stock issued or issuable, at the Company’s option, in exchange for OP Units, including OP Units into which LTIP Units may be converted. On January 13, 2016, the Company filed, and on January 29, 2016, the SEC declared effective, a resale registration statement on Form S-3 (File No. 333-208988) (the “Resale Registration Statement”) with respect to the resale of their shares of Class A common stock, including the Class A common stock issued or issuable, at the Company’s option, in exchange for OP Units, including OP Units into which LTIP Units may be converted. The Company entered into a management agreement (the “Management Agreement”), with the former Manager, on April 2, 2014. The terms and conditions of the Management Agreement, which became effective as of April 2, 2014, are described below. Management Agreement While the Company was externally managed prior to the Internalization, the Management Agreement required the former Manager to manage the Company’s business affairs in conformity with the investment guidelines and other policies that were approved and monitored by the Company’s board of directors. The former Manager acted under the supervision and direction of the Board. Specifically, the former Manager was 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 former Manager provided 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 former Manager were dedicated exclusively to the Company. The Company was dependent on its former Manager to provide those services that were essential to the Company. In the event that the former Manager or its affiliates were unable to provide the respective services, the Company would have been required to obtain such services from other sources. The Company paid the former Manager a base management fee in an amount equal to the sum of: (A) 0.25% of the Company’s stockholders’ existing and contributed equity prior to the IPO and in connection with our contribution transactions, per annum, calculated quarterly based on the Company’s stockholders’ existing and contributed equity for the most recently completed calendar quarter and payable in quarterly installments in arrears, and (B) 1.5% of the equity per annum of the Company’s stockholders who purchased shares of the Company’s stock, calculated quarterly based on their equity for the most recently completed calendar quarter and payable in quarterly installments in arrears. The base management fee was payable independent of the performance of the Company’s investments. The Company amended the Management Agreement to provide that the base management fee could be payable in cash or LTIP Units, at the election of the Board. The number of LTIP Units issued for the base management fee or incentive fee was based on the fees earned divided by the 5-day trailing average Class A common stock price prior to issuance. Base management fees for the former Manager of $8.7 million, $6.4 million and $3.3 million were expensed for the years ended December 31, 2017, 2016 and 2015. Base management fees of $2.3 million, $2.6 million, and $2.8 million were expensed during the three months ended March 31, 2017, June 30, 2017 and September 30, 2017 and were paid through the issuance of 183,150 LTIP Units on May 12, 2017, of 221,481 LTIP Units on August 9, 2017, and of 250,852 LTIP Units on November 8, 2017. The base management fees of $1.0 million for the one month ended October 31, 2017, for the period prior to the Internalization, will be paid through the issuance of LTIP Units based on the average closing share price of the Company’s Class A common stock on the five business days prior to the date of issuance. See Note 15. The Company also paid the former Manager an incentive fee with respect to each calendar quarter in arrears. The incentive fee was equal to the difference between (1) the product of (x) 20% and (y) the difference between (i) the Company’s adjusted funds from operations (“AFFO”), for the previous 12-month period, and (ii) the product of (A) the weighted average of the issue price of equity securities issued in the IPO and in future offerings and transactions, multiplied by the weighted average number of all shares of the Company’s Class A common stock outstanding on a fully-diluted basis (including any restricted stock units, any restricted shares of Class A common stock, LTIP Units, and other shares of common stock underlying awards granted under the Incentive Plans and OP Units) in the previous 12-month period, exclusive of equity securities issued prior to the IPO or in the contribution transactions, and (B) 8%, and (2) the sum of any incentive fee paid to the former Manager with respect to the first three calendar quarters of such previous 12-month period; provided, however, that no incentive fee was payable with respect to any calendar quarter unless AFFO is greater than zero for the four most recently completed calendar quarters, or the number of completed calendar quarters since the closing date of the IPO, whichever was less. For purposes of calculating the incentive fee during the first 12 months after completion of the IPO, AFFO was determined by annualizing the applicable period following completion of the IPO. One half of each quarterly installment of the incentive fee was payable in LTIP Units, calculated pursuant to the formula above. The remainder of the incentive fee was payable in cash or in LTIP Units, at the election of the Board, in each case calculated pursuant to the formula above. Incentive fees for the former Manager of $4.0 million, $0.2 million and $0.9 million were expensed for the years ended December 31, 2017, 2016 and 2015. Incentive fees of $0.4 million, $3.5 million, zero and zero for the three months ended March 31, 2017, June 30, 2017, September 30, 2017 and one month ended October 31, 2017 were paid through the issuance of 34,803 LTIP Units on May 12, 2017, 299,045 LTIP Units on August 9, 2017, zero and zero, respectively. There was no incentive fee during the three months ended September 30, 2017 or the one month ended October 31, 2017, for the period prior to the Internalization. Incentive fees of $0.15 million for the three months ended September 30, 2016 were paid through the issuance of approximately 12,679 LTIP Units on November 11, 2016. Management fee expense of $0.01 million, $0.4 million and $0.9 million, was recorded as part of general and administrative expenses for the years ended December 31, 2017, 2016 and 2015, respectively, related to the vesting of 179,562 LTIP Units granted in connection with the IPO. The expense recognized during 2017, 2016 and 2015 was based on the Class A common stock closing price at the vesting date or end of the period, as applicable. These LTIP Units vested over a three-year period that began in April 2014, with 59,854 LTIP Units vested on April 30, 2015, 59,854 LTIP Units vested on April 30, 2016 and 59,854 LTIP Units vested on April 30, 2017. On July 2, 2015, the Company issued a grant of LTIP Units under the Amended 2014 Incentive Plans to the former Manager. The equity grant consisted of 283,390 LTIP Units (the “2015 LTIP Units”). The 2015 LTIP Units will vest ratably over a three-year period that began in July 2015, subject to certain terms and conditions. On August 3, 2016, the Company issued a grant of LTIP Units under the Amended 2014 Incentive Plans to the former Manager. The equity grant consisted of 176,610 LTIP Units (the “2016 LTIP Units”). The 2016 LTIP Units will vest ratably over a three-year period that began in August 2016, subject to certain terms and conditions. In conjunction with the Internalization, 212,203 outstanding LTIP Units issued as incentive equity to our former Manager became vested in accordance with their original terms. These LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock. LTIP expense of $2.2 million, $2.4 million and $1.0 million was recorded as part of general and administrative expenses for the years ended December 31, 2017, 2016 and 2015 respectively, related to the 2015 LTIP Units and the 2016 LTIP Units. The expense recognized during 2017, 2016 and 2015 was based on the Class A common stock closing price at the vesting date or the end of the period, as applicable. The Company is also required to reimburse the former Manager for certain expenses and pay all operating expenses, except those specifically required to be borne by the former Manager under the Management Agreement. The former Manager waived all reimbursements through the six months ended June 30, 2015. Reimbursements of $0.3 million were expensed during the six months ended December 31, 2015 and are recorded as part of general and administrative expenses. Reimbursements of $0.6 million were expensed during the year ended December 31, 2016, and are recorded as part of general and administrative expenses. Reimbursements of $1.5 million were expensed during the year ended December 31, 2017, and are recorded as part of general and administrative expenses. The initial term of the Management Agreement expired on April 2, 2017 (the third anniversary of the closing of the IPO), and automatically renewed for a one-year term expiring April 2, 2018. On August 4, 2017, the Company and BRG Manager, LLC, or the former Manager, announced that the parties had entered into a Contribution Agreement (as amended by that certain Amendment No. 1 thereto, dated August 9, 2017), and other definitive agreements providing for the acquisition of a newly-formed entity to own the assets used by the former Manager in its performance of the management functions then provided to the Company pursuant to the Management Agreement, or the Internalization. A special committee comprised entirely of independent and disinterested members of the board of directors, (the “Special Committee”), which retained independent legal and financial advisors, unanimously determined that the entry into the Contribution Agreement and the completion of the Internalization were in the best interests of the Company. The board of directors, by unanimous vote, made a similar determination, and on October 26, 2017, the company held its annual meeting of stockholders, at which the Company’s stockholders approved the proposals necessary for the completion of the Internalization. On October 31, 2017, the Company completed the Internalization pursuant to the Contribution Agreement for total consideration of approximately $41.24 million, as determined pursuant to a formula established in the Management Agreement at the time of the IPO in April 2014. Upon completion of the Internalization, the current management and investment teams, who were previously employed by an affiliate of the former Manager, became employed by the Company’s indirect subsidiary, and the Company become an internally managed real estate investment trust. In order to further align the interests of the management with those of the Company’s stockholders, payment of the aggregate Internalization consideration was paid 99.9% in equity: the Company caused the Operating Partnership to issue an aggregate of 3,753,593 OP Units, and the Company issued an aggregate of 76,603 shares of a newly reclassified Class C common stock and paid an aggregate of approximately $40,794 in cash to the applicable Contributor and its affiliates and related persons in connection with the Internalization. The former Manager retained, at its sole cost and expense, the services of such persons and firms as the former Manager deemed necessary in connection with the Company’s management and operations (including accountants, legal counsel and other professional service providers), provided that such expenses was 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. 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 former 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 former 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 former Manager and its affiliates. Pursuant to the terms of the Management Agreement while we were externally managed, summarized below are the related party amounts payable to our former Manager, as of December 31, 2017 and 2016. December 31, December 31, Amounts Payable to the Former Manager under the Management Agreement Base management fee $ 993 $ 2,015 Operating expense reimbursements and direct expense reimbursements — 274 Offering expense reimbursements — 120 Total amounts payable to Former Manager $ 993 $ 2,409 Amounts Payable to BRRE Entities under the Administrative Services Agreement Operating expense reimbursements and direct expense reimbursements $ 508 $ — Offering expense reimbursements 74 — Total amounts payable to BRRE Entities $ 582 $ — Total $ 1,575 $ 2,409 As of December 31, 2017 and 2016, the Company had no other payables due to related parties other than the Company’s former Manager and BRRE Entities. As of December 31, 2017 and 2016, the Company had $2.0 million and $0.9 million, respectively, in receivables due to us from related parties other than the Company’s former Manager primarily for accrued preferred returns from the prior month. Administrative Services Agreement In connection with the closing of the Internalization, the Company entered into an Administrative Services Agreement with BRRE and its affiliate, Bluerock Real Estate Holdings, LLC (“BREH,” and together with BRRE, the “BRRE Entities”), (the “Administrative Services Agreement”). Pursuant to the Administrative Services Agreement, the BRRE Entities will provide the Company with certain human resources, investor relations, marketing, legal and other administrative services (the “Services”) to facilitate a smooth transition in the Company’s management of its operations and enable the Company to benefit from operational efficiencies created by access to such services following closing, to give the Company time to develop such services in-house or to hire other third-party service providers for such services. The Services will be provided on an at-cost basis, generally allocated based on the use of such Services for the benefit of the Company’s business, and shall be invoiced on a quarterly basis. In addition, the Administrative Services Agreement will permit, from time to time, certain employees of the Company to provide or cause to be provided services to the BRRE Entities, on an at-cost basis, generally allocated based on the use of such services for the benefit of the business of the BRRE Entities and invoiced on a quarterly basis, and otherwise subject to the terms of the Services to be provided by the BRRE Entities to the Company under the Administrative Services Agreement. Payment by the Company of invoices and other amounts payable under the Administrative Services Agreement will be made in cash or, in the sole discretion of the Company’s board of directors, in the form of fully-vested LTIP Units. The initial term of the Administrative Services Agreement is one year from the date of execution, subject to the Company’s right to renew it for successive one-year terms upon sixty (60) days written notice prior to expiration. The Administrative Services Agreement will automatically terminate (i) upon termination by the Company of all Services, or (ii) in the event of non-renewal by the Company. Any Company Party will also be able to terminate the Administrative Services Agreement with respect to any individual Service upon written notice to the applicable BRRE Entity, in which case the specified Service will discontinue as of the date stated in such notice, which date must be at least ninety (90) days from the date of such notice. Further, either BRRE Entity may terminate the Administrative Services Agreement at any time upon the occurrence of a “Change of Control Event” (as defined therein) upon at least one hundred eighty (180) days prior written notice to the Company. Pursuant to the Administrative Services Agreement, the BRRE Entities will be responsible for the payment of all employee benefits and any other direct and indirect compensation for the employees of the BRRE Entities (or their affiliates or permitted subcontractors) assigned to perform the Services, as well as such employees’ worker’s compensation insurance, employment taxes, and other applicable employer liabilities relating to such employees. Reimbursements of $0.1 million were expensed during the year ended December 31, 2017, and are recorded as part of general and administrative expenses for payroll related amounts. Reimbursements of $0.3 million were expensed during the year ended December 31, 2017, and are recorded as part of general and administrative expenses for operating expenses. Premises Agreements In connection with the closing of the Internalization, BRRE and the former Manager entered into (i) that certain use and occupancy agreement (the “NY Agreement”) for certain space located on the 9 th th Stockholders Agreement In connection with the closing of the Internalization, the Company and the Contributors entered into a Stockholders Agreement, (the “Stockholders Agreement”), pursuant to which the Company may grant certain registration rights for the benefit of the Contributors and impose certain limitations on the voting rights of the Class C Common Stock. Pursuant to the Stockholders Agreement, each Contributor, in respect of any Class A Common Stock that they may receive in connection with any redemption or conversion, as applicable, of any OP Units or Class C Common Stock received as a result of the Internalization (“Registrable Shares”), may require the Company from time to time to register the resale of their Registrable Shares under the Securities Act on a registration statement filed with the SEC. The Stockholders Agreement grants each Contributor certain rights to demand a registration of some or all of their Registrable Shares (a “Demand Registration”) or to request the inclusion of some or all of their Registrable Shares in a registration being effected by the Company for itself or on behalf of another person (a “Piggyback Registration”), in each case subject to certain customary restrictions, limitations, registration procedures and indemnity provisions. The Company is obligated to use commercially reasonable efforts to prepare and file a registration statement within specified time periods and to cause that registration statement to be declared effective by the SEC as soon as reasonably practicable thereafter. The ability to cause the Company to effect a Demand Registration is subject to certain conditions. The Company is not required to effect such registration within 180 days of the effective date of any prior registration statement with respect to the Company’s Class A Common Stock and may delay the filing for up to 60 days under certain circumstances. If, pursuant to an underwritten Demand Registration or Piggyback Registration, the managing underwriter advises that the number of Registrable Shares requested to be included in such registration exceeds a maximum number (the “Maximum Number”) that the underwriter believes can be sold without delaying or jeopardizing the success of the proposed offering, the Stockholders Agreement specifies the priority in which Registrable Shares are to be included. Pursuant to the Stockholders Agreement, the Contributors have agreed to limit certain of their voting rights with respect to the Class C Common Stock. If, as of the record date for determining the stockholders of the Company entitled to vote at any annual or special meeting of the stockholders of the Company or for determining the stockholders of the Company entitled to consent to any corporate action by written consent, the holders of the Class C Common Stock own shares of Class C Common Stock (the “Subject Shares”) representing in the aggregate more than 9.9% of the voting rights of the then-outstanding shares of capital stock of the Company that have voting rights on the matters being voted upon at such meeting (such number of Subject Shares representing in the aggregate more than 9.9% of the voting rights of the then-outstanding shares of capital stock of the Company with voting rights being referred to as the “Excess Shares”), then at each such meeting or in each such action by written consent the holders of the Subject Shares will vote or furnish a written consent in respect of the Excess Shares, or cause the Excess Shares to be voted or consented, in each case, in such manner as directed by a majority of the members of our board of directors. All Subject Shares other than the Excess Shares may be voted for or against any matter in the Class C Common Stock Holder’s sole and absolute discretion. Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Series B Preferred Stock, the Company engaged a related party, as dealer manager, and pays up to 10% of the gross offering proceeds from the offering as selling commissions and dealer manager fees. The dealer manager may re-allow the selling commissions and dealer manager fees to participating broker-dealers, and is expected to incur costs in excess of the 10%, which costs will be borne by the dealer manager. For the years ended December 31, 2017 and 2016, the Company has incurred $11.4 million and $1.5 million, and $4.9 million and $0.6 million, in selling commissions and dealer manager fees, respectively. In addition, BRG Manager was reimbursed for offering costs in conjunction with the Series B Preferred Offering of $0.7 million and $0.13 million during the years ended December 31, 2017 and 2016, respectively, which were recorded as a reduction to the proceeds of the offering. In addition, Bluerock was reimbursed for offering costs of approximately $0.1 million in 2017, which were recorded as a reduction to the proceeds of the offering. Other Related Party Transactions In December 2017, the Company invested an additional $0.5 million of equity in Park & Kingston, increasing the Company’s indirect ownership interest in the property from 96.0% to 100.0%. The additional interests were purchased from Fund III based on broker’s opinion of value. In December 2017, the Company invested an additional $0.5 million of equity in Enders Place at Baldwin Park, increasing the Company’s indirect ownership interest in the property from 89.5% to 92.0%. The additional interests were purchased from Fund III based on broker’s opinion of value. In December 2017, the Company invested an additional $3.4 million of equity in Preston View and Wesley Village, increasing the Company’s indirect ownership interest in the properties from 91.8% to 100.0%. The additional interests were purchased from Fund I based on an 8% return on equity from the original purchase dates in February 2017 and March 2017, respectively. See Note 7 for a discussion of EOS related party transactions. Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company invests with related parties in various joint ventures in which the Company owns either preferred or common interests. Please refer to Note 7 for further information. Notes and interest receivable from related party The Company provides mezzanine loans to related parties in conjunction with the developments of multifamily communities. Please refer to Note 6 and 7 for further information.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2017
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, B-3 and C common stock and LTIP Units participate in dividends on a one-for-one basis. Year Ended December 31, 2017 2016 2015 (In thousands, except per share data) Net (Loss) income attributable to common stockholders $ (45,679 ) $ (18,985 ) $ 635 Dividends on restricted stock expected to vest — (4 ) (16 ) Basic net (loss) income attributable to common stockholders $ (45,679 ) $ (18,989 ) $ 619 Weighted average shares outstanding, basic (1) 25,561,673 20,805,852 17,404,348 Potential dilutive shares (2) — — 12,850 Weighted average shares outstanding, diluted (1) 25,561,673 20,805,852 17,417,198 (Loss) earnings per common share, basic $ (1.79 ) $ (0.91 ) $ 0.04 (Loss) earnings per common share, diluted $ (1.79 ) $ (0.91 ) $ 0.04 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. For 2017, amounts relate to shares of the Company’s Class A and Class C common stock and LTIP Units outstanding. For 2016, amounts relate to shares of the Company’s Class A and B-3 common stock and LTIP Units outstanding. For 2015, amounts relate to shares of the Company’s Class A, B-1, B-2, and B-3 common stock and LTIP Units outstanding. (2) Excludes 391 and 4,282 shares of common stock for the years ended December 31, 2017 and 2016, respectively, related to non-vested restricted stock, as the effect would be anti-dilutive. Follow-On Equity Offerings On April 25, 2016, the Company completed an underwritten offering of 2,300,000 shares of Series A Preferred Stock, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters (the “April 2016 Preferred Stock Offering”). The shares were registered with the SEC pursuant to the January 2016 Shelf Registration Statement. The public offering price of $25.00 per share was announced on April 20, 2016. Net proceeds of the April 2016 Preferred Stock Offering were approximately $55.3 million after deducting underwriting discounts and commissions and estimated offering costs. On May 26, 2016, the Company completed an offering of 400,000 shares of Series A Preferred Stock, (the “May 2016 Preferred Stock Offering”). The shares were registered with the SEC pursuant to the January 2016 Shelf Registration Statement. The offering price of $25.00 per share was announced on May 26, 2016. Net proceeds of the May 2016 Preferred Stock Offering were approximately $9.5 million after deducting underwriting discounts and commissions and estimated offering costs. On July 19, 2016, the Company completed an underwritten offering (the “July 2016 Preferred Stock Offering”) of 2,300,000 shares of 7.625% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share, liquidation preference $25.00 per share, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters. The shares were registered with the SEC pursuant to the January 2016 Shelf Registration Statement. The public offering price of $25.00 per share was announced on July 12, 2016. Net proceeds of the July 2016 Preferred Stock Offering were approximately $55.3 million after deducting underwriting discounts and commissions and estimated offering costs. On October 13, 2016, the Company completed an underwritten offering (the “October 2016 Preferred Stock Offering”) of 2,700,000 shares of 7.125% Series D Cumulative Preferred Stock, par value $0.01 per share, liquidation preference $25.00 per share. The shares were registered with the SEC pursuant to the January 2016 Shelf Registration Statement. The public offering price of $25.00 per share was announced on October 6, 2016. Net proceeds of the October 2016 Preferred Stock Offering were approximately $65.0 million after deducting underwriting discounts and commissions and estimated offering costs. On November 3, 2016, the Company closed on the sale of 150,602 shares of Series D Preferred Stock for proceeds of approximately $3.7 million pursuant to the underwriters’ exercise of the overallotment option. On January 17, 2017, the Company completed an underwritten offering (the “January 2017 Class A Common Stock Offering”) of 4,000,000 shares of its Class A common stock, par value $0.01 per share. The offer and sale of the shares were registered with the SEC pursuant to the January 2016 Shelf Registration Statement. The public offering price of $13.15 per share was announced on January 11, 2017. Net proceeds of the January 2017 Class A Common Stock Offering were approximately $49.8 million after deducting underwriting discounts and commissions and estimated offering costs. On January 24, 2017, the Company closed on the sale of 600,000 shares of Class A common stock for proceeds of approximately $7.5 million pursuant to the underwriters’ full exercise of the overallotment option. At-the-Market Offerings On March 29, 2016, the Company, its Operating Partnership and its Manager entered into an At Market Issuance Sales Agreement (the “Series A Sales Agreement”) with FBR Capital Markets & Co. (“FBR”), and MLV & Co. LLC (“MLV”). Pursuant to the Series A Sales Agreement, FBR and MLV acted as distribution agents with respect to the offering and sale of up to $100,000,000 in shares of Series A Preferred Stock in “at the market offerings” as defined in Rule 415 under the Securities Act, including without limitation sales made directly on or through the NYSE MKT (now the NYSE American), or on any other existing trading market for Series A Preferred Stock or through a market maker (the “Series A ATM Offering”). Since March 31, 2016, the Company sold 146,460 shares of Series A Preferred Stock in the ATM Offering through April 8, 2016. On April 8, 2016, the Company delivered notice to each of FBR and MLV, pursuant to the terms of the Series A Sales Agreement, to suspend all sales under the Series A ATM Offering. As of December 31, 2017, the Company had sold 146,460 shares of Series A Preferred Stock in the Series A ATM Offering for net proceeds of approximately $3.6 million after commissions. The Company terminated the Series A ATM Offering effective September 30, 2017. On August 8, 2016, the Company, its Operating Partnership and its Manager entered into an At Market Issuance Sales Agreement (the “Class A Sales Agreement”) with FBR. Pursuant to the Class A Sales Agreement, FBR will act as distribution agent with respect to the offering and sale of up to $100,000,000 in shares of Class A common stock in “at the market offerings” as defined in Rule 415 under the Securities Act, including without limitation sales made directly on or through the NYSE American (formerly the NYSE MKT), or on any other existing trading market for Class A common stock or through a market maker (the “Class A Common Stock ATM Offering”). The Company has not commenced any sales through the Class A Common Stock ATM Offering. On September 14, 2016, the Company, its Operating Partnership and its Manager entered into an At Market Issuance Sales Agreement (the “Series C Sales Agreement”) with FBR. Pursuant to the Series C Sales Agreement, FBR acted as distribution agent with respect to the offering and sale of up to $36,000,000 in shares of Series C Preferred Stock in “at the market offerings” as defined in Rule 415 under the Securities Act, including without limitation sales made directly on or through the NYSE MKT (now the NYSE American), or on any other existing trading market for Series C Preferred Stock or through a market maker (the “Series C ATM Offering”). Since September 14, 2016, the Company sold 23,750 shares of Series C Preferred Stock in the Series C ATM Offering through September 27, 2016. On September 27, 2016, the Company delivered notice to FBR, pursuant to the terms of the Series C Sales Agreement, to suspend all sales under the Series C ATM Offering. As of December 31, 2017, the Company had sold 23,750 shares of Series C Preferred Stock in the Series C ATM Offering for net proceeds of approximately $0.6 million after commissions. The Company terminated the Series C ATM Offering effective September 30, 2017. Series B Preferred Stock Offering The Company issued 163,204 shares of Series B Preferred Stock under a continuous registered offering with net proceeds of approximately $146.9 million after commissions and fees during the year ended December 31, 2017. As of December 31, 2017, the Company has sold 184,686 shares of Series B Preferred Stock and 184,686 Warrants to purchase 3,693,720 shares of Class A common stock for net proceeds of approximately $166.2 million after commissions and fees. Class C Common Stock The Class C Common Stock is equivalent in all material respects to, and ranks on parity with, the Class A Common Stock, except that each share of Class C Common Stock entitles the holder thereof to fifty (50) votes, which mirrors the aggregate number of OP Units (which are redeemable for cash or, at our sole option, for shares of our Class A Common Stock, on a one-to-one basis) and shares of Class C Common Stock issued as consideration in the Internalization. The Class C Common Stock provides its holders a right to vote that is proportionate to the outstanding non-voting economic interest in the Company attributable to such holders or their affiliates by virtue of the OP Units issued in the Internalization, as if all such OP Units were redeemed by us for shares of Class A Common Stock, but without providing any disproportionate voting rights. Shares of Class C Common Stock will only be issued (a) to the Contributors, (b) in conjunction with the issuance of OP Units as consideration in the Internalization, and (c) in a ratio of no more than one (1) share of Class C Common Stock for every forty-nine (49) OP Units so issued. See Note 11 Related Party Transactions — Stockholders Agreement for limitations on voting rights of the Class C Common Stock. 8.250% Series A Cumulative Redeemable Preferred Stock The Series A Preferred Stock ranks senior to common stock and on parity with the Series B Preferred Stock, the Series C Preferred Stock and the Series D Preferred Stock as to rights upon our liquidation, dissolution or winding up. The Series A Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the board of directors. Commencing October 21, 2022, the annual dividend rate will increase by 2.0% annually, up to a maximum of 14.0%, if not redeemed by the holder or not previously redeemed by the Company. Commencing on October 21, 2022, holders may, at their option, elect to have the Company redeem their shares at a redemption price of $25.00 per share, plus an amount equal to accrued but unpaid dividends, payable by the Company at its option in cash or shares of Class A common stock. The Company may not redeem the Series A Preferred Stock before October 21, 2020, except in limited circumstances related to its qualification as a REIT, complying with an asset coverage ratio or upon a change in control. After October 21, 2020, the Company can redeem for a redemption price of $25.00 per share plus any accrued and unpaid dividends. At the date of issuance, the carrying amount of the Series A Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date. Such accretion is recorded as a preferred stock dividend on the Statement of Stockholders’ Equity. Series B Redeemable Preferred Stock The Series B Preferred Stock ranks senior to common stock and on parity with the Series A Preferred Stock, the Series C Preferred Stock and the Series D Preferred Stock as to rights upon our liquidation, dissolution or winding up. The Series B Preferred Stock is entitled to priority cumulative dividends to be paid monthly, in arrears, when, as and if authorized by the board of directors. Holders may, at their option, elect to have the Company redeem their shares through the first year from issuance subject to a 13% redemption fee. After year one, the redemption fee decreases to 10%, after year three it decreases to 5%, after year four it decreases to 3%, and after year five there is no redemption fee. Any redeemed shares are entitled to any accrued but unpaid dividends at the time of the redemption, payable by the Company at its option in cash or shares of Class A common stock. The Company may redeem the Series B Preferred Stock beginning two years from the original issuance for the liquidation preference per share plus any accrued and unpaid dividends in either cash or shares of Class A common stock, based on the volume weighted average price for the Class A common shares for the 20 trading days prior to the redemption. At the date of issuance, the carrying amount of the Series B Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date. Such accretion is recorded as a preferred stock dividend on the Statement of Stockholders’ Equity. 7.625% Series C Cumulative Redeemable Preferred Stock The Series C Preferred Stock ranks senior to common stock and on parity with the Series A Preferred Stock, the Series B Preferred Stock and the Series D Preferred Stock as to rights upon liquidation, dissolution or winding up. The Series C Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the board of directors. Commencing July 19, 2023, the annual dividend rate will increase by 2.0% annually, up to a maximum of 14.0%, if not redeemed by the holder or not previously redeemed by the Company. Commencing on July 19, 2023, holders may, at their option, elect to have the Company redeem their shares at a redemption price of $25.00 per share, plus an amount equal to accrued but unpaid dividends, payable by the Company at its option in cash or shares of Class A common stock. The Company may not redeem the Series C Preferred Stock before July 19, 2021, except in limited circumstances related to its qualification as a REIT, complying with an asset coverage ratio or upon a change in control. After July 19, 2021, the Company can redeem for a redemption price of $25.00 per share plus any accrued and unpaid dividends. At the date of issuance, the carrying amount of the Series C Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date. Such accretion is recorded as a preferred stock dividend on the Statement of Stockholders’ Equity. 7.125% Series D Cumulative Preferred Stock The Series D Preferred Stock ranks senior to common stock and on parity with the Series A Preferred Stock, the Series B Preferred Stock and the Series C Preferred Stock as to rights upon liquidation, dissolution or winding up. The Series D Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the board of directors. After October 13, 2021, the Company can redeem for a redemption price of $25.00 per share plus any accrued and unpaid dividends. 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. As of December 31, 2017, limited partners other than the Company owned approximately 21.81% of the common units of the Operating Partnership (6,230,757 OP Units, or 20.05%, is held by common OP Unit holders, and 547,208 LTIP Units, or 1.76%, is held by LTIP Unit holders.) 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. The Company expects that the Operating Partnership will issue OP Units to limited partners, and the Company, in exchange for capital contributions of cash or property, will issue LTIP Units pursuant to the Company’s Second Amended Incentive Plans, as defined below, 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 Operating Partnership, in conjunction with the issuance of preferred stock by the Company, has issued preferred OP Units which provide for similar rights as for each class of preferred stock. Equity Incentive Plans On October 26, 2017, the Company’s stockholders approved the amendment and restatement of the Amended 2014 Individuals Plan, (the “Second Amended 2014 Individuals Plan”), and the Amended 2014 Entities Plan, (the “Second Amended 2014 Entities Plan”), and together with the Second Amended 2014 Individuals Plan, the “Second Amended 2014 Incentive Plans”. The Second Amended 2014 Incentive Plans allow for the issuance of up to an additional 1,075,000 shares of Class A common stock. The Second Amended 2014 Incentive Plans provide for the grant of options to purchase shares of the Company’s common stock, stock awards, stock appreciation rights, performance units, incentive awards and other equity-based awards. On March 24, 2016, the Company granted a total of 7,500 shares of Class A common stock to its independent directors. The fair value of the grants was approximately $0.1 million and the shares vested immediately. On February 14, 2017, the Company granted a total of 7,500 LTIP Units to its independent directors under the Amended 2014 Individuals Plan. The fair value of the grants was approximately $0.1 million and the LTIP Units vested immediately. Non-Vested shares Shares Weighted average Balance at January 1, 2015 3,956 $ 22.75 Granted 15,000 13.15 Vested (4,480 ) 17.39 Forfeited — — Balance at December 31, 2015 14,476 14.46 Granted 7,500 10.33 Vested (21,317 ) 12.75 Forfeited — — Balance at December 31, 2016 659 $ 22.75 Granted 7,500 13.34 Vested (8,159 ) 14.10 Forfeited — — Balance at December 31, 2017 — $ — Stock compensation expense related to the stock compensation plans was approximately $109,000, $210,000 and $126,000 for the years ended December 31, 2017, 2016 and 2015. At December 31, 2017, there was no unrecognized compensation cost related to unvested restricted stocks granted under the independent director compensation plan. 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 former Manager. The equity grant consisted of 283,390 LTIP Units (the “2015 LTIP Units”). The 2015 LTIP Units will vest ratably over a three-year period that began in July 2015, subject to certain terms and conditions. On August 3, 2016, the Company issued a grant of LTIP Units under the Amended 2014 Incentive Plans to the former Manager. The equity grant consisted of 176,610 LTIP Units (the “2016 LTIP Units”). The 2016 LTIP Units will vest ratably over a three-year period that began in August 2016, subject to certain terms and conditions. In conjunction with the Internalization, 212,203 outstanding LTIP Units issued as incentive equity to our former Manager became vested in accordance with their original terms. These LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock. LTIP expense of $2.2 million, $2.4 million and $1.0 million was recorded as part of general and administrative expenses for the years ended December 31, 2017, 2016 and 2015 respectively, related to the 2015 LTIP Units and the 2016 LTIP Units. The expense recognized during 2017, 2016 and 2015 was based on the Class A common stock closing price at the vesting date or the end of the period, as applicable. Declaration Date Payable to stockholders Amount Date Paid or Payable Class A common stock October 4, 2016 December 23, 2016 $ 0.096667 January 5, 2017 January 6, 2017 January 25, 2017 $ 0.096666 February 3, 2017 January 6, 2017 February 24, 2017 $ 0.096667 March 3, 2017 January 6, 2017 March 24, 2017 $ 0.096667 April 5, 2017 April 7, 2017 April 25, 2017 $ 0.096666 May 5, 2017 April 7, 2017 May 25, 2017 $ 0.096667 June 5, 2017 April 7, 2017 June 23, 2017 $ 0.096667 July 5, 2017 July 10, 2017 July 25, 2017 $ 0.096666 August 4, 2017 August 9, 2017 August 25, 2017 $ 0.096667 September 5, 2017 August 9, 2017 September 25, 2017 $ 0.096667 October 5, 2017 October 13, 2017 October 25, 2017 $ 0.096666 November 3, 2017 October 13, 2017 November 24 2017 $ 0.096667 December 5, 2017 October 13, 2017 December 22, 2017 $ 0.096667 January 5, 2018 December 20, 2017 March 23, 2018 $ 0.1625 April 5, 2018 Class C common stock October 13, 2017 November 24 2017 $ 0.096667 December 5, 2017 October 13, 2017 December 22, 2017 $ 0.096667 January 5, 2018 December 20, 2017 March 23, 2018 $ 0.1625 April 5, 2018 Series A Preferred Stock December 9, 2016 December 23, 2016 $ 0.515625 January 5, 2017 March 10, 2017 March 24, 2017 $ 0.515625 April 5, 2017 June 9, 2017 June 23, 2017 $ 0.515625 July 5, 2017 September 8, 2017 September 25, 2017 $ 0.515625 October 5, 2017 December 8, 2017 December 22, 2017 $ 0.515625 January 5, 2018 Series B Preferred Stock October 4, 2016 December 23, 2016 $ 5.00 January 5, 2017 January 6, 2017 January 25, 2017 $ 5.00 February 3, 2017 January 6, 2017 February 24, 2017 $ 5.00 March 3, 2017 January 6, 2017 March 24, 2017 $ 5.00 April 5, 2017 April 7, 2017 April 25, 2017 $ 5.00 May 5, 2017 April 7, 2017 May 25, 2017 $ 5.00 June 5, 2017 April 7, 2017 June 23, 2017 $ 5.00 July 5, 2017 July 10, 2017 July 25, 2017 $ 5.00 August 4, 2017 July 10, 2017 August 25, 2017 $ 5.00 September 5, 2017 July 10, 2017 September 25, 2017 $ 5.00 October 5, 2017 October 13, 2017 October 25, 2017 $ 5.00 November 3, 2017 October 13, 2017 November 24 2017 $ 5.00 December 5, 2017 October 13, 2017 December 22, 2017 $ 5.00 January 5, 2018 Declaration Date Payable to stockholders Amount Date Paid or Payable Series C Preferred Stock December 9, 2016 December 23, 2016 $ 0.4765625 January 5, 2017 March 10, 2017 March 24, 2017 $ 0.4765625 April 5, 2017 June 9, 2017 June 23, 2017 $ 0.4765625 July 5, 2017 September 8, 2017 September 25, 2017 $ 0.4765625 October 5, 2017 December 8, 2017 December 22, 2017 $ 0.4765625 January 5, 2018 Series D Preferred Stock December 9, 2016 December 23, 2016 $ 0.3859 January 5, 2017 March 10, 2017 March 24, 2017 $ 0.4453125 April 5, 2017 June 9, 2017 June 23, 2017 $ 0.4453125 July 5, 2017 September 8, 2017 September 25, 2017 $ 0.4453125 October 5, 2017 December 8, 2017 December 22, 2017 $ 0.4453125 January 5, 2018 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 2017 Declared Paid First Quarter Class A Common Stock $ 7,014 $ 6,566 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 525 395 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,100 OP Units 82 84 LTIP Units 496 480 Total first quarter $ 13,443 $ 12,682 Second Quarter Class A Common Stock $ 7,016 $ 7,015 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 1,054 837 Series C Preferred Stock 1,108 1,107 Series D Preferred Stock 1,270 1,270 OP Units 80 80 LTIP Units 551 533 Total second quarter $ 14,029 $ 13,792 Distributions 2017 Declared Paid Third Quarter Class A Common Stock $ 7,017 $ 7,016 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 1,711 1,508 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,270 1,269 OP Units 79 80 LTIP Units 676 625 Total third quarter $ 14,810 $ 14,555 Fourth Quarter Class A Common Stock $ 10,956 $ 7,019 Class C Common Stock 27 8 Series A Preferred Stock 2,951 2,950 Series B Preferred Stock 2,425 2,164 Series C Preferred Stock 1,108 1,107 Series D Preferred Stock 1,268 1,270 OP Units 2,458 869 LTIP Units 223 323 Total fourth quarter $ 21,416 $ 15,710 Total year $ 63,698 $ 56,739 On December 20, 2017, the Company’s board of directors authorized, and the Company declared a quarterly dividend for the first quarter of 2018 equal to a quarterly rate of $0.1625 per share on the Class A and Class C common stock, payable to the stockholders of record as of March 23, 2018, which will be paid in cash on April 5, 2018. Holders of OP and LTIP Units are entitled to receive “distribution equivalents” at the same time as dividends are paid to holders of the Class A common stock. The above table includes declared dividends or distribution equivalents of approximately $3,935,000, $12,000, $1,013,000 and $88,000 for the Class A common stock, Class C common stock, OP Units and LTIP Units, respectively, for the first quarter of 2018.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
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.

Selected Quarterly Financial Da

Selected Quarterly Financial Data	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	Note 14 — Selected Quarterly Financial Data (Unaudited) Quarters Ended 2017 March 31 (1) June 30 (1) September 30 (1) December 31 (1) (In thousands, except per share amounts) Total revenue $ 28,093 $ 28,576 $ 30,063 $ 36,451 Operating (loss) income $ (1,992 ) $ (2,202 ) $ 126 $ (40,579 ) Net income (loss) $ 9,928 $ 34,768 $ (4,581 ) $ (47,141 ) Net income (loss) available to common stockholders $ (4,990 ) $ 17,569 $ (12,017 ) $ (46,241 ) Earnings (loss) per common share, basic: (1) $ (0.20 ) $ 0.67 $ (0.45 ) $ (1.87 ) Earnings (loss) per common share, diluted: (1) $ (0.20 ) $ 0.67 $ (0.45 ) $ (1.87 ) (1) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2017. The following table sets forth summarized quarterly financial data for the year ended December 31, 2016: Quarters Ended 2016 March 31 June 30 September 30 December 31 (In thousands, except per share amounts) Total revenue $ 17,508 $ 19,305 $ 20,577 $ 23,652 Operating (loss) income $ (1,165 ) $ (147 ) $ 1,188 $ (913 ) Net (loss) income $ (2,625 ) $ (1,961 ) $ 1,568 $ 39 Net loss available to common stockholders $ (4,135 ) $ (5,043 ) $ (2,551 ) $ (7,260 ) Loss per common share, basic: (1) $ (0.20 ) $ (0.24 ) $ (0.12 ) $ (0.34 ) Loss per common share, diluted: (1) $ (0.20 ) $ (0.24 ) $ (0.12 ) $ (0.34 ) (1) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2016.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 15 — Subsequent Events Issuance of LTIP Units under the Second Amended 2014 Incentive Plans On January 1, 2018, the Company granted certain equity grants of long-term incentive plan units (“Executive Awards”) of the Company’s operating partnership to various executive officers under the Second Amended 2014 Incentive Plans. These awards, amounting to 1,056,211 LTIPs, were issued pursuant to the executive officers’ employment and service agreements. The awards vest over a period of three or five years, with a portion containing a three-year performance period, followed by immediate vesting based on successful achievement of the performance conditions. Due to a limitation on the number of LTIP Units available for issuance under the Second Amended 2014 Incentive Plans, the long-term performance awards were, in aggregate, approximately 81,000 LTIP Units lower than those which the recipients were entitled pursuant to the terms of their respective employments agreements, with the Company planning to issue the remaining LTIP Units at such time as such LTIP Units become available under the Equity Incentive Plans. In addition, on January 1, 2018, the Company granted 6,263 LTIP Units under the Second Amended 2014 Incentive Plans to each independent member of the board of directors in payment of the equity portion of their respective annual retainers. The LTIP Units vested immediately upon issuance. Distributions Declared On December 20, 2017, the Company’s board of directors authorized, and the Company declared a quarterly dividend for the first quarter of 2018 equal to a quarterly rate of $0.1625 per share on our Class A and Class C common stock, payable to the stockholders of record as of March 23, 2018, which will be paid in cash on April 5, 2018. Holders of OP and LTIP Units are entitled to receive “distribution equivalents” at the same time as dividends are paid to holders of our Class A common stock. A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that we will continue to declare dividends or at this rate. On January 12, 2018, the Company’s board of directors authorized, and the Company declared monthly dividends for the first quarter of 2018 equal to monthly rate of $5.00 per share on the Series B Preferred Stock, payable monthly to the stockholders of record as of January 25, 2018, February 23, 2018 and March 23, 2018, which was paid in cash on February 5, 2018, and which will be paid in cash on March 5, 2018 and April 5, 2018, respectively. Issuance of LTIP Units for Payment of the Fourth Quarter 2017 Base Management Fee The former Manager earned a base management fee of $1.0 million during the period ended October 31, 2017, prior to the Internalization. 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 former Manager, the board of directors elected to pay 100% of the base management fee in LTIP Units. On February 21, 2018, 128,398 LTIPs were issued in payment. Distributions Paid Shares Declaration Date Record Date Date Paid Distributions per Share Total Distribution Class A Common Stock October 13, 2017 December 22, 2017 January 5, 2018 $ 0.0966670 $ 2,341 Class C Common Stock December 20, 2017 December 22, 2017 January 5, 2018 $ 0.0966670 $ 7 Series A Preferred Stock December 8, 2017 December 22, 2017 January 5, 2018 $ 0.5156250 $ 2,950 Series B Preferred Stock October 13, 2017 December 22, 2017 January 5, 2018 $ 5.0000000 $ 907 Series C Preferred Stock December 8, 2017 December 22, 2017 January 5, 2018 $ 0.4765625 $ 1,107 Series D Preferred Stock December 8, 2017 December 22, 2017 January 5, 2018 $ 0.4453125 $ 1,269 OP Units October 13, 2017 December 22, 2017 January 5, 2018 $ 0.0966670 $ 602 LTIP Units October 13, 2017 December 22, 2017 January 5, 2018 $ 0.0966670 $ 53 Series B Preferred Stock January 12, 2018 January 25, 2018 February 5, 2018 $ 5.0000000 $ 932 Total $ 10,168 Class A Common Stock Repurchase Program On February 14, 2018 the Company announced a repurchase program of up to $25.0 million in shares of the Company’s Class A common stock, par value of $0.01 per share. The repurchase plan has a term of one year and may be discontinued at any time. The extent that the Company repurchases shares, and the timing of any such purchases, will depend on a variety of factors including general business and market conditions and other corporate considerations.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block]	Schedule III — Real Estate and Accumulated Depreciation December 31, 2017 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Location Encumbrance Initial Cost Costs Gross Amount at Which Carried at Close of Period Accumulated Date of Life on Which Property Land Building and Improvements Land Building and Improvements Total Real Estate Held for Investment Enders Place at Baldwin Park FL 24,287 4,750 20,171 4,897 5,454 24,364 29,818 4,481 2012 3 – 40 Years ARIUM Grandewood FL 34,294 5,200 37,220 1,118 5,200 38,338 43,538 4,014 2014 3 – 40 Years Park & Kingston NC 18,432 3,060 24,353 2,949 3,360 27,002 30,362 2,587 2015 3 – 40 Years Ashton I NC 31,401 4,000 40,944 189 4,000 41,133 45,133 3,453 2015 3 – 40 Years ARIUM Palms FL 24,999 4,030 32,248 1,037 4,030 33,285 37,315 3,112 2015 3 – 40 Years Sorrel TX 38,684 6,710 47,444 355 6,710 47,799 54,509 4,400 2015 3 – 40 Years Sovereign TX 28,788 2,800 40,609 232 2,800 40,841 43,641 3,635 2015 3 – 40 Years Ashton II NC 15,270 1,900 19,517 77 1,900 19,594 21,494 1,393 2015 3 – 40 Years ARIUM at Palmer Ranch FL 26,925 7,800 30,597 2,734 7,800 33,331 41,131 2,311 2016 3 – 40 Years ARIUM Gulfshore FL 32,626 10,000 36,047 2,837 10,000 38,884 48,884 2,688 2016 3 – 40 Years The Preserve at Henderson Beach FL 36,312 4,100 50,117 828 4,100 50,945 55,045 2,974 2016 3 – 40 Years ARIUM Westside GA 52,150 8,657 63,402 2,018 8,657 65,420 74,077 2,879 2016 3 – 40 Years ARIUM Glenridge GA 48,431 14,513 52,324 3,999 14,513 56,323 70,836 2,175 2016 3 – 40 Years ARIUM Pine Lakes FL 26,950 5,760 31,854 798 5,760 32,652 38,412 1,786 2016 3 – 40 Years The Brodie TX 34,825 5,400 42,497 1,553 5,400 44,050 49,450 1,920 2016 3 – 40 Years Roswell City Walk GA 51,000 8,423 66,249 67 8,423 66,316 74,739 2,446 2016 3 – 40 Years James on South First TX 26,500 3,500 32,471 557 3,500 33,028 36,528 1,164 2016 3 – 40 Years Preston View NC 41,066 8,800 49,610 319 8,800 49,929 58,729 1,471 2017 3 – 40 Years Wesley Village NC 40,545 5,600 50,062 781 5,600 50,843 56,443 1,124 2017 3 – 40 Years Wesley Village II NC — 270 — — 270 — 270 — 2017 3 – 40 Years Marquis at Crown Ridge TX 29,217 4,000 35,209 371 4,000 35,580 39,580 626 2017 3 – 40 Years Marquis at Stone Oak TX 43,125 4,400 50,548 408 4,400 50,956 55,356 986 2017 3 – 40 Years Marquis at The Cascades I TX 33,207 3,200 41,120 605 3,200 41,725 44,925 720 2017 3 – 40 Years Marquis at The Cascades II TX 23,175 2,450 25,827 259 2,450 26,086 28,536 423 2017 3 – 40 Years Marquis at TPC TX 17,183 1,900 18,795 313 1,900 19,108 21,008 385 2017 3 – 40 Years Villages at Cypress Creek TX 26,200 4,650 35,990 701 4,650 36,691 41,341 322 2017 3 – 40 Years Citrus Tower FL 41,438 5,208 49,388 29 5,208 49,417 54,625 459 2017 3 – 40 Years Outlook at Greystone AL — (1) 3,950 31,664 101 3,950 31,765 35,715 185 2017 3 – 40 Years ARIUM Hunter’s FL 72,294 9,600 86,202 49 9,600 86,251 95,851 500 2017 3 – 40 Years ARIUM Metrowest FL — (1) 10,200 74,768 46 10,200 74,814 85,014 450 2017 3 – 40 Years The Mills SC 26,777 3,300 36,969 — 3,300 36,969 40,269 102 2017 3 – 40 Years Subtotal 946,101 168,131 1,254,216 30,227 169,135 1,283,439 1,452,574 55,171 Non-Real Estate assets REIT Operator MI — — 185 — — 185 185 6 2017 5 Years Subtotal — — 185 — — 185 185 6 Total $ 946,101 $ 168,131 $ 1,254,401 $ 30,227 $ 169,135 $ 1,283,624 $ 1,452,759 $ 55,177 (1) Outlook at Greystone and ARIUM Metrowest were funded, in part, by a secured credit facility. As of December 31, 2017, the outstanding credit facility balance is $67.67 million. 1. Reconciliation of Real Estate Properties The following table reconciles the Real Estate Properties from January 1, 2015 to December 31, 2017. 2017 2016 2015 Balance at January 1 $ 1,029,214 $ 556,820 $ 299,686 Construction and acquisition cost 701,262 508,218 272,602 Disposition of real estate (277,717 ) (35,824 ) (15,468 ) Balance at December 31 $ 1,452,759 $ 1,029,214 $ 556,820 2. Reconciliation of Accumulated Depreciation The following table reconciles the Real Estate Properties from January 1, 2015 to December 31, 2017. 2017 2016 2015 Balance at January 1 $ 42,137 $ 23,437 $ 11,275 Current year depreciation expense 35,538 23,580 12,445 Disposition of real estate (22,498 ) (4,880 ) (283 ) Balance at December 31 $ 55,177 $ 42,137 $ 23,437

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	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, 2017, limited partners other than the Company owned approximately 21.81% of the common units of the Operating Partnership (20.05% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 1.76% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”)). Bluerock Real Estate, L.L.C., a Delaware limited liability company, is referred to as Bluerock (“Bluerock” or “BRRE”), and the Company’s former external manager, BRG Manager, LLC, a Delaware limited liability company is referred to as the former Manager (the “former Manager”). Both Bluerock and the former Manager are related parties with respect to the Company, but are not within the Company’s control and are not consolidated in the Company’s financial statements. 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% of the voting equity and in which control does not rest with other investors. Investments in real estate joint ventures over which the Company has the ability to exercise significant influence, but for which it does not have financial or operating control, are accounted for using the equity method of accounting. These entities are reflected on the Company’s consolidated financial statements as “Preferred equity investments and investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company will consider future joint ventures for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Certain amounts in prior periods, related to tenant reimbursements for utility expenses amounting to $4.0 million and $2.0 million for the years ended December 31, 2016 and 2015, have been reclassified to other property revenues from property operating expenses, to conform to the current period presentation which includes tenant reimbursements for utility expenses amounting to $6.5 million for the year ended December 31, 2017. In addition, property management fees have been reclassified from property operating expenses to a separate line on the statements of operations.
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]	Preferred Equity Investments and 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 in value 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 an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the Company providing control, 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.
Finance, Loans and Leases Receivable, Policy [Policy Text Block]	Notes and Accrued Interest Receivable from Related Parties The Company recognizes interest income on mortgage loans on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected. The Company evaluates the collectability of both interest and principal on each of its loans to determine whether the loans are impaired. A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the underlying collateral (if the loan is collateralized) less costs to sell. As of December 31, 2017, there was no significant uncertainty of collection; therefore, interest income was recognized. As of December 31, 2017, the Company determined that no allowance for collectability of the mortgage loans receivable was necessary.
Real Estate, Policy [Policy Text Block]	Real Estate Assets Development, Improvements, Depreciation and Amortization Costs incurred to develop and improve properties are capitalized. The Company capitalizes direct and indirect costs that are clearly related to the development, construction, or improvement of properties, including internal costs such as interest, taxes, and qualifying payroll related expenditures. 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 20 – 40 years Building improvements 10 – 20 years Land improvements 10 – 20 years Furniture, fixtures and equipment 3 – 10 years In-place leases 6 months
Real Estate Purchase Price Allocation [Policy Text Block]	Real Estate Purchase Price Allocations Upon the acquisition of real estate properties, we recognize the assets acquired, the liabilities assumed, and any noncontrolling interest as of the acquisition date, measured at their fair values. Acquisition-related costs are capitalized in the period incurred. Prior to the adoption of Financial Accounting Standards Board ASU 2017-01 in January 2017, “Business Combinations; Clarifying the Definition of a Business”, acquisition-related costs were expensed in the period incurred. We assess the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Intangible assets include the value of in-place leases, which represents the estimated fair value of the net cash flows of leases in place at the time of acquisition 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, prevailing interest rates and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be significant based upon the assumptions made in calculating these estimates.
Impairment Of Real Estate Assets [Policy Text Block]	Impairment of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets 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 2017, 2016 or 2015.
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, reflected as a reduction of mortgages payable, 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 OP Unit holders. The Company reports its joint venture partners’ interest in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder pursuant to each joint venture’s operating agreement.
Revenue Recognition, 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. Distributions are recorded as a reduction of stockholders’ equity in the period in which they are declared.
Related Party Transactions [Policy Text Block]	Related Party Transactions On April 2, 2014, upon the completion of the IPO, the Company entered into a Management Agreement with the former Manager, an affiliate of Bluerock, to be the Company’s external manager. Under the Management Agreement the Company paid the former Manager a base management fee and incentive fee. The Company records all related party fees as incurred. Following the Internalization on October 31, 2017, the Company’s senior management team continues to oversee, manage and operate the company, and the Company is no longer externally managed by the Company’s former Manager. As an internally managed company, the Company no longer pays the former Manager any fees or expense reimbursements arising from the Management Agreement.
Commissions, Policy [Policy Text Block]	Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Series B Preferred Stock, the Company engaged a related party, as dealer manager, up to 7% and 3% of the gross offering proceeds are paid
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% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company intends to continue to organize and operate in such a manner as to remain qualified for treatment as a REIT. For the year ended December 31, 2017, 64.21% of the distributions received by the common stockholders were classified as return of capital for income tax purposes, 4.00% were ordinary income, 31.79% were capital gains, with 21.29% of the capital gains were Section 1250 gains. In addition, for the year ended December 31, 2017, 11.19% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes and 88.81% were capital gains, with 21.29% of the capital gains qualifying as Section 1250 gains. For the year ended December 31, 2016, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2016, 91.05% of the distributions received by the preferred stockholders were classified as return of capital for income tax purposes and 8.95% were ordinary income. For the year ended December 31, 2015, 99.46% of the distributions received by the common stockholders were classified as return of capital and 0.54% were ordinary income. 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 2010 through 2016 tax returns (where applicable), and those positions expected to be taken on the 2017 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, 2017. 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, 2017, 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 based on the properties’ similar economic characteristics, the Company’s properties are aggregated into one reportable segment.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements In January 2017, the FASB issued ASU 2017-01, “Business Combinations; Clarifying the Definition of a Business” (“ASU 2017-01). ASU 2017-01 modifies the requirements to meet the definition of a business under Topic 805, “Business Combinations.” The amendments provide a screen to determine when a set of identifiable assets and liabilities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The Company believes that this amendment results in most if its real estate acquisitions to be accounted for as asset acquisitions rather than business combinations. ASU 2017-01 is effective for the Company for annual and interim periods beginning after December 15, 2017 with early adoption permitted. The Company adopted this standard effective January 1, 2017. The impact to the Consolidated Financial Statements and related notes as a result of the adoption of this standard primarily relates to the difference in the accounting of acquisition costs. When accounting for these costs as a part of an asset acquisition, the Company is permitted to capitalize the costs. Upon adoption of ASU 2017-01 the Company evaluates each acquisition of real estate or in-substance real estate to determine if the integrated set of assets and activities acquired meet the definition of a business and need to be accounted as a business combination. All acquisitions of real estate by the Company during 2017 did not meet the new definition of a business and therefore have been accounted for as asset acquisitions. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows; Restricted Cash” (“ASU 2016-18”). This update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company will adjust the consolidated statement of cash flows as required in conjunction with the adoption of ASU 2016-08 in 2018. ASU 2016-18 is effective for the Company for annual and interim periods beginning after December 15, 2017. In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). The ASU provides guidance on the treatment of cash receipts and cash payments for certain types of cash transactions, to eliminate diversity in practice in the presentation of the cash flow statement. For public business entities, the amendments in ASU 2016-15 are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Earlier application is permitted. The Company will adjust the consolidated statement of cash flows as required in conjunction with the adoption of ASU 2016-15 in 2018. In March 2016, the FASB issued ASU No. 2016-07, “Simplifying the Transition to the Equity Method of Accounting” (“ASU 2016-07”), which eliminates the requirement to retroactively adjust an investment, results of operations, and retained earnings when the investment qualifies for the use of the equity method as a result of an increase in the level of ownership interest or degree of influence. The new standard is effective for annual reporting periods beginning after December 15, 2016 and early adoption is permitted. ASU 2016-07 did not have a material impact on the Company’s financial statements when adopted. In June 2016, the FASB updated Accounting Standards Codification (“ASC”) Topic 326 “Financial Instruments — Credit Losses” with 2016-13 “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. ASU 2016-13 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2019. The Company is currently evaluating the guidance and has not determined the impact this standard may have on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). Under ASU 2016-02, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company expects that, because of the ASU 2016-02’s emphasis on lessee accounting, ASU 2016-02 will not have a material impact on the Company’s accounting for leases. Consistent with present standards, the Company will continue to account for lease revenue on a straight-line basis. Also consistent with the Company’s current practice, under ASU 2016-02 only initial direct costs that are incremental to the lessor will be capitalized. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). Under the new standard, revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. Revenue is generally recognized net of allowances. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers-Deferral of the Effective Date which defers the effective date of the new revenue recognition standard until the first quarter of 2018. 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 selected the modified retrospective approach. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers” (Topic 606): Identifying Performance Obligations and Licensing, which adds guidance on identifying performance obligations within a contract. The majority of the Company’s revenue is derived from rental income, which is scoped out from this standard and will be accounted for under ASU 2016-02, Leases, discussed above. The Company’s other revenue streams, which are being evaluated under this ASU, include but are not limited to other property revenues and interest income from related parties determined not to be within the scope of ASU 2016-02, and gains and losses from real estate dispositions. The Company will continue to assess the impact of the new standard and will adopt it as of January 1, 2018, however, the Company does expect additional disclosures that are required from the adoption of this standard. In March 2016, the FASB issued ASU 2016-08, “Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) (Topic 606)” (“ASU 2016-08”), which updates the new revenue standard by clarifying the principal versus agent implementation guidance, but does not change the core principle of the new standard. The updates to the principal versus agent guidance (1) require an entity to determine whether it is a principal or an agent for each distinct good or service (or a distinct bundle of goods or services) to be provided to the customer; (2) illustrate how an entity that is a principal might apply the control principle to goods, services, or rights to services, when another party is involved in providing goods or services to a customer; (3) clarify that the purpose of certain specific control indicators is to support or assist in the assessment of whether an entity controls a specified good or service before it is transferred to the customer, provide more specific guidance on how the indicators should be considered, and clarify that their relevance will vary depending on the facts and circumstances; and (4) revise existing examples and add two new ones to more clearly depict how the guidance should be applied. The effective date and transition requirements for ASU 2016-08 are the same as the effective date and transition requirements of Topic 606, Revenue from Contracts with Customers (see ASU 2014-09 above). The majority of the Company’s revenue is derived from rental income, which is scoped out from this standard and will be accounted for under ASU 2016-02, Leases, discussed above. The Company will continue to assess the impact of the new standard and will adopt it as of January 1, 2018, however, as noted above in Note 2, the Company has reclassified certain tenant reimbursements as other property revenues and does expect additional disclosures from the adoption of this standard. In February 2017, the FASB issued ASU 2017-05 “Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)” (“ASU 2017-05”). ASU 2017-05 clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. ASU 2017-05 also defines the term in substance nonfinancial asset. It is effective for annual periods beginning after December 15, 2017. The adoption of this standard is not anticipated to have a material impact on our consolidated financial statements.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Schedule Of Equity Method Investments And Consolidation Accounting Investments [Table Text Block]	Consolidated Multifamily Community, Name, Location Number of Year (1) Ownership ARIUM at Palmer Ranch, Sarasota, FL 320 2016 95.0 % ARIUM Glenridge, formerly Nevadan, Atlanta, GA 480 1990 90.0 % ARIUM Grandewood, Orlando, FL 306 2005 100.0 % ARIUM Gulfshore, Naples, FL 368 2016 95.0 % ARIUM Hunter’s Creek, Orlando, FL 532 1999 100.0 % ARIUM Metrowest, Orlando, FL 510 2001 100.0 % ARIUM Palms, Orlando, FL 252 2008 95.0 % ARIUM Pine Lakes, Port St. Lucie, FL 320 2003 85.0 % ARIUM Westside, Atlanta, GA 336 2008 90.0 % Ashton Reserve, Charlotte, NC 473 2015 100.0 % Citrus Tower, Orlando, FL 336 2006 96.8 % Enders at Baldwin Park, Orlando, FL 220 2003 92.0 % James at South First, Austin, TX 250 2016 90.0 % Marquis at Crown Ridge, San Antonio, TX 352 2009 90.0 % Marquis at Stone Oak, San Antonio, TX 335 2007 90.0 % Marquis at the Cascades, Tyler, TX 582 2009 90.0 % Marquis at TPC, San Antonio, TX 139 2008 90.0 % Outlook at Greystone, Birmingham, AL 300 2007 100.0 % Park & Kingston, Charlotte, NC 168 2015 100.0 % Preston View, Morrisville, NC 382 2000 100.0 % Roswell City Walk, Roswell, GA 320 2015 98.0 % Sorrel, Frisco, TX 352 2015 95.0 % Sovereign, Fort Worth, TX 322 2015 95.0 % The Brodie, Austin, TX 324 2001 92.5 % The Mills, Greenville, SC 304 2013 100.0 % The Preserve at Henderson Beach, Destin, FL 340 2009 100.0 % Villages at Cypress Creek, Houston, TX 384 2001 80.0 % Wesley Village, Charlotte, NC 301 2010 100.0 % Total 9,608 (1) Represents date of last significant renovation or year built if there were no renovations.
Schedule of Preferred Equity and Mezzanine Loan Investments [Table Text Block]	Multifamily Community Name/Location Number of Actual/ Actual/ Whetstone, Durham, NC 204 3Q 2014 3Q 2015 Alexan CityCentre, Houston, TX 340 2Q 2017 4Q 2017 Helios, Atlanta, GA 282 2Q 2017 4Q 2017 Alexan Southside Place, Houston, TX 270 4Q 2017 2Q 2018 Lake Boone Trail, Raleigh, NC 245 3Q 2017 4Q 2018 Vickers Village, Roswell, GA 79 3Q 2018 4Q 2018 APOK Townhomes, Boca Raton, FL 90 3Q 2018 1Q 2019 Crescent Perimeter, Atlanta, GA 320 4Q 2018 2Q 2019 Domain, Garland, TX 299 4Q 2018 2Q 2019 West Morehead, Charlotte, NC 286 4Q 2018 2Q 2019 Flagler Village, Ft. Lauderdale, FL 385 3Q 2019 3Q 2020 Total 2,800

Acquisition of Real Estate (Tab

Acquisition of Real Estate (Tables)	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Schedule of Real Estate Properties [Table Text Block]	The following table summarizes the assets acquired and liabilities assumed at the acquisition date for acquisitions made during the year ended December 31, 2017 (amounts in thousands): Purchase Land $ 67,523 Building 515,803 Building improvements 34,398 Land improvements 25,302 Furniture and fixtures 10,651 In-place leases 12,843 Other assets 666 Total assets acquired $ 667,186 Mortgages assumed $ 173,155 Fair value adjustments 676 Total liabilities assumed $ 173,831

Notes and Interest Receivable27

Notes and Interest Receivable due from Related Party (Tables)	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Following is a summary of the Notes and interest receivable due from related parties as of December 31, 2017 and 2016 (amounts in thousands): Property December 31, December 31, APOK Townhomes $ 11,365 $ — Crescent Perimeter 20,622 — Domain 20,536 — Flagler 53,668 — Vickers Village 9,819 — West Morehead 24,893 21,267 Total $ 140,903 $ 21,267
Interest Income and Interest Expense Disclosure [Table Text Block]	Following is a summary of the interest income from related parties for the years ended December 31, 2017 and 2016 (amounts in thousands): Property December 31, December 31, APOK Townhomes $ 1,656 $ — Crescent Perimeter 17 — Domain 2,525 — Flagler 44 — Vickers Village 8 — West Morehead 3,680 17 Total $ 7,930 $ 17

Investments in Unconsolidated28

Investments in Unconsolidated Real Estate Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments [Table Text Block]	Following is a summary of the Company’s ownership interests in the investments reported under the equity method of accounting. The carrying amount of the Company’s investments in unconsolidated real estate joint ventures as of December 31, 2017 and 2016 is summarized in the table below (amounts in thousands): Property December 31, December 31, Alexan CityCentre $ 9,258 $ 7,733 Alexan Southside Place 20,584 17,322 APOK Townhomes 7 7,569 Crescent Perimeter 12 — Domain 12 5,249 Flagler Village 30 14,035 Helios, formerly known as Cheshire Bridge 16,360 16,360 Lake Boone Trail 11,930 9,919 Vickers Village 6 — West Morehead 14 13 Whetstone 12,932 12,932 Total $ 71,145 $ 91,132
Preferred Equity Method Investments [Table Text Block]	The preferred returns and equity in income of the Company’s unconsolidated real estate joint ventures for the years ended December 31, 2017, 2016 and 2015 is summarized below (amounts in thousands): Property December 31, December 31, December 31, Alexan CityCentre $ 1,395 $ 1,085 $ 976 Alexan Southside Place 2,879 2,605 1,996 APOK Townhomes — 226 — Crescent Perimeter — — — Domain 141 614 64 EOS (26 ) 530 544 Flagler Village (7 ) (6 ) (5 ) Helios, formerly known as Cheshire Bridge 2,454 2,461 1,383 Lake Boone Trail 1,770 1,492 44 Vickers Village — — — Villas at Oak Crest — — 489 West Morehead — 677 — Whetstone 1,730 1,948 1,131 Other — — (32 ) Preferred returns and equity in income of unconsolidated joint venture $ 10,336 $ 11,632 $ 6,590
Equity Income Loss of Joint Ventures [Table Text Block]	Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015, is as follows: December 31, December 31, Balance Sheets: Real estate, net of depreciation $ 399,111 $ 197,742 Other assets 62,667 33,814 Total assets $ 461,778 $ 231,556 Mortgage payable $ 325,702 $ 97,598 Other liabilities 25,956 13,191 Total liabilities $ 351,658 $ 110,789 Members’ equity 110,120 120,767 Total liabilities and members’ equity $ 461,778 $ 231,556 Year Ended December 31, 2017 2016 2015 Operating Statements: Rental revenues $ 5,517 $ 6,652 $ 3,125 Operating expenses (4,990 ) (3,760 ) (3,136 ) Income (loss) before debt service, acquisition costs, and depreciation and amortization 527 2,892 (11 ) Interest expense, net (3,004 ) (1,409 ) (756 ) Acquisition costs — (3 ) (66 ) Depreciation and amortization (3,478 ) (2,881 ) (2,009 ) Operating loss (5,955 ) (1,401 ) (2,842 ) Gain on sale — 16,733 29,200 Net (loss) income $ (5,955 ) $ 15,332 $ 26,358

Mortgages Payable (Tables)

Mortgages Payable (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	Outstanding Principal As of December 31, 2017 Property December 31, 2017 December 31, 2016 Interest Rate Fixed/Floating Maturity Date ARIUM at Palmer Ranch $ 26,925 $ 26,925 3.54 % LIBOR + 2.17% (1) February 1, 2023 ARIUM Glenridge 48,431 48,431 3.85 % LIBOR + 2.48% (1) November 1, 2023 ARIUM Grandewood 34,294 34,294 3.19 % Floating (2) December 1, 2024 ARIUM Gulfshore 32,626 32,626 3.54 % LIBOR + 2.17% (1) February 1, 2023 ARIUM Hunter’s Creek 72,294 — 3.65 % Fixed November 1, 2024 ARIUM Palms 24,999 24,999 3.59 % LIBOR + 2.22% (1) September 1, 2022 ARIUM Pine Lakes 26,950 26,950 3.95 % Fixed November 1, 2023 ARIUM Westside 52,150 52,150 3.68 % Fixed August 1, 2023 Ashton Reserve I 31,401 31,900 4.67 % Fixed December 1, 2025 Ashton Reserve II 15,270 15,270 3.99 % LIBOR + 2.62% (1) January 1, 2026 Citrus Tower 41,438 — 4.07 % Fixed October 1, 2024 Enders Place at Baldwin Park (3) 24,287 24,732 4.30 % Fixed November 1, 2022 Fox Hill — 26,705 James on South First 26,500 26,500 4.35 % Fixed January 1, 2024 Lansbrook Village — 57,190 Marquis at Crown Ridge 29,217 — 2.98 % LIBOR + 1.61% (1) June 1, 2024 Marquis at Stone Oak 43,125 — 2.98 % LIBOR + 1.61% (1) June 1, 2024 Marquis at The Cascades I 33,207 — 2.98 % LIBOR + 1.61% (1) June 1, 2024 Marquis at The Cascades II 23,175 — 2.98 % LIBOR + 1.61% (1) June 1, 2024 Marquis at TPC 17,184 — 2.98 % LIBOR + 1.61% (1) June 1, 2024 MDA Apartments — 37,124 Park & Kingston (4) 18,432 18,432 3.41 % Fixed April 1, 2020 Preston View 41,066 — 3.44 % LIBOR + 2.07% (1) March 1, 2024 Roswell City Walk 51,000 51,000 3.63 % Fixed December 1, 2026 Sorrel 38,684 38,684 3.66 % LIBOR + 2.29% (1) May 1, 2023 Sovereign 28,788 28,880 3.46 % Fixed November 10, 2022 The Brodie 34,825 34,825 3.71 % Fixed December 1, 2023 The Mills 26,777 — 4.21 % Fixed January 1, 2025 The Preserve at Henderson Beach 36,311 36,989 4.65 % Fixed January 5, 2023 Village Green of Ann Arbor — 41,547 Villages at Cypress Creek 26,200 — 3.23 % Fixed October 1, 2022 Wesley Village 40,545 — 4.25 % Fixed April 1, 2024 Total $ 946,101 $ 716,153 Fair value adjustments 2,638 1,364 Deferred financing costs, net (9,245 ) (6,942 ) Total mortgages payable $ 939,494 $ 710,575 (1) One month LIBOR as of December 31, 2017 was 1.57% and at December 1, 2017 was 1.37%. (2) ARIUM Grandewood principal balance includes the initial advance of $29.44 million at a floating rate of 1.67% plus one month LIBOR and a $4.85 million supplemental loan at a floating rate of 2.74% plus one month LIBOR. At December 31, 2017, the interest rates on the initial advance and supplemental loan were 3.04% and 4.11%, respectively. (3) The principal includes a $16.5 million loan at a fixed rate of 3.97% and a $7.7 million supplemental loan at a fixed rate of 5.01%. (4) The principal includes a $15.3 million loan at a fixed rate of 3.21% and a $3.2 million supplemental loan at a fixed rate of 4.34%.
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]	Year Total 2018 $ 4,580 2019 8,152 2020 31,123 2021 13,874 2022 111,635 Thereafter 776,737 $ 946,101 Add: Unamortized fair value debt adjustment 2,638 Subtract: Deferred financing costs (9,245 ) Total $ 939,494

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Schedule Of Related Party Transactions [Table Text Block]	Pursuant to the terms of the Management Agreement while we were externally managed, summarized below are the related party amounts payable to our former Manager, as of December 31, 2017 and 2016. December 31, December 31, Amounts Payable to the Former Manager under the Management Agreement Base management fee $ 993 $ 2,015 Operating expense reimbursements and direct expense reimbursements — 274 Offering expense reimbursements — 120 Total amounts payable to Former Manager $ 993 $ 2,409 Amounts Payable to BRRE Entities under the Administrative Services Agreement Operating expense reimbursements and direct expense reimbursements $ 508 $ — Offering expense reimbursements 74 — Total amounts payable to BRRE Entities $ 582 $ — Total $ 1,575 $ 2,409

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Stockholders Equity Note [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended December 31, 2017 2016 2015 (In thousands, except per share data) Net (Loss) income attributable to common stockholders $ (45,679 ) $ (18,985 ) $ 635 Dividends on restricted stock expected to vest — (4 ) (16 ) Basic net (loss) income attributable to common stockholders $ (45,679 ) $ (18,989 ) $ 619 Weighted average shares outstanding, basic (1) 25,561,673 20,805,852 17,404,348 Potential dilutive shares (2) — — 12,850 Weighted average shares outstanding, diluted (1) 25,561,673 20,805,852 17,417,198 (Loss) earnings per common share, basic $ (1.79 ) $ (0.91 ) $ 0.04 (Loss) earnings per common share, diluted $ (1.79 ) $ (0.91 ) $ 0.04 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. For 2017, amounts relate to shares of the Company’s Class A and Class C common stock and LTIP Units outstanding. For 2016, amounts relate to shares of the Company’s Class A and B-3 common stock and LTIP Units outstanding. For 2015, amounts relate to shares of the Company’s Class A, B-1, B-2, and B-3 common stock and LTIP Units outstanding. (2) Excludes 391 and 4,282 shares of common stock for the years ended December 31, 2017 and 2016, respectively, related to non-vested restricted stock, as the effect would be anti-dilutive.
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, 2017, 2016 and 2015, is as follows (dollars in thousands): Non-Vested shares Shares Weighted average Balance at January 1, 2015 3,956 $ 22.75 Granted 15,000 13.15 Vested (4,480 ) 17.39 Forfeited — — Balance at December 31, 2015 14,476 14.46 Granted 7,500 10.33 Vested (21,317 ) 12.75 Forfeited — — Balance at December 31, 2016 659 $ 22.75 Granted 7,500 13.34 Vested (8,159 ) 14.10 Forfeited — — Balance at December 31, 2017 — $ —
Schedule of Dividends Payable [Table Text Block]	Declaration Date Payable to stockholders Amount Date Paid or Payable Class A common stock October 4, 2016 December 23, 2016 $ 0.096667 January 5, 2017 January 6, 2017 January 25, 2017 $ 0.096666 February 3, 2017 January 6, 2017 February 24, 2017 $ 0.096667 March 3, 2017 January 6, 2017 March 24, 2017 $ 0.096667 April 5, 2017 April 7, 2017 April 25, 2017 $ 0.096666 May 5, 2017 April 7, 2017 May 25, 2017 $ 0.096667 June 5, 2017 April 7, 2017 June 23, 2017 $ 0.096667 July 5, 2017 July 10, 2017 July 25, 2017 $ 0.096666 August 4, 2017 August 9, 2017 August 25, 2017 $ 0.096667 September 5, 2017 August 9, 2017 September 25, 2017 $ 0.096667 October 5, 2017 October 13, 2017 October 25, 2017 $ 0.096666 November 3, 2017 October 13, 2017 November 24 2017 $ 0.096667 December 5, 2017 October 13, 2017 December 22, 2017 $ 0.096667 January 5, 2018 December 20, 2017 March 23, 2018 $ 0.1625 April 5, 2018 Class C common stock October 13, 2017 November 24 2017 $ 0.096667 December 5, 2017 October 13, 2017 December 22, 2017 $ 0.096667 January 5, 2018 December 20, 2017 March 23, 2018 $ 0.1625 April 5, 2018 Series A Preferred Stock December 9, 2016 December 23, 2016 $ 0.515625 January 5, 2017 March 10, 2017 March 24, 2017 $ 0.515625 April 5, 2017 June 9, 2017 June 23, 2017 $ 0.515625 July 5, 2017 September 8, 2017 September 25, 2017 $ 0.515625 October 5, 2017 December 8, 2017 December 22, 2017 $ 0.515625 January 5, 2018 Series B Preferred Stock October 4, 2016 December 23, 2016 $ 5.00 January 5, 2017 January 6, 2017 January 25, 2017 $ 5.00 February 3, 2017 January 6, 2017 February 24, 2017 $ 5.00 March 3, 2017 January 6, 2017 March 24, 2017 $ 5.00 April 5, 2017 April 7, 2017 April 25, 2017 $ 5.00 May 5, 2017 April 7, 2017 May 25, 2017 $ 5.00 June 5, 2017 April 7, 2017 June 23, 2017 $ 5.00 July 5, 2017 July 10, 2017 July 25, 2017 $ 5.00 August 4, 2017 July 10, 2017 August 25, 2017 $ 5.00 September 5, 2017 July 10, 2017 September 25, 2017 $ 5.00 October 5, 2017 October 13, 2017 October 25, 2017 $ 5.00 November 3, 2017 October 13, 2017 November 24 2017 $ 5.00 December 5, 2017 October 13, 2017 December 22, 2017 $ 5.00 January 5, 2018 Declaration Date Payable to stockholders Amount Date Paid or Payable Series C Preferred Stock December 9, 2016 December 23, 2016 $ 0.4765625 January 5, 2017 March 10, 2017 March 24, 2017 $ 0.4765625 April 5, 2017 June 9, 2017 June 23, 2017 $ 0.4765625 July 5, 2017 September 8, 2017 September 25, 2017 $ 0.4765625 October 5, 2017 December 8, 2017 December 22, 2017 $ 0.4765625 January 5, 2018 Series D Preferred Stock December 9, 2016 December 23, 2016 $ 0.3859 January 5, 2017 March 10, 2017 March 24, 2017 $ 0.4453125 April 5, 2017 June 9, 2017 June 23, 2017 $ 0.4453125 July 5, 2017 September 8, 2017 September 25, 2017 $ 0.4453125 October 5, 2017 December 8, 2017 December 22, 2017 $ 0.4453125 January 5, 2018
Schedule of Distributions Made to Members or Limited Partners, by Distribution [Table Text Block]	Distributions 2017 Declared Paid First Quarter Class A Common Stock $ 7,014 $ 6,566 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 525 395 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,100 OP Units 82 84 LTIP Units 496 480 Total first quarter $ 13,443 $ 12,682 Second Quarter Class A Common Stock $ 7,016 $ 7,015 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 1,054 837 Series C Preferred Stock 1,108 1,107 Series D Preferred Stock 1,270 1,270 OP Units 80 80 LTIP Units 551 533 Total second quarter $ 14,029 $ 13,792 Distributions 2017 Declared Paid Third Quarter Class A Common Stock $ 7,017 $ 7,016 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 1,711 1,508 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,270 1,269 OP Units 79 80 LTIP Units 676 625 Total third quarter $ 14,810 $ 14,555 Fourth Quarter Class A Common Stock $ 10,956 $ 7,019 Class C Common Stock 27 8 Series A Preferred Stock 2,951 2,950 Series B Preferred Stock 2,425 2,164 Series C Preferred Stock 1,108 1,107 Series D Preferred Stock 1,268 1,270 OP Units 2,458 869 LTIP Units 223 323 Total fourth quarter $ 21,416 $ 15,710 Total year $ 63,698 $ 56,739

Selected Quarterly Financial 32

Selected Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Table Text Block]	The following table sets forth summarized quarterly financial data for the year ended December 31, 2017: Quarters Ended 2017 March 31 (1) June 30 (1) September 30 (1) December 31 (1) (In thousands, except per share amounts) Total revenue $ 28,093 $ 28,576 $ 30,063 $ 36,451 Operating (loss) income $ (1,992 ) $ (2,202 ) $ 126 $ (40,579 ) Net income (loss) $ 9,928 $ 34,768 $ (4,581 ) $ (47,141 ) Net income (loss) available to common stockholders $ (4,990 ) $ 17,569 $ (12,017 ) $ (46,241 ) Earnings (loss) per common share, basic: (1) $ (0.20 ) $ 0.67 $ (0.45 ) $ (1.87 ) Earnings (loss) per common share, diluted: (1) $ (0.20 ) $ 0.67 $ (0.45 ) $ (1.87 ) (1) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2017. The following table sets forth summarized quarterly financial data for the year ended December 31, 2016: Quarters Ended 2016 March 31 June 30 September 30 December 31 (In thousands, except per share amounts) Total revenue $ 17,508 $ 19,305 $ 20,577 $ 23,652 Operating (loss) income $ (1,165 ) $ (147 ) $ 1,188 $ (913 ) Net (loss) income $ (2,625 ) $ (1,961 ) $ 1,568 $ 39 Net loss available to common stockholders $ (4,135 ) $ (5,043 ) $ (2,551 ) $ (7,260 ) Loss per common share, basic: (1) $ (0.20 ) $ (0.24 ) $ (0.12 ) $ (0.34 ) Loss per common share, diluted: (1) $ (0.20 ) $ (0.24 ) $ (0.12 ) $ (0.34 ) (1) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2016.

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Schedule of Subsequent Events [Table Text Block]	Shares Declaration Date Record Date Date Paid Distributions per Share Total Distribution Class A Common Stock October 13, 2017 December 22, 2017 January 5, 2018 $ 0.0966670 $ 2,341 Class C Common Stock December 20, 2017 December 22, 2017 January 5, 2018 $ 0.0966670 $ 7 Series A Preferred Stock December 8, 2017 December 22, 2017 January 5, 2018 $ 0.5156250 $ 2,950 Series B Preferred Stock October 13, 2017 December 22, 2017 January 5, 2018 $ 5.0000000 $ 907 Series C Preferred Stock December 8, 2017 December 22, 2017 January 5, 2018 $ 0.4765625 $ 1,107 Series D Preferred Stock December 8, 2017 December 22, 2017 January 5, 2018 $ 0.4453125 $ 1,269 OP Units October 13, 2017 December 22, 2017 January 5, 2018 $ 0.0966670 $ 602 LTIP Units October 13, 2017 December 22, 2017 January 5, 2018 $ 0.0966670 $ 53 Series B Preferred Stock January 12, 2018 January 25, 2018 February 5, 2018 $ 5.0000000 $ 932 Total $ 10,168

Organization and Nature of Bu34

Organization and Nature of Business (Details Textual)	1 Months Ended	12 Months Ended
	Oct. 31, 2017USD ($)shares	Dec. 31, 2017
Organization and Nature of Business [Line Items]
Percent of Real Estate Properties Occupied		94.00%
Number of Units in Real Estate Property		12,408
Annual Distribution Percentage Rate		90.00%
Professional Fees	$ 2,300,000
Opertating Partnership Units [Member]
Organization and Nature of Business [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	3,753,593
Internatization [Member]
Organization and Nature of Business [Line Items]
Business Combination, Consideration Transferred	$ 41,240,000
Business Combination, Acquisition Related Costs	$ 40,794
Business Acquisition, Percentage Of Payment In Equity	99.90%
Common Class C [Member]
Organization and Nature of Business [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	76,603
Consolidated Operating Units [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property		9,608
Preferred Equity and Mezzanine Loan Investments [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property		2,800

Basis of Presentation and Sum35

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
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%
Percentage of Voting Equity	50.00%
Percentage Of Minimum Distributions Of Taxable Income	90.00%
Selling Commissions And Dealer Manager Fees Percentage Rate	10.00%
Prior Period Reclassification Adjustment	$ 6.5	$ 4	$ 2
Common Stock Holders [Member]
Accounting Policies [Line Items]
Percentage Of Distributions Classified As Return On Capital	64.21%	100.00%	99.46%
Percentage Of Distributions Classified As Capital Gains	31.79%		0.54%
Percentage of ordinary income from return on capital	4.00%
Percentage realization from sale of depreciable real estate	21.29%
Preferred Stock Holders [Member]
Accounting Policies [Line Items]
Percentage Of Distributions Classified As Return On Capital		91.05%
Percentage Of Distributions Classified As Capital Gains	88.81%	8.95%
Percentage realization from sale of depreciable real estate	21.29%
Percentage of preferred stock classified as ordinary income	11.19%
Building [Member] | Maximum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Building [Member] | Minimum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	20 years
Building Improvements [Member] | Maximum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	20 years
Building Improvements [Member] | Minimum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	10 years
Land Improvements [Member] | Maximum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	20 years
Land Improvements [Member] | Minimum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	10 years
Furniture and Fixtures [Member] | Maximum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	10 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	21.81%
OP Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	20.05%
LTIP Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	1.76%

Sale of Real Estate Assets an36

Sale of Real Estate Assets and Joint Venture Equity Interests and Abandonment of Development Project (Details Textual) $ in Millions	Aug. 10, 2016USD ($)	Jun. 30, 2017USD ($)	May 24, 2017USD ($)	Apr. 26, 2017USD ($)	Feb. 22, 2017USD ($)	Dec. 31, 2017USD ($)	Nov. 24, 2015a
Real Estate Assets Held for Development and Sale [Line Items]
Disposition Fees					$ 1.3
Proceeds from Sale of Real Estate Gross					71.4
Payments for Mortgage on Real Estate Sold					41.4
Proceeds from Sale of Real Estate					28.6
Gain (Loss) on Disposition of Assets					16.7
East San Marco Property [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Area of Real Estate Property | a							44,276
Real Estate Investment Property, Net						$ 2.9
Fox Hill Property [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Disposition Fees			$ 0.5
Proceeds from Sale of Real Estate Gross			46.5
Proceeds from Sale of Real Estate			19.2
Gain (Loss) on Disposition of Assets			10.7
Payment for Debt Extinguishment or Debt Prepayment Cost			1.6
Fox Hill Property [Member] | Mortgages [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Payments for Mortgage on Real Estate Sold			26.7
Fox Hill Property [Member] | Pro Rata [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Gain (Loss) on Disposition of Assets			10.3
Proceeds from Sale of Property Held-for-sale			$ 16.4
MDA Apartments [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Disposition Fees		$ 0.7
Proceeds from Sale of Real Estate		17.6
Gain (Loss) on Disposition of Assets		$ 6.4
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		35.00%
Gain On Sale Of Equity Interests		$ 10.2
Proceeds from Sale of Property Held-for-sale		18.3
MDA Apartments [Member] | Pro Rata [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Property Held-for-sale		$ 11
Newport News property [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Sale of joint venture ownership percentage	25.00%
Disposition Fees	$ 0.5
Proceeds from Sale of Real Estate Gross	38
Payments for Mortgage on Real Estate Sold	25.4
Proceeds from Sale of Real Estate	9
Gain (Loss) on Disposition of Assets	$ 4.9
Bluerock Residential Growth REIT, Inc [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Gain (Loss) on Disposition of Assets					7.8
Proceeds from Sale of Property Held-for-sale					$ 13.6
Lansbrook Village Properties [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Disposition Fees				$ 1.2
Proceeds from Sale of Real Estate				24.1
Gain (Loss) on Disposition of Assets				22.8
Proceeds from Sale of Property Held-for-sale				$ 82.4
Ownership Percentage On Investments				90.00%
Lansbrook Village Properties [Member] | Mortgages [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Payments for Mortgage on Real Estate Sold				$ 57.2
Lansbrook Village Properties [Member] | Pro Rata [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Gain (Loss) on Disposition of Assets				16.1
Proceeds from Sale of Property Held-for-sale				$ 19.1

Investments in Real Estate (Det

Investments in Real Estate (Details)	12 Months Ended
	Dec. 31, 2017NumberofUnits
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	2,800
Whetstone, Durham, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	204
Actual Or Anticipated Initial Occupancy	3Q 2014
Anticipated Construction Completion	3Q 2015
Alexan CityCentre, Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	340
Actual Or Anticipated Initial Occupancy	2Q 2017
Anticipated Construction Completion	4Q 2017
Helios, Atlanta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	282
Actual Or Anticipated Initial Occupancy	2Q 2017
Anticipated Construction Completion	4Q 2017
Alexan Southside Place, Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	270
Actual Or Anticipated Initial Occupancy	4Q 2017
Anticipated Construction Completion	2Q 2018
Lake Boone Trail, Raleigh NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	245
Actual Or Anticipated Initial Occupancy	3Q 2017
Anticipated Construction Completion	4Q 2018
Vickers Village, Roswell, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	79
Actual Or Anticipated Initial Occupancy	3Q 2018
Anticipated Construction Completion	4Q 2018
APOK Townhomes, Boca Raton, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	90
Actual Or Anticipated Initial Occupancy	3Q 2018
Anticipated Construction Completion	1Q 2019
Crescent Perimeter, Atlanta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	320
Actual Or Anticipated Initial Occupancy	4Q 2018
Anticipated Construction Completion	2Q 2019
Domain, Garland, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	299
Actual Or Anticipated Initial Occupancy	4Q 2018
Anticipated Construction Completion	2Q 2019
West Morehead, Charlotte, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	286
Actual Or Anticipated Initial Occupancy	4Q 2018
Anticipated Construction Completion	2Q 2019
Flagler Village, Ft. Lauderdale, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	385
Actual Or Anticipated Initial Occupancy	3Q 2019
Anticipated Construction Completion	3Q 2020
ARIUM at Palmer Ranch, Sarasota, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	320
Year Build/Renovated	2,016	[1]
Ownership Interest	95.00%
ARIUM Glenridge, formerly Nevadan, Atlanta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	480
Year Build/Renovated	1,990	[1]
Ownership Interest	90.00%
ARIUM Grandewood, Orlando, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	306
Year Build/Renovated	2,005	[1]
Ownership Interest	100.00%
ARIUM Gulfshore, Naples, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	368
Year Build/Renovated	2,016	[1]
Ownership Interest	95.00%
ARIUM Hunter’s Creek, Orlando, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	532
Year Build/Renovated	1,999	[1]
Ownership Interest	100.00%
ARIUM Metrowest, Orlando, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	510
Year Build/Renovated	2,001	[1]
Ownership Interest	100.00%
ARIUM Palms, Orlando, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	252
Year Build/Renovated	2,008	[1]
Ownership Interest	95.00%
ARIUM Pine Lakes, Port St. Lucie, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	320
Year Build/Renovated	2,003	[1]
Ownership Interest	85.00%
ARIUM Westside, Atlanta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	336
Year Build/Renovated	2,008	[1]
Ownership Interest	90.00%
Ashton Reserve, Charlotte, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	473
Year Build/Renovated	2,015	[1]
Ownership Interest	100.00%
Citrus Tower Orlando, Fl [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	336
Year Build/Renovated	2,006	[1]
Ownership Interest	96.80%
Enders at Baldwin Park, Orlando, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	220
Year Build/Renovated	2,003	[1]
Ownership Interest	92.00%
James on South First, formerly Legacy at Southpark, Austin, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	250
Year Build/Renovated	2,016	[1]
Ownership Interest	90.00%
Marquis at Crown Ridge, San Antonio, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	352
Year Build/Renovated	2,009	[1]
Ownership Interest	90.00%
Marquis at Stone Oak, San Antonio, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	335
Year Build/Renovated	2,007	[1]
Ownership Interest	90.00%
Marquis at the Cascades, Tyler, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	582
Year Build/Renovated	2,009	[1]
Ownership Interest	90.00%
Marquis at TPC, San Antonio, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	139
Year Build/Renovated	2,008	[1]
Ownership Interest	90.00%
Outlook at Greystone, Birmingham, AL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	300
Year Build/Renovated	2,007	[1]
Ownership Interest	100.00%
Park & Kingston, Charlotte, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	168
Year Build/Renovated	2,015	[1]
Ownership Interest	100.00%
Preston View, Morrisville, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	382
Year Build/Renovated	2,000	[1]
Ownership Interest	100.00%
Roswell City Walk, Roswell, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	320
Year Build/Renovated	2,015	[1]
Ownership Interest	98.00%
Sorrel, Frisco, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	352
Year Build/Renovated	2,015	[1]
Ownership Interest	95.00%
Sovereign, Fort Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	322
Year Build/Renovated	2,015	[1]
Ownership Interest	95.00%
The Brodie, Austin, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year Build/Renovated	2,001	[1]
Average [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	9,608
The Mills, Greenville, SC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	304
Year Build/Renovated	2,013	[1]
Ownership Interest	100.00%
The Brodie, Austin, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	324
Ownership Interest	92.50%
The Preserve at Henderson Beach, Destin, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	340
Year Build/Renovated	2,009	[1]
Ownership Interest	100.00%
Villages At Cypress Creek, Houston Tx [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	384
Year Build/Renovated	2,001	[1]
Ownership Interest	80.00%
Wesley Village, Charlotte, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	301
Year Build/Renovated	2,010	[1]
Ownership Interest	100.00%
[1]	Represents date of last significant renovation or year built if there were no renovations.

Acquisition of Real Estate (Det

Acquisition of Real Estate (Details) $ in Thousands	Dec. 31, 2017USD ($)
Preliminary Purchase Price Allocation
Land	$ 67,523
Building	515,803
Building improvements	34,398
Land improvements	25,302
Furniture and fixtures	10,651
In-place leases	12,843
Other assets	666
Total assets acquired	667,186
Mortgages assumed	173,155
Fair value adjustments	676
Total liabilities assumed	$ 173,831

Acquisition of Real Estate (D39

Acquisition of Real Estate (Details Textual) $ in Thousands

Sep. 08, 2017USD ($)

Mar. 03, 2017

Dec. 12, 2016USD ($)

Dec. 31, 2017USD ($)

Dec. 29, 2017

Sep. 28, 2017USD ($)

Dec. 22, 2016USD ($)

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Nov. 30, 2017USD ($)

Nov. 29, 2017USD ($)

Oct. 30, 2017USD ($)

Oct. 19, 2017USD ($)

Jun. 09, 2017USD ($)

Mar. 09, 2017USD ($)

Feb. 17, 2017USD ($)

Dec. 15, 2016USD ($)

Dec. 03, 2016USD ($)

Nov. 10, 2016USD ($)

Oct. 31, 2016USD ($)

Oct. 13, 2016USD ($)

Jul. 14, 2016USD ($)

Mar. 15, 2016USD ($)

Jan. 05, 2016USD ($)

Dec. 18, 2015

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

245

Noncash or Part Noncash Acquisition, Debt Assumed

$ 173,831

$ 39,054

$ 32,942

Equity Method Investment, Ownership Percentage

49.90%

Payments To Acquire Equity Method Investments

20,989

26,864

65,093

Other Liabilities

$ 2,300

2,300

2,200

Depreciation

35,500

23,600

12,400

Amortization of Intangible Assets

13,100

$ 7,600

$ 3,800

Noncontrolling Interest, Description

(i) Fund II substantially redeemed the preferred equity investment held by BRG Domain 1 in BR Domain 1 JV Member for $7.1 million, (ii) BRG Domain 1 maintained a 0.5% common interest in BR Domain 1 JV Member, and (iii) the Company, through BRG Domain 1, provided a mezzanine loan in the amount of $20.3 million to BR Domain 1 JV Member, or the BRG Domain 1 Mezz Loan. See Note 6 for further details regarding Domain Phase 1 and the BRG Domain 1 Mezz Loan.

Nivedan Apartments [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

480

Business Acquisition Indirect Ownership, Amount

$ 22,800

Business Acquisition, Percentage of Voting Interests Acquired

90.00%

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 68,250

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt

$ 48,400

The Brodie [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

324

Business Acquisition Indirect Ownership, Amount

$ 15,300

Business Acquisition, Percentage of Voting Interests Acquired

92.50%

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 48,900

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt

$ 34,800

Roswell City Walk [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

320

Business Acquisition Indirect Ownership, Amount

$ 25,500

Business Acquisition, Percentage of Voting Interests Acquired

98.00%

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 76,000

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt

$ 51,000

BR Perimeter JV [Member]

Business Acquisition [Line Items]

Noncontrolling Interest, Description

On December 29, 2017, (i) Fund III substantially redeemed the common equity investment held by BRG Perimeter, LLC in BR Perimeter JV Member, LLC for $15.3 million, (ii) BRG Perimeter, LLC maintained a 0.5% common interest in BR Perimeter JV Member, LLC, and (iii) the Company, through BRG Perimeter, LLC, provided a mezzanine loan in the amount of $20.6 million to BR Perimeter JV Member, LLC, or the BRG Perimeter JV Mezz Loan. See Note 6 for further details regarding Crescent Perimeter and the BRG Perimeter JV Mezz Loan.

BR Vickers Roswell JV [Member]

Business Acquisition [Line Items]

Noncontrolling Interest, Description

On December 29, 2017, (i) Fund III substantially redeemed the common equity investment held by BRG Vickers Roswell, LLC in BR Vickers Roswell JV Member, LLC for $8.7 million, (ii) BRG Vickers Roswell, LLC maintained a 0.5% common interest in BR Vickers Roswell JV Member, LLC, and (iii) the Company, through BRG Vickers Roswell, LLC, provided a mezzanine loan in the amount of $9.8 million to BR Vickers Roswell JV Member, LLC, or the BRG Vickers JV Mezz Loan. See Note 6 for further details regarding Vickers Village and the BRG Vickers JV Mezz Loan.

Park Kingston [Member]

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 500

$ 500

Park Kingston [Member] | Minimum [Member]

Business Acquisition [Line Items]

Business Acquisition, Percentage of Voting Interests Acquired

96.00%

96.00%

Park Kingston [Member] | Maximum [Member]

Business Acquisition [Line Items]

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

100.00%

Sorrel [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

320

Business Acquisition Indirect Ownership, Amount

$ 47,000

Long-term Investments, Total

$ 15,900

Equity Method Investment, Ownership Percentage

95.00%

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

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

$ 32,600

Sovereign [Member]

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

39,300

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

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

$ 26,900

Citation Club Apartments [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

368

Long-term Investments, Total

$ 13,600

Preserve At Henderson Beach [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

340

Business Acquisition Indirect Ownership, Amount

$ 53,700

Long-term Investments, Total

$ 17,200

Equity Method Investment, Ownership Percentage

100.00%

Preserve At Henderson Beach [Member] | Senior Secured Mortgage Loan [Member]

Business Acquisition [Line Items]

Business Acquisition Indirect Ownership, Amount

$ 37,500

ARIUM Westside Atlanta GA [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

336

Business Acquisition Indirect Ownership, Amount

$ 74,500

Long-term Investments, Total

$ 22,200

Equity Method Investment, Ownership Percentage

90.00%

Mortgage Loans on Real Estate, Carrying Amount of Mortgages

$ 52,200

ARIUM Pine Lakes [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

320

Business Acquisition Indirect Ownership, Amount

$ 11,300

Business Acquisition, Percentage of Voting Interests Acquired

85.00%

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 38,300

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt

$ 27,000

Legacy At Southpark [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

250

Business Acquisition Indirect Ownership, Amount

$ 10,400

Business Acquisition, Percentage of Voting Interests Acquired

90.00%

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 36,800

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt

$ 26,500

Vickers Village [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

79

Business Acquisition, Percentage of Voting Interests Acquired

80.00%

Payments To Acquire Equity Method Investments

$ 8,500

Crescent Perimeter [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

320

Business Acquisition, Percentage of Voting Interests Acquired

60.00%

Payments To Acquire Equity Method Investments

$ 15,200

Bell Preston View [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

382

Business Acquisition, Percentage of Voting Interests Acquired

91.80%

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 59,500

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt

$ 41,100

Wesley Village [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

301

Business Acquisition, Percentage of Voting Interests Acquired

91.80%

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 57,200

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt

$ 40,500

Texas Portfolio [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

1,408

Business Acquisition, Percentage of Voting Interests Acquired

90.00%

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 188,900

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt

$ 146,400

Cypress Creek Villages [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

384

Business Acquisition, Percentage of Voting Interests Acquired

80.00%

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 40,700

Business Combination, Consideration Transferred, Liabilities Incurred

$ 26,200

Citrus Tower [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

336

Business Acquisition, Percentage of Voting Interests Acquired

96.80%

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 55,300

Business Combination, Consideration Transferred, Liabilities Incurred

$ 41,400

Greystone Outlook [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

300

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 36,300

ARIUM Metrowest [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

510

Business Acquisition Indirect Ownership, Amount

$ 86,000

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 86,000

ARIUM Hunter’s Creek [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

532

Business Acquisition Indirect Ownership, Amount

$ 72,300

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 96,900

The Mills [Member]

Business Acquisition [Line Items]

Number of Real Estate Properties, Fee Simple

304

Business Acquisition Indirect Ownership, Amount

$ 26,800

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 40,300

ARIUM Grandewood [Member]

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 3,100

ARIUM Grandewood [Member] | Minimum [Member]

Business Acquisition [Line Items]

Business Acquisition, Percentage of Voting Interests Acquired

95.00%

ARIUM Grandewood [Member] | Maximum [Member]

Business Acquisition [Line Items]

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

Baldwin Park [Member]

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other

$ 500

$ 500

Baldwin Park [Member] | Minimum [Member]

Business Acquisition [Line Items]

Business Acquisition, Percentage of Voting Interests Acquired

89.50%

89.50%

Baldwin Park [Member] | Maximum [Member]

Business Acquisition [Line Items]

Business Acquisition, Percentage of Voting Interests Acquired

92.00%

92.00%

Preston View and Wesley Village [Member]

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other

$ 3,400

$ 3,400

Return on equity capital invested, Percent

8.00%

Preston View and Wesley Village [Member] | Minimum [Member]

Business Acquisition [Line Items]

Business Acquisition, Percentage of Voting Interests Acquired

91.80%

91.80%

Preston View and Wesley Village [Member] | Maximum [Member]

Business Acquisition [Line Items]

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

100.00%

Notes and Interest Receivable40

Notes and Interest Receivable due from Related Party (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Notes Receivable, Related Parties	$ 140,903	$ 21,267
APOK Townhomes
Notes Receivable, Related Parties	11,365	0
Crescent Perimeter
Notes Receivable, Related Parties	20,622	0
Domain [Member]
Notes Receivable, Related Parties	20,536	0
Flagler
Notes Receivable, Related Parties	53,668	0
Vickers Village
Notes Receivable, Related Parties	9,819	0
West Morehead
Notes Receivable, Related Parties	$ 24,893	$ 21,267

Notes and Interest Receivable41

Notes and Interest Receivable due from Related Party (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Interest Income, Related Party	$ 7,930	$ 17	$ 0
APOK Townhomes
Interest Income, Related Party	1,656	0
Crescent Perimeter
Interest Income, Related Party	17	0
Domain [Member]
Interest Income, Related Party	2,525	0
Flagler
Interest Income, Related Party	44	0
Vickers Village
Interest Income, Related Party	8	0
West Morehead
Interest Income, Related Party	$ 3,680	$ 17

Notes and Interest Receivable42

Notes and Interest Receivable due from Related Party (Details Textual) - USD ($) $ in Millions	Mar. 03, 2017	Jan. 06, 2017	Dec. 12, 2016	Dec. 29, 2017	Dec. 29, 2016	Dec. 22, 2016	Dec. 31, 2017	Jan. 05, 2017
BR Morehead JV , LLC [Member]
Due from Related Parties					$ 21.3
Related Party Transaction, Interest Rate Description					The Company has the right to exercise an option to purchase, at the greater of a 25 basis point discount to fair market value or 15% internal rate of return for Fund II, up to a 100% common membership interest in BR Morehead JV Member (the mezzanine borrower), which is 99.5% owned by Fund II and which currently holds an approximate 97.7% interest in the West Morehead JV and in the West Morehead property, subject to certain promote rights of our unaffiliated development partner.
Related Party Transaction, Rate							15.00%
West Morehead Development [Member]
Due from Related Parties							$ 34.5
Related Party Transaction, Date							Dec. 29, 2016
Related Party Transaction, Interest Rate Description							The West Morehead Construction Loan matures on December 29, 2019, and contains two one-year extension options, subject to certain conditions including a debt service coverage, loan to value ratio and payment of an extension fee. The West Morehead Construction Loan bears interest on a floating basis on the amount drawn based on LIBOR plus 3.75%, subject to a minimum of 4.25%. Regular monthly payments are interest-only until September 2019, with further payments based on twenty-five-year amortization. The West Morehead Construction Loan can be prepaid without penalty.
Due From Unaffiliated Lender							$ 2.3	$ 24.6
West Morehead Property [Member]
Due from Related Parties, Current					$ 7.3
Related Party Transaction, Interest Rate Description					The loan bears interest on a fixed rate of 11.5%. Regular monthly payments are interest-only. The loan can be prepaid prior to maturity provided the lender receives a cumulative return of 30% of its loan amount including all principal and interest paid.
Due From Unaffiliated Lender					$ 7.3
Unaffiliated Lender Transaction Date					Dec. 29, 2016
APOK Townhomes Development [Member]
Due From Unaffiliated Lender					$ 18.7		4.6
Unaffiliated Lender Transaction Interest Rate Description					The loan requires interest-only payments at prime plus 0.625%, subject to a floor of 4.125%. The loan can be prepaid without penalty.
Unaffiliated Lender Transaction Date					Jun. 29, 2019
BRG Boca, LLC [Member]
Due from Related Parties		$ 11.2
Related Party Transaction, Date		Jan. 6, 2020
Related Party Transaction, Interest Rate Description		The Company has the right to exercise an option to purchase, at the greater of a 25 basis point discount to fair market value or 15% internal rate of return for Fund II, up to a 100% common membership interest in BR Boca JV Member (the mezzanine borrower), which is 99.5% owned by Fund II and which currently holds an approximate 90.0% interest in the Boca JV and in the Boca property, subject to certain promote rights of our unaffiliated development partner.
Domain 1 development [Member]
Due From Unaffiliated Lender	$ 30.3
Unaffiliated Lender Transaction Interest Rate Description	The Domain 1 Construction Loan bears interest on a floating basis on the amount drawn based on LIBOR plus 3.25%. Regular monthly payments are interest-only until March 2020, with further payments based on thirty-year amortization. The Domain 1 Construction Loan can be prepaid without penalty.
Unaffiliated Lender Transaction Date	Mar. 3, 2020
Domain 1 property Owner [Member]
Due from Related Parties	$ 20.3
Due From Unaffiliated Lender	$ 6.4						4.6
Debt Instrument, Maturity Date, Description	The loan bears interest on a fixed rate of 12.5%, with 9.5% paid currently. Regular monthly payments are interest-only. The loan can be prepaid prior to maturity provided the lender receives a minimum profit and 1% exit fee.
Unaffiliated Lender Transaction Date	Mar. 3, 2020
BRG Domain 1 [Member]
Unaffiliated Lender Transaction Interest Rate Description	The Company has the right to exercise an option to purchase, at the greater of a 25 basis point discount to fair market value or 15% internal rate of return for Fund II, up to a 100% common membership interest in BR Domain 1 JV Member (the mezzanine borrower), which is 99.5% owned by Fund II and which currently holds an approximate 95.0% interest in the Domain 1 JV and in the Domain 1 property, subject to certain promote rights of our unaffiliated development partner.
Vickers village development [Member]
Due From Unaffiliated Lender						$ 18	7.5
Unaffiliated Lender Transaction Interest Rate Description						The loan bears interest at a rate of LIBOR plus 3.00%, with interest only payments until December 1, 2018, with future payments based on 25-year amortization. The loan can be prepaid without penalty.
Unaffiliated Lender Transaction Date						Dec. 1, 2018
Crescent perimeter development [Member]
Due From Unaffiliated Lender			$ 44.7				$ 5.1
Unaffiliated Lender Transaction Interest Rate Description			The loan bears interest at a rate of LIBOR plus 3.00%, with interest only payments until December 12, 2020, with future payments based on 30-year amortization. The loan can be prepaid without penalty.
Unaffiliated Lender Transaction Date			Dec. 12, 2020
BR Vickers Roswell JV, LLC [Member]
Due from Related Parties				$ 9.8
Related Party Transaction, Date				Dec. 29, 2020
BR Flagler JV,LLC [Member]
Due from Related Parties				$ 53.6
Related Party Transaction, Date				Dec. 29, 2022
BR Perimeter JV,LLC [Member]
Due from Related Parties				$ 20.6
Related Party Transaction, Date				Dec. 29, 2021

Investments in Unconsolidated43

Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 71,145	$ 91,132
Alexan CityCentre [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	9,258	7,733
Alexan Southside Place [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	20,584	17,322
APOK Townhomes [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	7	7,569
Crescent perimeter development [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	12	0
Helios [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	16,360	16,360
Domain [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	12	5,249
Flagler Village [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	30	14,035
Lake Boone Trail [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	11,930	9,919
Vickers village development [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	6	0
West Morehead [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	14	13
Whetstone [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 12,932	$ 12,932

Investments in Unconsolidated44

Investments in Unconsolidated Real Estate Joint Ventures (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint venture	$ 10,336	$ 11,632	$ 6,590
Alexan CityCentre [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint venture	1,395	1,085	976
Alexan Southside Place [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint venture	2,879	2,605	1,996
APOK Townhomes [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint venture	0	226	0
Domain [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint venture	141	614	64
EOS [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint venture	(26)	530	544
Flagler Village [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint venture	(7)	(6)	(5)
Helios [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint venture	2,454	2,461	1,383
Lake Boone Trail [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint venture	1,770	1,492	44
Villas at Oak Crest [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint venture	0	0	489
West Morehead [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint venture	0	677	0
Whetstone [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint venture	1,730	1,948	1,131
Other [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint venture	0	0	(32)
Crescent perimeter development [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint venture	0	0	0
Vickers village development [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint venture	$ 0	$ 0	$ 0

Investments in Unconsolidated45

Investments in Unconsolidated Real Estate Joint Ventures (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Balance Sheets:
Real estate, net of depreciation	$ 399,111	$ 197,742
Other assets	62,667	33,814
Total assets	461,778	231,556
Mortgage payable	325,702	97,598
Other liabilities	25,956	13,191
Total liabilities	351,658	110,789
Members’ equity	110,120	120,767
Total liabilities and members’ equity	461,778	231,556
Operating Statements:
Rental revenues	5,517	6,652	$ 3,125
Operating expenses	(4,990)	(3,760)	(3,136)
Income (loss) before debt service, acquisition costs, and depreciation and amortization	527	2,892	(11)
Interest expense, net	(3,004)	(1,409)	(756)
Acquisition costs	0	(3)	(66)
Depreciation and amortization	(3,478)	(2,881)	(2,009)
Operating loss	(5,955)	(1,401)	(2,842)
Gain on sale	0	16,733	29,200
Net (loss) income	$ (5,955)	$ 15,332	$ 26,358

Investments in Unconsolidated46

Investments in Unconsolidated Real Estate Joint Ventures (Details Textual)

Jun. 09, 2017

Mar. 03, 2017

Dec. 12, 2016USD ($)

Nov. 10, 2016USD ($)

Jun. 07, 2016USD ($)

Apr. 07, 2015USD ($)

Jan. 12, 2015USD ($)

May 14, 2014

Dec. 29, 2017USD ($)

Nov. 29, 2017

Dec. 22, 2016USD ($)

Sep. 30, 2016USD ($)

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Oct. 06, 2017

Oct. 06, 2016USD ($)

Jan. 06, 2016

Dec. 18, 2015

Dec. 16, 2015USD ($)

Nov. 20, 2015

May 29, 2015

May 20, 2015USD ($)

Jul. 29, 2014

Jul. 01, 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%

Number of Real Estate Properties, Fee Simple

245

Equity Method Investment, Ownership Percentage

49.90%

Preferred ship Interest Return At Annual Rate

15.00%

Percentage Of Preferred ship Interest

70.00%

Debt Instrument, Description of Variable Rate Basis

LIBOR plus 1.61%

Payments to Acquire Interest in Joint Venture

$ 4,200,000

Equity Method Investments

$ 71,145,000

$ 91,132,000

Noncontrolling Interest, Description

(i) Fund II substantially redeemed the preferred equity investment held by BRG Domain 1 in BR Domain 1 JV Member for $7.1 million, (ii) BRG Domain 1 maintained a 0.5% common interest in BR Domain 1 JV Member, and (iii) the Company, through BRG Domain 1, provided a mezzanine loan in the amount of $20.3 million to BR Domain 1 JV Member, or the BRG Domain 1 Mezz Loan. See Note 6 for further details regarding Domain Phase 1 and the BRG Domain 1 Mezz Loan.

Due From Affiliates

2,003,000

948,000

Payments To Acquire Equity Method Investments

20,989,000

$ 26,864,000

$ 65,093,000

Founded [Member]

Equity Method Investment And Joint Venture [Line Items]

Debt Instrument, Face Amount

$ 31,800,000

Debt Instrument, Description of Variable Rate Basis

based on the base rate plus 1.25% or LIBOR plus 2.25%

Construction Loan

$ 24,500,000

Bluerock Growth Fund II [Member]

Equity Method Investment And Joint Venture [Line Items]

Expected Return On Related Party Debt

20.00%

Proceeds from Related Party Debt

$ 1,300,000

BRG Whetstone Durham LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

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

$ 12,900,000

Percentage of Acquire Preferred Equity Interests

100.00%

Expected Return On Related Party Debt

6.50%

Due From Affiliates

$ 1,200,000

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

Alexan CityCentre [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

340

BRG Southside LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

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

$ 20,600,000

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

100.00%

Ground Lease Term

85 years

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

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

270

Fund II LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Payments to Acquire Interest in Joint Venture

8,200,000

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

299

Acquisition of Flagler Village Interest [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

385

Acquisition of Lake Boone Trail [Member]

Equity Method Investment And Joint Venture [Line Items]

Capital Commitment

$ 11,900,000

Percentage of Acquire Preferred Equity Interests

100.00%

BR Orlando JV [Member]

Equity Method Investment And Joint Venture [Line Items]

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

$ 3,600,000

BR Morehead JV , LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

286

Alexan CityCentre Construction Loan Modification [Member]

Equity Method Investment And Joint Venture [Line Items]

Loans Receivable Additional Equity Contribution By Borrower To Development Cost

700,000

Construction Loan Allocated to Operating Expenses

600,000

Alexan CityCentre Construction Loan Modification [Member] | Interest Reserve [Member]

Equity Method Investment And Joint Venture [Line Items]

Loans and Leases Receivable, Collateral for Secured Borrowings

2,600,000

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

Equity Method Investment And Joint Venture [Line Items]

Debt Instrument, Description of Variable Rate Basis

the prime rate plus 0.5%, or LIBOR plus 3.00%

Construction Loan

54,400,000

Loans Receivable Additional Equity Contribution By Borrower To Development Cost

2,200,000

Long-term Construction Loan

55,100,000

Debt Instrument, Periodic Payment, Principal

$ 60,000

BR TC BLVD JV,LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

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

$ 9,300,000

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

100.00%

Expected Return On Related Party Debt

20.00%

Equity Method Investments

$ 2,800,000

BR Boca JV, LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

90

Preferred ship Interest Return At Annual Rate

0.50%

Capital Commitment

$ 11,200,000

Funded Amount

$ 7,300,000

EOS [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%

Proceeds from Construction Loans Payable

$ 27,000,000

Stock Conversion Percentage

31.00%

Payment Of Closing Cost And Fee

$ 900,000

Convertible Preferred Stock Converted to Other Securities

3,600,000

Venture Capital Gain (Loss), Net

3,800,000

Proceeds from Divestiture of Interest in Joint Venture

52,000,000

Proceeds from Divestiture of Businesses

5,100,000

EOS [Member] | London Interbank Offered Rate (LIBOR) [Member]

Equity Method Investment And Joint Venture [Line Items]

Line of Credit Facility, Interest Rate During Period

2.15%

Debt Instrument, Interest Rate Terms

one-month LIBOR plus 2.15%

EOS [Member] | Common Class A [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

296

Whetstone Apartment property [Member]

Equity Method Investment And Joint Venture [Line Items]

Debt Instrument, Maturity Date

Nov. 1, 2023

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

3.81%

Percentage Of Prepayment Premium

1.00%

Secured Debt, Current

$ 26,400,000

$ 26,500,000

Helios Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

282

Debt Instrument, Face Amount

$ 38,100,000

Capital Commitment

$ 16,400,000

Percentage of Acquire Preferred Equity Interests

100.00%

Construction Loan

$ 35,100,000

Helios Interests [Member] | London Interbank Offered Rate (LIBOR) [Member]

Equity Method Investment And Joint Venture [Line Items]

Line of Credit Facility, Interest Rate During Period

2.50%

Debt Instrument, Interest Rate Terms

one-month LIBOR plus 2.50%

BRG Lake Boone, LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Debt Instrument, Face Amount

$ 25,200,000

Debt Instrument, Maturity Date

Dec. 23, 2019

Construction Loan

$ 14,100,000

BRG Lake Boone, LLC [Member] | London Interbank Offered Rate (LIBOR) [Member]

Equity Method Investment And Joint Venture [Line Items]

Line of Credit Facility, Interest Rate During Period

2.65%

Debt Instrument, Interest Rate Terms

one-month LIBOR plus 2.65%

West Morehead [Member]

Equity Method Investment And Joint Venture [Line Items]

Preferred ship Interest Return At Annual Rate

0.50%

BR Southside , LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Expected Return On Related Party Debt

20.00%

Proceeds from Related Party Debt

$ 3,300,000

BR Perimeter JV [Member]

Equity Method Investment And Joint Venture [Line Items]

Preferred ship Interest Return At Annual Rate

0.50%

Capital Commitment

$ 20,600,000

Funded Amount

$ 15,300,000

Noncontrolling Interest, Description

On December 29, 2017, (i) Fund III substantially redeemed the common equity investment held by BRG Perimeter, LLC in BR Perimeter JV Member, LLC for $15.3 million, (ii) BRG Perimeter, LLC maintained a 0.5% common interest in BR Perimeter JV Member, LLC, and (iii) the Company, through BRG Perimeter, LLC, provided a mezzanine loan in the amount of $20.6 million to BR Perimeter JV Member, LLC, or the BRG Perimeter JV Mezz Loan. See Note 6 for further details regarding Crescent Perimeter and the BRG Perimeter JV Mezz Loan.

BR Flagler JV,LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Preferred ship Interest Return At Annual Rate

0.50%

Capital Commitment

$ 53,600,000

Funded Amount

$ 26,300,000

Noncontrolling Interest, Description

On December 29, 2017, in conjunction with procuring a mezzanine loan, (i) Fund III substantially redeemed the common equity investment held by BRG Perimeter, LLC in BR Perimeter JV Member, LLC for $15.3 million, (ii) BRG Perimeter, LLC maintained a 0.5% common interest in BR Perimeter JV Member, and (iii) the Company, through BRG Perimeter, LLC, provided a mezzanine loan in the amount of $20.6 million to BR Perimeter JV Member, LLC, or the BRG Perimeter Mezz Loan. See Note 6 for further details regarding Crescent Perimeter and the BRG Perimeter Mezz Loan. Crescent Perimeter will no longer be consolidated as a result of the activity.

BR Vickers Roswell JV, LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Preferred ship Interest Return At Annual Rate

0.50%

Capital Commitment

$ 9,800,000

Funded Amount

$ 8,700,000

Noncontrolling Interest, Description

On December 29, 2017, in conjunction with procuring a mezzanine loan, (i) Fund III substantially redeemed the common equity investment held by BRG Vickers Roswell, LLC in BR Vickers Roswell JV Member, LLC for $8.7 million, (ii) BRG Vickers Roswell, LLC maintained a 0.5% common interest in BR Vickers Roswell JV Member, and (iii) the Company, through BRG Vickers Roswell, LLC, provided a mezzanine loan in the amount of $9.8 million to BR Vickers Roswell JV Member, LLC, or the BRG Vickers Roswell Mezz Loan. See Note 6 for further details regarding Vickers Village and the BRG Vickers Roswell Mezz Loan. Vickers Village will no longer be consolidated as a result of the activity.

Vickers Village [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

79

Payments To Acquire Equity Method Investments

$ 8,500,000

Business Acquisition, Percentage of Voting Interests Acquired

80.00%

Crescent Perimeter [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

320

Payments To Acquire Equity Method Investments

$ 15,200,000

Business Acquisition, Percentage of Voting Interests Acquired

60.00%

The PrivateBank and Trust Company [Member]

Equity Method Investment And Joint Venture [Line Items]

Debt Instrument, Description of Variable Rate Basis

one-month LIBOR plus 2.50%

Key Bank National Association [Member] | EOS [Member]

Equity Method Investment And Joint Venture [Line Items]

Debt Instrument, Face Amount

27,500,000

Long-term Debt

$ 27,000,000

Revolving credit facility (Deta

Revolving credit facility (Details Textual) - USD ($) $ in Millions	Dec. 01, 2017	Oct. 04, 2017	Jun. 09, 2017	Dec. 31, 2017
Debt Instrument, Description of Variable Rate Basis			LIBOR plus 1.61%
Debt Instrument, Basis Spread on Variable Rate	1.37%			1.57%
Revolving Credit Facility [Member]
Line of Credit Facility, Current Borrowing Capacity				$ 4.4
Key Bank National Association [Member] | Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.25%
Key Bank National Association [Member] | Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.20%
Key Bank National Association [Member] | Line of Credit [Member]
Debt Instrument, Maturity Date		Oct. 4, 2020
Key Bank National Association [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Description of Variable Rate Basis		LIBOR plus 1.80% to 2.45%
Key Bank National Association [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		2.45%
Key Bank National Association [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		1.80%
Key Bank National Association [Member] | Line of Credit [Member] | Base Rate [Member]
Debt Instrument, Description of Variable Rate Basis		base rate plus 0.80% to 1.45%
Key Bank National Association [Member] | Line of Credit [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		1.45%
Key Bank National Association [Member] | Line of Credit [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		0.80%
Key Bank National Association [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Current Borrowing Capacity		$ 150
Line of Credit Facility, Maximum Borrowing Capacity		$ 250

Mortgages Payable (Details)

Mortgages Payable (Details) - USD ($) $ in Thousands		Sep. 08, 2017	Jun. 09, 2017	Mar. 09, 2017	Nov. 29, 2017	Oct. 30, 2017	Feb. 17, 2017	Dec. 31, 2017	Dec. 31, 2016
Mortgages [Member]
Line of Credit Facility [Line Items]
Total								$ 946,101	$ 716,153
Fair value adjustments								2,638	1,364
Deferred financing costs, net								(9,245)	(6,942)
Total mortgages payable								939,494	710,575
ARIUM at Palmer Ranch [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 26,925	26,925
Interest Rate								3.54%
Fixed/Floating	[1]							LIBOR + 2.17%
Maturity Date								Feb. 1, 2023
ARIUM Glenridge [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 48,431	48,431
Interest Rate								3.85%
Fixed/Floating	[1]							LIBOR + 2.48
Maturity Date								Nov. 1, 2023
ARIUM Grandewood [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 34,294	34,294
Interest Rate								3.19%
Fixed/Floating	[2]							Floating
Maturity Date								Dec. 1, 2024
ARIUM Gulfshore [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 32,626	32,626
Interest Rate								3.54%
Fixed/Floating	[1]							LIBOR + 2.17%
Maturity Date								Feb. 1, 2023
ARIUM Hunter’s Creek [Member]
Line of Credit Facility [Line Items]
Interest Rate						3.65%
Maturity Date						Nov. 1, 2024
ARIUM Hunter’s Creek [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 72,294	0
Interest Rate								3.65%
Fixed/Floating								Fixed
Maturity Date								Nov. 1, 2024
ARIUM Palms [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 24,999	24,999
Interest Rate								3.59%
Fixed/Floating	[1]							LIBOR + 2.22%
Maturity Date								Sep. 1, 2022
ARIUM Pine Lakes [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 26,950	26,950
Interest Rate								3.95%
Fixed/Floating								Fixed
Maturity Date								Nov. 1, 2023
ARIUM Westside [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 52,150	52,150
Interest Rate								3.68%
Fixed/Floating								Fixed
Maturity Date								Aug. 1, 2023
Ashton Reserve I [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 31,401	31,900
Interest Rate								4.67%
Fixed/Floating								Fixed
Maturity Date								Dec. 1, 2025
Ashton Reserve II [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 15,270	15,270
Interest Rate								3.99%
Fixed/Floating	[1]							LIBOR + 2.62%
Maturity Date								Jan. 1, 2026
Citrus Tower [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 41,438	0
Interest Rate								4.07%
Fixed/Floating								Fixed
Maturity Date								Oct. 1, 2024
Enders Place at Baldwin Park [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[3]							$ 24,287	24,732
Interest Rate	[3]							4.30%
Fixed/Floating	[3]							Fixed
Maturity Date	[3]							Nov. 1, 2022
Fox Hills [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 0	26,705
James on South First [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 26,500	26,500
Interest Rate								4.35%
Fixed/Floating								Fixed
Maturity Date								Jan. 1, 2024
Lansbrook Village [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 0	57,190
Marquis at Crown Ridge [Member]
Line of Credit Facility [Line Items]
Maturity Date			Jun. 1, 2024
Marquis at Crown Ridge [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 29,217	0
Interest Rate								2.98%
Fixed/Floating	[1]							LIBOR + 1.61%
Maturity Date								Jun. 1, 2024
Marquis at Stone Oak [Member]
Line of Credit Facility [Line Items]
Maturity Date			Jun. 1, 2024
Marquis at Stone Oak [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 43,125	0
Interest Rate								2.98%
Fixed/Floating	[1]							LIBOR + 1.61%
Maturity Date								Jun. 1, 2024
Marquis at The Cascades I [Member]
Line of Credit Facility [Line Items]
Maturity Date			Jun. 1, 2024
Marquis at The Cascades I [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 33,207	0
Interest Rate								2.98%
Fixed/Floating	[1]							LIBOR + 1.61%
Maturity Date								Jun. 1, 2024
Marquis at The Cascades II [Member]
Line of Credit Facility [Line Items]
Maturity Date			Jun. 1, 2024
Marquis at The Cascades II [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 23,175	0
Interest Rate								2.98%
Fixed/Floating	[1]							LIBOR + 1.61%
Maturity Date								Jun. 1, 2024
Marquis at TPC [Member]
Line of Credit Facility [Line Items]
Maturity Date			Jun. 1, 2024
Marquis at TPC [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 17,184	0
Interest Rate								2.98%
Fixed/Floating	[1]							LIBOR + 1.61%
Maturity Date								Jun. 1, 2024
MDA Apartments [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 0	37,124
Park & Kingston [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[4]							$ 18,432	18,432
Interest Rate	[4]							3.41%
Fixed/Floating	[4]							Fixed
Maturity Date	[4]							Apr. 1, 2020
Preston View [Member]
Line of Credit Facility [Line Items]
Maturity Date							Mar. 1, 2024
Preston View [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 41,066	0
Interest Rate								3.44%
Fixed/Floating	[1]							LIBOR + 2.07%
Maturity Date								Mar. 1, 2024
Roswell City Walk [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 51,000	51,000
Interest Rate								3.63%
Fixed/Floating								Fixed
Maturity Date								Dec. 1, 2026
Sorrel [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 38,684	38,684
Interest Rate								3.66%
Fixed/Floating	[1]							LIBOR + 2.29%
Maturity Date								May 1, 2023
Sovereign [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 28,788	28,880
Interest Rate								3.46%
Fixed/Floating								Fixed
Maturity Date								Nov. 10, 2022
The Brodie [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 34,825	34,825
Interest Rate								3.71%
Fixed/Floating								Fixed
Maturity Date								Dec. 1, 2023
The Mills [Member]
Line of Credit Facility [Line Items]
Interest Rate					4.21%
Maturity Date					Jan. 1, 2025
The Mills [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 26,777	0
Interest Rate								4.21%
Fixed/Floating								Fixed
Maturity Date								Jan. 1, 2025
The Preserve at Henderson Beach [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 36,311	36,989
Interest Rate								4.65%
Fixed/Floating								Fixed
Maturity Date								Jan. 5, 2023
Village Green Ann Arbor [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 0	41,547
Villages at Cypress Creek [Member]
Line of Credit Facility [Line Items]
Maturity Date		Oct. 1, 2022
Villages at Cypress Creek [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 26,200	0
Interest Rate								3.23%
Fixed/Floating								Fixed
Maturity Date								Oct. 1, 2022
Wesley Village [Member]
Line of Credit Facility [Line Items]
Maturity Date				Apr. 1, 2024
Wesley Village [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal								$ 40,545	$ 0
Interest Rate								4.25%
Fixed/Floating								Fixed
Maturity Date								Apr. 1, 2024
[1]	One month LIBOR as of December 31, 2017 was 1.57% and at December 1, 2017 was 1.37%.
[2]	ARIUM Grandewood principal balance includes the initial advance of $29.44 million at a floating rate of 1.67% plus one month LIBOR and a $4.85 million supplemental loan at a floating rate of 2.74% plus one month LIBOR. At December 31, 2017, the interest rates on the initial advance and supplemental loan were 3.04% and 4.11%, respectively.
[3]	The principal includes a $16.5 million loan at a fixed rate of 3.97% and a $7.7 million supplemental loan at a fixed rate of 5.01%.
[4]	The principal includes a $15.3 million loan at a fixed rate of 3.21% and a $3.2 million supplemental loan at a fixed rate of 4.34%.

Mortgages Payable (Details 1)

Mortgages Payable (Details 1) - ARIUM Grandewood [Member] - Convertible Notes Payable [Member] $ in Thousands	Dec. 31, 2017USD ($)
Debt Disclosure [Abstract]
2,018	$ 4,580
2,019	8,152
2,020	31,123
2,021	13,874
2,022	111,635
Thereafter	776,737
Long-term Debt	946,101
Add: Unamortized fair value debt adjustment	2,638
Subtract: Deferred financing costs	(9,245)
Total	$ 939,494

Mortgages Payable (Details Text

Mortgages Payable (Details Textual) - USD ($) $ in Thousands	Dec. 01, 2017	Sep. 08, 2017	Jun. 09, 2017	Mar. 09, 2017	Nov. 29, 2017	Oct. 30, 2017	Sep. 28, 2017	Feb. 17, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Line of Credit Facility [Line Items]
Debt Instrument, Description of Variable Rate Basis			LIBOR plus 1.61%
Real Estate Investments, Net, Total									$ 1,397,582	$ 987,077
Debt Instrument, Basis Spread on Variable Rate	1.37%								1.57%
Amortization of Debt Issuance Costs									$ 2,500	1,300	$ 500
Amortization Of Fair Value Adjustments Of Debt									300	$ 400	$ 300
Enders [Member] | Loans Payable [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount									$ 16,500
Debt Instrument, Interest Rate, Stated Percentage									3.97%
Enders [Member] | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount									$ 7,700
Debt Instrument, Interest Rate, Stated Percentage									5.01%
ARIUM Grandewood [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Description of Variable Rate Basis									at a floating rate of 2.74% plus one month LIBOR
ARIUM Grandewood [Member] | Initial Advance [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage									3.04%
Secured Long-term Debt, Noncurrent									$ 29,440
Debt Instrument, Description of Variable Rate Basis									floating rate of 1.67%
ARIUM Grandewood [Member] | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage									4.11%
Secured Long-term Debt, Noncurrent									$ 4,850
Debt Instrument, Description of Variable Rate Basis									floating rate of 2.74%
Park Kingston [Member] | Loans Payable [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount									$ 15,300
Debt Instrument, Interest Rate, Stated Percentage									3.21%
Park Kingston [Member] | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount									$ 3,200
Debt Instrument, Interest Rate, Stated Percentage									4.34%
Preston View [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent								$ 41,100
Debt Instrument, Maturity Date								Mar. 1, 2024
Debt Instrument, Description of Variable Rate Basis								LIBOR plus 2.07%
Debt Instrument, Basis Spread on Variable Rate								1.00%
Debt Instrument, Payment Terms								with interest only payments until March 2019, and then monthly payments based on 30-year amortization. After March 31, 2018, the loan may be prepaid with a 1% prepayment fee through December 31, 2023, and thereafter at par.
Debt Instrument, Term								30 years
Wesley Village [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount				$ 40,500
Debt Instrument, Maturity Date				Apr. 1, 2024
Debt Instrument, Basis Spread on Variable Rate				4.25%
Debt Instrument, Payment Terms				with interest only payments until April 2019, and then fixed monthly payments based on 30-year amortization. After January 1, 2024, the loan may be prepaid without prepayment fee or yield maintenance.
Marquis at Crown Ridge [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount			$ 29,500
Debt Instrument, Maturity Date			Jun. 1, 2024
Debt Instrument, Description of Variable Rate Basis			LIBOR plus 1.61%
Debt Instrument, Payment Terms			with fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance.
Marquis at Stone Oak [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount			$ 43,100
Debt Instrument, Maturity Date			Jun. 1, 2024
Debt Instrument, Description of Variable Rate Basis			LIBOR plus 1.61%
Debt Instrument, Payment Terms			with interest only payments until June 2018, and then fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance.
Marquis at The Cascades I [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount			$ 33,200
Debt Instrument, Maturity Date			Jun. 1, 2024
Debt Instrument, Payment Terms			with interest only payments until June 2018, and then fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance.
Marquis at The Cascades II [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount			$ 23,200
Debt Instrument, Maturity Date			Jun. 1, 2024
Debt Instrument, Description of Variable Rate Basis			LIBOR plus 1.61%
Debt Instrument, Payment Terms			with interest only payments until June 2018, and then fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance.
Marquis at TPC [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount			$ 17,400
Debt Instrument, Maturity Date			Jun. 1, 2024
Debt Instrument, Description of Variable Rate Basis			LIBOR plus 1.61%
Debt Instrument, Payment Terms			with fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance.
Cypress Creek Villages [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Maturity Date		Oct. 1, 2022
Debt Instrument, Payment Terms		with interest only payments until October l, 2020, and then fixed monthly payments based on 30-year amortization. After July 1, 2022, the loan may be prepaid without prepayment fee or yield maintenance.
Cypress Creek Villages [Member] | Secured Debt [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount		$ 26,200
Debt Instrument, Interest Rate, Stated Percentage		3.23%
Citrus Tower [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Payment Terms							with interest only payments until October l, 2019, and then fixed monthly payments based on 30-year amortization. After July 1, 2024, the loan may be prepaid without prepayment fee or yield maintenance.
Citrus Tower [Member] | Secured Debt [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount							$ 41,400
Debt Instrument, Interest Rate, Stated Percentage							4.07%
Debt Instrument, Maturity Date							Oct. 1, 2024
ARIUM Hunter’s Creek [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount						$ 72,300
Debt Instrument, Interest Rate, Stated Percentage						3.65%
Debt Instrument, Maturity Date						Nov. 1, 2024
Debt Instrument, Payment Terms						with interest-only payments until November 1, 2019, and then fixed monthly payments based on 30-year amortization. After July 31, 2024, the loan may be prepaid without prepayment fee or yield maintenance.
The Mills [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount					$ 26,800
Debt Instrument, Interest Rate, Stated Percentage					4.21%
Debt Instrument, Maturity Date					Jan. 1, 2025
Debt Instrument, Payment Terms					with fixed monthly payments based on 30-year amortization. After January 1, 2020, the loan may be prepaid with prepayment fee or yield maintenance through October 31, 2024, and thereafter at par.

Fair Value of Financial Instr51

Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage Payable At Carrying Value	$ 948.7	$ 717.5
Long-term Debt, Fair Value	$ 940.7	$ 714.8

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Total related-party amounts payable	$ 1,575	$ 2,409
Former Manager [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	993	2,409
BRRE Entities [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	582	0
Base management fee [Member] | Former Manager [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	993	2,015
Operating expense reimbursements and direct expense reimbursements [Member] | Former Manager [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	0	274
Operating expense reimbursements and direct expense reimbursements [Member] | BRRE Entities [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	508	0
Offering expense reimbursements [Member] | Former Manager [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	0	120
Offering expense reimbursements [Member] | BRRE Entities [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	$ 74	$ 0

Related Party Transactions (D53

Related Party Transactions (Details Textual) - USD ($)	Nov. 08, 2017	Aug. 09, 2017	May 12, 2017	Nov. 11, 2016	Aug. 03, 2016	Jul. 02, 2015	Oct. 31, 2017	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Base Management Fee Expense							$ 1,000,000								$ 8,700,000	$ 6,400,000	$ 3,300,000
Due From Affiliates Excluding Former Advisor															$ 2,000,000	900,000
Compensation Percent Of Stockholders Equity															0.25%
Compensation Incentive Fee Product Percentage															20.00%
Compensation Incentive Fee Base Percentage															8.00%
Due to Affiliates Excluding Manager and Former Advisor															$ 0	0
Incentive Fee Expense							0				$ 0	$ 3,500,000	$ 400,000	$ 150,000
Reimbursement Of Organizational And Offering Costs															100,000
Management Fee Expense															$ 12,726,000	6,510,000	4,185,000
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest															100.00%
Stock Issued During Period, Shares, Share-based Compensation, Gross				12,679
Additional Collateral, Aggregate Fair Value															$ 152,300,000
Issuance of Preferred Stock, Commission Fee Percentage															10.00%
Issuance Of Preferred Stock Dealer Manager Fee Percentage															10.00%
Due to Correspondent Brokers															$ 1,500,000	600,000
Commissions Payable to Broker-Dealers and Clearing Organizations															11,400,000	4,900,000
Payments To Acquire Equity Method Investments															20,989,000	26,864,000	65,093,000
Internatization [Member]
Related Party Transaction [Line Items]
Business Combination, Consideration Transferred							$ 41,240,000
Business Acquisition, Percentage Of Payment In Equity							99.90%
Business Combination, Acquisition Related Costs							$ 40,794
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Reimbursement Of Organizational And Offering Costs															1,500,000	600,000	300,000
Management Fee Expense															10,000	400,000	900,000
Allocated Share-based Compensation Expense															2,200,000	2,400,000	1,000,000
Reimbursement Of Payroll Related Costs															100,000
Reimbursement Of Payroll Operating Costs															300,000
Park Kingston [Member]
Related Party Transaction [Line Items]
Payments To Acquire Equity Method Investments															500,000
Baldwin Park [Member]
Related Party Transaction [Line Items]
Payments To Acquire Equity Method Investments															$ 500,000
Wesley Village [Member]
Related Party Transaction [Line Items]
Related Party Transaction Acquisition Fee Percentage															8.00%
Payments To Acquire Equity Method Investments															$ 3,400,000
Long-term Incentive Plan Units [Member]
Related Party Transaction [Line Items]
Long Term Incentive Plan Units Granted															179,562
Long Term Incentive Plan Units Vested								59,854	59,854	59,854
Stock Issued During Period, Shares, Share-based Compensation, Gross		299,045	34,803
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross						283,390
Management Fees											$ 2,800,000	$ 2,600,000	$ 2,300,000
Long-term Incentive Plan Units [Member] | 2014 Inventive Plan [Member]
Related Party Transaction [Line Items]
Long Term Incentive Plan Units Vested															212,203
Common Stock [Member]
Related Party Transaction [Line Items]
Compensation Percent Of Stockholders Equity															1.50%
Opertating Partnership Units [Member]
Related Party Transaction [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares							3,753,593
LTIP Units [Member] | Long-term Incentive Plan Units [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross	250,852	221,481	183,150
Manager [Member]
Related Party Transaction [Line Items]
Incentive Fee Expense															$ 4,000,000	200,000	$ 900,000
External Manager [Member] | 2014 Inventive Plan [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross					176,610
Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Reimbursement Of Offering Costs															$ 700,000	$ 130,000
Common Class C [Member]
Related Party Transaction [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares							76,603
Minimum [Member] | Park Kingston [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest															96.00%
Minimum [Member] | Baldwin Park [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest															89.50%
Minimum [Member] | Wesley Village [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest															91.80%
Maximum [Member] | Park Kingston [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest															100.00%
Maximum [Member] | Baldwin Park [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest															92.00%
Maximum [Member] | Wesley Village [Member]
Related Party Transaction [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest															100.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended																12 Months Ended
		Dec. 31, 2017	[1]	Sep. 30, 2017	[1]	Jun. 30, 2017	[1]	Mar. 31, 2017	[1]	Dec. 31, 2016		Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net (loss) income attributable to common stockholders		$ (46,241)		$ (12,017)		$ 17,569		$ (4,990)		$ (7,260)		$ (2,551)		$ (5,043)		$ (4,135)		$ (45,679)	$ (18,985)	$ 635
Dividends on restricted stock expected to vest																		0	(4)	(16)
Basic net (loss) income attributable to common stockholders																		$ (45,679)	$ (18,989)	$ 619
Weighted average shares outstanding, basic	[2]																	25,561,673	20,805,852	17,404,348
Potential dilutive shares	[3]																	0	0	12,850
Weighted average shares outstanding, diluted	[2]																	25,561,673	20,805,852	17,417,198
(Loss) earnings per common share, basic		$ (1.87)		$ (0.45)		$ 0.67		$ (0.20)		$ (0.34)	[4]	$ (0.12)	[4]	$ (0.24)	[4]	$ (0.20)	[4]	$ (1.79)	$ (0.91)	$ 0.04
(Loss) earnings per common share, diluted		$ (1.87)		$ (0.45)		$ 0.67		$ (0.20)		$ (0.34)	[4]	$ (0.12)	[4]	$ (0.24)	[4]	$ (0.20)	[4]	$ (1.79)	$ (0.91)	$ 0.04
[1]	EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2017.
[2]	For 2017, amounts relate to shares of the Company’s Class A and Class C common stock and LTIP Units outstanding. For 2016, amounts relate to shares of the Company’s Class A and B-3 common stock and LTIP Units outstanding. For 2015, amounts relate to shares of the Company’s Class A, B-1, B-2, and B-3 common stock and LTIP Units outstanding.
[3]	Excludes 391 and 4,282 shares of common stock for the years ended December 31, 2017 and 2016, respectively, related to non-vested restricted stock, as the effect would be anti-dilutive.
[4]	EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2016.

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non Vested shares, Balance (in shares)	659	14,476	3,956
Non Vested shares, Granted (in shares)	7,500	7,500	15,000
Non Vested shares, Vested (in shares)	(8,159)	(21,317)	(4,480)
Non Vested shares, Forfeited (in shares)	0	0	0
Non Vested shares, Balance (in shares)	0	659	14,476
Weighted average grant-date fair value, Balance (in dollars)	$ 22.75	$ 14.46	$ 22.75
Weighted average grant-date fair value, Granted (in dollars)	13.34	10.33	13.15
Weighted average grant-date fair value, Vested (in dollars)	14.1	12.75	17.39
Weighted average grant-date fair value, Forfeited (in dollars)	0	0	0
Weighted average grant-date fair value, Balance (in dollars)	$ 0	$ 22.75	$ 14.46

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - $ / shares	1 Months Ended	12 Months Ended
	Feb. 06, 2018	Dec. 31, 2017
Common Class A [Member]
Declaration Date	Oct. 13, 2017	Oct. 4, 2016
Payable to stockholders of record as of	Dec. 22, 2017	Dec. 23, 2016
Amount	$ 0.096667	$ 0.096667
Date Paid	Jan. 5, 2018	Jan. 5, 2017
Common Class A One [Member]
Declaration Date		Jan. 6, 2017
Payable to stockholders of record as of		Jan. 25, 2017
Amount		$ 0.096666
Date Paid		Feb. 3, 2017
Common Class A Two [Member]
Declaration Date		Jan. 6, 2017
Payable to stockholders of record as of		Feb. 24, 2017
Amount		$ 0.096667
Date Paid		Mar. 3, 2017
Common Class A Three [Member]
Declaration Date		Jan. 6, 2017
Payable to stockholders of record as of		Mar. 24, 2017
Amount		$ 0.096667
Date Paid		Apr. 5, 2017
Common Class A Four [Member]
Declaration Date		Apr. 7, 2017
Payable to stockholders of record as of		Apr. 25, 2017
Amount		$ 0.096666
Date Paid		May 5, 2017
Common Class A Five [Member]
Declaration Date		Apr. 7, 2017
Payable to stockholders of record as of		May 25, 2017
Amount		$ 0.096667
Date Paid		Jun. 5, 2017
Common Class A Six [Member]
Declaration Date		Apr. 7, 2017
Payable to stockholders of record as of		Jun. 23, 2017
Amount		$ 0.096667
Date Paid		Jul. 5, 2017
Common Class A Seven [Member]
Declaration Date		Jul. 10, 2017
Payable to stockholders of record as of		Jul. 25, 2017
Amount		$ 0.096666
Date Paid		Aug. 4, 2017
Common Class A Eight [Member]
Declaration Date		Aug. 9, 2017
Payable to stockholders of record as of		Aug. 25, 2017
Amount		$ 0.096667
Date Paid		Sep. 5, 2017
Common Class A Nine [Member]
Declaration Date		Aug. 9, 2017
Payable to stockholders of record as of		Sep. 25, 2017
Amount		$ 0.096667
Date Paid		Oct. 5, 2017
Common Class A Ten [Member]
Declaration Date		Oct. 13, 2017
Payable to stockholders of record as of		Oct. 25, 2017
Amount		$ 0.096666
Date Paid		Nov. 3, 2017
Common Class A Eleven [Member]
Declaration Date		Oct. 13, 2017
Payable to stockholders of record as of		Nov. 24, 2017
Amount		$ 0.096667
Date Paid		Dec. 5, 2017
Common Class A Twelve [Member]
Declaration Date		Oct. 13, 2017
Payable to stockholders of record as of		Dec. 22, 2017
Amount		$ 0.096667
Date Paid		Jan. 5, 2018
Common Class A Thirteen [Member]
Declaration Date		Dec. 20, 2017
Payable to stockholders of record as of		Mar. 23, 2018
Amount		$ 0.1625
Date Paid		Apr. 5, 2018
Common Class C [Member]
Declaration Date	Dec. 20, 2017	Oct. 13, 2017
Payable to stockholders of record as of	Dec. 22, 2017	Nov. 24, 2017
Amount	$ 0.0966670	$ 0.096667
Date Paid	Jan. 5, 2018	Dec. 5, 2017
Common Class C One [Member]
Declaration Date		Oct. 13, 2017
Payable to stockholders of record as of		Dec. 22, 2017
Amount		$ 0.096667
Date Paid		Jan. 5, 2018
Common Class C Two [Member]
Declaration Date		Dec. 20, 2017
Payable to stockholders of record as of		Mar. 23, 2018
Amount		$ 0.1625
Date Paid		Apr. 5, 2018
Series A Preferred Stock [Member]
Declaration Date	Dec. 8, 2017	Dec. 9, 2016
Payable to stockholders of record as of	Dec. 22, 2017	Dec. 23, 2016
Amount	$ 0.515625	$ 0.515625
Date Paid	Jan. 5, 2018	Jan. 5, 2017
Series A Preferred Stock One [Member]
Declaration Date		Mar. 10, 2017
Payable to stockholders of record as of		Mar. 24, 2017
Amount		$ 0.515625
Date Paid		Apr. 5, 2017
Series A Preferred Stock Two [Member]
Declaration Date	Jan. 12, 2018	Jun. 9, 2017
Payable to stockholders of record as of	Jan. 25, 2018	Jun. 23, 2017
Amount	$ 5	$ 0.515625
Date Paid	Feb. 5, 2018	Jul. 5, 2017
Series A Preferred Stock Three [Member]
Declaration Date		Sep. 8, 2017
Payable to stockholders of record as of		Sep. 25, 2017
Amount		$ 0.515625
Date Paid		Oct. 5, 2017
Series A Preferred Stock Four [Member]
Declaration Date		Dec. 8, 2017
Payable to stockholders of record as of		Dec. 22, 2017
Amount		$ 0.515625
Date Paid		Jan. 5, 2018
Series B Preferred Stock [Member]
Declaration Date	Oct. 13, 2017	Oct. 4, 2016
Payable to stockholders of record as of	Dec. 22, 2017	Dec. 23, 2016
Amount	$ 5	$ 5
Date Paid	Jan. 5, 2018	Jan. 5, 2017
Series B Preferred Stock One [Member]
Declaration Date		Jan. 6, 2017
Payable to stockholders of record as of		Jan. 25, 2017
Amount		$ 5
Date Paid		Feb. 3, 2017
Series B Preferred Stock Two [Member]
Declaration Date		Jan. 6, 2017
Payable to stockholders of record as of		Feb. 24, 2017
Amount		$ 5
Date Paid		Mar. 3, 2017
Series B Preferred Stock Three [Member]
Declaration Date		Jan. 6, 2017
Payable to stockholders of record as of		Mar. 24, 2017
Amount		$ 5
Date Paid		Apr. 5, 2017
Series B Preferred Stock Four [Member]
Declaration Date		Apr. 7, 2017
Payable to stockholders of record as of		Apr. 25, 2017
Amount		$ 5
Date Paid		May 5, 2017
Series B Preferred Stock Five [Member]
Declaration Date		Apr. 7, 2017
Payable to stockholders of record as of		May 25, 2017
Amount		$ 5
Date Paid		Jun. 5, 2017
Series B Preferred Stock Six [Member]
Declaration Date		Apr. 7, 2017
Payable to stockholders of record as of		Jun. 23, 2017
Amount		$ 5
Date Paid		Jul. 5, 2017
Series B Preferred Stock Seven [Member]
Declaration Date		Jul. 10, 2017
Payable to stockholders of record as of		Jul. 25, 2017
Amount		$ 5
Date Paid		Aug. 4, 2017
Series B Preferred Stock Eight [Member]
Declaration Date		Jul. 10, 2017
Payable to stockholders of record as of		Aug. 25, 2017
Amount		$ 5
Date Paid		Sep. 5, 2017
Series B Preferred Stock Nine [Member]
Declaration Date		Jul. 10, 2017
Payable to stockholders of record as of		Sep. 25, 2017
Amount		$ 5
Date Paid		Oct. 5, 2017
Series B Preferred Stock Ten [Member]
Declaration Date		Oct. 13, 2017
Payable to stockholders of record as of		Oct. 25, 2017
Amount		$ 5
Date Paid		Nov. 3, 2017
Series B Preferred Stock Eleven [Member]
Declaration Date		Oct. 13, 2017
Payable to stockholders of record as of		Nov. 24, 2017
Amount		$ 5
Date Paid		Dec. 5, 2017
Series B Preferred Stock Twelve [Member]
Declaration Date		Oct. 13, 2017
Payable to stockholders of record as of		Dec. 22, 2017
Amount		$ 5
Date Paid		Jan. 5, 2018
Series C Preferred Stock [Member]
Declaration Date	Dec. 8, 2017	Dec. 9, 2016
Payable to stockholders of record as of	Dec. 22, 2017	Dec. 23, 2016
Amount	$ 0.4765625	$ 0.4765625
Date Paid	Jan. 5, 2018	Jan. 5, 2017
Series C Preferred Stock One [Member]
Declaration Date		Mar. 10, 2017
Payable to stockholders of record as of		Mar. 24, 2017
Amount		$ 0.4765625
Date Paid		Apr. 5, 2017
Series C Preferred Stock Two [Member]
Declaration Date		Jun. 9, 2017
Payable to stockholders of record as of		Jun. 23, 2017
Amount		$ 0.4765625
Date Paid		Jul. 5, 2017
Series C Preferred Stock Three [Member]
Declaration Date		Sep. 8, 2017
Payable to stockholders of record as of		Sep. 25, 2017
Amount		$ 0.4765625
Date Paid		Oct. 5, 2017
Series C Preferred Stock Four [Member]
Declaration Date		Dec. 8, 2017
Payable to stockholders of record as of		Dec. 22, 2017
Amount		$ 0.4765625
Date Paid		Jan. 5, 2018
Series D Preferred Stock [Member]
Declaration Date	Dec. 8, 2017	Dec. 9, 2016
Payable to stockholders of record as of	Dec. 22, 2017	Dec. 23, 2016
Amount	$ 0.4453125	$ 0.3859
Date Paid	Jan. 5, 2018	Jan. 5, 2017
Series D Preferred Stock One [Member]
Declaration Date		Mar. 10, 2017
Payable to stockholders of record as of		Mar. 24, 2017
Amount		$ 0.4453125
Date Paid		Apr. 5, 2017
Series D Preferred Stock Two [Member]
Declaration Date		Jun. 9, 2017
Payable to stockholders of record as of		Jun. 23, 2017
Amount		$ 0.4453125
Date Paid		Jul. 5, 2017
Series D Preferred Stock Three [Member]
Declaration Date		Sep. 8, 2017
Payable to stockholders of record as of		Sep. 25, 2017
Amount		$ 0.4453125
Date Paid		Oct. 5, 2017
Series D Preferred Stock Four [Member]
Declaration Date		Dec. 8, 2017
Payable to stockholders of record as of		Dec. 22, 2017
Amount		$ 0.4453125
Date Paid		Jan. 5, 2018

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - USD ($) $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2017
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared		$ 21,416	$ 14,810	$ 14,029	$ 13,443	$ 63,698
Distributions Paid		15,710	14,555	13,792	12,682	$ 56,739
Long-term Incentive Plan Units [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	$ 88	223	676	551	496
Distributions Paid		323	625	533	480
Common Class A [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	3,935	10,956	7,017	7,016	7,014
Distributions Paid		7,019	7,016	7,015	6,566
Series A Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared		2,951	2,950	2,950	2,950
Distributions Paid		2,950	2,950	2,950	2,950
Series B Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared		2,425	1,711	1,054	525
Distributions Paid		2,164	1,508	837	395
Series C Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared		1,108	1,107	1,108	1,107
Distributions Paid		1,107	1,107	1,107	1,107
Series D Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared		1,268	1,270	1,270	1,269
Distributions Paid		1,270	1,269	1,270	1,100
Operating Partnership Units [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,013	2,458	79	80	82
Distributions Paid		869	$ 80	$ 80	$ 84
Common Class C [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	$ 12	27
Distributions Paid		$ 8

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	Jan. 11, 2017	Nov. 03, 2016	Oct. 13, 2016	Sep. 14, 2016	Aug. 03, 2016	Jul. 02, 2015	Oct. 26, 2017	Feb. 14, 2017	Jan. 24, 2017	Jan. 17, 2017	Jul. 19, 2016	May 26, 2016	Apr. 25, 2016	Mar. 24, 2016	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 20, 2017	Aug. 08, 2016	Mar. 29, 2016
Class of Stock [Line Items]
Proceeds From Issuance Of Common Stock																					$ 57,376,000	$ 51,000	$ 131,321,000
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest																					100.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period																					7,500,000	7,500,000	15,000,000
Stock Issued During Period, Value, New Issues																					$ 57,376,000	$ 51,000	$ 131,321,000
Preferred Stock, Par or Stated Value Per Share																$ 0.01					$ 0.01	$ 0.01
Preferred Stock, Redemption Fee, Percentage																13.00%					13.00%
Preferred Stock, Redemption Fee, Percentage, After One Year																10.00%					10.00%
Preferred Stock, Redemption Fee, Percentage, After Three Year																5.00%					5.00%
Preferred Stock, Redemption Fee, Percentage, After Four Year																3.00%					3.00%
Class of Warrant or Right, Outstanding																184,686					184,686
Stock Issued During Period, Shares, Other																					23,750
Share-based Compensation																					$ 109,000	$ 210,000	126,000
Distribution Made to Limited Partner, Cash Distributions Declared																$ 21,416,000	$ 14,810,000	$ 14,029,000	$ 13,443,000		63,698,000
Public Offering [Member]
Class of Stock [Line Items]
Shares Issued, Price Per Share											$ 25	$ 25	$ 25
Stock Issued During Period, Value, New Issues											$ 55,300,000	$ 9,500,000	$ 55,300,000
General and Administrative Expense [Member]
Class of Stock [Line Items]
Allocated Share-based Compensation Expense																					$ 2,200,000	$ 2,400,000	$ 1,000,000
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																					21.81%
OP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest																					20.05%
Partners' Capital Account, Units, Beginning Balance																6,230,757					6,230,757
LTIP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest																					1.76%
Partners' Capital Account, Units, Beginning Balance																547,208					547,208
Common Class A [Member]
Class of Stock [Line Items]
Proceeds From Issuance Of Common Stock	$ 49,800,000
Stock Issued During Period, Shares, New Issues									600,000	4,000,000											4,604,701	4,265	10,948,664
Common Stock, Par or Stated Value Per Share										$ 0.01						$ 0.01					$ 0.01	$ 0.01
Sale of Stock, Price Per Share	$ 13.15
Share Price																								$ 0.1625
Stock Issued During Period, Value, New Issues																					$ 46,000	$ 0	$ 109,000
Preferred Stock, Value, Issued																									$ 100,000,000
Proceeds from Issuance of Preferred Stock and Preference Stock									$ 7,500,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights																3,693,720					3,693,720
Distribution Made to Limited Partner, Cash Distributions Declared															$ 3,935,000	$ 10,956,000	7,017,000	7,016,000	7,014,000
Series A Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage																					8.25%
Preferred Stock, Increase in Annual Dividend Rate																					2.00%
Preferred Stock, Redemption Price Per Share																$ 25					$ 25
Series A Cumulative Redeemable Preferred Stock [Member] | Maximum [Member]
Class of Stock [Line Items]
Preferred Stock, Increase in Annual Dividend Rate																					14.00%
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues													2,300,000
Preferred Stock, Dividend Rate, Percentage																					8.25%
Stock Issued During Period, Value, New Issues												$ 400,000
Preferred Stock, Value, Issued																										$ 100,000,000
Proceeds from Issuance of Preferred Stock and Preference Stock																				$ 3,600,000
Stock Issued During Period, Shares, Other																				146,460
Distribution Made to Limited Partner, Cash Distributions Declared																$ 2,951,000	2,950,000	2,950,000	2,950,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues																					163,204
Proceeds from Issuance of Preferred Stock and Preference Stock																					$ 146,900,000
Stock Issued During Period, Shares, Other																					184,686
Proceeds from Issuance or Sale of Equity																					$ 166,200,000
Distribution Made to Limited Partner, Cash Distributions Declared																2,425,000	1,711,000	1,054,000	525,000
Series C Cumulative Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues											2,300,000
Preferred Stock, Dividend Rate, Percentage											7.625%
Shares Issued, Price Per Share											$ 0.01
Preferred Stock, Liquidation Preference Per Share											$ 25
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage																					7.625%
Preferred Stock, Value, Issued				$ 36,000,000
Proceeds from Issuance of Preferred Stock and Preference Stock				$ 600,000
Stock Issued During Period, Shares, Other				23,750
Distribution Made to Limited Partner, Cash Distributions Declared																1,108,000	1,107,000	1,108,000	1,107,000
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues		150,602																			0	0	0
Preferred Stock, Dividend Rate, Percentage																					7.125%
Stock Issued During Period, Value, New Issues																					$ 0	$ 0	$ 0
Proceeds from Issuance of Preferred Stock and Preference Stock		$ 3,700,000
Distribution Made to Limited Partner, Cash Distributions Declared																$ 1,268,000	1,270,000	1,270,000	1,269,000
Series C Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage																					7.625%
Preferred Stock, Increase in Annual Dividend Rate																					2.00%
Preferred Stock, Redemption Price Per Share																$ 25					$ 25
Series C Cumulative Redeemable Preferred Stock [Member] | Maximum [Member]
Class of Stock [Line Items]
Preferred Stock, Increase in Annual Dividend Rate																					14.00%
Series D Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			2,700,000
Preferred Stock, Dividend Rate, Percentage			7.125%																		7.125%
Shares Issued, Price Per Share			$ 25
Preferred Stock, Liquidation Preference Per Share			25
Preferred Stock, Redemption Price Per Share																$ 25					$ 25
Preferred Stock, Par or Stated Value Per Share			$ 0.01
Proceeds from Issuance of Preferred Stock and Preference Stock			$ 65,000,000
Operating Partnership Units [Member]
Class of Stock [Line Items]
Distribution Made to Limited Partner, Cash Distributions Declared															1,013,000	$ 2,458,000	79,000	80,000	82,000
Common Class C [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues																					0	0	0
Common Stock, Par or Stated Value Per Share																$ 0.01					$ 0.01	$ 0.01
Stock Issued During Period, Value, New Issues																					$ 0	$ 0	$ 0
Distribution Made to Limited Partner, Cash Distributions Declared															12,000	$ 27,000
Long-term Incentive Plan Units [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period								7,500						7,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period, Grant Date Fair Value								$ 100,000						$ 100,000
Distribution Made to Limited Partner, Cash Distributions Declared															$ 88,000	$ 223,000	$ 676,000	$ 551,000	$ 496,000
Long-term Incentive Plan Units [Member] | Common Class A [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues							1,075,000
Common Stock [Member]
Class of Stock [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount																					391	4,282
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					176,610	283,390															212,203

Selected Quarterly Financial 59

Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2017	[1]	Sep. 30, 2017	[1]	Jun. 30, 2017	[1]	Mar. 31, 2017	[1]	Dec. 31, 2016		Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Total revenue	$ 36,451		$ 30,063		$ 28,576		$ 28,093		$ 23,652		$ 20,577		$ 19,305		$ 17,508		$ 123,184	$ 81,041	$ 46,273
Operating (loss) income	(40,579)		126		(2,202)		(1,992)		(913)		1,188		(147)		(1,165)		(44,647)	(1,032)	(1,623)
Net (loss) income	(47,141)		(4,581)		34,768		9,928		39		1,568		(1,961)		(2,625)		(7,028)	(2,974)	7,643
Net income (loss) available to common shareholders	$ (46,241)		$ (12,017)		$ 17,569		$ (4,990)		$ (7,260)		$ (2,551)		$ (5,043)		$ (4,135)		$ (45,679)	$ (18,985)	$ 635
Earnings (loss) per common share, basic:	$ (1.87)		$ (0.45)		$ 0.67		$ (0.20)		$ (0.34)	[2]	$ (0.12)	[2]	$ (0.24)	[2]	$ (0.20)	[2]	$ (1.79)	$ (0.91)	$ 0.04
Earnings (loss) per common share, diluted:	$ (1.87)		$ (0.45)		$ 0.67		$ (0.20)		$ (0.34)	[2]	$ (0.12)	[2]	$ (0.24)	[2]	$ (0.20)	[2]	$ (1.79)	$ (0.91)	$ 0.04
[1]	EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2017.
[2]	EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2016.

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 06, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Dividends, Total Distribution	$ 10,168
Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Dec. 8, 2017	Dec. 9, 2016
Dividends, Record Date	Dec. 22, 2017	Dec. 23, 2016
Dividends, Date paid	Jan. 5, 2018	Jan. 5, 2017
Declaration of Dividends, Amount	$ 0.515625	$ 0.515625
Dividends, Total Distribution	$ 2,950
Series B Preferred Stock One [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Jan. 12, 2018	Jun. 9, 2017
Dividends, Record Date	Jan. 25, 2018	Jun. 23, 2017
Dividends, Date paid	Feb. 5, 2018	Jul. 5, 2017
Declaration of Dividends, Amount	$ 5	$ 0.515625
Dividends, Total Distribution	$ 932
Series C Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Dec. 8, 2017	Dec. 9, 2016
Dividends, Record Date	Dec. 22, 2017	Dec. 23, 2016
Dividends, Date paid	Jan. 5, 2018	Jan. 5, 2017
Declaration of Dividends, Amount	$ 0.4765625	$ 0.4765625
Dividends, Total Distribution	$ 1,107
Operating Partnership Units One [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Oct. 13, 2017
Dividends, Record Date	Dec. 22, 2017
Dividends, Date paid	Jan. 5, 2018
Declaration of Dividends, Amount	$ 0.096667
Dividends, Total Distribution	$ 602
Long-term Incentive Plan Units One [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Oct. 13, 2017
Dividends, Record Date	Dec. 22, 2017
Dividends, Date paid	Jan. 5, 2018
Declaration of Dividends, Amount	$ 0.096667
Dividends, Total Distribution	$ 53
Series B Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Oct. 13, 2017	Oct. 4, 2016
Dividends, Record Date	Dec. 22, 2017	Dec. 23, 2016
Dividends, Date paid	Jan. 5, 2018	Jan. 5, 2017
Declaration of Dividends, Amount	$ 5	$ 5
Dividends, Total Distribution	$ 907
Series D Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Dec. 8, 2017	Dec. 9, 2016
Dividends, Record Date	Dec. 22, 2017	Dec. 23, 2016
Dividends, Date paid	Jan. 5, 2018	Jan. 5, 2017
Declaration of Dividends, Amount	$ 0.4453125	$ 0.3859
Dividends, Total Distribution	$ 1,269
Common Class A [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Oct. 13, 2017	Oct. 4, 2016
Dividends, Record Date	Dec. 22, 2017	Dec. 23, 2016
Dividends, Date paid	Jan. 5, 2018	Jan. 5, 2017
Declaration of Dividends, Amount	$ 0.096667	$ 0.096667
Dividends, Total Distribution	$ 2,341
Common Class C [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Dec. 20, 2017	Oct. 13, 2017
Dividends, Record Date	Dec. 22, 2017	Nov. 24, 2017
Dividends, Date paid	Jan. 5, 2018	Dec. 5, 2017
Declaration of Dividends, Amount	$ 0.0966670	$ 0.096667
Dividends, Total Distribution	$ 7

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($)	Jan. 31, 2018	Jan. 12, 2018	Jul. 02, 2015	Feb. 21, 2018	Dec. 20, 2017	Dec. 31, 2017	Feb. 14, 2018	Jan. 17, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Management Fees, Base Revenue						$ 1,000,000
Long-term Incentive Plan Units [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			283,390
Common Class A [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared					$ 0.1625
Common Stock, Par or Stated Value Per Share						$ 0.01		$ 0.01	$ 0.01
Common Class C [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared					$ 0.1625
Common Stock, Par or Stated Value Per Share						$ 0.01			$ 0.01
Subsequent Event [Member] | Long-term Incentive Plan Units [Member]
Subsequent Event [Line Items]
Payment for Management Fee				$ 128,398
Subsequent Event [Member] | Long-term Incentive Plan Units [Member] | Director [Member] | Incentive Plans 2014 [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	6,263
Subsequent Event [Member] | Long-term Incentive Plan Units [Member] | Executive Officer [Member] | Incentive Plans 2014 [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1,056,211
Common Stock, Capital Shares Reserved for Future Issuance	81,000
Subsequent Event [Member] | Long-term Incentive Plan Units [Member] | Executive Officer [Member] | Minimum [Member] | Incentive Plans 2014 [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Subsequent Event [Member] | Long-term Incentive Plan Units [Member] | Executive Officer [Member] | Maximum [Member] | Incentive Plans 2014 [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Subsequent Event [Member] | Common Class A [Member]
Subsequent Event [Line Items]
Common Stock, Par or Stated Value Per Share							$ 0.01
Stock Repurchase Program, Authorized Amount							$ 25,000,000
Subsequent Event [Member] | Monthly Dividends [Member] | Series B Preferred Stock [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared		$ 5

Schedule III - Real Estate an62

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 946,101
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		168,131
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		1,254,401
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		30,227
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		169,135
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		1,283,624
SEC Schedule III, Real Estate, Gross, Total		1,452,759	$ 1,029,214	$ 556,820	$ 299,686
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		55,177	$ 42,137	$ 23,437	$ 11,275
Enders Place at Baldwin Park [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		24,287
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,750
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		20,171
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		4,897
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,454
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		24,364
SEC Schedule III, Real Estate, Gross, Total		29,818
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 4,481
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,012
Enders Place at Baldwin Park [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Enders Place at Baldwin Park [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Grandewood [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 34,294
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		37,220
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,118
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		38,338
SEC Schedule III, Real Estate, Gross, Total		43,538
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 4,014
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,014
ARIUM Grandewood [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Grandewood [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Park And Kingston [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 18,432
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,060
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		24,353
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		2,949
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,360
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		27,002
SEC Schedule III, Real Estate, Gross, Total		30,362
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 2,587
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,015
Park And Kingston [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Park And Kingston [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Ashton I [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 31,401
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		40,944
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		189
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		41,133
SEC Schedule III, Real Estate, Gross, Total		45,133
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,453
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,015
Ashton I [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Ashton I [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Palms [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 24,999
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,030
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		32,248
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,037
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,030
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		33,285
SEC Schedule III, Real Estate, Gross, Total		37,315
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,112
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,015
ARIUM Palms [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Palms [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Sorrel [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 38,684
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		6,710
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		47,444
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		355
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		6,710
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		47,799
SEC Schedule III, Real Estate, Gross, Total		54,509
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 4,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,015
Sorrel [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Sorrel [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Sovereign [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 28,788
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		2,800
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		40,609
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		232
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		2,800
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		40,841
SEC Schedule III, Real Estate, Gross, Total		43,641
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,635
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,015
Sovereign [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Sovereign [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Ashton II [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 15,270
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		1,900
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		19,517
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		77
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		1,900
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		19,594
SEC Schedule III, Real Estate, Gross, Total		21,494
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,393
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,015
Ashton II [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Ashton II [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM at Palmer Ranch [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 26,925
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		7,800
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		30,597
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		2,734
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		7,800
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		33,331
SEC Schedule III, Real Estate, Gross, Total		41,131
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 2,311
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,016
ARIUM at Palmer Ranch [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM at Palmer Ranch [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Gulfshore [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 32,626
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		10,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		36,047
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		2,837
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		10,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		38,884
SEC Schedule III, Real Estate, Gross, Total		48,884
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 2,688
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,016
ARIUM Gulfshore [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Gulfshore [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Preserve at Henderson Beach [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 36,312
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,100
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		50,117
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		828
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,100
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		50,945
SEC Schedule III, Real Estate, Gross, Total		55,045
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 2,974
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,016
The Preserve at Henderson Beach [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Preserve at Henderson Beach [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Westside [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 52,150
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		8,657
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		63,402
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		2,018
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		8,657
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		65,420
SEC Schedule III, Real Estate, Gross, Total		74,077
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 2,879
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,016
ARIUM Westside [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Westside [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Glenridge [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 48,431
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		14,513
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		52,324
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		3,999
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		14,513
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		56,323
SEC Schedule III, Real Estate, Gross, Total		70,836
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 2,175
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,016
ARIUM Glenridge [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Glenridge [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Pine Lakes [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 26,950
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,760
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		31,854
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		798
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,760
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		32,652
SEC Schedule III, Real Estate, Gross, Total		38,412
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,786
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,016
ARIUM Pine Lakes [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Pine Lakes [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Brodie [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 34,825
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		42,497
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,553
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		44,050
SEC Schedule III, Real Estate, Gross, Total		49,450
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,920
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,016
The Brodie [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Brodie [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Roswell City Walk [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 51,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		8,423
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		66,249
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		67
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		8,423
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		66,316
SEC Schedule III, Real Estate, Gross, Total		74,739
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 2,446
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,016
Roswell City Walk [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Roswell City Walk [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Subtotal [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 946,101
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		168,131
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		1,254,216
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		30,227
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		169,135
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		1,283,439
SEC Schedule III, Real Estate, Gross, Total		1,452,574
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		55,171
Subtotal [Member] | Property Under Development [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		185
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		185
SEC Schedule III, Real Estate, Gross, Total		185
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		6
James On South First [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		26,500
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,500
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		32,471
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		557
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,500
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		33,028
SEC Schedule III, Real Estate, Gross, Total		36,528
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,164
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,016
James On South First [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
James On South First [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Preston View [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 41,066
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		8,800
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		49,610
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		319
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		8,800
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		49,929
SEC Schedule III, Real Estate, Gross, Total		58,729
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,471
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Preston View [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Preston View [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Wesley Village [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 40,545
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		50,062
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		781
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		50,843
SEC Schedule III, Real Estate, Gross, Total		56,443
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,124
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Wesley Village [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Wesley Village [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Wesley Village II [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		270
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		270
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		0
SEC Schedule III, Real Estate, Gross, Total		270
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Wesley Village II [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Wesley Village II [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Marquis at Crown Ridge [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 29,217
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		35,209
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		371
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		35,580
SEC Schedule III, Real Estate, Gross, Total		39,580
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 626
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Marquis at Crown Ridge [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Marquis at Crown Ridge [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Marquis at Stone Oak [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 43,125
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		50,548
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		408
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		50,956
SEC Schedule III, Real Estate, Gross, Total		55,356
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 986
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Marquis at Stone Oak [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Marquis at Stone Oak [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Marquis at The Cascades I [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 33,207
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		41,120
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		605
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		41,725
SEC Schedule III, Real Estate, Gross, Total		44,925
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 720
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Marquis at The Cascades I [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Marquis at The Cascades I [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Marquis at The Cascades II [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 23,175
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		2,450
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		25,827
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		259
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		2,450
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		26,086
SEC Schedule III, Real Estate, Gross, Total		28,536
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 423
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Marquis at The Cascades II [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Marquis at The Cascades II [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Marquis at TPC [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 17,183
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		1,900
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		18,795
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		313
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		1,900
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		19,108
SEC Schedule III, Real Estate, Gross, Total		21,008
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 385
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Marquis at TPC [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Marquis at TPC [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Cypress Creek Villages [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 26,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,650
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		35,990
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		701
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,650
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		36,691
SEC Schedule III, Real Estate, Gross, Total		41,341
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 322
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Cypress Creek Villages [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Cypress Creek Villages [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Citrus Tower [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 41,438
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,208
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		49,388
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		29
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,208
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		49,417
SEC Schedule III, Real Estate, Gross, Total		54,625
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 459
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Citrus Tower [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Citrus Tower [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Outlook at Greystone [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	[1]	$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,950
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		31,664
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		101
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,950
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		31,765
SEC Schedule III, Real Estate, Gross, Total		35,715
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 185
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Outlook at Greystone [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Outlook at Greystone [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Hunter’s Creek [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 72,294
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		9,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		86,202
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		49
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		9,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		86,251
SEC Schedule III, Real Estate, Gross, Total		95,851
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 500
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
ARIUM Hunter’s Creek [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Hunter’s Creek [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Metroswest [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	[1]	$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		10,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		74,768
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		46
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		10,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		74,814
SEC Schedule III, Real Estate, Gross, Total		85,014
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 450
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
ARIUM Metroswest [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Metroswest [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Mills [Member] | Real Estate Held for Investment [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 26,777
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,300
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		36,969
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,300
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		36,969
SEC Schedule III, Real Estate, Gross, Total		40,269
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 102
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
The Mills [Member] | Real Estate Held for Investment [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Mills [Member] | Real Estate Held for Investment [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
REIT Operator [Member] | Property Under Development [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		185
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		185
SEC Schedule III, Real Estate, Gross, Total		185
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 6
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		5 years
[1]	Outlook at Greystone and ARIUM Metrowest were funded, in part, by a secured credit facility. As of December 31, 2017, the outstanding credit facility balance is $67.67 million.

Schedule III - Real Estate an63

Schedule III - Real Estate and Accumulated Depreciation (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Balance at January 1	$ 1,029,214	$ 556,820	$ 299,686
Construction and acquisition cost	701,262	508,218	272,602
Disposition of real estate	(277,717)	(35,824)	(15,468)
Balance at December 31	$ 1,452,759	$ 1,029,214	$ 556,820

Schedule III - Real Estate an64

Schedule III - Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule III, Accumulated Depreciation [Line Items]
Balance at January 1	$ 42,137	$ 23,437	$ 11,275
Current year depreciation expense	35,538	23,580	12,445
Disposition of real estate	(22,498)	(4,880)	(283)
Balance at December 31	$ 55,177	$ 42,137	$ 23,437