Bluerock Residential Growth REIT (BRG) 10-Q 8 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 04, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	Bluerock Residential Growth REIT, Inc.
Entity Central Index Key	1,442,626
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	BRG
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		23,753,489
Class C Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		76,603

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Net Real Estate Investments
Land	$ 172,095	$ 169,135
Buildings and improvements	1,302,990	1,244,193
Furniture, fixtures and equipment	40,998	38,446
Construction in progress	1,571	985
Total Gross Real Estate Investments	1,517,654	1,452,759
Accumulated depreciation	(67,163)	(55,177)
Total Net Real Estate Investments	1,450,491	1,397,582
Cash and cash equivalents	31,509	35,015
Restricted cash	25,376	29,575
Notes and accrued interest receivable from related parties	162,912	140,903
Due from affiliates	2,243	2,003
Accounts receivable, prepaid and other assets	13,950	9,689
Preferred equity investments and investments in unconsolidated real estate joint ventures	71,309	71,145
In-place lease intangible assets, net	2,038	4,635
Total Assets	1,759,828	1,690,547
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Mortgages payable	978,473	939,494
Revolving credit facilities	99,165	67,670
Accounts payable	1,168	1,652
Other accrued liabilities	20,052	22,952
Due to affiliates	700	1,575
Distributions payable	11,483	14,287
Total Liabilities	1,111,041	1,047,630
Stockholders' Equity
Additional paid-in-capital	315,833	318,170
Distributions in excess of cumulative earnings	(173,632)	(164,286)
Total Stockholders' Equity	211,144	222,832
Noncontrolling Interests
Operating partnership units	41,428	42,999
Partially owned properties	22,593	20,347
Total Noncontrolling Interests	64,021	63,346
Total Equity	275,165	286,178
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY	1,759,828	1,690,547
Preferred Stock [Member]
Stockholders' Equity
Preferred Stock Value	0	0
Common Class A [Member]
Stockholders' Equity
Common Stock Value	237	242
Noncontrolling Interests
Total Equity	237	242
Redeemable Preferred Stock [Member] | Series B [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	178,433	161,742
Cumulative Preferred Stock [Member] | Series A [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	138,939	138,801
Cumulative Preferred Stock [Member] | Series C [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	56,250	56,196
Cumulative Preferred Stock [Member] | Series D [Member]
Stockholders' Equity
Preferred Stock Value	68,705	68,705
Common Class C [Member]
Stockholders' Equity
Common Stock Value	1	1
Noncontrolling Interests
Total Equity	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	230,400,000	230,400,000
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	747,509,582
Common stock, shares issued	23,733,296	24,218,359
Common stock, shares outstanding	23,733,296	24,218,359
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] | 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	725,000
Temporary Equity, Shares Issued	202,144	184,130
Temporary Equity, Shares Outstanding	202,144	184,130
Common Class C [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	76,603	76,603
Common stock, shares issued	76,603	76,603
Common stock, shares outstanding	76,603	76,603

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Revenues
Net rental income		$ 32,729	$ 23,859
Other property revenues		3,946	2,801
Interest income from related parties		5,196	1,523
Total revenues		41,871	28,183
Expenses
Property operating		15,658	10,619
Property management fees		992	732
General and administrative		4,669	1,449
Management fees to related parties		0	2,768
Acquisition and pursuit costs		43	3,182
Management internalization		0	481
Weather-related losses, net		168	0
Depreciation and amortization		15,640	10,944
Total expenses		37,170	30,175
Operating income (loss)		4,701	(1,992)
Other income (expense)
Preferred returns and equity in income of unconsolidated real estate joint ventures		2,461	2,572
Gain on sale of real estate investments		0	16,466
Interest expense, net		(10,117)	(7,118)
Total other (expense) income		(7,656)	11,920
Net (loss) income		(2,955)	9,928
Preferred stock dividends		(8,248)	(5,851)
Preferred stock accretion		(1,112)	(338)
Net (loss) income attributable to noncontrolling interests
Operating partnership units		(2,675)	(56)
Partially-owned properties		(215)	8,785
Net (loss) income attributable to noncontrolling interests		(2,890)	8,729
Net loss attributable to common stockholders		$ (9,425)	$ (4,990)
Net loss per common share - Basic		$ (0.40)	$ (0.2)
Net loss per common share - Diluted		$ (0.40)	$ (0.2)
Basic Earnings Per Share
Weighted average basic common shares outstanding	[1]	24,143,382	24,989,621
Weighted average diluted common shares outstanding		24,143,382	24,989,621
[1]	For 2018, amounts relate to shares of the Company’s Class A and Class C common stock outstanding. For 2017, amounts relate to shares of Class A common stock and LTIP Units outstanding.

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Total	Class A Common Stock [Member]	Class C Common Stock [Member]	Series A Preferred Stock [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 A Preferred Stock [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 A Preferred Stock [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 A Preferred Stock [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 A Preferred Stock [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, 2017	$ 286,178	$ 242	$ 1				$ 68,705	$ 318,170					$ (134,817)					$ (29,469)					$ 63,346
Balance (in shares) at Dec. 31, 2017		24,218,359	76,603				2,850,602
Issuance of Class A common stock, net	6	$ 0	$ 0				$ 0	6					0					0					0
Issuance of Class A common stock, net (in shares)		665	0				0
Repurchase of Class A common stock	(4,204)	$ (5)	$ 0					(4,199)
Repurchase of Class A common stock (in shares)		(530,693)	0
Issuance of LTIP Units for director compensation	190	$ 0	$ 0				$ 0	0					0					0					190
Issuance of LTIP Units for director compensation (in shares)		0	0				0
Issuance of LTIP Units for compensation	1,240	$ 0	$ 0				$ 0	0					0					0					1,240
Issuance of LTIP Units for compensation (in shares)		0	0				0
Issuance of Long-Term Incentive Plan ("LTIP") units	993	$ 0	$ 0				$ 0	0					0					0					993
Series B warrants	228	0	0				0	228					0					0					0
Contributions from noncontrolling interests, nets	2,951	0	0				0	0					0					0					2,951
Common stock distribution declared adjustment	79	0	0				0	0					79					0					0
Preferred Stock distributions declared	(8,248)			$ (2,950)	$ (2,921)	$ (1,107)	(1,270)		$ 0	$ 0	$ 0	$ 0		$ (2,950)	$ (2,921)	$ (1,107)	$ (1,270)		$ 0	$ 0	$ 0	$ 0		$ 0	$ 0	$ 0	$ 0
Distributions to operating partnership noncontrolling interests	(175)	0	0				0	0					0					0					(175)
Distributions to partially owned noncontrolling interests	(490)	0	0				0	0					0					0					(490)
Stock accretion	(1,112)			$ (138)	$ (920)	$ (54)			$ 0	$ 0	$ 0			$ (138)	$ (920)	$ (54)			$ 0	$ 0	$ 0			$ 0	$ 0	$ 0
Conversion of operating partnership units to Class A Common Stock			$ 0
Conversion of operating partnership units to Class A Common Stock (in shares)			0
Redemption of Series B Preferred Stock and conversion into Class A common stock	482	$ 0					$ 0	482					0					0					0
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)		44,965					0
Cash redemption of Series B Preferred Stock	2	$ 0	$ 0				$ 0	2					0					0					0
Adjustment for noncontrolling interest ownership in Operating Partnership	0	0	0				0	1,144					0										(1,144)
Net income	(2,955)	0	0				0	0					0					(65)					(2,890)
Balance at Mar. 31, 2018	$ 275,165	$ 237	$ 1				$ 68,705	$ 315,833					$ (144,098)					$ (29,534)					$ 64,021
Balance (in shares) at Mar. 31, 2018		23,733,296	76,603				2,850,602

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net (loss) income	$ (2,955)	$ 9,928
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	16,230	11,504
Amortization of fair value adjustments	(108)	(58)
Preferred returns and equity in income of unconsolidated real estate joint ventures	(2,461)	(2,572)
Gain on sale of real estate investments	0	(16,466)
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures	2,224	2,633
Share-based compensation attributable to stock compensation plan	1,430	104
Share-based compensation to former Manager - LTIP Units	993	2,344
Changes in operating assets and liabilities:
Due (from) to affiliates, net	(1,891)	428
Accounts receivable, prepaid and other assets	(3,975)	663
Accounts payable and other accrued liabilities	(3,385)	1,215
Net cash provided by operating activities	6,102	9,723
Cash flows from investing activities:
Acquisitions of real estate investments	(61,659)	(116,610)
Capital expenditures	(4,160)	(10,238)
Investment in notes receivable from related parties	(20,994)	(20,395)
Proceeds from sale of real estate investments	0	28,639
Investment in unconsolidated real estate joint venture interests	(164)	(15,718)
Net cash used in investing activities	(86,977)	(134,322)
Cash flows from financing activities:
Distributions to common stockholders	(2,348)	(7,130)
Distributions to noncontrolling interests	(1,146)	(15,740)
Distributions to preferred stockholders	(8,143)	(5,552)
Contributions from noncontrolling interests	2,951	91
Borrowings on mortgages payable	40,000	81,611
Repayments on mortgages payable	(912)	(664)
Proceeds from revolving credit facilities	47,995	0
Repayments of revolving credit facilities	(16,500)	0
Payments of deferred financing fees	(1,012)	(719)
Net proceeds from issuance of Class A common stock	6	57,338
Purchase and retirement of Class A common stock	(4,204)	0
Net proceeds from issuance of Warrants underlying the Series B Redeemable Preferred Stock	228	355
Net cash provided by financing activities	73,170	130,075
Net (decrease) increase in cash, cash equivalents and restricted cash	(7,705)	5,476
Cash, cash equivalents and restricted cash at beginning of period	64,590	127,449
Cash, cash equivalents and restricted cash at end of period	56,885	132,925
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	9,655	6,548
Conversion of preferred equity investment to note receivable	0	(14,435)
Distributions payable - declared and unpaid	11,483	8,089
Mortgages assumed by buyer upon sale of real estate assets	0	(41,419)
Series B Preferred Stock [Member]
Cash flows from financing activities:
Net proceeds from issuance of 6.0% Series B Redeemable Preferred Stock	16,288	20,535
Payments to redeem Series B Redeemable Preferred Stock	(33)	0
Series D Preferred Stock [Member]
Cash flows from operating activities
Net (loss) income	0
Cash flows from financing activities:
Net proceeds from issuance of 6.0% Series B Redeemable Preferred Stock	$ 0	$ (50)

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical]	3 Months Ended
	Mar. 31, 2018
Series D Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	7.125%
Series B Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	6.00%

Organization and Nature of Busi

Organization and Nature of Business	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations [Text Block]	Note 1 – Organization and Nature of Business Bluerock Residential Growth REIT, Inc. (the “Company”) was incorporated as a Maryland corporation on July 25, 2008. The Company’s objective is to maximize long-term stockholder value by acquiring and developing well-located institutional-quality apartment properties in knowledge economy growth markets across the United States. The Company seeks to maximize returns through investments where it believes it can drive substantial growth in its funds from operations and net asset value primarily through its Core-Plus and Invest-to-Own investment strategies. As of March 31, 2018, the Company owned interests in forty real estate properties, twenty-nine 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 forty properties contain an aggregate of 12,672 9,872 2,800 94 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

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
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 the Operating Partnership’s wholly-owned subsidiaries, owns substantially all of the property interests acquired and investments made on the Company’s behalf. As of March 31, 2018, limited partners other than the Company owned approximately 25.11 19.60 5.51 3.32 The Company is internally managed and completed the internalization of BRG Manager, LLC (the “former Manager”) on October 31, 2017. 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 also consolidates entities in which it controls more than 50 Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation. 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 of 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 intercompany 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 accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all of the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. The balance sheet at December 31, 2017 has been derived from the audited financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2017 contained in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 13, 2018. Other than the adoption of accounting pronouncements as described below, there have been no significant changes to the Company’s accounting policies since it filed its audited consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2017. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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 adjusted the consolidated statement of cash flows as required in conjunction with the adoption of ASU 2016-08. ASU 2016-18 is effective for the Company for annual and interim periods beginning after December 15, 2017. The Company adopted ASU 2016-18 as of January 1, 2018. In August 2016, the 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. The Company uses the nature of distributions approach. The Company adjusted the consolidated statement of cash flows as required in conjunction with the adoption of ASU 2016-15 in 2018. In June 2016, the FASB updated ASC Topic 326 "Financial Instruments - Credit Losses" with 2016-13 “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-03”). 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. 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 deferred the effective date of the new revenue recognition standard until the first quarter of 2018. Therefore, ASU 2014-09 became effective for the Company in the first quarter of the fiscal year ending December 31, 2018. 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 were 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 adoption by the Company of ASU 2014-09 as of January 1, 2018 did not result in a cumulative adjustment and did not have a material impact on the Company’s consolidated balance sheet, results of operations, equity or cash flows. 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 adopted ASU 2016-08 as of January 1, 2018. 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” and provides guidance on the recognition of gains on sale of real estate investments. It is effective for annual periods beginning after December 15, 2017. There has been no material impact to the Company upon its adoption of ASU 2017-05 as of January 1, 2018.

Sale of Real Estate Asset and A

Sale of Real Estate Asset and Abandonment of Development Project	3 Months Ended
	Mar. 31, 2018
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 Asset and Abandonment of Development Project 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. 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 had invested approximately $2.9 million in a controlling equity position in the East San Marco Property prior to abandonment .

Investments in Real Estate

Investments in Real Estate	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	Note 4 – Investments in Real Estate As of March 31, 2018, the Company was invested in twenty-nine operating real estate properties and eleven development properties 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. Multifamily Community Name Location Number of Date (1) Ownership ARIUM at Palmer Ranch Sarasota, FL 320 2016 95.0 % ARIUM Glenridge 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 Place 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 Links at Plum Creek Castle Rock, CO 264 2000 88.0 % 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 9,872 (1) Depreciation expense was $ 12.1 7.8 Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. In-place leases are amortized over the remaining term of the in-place leases, which is approximately six months. Amortization expense related to the in-place leases was $ 3.6 3.1 Preferred Equity and Mezzanine Loan Investments Multifamily Community Name Location Actual / 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 1Q 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 Fort Lauderdale, FL 385 3Q 2019 3Q 2020 Total 2,800

Acquisition of Real Estate

Acquisition of Real Estate	3 Months Ended
	Mar. 31, 2018
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 three months ended March 31, 2018: Acquisition of The Links at Plum Creek On March 26, 2018, the Company, through subsidiaries of its Operating Partnership, acquired an 88.0 264 61.1 40.0 Purchase Price Allocations The acquisition of The Links at Plum Creek has been accounted for as an asset acquisition. The purchase price was allocated to the acquired assets based on their estimated fair values at the date of acquisition. Purchase Price Allocation Land $ 2,960 Building 45,393 Building improvements 3,346 Land improvements 8,019 Furniture and fixtures 1,044 In-place leases 897 Total assets acquired $ 61,659

Notes and Interest Receivable d

Notes and Interest Receivable due from Related Party	3 Months Ended
	Mar. 31, 2018
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 March 31, December 31, APOK Townhomes $ 11,365 $ 11,365 Crescent Perimeter 20,868 20,622 Domain 20,536 20,536 Flagler Village 75,314 53,668 Vickers Village 9,936 9,819 West Morehead 24,893 24,893 Total $ 162,912 $ 140,903 Property March 31, March 31, APOK Townhomes $ 415 $ 387 Crescent Perimeter 762 — Domain 750 233 Flagler Village 1,996 — Vickers Village 363 — West Morehead 910 903 Total $ 5,196 $ 1,523 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 24.6 15.0 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. In conjunction with the West Morehead development, on December 29, 2016 34.5 10.1 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 7.3 7.3 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 January 6, 2020 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 8.6 June 29, 2019 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 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 5.8 March 3, 2020 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 6.4 March 3, 2020 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 December 29, 2021 On December 12, 2016, the Crescent Perimeter property owner, which is owned by an entity in which the Company owns an indirect interest, entered into an approximately $ 44.7 13.4 December 12, 2020 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 December 29, 2020 On December 22, 2016, the Vickers Village property owner, which is owned by an entity in which the Company owns an indirect interest, entered into an approximately $ 18.0 10.6 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 December 29, 2022 On March 28, 2018, in conjunction with the closing of the Flagler Construction Loan, as defined below, the Company, through BRG Flagler, restated the BRG Flagler Mezz Loan and increased the amount to approximately $ 74.6 March 28, 2023 12.9 97.4 On March 28, 2018, the Flagler Village property owner, which is owned by an entity in which the Company owns an indirect interest, entered into an approximately $ 70.4 1,000 March 28, 2022 The loan bears interest at the greater of 5.0% or a rate of LIBOR plus 3.85%, with interest only payments until March 28, 2022, with future payments after extension based on 30-year amortization. The loan can be prepaid subject to payment of a make-whole premium and exit fee.

Preferred Equity Investments an

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments Disclosure [Text Block]	Note 7 – Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures Property March 31, December 31, Alexan CityCentre $ 9,408 $ 9,258 Alexan Southside Place 20,584 20,584 APOK Townhomes 7 7 Crescent Perimeter 12 12 Domain 12 12 Flagler Village 44 30 Helios 16,360 16,360 Lake Boone Trail 11,930 11,930 Vickers Village 6 6 West Morehead 14 14 Whetstone 12,932 12,932 Total $ 71,309 $ 71,145 As of March 31, 2018, 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, Domain, 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 cases of preferred equity investments, the Company’s preferred equity investment in the joint venture generates a preferred return of 15 70 The following provides additional information regarding the Company’s preferred equity investments and unconsolidated real estate joint ventures as of March 31, 2018. Three Months Ended March 31, Property 2018 2017 Alexan CityCentre $ 383 $ 301 Alexan Southside Place 802 641 Domain — 141 EOS — (22) Flagler Village — (1) Helios 605 605 Lake Boone Trail 441 421 Whetstone 230 486 Preferred returns and equity in income of unconsolidated joint ventures $ 2,461 $ 2,572 March 31, December 31, Balance Sheets: Real estate, net of depreciation $ 448,401 $ 399,111 Other assets 76,303 62,667 Total assets $ 524,704 $ 461,778 Mortgages payable $ 388,227 $ 325,702 Other liabilities 23,696 25,956 Total liabilities $ 411,923 $ 351,658 Members’ equity 112,781 110,120 Total liabilities and members’ equity $ 524,704 $ 461,778 Three Months Ended March 31, 2018 2017 Operating Statement: Rental revenues $ 3,374 $ 819 Operating expenses (2,786) (498) Income before debt service and depreciation and amortization 588 321 Interest expense, net (1,552) (1,836) Depreciation and amortization (1,936) (342) Net loss $ (2,900) $ (1,857) 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, LLC (“BGF”), Fund II and Fund III, affiliates of the former Manager, and an affiliate of Trammell Crow Residential, to develop a 340 9.4 100 2.9 20 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 55.0 January 1, 2020 the prime rate plus 0.5%, or LIBOR plus 3.00% 60,000 The six-month period during which the Company has the right to convert its preferred membership interest into a common membership interest commenced on January 21, 2018, the date on which Alexan Development achieved 70 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 85 20.6 100 3.3 20 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 27.6 based on the base rate plus 1.25% or LIBOR plus 2.25% 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 7.3 0.5 11.2 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 (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. 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 26.3 0.5 53.6 Helios 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 16.4 100 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 38.0 based on one-month LIBOR plus 2.50 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 11.9 100 In conjunction with the Lake Boone Trail development, on June 23, 2016, the Lake Boone Trail property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $ 25.2 18.6 December 23, 2019 based on one-month LIBOR plus 2.65% West Morehead Interests On January 6, 2016, through BRG Morehead NC, LLC, a wholly-owned subsidiary of the Operating Partnership, BRG Morehead NC, 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 286 0.5 Whetstone Interests On May 20, 2015, through BRG Whetstone Durham, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture, along with Fund III and an affiliate of TriBridge Residential, LLC, to acquire a 204 12.9 100 6.5 1.5 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 26.3 November 1, 2023 3.81 1

Revolving credit facilities

Revolving credit facilities	3 Months Ended
	Mar. 31, 2018
Revolving Credit Facility [Abstract]
Disclosure Of Revolving Credit Facility [Text Block]	Note 8 – Revolving credit facilities Revolving credit facilities March 31, December 31, Senior Credit Facility $ 78,049 $ 67,670 Junior Credit Facility 21,116 — Total $ 99,165 $ 67,670 Senior 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 $ 150 250 The Senior Credit Facility matures on October 4, 2020 1.80 2.45 0.80 1.45 3.97 0.20 0.25 Junior Credit Facility On March 20, 2018, the Company, through a subsidiary of its Operating Partnership, entered into a credit agreement (the “Junior Credit Facility”) with KeyBank and other lenders. The Junior Credit Facility provides for a maximum loan commitment amount of $ 50 The Junior Credit Facility matures on March 20, 2019 4.0 3.0 5.86 0.35 0.40 The remaining availability of borrowings under the revolving credit facilities at March 31, 2018 is based on the value of the collateral and compliance with various ratios related to those assets and was approximately $ 23.2

Mortgages Payable

Mortgages Payable	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Mortgage Notes Payable Disclosure [Text Block]	Note 9 – Mortgages Payable The following table summarizes certain information as of March 31, 2018 and December 31, 2017, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of March 31, 2018 Property March 31, December 31, Interest Rate Fixed/ Floating Maturity Date ARIUM at Palmer Ranch $ 26,925 $ 26,925 3.84 % LIBOR + 2.17% (1) February 1, 2023 ARIUM Glenridge 48,431 48,431 4.15 % LIBOR + 2.18% (1) November 1, 2023 ARIUM Grandewood 34,294 34,294 3.49 % Floating (2) December 1, 2024 ARIUM Gulfshore 32,626 32,626 3.84 % LIBOR + 2.17% (1) February 1, 2023 ARIUM Hunter’s Creek 72,294 72,294 3.65 % Fixed November 1, 2024 ARIUM Palms 24,999 24,999 3.89 % 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 31,272 31,401 4.67 % Fixed December 1, 2025 Ashton Reserve II 15,270 15,270 4.29 % LIBOR + 2.62% (1) January 1, 2026 Citrus Tower 41,438 41,438 4.07 % Fixed October 1,2 2024 Enders Place at Baldwin Park (3) 24,169 24,287 4.30 % Fixed November 1, 2022 James on South First 26,500 26,500 4.35 % Fixed January 1, 2024 Marquis at Crown Ridge 29,071 29,217 3.28 % LIBOR + 1.61% (1) June 1, 2024 Marquis at Stone Oak 43,125 43,125 3.28 % LIBOR + 1.61% (1) June 1, 2024 Marquis at The Cascades I 33,207 33,207 3.28 % LIBOR + 1.61% (1) June 1, 2024 Marquis at The Cascades II 23,175 23,175 3.28 % LIBOR + 1.61% (1) June 1, 2024 Marquis at TPC 17,094 17,184 3.28 % LIBOR + 1.61% (1) June 1, 2024 Park & Kingston (4) 18,432 18,432 3.41 % Fixed April 1, 2020 Preston View 41,066 41,066 3.74 % 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 3.96 % LIBOR + 2.29% (1) May 1, 2023 Sovereign 28,650 28,788 3.46 % Fixed November 10, 2022 The Brodie 34,825 34,825 3.71 % Fixed December 1, 2023 The Links at Plum Creek 40,000 — 4.31 % Fixed October 1, 2025 The Mills 26,659 26,777 4.21 % Fixed January 1, 2025 The Preserve at Henderson Beach 36,138 36,311 4.65 % Fixed January 5, 2023 Villages at Cypress Creek 26,200 26,200 3.23 % Fixed October 1, 2022 Wesley Village 40,545 40,545 4.25 % Fixed April 1, 2024 Total 985,189 946,101 Fair value adjustments 2,530 2,638 Deferred financing costs, net (9,246 ) (9,245 ) Total $ 978,473 $ 939,494 (1) (2) (3) (4) 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. The Links at Plum Creek Mortgage Payable On March 26, 2018, the Company, through an indirect subsidiary, entered into a $40.0 million loan secured by The Links at Plum Creek. The loan matures October 1, 2025 and bears interest at a fixed rate of 4.31%, with interest only payments until April 2020, and then monthly payments based on 30-year amortization. After June 30, 2025, the loan may be prepaid without prepayment fee or yield maintenance. Debt maturities As of March 31, 2018, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2018 (April 1-December 31) $ 3,668 2019 8,017 2020 31,072 2021 14,050 2022 112,085 Thereafter 816,297 $ 985,189 Add: Unamortized fair value debt adjustment 2,530 Subtract: Deferred financing costs, net (9,246 ) Total $ 978,473 The net book value of real estate assets providing collateral for these above borrowings, including the revolving credit facilities, were $1,450.3 million and $1,397.4 million at March 31, 2018 and December 31, 2017, respectively. 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	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 10 – Fair Value of Financial Instruments As of March 31, 2018 and December 31, 2017, the Company believes 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 $ 975.9 940.7 987.7 948.7

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 11 – Related Party Transactions Former Management Agreement The Company entered into a management agreement (the “Management Agreement”) with the former Manager, at its Initial Public Offering (“IPO”) on April 2, 2014. On October 31, 2017, upon the Company’s acquisition of a newly-formed entity owning 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, the Company became internally managed. 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. While the Company was externally managed, 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 Company paid the former Manager a base management fee in an amount based on the Company’s stockholders’ existing and contributed equity prior to the IPO and equity raised subsequent to the IPO. The base management fee was payable independent of the performance of the Company’s investments. The Management Agreement provided 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 of $ 2.3 183,150 The Company also paid the former Manager an incentive fee based on performance. The incentive fee could be payable in cash or LTIP Units, at the election of the Board. Incentive fees of $ 0.4 34,803 In 2015 and 2016, the Company issued grants of LTIP Units under the Amended 2014 Incentive Plans to the former Manager. The LTIP Units vested ratably over a three-year period, subject to certain terms and conditions. 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 $ 0.3 The Company was also required to reimburse the former Manager for certain expenses and paid all operating expenses, except those specifically required to be borne by the former Manager under the Management Agreement. Reimbursements of $ 0.6 0.03 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 are in amounts no greater than those that would be payable to third-party professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis. All of the Company’s executive officers, and some of its directors, were 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 owed fiduciary duties to each of these entities, their members, limited partners and investors, which fiduciary duties may have from time to time conflicted with the fiduciary duties that they owed to the Company and its stockholders. Administrative Services Agreement In connection with the closing of the Internalization, the Company entered into an Administrative Services Agreement with Bluerock Real Estate, LLC and its affiliate, Bluerock Real Estate Holdings, LLC (together “BRE”) (the “Administrative Services Agreement”). Pursuant to the Administrative Services Agreement, BRE 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 BRE, on an at-cost basis, generally allocated based on the use of such services for the benefit of the business of BRE and invoiced on a quarterly basis, and otherwise subject to the terms of the Services to be provided by BRE to the Company under the Administrative Services Agreement. Payment by the Company of invoices and other amounts payable under the Administrative Services Agreement will be made in cash or, in the sole discretion of the Company’s board of directors, 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 BRE 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 BRE 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, BRE will be responsible for the payment of all employee benefits and any other direct and indirect compensation for the employees of BRE (or their affiliates or permitted subcontractors) assigned to perform the Services, as well as such employees’ worker’s compensation insurance, employment taxes, and other applicable employer liabilities relating to such employees. Recorded as part of general and administrative expenses, reimbursements of $ 0.1 0.4 March 31, December 31, Amounts Payable to the former Manager under the Management Agreement Base management fee $ - $ 993 Total amounts payable to former Manager $ - $ 993 Amounts Payable to BRE under the Administrative Services Agreement Operating expense reimbursements and direct expense reimbursements $ 523 $ 508 Offering expense reimbursements 177 74 Total amounts payable to BRE $ 700 $ 582 Total $ 700 $ 1,575 As of March 31, 2018 and December 31, 2017, the Company had $ 2.2 2.0 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 10 1.3 0.6 0.3 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	3 Months Ended
	Mar. 31, 2018
Stockholders Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 12 – Stockholders’ Equity Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders, less dividends on LTIP Units expected to vest plus gains on redemptions on common stock, by the weighted average number of common shares outstanding for the period. Diluted net loss per common share is computed by dividing net 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 loss attributable to common stockholders is computed by adjusting net loss for the non-forfeitable dividends paid on non-vested LTIP Units. The Company considers the requirements of the two-class method when preparing earnings per share. The Company has two classes of common stock outstanding, Class A common stock, $ 0.01 0.01 Three Months Ended March 31, 2018 2017 Net loss attributable to common stockholders $ (9,425) $ (4,990) Dividends on LTIP Units expected to vest (172) - Basic net loss attributable to common stockholders $ (9,597) $ (4,990) Weighted average common shares outstanding (1) 24,143,382 24,989,621 Potential dilutive shares (2) — — Weighted average common shares outstanding and potential dilutive shares (1) 24,143,382 24,989,621 Net loss per common share, basic $ (0.40) $ (0.20) Net loss per common share, diluted $ (0.40) $ (0.20) The effect of the conversion of OP Units and LTIP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common stock on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. (1) For 2018, amounts relate to shares of the Company’s Class A and Class C common stock outstanding. For 2017, amounts relate to shares of Class A common stock and LTIP Units outstanding. (2) Excludes none and 661 Follow-On Equity Offerings On January 17, 2017, the Company completed an underwritten offering (the “January 2017 Class A Common Stock Offering”) of 4,000,000 0.01 13.15 49.8 600,000 7.5 Series B Preferred Stock Offering The Company issued 18,531 16.7 203,217 203,217 4,064,340 182.9 482 44,965 35 32,550 At-the-Market Offerings On August 8, 2016, the Company, its Operating Partnership and its former Manager entered into an At Market Issuance Sales Agreement (the “Class A Sales Agreement”) with FBR Capital Markets & Co. (“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 Class A common stock repurchase program In February 2018, the Company authorized a stock repurchase plan to purchase up to $ 25 530,693 4.2 Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part Maximum Dollar Value of Shares that January 1, 2018 through January 31, 2018 - $ - - $ - February 1, 2018 through February 28, 2018 331,090 7.84 331,090 22,398,638 March 1, 2018 through March 31, 2018 199,603 8.01 199,603 20,795,897 Total 530,693 $ 7.92 530,693 Operating Partnership and Long-Term Incentive Plan Units As of March 31, 2018, limited partners other than the Company owned approximately 25.11 6,230,757 19.60 1,750,606 5.51 3.32 Equity Incentive Plans – LTIP Grants Prior to the Internalization, in 2015 and 2016, the Company issued grants of LTIP Units under the Amended 2014 Incentive Plans to the former Manager. The LTIP Units vested ratably over a three-year period, subject to certain terms and conditions. LTIP expense of $ 0.3 212,203 On February 14, 2017, the Company granted a total of 7,500 0.1 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 On January 1, 2018, the Company granted certain equity grants of LTIPS of the Company’s operating partnership to various executive officers under the Second Amended 2014 Incentive Plans. These awards, amounting to 1,056,211 81,000 770,854 160,192 1.1 125,165 0.1 In addition, on January 1, 2018, the Company granted 6,263 0.2 At March 31, 2018, there was $ 9.4 4.1 LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock, or, at the Company’s election, cash. Declaration Date Payable to stockholders Amount Date Paid Class A Common Stock October 13, 2017 December 22, 2017 $ 0.096667 January 5, 2018 December 20, 2017 March 23, 2018 $ 0.162500 April 5, 2018 Class C Common Stock October 13, 2017 December 22, 2017 $ 0.096667 January 5, 2018 December 20, 2017 March 23, 2018 $ 0.162500 April 5, 2018 Series A Preferred Stock December 8, 2017 December 22, 2017 $ 0.515625 January 5, 2018 March 9, 2018 March 23, 2018 $ 0.515625 April 5, 2018 Series B Preferred Stock October 13, 2017 December 22, 2017 $ 5.00 January 5, 2018 January 12, 2018 January 25, 2018 $ 5.00 February 5, 2018 January 12, 2018 February 23, 2018 $ 5.00 March 5, 2018 January 12, 2018 March 23, 2018 $ 5.00 April 5, 2018 Series C Preferred Stock December 8, 2017 December 22, 2017 $ 0.4765625 January 5, 2018 March 9, 2018 March 23, 2018 $ 0.4765625 April 5, 2018 Series D Preferred Stock December 8, 2017 December 22, 2017 $ 0.4453125 January 5, 2018 March 9, 2018 March 23, 2018 $ 0.4453125 April 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 2018 Declared Paid First Quarter Class A Common Stock (1) $ (79) $ 2,341 Class C Common Stock — 7 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 2,921 2,816 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,270 1,270 OP Units — 602 LTIP Units 175 53 Total first quarter 2018 $ 8,344 $ 11,146 (1) 0.1625 March 23, 2018 April 5, 2018

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 14 – Subsequent Events Declaration Date Payable to stockholders Amount Payable Date Series B Preferred Stock April 13, 2018 April 25, 2018 $ 5.00 May 4, 2018 April 13, 2018 May 25, 2018 $ 5.00 June 5, 2018 April 13, 2018 June 25, 2015 $ 5.00 July 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 Company's Class A common stock. 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. Distributions Paid Shares Declaration Record Date Date Paid Distributions Total Class A Common Stock December 20, 2017 March 23, 2018 April 5, 2018 $ 0.162500 $ 3,857 Class C Common Stock December 20, 2017 March 23, 2018 April 5, 2018 $ 0.162500 $ 12 Series A Preferred Stock March 9, 2018 March 23, 2018 April 5, 2018 $ 0.515625 $ 2,950 Series B Preferred Stock January 12, 2018 March 23, 2018 April 5, 2018 $ 5.000000 $ 1,011 Series C Preferred Stock March 9, 2018 March 23, 2018 April 5, 2018 $ 0.4765625 $ 1,107 Series D Preferred Stock March 9, 2018 March 23, 2018 April 5, 2018 $ 0.4453125 $ 1,269 OP Units December 20, 2017 March 23, 2018 April 5, 2018 $ 0.162500 $ 1,012 LTIP Units December 20, 2017 March 23, 2018 April 5, 2018 $ 0.162500 $ 266 Series B Preferred Stock April 13, 2018 April 25, 2018 May 4, 2018 $ 5.000000 $ 1,040 Total $ 12,524 Acquisition of Sands Parc On May 1, 2018, the Company, through subsidiaries of its Operating Partnership, acquired a 100.0 264 46.2 46.2 Entry into Master Credit Facility with Fannie Mae On April 30, 2018, the Company, through its Operating Partnership, caused BR Metrowest, LLC, a Delaware limited liability company and subsidiary of the Operating Partnership, together with certain other subsidiaries of the Operating Partnership, to enter into a Master Credit Facility Agreement (the “Fannie Facility”) with Walker & Dunlop, LLC (“Walker & Dunlop”) as the original lender. The Fannie Facility was issued through Fannie Mae’s Multifamily Delegated Underwriting and Servicing Program and was assigned by Walker & Dunlop to Fannie Mae. The Fannie Facility includes certain restrictive covenants, including indebtedness, liens, investments, mergers and asset sales, and distributions. The Fannie Facility also contains events of default, including payment defaults, covenant defaults, bankruptcy events, and change of control events. The Company has guaranteed the obligations under the Fannie Facility. On April 30, 2018, the Fannie Facility provided for an initial $ 64.6 4.43 On May 3, 2018, the Fannie Facility provided for a $ 22.1 4.30

Basis of Presentation and Sum22

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation and Basis of Presentation The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or the Operating Partnership’s wholly-owned subsidiaries, owns substantially all of the property interests acquired and investments made on the Company’s behalf. As of March 31, 2018, limited partners other than the Company owned approximately 25.11 19.60 5.51 3.32 The Company is internally managed and completed the internalization of BRG Manager, LLC (the “former Manager”) on October 31, 2017. 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 also consolidates entities in which it controls more than 50 Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation.
Preferred Equity Investments and 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 of 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 intercompany 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.
Interim Financial Information [Policy Text Block]	Interim Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all of the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. The balance sheet at December 31, 2017 has been derived from the audited financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2017 contained in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 13, 2018.
Basis of Accounting, Policy [Policy Text Block]	Summary of Significant Accounting Policies Other than the adoption of accounting pronouncements as described below, there have been no significant changes to the Company’s accounting policies since it filed its audited consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2017.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements 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 adjusted the consolidated statement of cash flows as required in conjunction with the adoption of ASU 2016-08. ASU 2016-18 is effective for the Company for annual and interim periods beginning after December 15, 2017. The Company adopted ASU 2016-18 as of January 1, 2018. In August 2016, the 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. The Company uses the nature of distributions approach. The Company adjusted the consolidated statement of cash flows as required in conjunction with the adoption of ASU 2016-15 in 2018. In June 2016, the FASB updated ASC Topic 326 "Financial Instruments - Credit Losses" with 2016-13 “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-03”). 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. 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 deferred the effective date of the new revenue recognition standard until the first quarter of 2018. Therefore, ASU 2014-09 became effective for the Company in the first quarter of the fiscal year ending December 31, 2018. 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 were 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 adoption by the Company of ASU 2014-09 as of January 1, 2018 did not result in a cumulative adjustment and did not have a material impact on the Company’s consolidated balance sheet, results of operations, equity or cash flows. 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 adopted ASU 2016-08 as of January 1, 2018. 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” and provides guidance on the recognition of gains on sale of real estate investments. It is effective for annual periods beginning after December 15, 2017. There has been no material impact to the Company upon its adoption of ASU 2017-05 as of January 1, 2018.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Schedule Of Equity Method Investments And Consolidation Accounting Investments [Table Text Block]	Consolidated Operating Properties Multifamily Community Name Location Number of Date (1) Ownership ARIUM at Palmer Ranch Sarasota, FL 320 2016 95.0 % ARIUM Glenridge 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 Place 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 Links at Plum Creek Castle Rock, CO 264 2000 88.0 % 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 9,872 (1)
Schedule Of Development Properties In Real Estate [Table Text Block]	Preferred Equity and Mezzanine Loan Investments Multifamily Community Name Location Actual / 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 1Q 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 Fort Lauderdale, FL 385 3Q 2019 3Q 2020 Total 2,800

Acquisition of Real Estate (Tab

Acquisition of Real Estate (Tables)	3 Months Ended
	Mar. 31, 2018
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 (amounts in thousands): Purchase Price Allocation Land $ 2,960 Building 45,393 Building improvements 3,346 Land improvements 8,019 Furniture and fixtures 1,044 In-place leases 897 Total assets acquired $ 61,659

Notes and Interest Receivable25

Notes and Interest Receivable due from Related Party (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017 (amounts in thousands): Property March 31, December 31, APOK Townhomes $ 11,365 $ 11,365 Crescent Perimeter 20,868 20,622 Domain 20,536 20,536 Flagler Village 75,314 53,668 Vickers Village 9,936 9,819 West Morehead 24,893 24,893 Total $ 162,912 $ 140,903
Interest Income and Interest Expense Disclosure [Table Text Block]	Following is a summary of the interest income from related parties for the three months ended March 31, 2018 and 2017 (amounts in thousands): Property March 31, March 31, APOK Townhomes $ 415 $ 387 Crescent Perimeter 762 — Domain 750 233 Flagler Village 1,996 — Vickers Village 363 — West Morehead 910 903 Total $ 5,196 $ 1,523

Preferred Equity Investments 26

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017 is summarized in the table below (amounts in thousands): Property March 31, December 31, Alexan CityCentre $ 9,408 $ 9,258 Alexan Southside Place 20,584 20,584 APOK Townhomes 7 7 Crescent Perimeter 12 12 Domain 12 12 Flagler Village 44 30 Helios 16,360 16,360 Lake Boone Trail 11,930 11,930 Vickers Village 6 6 West Morehead 14 14 Whetstone 12,932 12,932 Total $ 71,309 $ 71,145
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 three months ended March 31, 2018 and 2017 are summarized below (amounts in thousands): Three Months Ended March 31, Property 2018 2017 Alexan CityCentre $ 383 $ 301 Alexan Southside Place 802 641 Domain — 141 EOS — (22) Flagler Village — (1) Helios 605 605 Lake Boone Trail 441 421 Whetstone 230 486 Preferred returns and equity in income of unconsolidated joint ventures $ 2,461 $ 2,572
Equity Income Loss of Joint Ventures [Table Text Block]	March 31, December 31, Balance Sheets: Real estate, net of depreciation $ 448,401 $ 399,111 Other assets 76,303 62,667 Total assets $ 524,704 $ 461,778 Mortgages payable $ 388,227 $ 325,702 Other liabilities 23,696 25,956 Total liabilities $ 411,923 $ 351,658 Members’ equity 112,781 110,120 Total liabilities and members’ equity $ 524,704 $ 461,778 Three Months Ended March 31, 2018 2017 Operating Statement: Rental revenues $ 3,374 $ 819 Operating expenses (2,786) (498) Income before debt service and depreciation and amortization 588 321 Interest expense, net (1,552) (1,836) Depreciation and amortization (1,936) (342) Net loss $ (2,900) $ (1,857)

Revolving credit facilities (Ta

Revolving credit facilities (Tables)	3 Months Ended
	Mar. 31, 2018
Revolving Credit Facility [Abstract]
Schedule of Line of Credit Facilities [Table Text Block]	The outstanding balances on the revolving credit facilities as of March 31, 2018 and December 31, 2017, are as follows: Revolving credit facilities March 31, December 31, Senior Credit Facility $ 78,049 $ 67,670 Junior Credit Facility 21,116 — Total $ 99,165 $ 67,670

Mortgages Payable (Tables)

Mortgages Payable (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	The following table summarizes certain information as of March 31, 2018 and December 31, 2017, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of March 31, 2018 Property March 31, 2018 December 31, 2017 Interest Rate Fixed/ Floating Maturity Date ARIUM at Palmer Ranch $ 26,925 $ 26,925 3.84 % LIBOR + 2.17% (1) February 1, 2023 ARIUM Glenridge 48,431 48,431 4.15 % LIBOR + 2.18% (1) November 1, 2023 ARIUM Grandewood 34,294 34,294 3.49 % Floating (2) December 1, 2024 ARIUM Gulfshore 32,626 32,626 3.84 % LIBOR + 2.17% (1) February 1, 2023 ARIUM Hunter’s Creek 72,294 72,294 3.65 % Fixed November 1, 2024 ARIUM Palms 24,999 24,999 3.89 % 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 31,272 31,401 4.67 % Fixed December 1, 2025 Ashton Reserve II 15,270 15,270 4.29 % LIBOR + 2.62% (1) January 1, 2026 Citrus Tower 41,438 41,438 4.07 % Fixed October 1,2 2024 Enders Place at Baldwin Park (3) 24,169 24,287 4.30 % Fixed November 1, 2022 James on South First 26,500 26,500 4.35 % Fixed January 1, 2024 Marquis at Crown Ridge 29,071 29,217 3.28 % LIBOR + 1.61% (1) June 1, 2024 Marquis at Stone Oak 43,125 43,125 3.28 % LIBOR + 1.61% (1) June 1, 2024 Marquis at The Cascades I 33,207 33,207 3.28 % LIBOR + 1.61% (1) June 1, 2024 Marquis at The Cascades II 23,175 23,175 3.28 % LIBOR + 1.61% (1) June 1, 2024 Marquis at TPC 17,094 17,184 3.28 % LIBOR + 1.61% (1) June 1, 2024 Park & Kingston (4) 18,432 18,432 3.41 % Fixed April 1, 2020 Preston View 41,066 41,066 3.74 % 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 3.96 % LIBOR + 2.29% (1) May 1, 2023 Sovereign 28,650 28,788 3.46 % Fixed November 10, 2022 The Brodie 34,825 34,825 3.71 % Fixed December 1, 2023 The Links at Plum Creek 40,000 — 4.31 % Fixed October 1, 2025 The Mills 26,659 26,777 4.21 % Fixed January 1, 2025 The Preserve at Henderson Beach 36,138 36,311 4.65 % Fixed January 5, 2023 Villages at Cypress Creek 26,200 26,200 3.23 % Fixed October 1, 2022 Wesley Village 40,545 40,545 4.25 % Fixed April 1, 2024 Total 985,189 946,101 Fair value adjustments 2,530 2,638 Deferred financing costs, net (9,246) (9,245) Total $ 978,473 $ 939,494 (1) 1.67 1.88 (2) of $ 29.44 floating rate of 1.67% 4.85 floating rate of 2.74% 3.34 4.41 (3) a $ 16.5 3.97 7.7 5.01 (4) a $ 15.3 3.21 3.2 4.34
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]	As of March 31, 2018, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2018 (April 1-December 31) $ 3,668 2019 8,017 2020 31,072 2021 14,050 2022 112,085 Thereafter 816,297 $ 985,189 Add: Unamortized fair value debt adjustment 2,530 Subtract: Deferred financing costs, net (9,246) Total $ 978,473

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Schedule Of Related Party Transactions [Table Text Block]	Pursuant to the terms of the Management Agreement, summarized below are the related party amounts payable to our former Manager, as well as to BRE, as of March 31, 2018 and December 31, 2017 (in thousands): March 31, December 31, Amounts Payable to the former Manager under the Management Agreement Base management fee $ - $ 993 Total amounts payable to former Manager $ - $ 993 Amounts Payable to BRE under the Administrative Services Agreement Operating expense reimbursements and direct expense reimbursements $ 523 $ 508 Offering expense reimbursements 177 74 Total amounts payable to BRE $ 700 $ 582 Total $ 700 $ 1,575

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Stockholders Equity Note [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table reconciles the components of basic and diluted net loss per common share (amounts in thousands, except share and per share amounts): Three Months Ended March 31, 2018 2017 Net loss attributable to common stockholders $ (9,425) $ (4,990) Dividends on LTIP Units expected to vest (172) - Basic net loss attributable to common stockholders $ (9,597) $ (4,990) Weighted average common shares outstanding (1) 24,143,382 24,989,621 Potential dilutive shares (2) — — Weighted average common shares outstanding and potential dilutive shares (1) 24,143,382 24,989,621 Net loss per common share, basic $ (0.40) $ (0.20) Net loss per common share, diluted $ (0.40) $ (0.20) (1) For 2018, amounts relate to shares of the Company’s Class A and Class C common stock outstanding. For 2017, amounts relate to shares of Class A common stock and LTIP Units outstanding. (2) Excludes none and 661
Schedule of Common Stock Repurchase Activity [Table Text Block]	The following table is a summary of the Class A common stock repurchase activity as of March 31, 2018: Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part Maximum Dollar Value of Shares that January 1, 2018 through January 31, 2018 - $ - - $ - February 1, 2018 through February 28, 2018 331,090 7.84 331,090 22,398,638 March 1, 2018 through March 31, 2018 199,603 8.01 199,603 20,795,897 Total 530,693 $ 7.92 530,693
Schedule of Dividends Payable [Table Text Block]	Distributions Declaration Date Payable to stockholders Amount Date Paid Class A Common Stock October 13, 2017 December 22, 2017 $ 0.096667 January 5, 2018 December 20, 2017 March 23, 2018 $ 0.162500 April 5, 2018 Class C Common Stock October 13, 2017 December 22, 2017 $ 0.096667 January 5, 2018 December 20, 2017 March 23, 2018 $ 0.162500 April 5, 2018 Series A Preferred Stock December 8, 2017 December 22, 2017 $ 0.515625 January 5, 2018 March 9, 2018 March 23, 2018 $ 0.515625 April 5, 2018 Series B Preferred Stock October 13, 2017 December 22, 2017 $ 5.00 January 5, 2018 January 12, 2018 January 25, 2018 $ 5.00 February 5, 2018 January 12, 2018 February 23, 2018 $ 5.00 March 5, 2018 January 12, 2018 March 23, 2018 $ 5.00 April 5, 2018 Series C Preferred Stock December 8, 2017 December 22, 2017 $ 0.4765625 January 5, 2018 March 9, 2018 March 23, 2018 $ 0.4765625 April 5, 2018 Series D Preferred Stock December 8, 2017 December 22, 2017 $ 0.4453125 January 5, 2018 March 9, 2018 March 23, 2018 $ 0.4453125 April 5, 2018
Schedule of Distributions Made to Members or Limited Partners, by Distribution [Table Text Block]	Distributions declared and paid for the three months ended March 31, 2018 were as follows (amounts in thousands): Distributions 2018 Declared Paid First Quarter Class A Common Stock (1) $ (79) $ 2,341 Class C Common Stock — 7 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 2,921 2,816 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,270 1,270 OP Units — 602 LTIP Units 175 53 Total first quarter 2018 $ 8,344 $ 11,146 (1) 0.1625 March 23, 2018 April 5, 2018

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2018
Dividends Declared [Table Text Block]	Declaration of Dividends Declaration Date Payable to stockholders Amount Payable Date Series B Preferred Stock April 13, 2018 April 25, 2018 $ 5.00 May 4, 2018 April 13, 2018 May 25, 2018 $ 5.00 June 5, 2018 April 13, 2018 June 25, 2015 $ 5.00 July 5, 2018
Schedule of Subsequent Events [Table Text Block]	The following distributions were paid to the Company's stockholders, as well as holders of OP and LTIP Units subsequent to March 31, 2018 (amounts in thousands): Shares Declaration Record Date Date Paid Distributions Total Class A Common Stock December 20, 2017 March 23, 2018 April 5, 2018 $ 0.162500 $ 3,857 Class C Common Stock December 20, 2017 March 23, 2018 April 5, 2018 $ 0.162500 $ 12 Series A Preferred Stock March 9, 2018 March 23, 2018 April 5, 2018 $ 0.515625 $ 2,950 Series B Preferred Stock January 12, 2018 March 23, 2018 April 5, 2018 $ 5.000000 $ 1,011 Series C Preferred Stock March 9, 2018 March 23, 2018 April 5, 2018 $ 0.4765625 $ 1,107 Series D Preferred Stock March 9, 2018 March 23, 2018 April 5, 2018 $ 0.4453125 $ 1,269 OP Units December 20, 2017 March 23, 2018 April 5, 2018 $ 0.162500 $ 1,012 LTIP Units December 20, 2017 March 23, 2018 April 5, 2018 $ 0.162500 $ 266 Series B Preferred Stock April 13, 2018 April 25, 2018 May 4, 2018 $ 5.000000 $ 1,040 Total $ 12,524

Organization and Nature of Bu32

Organization and Nature of Business (Details Textual)	3 Months Ended
	Mar. 31, 2018
Organization and Nature of Business [Line Items]
Percent of Real Estate Properties Occupied	94.00%
Number of Units in Real Estate Property	12,672
Annual Distribution Percentage Rate	90.00%
Operating Units [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property	9,872
Under Development [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property	2,800

Basis of Presentation and Sum33

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Line Items]
Percentage of Voting Equity	50.00%
Percentage Of Unvested Incentive Plan In Operating Partnership	3.32%
OP LTIP unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	25.11%
OP Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	19.60%
LTIP Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	5.51%

Sale of Real Estate Asset and34

Sale of Real Estate Asset and Abandonment of Development Project (Details Textual) $ in Millions	1 Months Ended
	Feb. 22, 2017USD ($)	Mar. 31, 2018USD ($)	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
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

Investments in Real Estate (Det

Investments in Real Estate (Details)	3 Months Ended
	Mar. 31, 2018NumberofUnits
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	2,800
Whetstone [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Durham, NC
Number of Units	204
Actual Or Estimated Initial Occupancy	3Q 2014
Actual Or Estimated Construction Completion	3Q 2015
Alexan CityCentre [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Houston, TX
Number of Units	340
Actual Or Estimated Initial Occupancy	2Q 2017
Actual Or Estimated Construction Completion	4Q 2017
Helios [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Atlanta, GA
Number of Units	282
Actual Or Estimated Initial Occupancy	2Q 2017
Actual Or Estimated Construction Completion	4Q 2017
Alexan Southside Place [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Houston, TX
Number of Units	270
Actual Or Estimated Initial Occupancy	4Q 2017
Actual Or Estimated Construction Completion	1Q 2018
Lake Boone Trail [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Raleigh, NC
Number of Units	245
Actual Or Estimated Initial Occupancy	3Q 2017
Actual Or Estimated Construction Completion	4Q 2018
Vickers Village [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Roswell, GA
Number of Units	79
Actual Or Estimated Initial Occupancy	3Q 2018
Actual Or Estimated Construction Completion	4Q 2018
APOK Townhomes [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Boca Raton, FL
Number of Units	90
Actual Or Estimated Initial Occupancy	3Q 2018
Actual Or Estimated Construction Completion	1Q 2019
Crescent Perimeter [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Atlanta, GA
Number of Units	320
Actual Or Estimated Initial Occupancy	4Q 2018
Actual Or Estimated Construction Completion	2Q 2019
Domain [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Garland, TX
Number of Units	299
Actual Or Estimated Initial Occupancy	4Q 2018
Actual Or Estimated Construction Completion	2Q 2019
West Morehead [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Charlotte, NC
Number of Units	286
Actual Or Estimated Initial Occupancy	4Q 2018
Actual Or Estimated Construction Completion	2Q 2019
Flagler Village [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Fort Lauderdale, FL
Number of Units	385
Actual Or Estimated Initial Occupancy	3Q 2019
Actual Or Estimated Construction Completion	3Q 2020
ARIUM at Palmer Ranch [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Sarasota, FL
Number of Units	320
Year Build/Renovated	2,016	[1]
Ownership Interest	95.00%
ARIUM Grandewood [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orlando, FL
Number of Units	306
Year Build/Renovated	2,005	[1]
Ownership Interest	100.00%
ARIUM Gulfshore [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Naples, FL
Number of Units	368
Year Build/Renovated	2,016	[1]
Ownership Interest	95.00%
ARIUM Palms [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orlando, FL
Number of Units	252
Year Build/Renovated	2,008	[1]
Ownership Interest	95.00%
ARIUM Pine Lakes [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Port St. Lucie, FL
Number of Units	320
Year Build/Renovated	2,003	[1]
Ownership Interest	85.00%
ARIUM Westside [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Atlanta, GA
Number of Units	336
Year Build/Renovated	2,008	[1]
Ownership Interest	90.00%
Ashton Reserve [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Charlotte, NC
Number of Units	473
Year Build/Renovated	2,015	[1]
Ownership Interest	100.00%
Citrus Tower [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orlando, FL
Number of Units	336
Year Build/Renovated	2,006	[1]
Ownership Interest	96.80%
Enders Place at Baldwin Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orlando, FL
Number of Units	220
Year Build/Renovated	2,003	[1]
Ownership Interest	92.00%
James at South First [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Number of Units	250
Year Build/Renovated	2,016	[1]
Ownership Interest	90.00%
Marquis at Crown Ridge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	San Antonio, TX
Number of Units	352
Year Build/Renovated	2,009	[1]
Ownership Interest	90.00%
Marquis at Stone Oak [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	San Antonio, TX
Number of Units	335
Year Build/Renovated	2,007	[1]
Ownership Interest	90.00%
Marquis at The Cascades [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Tyler, TX
Number of Units	582
Year Build/Renovated	2,009	[1]
Ownership Interest	90.00%
Marquis at TPC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	San Antonio, TX
Number of Units	139
Year Build/Renovated	2,008	[1]
Ownership Interest	90.00%
Park & Kingston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Charlotte, NC
Number of Units	168
Year Build/Renovated	2,015	[1]
Ownership Interest	100.00%
Preston View [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Morrisville, NC
Number of Units	382
Year Build/Renovated	2,000	[1]
Ownership Interest	100.00%
Roswell City Walk [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Roswell, GA
Number of Units	320
Year Build/Renovated	2,015	[1]
Ownership Interest	98.00%
Sorrel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Frisco, TX
Number of Units	352
Year Build/Renovated	2,015	[1]
Ownership Interest	95.00%
Sovereign [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Fort Worth, TX
Number of Units	322
Year Build/Renovated	2,015	[1]
Ownership Interest	95.00%
Average [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	9,872
The Brodie [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Number of Units	324
Year Build/Renovated	2,001	[1]
Ownership Interest	92.50%
The Preserve at Henderson Beach [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Destin, FL
Number of Units	340
Year Build/Renovated	2,009	[1]
Ownership Interest	100.00%
Villages At Cypress Creek [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Houston, TX
Number of Units	384
Year Build/Renovated	2,001	[1]
Ownership Interest	80.00%
Wesley Village [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Charlotte, NC
Number of Units	301
Year Build/Renovated	2,010	[1]
Ownership Interest	100.00%
ARIUM Glenridge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Atlanta, GA
Number of Units	480
Year Build/Renovated	1,990	[1]
Ownership Interest	90.00%
ARIUM Hunter’s Creek [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orlando, FL
Number of Units	532
Year Build/Renovated	1,999	[1]
Ownership Interest	100.00%
ARIUM Metrowest [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orlando, FL
Number of Units	510
Year Build/Renovated	2,001	[1]
Ownership Interest	100.00%
Outlook at Greystone [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Birmingham, AL
Number of Units	300
Year Build/Renovated	2,007	[1]
Ownership Interest	100.00%
The Links at Plum Creek [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Castle Rock, CO
Number of Units	264
Year Build/Renovated	2,000	[1]
Ownership Interest	88.00%
The Mills [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Greenville, SC
Number of Units	304
Year Build/Renovated	2,013	[1]
Ownership Interest	100.00%
[1]	Represents date of last significant renovation or year built if there were no renovations.

Investments in Real Estate (D36

Investments in Real Estate (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Real Estate Property [Line Items]
SEC Schedule III, Real Estate Accumulated Depreciation, Depreciation Expense	$ 12.1	$ 7.8
Amortization of Deferred Leasing Fees	$ 3.6	$ 3.1

Acquisition of Real Estate (Det

Acquisition of Real Estate (Details) $ in Thousands	Mar. 31, 2018USD ($)
Preliminary Purchase Price Allocation
Land	$ 2,960
Building	45,393
Building improvements	3,346
Land improvements	8,019
Furniture and fixtures	1,044
In-place leases	897
Total assets acquired	$ 61,659

Acquisition of Real Estate (D38

Acquisition of Real Estate (Details Textual) $ in Millions	1 Months Ended
	Mar. 26, 2018USD ($)	Mar. 31, 2018
Business Acquisition [Line Items]
Number of Units in Real Estate Property		12,672
Links at Plum Creek [Member]
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage	88.00%
Number of Units in Real Estate Property	264
Business Acquisition Indirect Ownership, Amount	$ 61.1
The Links at Plum Creek, Castle Rock, CO [Member]
Business Acquisition [Line Items]
Proceeds from Issuance of Senior Long-term Debt	$ 40

Notes and Interest Receivable39

Notes and Interest Receivable due from Related Party (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Notes Receivable, Related Parties	$ 162,912	$ 140,903
APOK Townhomes [Member]
Notes Receivable, Related Parties	11,365	11,365
Crescent Perimeter [Member]
Notes Receivable, Related Parties	20,868	20,622
Domain [Member]
Notes Receivable, Related Parties	20,536	20,536
Fagler Village [Member]
Notes Receivable, Related Parties	75,314	53,668
Vickers Village [Member]
Notes Receivable, Related Parties	9,936	9,819
West Morehead [Member]
Notes Receivable, Related Parties	$ 24,893	$ 24,893

Notes and Interest Receivable40

Notes and Interest Receivable due from Related Party (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest Income, Related Party	$ 5,196	$ 1,523
APOK Townhomes [Member]
Interest Income, Related Party	415	387
Crescent Perimeter [Member]
Interest Income, Related Party	762	0
Domain [Member]
Interest Income, Related Party	750	233
Fagler Village [Member]
Interest Income, Related Party	1,996	0
Vickers Village [Member]
Interest Income, Related Party	363	0
West Morehead [Member]
Interest Income, Related Party	$ 910	$ 903

Notes and Interest Receivable41

Notes and Interest Receivable due from Related Party (Details Textual) - USD ($)

Mar. 03, 2018

Mar. 03, 2017

Jan. 06, 2017

Dec. 12, 2016

Mar. 28, 2018

Dec. 29, 2017

Dec. 29, 2016

Dec. 22, 2016

Mar. 31, 2018

May 01, 2018

Feb. 28, 2018

Jan. 05, 2017

BR Morehead JV , LLC [Member]

Due from Related Parties

$ 21,300,000

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 95.0% 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

$ 34,500,000

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

$ 5,800,000

$ 10,100,000

$ 24,600,000

Unaffiliated Lender Transaction Date

Dec. 1, 2020

West Morehead Property [Member]

Due from Related Parties, Current

$ 7,300,000

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

$ 7,300,000

Unaffiliated Lender Transaction Date

Dec. 29, 2016

APOK Townhomes Development [Member]

Due From Unaffiliated Lender

$ 18,700,000

8,600,000

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

$ 11,200,000

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

$ 30,300,000

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

$ 20,300,000

Due From Unaffiliated Lender

$ 6,400,000

$ 6,400,000

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.

BR Flagler JV,LLC [Member]

Due from Related Parties

$ 53,600,000

$ 74,600,000

Related Party Transaction, Date

Dec. 29, 2022

Related Party Transaction, Rate

0.00%

Percentage Of Loan Secured

97.40%

Flagler Village Property Owner [Member]

Due from Related Parties, Current

$ 1,000

Related Party Transaction, Date

Mar. 28, 2022

Related Party Transaction, Interest Rate Description

The loan bears interest at the greater of 5.0% or a rate of LIBOR plus 3.85%, with interest only payments until March 28, 2022, with future payments after extension based on 30-year amortization. The loan can be prepaid subject to payment of a make-whole premium and exit fee.

Due From Unaffiliated Lender

$ 70,400,000

Crescent Perimeter Development [Member]

Due From Unaffiliated Lender

$ 44,700,000

$ 13,400,000

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

Vickers Village Development [Member]

Due From Unaffiliated Lender

$ 18,000,000

$ 10,600,000

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

BR Perimeter JV,LLC [Member]

Due from Related Parties

$ 20,600,000

Related Party Transaction, Date

Dec. 29, 2021

BR Vickers Roswell JV, LLC [Member]

Due from Related Parties

$ 9,800,000

Related Party Transaction, Date

Dec. 29, 2020

BRG Flagler Mezz Loan [Member]

Related Party Transaction, Date

Mar. 28, 2023

Preferred Equity Investments 42

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 71,309	$ 71,145
Alexan CityCentre [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	9,408	9,258
Alexan Southside Place [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	20,584	20,584
APOK Townhomes [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	7	7
Crescent Perimeter [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	12	12
Domain [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	12	12
Flagler Village [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	44	30
Helios [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	16,360	16,360
Lake Boone Trail [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	11,930	11,930
Vickers Village [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	6	6
West Morehead [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	14	14
Whetstone [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 12,932	$ 12,932

Preferred Equity Investments 43

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	$ 2,461	$ 2,572
Alexan CityCentre [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	383	301
Alexan Southside Place [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	802	641
Domain [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	0	141
EOS [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	0	(22)
Flagler Village [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	0	(1)
Helios [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	605	605
Lake Boone Trail [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	441	421
Whetstone [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	$ 230	$ 486

Preferred Equity Investments 44

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details 2) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Balance Sheets:
Real estate, net of depreciation	$ 448,401		$ 399,111
Other assets	76,303		62,667
Total assets	524,704		461,778
Mortgage payable	388,227		325,702
Other liabilities	23,696		25,956
Total liabilities	411,923		351,658
Members’ equity	112,781		110,120
Total liabilities and members’ equity	524,704		$ 461,778
Operating Statement:
Rental revenues	3,374	$ 819
Operating expenses	(2,786)	(498)
Income before debt service and depreciation and amortization	588	321
Interest expense, net	(1,552)	(1,836)
Depreciation and amortization	(1,936)	(342)
Net loss	$ (2,900)	$ (1,857)

Preferred Equity Investments 45

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details Textual)

Mar. 03, 2017

Jun. 07, 2016USD ($)

Apr. 07, 2015USD ($)

Jan. 12, 2015USD ($)

Dec. 29, 2017USD ($)

Sep. 30, 2016USD ($)

Mar. 31, 2018USD ($)

Jan. 21, 2018

Dec. 31, 2017USD ($)

Oct. 06, 2016USD ($)

Oct. 02, 2016

Jan. 06, 2016

Dec. 18, 2015

Dec. 16, 2015USD ($)

Nov. 20, 2015

May 29, 2015

May 20, 2015USD ($)

Jul. 01, 2014

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

245

Preferred ship Interest Return At Annual Rate

15.00%

Percentage Of Preferred ship Interest

70.00%

Equity Method Investments

$ 71,309,000

$ 71,145,000

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

2,243,000

$ 2,003,000

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

$ 27,600,000

BR Flagler Jvllc [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

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 Preferred Return On Related Party Debt

6.50%

Due From Affiliates

$ 1,500,000

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

Percentage Achieved on Leased and Occupied Units

70.00%

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

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]

Debt Instrument, Description of Variable Rate Basis

based on one-month LIBOR plus 2.65%

Capital Commitment

$ 11,900,000

Percentage of Acquire Preferred Equity Interests

100.00%

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]

Debt Instrument, Description of Variable Rate Basis

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

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

Equity Method Investment And Joint Venture [Line Items]

Debt Instrument, Maturity Date

Jan. 1, 2020

Construction Loan

$ 55,000,000

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

$ 9,400,000

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

100.00%

Expected Preferred Return On Related Party Debt

20.00%

Equity Method Investments

$ 2,900,000

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

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

$ 26,300,000

$ 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

$ 38,000,000

$ 38,100,000

Debt Instrument, Description of Variable Rate Basis

based on one-month LIBOR plus 2.50

Capital Commitment

$ 16,400,000

Percentage of Acquire Preferred Equity Interests

100.00%

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

$ 18,600,000

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 Preferred Return On Related Party Debt

20.00%

Proceeds from Related Party Debt

$ 3,300,000

Revolving credit facilities (De

Revolving credit facilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Long-term Line of Credit	$ 99,165	$ 67,670
Senior Credit Facility [Member]
Long-term Line of Credit	78,049	67,670
Junior Credit Facility [Member]
Long-term Line of Credit	$ 21,116	$ 0

Revolving credit facilities (47

Revolving credit facilities (Details Textual) - USD ($) $ in Millions		Oct. 04, 2017	Mar. 20, 2018	Mar. 31, 2018
Revolving Credit Facility [Member]
Line of Credit Facility, Remaining Borrowing Capacity				$ 23.2
Junior Credit Facility [Member] | Key Bank National Association [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 50
Debt, Weighted Average Interest Rate				5.86%
Junior Credit Facility [Member] | Key Bank National Association [Member] | Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.35%
Junior Credit Facility [Member] | Key Bank National Association [Member] | Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.40%
Junior Credit Facility [Member] | Key Bank National Association [Member] | Line of Credit [Member]
Debt Instrument, Maturity Date			Mar. 20, 2019
Junior Credit Facility [Member] | Key Bank National Association [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member]
Debt Instrument, Description of Variable Rate Basis			LIBOR plus 4.0%
Debt Instrument, Basis Spread on Variable Rate			4.00%
Junior Credit Facility [Member] | Key Bank National Association [Member] | Base Rate [Member] | Line of Credit [Member]
Debt Instrument, Description of Variable Rate Basis			base rate plus 3.0%
Debt Instrument, Basis Spread on Variable Rate			3.00%
Senior Credit Facility [Member] | Key Bank National Association [Member]
Debt, Weighted Average Interest Rate				3.97%
Senior Credit Facility [Member] | Key Bank National Association [Member] | Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.20%
Senior Credit Facility [Member] | Key Bank National Association [Member] | Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.25%
Senior Credit Facility [Member] | Key Bank National Association [Member] | Line of Credit [Member]
Debt Instrument, Maturity Date		Oct. 4, 2020
Senior Credit Facility [Member] | Key Bank National Association [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member]
Debt Instrument, Description of Variable Rate Basis		LIBOR plus 1.80% to 2.45%
Senior Credit Facility [Member] | Key Bank National Association [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		1.80%
Senior Credit Facility [Member] | Key Bank National Association [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		2.45%
Senior Credit Facility [Member] | Key Bank National Association [Member] | Base Rate [Member] | Line of Credit [Member]
Debt Instrument, Description of Variable Rate Basis		base rate plus 0.80% to 1.45%
Senior Credit Facility [Member] | Key Bank National Association [Member] | Base Rate [Member] | Line of Credit [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		0.80%
Senior Credit Facility [Member] | Key Bank National Association [Member] | Base Rate [Member] | Line of Credit [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		1.45%
Senior Credit Facility [Member] | Key Bank National Association [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Current Borrowing Capacity	[1]	$ 150
Line of Credit Facility, Maximum Borrowing Capacity		$ 250
[1]	Represents date of last significant renovation or year built if there were no renovations.

Mortgages Payable (Details)

Mortgages Payable (Details) - Mortgages [Member] - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Total		$ 985,189	$ 946,101
Fair value adjustments		2,530	2,638
Deferred financing costs, net		(9,246)	(9,245)
Total		978,473	939,494
ARIUM at Palmer Ranch [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 26,925	26,925
Interest Rate		3.84%
Fixed/Floating	[1]	LIBOR + 2.17%
Maturity Date		Feb. 1, 2023
ARIUM Grandewood [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 34,294	34,294
Interest Rate		3.49%
Fixed/Floating	[2]	Floating
Maturity Date		Dec. 1, 2024
ARIUM Gulfshore [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 32,626	32,626
Interest Rate		3.84%
Fixed/Floating	[1]	LIBOR + 2.17%
Maturity Date		Feb. 1, 2023
ARIUM Palms [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 24,999	24,999
Interest Rate		3.89%
Fixed/Floating	[1]	LIBOR + 2.22%
Maturity Date		Sep. 1, 2022
ARIUM Pine Lakes [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 26,950	26,950
Interest Rate		3.95%
Fixed/Floating	[2]	Fixed
Maturity Date		Nov. 1, 2023
ARIUM Westside [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]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 31,272	31,401
Interest Rate		4.67%
Fixed/Floating		Fixed
Maturity Date		Dec. 1, 2025
Ashton Reserve II [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 15,270	15,270
Interest Rate		4.29%
Fixed/Floating	[1]	LIBOR + 2.62%
Maturity Date		Jan. 1, 2026
Citrus Tower [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 41,438	41,438
Interest Rate		4.07%
Fixed/Floating		Fixed
Maturity Date		Oct. 1, 2024
Enders Place at Baldwin Park [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[3]	$ 24,169	24,287
Interest Rate	[3]	4.30%
Fixed/Floating	[3]	Fixed
Maturity Date	[3]	Nov. 1, 2022
James on South First [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
Marquis at Crown Ridge [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 29,071	29,217
Interest Rate		3.28%
Fixed/Floating	[1]	LIBOR + 1.61%
Maturity Date		Jun. 1, 2024
Marquis at Stone Oak [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 43,125	43,125
Interest Rate		3.28%
Fixed/Floating	[1]	LIBOR + 1.61%
Maturity Date		Jun. 1, 2024
Marquis at the Cascades I [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 33,207	33,207
Interest Rate		3.28%
Fixed/Floating	[1]	LIBOR + 1.61%
Maturity Date		Jun. 1, 2024
Marquis at Cascades II [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 23,175	23,175
Interest Rate		3.28%
Fixed/Floating	[1]	LIBOR + 1.61%
Maturity Date		Jun. 1, 2024
Marquis at TPC [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 17,094	17,184
Interest Rate		3.28%
Fixed/Floating	[1]	LIBOR + 1.61%
Maturity Date		Jun. 1, 2024
Park & Kingston [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]
Total Outstanding Principal		$ 41,066	41,066
Interest Rate		3.74%
Fixed/Floating	[1]	LIBOR + 2.07%
Maturity Date		Mar. 1, 2024
Roswell City Walk [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]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 38,684	38,684
Interest Rate		3.96%
Fixed/Floating	[1]	LIBOR + 2.29%
Maturity Date		May 1, 2023
Sovereign [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 28,650	28,788
Interest Rate		3.46%
Fixed/Floating		Fixed
Maturity Date		Nov. 10, 2022
The Brodie [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 Preserve at Henderson Beach [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 36,138	36,311
Interest Rate		4.65%
Fixed/Floating		Fixed
Maturity Date		Jan. 5, 2023
Cypress Creek Villages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 26,200	26,200
Interest Rate		3.23%
Fixed/Floating		Fixed
Maturity Date		Oct. 1, 2022
Wesley Village [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 40,545	40,545
Interest Rate		4.25%
Fixed/Floating		Fixed
Maturity Date		Apr. 1, 2024
ARIUM Glenridge [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 48,431	48,431
Interest Rate		4.15%
Fixed/Floating	[1]	LIBOR + 2.18%
Maturity Date		Nov. 1, 2023
ARIUM Hunter’s Creek [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 72,294	72,294
Interest Rate		3.65%
Fixed/Floating		Fixed
Maturity Date		Nov. 1, 2024
Links at Plum Creek [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 40,000	0
Interest Rate		4.31%
Fixed/Floating		Fixed
Maturity Date		Oct. 1, 2025
The Mills [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 26,659	$ 26,777
Interest Rate		4.21%
Fixed/Floating		Fixed
Maturity Date		Jan. 1, 2025
[1]	In March 2018, one month LIBOR in effect was 1.67%. One month LIBOR at March 31, 2018 was 1.88%.
[2]	The 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 March 31, 2018, the interest rates on the initial advance and supplemental loan were 3.34% and 4.41%, respectively.
[3]	The principal balance 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 balance 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] $ in Thousands	Mar. 31, 2018USD ($)
Debt Disclosure [Abstract]
2018 (April 1-December 31)	$ 3,668
2,019	8,017
2,020	31,072
2,021	14,050
2,022	112,085
Thereafter	816,297
Long-term Debt	985,189
Add: Unamortized fair value debt adjustment	2,530
Subtract: Deferred financing costs, net	(9,246)
Total	$ 978,473

Mortgages Payable (Details Text

Mortgages Payable (Details Textual) - USD ($) $ in Thousands		Mar. 02, 2018	Mar. 26, 2018	Mar. 31, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Real Estate Investments, Net, Total				$ 1,450,491	$ 1,397,582
Mortgages [Member]
Line of Credit Facility [Line Items]
Debt Instrument Prepayment Fee Percentage		1.67%		1.88%
Enders Place at Baldwin Park [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				$ 16,500
Debt Instrument, Basis Spread on Variable Rate				3.97%
Enders Place at Baldwin Park [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1]			4.30%
Enders Place at Baldwin Park [Member] | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				$ 7,700
Debt Instrument, Basis Spread on Variable Rate				5.01%
ARIUM Grandewood [Member] | Initial Advance [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				3.34%
Secured Long-term Debt, Noncurrent				$ 29,440
Debt Instrument, Description of Variable Rate Basis				floating rate of 1.67%
ARIUM Grandewood [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				3.49%
ARIUM Grandewood [Member] | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				4.41%
Secured Long-term Debt, Noncurrent				$ 4,850
Debt Instrument, Description of Variable Rate Basis				floating rate of 2.74%
Park Kingston [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				$ 15,300
Debt Instrument, Basis Spread on Variable Rate				3.21%
Park Kingston [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[2]			3.41%
Park Kingston [Member] | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				$ 3,200
Debt Instrument, Basis Spread on Variable Rate				4.34%
The Links at Plum Creek, Castle Rock, CO [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Fee Amount			$ 40,000
Debt Instrument, Basis Spread on Variable Rate			4.31%
Debt Instrument, Payment Terms			with interest only payments until April 2020, and then monthly payments based on 30-year amortization. After June 30, 2025, the loan may be prepaid without prepayment fee or yield maintenance.
Debt Instrument, Term			30 years
[1]	The principal balance 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%.
[2]	The principal balance 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%.

Fair Value of Financial Instr51

Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage Payable At Carrying Value	$ 987.7	$ 948.7
Long-term Debt, Fair Value	$ 975.9	$ 940.7

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Total related-party amounts payable	$ 700	$ 1,575
Former Advisor [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	0	993
BRE Entities [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	700	582
Base management fee [Member] | Former Advisor [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	0	993
Operating Expense Reimbursements and Direct Expense Reimbursements [Member] | BRE Entities [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	523	508
Reimbursable Offering Costs [Member] | BRE Entities [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	$ 177	$ 74

Related Party Transactions (D53

Related Party Transactions (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Due From Affiliates Excluding Former Advisor	$ 2,200		$ 2,000
Incentive Fee Expense		$ 400
Stock Issued During Period, Shares, Share-based Compensation, Gross		34,803
Issuance of Preferred Stock, Commission Fee Percentage	10.00%
Issuance Of Preferred Stock Dealer Manager Fee Percentage	10.00%
Commissions Payable to Broker-Dealers and Clearing Organizations	$ 1,300	$ 600
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Reimbursement Of Organizational And Offering Costs		600
Allocated Share-based Compensation Expense		30
Reimbursement of Payroll Related Costs	100
Reimbursement of Payroll Operating Costs	400
Long-term Incentive Plan Units [Member]
Related Party Transaction [Line Items]
Management Fees	$ 2,300
LTIP Units [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Allocated Share-based Compensation Expense		$ 300
LTIP Units [Member] | Long-term Incentive Plan Units [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross	183,150
Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Reimbursement Of Offering Costs	$ 300

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders		$ (9,425)	$ (4,990)
Dividends on LTIP Units expected to vest		(172)	0
Basic net loss attributable to common stockholders		$ (9,597)	$ (4,990)
Weighted average common shares outstanding (in shares)	[1]	24,143,382	24,989,621
Potential dilutive shares	[2]	0	0
Weighted average common shares outstanding and potential dilutive shares	[1]	24,143,382	24,989,621
Net loss per common share, basic		$ (0.40)	$ (0.2)
Net loss per common share, diluted		$ (0.40)	$ (0.2)
[1]	For 2018, amounts relate to shares of the Company’s Class A and Class C common stock outstanding. For 2017, amounts relate to shares of Class A common stock and LTIP Units outstanding.
[2]	Excludes none and 661 shares of common stock, for the three months ended March 31, 2018 and 2017, respectively, related to non-vested restricted stock, as the effect would be anti-dilutive.

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - Class A common stock [Member]	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
Stock Repurchased During Period, Shares	530,693
Stock Repurchased During Period, Per Share | $ / shares	$ 7.92
January 1, 2018 through January 31, 2018 [Member]
Stock Repurchased During Period, Shares	0
Stock Repurchased During Period, Per Share | $ / shares	$ 0
February 1, 2018 through February 28, 2018 [Member]
Stock Repurchased During Period, Shares	331,090
Stock Repurchased During Period, Per Share | $ / shares	$ 7.84
March 1, 2018 through March 31, 2018 [Member]
Stock Repurchased During Period, Shares	199,603
Stock Repurchased During Period, Per Share | $ / shares	$ 8.01
Publicly Announced Plan [Member]
Stock Repurchased During Period, Shares	530,693
Publicly Announced Plan [Member] | January 1, 2018 through January 31, 2018 [Member]
Stock Repurchased During Period, Shares	0
Stock Repurchased Maximum Dollar Value of Shares | $	$ 0
Publicly Announced Plan [Member] | February 1, 2018 through February 28, 2018 [Member]
Stock Repurchased During Period, Shares	331,090
Stock Repurchased Maximum Dollar Value of Shares | $	$ 22,398,638
Publicly Announced Plan [Member] | March 1, 2018 through March 31, 2018 [Member]
Stock Repurchased During Period, Shares	199,603
Stock Repurchased Maximum Dollar Value of Shares | $	$ 20,795,897

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2)	3 Months Ended
	Mar. 31, 2018$ / shares
Common Class A [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 One [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	Oct. 13, 2017
Payable to stockholders of record as of	Dec. 22, 2017
Amount	$ 0.096667
Date Paid	Jan. 5, 2018
Common Class C One [Member]
Declaration Date	Dec. 20, 2017
Payable to stockholders of record as of	Mar. 23, 2018
Amount	$ 0.162500
Date Paid	Apr. 5, 2018
Series A Preferred Stock [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 A Preferred Stock One [Member]
Declaration Date	Mar. 9, 2018
Payable to stockholders of record as of	Mar. 23, 2018
Amount	$ 0.515625
Date Paid	Apr. 5, 2018
Series B Preferred Stock [Member]
Declaration Date	Oct. 13, 2017
Payable to stockholders of record as of	Dec. 22, 2017
Amount	$ 5
Date Paid	Jan. 5, 2018
Series B Preferred Stock One [Member]
Declaration Date	Jan. 12, 2018
Payable to stockholders of record as of	Jan. 25, 2018
Amount	$ 5
Date Paid	Feb. 5, 2018
Series B Preferred Stock Two [Member]
Declaration Date	Jan. 12, 2018
Payable to stockholders of record as of	Feb. 23, 2018
Amount	$ 5
Date Paid	Mar. 5, 2018
Series B Preferred Stock Three [Member]
Declaration Date	Jan. 12, 2018
Payable to stockholders of record as of	Mar. 23, 2018
Amount	$ 5
Date Paid	Apr. 5, 2018
Series C Preferred Stock [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 C Preferred Stock One [Member]
Declaration Date	Mar. 9, 2018
Payable to stockholders of record as of	Mar. 23, 2018
Amount	$ 0.4765625
Date Paid	Apr. 5, 2018
Series D Preferred Stock [Member]
Declaration Date	Dec. 8, 2017
Payable to stockholders of record as of	Dec. 22, 2017
Amount	$ 0.4453125
Date Paid	Jan. 5, 2018
Series D Preferred Stock One [Member]
Declaration Date	Mar. 9, 2018
Payable to stockholders of record as of	Mar. 23, 2018
Amount	$ 0.4453125
Date Paid	Apr. 5, 2018

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	$ 8,344
Distributions Paid	11,146
Common Class A [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	(79)	[1]
Distributions Paid	2,341	[1]
Common Class C [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	0
Distributions Paid	7
Series A Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	2,950
Distributions Paid	2,950
Series B Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	2,921
Distributions Paid	2,816
Series C Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,107
Distributions Paid	1,107
Series D Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,270
Distributions Paid	1,270
Operating Partnership Units [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	0
Distributions Paid	602
Long-term Incentive Plan Units [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	175
Distributions Paid	$ 53
[1]	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 was 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 Company recorded an estimated accrued distribution at December 31, 2017 based on the Class A common stock outstanding. Due to the impact of the Class A common stock repurchase program that was initiated in February 2018, the distribution required based on the outstanding Class A common stock at the March 23, 2018 record date was lower than the accrued distribution recorded at December 31, 2017 and therefore, a negative declared distribution is reflected.

Stockholders' Equity (Details T

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

Jan. 11, 2017

Mar. 31, 2018

Feb. 28, 2018

Jan. 31, 2018

Dec. 20, 2017

Oct. 26, 2017

Feb. 14, 2017

Jan. 24, 2017

Jan. 17, 2017

Mar. 31, 2018

Mar. 31, 2017

Dec. 31, 2017

Aug. 08, 2016

Class of Stock [Line Items]

Proceeds From Issuance Of Common Stock

$ 6,000

$ 57,338,000

Stock Repurchased During Period, Value

$ 4,204,000

Unvested [Member]

Class of Stock [Line Items]

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

3.32%

Stock Offering [Member]

Class of Stock [Line Items]

Class of Warrant or Right, Outstanding

203,217

203,217

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

25.11%

OP Unit holders [Member]

Class of Stock [Line Items]

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

19.60%

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

5.51%

Partners' Capital Account, Units, Beginning Balance

1,750,606

1,750,606

Common Class A [Member]

Class of Stock [Line Items]

Proceeds From Issuance Of Common Stock

$ 49,800,000

Dividends Payable, Date of Record

Dec. 22, 2017

Dividends Payable, Date to be Paid

Jan. 5, 2018

Stock Issued During Period, Shares, New Issues

600,000

4,000,000

665

Common Stock, Par or Stated Value Per Share

$ 0.01

$ 0.01

$ 0.01

$ 0.01

Sale of Stock, Price Per Share

$ 13.15

Preferred Stock, Value, Issued

$ 100,000,000,000

Proceeds from Issuance of Preferred Stock and Preference Stock

$ 7,500,000

Redemption Of SeriesB Preferred Stock And Conversion Into Class Common Stock Shares

44,965

Stock Repurchase Program, Authorized Amount

$ 25,000,000

Stock Repurchased During Period, Shares

530,693

Stock Repurchased During Period, Value

$ 5,000

Shares, Outstanding, Beginning Balance

23,733,296

23,733,296

24,218,359

Stock Repurchase Program, Period in Force

1 year

Common Class A [Member] | Stock Offering [Member]

Class of Stock [Line Items]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights

4,064,340

4,064,340

Redemption Of SeriesB Preferred Stock And Conversion Into Class Common Stock Shares

44,965

Shares, Outstanding, Beginning Balance

482

482

Series B Preferred Stock [Member]

Class of Stock [Line Items]

Dividends Payable, Date of Record

Dec. 22, 2017

Dividends Payable, Date to be Paid

Jan. 5, 2018

Series B Preferred Stock [Member] | Stock Offering [Member]

Class of Stock [Line Items]

Stock Issued During Period, Shares, New Issues

18,531

Proceeds from Issuance of Preferred Stock and Preference Stock

$ 16,700,000

Redemption Of SeriesB Preferred Stock And Conversion Into Class Common Stock Shares

203,217

Proceeds from Issuance or Sale of Equity

$ 182,900,000

Payments for Repurchase of Preferred Stock and Preference Stock

$ 32,550

Shares, Outstanding, Beginning Balance

35

35

Class A and Class C common stock [Member]

Class of Stock [Line Items]

Dividends Payable, Date of Record

Mar. 23, 2018

Dividends Payable, Date to be Paid

Apr. 5, 2018

Share Price

$ 0.1625

Common Class C [Member]

Class of Stock [Line Items]

Dividends Payable, Date of Record

Dec. 22, 2017

Dividends Payable, Date to be Paid

Jan. 5, 2018

Stock Issued During Period, Shares, New Issues

0

Common Stock, Par or Stated Value Per Share

$ 0.01

$ 0.01

$ 0.01

Stock Repurchased During Period, Shares

0

Stock Repurchased During Period, Value

$ 0

Shares, Outstanding, Beginning Balance

76,603

76,603

76,603

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

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period, Grant Date Fair Value

$ 100,000

Long-term Incentive Plan Units [Member] | Time-based LTIP Units [Member]

Class of Stock [Line Items]

Share-based Compensation

$ 1,100,000

Long-term Incentive Plan Units [Member] | Performance Based LTIP Units [Member]

Class of Stock [Line Items]

Share-based Compensation

$ 100,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

125,165

Long-term Incentive Plan Units [Member] | Share-based Compensation Award, Tranche One [Member] | Time-based LTIP Units [Member]

Class of Stock [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

770,854

Long-term Incentive Plan Units [Member] | Share-based Compensation Award, Tranche Two [Member] | Time-based LTIP Units [Member]

Class of Stock [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

160,192

Long-term Incentive Plan Units [Member] | Manager [Member]

Class of Stock [Line Items]

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

212,203

Long-term Incentive Plan Units [Member] | General and Administrative Expense [Member]

Class of Stock [Line Items]

Allocated Share-based Compensation Expense

$ 300,000

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

661

Incentive Plans 2014 [Member] | Long-term Incentive Plan Units [Member]

Class of Stock [Line Items]

Share-based Compensation

$ 200,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

6,263

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

4 years 1 month 6 days

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

$ 9,400,000

$ 9,400,000

Incentive Plans 2014 [Member] | Long-term Incentive Plan Units [Member] | Executive Officer [Member]

Class of Stock [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

Incentive Plans 2014 [Member] | Long-term Incentive Plan Units [Member] | Executive Officer [Member] | Share-based Compensation Award, Tranche One [Member]

Class of Stock [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

5 years

Incentive Plans 2014 [Member] | Long-term Incentive Plan Units [Member] | Executive Officer [Member] | Share-based Compensation Award, Tranche Two [Member]

Class of Stock [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

3 years

Subsequent Events (Details)

Subsequent Events (Details) - Series B Preferred Stock [Member]	3 Months Ended
	Mar. 31, 2018$ / shares
Subsequent Event [Line Items]
Declaration of Dividends, Declaration Date	Oct. 13, 2017
Declaration of Dividends, Payable to stockholders of record as of	Dec. 22, 2017
Declaration of Dividends, Amount	$ 5
Declaration of Dividends, Date Paid	Jan. 5, 2018
May 4, 2018 [Member] | Dividend Declared [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Declaration Date	Apr. 13, 2018
Declaration of Dividends, Payable to stockholders of record as of	Apr. 25, 2018
Declaration of Dividends, Amount	$ 5
Declaration of Dividends, Date Paid	May 4, 2018
June 5, 2018 [Member] | Dividend Declared [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Declaration Date	Apr. 13, 2018
Declaration of Dividends, Payable to stockholders of record as of	May 25, 2018
Declaration of Dividends, Amount	$ 5
Declaration of Dividends, Date Paid	Jun. 5, 2018
July 5, 2018 [Member] | Dividend Declared [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Declaration Date	Apr. 13, 2018
Declaration of Dividends, Payable to stockholders of record as of	Jun. 25, 2015
Declaration of Dividends, Amount	$ 5
Declaration of Dividends, Date Paid	Jul. 5, 2018

Subsequent Events (Details 1)

Subsequent Events (Details 1) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	May 04, 2018	Mar. 31, 2018
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Total Distribution	$ 12,524
Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date		Dec. 8, 2017
Dividends, Record Date		Dec. 22, 2017
Dividends, Date paid		Jan. 5, 2018
Declaration of Dividends, Amount		$ 0.515625
Series A Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Mar. 9, 2018
Dividends, Record Date	Mar. 23, 2018
Dividends, Date paid	Apr. 5, 2018
Declaration of Dividends, Amount	$ 0.515625
Dividends, Total Distribution	$ 2,950
Series B Preferred Stock One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Apr. 13, 2018
Dividends, Record Date	Apr. 25, 2018
Dividends, Date paid	May 4, 2018
Declaration of Dividends, Amount	$ 5
Dividends, Total Distribution	$ 1,040
Series C Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date		Dec. 8, 2017
Dividends, Record Date		Dec. 22, 2017
Dividends, Date paid		Jan. 5, 2018
Declaration of Dividends, Amount		$ 0.4765625
Series C Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Mar. 9, 2018
Dividends, Record Date	Mar. 23, 2018
Dividends, Date paid	Apr. 5, 2018
Declaration of Dividends, Amount	$ 0.4765625
Dividends, Total Distribution	$ 1,107
Operating Partnership Units One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Dec. 20, 2017
Dividends, Record Date	Mar. 23, 2018
Dividends, Date paid	Apr. 5, 2018
Declaration of Dividends, Amount	$ 0.1625
Dividends, Total Distribution	$ 1,012
Long-term Incentive Plan Units One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Dec. 20, 2017
Dividends, Record Date	Mar. 23, 2018
Dividends, Date paid	Apr. 5, 2018
Declaration of Dividends, Amount	$ 0.1625
Dividends, Total Distribution	$ 266
Series B Preferred Stock [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		$ 5
Series B Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Jan. 12, 2018
Dividends, Record Date	Mar. 23, 2018
Dividends, Date paid	Apr. 5, 2018
Declaration of Dividends, Amount	$ 5
Dividends, Total Distribution	$ 1,011
Series D Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date		Dec. 8, 2017
Dividends, Record Date		Dec. 22, 2017
Dividends, Date paid		Jan. 5, 2018
Declaration of Dividends, Amount		$ 0.4453125
Series D Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Mar. 9, 2018
Dividends, Record Date	Mar. 23, 2018
Dividends, Date paid	Apr. 5, 2018
Declaration of Dividends, Amount	$ 0.4453125
Dividends, Total Distribution	$ 1,269
Common Class A [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
Common Class A [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Dec. 20, 2017
Dividends, Record Date	Mar. 23, 2018
Dividends, Date paid	Apr. 5, 2018
Declaration of Dividends, Amount	$ 0.1625
Dividends, Total Distribution	$ 3,857
Common Class C [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
Common Class C [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Dec. 20, 2017
Dividends, Record Date	Mar. 23, 2018
Dividends, Date paid	Apr. 5, 2018
Declaration of Dividends, Amount	$ 0.162500
Dividends, Total Distribution	$ 12

Subsequent Events (Details Text

Subsequent Events (Details Textual) $ in Thousands	May 03, 2018USD ($)	May 01, 2018USD ($)	Apr. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Subsequent Event [Line Items]
Long-term Line of Credit				$ 99,165	$ 67,670
Number of Units in Real Estate Property				12,672
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of Units in Real Estate Property		264
Proceeds from Issuance of Senior Long-term Debt		$ 46,200
Subsequent Event [Member] | Sands Parc [Member]
Subsequent Event [Line Items]
Equity Method Investment, Ownership Percentage		100.00%
Business Acquisition Indirect Ownership, Amount		$ 46,200
Subsequent Event [Member] | Fannie Facility, Initial Advance [Member]
Subsequent Event [Line Items]
Long-term Line of Credit	$ 22,100		$ 64,600
Line of Credit Facility, Expiration Period	84 months		84 months
Line of Credit Facility, Interest Rate During Period	4.30%		4.43%
Line of Credit Facility, Expiration Date	Jun. 1, 2025		May 1, 2025