Bluerock Residential Growth REIT (BRG) 10-Q 6 Nov 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 02, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
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
Entity Emerging Growth Company	false
Entity Small Business	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		23,676,891
Common Class C [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		76,603

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Net Real Estate Investments
Land	$ 181,985	$ 169,135
Buildings and improvements	1,419,423	1,244,193
Furniture, fixtures and equipment	48,618	38,446
Construction in progress	241	985
Total Gross Real Estate Investments	1,650,267	1,452,759
Accumulated depreciation	(93,751)	(55,177)
Total Net Real Estate Investments	1,556,516	1,397,582
Cash and cash equivalents	26,356	35,015
Restricted cash	32,132	29,575
Notes and accrued interest receivable from related parties	163,241	140,903
Due from affiliates	2,782	2,003
Accounts receivable, prepaid and other assets	19,883	9,689
Preferred equity investments and investments in unconsolidated real estate joint ventures	77,466	71,145
In-place lease intangible assets, net	1,212	4,635
Total Assets	1,879,588	1,690,547
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Mortgages payable	1,107,081	939,494
Revolving credit facilities	62,959	67,670
Accounts payable	1,505	1,652
Other accrued liabilities	34,268	22,952
Due to affiliates	537	1,575
Distributions payable	11,848	14,287
Total Liabilities	1,218,198	1,047,630
Stockholders' Equity
Additional paid-in-capital	309,883	318,170
Distributions in excess of cumulative earnings	(201,914)	(164,286)
Total Stockholders' Equity	176,912	222,832
Noncontrolling Interests
Operating partnership units	31,911	42,999
Partially owned properties	22,718	20,347
Total Noncontrolling Interests	54,629	63,346
Total Equity	231,541	286,178
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY	1,879,588	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	234,086	161,742
Cumulative Preferred Stock [Member] | Series A [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	139,355	138,801
Cumulative Preferred Stock [Member] | Series C [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	56,408	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	9 Months Ended	12 Months Ended
	Sep. 30, 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
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, Dividend Rate, Percentage	7.125%	7.125%
Temporary Equity, Shares Outstanding	2,850,602	2,850,602
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	263,095	184,130
Temporary Equity, Shares Outstanding	263,095	184,130
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	23,672,080	24,218,359
Common stock, shares outstanding	23,672,080	24,218,359
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		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues
Net rental income		$ 37,408	$ 24,827	$ 104,791	$ 72,239
Other property revenues		4,767	3,207	13,382	9,024
Interest income from related parties		5,702	2,120	16,532	5,741
Total revenues		47,877	30,154	134,705	87,004
Expenses
Property operating		17,971	12,060	50,504	34,205
Property management fees		1,141	781	3,208	2,250
General and administrative		4,732	1,103	13,929	4,249
Management fees to related parties		0	2,802	0	11,733
Acquisition and pursuit costs		7	15	78	3,215
Management internalization		0	826	0	1,647
Weather-related losses, net		13	678	181	678
Depreciation and amortization		15,384	11,763	45,844	33,094
Total expenses		39,248	30,028	113,744	91,071
Operating income (loss)		8,629	126	20,961	(4,067)
Other income (expense)
Other income		0	0	0	17
Preferred returns and equity in income of unconsolidated real estate joint ventures		2,789	2,688	7,877	7,865
Gain on sale of real estate investments		0	0	0	50,040
Gain on sale of real estate joint venture interests		0	0	0	10,238
Loss on extinguishment of debt and modification costs		(1,624)	0	(2,277)	(1,639)
Interest expense, net		(12,905)	(7,395)	(36,063)	(22,339)
Total other (expense) income		(11,740)	(4,707)	(30,463)	44,182
Net (loss) income		(3,111)	(4,581)	(9,502)	40,115
Preferred stock dividends		(9,105)	(7,038)	(25,995)	(19,271)
Preferred stock accretion		(1,631)	(905)	(4,141)	(1,889)
Net (loss) income attributable to noncontrolling interests
Operating partnership units		(3,157)	(125)	(8,841)	4
Partially owned properties		(356)	(382)	(824)	18,388
Net (loss) income attributable to noncontrolling interests		(3,513)	(507)	(9,665)	18,392
Net (loss) income attributable to common stockholders		$ (10,334)	$ (12,017)	$ (29,973)	$ 563
Net (loss) income per common share - Basic		$ (0.44)	$ (0.45)	$ (1.28)	$ 0.02
Net (loss) income per common share – Diluted		$ (0.44)	$ (0.45)	$ (1.28)	$ 0.02
Weighted average basic common shares outstanding	[1]	23,742,129	26,474,093	23,893,957	25,851,536
Weighted average diluted common shares outstanding		23,742,129	26,474,093	23,893,957	25,852,059
[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 - 9 months ended Sep. 30, 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 (loss) income to Common Stockholders [Member]	Net (loss) income to Common Stockholders [Member]Series A Preferred Stock [Member]	Net (loss) income to Common Stockholders [Member]Series B Preferred Stock [Member]	Net (loss) income to Common Stockholders [Member]Series C Preferred Stock [Member]	Net (loss) income to Common Stockholders [Member]Series D Preferred Stock [Member]	Noncontrolling Interests [Member]	Noncontrolling Interests [Member]Series A Preferred Stock [Member]	Noncontrolling Interests [Member]Series B Preferred Stock [Member]	Noncontrolling Interests [Member]Series C Preferred Stock [Member]	Noncontrolling 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	25	$ 0	$ 0				$ 0	25					0					0					0
Issuance of Class A common stock, net (in shares)		2,931	0		264,622		0
Repurchase of Class A common stock	(5,162)	$ (6)	$ 0					(5,156)
Repurchase of Class A common stock (in shares)		(637,733)	0
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation	190	$ 0	$ 0				$ 0	0					0					0					190
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation (in shares)		0	0				0
Issuance of LTIP units for compensation	3,783	$ 0	$ 0				$ 0	0					0					0					3,783
Issuance of LTIP units for compensation (in shares)		0	0				0
Issuance of LTIP units	1,699	$ 0	$ 0				$ 0	0					0					0					1,699
Issuance of Series B warrants	1,175	0	0				0	1,175					0					0					0
Contributions from noncontrolling interests, net	6,445	0	0				0	0					0					0					6,445
Common stock distribution declared	(7,655)	0	0				0	0					(7,655)					0					0
Preferred Stock distributions declared	(25,995)			$ (8,850)	$ (10,016)	$ (3,321)	(3,808)		$ 0	$ 0	$ 0	$ 0		$ (8,850)	$ (10,016)	$ (3,321)	$ (3,808)		$ 0	$ 0	$ 0	$ 0		$ 0	$ 0	$ 0	$ 0
Stock accretion	(4,141)			$ (554)	$ (3,375)	$ (212)			$ 0	$ 0	$ 0			$ (554)	$ (3,375)	$ (212)			$ 0	$ 0	$ 0			$ 0	$ 0	$ 0
Distributions to operating partnership noncontrolling interests	(2,809)	0	0				0	0					0					0					(2,809)
Distributions to partially owned noncontrolling interests	(1,406)	0	0				0	0					0					0					(1,406)
Redemption of Series B Preferred Stock and conversion into Class A common stock	887	$ 1	$ 0				$ 0	886					0					0					0
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)		88,523	0				0
Cash redemption of Series B Preferred Stock	7	$ 0	$ 0				$ 0	7					0					0					0
Transfer of noncontrolling interest to controlling interest	(1,844)																						(1,844)
Acquisition of noncontrolling interest	(10,334)							(10,334)
Adjustment for noncontrolling interest ownership in Operating Partnership	0	0	0				0	5,110					0										(5,110)
Net income (loss)	(9,502)	0	0				0	0					0					163					(9,665)
Balance at Sep. 30, 2018	$ 231,541	$ 237	$ 1				$ 68,705	$ 309,883					$ (172,608)					$ (29,306)					$ 54,629
Balance (in shares) at Sep. 30, 2018		23,672,080	76,603				2,850,602

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities
Net (loss) income	$ (9,502)	$ 40,115
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	49,250	35,035
Amortization of fair value adjustments	(326)	(227)
Preferred returns and equity in income of unconsolidated real estate joint ventures	(7,877)	(7,865)
Gain on sale of real estate investments	0	(50,040)
Gain on sale of real estate joint venture interests	0	(10,238)
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures	7,105	7,079
Share-based compensation attributable to equity incentive plan	3,973	109
Share-based compensation to former Manager - LTIP Units	1,699	12,154
Changes in operating assets and liabilities:
Due (from) to affiliates, net	(2,122)	170
Accounts receivable, prepaid and other assets	(7,692)	(7,247)
Accounts payable and other accrued liabilities	11,169	14,216
Net cash provided by operating activities	45,677	33,261
Cash flows from investing activities:
Acquisitions of real estate investments	(186,135)	(259,105)
Capital expenditures	(14,868)	(33,525)
Investment in notes receivable from related parties	(21,261)	(20,395)
Proceeds from sale of real estate investments	0	71,945
Proceeds from sale of joint venture interests	0	17,603
Deconsolidation of interests in MDA Apartments, Novel Perimeter and Vickers Historic Roswell	0	(16)
Purchase of interests from noncontrolling interests	(12,178)	(344)
Investment in unconsolidated real estate joint venture interests	(6,320)	(18,448)
Net cash used in investing activities	(240,762)	(242,285)
Cash flows from financing activities:
Distributions to common stockholders	(10,094)	(22,235)
Distributions to noncontrolling interests	(4,625)	(29,948)
Distributions to preferred stockholders	(25,587)	(18,550)
Contributions from noncontrolling interests	6,445	10,738
Borrowings on mortgages payable	396,812	155,045
Repayments on mortgages payable	(226,819)	(1,841)
Proceeds from revolving credit facilities	161,995	0
Repayments of revolving credit facilities	(166,706)	0
Payments of deferred financing fees	(6,147)	(3,685)
Payments to purchase interest rate caps	(2,191)	0
Net proceeds from issuance of Class A common stock	25	57,359
Repurchase of Class A common stock	(5,162)	0
Net proceeds from issuance of Warrants associated with the Series B Redeemable Preferred Stock	1,175	2,048
Payments to redeem Operating Partnership Units	(1)	(19)
Net cash provided by financing activities	188,983	249,324
Net (decrease) increase in cash, cash equivalents and restricted cash	(6,102)	40,300
Cash, cash equivalents and restricted cash at beginning of period	64,590	127,449
Cash, cash equivalents and restricted cash at end of period	58,488	167,749
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	32,491	20,474
Conversion of preferred equity investment to note receivable	0	(14,435)
Distributions payable - declared and unpaid	11,848	8,580
Mortgages assumed upon property acquisitions	0	146,377
Mortgages assumed by buyer upon sale of real estate assets	0	(41,419)
Reduction of assets from deconsolidation	0	53,574
Reduction of mortgages payable from deconsolidation	0	36,854
Reduction of other liabilities from deconsolidation	0	1,002
Reduction of noncontrolling interests from deconsolidation	0	8,833
Series A Preferred Stock [Member]
Cash flows from financing activities:
Net proceeds from issuance of Series Redeemable Preferred Stock	0	(173)
Series B Preferred Stock [Member]
Cash flows from financing activities:
Net proceeds from issuance of Series Redeemable Preferred Stock	69,940	101,015
Payments to redeem 6.0% Series B Redeemable Preferred Stock	(77)	(229)
Series C Preferred Stock [Member]
Cash flows from financing activities:
Net proceeds from issuance of Series Redeemable Preferred Stock	0	(146)
Series D Preferred Stock [Member]
Cash flows from operating activities
Net (loss) income	0
Cash flows from financing activities:
Net proceeds from issuance of Series Redeemable Preferred Stock	$ 0	$ (55)

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical]	9 Months Ended
	Sep. 30, 2017
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	8.25%
Series B Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	6.00%
Series C Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	7.625%
Series D Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	7.125%

Organization and Nature of Busi

Organization and Nature of Business	9 Months Ended
	Sep. 30, 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 adjusted funds from operations and net asset value primarily through its Value-Add and Invest-to-Own investment strategies. As of September 30, 2018, the Company owned interests in forty-three real estate properties, thirty-two consolidated operating properties and eleven through preferred equity and mezzanine loan investments. Of the property interests held through preferred equity and mezzanine loan investments, two are under development, seven are in lease-up and two properties are stabilized. The forty-three properties contain an aggregate of 13,574 units, comprised of 10,774 consolidated operating units and 2,800 units through preferred equity and mezzanine loan investments. As of September 30, 2018, the Company’s consolidated operating properties were approximately 95% occupied. The Company has elected to be treated, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. As a REIT, the Company generally is not subject to corporate-level income taxes. To maintain its REIT status, the Company is required, among other requirements, to distribute annually at least 90% of its “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s stockholders. If the Company fails to qualify as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate tax rates.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	Note 2 – Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The Company operates as an umbrella partnership REIT in which 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 September 30, 2018, limited partners other than the Company owned approximately 25.34% of the common units of the Operating Partnership (19.59% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 5.75% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 3.32% which are not vested at September 30, 2018). The Company is an internally managed REIT as a result of the management internalization transactions completed on October 31, 2017, and is no longer externally managed by BRG Manager, LLC (the “former Manager”). 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% of the voting equity and control does not rest with other investors. Investments in real estate joint ventures in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting. These entities are reflected on the Company’s consolidated financial statements as “Preferred equity investments and investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company will consider future joint ventures for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation. Summary of Significant Accounting Policies 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 that 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. 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. Fair Value For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price the Company would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy as defined in ASC Topic 820, “ · Level 1: Quoted prices for identical instruments in active markets · Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable · Level 3: Significant inputs to the valuation model are unobservable Derivative Financial Instruments The estimated fair values of derivative financial instruments are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair value of interest rate caps is determined using the market-standard methodology of discounting the future expected cash receipts which would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The inputs used in the valuation of interest rate caps fall within Level 2 of the fair value hierarchy. Financial Instrument Fair Value Disclosures As of September 30, 2018 and December 31, 2017, the carrying values of cash and cash equivalents, accounts receivable, due to and due from affiliates, accounts payable, accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. The fair value of notes receivable is classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations. 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. 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. Other than the adoption of new 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. 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 reflect 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 are to 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 2016-18 as of January 1, 2018. In August 2016, the FASB issued ASU No. 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. With respect to distributions from equity-method investees, the Company uses the nature of distributions approach. In 2018, the Company adjusted the consolidated statement of cash flows as required in conjunction with the adoption of . In June 2016, the FASB updated ASC Topic 326 "Financial Instruments - Credit Losses" with 2016-13 “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. This amendment requires financial instruments carried at amortized cost to be presented at the net amount expected to be collected, utilizing a valuation account which reflects the cumulative net adjustments from the gross amortized cost value. Under existing GAAP, entities would not record a valuation allowance until a loss was probable of occurring. 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 the impact this standard may have on the Company’s consolidated 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 revenue 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 July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements” (“ASU 2018-11”). ASU 2018-11 provides lessors with a practical expedient in combining lease and non-lease components if certain criteria are met. The Company believes that adoption of the practical expedient will result in changes in presentation and disclosure of revenue being combined into one revenue component but will have no material effect on the timing of revenue recognition. Based on the Company’s initial assessments, the Company does not have material lessee operating lease commitments. The Company will continue to evaluate the impact of adopting the new leases standard on its consolidated financial statements. 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 majority of the Company's revenue is derived from rental income and other lease related revenue, 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, including interest income from related parties, were determined not to be within the scope of ASU 2014-09, gains and losses from real estate dispositions as defined in Subtopic 610-20 discussed below, and notes and accrued interest receivable from related parties, which the ASU provides to follow established guidance in Topic 310. 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 In addition to the comprehensive new revenue guidance, ASU 2014-09 also introduced new standards for accounting for gains and losses from derecognition of nonfinancial assets, which was codified into ASC Topic 610-20, “Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets”. The scope of ASC Topic 610-20 was further clarified in ASU 2017-05, “Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” (“ASU 2017-05”), noting 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 and losses on sale of real estate investments. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete. Subsequent to the adoption of the new standard, a gain or loss is recognized when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtained control of the nonfinancial asset when sold. As a result, the Company may recognize a gain on a real estate disposition transaction that previously did not qualify as a sale or for full profit recognition due to the timing of the transfer of control or certain forms of continuing involvement. ASU 2017-05 is effective for annual periods beginning after December 15, 2017. In August 2018, the FASB issued ASU No. 2018-15 "Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40)" (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2019, though early adoption, including adoption in interim periods, is permissible. The Company has elected early adoption and there has been no material impact to the Company upon its adoption of ASU 2018-15.

Sale of Real Estate Asset and A

Sale of Real Estate Asset and Abandonment of Development Project	9 Months Ended
	Sep. 30, 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. Sale of Lansbrook Village On April 26, 2017, the Company closed on the sale of Lansbrook Village, located in Palm Harbor, Florida. The 90% owned property was sold for approximately $82.4 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for assumption of the existing mortgage indebtedness encumbering Lansbrook Village in the amount of $57.2 million and payment of closing costs and fees of $1.2 million, the sale of the property generated net proceeds of approximately $24.1 million and a gain on sale of approximately $22.8 million, of which the Company’s pro rata share of proceeds was approximately $19.1 million and pro rata share of the gain was approximately $16.1 million. Sale of Fox Hill On May 24, 2017, the Company closed on the sale of the Fox Hill property, located in Austin, Texas. The property was sold for approximately $46.5 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the Fox Hill property in the amount of $26.7 million, the payment of early extinguishment of debt costs of $1.6 million and payment of closing costs and fees of $0.5 million, the sale of the property generated net proceeds of approximately $19.2 million and a gain on sale of approximately $10.7 million, of which the Company’s pro rata share of proceeds was approximately $16.4 million and pro rata share of the gain was approximately $10.3 million. Sale of MDA Apartments On June 30, 2017, the Company closed on the sale of its interest in MDA Apartments, located in Chicago, Illinois. The Company’s 35% interest in the property was sold for approximately $18.3 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payment of closing costs and fees of $0.7 million, the sale of the joint venture interest in the property generated net proceeds of approximately $17.6 million and gain on sale of $10.2 million, of which the Company’s pro rata share of proceeds was approximately $11.0 million and pro rata share of the gain was approximately $6.4 million. Election to Abandon East San Marco Development On November 24, 2015, the Company entered into a cost-sharing agreement to pursue the acquisition of a tract of real property located in Jacksonville, Florida for the development of a 266-unit, Class A multifamily apartment community with 44,276 square feet of retail space, or the East San Marco Property. In 2017 the Company elected to abandon pursuit of the development of the East San Marco Property due to significant cost escalations arising from scope changes imposed on the project after the start and from both general and market specific labor and material inflation, which negatively impacted the risk and return profile of the project. The Company 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	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	Note 4 – Investments in Real Estate As of September 30, 2018, the Company was invested in thirty-two consolidated 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. Consolidated Operating Properties Multifamily Community Name Location Number of Units Date Built / Renovated (1) Ownership Interest ARIUM at Palmer Ranch Sarasota, FL 320 2016 100.0 % ARIUM Glenridge Atlanta, GA 480 1990 90.0 % ARIUM Grandewood Orlando, FL 306 2005 100.0 % ARIUM Gulfshore Naples, FL 368 2016 100.0 % ARIUM Hunter’s Creek Orlando, FL 532 1999 100.0 % ARIUM Metrowest Orlando, FL 510 2001 100.0 % ARIUM Palms Orlando, FL 252 2008 100.0 % 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 % Plantation Park Lake Jackson, TX 238 2016 80.0 % Preston View Morrisville, NC 382 2000 100.0 % Roswell City Walk Roswell, GA 320 2015 98.0 % Sands Parc Daytona Beach, FL 264 2017 100.0 % 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 % Veranda at Centerfield Houston, TX 400 1999 93.0 % Villages of Cypress Creek Houston, TX 384 2001 80.0 % Wesley Village Charlotte, NC 301 2010 100.0 % Total 10,774 (1) Depreciation expense was $13.7 million and $8.9 million, and $38.7 million and $24.5 million, for the three and nine months ended September 30, 2018 and 2017, respectively. 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 $1.7 million and $2.9 million, and $7.1 million and $8.6 million, for the three and nine months ended September 30, 2018 and 2017, respectively. Preferred Equity and Mezzanine Loan Investments Multifamily Community Name Location Actual / Planned Number of Units Actual / Estimated Initial Occupancy Actual / Estimated Construction Completion 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 Leigh House, formerly Lake Boone Trail Raleigh, NC 245 3Q 2017 3Q 2018 Vickers Historic Roswell, formerly Vickers Village Roswell, GA 79 2Q 2018 3Q 2018 Cade Boca Raton, formerly APOK Townhomes Boca Raton, FL 90 4Q 2018 1Q 2019 Arlo, formerly West Morehead Charlotte, NC 286 2Q 2018 2Q 2019 Domain at The One Forty, formerly Domain Garland, TX 299 2Q 2018 2Q 2019 Novel Perimeter, formerly Crescent Perimeter Atlanta, GA 320 3Q 2018 2Q 2019 Flagler Village Fort Lauderdale, FL 385 2Q 2020 3Q 2020 Total 2,800

Acquisition of Real Estate

Acquisition of Real Estate	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2018: Acquisition of The Links at Plum Creek On March 26, 2018, the Company, through subsidiaries of its Operating Partnership, acquired an 88.0% interest in a 264-unit apartment community located in Castle Rock, Colorado, known as The Links at Plum Creek, for approximately $61.1 million. The purchase price of $61.1 million was funded, in part, with a $40.0 million senior mortgage loan secured by The Links at Plum Creek property. Acquisition of Additional Interest in ARIUM at Palmer Ranch On April 26, 2018, the Company, through subsidiaries of its Operating Partnership, ARIUM at Palmer Ranch , increasing the Company’s interest in the property from 95.0% to 100.0%. Acquisition of Additional Interest in ARIUM Gulfshore On April 26, 2018, the Company, through subsidiaries of its Operating Partnership, ARIUM Gulfshore , increasing the Company’s interest in the property from 95.0% to 100.0%. Acquisition of Sands Parc On May 1, 2018, the Company, through subsidiaries of its Operating Partnership, acquired a 100.0% interest in a 264-unit apartment community located in Daytona Beach, Florida, known as Sands Parc, for approximately $46.2 million. The purchase price of $46.2 million was funded, in part, with the Company’s Senior Credit Facility secured by the Sands Parc property. Acquisition of Plantation Park On June 14, 2018, the Company, through subsidiaries of its Operating Partnership, acquired an 80.0% interest in a 238-unit apartment community located in Lake Jackson, Texas, known as Plantation Park, for approximately $35.6 million. The purchase price of $35.6 million was funded, in part, with a $26.6 million senior mortgage loan secured by the Plantation Park property. Acquisition of Veranda at Centerfield On July 26, 2018, the Company, through subsidiaries of its Operating Partnership, acquired a 93.0% interest in a 400-unit apartment community located in Houston, Texas, known as Veranda at Centerfield, for approximately $40.2 million. The purchase price of $40.2 million was funded, in part, with a $26.1 million senior mortgage loan secured by the Veranda at Centerfield property. Acquisition of Additional Interest in ARIUM Palms On August 29, 2018, the Company, through subsidiaries of its Operating Partnership, $3.0 million, increasing the Company’s interest in the property from 95.0% to 100.0%. Purchase Price Allocations The acquisitions of The Links at Plum Creek, Sands Parc, Plantation Park and Veranda at Centerfield have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets based on their estimated fair values at the date of acquisition. The following table summarizes the assets acquired at the acquisition date (amounts in thousands): Purchase Price Allocation Land $ 12,850 Building 135,849 Building improvements 8,804 Land improvements 22,232 Furniture and fixtures 2,930 In-place leases 3,470 Total assets acquired $ 186,135

Notes and Interest Receivable d

Notes and Interest Receivable due from Related Parties	9 Months Ended
	Sep. 30, 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 Parties Following is a summary of the notes and accrued interest receivable due from related parties as of September 30, 2018 and December 31, 2017 (amounts in thousands): Property September 30, 2018 December 31, 2017 Arlo, formerly West Morehead $ 24,883 $ 24,893 Cade Boca Raton, formerly APOK Townhomes 11,361 11,365 Domain at The One Forty, formerly Domain 20,528 20,536 Flagler Village 75,408 53,668 Novel Perimeter, formerly Crescent Perimeter 20,859 20,622 Vickers Historic Roswell, formerly Vickers Village 10,202 9,819 Total $ 163,241 $ 140,903 Following is a summary of the interest income from related parties for the three and nine months ended September 30, 2018 and 2017 (amounts in thousands): Three months Ended September 30, Nine months Ended September 30, Property 2018 2017 2018 2017 Arlo $ 929 $ 929 $ 2,758 $ 2,751 Cade Boca Raton 424 424 1,259 1,232 Domain at The One Forty 767 767 2,275 1,758 Flagler Village 2,427 — 6,822 — Novel Perimeter 779 — 2,312 — Vickers Historic Roswell 376 — 1,106 — Total $ 5,702 $ 2,120 $ 16,532 $ 5,741 Arlo Mezzanine Financing On December 29, 2016, the Company, through BRG Morehead NC, LLC, an indirect subsidiary, provided a $21.3 million mezzanine loan, or the Arlo Mezz Loan, to BR Morehead JV Member, LLC, or Arlo JV Member, an affiliate of the former Manager. The Arlo Mezz Loan is secured by Arlo JV Member’s approximate 95.0% interest in a multi-tiered joint venture along with Bluerock Special Opportunity + Income Fund II, LLC (“Fund II”), an affiliate of the former Manager, and an affiliate of ArchCo Residential, or the Arlo JV, which is developing an approximately 286-unit Class A apartment community located in Charlotte, North Carolina to be known as Arlo. On January 5, 2017, the Company increased the amount of the Arlo Mezz Loan to approximately $24.6 million. The Arlo Mezz Loan matures on the earlier of January 5, 2020, or the maturity date of the Arlo Construction Loan, as defined below, as extended, and bears interest at a fixed rate of 15.0%. Regular monthly payments are interest-only during the initial term. The Arlo Mezz Loan can be prepaid without penalty. The Company has the right to exercise an option to purchase, at the greater of a 25 basis point discount to fair market value or 15% internal rate of return for Fund II, up to a 100% common membership interest in Arlo JV Member (the mezzanine borrower), which is 99.5% owned by Fund II and which currently holds an approximate 95.0% interest in the Arlo JV and in the Arlo property, subject to certain promote rights of our unaffiliated development partner. In conjunction with the Arlo development, on December 29, 2016, the Arlo property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $34.5 million construction loan with an unaffiliated party, or the Arlo Construction Loan, of which $25.1 million is outstanding at September 30, 2018, and which is secured by the Arlo property. The Arlo 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 Arlo 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 Arlo Construction Loan can be prepaid without penalty. In addition, on December 29, 2016, the Arlo property owner entered into a $7.3 million mezzanine loan with an unaffiliated party, of which $7.3 million is outstanding at September 30, 2018, and which is secured by membership interest in the joint venture developing the Arlo property. The loan matures on December 29, 2019 and contains two one-year extension options, subject to certain conditions including a debt service coverage, loan to value ratio, extension of the Arlo Construction Loan and payment of an extension fee. The loan bears interest on a fixed rate of 11.5%. Regular monthly payments are interest-only. The loan can be prepaid prior to maturity provided the lender receives a cumulative return of 30% of its loan amount including all principal and interest paid. The development was 22% occupied at September 30, 2018. Cade Boca Raton Mezzanine Financing On January 6, 2017, the Company, through BRG Boca, LLC, or BRG Boca, an indirect subsidiary, provided an $11.2 million mezzanine loan, or the BRG Boca Mezz Loan, to BRG Boca JV Member, LLC, or BR Boca JV Member, an affiliate of the former Manager. The BRG Boca Mezz Loan is secured by BR Boca JV Member’s approximate 90.0% interest in a multi-tiered joint venture along with Fund II, an affiliate of the former Manager, and an affiliate of NCC Development Group, or the Boca JV, which is developing an approximately 90-unit Class A apartment community located in Boca Raton, Florida to be known as Cade Boca Raton. The BRG Boca Mezz Loan matures on the earlier of January 6, 2020, or the maturity of the Boca Construction Loan, defined below, as extended, and bears interest at a fixed rate of 15.0%. Regular monthly payments are interest-only during the initial term. The BRG Boca Mezz Loan can be prepaid without penalty. The Company has the right to exercise an option to purchase, at the greater of a 25 basis point discount to fair market value or 15% internal rate of return for Fund II, up to a 100% common membership interest in BR Boca JV Member (the mezzanine borrower), which is 99.5% owned by Fund II and which currently holds an approximate 90.0% interest in the Boca JV and in the Cade Boca Raton property, subject to certain promote rights of our unaffiliated development partner. In conjunction with the Cade Boca Raton development, on December 29, 2016, the Cade Boca Raton property owner, which is owned by an entity in which the Company owns an indirect interest, entered into an $18.7 million construction loan with an unaffiliated party, or the Boca Construction Loan, of which $15.3 million is outstanding at September 30, 2018, which is secured by the Cade Boca Raton property. The loan matures on June 29, 2019 and contains two one-year extension option, subject to certain conditions including a debt service coverage, stabilized occupancy and payment of an extension fee. The loan requires interest-only payments at prime plus 0.625%, subject to a floor of 4.125%. The loan can be prepaid without penalty. The development was not in lease-up at September 30, 2018. Domain at The One Forty Mezzanine Financing On March 3, 2017, the Company, through BRG Domain Phase 1, LLC, or BRG Domain 1, an indirect subsidiary, provided a $20.3 million mezzanine loan, or the BRG Domain 1 Mezz Loan, to BR Member Domain Phase 1, LLC, or BR Domain 1 JV Member, an affiliate of the former Manager. The BRG Domain 1 Mezz Loan is secured by BR Domain 1 JV Member’s approximate 95.0% interest in a multi-tiered joint venture along with Fund II, an affiliate of the former Manager, and an affiliate of ArchCo Residential, or the Domain Phase 1 JV, which is developing an approximately 299-unit Class A apartment community located in Garland, Texas to be known as Domain at The One Forty. The BRG Domain Phase 1 Mezz Loan matures on the earlier of March 3, 2020, or the maturity of the Domain 1 Construction Loan, defined below, as extended, and bears interest at a fixed rate of 15.0%. Regular monthly payments are interest-only during the initial term. The BRG Domain 1 Mezz Loan can be prepaid without penalty. The Company has the right to exercise an option to purchase, at the greater of a 25 basis point discount to fair market value or 15% internal rate of return for Fund II, up to a 100% common membership interest in BR Domain 1 JV Member (the mezzanine borrower), which is 99.5% owned by Fund II and which currently holds an approximate 95.0% interest in the Domain 1 JV and in the Domain at The One Forty property, subject to certain promote rights of our unaffiliated development partner. In conjunction with the Domain at The One Forty development, on March 3, 2017, the Domain at The One Forty property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $30.3 million construction loan with an unaffiliated party, or the Domain 1 Construction Loan, of which $22.2 million is outstanding at September 30, 2018, and which is secured by the Domain at The One Forty property. The Domain 1 Construction Loan matures on March 3, 2020 and contains two one-year extension options, subject to certain conditions including construction completion, a debt service coverage, loan to value ratio and payment of an extension fee. The Domain 1 Construction Loan bears interest on a floating basis on the amount drawn based on LIBOR plus 3.25%. Regular monthly payments are interest-only until March 2020, with further payments based on thirty-year amortization. The Domain 1 Construction Loan can be prepaid without penalty. In addition, on March 3, 2017, the Domain at The One Forty property owner entered into a $6.4 million mezzanine loan with an unaffiliated party, of which $6.4 million is outstanding at September 30, 2018, and which is secured by membership interest in the joint venture developing the Domain at The One Forty property. The loan matures on March 3, 2020 and contains two one-year extension options, subject to certain conditions including a debt service coverage, loan to value ratio, extension of the Domain 1 Construction Loan and payment of an extension fee. The loan bears interest on a fixed rate of 12.5%, with 9.5% paid currently. Regular monthly payments are interest-only. The loan can be prepaid prior to maturity provided the lender receives a minimum profit and 1% exit fee. The development was 18% occupied at September 30, 2018. Novel Perimeter Mezzanine Financing On December 29, 2017, the Company, through BRG Perimeter, LLC, or BRG Perimeter, an indirect subsidiary, provided a $20.6 million mezzanine loan, or the BRG Perimeter Mezz Loan, to BR Perimeter JV Member, LLC, or BR Perimeter JV Member, an affiliate of the former Manager. The BRG Perimeter Mezz Loan is secured by BR Perimeter JV Member’s approximate 60.0% interest in a multi-tiered joint venture along with Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”), an affiliate of the former Manager, and an affiliate of Crescent Communities, or the Perimeter Venture, which is developing an approximately 320-unit Class A apartment community located in Atlanta, Georgia to be known as Novel Perimeter. The BRG Perimeter JV Mezz Loan matures on the later of December 29, 2021, or the maturity date of the Novel Perimeter Construction Loan, as defined below, as extended, and bears interest at a fixed rate of 15.0%. Regular monthly payments are interest-only during the initial term. The BRG Perimeter JV Mezz Loan can be prepaid without penalty. On December 12, 2016, the Novel Perimeter property owner, which is owned by an entity in which the Company owns an indirect interest, entered into an approximately $44.7 million construction loan, or the Novel Perimeter Construction Loan, with an unaffiliated party, of which $33.0 million is outstanding at September 30, 2018, and which is secured by the Novel Perimeter development. The loan matures December 12, 2020 and contains a one-year extension option subject to certain conditions including a debt service coverage, loan to value ratio and payment of an extension fee. The loan bears interest at a rate of LIBOR plus 3.00%, with interest only payments until December 12, 2020, with future payments based on thirty-year amortization. The loan can be prepaid without penalty. The development was 6% occupied at September 30, 2018. Vickers Historic Roswell Mezzanine Financing On December 29, 2017, the Company, through BRG Vickers Roswell, LLC, or BRG Vickers, an indirect subsidiary, provided a $10.1 million mezzanine loan, or the BRG Vickers Mezz Loan, to BR Vickers Roswell JV Member, LLC, or BR Vickers JV Member, an affiliate of the former Manager. The BRG Vickers Mezz Loan is secured by BR Vickers JV Member’s approximate 80.0% interest in a multi-tiered joint venture along with Fund III, approximately 79-unit Class A apartment community located in Roswell, Georgia to be known as Vickers Historic Roswell. The BRG Vickers JV Mezz Loan matures on the latest of December 29, 2020, or the maturity date of the Vickers Construction Loan, as defined below, as extended, and bears interest at a fixed rate of 15.0%. Regular monthly payments are interest-only during the initial term. The BRG Vickers Mezz Loan can be prepaid without penalty. On December 22, 2016, the Vickers Historic Roswell property owner, which is owned by an entity in which the Company owns an indirect interest, entered into an approximately $18.0 million construction loan, or the Vickers Construction Loan, with an unaffiliated party, of which $16.9 million is outstanding at September 30, 2018, and which is secured by the Vickers Historic Roswell development. The loan matures December 1, 2020. The loan bears interest at a rate of LIBOR plus 3.00%, with interest only payments until December 1, 2018, with future payments based on twenty-five-year amortization. The loan can be prepaid without penalty. On August 13, 2018, the Company, through BRG Vickers, and on behalf of Fund III, contributed additional capital of $0.3 million to BR Vickers JV Member, which is 99.5% owned by Fund III and which currently holds an approximate 80.0% interest in the Vickers JV. In exchange for contributing Fund III’s share of the total $0.3 million capital funding, the Company received the right to exercise an option to purchase, at the greater of a 10 basis point discount to fair market value or 15% internal rate of return for Fund III, up to a 100% common membership interest in BR Vickers JV Member. The development was 28% occupied at September 30, 2018. Flagler Village Mezzanine Financing On December 29, 2017, the Company, through BRG Flagler Village, LLC, or BRG Flagler, an indirect subsidiary, provided a $53.6 million mezzanine loan, or the BRG Flagler Mezz Loan, to BR Flagler JV Member, LLC, or BR Flagler JV Member, an affiliate of the former Manager. The BRG Flagler Mezz Loan was secured by BR Flagler JV Member’s 100.0% interest in a multi-tiered joint venture along with Fund II and Fund III, affiliates of the former Manager, and an affiliate of ArchCo Residential, or the Flagler JV, which intends to develop an approximately 385-unit Class A apartment community located in Fort Lauderdale, Florida to be known as Flagler Village. The BRG Flagler Mezz Loan had a maturity date of December 29, 2022 and bore interest at a fixed rate of 15.0%. Regular monthly payments are interest-only during the initial term. The BRG Flagler Mezz Loan can be prepaid without penalty. 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 million. The restated BRG Flagler Mezz Loan matures on March 28, 2023 and bears interest at a fixed rate of 12.9%. The BRG Flagler Mezz Loan is secured by BR Flagler JV Member’s approximate 97.4% interest in the Flagler JV, subject to certain promote rights of the Company’s unaffiliated development partner, and which is subject to preferred equity of partners holding preferred membership interests in the Flagler Village property. The Company has the right of first offer to purchase the member’s ownership interests in BR Flagler JV Member, or, if applicable, to purchase Flagler Village if BR Flagler JV Member exercises its rights under the Flagler JV to cause the sale of Flagler Village. 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 million construction loan, or the Flagler Village Construction Loan, with an unaffiliated party, of which $1,026 is outstanding at September 30, 2018, and which is secured by the Flagler Village development. The loan matures March 28, 2022 and contains a one-year extension option subject to certain conditions including a debt service coverage, loan to value ratio, certificate of occupancy and payment of an extension fee. 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 thirty-year amortization. The loan can be prepaid subject to payment of a make-whole premium and exit fee. The development was not in lease-up at September 30, 2018.

Preferred Equity Investments an

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures	9 Months Ended
	Sep. 30, 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 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 September 30, 2018 and December 31, 2017 is summarized in the table below (amounts in thousands): Property September 30, 2018 December 31, 2017 Alexan CityCentre $ 10,277 $ 9,258 Alexan Southside Place 22,376 20,584 Arlo, formerly West Morehead 14 14 Cade Boca Raton, formerly APOK Townhomes 7 7 Domain at The One Forty, formerly Domain 12 12 Flagler Village 44 30 Helios 18,868 16,360 Leigh House, formerly Lake Boone Trail 12,917 11,930 Novel Perimeter, formerly Crescent Perimeter 12 12 Vickers Historic Roswell, formerly Vickers Village 7 6 Whetstone 12,932 12,932 Total $ 77,466 $ 71,145 As of September 30, 2018, the Company, through wholly-owned subsidiaries of the Operating Partnership, had outstanding equity investments in eleven joint ventures, each of which was created to develop a multifamily property. Five of the eleven equity investments, Alexan CityCentre, Alexan Southside Place, Helios, Leigh House and Whetstone, are preferred investments and generate a preferred return of 15% on outstanding capital contributions, unless noted below, and the Company is not allocated any of the income or loss in the joint ventures. The joint venture is the controlling member in an entity whose purpose is to develop a multifamily property. The common interests in these joint ventures, as well as preferred interests in some cases, are owned by affiliates of the former Manager. The Company has the right, in its sole discretion, to convert its preferred membership interest in each joint venture into a common membership interest for a period of six months from the date upon which 70% of the units in the related development have been leased and occupied. Each joint venture in which the Company owns a preferred interest is required to redeem the Company’s preferred membership interests plus any accrued but unpaid preferred return on the earlier of the date which is six months following the maturity of the related development’s construction loan, or any earlier acceleration or due date, unless noted below. The following provides additional information regarding the Company’s preferred equity investments and unconsolidated real estate joint ventures as of September 30, 2018. The preferred returns and equity in income of the Company’s unconsolidated real estate joint ventures for the three and nine months ended September 30, 2018 and 2017 are summarized below (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, Property 2018 2017 2018 2017 Alexan CityCentre $ 436 $ 385 $ 1,221 $ 1,010 Alexan Southside Place 908 740 2,595 2,113 Domain at The One Forty — — — 141 Other — (3 ) — (25 ) Flagler Village — (1 ) — (5 ) Helios 708 619 1,957 1,835 Leigh House 501 451 1,404 1,319 Whetstone 236 497 700 1,477 Preferred returns and equity in income of unconsolidated joint ventures $ 2,789 $ 2,688 $ 7,877 $ 7,865 Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of September 30, 2018 and December 31, 2017 and for the three and nine months ended September 30, 2018 and 2017, is as follows (amounts in thousands): September 30, 2018 December 31, 2017 Balance Sheets: Real estate, net of depreciation $ 538,978 $ 399,111 Other assets 62,912 62,667 Total assets $ 601,890 $ 461,778 Mortgages payable $ 462,383 $ 325,702 Other liabilities 26,756 25,956 Total liabilities $ 489,139 $ 351,658 Members’ equity 112,751 110,120 Total liabilities and members’ equity $ 601,890 $ 461,778 Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Operating Statement: Rental revenues $ 5,230 $ 1,344 $ 12,820 $ 2,930 Operating expenses (4,199 ) (1,425 ) (10,446 ) (2,843 ) Income (loss) before debt service and depreciation and amortization 1,031 (81 ) 2,374 87 Interest expense, net (2,438 ) (861 ) (5,797 ) (1,736 ) Depreciation and amortization (2,855 ) (927 ) (6,985 ) (1,886 ) Net loss $ (4,262 ) $ (1,869 ) $ (10,408 ) $ (3,535 ) Alexan CityCentre Interests On July 1, 2014, through BRG T&C BLVD Houston, 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 Bluerock Growth Fund, LLC (“BGF”), Bluerock Growth Fund II, LLC (“BGF II”), Fund II and Fund III, affiliates of the former Manager, and an affiliate of Trammell Crow Residential, to develop a 340-unit Class A apartment community located in Houston, Texas, to be known as Alexan CityCentre. The Company has made a capital commitment of approximately $10.3 million to acquire 100% of the Class A preferred equity interests in BR T&C BLVD JV Member, LLC, all of which has been funded as of September 30, 2018 (of which $3.8 million earns a 20% preferred return). On June 7, 2016, the Alexan CityCentre property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a loan modification agreement to amend the terms of its construction loan financing the construction and development of the Alexan CityCentre property (the “Alexan Development”). The maximum principal amount available to the borrower under the terms of the modified loan is $55.1 million, of which approximately $55.0 million is outstanding at September 30, 2018. The maturity date is January 1, 2020, subject to a single one-year extension exercisable at the option of the borrower. The interest rate on the loan is a variable per annum rate equal to the prime rate plus 0.5%, or LIBOR plus 3.00%, at the borrower’s option. The loan requires monthly interest payments until the maturity date, after which $60,000 monthly payments of principal will be required in addition to payment of accrued interest during the maturity extension period. Certain unaffiliated third parties agreed to guaranty the completion of the development of the Alexan Development and provided partial guaranties of the borrower’s principal and interest obligations under the loan. The six-month period during which the Company had 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% leased and occupied units. on July 21, 2018. The development was 92% occupied at September 30, 2018. Alexan Southside Place Interests On January 12, 2015, through BRG Southside, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture, along with Fund II and Fund III, which are affiliates of the former Manager, and an affiliate of Trammell Crow Residential, to develop an approximately 270-unit Class A apartment community located in Houston, Texas, to be known as Alexan Southside Place. Alexan Southside Place will be developed upon a tract of land ground leased from Prokop Industries BH, L.P., a Texas limited partnership, by BR Bellaire BLVD, LLC, as tenant under an 85-year ground lease. The Company has made a capital commitment of $22.4 million to acquire 100% of the preferred equity interests in BR Southside Member, LLC, all of which has been funded as of September 30, 2018 (of which $5.1 million earns a 20% preferred return). In conjunction with the Alexan Southside development, on April 7, 2015, the Alexan Southside leasehold interest holder, which is owned by an entity in which the Company owns an indirect interest, entered into a $31.8 million construction loan, of which $31.4 million is outstanding at September 30, 2018, which is secured by the leasehold interest in the Alexan Southside Place property. The loan matures on April 7, 2019 and contains a one-year extension option, subject to certain conditions including a debt service coverage, loan to value ratio and payment of an extension fee. The loan bears interest on a floating basis on the amount drawn based on the base rate plus 1.25% or LIBOR plus 2.25%. Regular monthly payments are interest-only during the initial term, with payments during the extension period based on thirty-year amortization. The loan can be prepaid without penalty. The development was 75% occupied at September 30, 2018. Cade Boca Raton Interests On September 1, 2016, through BRG Boca, LLC, or BRG Boca, a wholly-owned subsidiary of its Operating Partnership, the Company made an investment in a multi-tiered joint venture, along with Fund II, an affiliate of the former Manager, and NCC Development Group, or the Boca JV, to develop a 90-unit Class A apartment community located in Boca Raton, Florida to be known as Cade Boca Raton. On January 6, 2017, (i) Fund II substantially redeemed the common equity investment held by BRG Boca in BR Boca JV Member for $7.3 million, (ii) BRG Boca maintained a 0.5% common interest in BR Boca JV Member, and (iii) the Company, through BRG Boca, provided a mezzanine loan in the amount of $11.2 million to BR Boca JV Member, or the BRG Boca Mezz Loan. See Note 6 for further details regarding Cade Boca Raton and the BRG Boca Mezz Loan. Domain at The One Forty Interests On November 20, 2015, through a wholly-owned subsidiary of its Operating Partnership, BRG Domain Phase 1, LLC, or BRG Domain I, the Company made a convertible preferred equity investment in a multi-tiered joint venture along with Fund II, an affiliate of the former Manager, and an affiliate of ArchCo Residential, to develop an approximately 299-unit, Class A apartment community located in Garland, Texas to be known as Domain at The One Forty. On March 3, 2017, (i) Fund II substantially redeemed the preferred equity investment held by BRG Domain 1 in BR Domain 1 JV Member for $7.1 million, (ii) BRG Domain 1 maintained a 0.5% common interest in BR Domain 1 JV Member, and (iii) the Company, through BRG Domain 1, provided a mezzanine loan in the amount of $20.3 million to BR Domain 1 JV Member, or the BRG Domain 1 Mezz Loan. See Note 6 for further details regarding Domain at The One Forty and the BRG Domain 1 Mezz Loan. Flagler Village Interests On December 18, 2015, through BRG Flagler Village, LLC, 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 an affiliate of ArchCo Residential, to develop an approximately 385-unit, Class A apartment community located in Fort Lauderdale, Florida. On December 29, 2017, (i) Fund II substantially redeemed the equity investment held by BRG Flagler Village, LLC in BR Flagler JV Member, LLC for $26.3 million, (ii) BRG Flagler Village, LLC maintained a 0.5% common interest in BR Flagler JV Member, and (iii) the Company, through BRG Flagler Village, LLC, provided a mezzanine loan in the amount of $53.6 million to BR Flagler JV Member, LLC, or the BRG Flagler Mezz Loan. See Note 6 for further details regarding Flagler Village and the BRG Flagler Mezz Loan. Helios Interests On May 29, 2015, through BRG Cheshire, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture, along with Fund III and an affiliate of Catalyst Development Partners II, to develop a 282-unit Class A apartment community located in Atlanta, Georgia, to be known as Helios Apartments. The Company has made a capital commitment of $18.9 million to acquire 100% of the preferred equity interests in BR Cheshire Member, LLC, all of which has been funded as of September 30, 2018. In conjunction with the Helios development, on December 16, 2015, the Helios property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $38.1 million construction loan which is secured by the fee simple interest in the Helios property, of which approximately $38.1 million is outstanding at September 30, 2018. The loan matures on December 16, 2018 and contains two one-year extension options, subject to certain conditions including a debt service coverage, loan to value ratio and payment of an extension fee. The loan bears interest on a floating basis on the amount drawn based on one-month LIBOR plus 2.50%. Regular monthly payments are interest-only during the initial term, with payments during the extension period based on thirty-year amortization. The loan can be prepaid without penalty. The six-month period during which the Company has the right to convert its preferred membership interest into a common membership interest commenced on May 26, 2018, the date on which Helios achieved 70% leased and occupied units. The Company has not elected to convert into a common membership interest as of September 30, 2018. The development was 88% occupied at September 30, 2018. Leigh House Interests On December 18, 2015, through BRG Lake Boone, 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, an affiliate of the former Manager, and an affiliate of Tribridge Residential, LLC, to develop an approximately 245-unit, Class A apartment community located in Raleigh, North Carolina to be known as Leigh House. The Company has made a capital commitment of $12.9 million to acquire 100% of the preferred equity interests in BR Lake Boone JV Member, LLC, all of which has been funded at September 30, 2018 (of which $1.0 million earns a 20% preferred return). In conjunction with the Leigh House development, on June 23, 2016, the Leigh House property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $25.2 million construction loan which is secured by the fee simple interest in the Leigh House property, of which $24.7 million is outstanding as of September 30, 2018. The loan matures on December 23, 2019 and contains one extension option for one year to five years, subject to certain conditions including construction completion, a debt service coverage, loan to value ratio and payment of an extension fee. The loan bears interest on a floating basis on the amount drawn based on one-month LIBOR plus 2.65%. Regular monthly payments are interest-only during the initial term, with payments during the extension period based on thirty-year amortization. The loan can be prepaid without penalty. The development was 81% occupied at September 30, 2018. Arlo Interests On January 6, 2016, through BRG Morehead NC, 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, an affiliate of the former Manager, and an affiliate of ArchCo Residential, to develop an approximately 286-unit Class A apartment community located in Charlotte, North Carolina to be known as Arlo. The Company has a 0.5% common equity interest in BR Morehead JV Member, LLC at September 30, 2018. See Note 6 for further details regarding Arlo and the Arlo Mezz Loan. Whetstone Interests On May 20, 2015, through BRG Whetstone Durham, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture, along with Fund III and an affiliate of TriBridge Residential, LLC, to acquire a 204-unit Class A apartment community located in Durham, North Carolina, to be known as Whetstone Apartments. The Company has made a capital commitment of $12.9 million to acquire 100% of the preferred equity interests in BR Whetstone Member, LLC, all of which has been funded as of September 30, 2018. On October 2, 2016, the Company entered into an agreement that provided for an extended twelve-month period in which it had a right to convert into common ownership. The Company did not elect to convert into common ownership on October 6, 2017, and therefore its preferred return decreased to 6.5%. Effective April 1, 2017, Whetstone ceased paying its preferred return on a current basis. The accrued preferred return of $1.9 million is included in due from affiliates in the consolidated balance sheets. The Company has evaluated the preferred equity investment and accrued preferred return and determined that the investment is fully recoverable. The development was 98% occupied at September 30, 2018. On October 6, 2016, the Whetstone property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a mortgage loan of approximately $26.5 million secured by the Whetstone Apartment property, of which $26.1 million is outstanding as of September 30, 2018. The loan matures on November 1, 2023. The loan bears interest at a fixed rate of 3.81%. Regular monthly payments were interest-only until November 1, 2017, with monthly payments beginning December 1, 2017 based on thirty-year amortization. The loan may be prepaid with the greater of 1% prepayment fee or yield maintenance until October 31, 2021, and thereafter at par. The loan is nonrecourse to the Company and its joint venture partners with certain standard scope non-recourse carve-outs for certain deeds, acts or failures to act on the part of the Company and the joint venture partners.

Revolving credit facilities

Revolving credit facilities	9 Months Ended
	Sep. 30, 2018
Revolving Credit Facility [Abstract]
Disclosure Of Revolving Credit Facility [Text Block]	Note 8 – Revolving credit facilities The outstanding balances on the revolving credit facilities as of September 30, 2018 and December 31, 2017, are as follows (amounts in thousands): Revolving credit facilities September 30, 2018 December 31, 2017 Senior Credit Facility $ 62,959 $ 67,670 Junior Credit Facility — — Total $ 62,959 $ 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 a syndicate of other lenders. The Senior Credit Facility provides for an initial loan commitment amount of $150 million, which commitment contains an accordion feature to a maximum commitment of up to $250 million. The Senior Credit Facility matures on October 4, 2020 and contains a one-year extension option, subject to certain conditions and the payment of an extension fee. Borrowings under the Senior Credit Facility bear interest, at the Company’s option, at LIBOR plus 1.80% to 2.45%, or the base rate plus 0.80% to 1.45%, depending on the Company’s leverage ratio. The weighted average interest rate was 4.40% at September 30, 2018. The Company pays an unused fee at an annual rate of 0.20% to 0.25% of the unused portion of the Senior Credit Facility, depending on the amount of borrowings outstanding. The Senior Credit Facility contains certain financial and operating covenants, including a maximum leverage ratio, minimum liquidity, minimum debt service coverage ratio, and minimum tangible net worth. At September 30, 2018, the Company was in compliance with all covenants under the Senior Credit Facility. The Company has guaranteed the obligations under the Senior Credit Facility and provided certain properties as collateral. 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 million. The Junior Credit Facility matures on March 20, 2019. Borrowings under the Junior Credit Facility bear interest, at the Company’s option, at LIBOR plus 4.0%, or the base rate plus 3.0%. The Company pays an unused fee at an annual rate of 0.35% to 0.40% of the unused portion of the Junior Credit Facility, depending on the amount of borrowings outstanding. The Junior Credit Facility contains certain financial and operating covenants, including a maximum leverage ratio, minimum liquidity, minimum debt service coverage ratio, minimum tangible net worth and minimum equity raise and collateral values. At September 30, 2018, the Company was in compliance with all covenants under the Junior Credit Facility. The Company has guaranteed the obligations under the Junior Credit Facility and has pledged certain assets as collateral. The availability of borrowings under the revolving credit facilities at September 30, 2018 is based on the collateral and compliance with various ratios related to those assets and was approximately $56.1 million.

Mortgages Payable

Mortgages Payable	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Mortgage Notes Payable Disclosure [Text Block]	Note 9 – Mortgages Payable The following table summarizes certain information as of September 30, 2018 and December 31, 2017, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of September 30, 2018 Property September 30, 2018 December 31, Interest Rate Fixed/ Floating Maturity Date ARIUM at Palmer Ranch $ 41,348 $ 26,925 4.41 % Fixed May 1, 2025 ARIUM Glenridge 49,500 48,431 3.44 % LIBOR + 1.33% (1) September 1, 2025 ARIUM Grandewood 39,385 34,294 3.93 % (2) July 1, 2025 ARIUM Gulfshore — 32,626 ARIUM Hunter’s Creek 72,294 72,294 3.65 % Fixed November 1, 2024 ARIUM Metrowest 64,559 — 4.43 % Fixed May 1, 2025 ARIUM Palms 30,320 24,999 3.51 % LIBOR + 1.40% (1) September 1, 2025 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 31,011 31,401 4.67 % Fixed December 1, 2025 Ashton Reserve II 15,213 15,270 3.61 % LIBOR + 1.50% (1) August 1, 2025 Citrus Tower 41,438 41,438 4.07 % Fixed October 1, 2024 Enders Place at Baldwin Park (3) 23,941 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 28,779 29,217 3.72 % LIBOR + 1.61% (1) June 1, 2024 Marquis at Stone Oak 42,925 43,125 3.72 % LIBOR + 1.61% (1) June 1, 2024 Marquis at The Cascades I 33,053 33,207 3.72 % LIBOR + 1.61% (1) June 1, 2024 Marquis at The Cascades II 23,068 23,175 3.72 % LIBOR + 1.61% (1) June 1, 2024 Marquis at TPC 16,915 17,184 3.72 % LIBOR + 1.61% (1) June 1, 2024 Outlook at Greystone 22,105 — 4.30 % Fixed June 1, 2025 Park & Kingston (4) 18,432 18,432 3.41 % Fixed April 1, 2020 Plantation Park 26,625 — 4.64 % Fixed July 1, 2028 Preston View 41,657 41,066 3.61 % LIBOR + 1.50% (1) August 1, 2025 Roswell City Walk 51,000 51,000 3.63 % Fixed December 1, 2026 Sorrel 38,684 38,684 4.40 % LIBOR + 2.29% (1) May 1, 2023 Sovereign 28,369 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 26,419 26,777 4.21 % Fixed January 1, 2025 The Preserve at Henderson Beach 35,784 36,311 4.65 % Fixed January 5, 2023 Veranda at Centerfield 26,100 — 3.36 % LIBOR + 1.25% (1) July 26, 2023 Villages of 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 1,116,094 946,101 Fair value adjustments 2,312 2,638 Deferred financing costs, net (11,325 ) (9,245 ) Total $ 1,107,081 $ 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. Loss on Extinguishment of Debt and Modification Costs Upon repayment of or in conjunction with a material change (i.e. a 10% or greater difference in the cash flows between instruments) in the terms of an underlying debt agreement, the Company writes-off any unamortized deferred financing costs and fair market value adjustments related to the original debt. Prepayment penalties incurred on the early repayment of debt and costs incurred in a debt modification that are not capitalized are also included in loss on extinguishment of debt and modification costs on the results of operations. 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% per annum, with interest only payments through April 2020, and then monthly payments based on thirty-year amortization. After June 30, 2025, the loan may be prepaid without prepayment fee or yield maintenance. Refinancing of ARIUM Gulfshore On April 26, 2018, the Company, with borrowings under the Senior Credit Facility and secured by the ARIUM Gulfshore property, paid off the previous loan of $32.6 million plus prepayment costs of approximately $0.3 million. Refinancing of ARIUM at Palmer Ranch On April 26, 2018, the Company, through an indirect subsidiary, entered into an approximately $41.3 million loan, which is secured by ARIUM at Palmer Ranch, and paid off the previous loan of $26.9 million. The Company accounted for the refinancing as a debt modification. The loan matures on May 1, 2025 and bears interest at a fixed rate of 4.41% per annum, with interest only payments through May 2020, and then monthly payments based on thirty-year amortization. After January 31, 2025, the loan may be prepaid without prepayment fee or yield maintenance. Plantation Park Mortgage Payable On June 14, 2018, the Company, through an indirect subsidiary, entered into a $26.6 million loan secured by Plantation Park. The loan matures July 1, 2028 and bears interest at a fixed rate of 4.64% per annum, with interest only payments through July 2024, and then monthly payments based on thirty-year amortization. After December 31, 2027, the loan may be prepaid without prepayment fee or yield maintenance. Veranda at Centerfield Mortgage Payable On July 26, 2018, the Company, through an indirect subsidiary, entered into a $26.1 million loan secured by Veranda at Centerfield. The loan matures July 26, 2023 and contains two one-year extension options, subject to certain conditions including a debt service coverage, loan to value ratio and payment of an extension fee. The loan bears interest at a floating basis of LIBOR plus 1.25%, with interest only payments through July 2021, and then monthly payments based on thirty-year amortization. After July 26, 2019, the loan may be prepaid without prepayment fee or yield maintenance. Refinancing of ARIUM Glenridge On August 28, 2018, the Company, through an indirect subsidiary, entered into a $49.5 million loan, which is secured by ARIUM Glenridge, and paid off the previous loan of $48.4 million plus prepayment costs of approximately $0.5 million. The Company accounted for the refinancing as an extinguishment of debt. The loan matures on September 1, 2025 and bears interest at a floating basis of LIBOR plus 1.33%, with interest only payments through September 2021, and then monthly payments based on thirty-year amortization. On or after May 30, 2025, the loan may be prepaid without prepayment fee or yield maintenance. Refinancing of ARIUM Palms On August 29, 2018, the Company, through an indirect subsidiary, entered into an approximately $30.3 million loan, which is secured by ARIUM Palms, and paid off the previous loan of $25.0 million. The Company accounted for the refinancing as a debt modification. The loan matures on September 1, 2025 and bears interest at a floating basis of LIBOR plus 1.40%, with interest only payments through September 2020, and then monthly payments based on thirty-year amortization. On or after May 30, 2025, the loan may be prepaid without prepayment fee or yield maintenance. Master Credit Facility with Fannie Mae On April 30, 2018, the Company, through certain subsidiaries of the Operating Partnership, entered into a Master Credit Facility Agreement (the “Fannie Facility”), which was issued through Fannie Mae’s Multifamily Delegated Underwriting and Servicing Program. The Fannie Facility includes certain restrictive covenants, including indebtedness, liens, investments, mergers and asset sales, and distributions. The Fannie Facility also contains events of default, including payment defaults, covenant defaults, bankruptcy events, and change of control events. Each note under the Fannie Facility is cross-defaulted and cross-collateralized and the Company has guaranteed the obligations under the Fannie Facility. The following information is presented with respect to the Company’s indebtedness under its Fannie Facility. ARIUM Metrowest On April 30, 2018, the Fannie Facility provided for an initial $64.6 million fixed rate advance, which was used to refinance a loan secured by the multifamily residential property commonly known as ARIUM Metrowest Apartments located in Orlando, Florida. The advance matures on May 1, 2025 and bears interest at a fixed rate of 4.43% per annum, with interest only payments through May 2021, and then monthly payments based on thirty-year amortization. On or after January 31, 2025, the loan may be prepaid without prepayment fee or yield maintenance. Outlook at Greystone On May 3, 2018, the Fannie Facility provided for a $22.1 million fixed rate advance, which was used to refinance a loan secured by the multifamily residential property commonly known as Outlook at Greystone Apartments located in Birmingham, Alabama. The advance matures on June 1, 2025 and bears interest at a fixed rate of 4.30% per annum, with interest only payments through June 2021, and then monthly payments based on thirty-year amortization. On or after February 28, 2025, the loan may be prepaid without prepayment fee or yield maintenance. ARIUM Grandewood On June 25, 2018, the Fannie Facility provided for a $19.7 million fixed rate advance (the “Fixed Rate Advance”) and a $19.7 million variable rate advance (the “Variable Rate Advance”). The Fixed Rate Advance matures July 1, 2025 and bears interest at a fixed rate of 4.35% per annum, with interest only payments through July 2020, and then monthly payments based on thirty-year amortization. The Variable Rate Advance matures July 1, 2025 and bears interest at a floating basis of LIBOR plus 1.40%, with interest only payments through July 2020, and then monthly payments based on thirty-year amortization. On or after March 31, 2025, the Fixed Rate and Variable Rate Advances may be prepaid without prepayment fees or yield maintenance. Both the Fixed Rate Advance and the Variable Rate Advance were used by the Company to pay off the previous loan and supplemental loan of $29.4 million and $4.9 million, respectively, with no prepayment costs. Refinancing of Ashton Reserve II On July 31, 2018, the Fannie Facility provided for a $15.2 million variable rate advance, which was used with additional funding at close to pay off the previous loan of $15.3 million plus prepayment costs of approximately $0.2 million. The advance matures on August 1, 2025 and bears interest at a floating basis of LIBOR plus 1.50%, with interest only payments through August 2022, and then monthly payments based on thirty-year amortization. After April 30, 2025, the loan may be prepaid without prepayment fee or yield maintenance. Refinancing of Preston View On July 31, 2018, the Fannie Facility provided for a $41.7 million variable rate advance, which was used to pay off the previous loan of $41.1 million plus prepayment costs of approximately $0.4 million. The advance matures on August 1, 2025 and bears interest at a floating basis of LIBOR plus 1.50%, with interest only payments through August 2022, and then monthly payments based on thirty-year amortization. After April 30, 2025, the loan may be prepaid without prepayment fee or yield maintenance. The Company may request future fixed rate advances or variable rate advances under the Fannie Facility either by borrowing against the value of the mortgaged properties (based on the valuation methodology established in the Fannie Facility) or adding eligible properties to the collateral pool, subject to customary conditions, including satisfaction of minimum debt service coverage and maximum loan-to-value tests. The proceeds of any future advances made under the Fannie Facility may be used, among other things, for the acquisition and refinancing of additional properties to be identified in the future. Debt maturities As of September 30, 2018, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2018 (October 1-December 31) $ 1,392 2019 7,367 2020 30,792 2021 15,980 2022 91,575 Thereafter 968,988 $ 1,116,094 Add: Unamortized fair value debt adjustment 2,312 Subtract: Deferred financing costs, net (11,325 ) Total $ 1,107,081 The net book value of real estate assets providing collateral for these above borrowings, including the Senior Credit Facility, Junior Credit Facility and Fannie Facility, were $1,556.3 million and $1,397.4 million at September 30, 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	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 10 – Fair Value of Financial Instruments As of September 30, 2018 and December 31, 2017, based on the discounted amount of future cash flows using rates currently available to the Company for similar liabilities, the fair value of the Company’s mortgages payable is estimated at $1,092.6 million and $940.7 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $1,118.4 million and $948.7 million, respectively. The fair value of mortgages payable is estimated based on the Company’s current interest rates (Level 3 inputs, as defined in ASC Topic 820, “Fair Value Measurement”) for similar types of borrowing arrangements.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	Note 11 – Derivative Financial Instruments The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage the Company’s exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate caps as part of its interest rate risk management strategy. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. As of September 30, 2018, the was $3.1 million as of September 30, 2018, and is included in accounts receivable, prepaid and other assets on the consolidated balance sheets.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 12 – 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 became 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 “Board”). 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 $2.8 million and $7.8 million were expensed during the three and nine months ended September 30, 2017, respectively, and were paid through the issuance of 655,483 Units. 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 none and $4.0 million were expensed during the three and nine months ended September 30, 2017, respectively, and were paid through the issuance of 333,848 LTIP Units. 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 $0.1 million and $1.2 million for the three and nine months ended September 30, 2017, respectively, was recorded as part of general and administrative expenses. The expense recognized during 2017 was based on the Class A common stock closing price at the vesting date or the end of the period, as applicable. In conjunction with the Internalization, 212,203 outstanding LTIP Units issued as incentive equity to our former Manager became vested in accordance with their original terms. The Company was also required to reimburse the former Manager for certain expenses and pay all operating expenses, except those specifically required to be borne by the former Manager under the Management Agreement. Reimbursements of $0.3 million and $1.1 million were expensed during the three and nine months ended September 30, 2017, respectively, and were recorded as part of general and administrative expenses. In addition, the former Manager was reimbursed for offering costs in conjunction with the January 2017 Common Stock Offering of $0.03 million during the nine months ended September 30, 2017. 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 provides 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 are provided on an at-cost basis, generally allocated based on the use of such Services for the benefit of the Company’s business, and are invoiced on a quarterly basis. In addition, the Administrative Services Agreement permits, 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 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 Board, 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 initial term of the Administrative Services Agreement expired on October 31, 2018. On August 6, 2018, the Company delivered written notice to BRE of the Company’s intention to renew the Administrative Services Agreement for an additional one-year term, to expire on October 31, 2019. 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 is responsible for the payment of all employee benefits and any other direct and indirect compensation for the employees of BRE (or their affiliates or permitted subcontractors) assigned to perform the Services, as well as such employees’ worker’s compensation insurance, employment taxes, and other applicable employer liabilities relating to such employees. Recorded as part of general and administrative expenses, payroll expense reimbursements of $0.1 million and $0.3 million, and operating expense reimbursements of $0.4 million and $1.3 million, were expensed during the three and nine months ended September 30, 2018, respectively. Pursuant to the terms of the Management Agreement and the Administrative Services Agreement, summarized below are the related party amounts payable to the Company’s former Manager and BRE as of September 30, 2018 and December 31, 2017 (amounts in thousands): September 30, 2018 December 31, 2017 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 $ 437 $ 508 Offering expense reimbursements 100 74 Total amounts payable to BRE $ 537 $ 582 Total $ 537 $ 1,575 As of September 30, 2018 and December 31, 2017, the Company had $2.8 million and $2.0 million, respectively, in receivables due from related parties other than from BRE or the former Manager, primarily for accrued preferred returns on unconsolidated real estate investments for the most recent month. Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Series B Preferred Stock, the Company engaged a related party as dealer manager and pays up to 10% of the gross offering proceeds from the offering as selling commissions and dealer manager fees. The dealer manager may re-allow the selling commissions and dealer manager fees to participating broker-dealers, and is expected to incur costs in excess of the 10%, which costs will be borne by the dealer manager. For the nine months ended September 30, 2018, the Company has incurred approximately $5.6 million and $2.4 million in selling commissions and dealer manager fees, respectively. In addition, BRE was reimbursed for offering costs in conjunction with the Series B Preferred Offering of $0.9 million during the nine months ended September 30, 2018. The selling commissions, dealer manager fees and BRE’s reimbursement for offering costs were recorded as a reduction to the proceeds of the offering. 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 Notes 6 and 7 for further information.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2018
Stockholders Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 13 – Stockholders’ Equity Net (Loss) Income Per Common Share Basic net (loss) income per common share is computed by dividing net (loss) income attributable to common stockholders, less dividends on LTIP Units expected to vest, by the weighted average number of common shares outstanding for the period. Diluted net (loss) income per common share is computed by dividing net (loss) income 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) income attributable to common stockholders is computed by adjusting net (loss) income 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 par value per share, and Class C common stock, $0.01 par value per share. The Class C common stock was issued in connection with the Company’s Internalization and is entitled to participate in the Company’s dividends on a one-for-one basis with the Class A common stock. Earnings per share is not affected by the two-class method because the Company’s Class A and C common stock participate in dividends on a one-for-one basis. The following table reconciles the components of basic and diluted net (loss) income per common share (amounts in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net (loss) income attributable to common stockholders $ (10,334 ) $ (12,017 ) $ (29,973 ) $ 563 Dividends on LTIP Units expected to vest (172 ) — (516 ) — Basic net (loss) income attributable to common stockholders $ (10,506 ) $ (12,017 ) $ (30,489 ) $ 563 Weighted average common shares outstanding (1) 23,742,129 26,474,093 23,893,957 25,851,536 Potential dilutive shares (2) 265,091 — 73,363 523 Weighted average common shares outstanding and potential dilutive shares (1) 24,007,220 26,474,093 23,967,320 25,852,059 Net (loss) income per common share, basic $ (0.44 ) $ (0.45 ) $ (1.28 ) $ 0.02 Net (loss) income per common share, diluted $ (0.44 ) $ (0.45 ) $ (1.28 ) $ 0.02 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 251 and no shares of common stock for the three and nine months ended September 30, 2017, respectively. 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 shares of its Class A common stock, par value $0.01 per share. The offer and sale of the shares were registered with the SEC pursuant to the January 2016 Shelf Registration Statement. The public offering price of $13.15 per share was announced on January 11, 2017. Net proceeds of the January 2017 Class A Common Stock Offering were approximately $49.8 million after deducting underwriting discounts and commissions and estimated offering costs. On January 24, 2017, the Company closed on the sale of 600,000 shares of Class A common stock for proceeds of approximately $7.5 million pursuant to the underwriters’ full exercise of the overallotment option. Series B Preferred Stock Offering The Company issued 79,936 shares of Series B Preferred Stock under a continuous registered offering with net proceeds of approximately $71.9 million after commissions and dealer manager fees of approximately $8.0 million during the nine months ended September 30, 2018. As of September 30, 2018, the Company has sold 264,622 shares of Series B Preferred Stock and 264,622 Warrants to purchase 5,292,440 shares of Class A common stock for net proceeds of approximately $ 238.2 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 Class A common stock repurchase program In February 2018, the Company authorized a stock repurchase plan to purchase up to $25 million of the Company’s outstanding shares of Class A common stock. The repurchase plan has a term of one year and may be discontinued at any time. The extent to which the Company repurchases shares of its Class A common stock, and the timing of any such purchases, depends on a variety of factors including general business and market conditions and other corporate considerations. The Company purchased 637,733 shares of Class A common stock during the nine months ended September 30, 2018 for a total purchase price of $5.2 million. The following table is a summary of the Class A common stock repurchase activity as of September 30, 2018: Period Total Number of Shares Purchased Weighted Average Price Paid Per Share Total Number of Shares Purchased as Part of the Publicly Announced Plan Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plan February 1, 2018 through February 28, 2018 331,090 $ 7.86 331,090 $ 22,398,638 March 1, 2018 through March 31, 2018 199,603 8.03 199,603 20,795,897 April 1, 2018 through April 30, 2018 — — — 20,795,897 May 1, 2018 through May 31, 2018 28,000 8.96 28,000 20,545,146 June 1, 2018 through June 30, 2018 79,040 8.96 79,040 19,837,157 July 1, 2018 through September 30, 2018 — — — 19,837,157 Total 637,733 $ 8.10 637,733 Operating Partnership and Long-Term Incentive Plan Units As of September 30, 2018, limited partners other than the Company owned approximately 25.34% of the Operating Partnership ( 6,230,667 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 $0.1 million and $1.2 million for the three and nine months ended September 30, 2017, respectively, was recorded as part of general and administrative expenses. The expense recognized during 2017 was based on the Class A common stock closing price at the vesting date or the end of the period, as applicable. In conjunction with the Internalization, 212,203 outstanding LTIP Units issued as incentive equity to our former Manager became vested in accordance with their original terms. On February 14, 2017, the Company granted a total of 7,500 LTIP Units to its independent directors under the Amended 2014 Individuals Plan. The fair value of the grants was approximately $0.1 million and the LTIP Units vested immediately. On October 26, 2017, the Company’s stockholders approved the amendment and restatement of the Amended 2014 Individuals Plan (the “Second Amended 2014 Individuals Plan”), and the Amended 2014 Entities Plan (the “Second Amended 2014 Entities Plan”), and together with the Second Amended 2014 Individuals Plan, the “Second Amended 2014 Incentive Plans”. The Second Amended 2014 Incentive Plans allow for the issuance of up to an additional 1,075,000 shares of Class A common stock. The Second Amended 2014 Incentive Plans provide for the grant of options to purchase shares of the Company’s common stock, stock awards, stock appreciation rights, performance units, incentive awards and other equity-based awards. On 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 LTIPs, were issued pursuant to the executive officers’ employment and service agreements as time-based LTIPs and performance-based LTIPs. All of these LTIP grants require continuous employment for vesting. Due to a limitation on the number of LTIP Units available for issuance under the Second Amended 2014 Incentive Plans, the long-term performance awards were, in aggregate, approximately 81,000 LTIP Units lower than those which the recipients were entitled pursuant to the terms of their respective employments agreements, with the Company planning to issue the remaining LTIP Units at such time as such LTIP Units become available under the Equity Incentive Plans. Time-based LTIPs were issued amounting to 770,854 LTIPs that vest over approximately five years and 160,192 LTIPs that vest over approximately three years. The Company recognizes compensation expense ratably over the requisite service periods for the time-based LTIPs based on the fair value at the date of grant; thus, the Company recognized compensation expense of approximately $1.2 million and $3.5 million during the three and nine months ended September 30, 2018, respectively. Performance-based LTIPs were issued amounting to 125,165 LTIPs, are subject to a three-year performance period, and will vest immediately upon successful achievement of performance-based conditions. Performance criteria are primarily based on a mixture of objective internal achievement goals and relative performance against its industry peers, with a minimum, threshold, and maximum performance standard for performance criteria. After the determination of the achievement of the performance criteria, any performance-based LTIP Units that were awarded but do not vest will be canceled. The Company recognizes compensation expense based on the fair value at the date of grant and the probability of achievement of performance criteria over the performance period for the performance-based LTIPs; thus, the Company recognized approximately $0.1 million and $0.3 million during the three and nine months ended September 30, 2018, respectively. In addition, on January 1, 2018, the Company granted 6,263 LTIP Units under the Second Amended 2014 Incentive Plans to each independent member of the Board in payment of the equity portion of their respective annual retainers. The LTIP Units were fully vested upon issuance and thus, the Company recognized expense of approximately $0.2 million immediately based on the fair value at the date of grant. On September 28, 2018, the 2,250,000 Class A common stock. The Third Amended 2014 Incentive Plans provide for the grant of options to purchase shares of the Company’s common stock, stock awards, stock appreciation rights, performance units, incentive awards and other equity-based awards. At September 30, 2018, there was $6.9 million of total unrecognized compensation cost related to unvested LTIPs granted under the Second Amended 2014 Incentive Plans. The remaining cost is expected to be recognized over a period of 3.6 years. Distributions Declaration Date Payable to stockholders of record as of 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 June 8, 2018 June 25, 2018 $ 0.162500 July 5, 2018 September 7, 2018 September 25, 2018 $ 0.162500 October 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 June 8, 2018 June 25, 2018 $ 0.162500 July 5, 2018 September 7, 2018 September 25, 2018 $ 0.162500 October 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 June 8, 2018 June 25, 2018 $ 0.515625 July 5, 2018 September 7, 2018 September 25, 2018 $ 0.515625 October 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 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, 2018 $ 5.00 July 5, 2018 July 10, 2018 July 25, 2018 $ 5.00 August 3, 2018 July 10, 2018 August 24, 2018 $ 5.00 September 5, 2018 July 10, 2018 September 25, 2018 $ 5.00 October 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 June 8, 2018 June 25, 2018 $ 0.4765625 July 5, 2018 September 7, 2018 September 25, 2018 $ 0.4765625 October 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 June 8, 2018 June 25, 2018 $ 0.4453125 July 5, 2018 September 7, 2018 September 25, 2018 $ 0.4453125 October 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 Class A common shares on the investment date. The Company plans to issue Class A common shares to cover shares required for investment. Distributions declared and paid for the nine months ended September 30, 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 Second Quarter Class A Common Stock $ 3,863 $ 3,858 Class C Common Stock 12 12 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 3,316 3,161 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,269 OP Units 1,013 1,013 LTIP Units 311 266 Total second quarter 2018 $ 13,841 $ 13,636 Third Quarter Class A Common Stock $ 3,847 $ 3,864 Class C Common Stock 12 12 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 3,779 3,631 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,269 OP Units 1,013 1,013 LTIP Units 297 272 Total third quarter 2018 $ 14,274 $ 14,118 Total $ 36,459 $ 38,900 (1)

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 14 – Commitments and Contingencies The Company is subject to various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the consolidated financial position or results of operations or liquidity of the Company.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 15 – Subsequent Events Declaration of Dividends Declaration Date Payable to stockholders of record as of Amount Payable Date Series B Preferred Stock October 12, 2018 October 25, 2018 $ 5.00 November 5, 2018 October 12, 2018 November 23, 2018 $ 5.00 December 5, 2018 October 12, 2018 December 24, 2018 $ 5.00 January 4, 2019 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 The following distributions were paid to the Company's stockholders, as well as holders of OP and LTIP Units, subsequent to September 30, 2018 (amounts in thousands): Shares Declaration Date Record Date Date Paid Distributions per Share Total Distribution Class A Common Stock September 7, 2018 September 25, 2018 October 5, 2018 $ 0.162500 $ 3,847 Class C Common Stock September 7, 2018 September 25, 2018 October 5, 2018 $ 0.162500 $ 12 Series A Preferred Stock September 7, 2018 September 25, 2018 October 5, 2018 $ 0.515625 $ 2,950 Series B Preferred Stock July 10, 2018 September 25, 2018 October 5, 2018 $ 5.000000 $ 1,316 Series C Preferred Stock September 7, 2018 September 25, 2018 October 5, 2018 $ 0.4765625 $ 1,107 Series D Preferred Stock September 7, 2018 September 25, 2018 October 5, 2018 $ 0.4453125 $ 1,269 OP Units September 7, 2018 September 25, 2018 October 5, 2018 $ 0.162500 $ 1,012 LTIP Units September 7, 2018 September 25, 2018 October 5, 2018 $ 0.162500 $ 279 Series B Preferred Stock October 12, 2018 October 25, 2018 November 5, 2018 $ 5.000000 $ 1,365 Total $ 13,157 Issuance of LTIP Units under the Third Amended 2014 Incentive Plans On January 1, 2018, the approximately 81,000 amounting to 80,798 performance conditions. In addition, on October 4, 2018, the Company granted 3,165 LTIP Units pursuant to the Third Amended 2014 Incentive Plans to the recently appointed independent member of the Board in payment of the prorated portion of the annual retainer. The LTIP Units vested immediately upon issuance. North Creek Apartments Interests On October 29, 2018, through BRG Leander Investor, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture with Stillwater Austin Investments, LLC to develop an approximately 259-unit, Class A apartment community located in Leander, Texas to be known as North Creek Apartments. The Company has made a capital commitment of $17.9 million to acquire 100% of the preferred equity interests in BR SW Leander JV, LLC, of which $4.8 million was funded on October 29, 2018. The Company will earn a current return of 8.5% and an accrued return of 4.0%, for a total preferred return of 12.5% on outstanding capital contributions.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 September 30, 2018, limited partners other than the Company owned approximately 25.34% of the common units of the Operating Partnership (19.59% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 5.75% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 3.32% which are not vested at September 30, 2018). The Company is an internally managed REIT as a result of the management internalization transactions completed on October 31, 2017, and is no longer externally managed by BRG Manager, LLC (the “former Manager”). 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% of the voting equity and control does not rest with other investors. Investments in real estate joint ventures in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting. These entities are reflected on the Company’s consolidated financial statements as “Preferred equity investments and investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company will consider future joint ventures for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Certain amounts in prior 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 that 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. 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.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price the Company would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy as defined in ASC Topic 820, “ · Level 1: Quoted prices for identical instruments in active markets · Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable · Level 3: Significant inputs to the valuation model are unobservable
Derivatives, Policy [Policy Text Block]	Derivative Financial Instruments The estimated fair values of derivative financial instruments are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair value of interest rate caps is determined using the market-standard methodology of discounting the future expected cash receipts which would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The inputs used in the valuation of interest rate caps fall within Level 2 of the fair value hierarchy.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Financial Instrument Fair Value Disclosures As of September 30, 2018 and December 31, 2017, the carrying values of cash and cash equivalents, accounts receivable, due to and due from affiliates, accounts payable, accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. The fair value of notes receivable is classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations.
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.
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. Other than the adoption of new 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.
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 reflect 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 are to 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 2016-18 as of January 1, 2018. In August 2016, the FASB issued ASU No. 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. With respect to distributions from equity-method investees, the Company uses the nature of distributions approach. In 2018, the Company adjusted the consolidated statement of cash flows as required in conjunction with the adoption of . In June 2016, the FASB updated ASC Topic 326 "Financial Instruments - Credit Losses" with 2016-13 “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. This amendment requires financial instruments carried at amortized cost to be presented at the net amount expected to be collected, utilizing a valuation account which reflects the cumulative net adjustments from the gross amortized cost value. Under existing GAAP, entities would not record a valuation allowance until a loss was probable of occurring. 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 the impact this standard may have on the Company’s consolidated 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 revenue 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 July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements” (“ASU 2018-11”). ASU 2018-11 provides lessors with a practical expedient in combining lease and non-lease components if certain criteria are met. The Company believes that adoption of the practical expedient will result in changes in presentation and disclosure of revenue being combined into one revenue component but will have no material effect on the timing of revenue recognition. Based on the Company’s initial assessments, the Company does not have material lessee operating lease commitments. The Company will continue to evaluate the impact of adopting the new leases standard on its consolidated financial statements. 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 majority of the Company's revenue is derived from rental income and other lease related revenue, 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, including interest income from related parties, were determined not to be within the scope of ASU 2014-09, gains and losses from real estate dispositions as defined in Subtopic 610-20 discussed below, and notes and accrued interest receivable from related parties, which the ASU provides to follow established guidance in Topic 310. 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 In addition to the comprehensive new revenue guidance, ASU 2014-09 also introduced new standards for accounting for gains and losses from derecognition of nonfinancial assets, which was codified into ASC Topic 610-20, “Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets”. The scope of ASC Topic 610-20 was further clarified in ASU 2017-05, “Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” (“ASU 2017-05”), noting 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 and losses on sale of real estate investments. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete. Subsequent to the adoption of the new standard, a gain or loss is recognized when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtained control of the nonfinancial asset when sold. As a result, the Company may recognize a gain on a real estate disposition transaction that previously did not qualify as a sale or for full profit recognition due to the timing of the transfer of control or certain forms of continuing involvement. ASU 2017-05 is effective for annual periods beginning after December 15, 2017. In August 2018, the FASB issued ASU No. 2018-15 "Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40)" (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2019, though early adoption, including adoption in interim periods, is permissible. The Company has elected early adoption and there has been no material impact to the Company upon its adoption of ASU 2018-15.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 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 Units Date Built / Renovated (1) Ownership Interest ARIUM at Palmer Ranch Sarasota, FL 320 2016 100.0 % ARIUM Glenridge Atlanta, GA 480 1990 90.0 % ARIUM Grandewood Orlando, FL 306 2005 100.0 % ARIUM Gulfshore Naples, FL 368 2016 100.0 % ARIUM Hunter’s Creek Orlando, FL 532 1999 100.0 % ARIUM Metrowest Orlando, FL 510 2001 100.0 % ARIUM Palms Orlando, FL 252 2008 100.0 % 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 % Plantation Park Lake Jackson, TX 238 2016 80.0 % Preston View Morrisville, NC 382 2000 100.0 % Roswell City Walk Roswell, GA 320 2015 98.0 % Sands Parc Daytona Beach, FL 264 2017 100.0 % 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 % Veranda at Centerfield Houston, TX 400 1999 93.0 % Villages of Cypress Creek Houston, TX 384 2001 80.0 % Wesley Village Charlotte, NC 301 2010 100.0 % Total 10,774 (1)
Schedule Of Development Properties In Real Estate [Table Text Block]	Preferred Equity and Mezzanine Loan Investments Multifamily Community Name Location Actual / Planned Number of Units Actual / Estimated Initial Occupancy Actual / Estimated Construction Completion 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 Leigh House, formerly Lake Boone Trail Raleigh, NC 245 3Q 2017 3Q 2018 Vickers Historic Roswell, formerly Vickers Village Roswell, GA 79 2Q 2018 3Q 2018 Cade Boca Raton, formerly APOK Townhomes Boca Raton, FL 90 4Q 2018 1Q 2019 Arlo, formerly West Morehead Charlotte, NC 286 2Q 2018 2Q 2019 Domain at The One Forty, formerly Domain Garland, TX 299 2Q 2018 2Q 2019 Novel Perimeter, formerly Crescent Perimeter Atlanta, GA 320 3Q 2018 2Q 2019 Flagler Village Fort Lauderdale, FL 385 2Q 2020 3Q 2020 Total 2,800

Acquisition of Real Estate (Tab

Acquisition of Real Estate (Tables)	9 Months Ended
	Sep. 30, 2018
Business Combinations [Abstract]
Schedule of Real Estate Properties [Table Text Block]	The following table summarizes the assets acquired at the acquisition date (amounts in thousands): Purchase Price Allocation Land $ 12,850 Building 135,849 Building improvements 8,804 Land improvements 22,232 Furniture and fixtures 2,930 In-place leases 3,470 Total assets acquired $ 186,135

Notes and Interest Receivable_2

Notes and Interest Receivable due from Related Parties (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Following is a summary of the notes and accrued interest receivable due from related parties as of September 30, 2018 and December 31, 2017 (amounts in thousands): Property September 30, 2018 December 31, 2017 Arlo, formerly West Morehead $ 24,883 $ 24,893 Cade Boca Raton, formerly APOK Townhomes 11,361 11,365 Domain at The One Forty, formerly Domain 20,528 20,536 Flagler Village 75,408 53,668 Novel Perimeter, formerly Crescent Perimeter 20,859 20,622 Vickers Historic Roswell, formerly Vickers Village 10,202 9,819 Total $ 163,241 $ 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 and nine months ended September 30, 2018 and 2017 (amounts in thousands): Three months Ended September 30, Nine months Ended September 30, Property 2018 2017 2018 2017 Arlo $ 929 $ 929 $ 2,758 $ 2,751 Cade Boca Raton 424 424 1,259 1,232 Domain at The One Forty 767 767 2,275 1,758 Flagler Village 2,427 — 6,822 — Novel Perimeter 779 — 2,312 — Vickers Historic Roswell 376 — 1,106 — Total $ 5,702 $ 2,120 $ 16,532 $ 5,741

Preferred Equity Investments _2

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2018 and December 31, 2017 is summarized in the table below (amounts in thousands): Property September 30, 2018 December 31, 2017 Alexan CityCentre $ 10,277 $ 9,258 Alexan Southside Place 22,376 20,584 Arlo, formerly West Morehead 14 14 Cade Boca Raton, formerly APOK Townhomes 7 7 Domain at The One Forty, formerly Domain 12 12 Flagler Village 44 30 Helios 18,868 16,360 Leigh House, formerly Lake Boone Trail 12,917 11,930 Novel Perimeter, formerly Crescent Perimeter 12 12 Vickers Historic Roswell, formerly Vickers Village 7 6 Whetstone 12,932 12,932 Total $ 77,466 $ 71,145
Preferred Equity Method Investments [Table Text Block]	The following provides additional information regarding the Company’s preferred equity investments and unconsolidated real estate joint ventures as of September 30, 2018. The preferred returns and equity in income of the Company’s unconsolidated real estate joint ventures for the three and nine months ended September 30, 2018 and 2017 are summarized below (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, Property 2018 2017 2018 2017 Alexan CityCentre $ 436 $ 385 $ 1,221 $ 1,010 Alexan Southside Place 908 740 2,595 2,113 Domain at The One Forty — — — 141 Other — (3 ) — (25 ) Flagler Village — (1 ) — (5 ) Helios 708 619 1,957 1,835 Leigh House 501 451 1,404 1,319 Whetstone 236 497 700 1,477 Preferred returns and equity in income of unconsolidated joint ventures $ 2,789 $ 2,688 $ 7,877 $ 7,865
Equity Income Loss of Joint Ventures [Table Text Block]	Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of September 30, 2018 and December 31, 2017 and for the three and nine months ended September 30, 2018 and 2017, is as follows (amounts in thousands): September 30, 2018 December 31, 2017 Balance Sheets: Real estate, net of depreciation $ 538,978 $ 399,111 Other assets 62,912 62,667 Total assets $ 601,890 $ 461,778 Mortgages payable $ 462,383 $ 325,702 Other liabilities 26,756 25,956 Total liabilities $ 489,139 $ 351,658 Members’ equity 112,751 110,120 Total liabilities and members’ equity $ 601,890 $ 461,778 Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Operating Statement: Rental revenues $ 5,230 $ 1,344 $ 12,820 $ 2,930 Operating expenses (4,199 ) (1,425 ) (10,446 ) (2,843 ) Income (loss) before debt service and depreciation and amortization 1,031 (81 ) 2,374 87 Interest expense, net (2,438 ) (861 ) (5,797 ) (1,736 ) Depreciation and amortization (2,855 ) (927 ) (6,985 ) (1,886 ) Net loss $ (4,262 ) $ (1,869 ) $ (10,408 ) $ (3,535 )

Revolving credit facilities (Ta

Revolving credit facilities (Tables)	9 Months Ended
	Sep. 30, 2018
Revolving Credit Facility [Abstract]
Schedule of Line of Credit Facilities [Table Text Block]	The outstanding balances on the revolving credit facilities as of September 30, 2018 and December 31, 2017, are as follows (amounts in thousands): Revolving credit facilities September 30, 2018 December 31, 2017 Senior Credit Facility $ 62,959 $ 67,670 Junior Credit Facility — — Total $ 62,959 $ 67,670

Mortgages Payable (Tables)

Mortgages Payable (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	The following table summarizes certain information as of September 30, 2018 and December 31, 2017, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of September 30, 2018 Property September 30, 2018 December 31, Interest Rate Fixed/ Floating Maturity Date ARIUM at Palmer Ranch $ 41,348 $ 26,925 4.41 % Fixed May 1, 2025 ARIUM Glenridge 49,500 48,431 3.44 % LIBOR + 1.33% (1) September 1, 2025 ARIUM Grandewood 39,385 34,294 3.93 % (2) July 1, 2025 ARIUM Gulfshore — 32,626 ARIUM Hunter’s Creek 72,294 72,294 3.65 % Fixed November 1, 2024 ARIUM Metrowest 64,559 — 4.43 % Fixed May 1, 2025 ARIUM Palms 30,320 24,999 3.51 % LIBOR + 1.40% (1) September 1, 2025 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 31,011 31,401 4.67 % Fixed December 1, 2025 Ashton Reserve II 15,213 15,270 3.61 % LIBOR + 1.50% (1) August 1, 2025 Citrus Tower 41,438 41,438 4.07 % Fixed October 1, 2024 Enders Place at Baldwin Park (3) 23,941 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 28,779 29,217 3.72 % LIBOR + 1.61% (1) June 1, 2024 Marquis at Stone Oak 42,925 43,125 3.72 % LIBOR + 1.61% (1) June 1, 2024 Marquis at The Cascades I 33,053 33,207 3.72 % LIBOR + 1.61% (1) June 1, 2024 Marquis at The Cascades II 23,068 23,175 3.72 % LIBOR + 1.61% (1) June 1, 2024 Marquis at TPC 16,915 17,184 3.72 % LIBOR + 1.61% (1) June 1, 2024 Outlook at Greystone 22,105 — 4.30 % Fixed June 1, 2025 Park & Kingston (4) 18,432 18,432 3.41 % Fixed April 1, 2020 Plantation Park 26,625 — 4.64 % Fixed July 1, 2028 Preston View 41,657 41,066 3.61 % LIBOR + 1.50% (1) August 1, 2025 Roswell City Walk 51,000 51,000 3.63 % Fixed December 1, 2026 Sorrel 38,684 38,684 4.40 % LIBOR + 2.29% (1) May 1, 2023 Sovereign 28,369 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 26,419 26,777 4.21 % Fixed January 1, 2025 The Preserve at Henderson Beach 35,784 36,311 4.65 % Fixed January 5, 2023 Veranda at Centerfield 26,100 — 3.36 % LIBOR + 1.25% (1) July 26, 2023 Villages of 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 1,116,094 946,101 Fair value adjustments 2,312 2,638 Deferred financing costs, net (11,325 ) (9,245 ) Total $ 1,107,081 $ 939,494 (1) (2) (3) (4)
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]	As of September 30, 2018, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2018 (October 1-December 31) $ 1,392 2019 7,367 2020 30,792 2021 15,980 2022 91,575 Thereafter 968,988 $ 1,116,094 Add: Unamortized fair value debt adjustment 2,312 Subtract: Deferred financing costs, net (11,325 ) Total $ 1,107,081

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Schedule Of Related Party Transactions [Table Text Block]	Pursuant to the terms of the Management Agreement and the Administrative Services Agreement, summarized below are the related party amounts payable to the Company’s former Manager and BRE as of September 30, 2018 and December 31, 2017 (amounts in thousands): September 30, 2018 December 31, 2017 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 $ 437 $ 508 Offering expense reimbursements 100 74 Total amounts payable to BRE $ 537 $ 582 Total $ 537 $ 1,575

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 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) income per common share (amounts in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net (loss) income attributable to common stockholders $ (10,334 ) $ (12,017 ) $ (29,973 ) $ 563 Dividends on LTIP Units expected to vest (172 ) — (516 ) — Basic net (loss) income attributable to common stockholders $ (10,506 ) $ (12,017 ) $ (30,489 ) $ 563 Weighted average common shares outstanding (1) 23,742,129 26,474,093 23,893,957 25,851,536 Potential dilutive shares (2) 265,091 — 73,363 523 Weighted average common shares outstanding and potential dilutive shares (1) 24,007,220 26,474,093 23,967,320 25,852,059 Net (loss) income per common share, basic $ (0.44 ) $ (0.45 ) $ (1.28 ) $ 0.02 Net (loss) income per common share, diluted $ (0.44 ) $ (0.45 ) $ (1.28 ) $ 0.02 (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 251 and no shares of common stock for the three and nine months ended September 30, 2017, respectively.
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 September 30, 2018: Period Total Number of Shares Purchased Weighted Average Price Paid Per Share Total Number of Shares Purchased as Part of the Publicly Announced Plan Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plan February 1, 2018 through February 28, 2018 331,090 $ 7.86 331,090 $ 22,398,638 March 1, 2018 through March 31, 2018 199,603 8.03 199,603 20,795,897 April 1, 2018 through April 30, 2018 — — — 20,795,897 May 1, 2018 through May 31, 2018 28,000 8.96 28,000 20,545,146 June 1, 2018 through June 30, 2018 79,040 8.96 79,040 19,837,157 July 1, 2018 through September 30, 2018 — — — 19,837,157 Total 637,733 $ 8.10 637,733
Schedule of Dividends Payable [Table Text Block]	Distributions Declaration Date Payable to stockholders of record as of 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 June 8, 2018 June 25, 2018 $ 0.162500 July 5, 2018 September 7, 2018 September 25, 2018 $ 0.162500 October 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 June 8, 2018 June 25, 2018 $ 0.162500 July 5, 2018 September 7, 2018 September 25, 2018 $ 0.162500 October 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 June 8, 2018 June 25, 2018 $ 0.515625 July 5, 2018 September 7, 2018 September 25, 2018 $ 0.515625 October 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 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, 2018 $ 5.00 July 5, 2018 July 10, 2018 July 25, 2018 $ 5.00 August 3, 2018 July 10, 2018 August 24, 2018 $ 5.00 September 5, 2018 July 10, 2018 September 25, 2018 $ 5.00 October 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 June 8, 2018 June 25, 2018 $ 0.4765625 July 5, 2018 September 7, 2018 September 25, 2018 $ 0.4765625 October 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 June 8, 2018 June 25, 2018 $ 0.4453125 July 5, 2018 September 7, 2018 September 25, 2018 $ 0.4453125 October 5, 2018
Schedule of Distributions Made to Members or Limited Partners, by Distribution [Table Text Block]	Distributions declared and paid for the nine months ended September 30, 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 Second Quarter Class A Common Stock $ 3,863 $ 3,858 Class C Common Stock 12 12 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 3,316 3,161 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,269 OP Units 1,013 1,013 LTIP Units 311 266 Total second quarter 2018 $ 13,841 $ 13,636 Third Quarter Class A Common Stock $ 3,847 $ 3,864 Class C Common Stock 12 12 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 3,779 3,631 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,269 OP Units 1,013 1,013 LTIP Units 297 272 Total third quarter 2018 $ 14,274 $ 14,118 Total $ 36,459 $ 38,900 (1)

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Dividends Declared [Table Text Block]	Declaration of Dividends Declaration Date Payable to stockholders of record as of Amount Payable Date Series B Preferred Stock October 12, 2018 October 25, 2018 $ 5.00 November 5, 2018 October 12, 2018 November 23, 2018 $ 5.00 December 5, 2018 October 12, 2018 December 24, 2018 $ 5.00 January 4, 2019
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 September 30, 2018 (amounts in thousands): Shares Declaration Date Record Date Date Paid Distributions per Share Total Distribution Class A Common Stock September 7, 2018 September 25, 2018 October 5, 2018 $ 0.162500 $ 3,847 Class C Common Stock September 7, 2018 September 25, 2018 October 5, 2018 $ 0.162500 $ 12 Series A Preferred Stock September 7, 2018 September 25, 2018 October 5, 2018 $ 0.515625 $ 2,950 Series B Preferred Stock July 10, 2018 September 25, 2018 October 5, 2018 $ 5.000000 $ 1,316 Series C Preferred Stock September 7, 2018 September 25, 2018 October 5, 2018 $ 0.4765625 $ 1,107 Series D Preferred Stock September 7, 2018 September 25, 2018 October 5, 2018 $ 0.4453125 $ 1,269 OP Units September 7, 2018 September 25, 2018 October 5, 2018 $ 0.162500 $ 1,012 LTIP Units September 7, 2018 September 25, 2018 October 5, 2018 $ 0.162500 $ 279 Series B Preferred Stock October 12, 2018 October 25, 2018 November 5, 2018 $ 5.000000 $ 1,365 Total $ 13,157

Organization and Nature of Bu_2

Organization and Nature of Business (Details Textual)	9 Months Ended
	Sep. 30, 2018
Organization and Nature of Business [Line Items]
Percent of Real Estate Properties Occupied	95.00%
Number of Units in Real Estate Property	13,574
Annual Distribution Percentage Rate	90.00%
Operating Units [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property	10,774
Under Development [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property	2,800

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual)	9 Months Ended
	Sep. 30, 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	25.34%
OP Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	19.59%
LTIP Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	5.75%

Sale of Real Estate Asset and_2

Sale of Real Estate Asset and Abandonment of Development Project (Details Textual) $ in Millions	1 Months Ended
	Jun. 30, 2017USD ($)	May 24, 2017USD ($)	Apr. 26, 2017USD ($)	Feb. 22, 2017USD ($)	Sep. 30, 2018USD ($)	Nov. 24, 2015a
Real Estate Assets Held for Development and Sale [Line Items]
Disposition Fees			$ 1.2	$ 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			24.1	28.6
Gain (Loss) on Disposition of Assets			22.8	16.7
Proceeds from Sale of Property Held-for-sale			82.4
Pro Rata [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Gain (Loss) on Disposition of Assets			16.1	7.8
Proceeds from Sale of Property Held-for-sale			$ 19.1	$ 13.6
East San Marco Property [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Area of Real Estate Property | a						44,276
Real Estate Investment Property, Net					$ 2.9
Fox Hill Property [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Disposition Fees		$ 0.5
Proceeds from Sale of Real Estate Gross		46.5
Proceeds from Sale of Real Estate		19.2
Gain (Loss) on Disposition of Assets		10.7
Payment for Debt Extinguishment or Debt Prepayment Cost		1.6
Fox Hill Property [Member] | Mortgages [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Payments for Mortgage on Real Estate Sold		26.7
Fox Hill Property [Member] | Pro Rata [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Gain (Loss) on Disposition of Assets		10.3
Proceeds from Sale of Property Held-for-sale		$ 16.4
Lansbrook Village Properties [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Ownership Interest			90.00%
Lansbrook Village Properties [Member] | Mortgages [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Payments for Mortgage on Real Estate Sold			$ 57.2
MDA Apartments [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Disposition Fees	$ 0.7
Proceeds from Sale of Real Estate	17.6
Proceeds from Sale of Property Held-for-sale	$ 18.3
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	35.00%
Gain On Sale Of Equity Interests	$ 10.2
MDA Apartments [Member] | Pro Rata [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Gain (Loss) on Disposition of Assets	6.4
Proceeds from Sale of Property Held-for-sale	$ 11

Investments in Real Estate (Det

Investments in Real Estate (Details)	9 Months Ended
	Sep. 30, 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
Leigh House, formerly 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	3Q 2018
Vickers Historic Roswell, formerly 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	2Q 2018
Actual Or Estimated Construction Completion	3Q 2018
Cade Boca Raton, formerly 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	4Q 2018
Actual Or Estimated Construction Completion	1Q 2019
Arlo, formerly 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	2Q 2018
Actual Or Estimated Construction Completion	2Q 2019
Domain at The One Forty, formerly 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	2Q 2018
Actual Or Estimated Construction Completion	2Q 2019
Novel Perimeter, formerly 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	3Q 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	2Q 2020
Actual Or Estimated Construction Completion	3Q 2020
Average [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units	10,774
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
Date Built / Renovated	2,016	[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
Date Built / Renovated	1,990	[1]
Ownership Interest	90.00%
ARIUM Grandewood [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orlando, FL
Number of Units	306
Date Built / 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
Date Built / Renovated	2,016	[1]
Ownership Interest	100.00%
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
Date Built / 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
Date Built / Renovated	2,001	[1]
Ownership Interest	100.00%
ARIUM Palms [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orlando, FL
Number of Units	252
Date Built / Renovated	2,008	[1]
Ownership Interest	100.00%
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
Date Built / 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
Date Built / 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
Date Built / 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
Date Built / 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
Date Built / 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
Date Built / 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
Date Built / 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
Date Built / 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
Date Built / 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
Date Built / Renovated	2,008	[1]
Ownership Interest	90.00%
Outlook at Greystone [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Birmingham, AL
Number of Units	300
Date Built / Renovated	2,007	[1]
Ownership Interest	100.00%
Park & Kingston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Charlotte, NC
Number of Units	168
Date Built / Renovated	2,015	[1]
Ownership Interest	100.00%
Plantation Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Lake Jackson, TX
Number of Units	238
Date Built / Renovated	2,016	[1]
Ownership Interest	80.00%
Preston View [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Morrisville, NC
Number of Units	382
Date Built / 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
Date Built / Renovated	2,015	[1]
Ownership Interest	98.00%
Sands Parc [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Daytona Beach, FL
Number of Units	264
Date Built / Renovated	2,017	[1]
Ownership Interest	100.00%
Sorrel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Frisco, TX
Number of Units	352
Date Built / 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
Date Built / Renovated	2,015	[1]
Ownership Interest	95.00%
The Brodie [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Number of Units	324
Date Built / Renovated	2,001	[1]
Ownership Interest	92.50%
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
Date Built / 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
Date Built / Renovated	2,013	[1]
Ownership Interest	100.00%
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
Date Built / Renovated	2,009	[1]
Ownership Interest	100.00%
Veranda at Centerfield [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Houston, TX
Number of Units	400
Date Built / Renovated	1,999	[1]
Ownership Interest	93.00%
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
Date Built / 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
Date Built / Renovated	2,010	[1]
Ownership Interest	100.00%
[1]	Represents date of last significant renovation or year built if there were no renovations.

Investments in Real Estate (D_2

Investments in Real Estate (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Real Estate Property [Line Items]
SEC Schedule III, Real Estate Accumulated Depreciation, Depreciation Expense	$ 13.7	$ 8.9	$ 38.7	$ 24.5
Amortization of Deferred Leasing Fees	$ 1.7	$ 2.9	$ 7.1	$ 8.6

Acquisition of Real Estate (Det

Acquisition of Real Estate (Details) $ in Thousands	Sep. 30, 2018USD ($)
Preliminary Purchase Price Allocation
Land	$ 12,850
Building	135,849
Building improvements	8,804
Land improvements	22,232
Furniture and fixtures	2,930
In-place leases	3,470
Total assets acquired	$ 186,135

Acquisition of Real Estate (D_2

Acquisition of Real Estate (Details Textual) $ in Millions	Jun. 14, 2018USD ($)NumberofUnits	Jul. 26, 2018USD ($)NumberofUnits	Mar. 26, 2018USD ($)NumberofUnits	Sep. 30, 2018	Aug. 29, 2018USD ($)	Aug. 13, 2018	May 01, 2018USD ($)NumberofUnits	Apr. 26, 2018USD ($)
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage				80.00%		99.50%
Number of Units in Real Estate Property				13,574
Links at Plum Creek [Member]
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage			88.00%
Number of Units in Real Estate Property | NumberofUnits			264
The Links at Plum Creek, Castle Rock, CO [Member]
Business Acquisition [Line Items]
Proceeds from Issuance of Senior Long-term Debt			$ 40
Business Acquisition Indirect Ownership, Amount			$ 61.1
Acquisition of Sands Parc [Member]
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage							100.00%
Number of Units in Real Estate Property | NumberofUnits							264
Plantation Park [Member]
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage	80.00%
Number of Units in Real Estate Property | NumberofUnits	238
Proceeds from Issuance of Senior Long-term Debt	$ 26.6
Business Acquisition Indirect Ownership, Amount	$ 35.6
ARIUM Gulfshore [Member]
Business Acquisition [Line Items]
Business Acquisition Indirect Ownership, Amount								$ 4.8
ARIUM Gulfshore [Member] | Minimum [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment								95.00%
ARIUM Gulfshore [Member] | Maximum [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment								100.00%
ARIUM at Palmer Ranch [Member]
Business Acquisition [Line Items]
Business Acquisition Indirect Ownership, Amount								$ 4.2
ARIUM at Palmer Ranch [Member] | Minimum [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment								95.00%
ARIUM at Palmer Ranch [Member] | Maximum [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment								100.00%
Sands Parc [Member]
Business Acquisition [Line Items]
Business Acquisition Indirect Ownership, Amount							$ 46.2
Veranda at Centerfield [Member]
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage		93.00%
Number of Units in Real Estate Property | NumberofUnits		400
Proceeds from Issuance of Senior Long-term Debt		$ 26.1
Business Acquisition Indirect Ownership, Amount		$ 40.2
ARIUM Palms [Member]
Business Acquisition [Line Items]
Business Acquisition Indirect Ownership, Amount					$ 3
ARIUM Palms [Member] | Minimum [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment					95.00%
ARIUM Palms [Member] | Maximum [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment					100.00%

Notes and Interest Receivable_3

Notes and Interest Receivable due from Related Parties (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Notes Receivable, Related Parties	$ 163,241	$ 140,903
Arlo, formerly West Morehead [Member]
Notes Receivable, Related Parties	24,883	24,893
Cade Boca Raton, formerly APOK Townhomes [Member]
Notes Receivable, Related Parties	11,361	11,365
Domain at The One Forty, formerly Domain [Member]
Notes Receivable, Related Parties	20,528	20,536
Flagler Village [Member]
Notes Receivable, Related Parties	75,408	53,668
Novel Perimeter, formerly Crescent Perimeter [Member]
Notes Receivable, Related Parties	20,859	20,622
Vickers Historic Roswell, formerly Vickers Village [Member]
Notes Receivable, Related Parties	$ 10,202	$ 9,819

Notes and Interest Receivable_4

Notes and Interest Receivable due from Related Parties (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Interest Income, Related Party	$ 5,702	$ 2,120	$ 16,532	$ 5,741
Arlo [Member]
Interest Income, Related Party	929	929	2,758	2,751
Cade Boca Raton [Member]
Interest Income, Related Party	424	424	1,259	1,232
Domain at The One Forty [Member]
Interest Income, Related Party	767	767	2,275	1,758
Flagler Village [Member]
Interest Income, Related Party	2,427	0	6,822	0
Novel Perimeter [Member]
Interest Income, Related Party	779	0	2,312	0
Vickers Historic Roswell [Member]
Interest Income, Related Party	$ 376	$ 0	$ 1,106	$ 0

Notes and Interest Receivable_5

Notes and Interest Receivable due from Related Parties (Details Textual) - USD ($)	Mar. 03, 2017	Jan. 06, 2017	Dec. 12, 2016	Aug. 13, 2018	Mar. 28, 2018	Dec. 29, 2017	Dec. 29, 2016	Dec. 22, 2016	Sep. 30, 2018	Jan. 05, 2017
Related Party 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.
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 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.		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 thirty-year amortization. The loan can be prepaid without penalty.
Equity Method Investment, Ownership Percentage				99.50%					80.00%
Description Of Exercise Of Options				the Company received the right to exercise an option to purchase, at the greater of a 10 basis point discount to fair market value or 15% internal rate of return for Fund III, up to a 100% common membership interest in BR Vickers JV Member.
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 Arlo JV Member (the mezzanine borrower), which is 99.5% owned by Fund II and which currently holds an approximate 95.0% interest in the Arlo JV and in the Arlo property, subject to certain promote rights of our unaffiliated development partner.
Arlo [Member]
Due from Related Parties									$ 34,500,000
Due from Related Parties, Current							$ 7,300,000
Related Party Transaction, Date									Dec. 29, 2016
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.		The Arlo 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 Arlo 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 Arlo Construction Loan can be prepaid without penalty.
Related Party Transaction, Rate									15.00%
Due From Unaffiliated Lender							$ 7,300,000		$ 25,100,000	$ 24,600,000
Unaffiliated Lender Transaction Date							Dec. 29, 2016	Dec. 1, 2020
Development Leased									22.00%
Cade Boca Raton [Member]
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 Cade Boca Raton property, subject to certain promote rights of our unaffiliated development partner.
Due From Unaffiliated Lender							$ 18,700,000		$ 15,300,000
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
Domain 1 property Owner [Member]
Due from Related Parties	$ 20,300,000
BRG Domain 1 [Member]
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 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 at The One Forty property, subject to certain promote rights of our unaffiliated development partner.
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 at The One Forty property, subject to certain promote rights of our unaffiliated development partner.
BR Flagler JV,LLC [Member]
Due from Related Parties					$ 74,600,000	$ 53,600,000
Related Party Transaction, Date						Dec. 29, 2022
Percentage Of Loan Secured					97.40%
Flagler Village Property Owner [Member]
Due from Related Parties, Current									1,026
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 thirty-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
Novel Perimeter [Member]
Due From Unaffiliated Lender			$ 44,700,000						$ 33,000,000
Unaffiliated Lender Transaction Date			Dec. 12, 2020
Development Leased									6.00%
Vickers Historic Roswell [Member]
Due From Unaffiliated Lender								$ 18,000,000	$ 16,900,000
Unaffiliated Lender Transaction Interest Rate Description								The loan matures December 1, 2020. The loan bears interest at a rate of LIBOR plus 3.00%, with interest only payments until December 1, 2018, with future payments based on twenty-five-year amortization. The loan can be prepaid without penalty.
Unaffiliated Lender Transaction Date								Dec. 1, 2018
Development Leased									28.00%
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						$ 10,100,000
Related Party Transaction, Date						Dec. 29, 2020
Additional Capital Contribution				$ 300,000					$ 300,000
BRG Flagler Mezz Loan [Member]
Related Party Transaction, Date					Mar. 28, 2023
Domain at The One Forty [Member]
Due From Unaffiliated Lender	$ 30,300,000								$ 22,200,000
Unaffiliated Lender Transaction Date									Mar. 3, 2020
Development Leased									18.00%
Property Owner One Forty [Member]
Due From Unaffiliated Lender	$ 6,400,000								$ 6,400,000

Preferred Equity Investments _3

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 77,466	$ 71,145
Alexan CityCentre [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	10,277	9,258
Alexan Southside Place [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	22,376	20,584
Arlo, formerly West Morehead [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	14	14
Cade Boca Raton, formerly APOK Townhomes [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	7	7
Domain at The One Forty, formerly 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	18,868	16,360
Leigh House, formerly Lake Boone Trail [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	12,917	11,930
Novel Perimeter, formerly Crescent Perimeter [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	12	12
Vickers Historic Roswell, formerly Vickers Village [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	7	6
Whetstone [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 12,932	$ 12,932

Preferred Equity Investments _4

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	$ 2,789	$ 2,688	$ 7,877	$ 7,865
Alexan CityCentre [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	436	385	1,221	1,010
Alexan Southside Place [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	908	740	2,595	2,113
Domain at The One Forty [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	0	0	0	141
Other [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	0	(3)	0	(25)
Flagler Village [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	0	(1)	0	(5)
Helios [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	708	619	1,957	1,835
Leigh House [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	501	451	1,404	1,319
Whetstone [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	$ 236	$ 497	$ 700	$ 1,477

Preferred Equity Investments _5

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Balance Sheets:
Real estate, net of depreciation	$ 538,978		$ 538,978		$ 399,111
Other assets	62,912		62,912		62,667
Total assets	601,890		601,890		461,778
Mortgages payable	462,383		462,383		325,702
Other liabilities	26,756		26,756		25,956
Total liabilities	489,139		489,139		351,658
Members' equity	112,751		112,751		110,120
Total liabilities and members' equity	601,890		601,890		$ 461,778
Operating Statement:
Rental revenues	5,230	$ 1,344	12,820	$ 2,930
Operating expenses	(4,199)	(1,425)	(10,446)	(2,843)
Income (loss) before debt service and depreciation and amortization	1,031	(81)	2,374	87
Interest expense, net	(2,438)	(861)	(5,797)	(1,736)
Depreciation and amortization	(2,855)	(927)	(6,985)	(1,886)
Net loss	$ (4,262)	$ (1,869)	$ (10,408)	$ (3,535)

Preferred Equity Investments _6

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 ($)

Aug. 29, 2018

Aug. 28, 2018

Jul. 31, 2018

May 26, 2018

Dec. 29, 2017USD ($)

Sep. 30, 2016USD ($)

Sep. 30, 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, 2015

Jul. 01, 2014

Equity Method Investment And Joint Venture [Line Items]

Preferred ship Interest Return At Annual Rate

15.00%

Percentage Of Preferred ship Interest

70.00%

Debt Instrument, Description of Variable Rate Basis

LIBOR plus 1.40%

LIBOR plus 1.33%

LIBOR plus 1.50%

Equity Method Investments

$ 77,466,000

$ 71,145,000

Due From Affiliates

2,782,000

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

$ 31,400,000

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

$ 1,900,000

$ 1,200,000

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

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

204

Alexan CityCentre [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

340

Percentage of Number of Units Occupied

92.00%

BRG Southside LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

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

$ 22,400,000

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 Flagler Village Interest [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

385

Leigh House [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

245

Debt Instrument, Face Amount

$ 25,200,000

Debt Instrument, Description of Variable Rate Basis

based on one-month LIBOR plus 2.65%

Capital Commitment

$ 12,900,000

Percentage of Acquire Preferred Equity Interests

100.00%

Debt Instrument, Maturity Date

Dec. 23, 2019

Long-term Construction Loan

$ 24,700,000

Expected Preferred Return On Related Party Debt

20.00%

Equity Method Investments

$ 1,000,000

Percentage of Number of Units Occupied

81.00%

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%

Percentage Achieved on Leased and Occupied Units

70.00%

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

$ 10,300,000

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

100.00%

Expected Preferred Return On Related Party Debt

20.00%

Equity Method Investments

$ 3,800,000

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

$ 26,100,000

$ 26,500,000

Helios Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

282

Debt Instrument, Face Amount

$ 38,100,000

$ 38,100,000

Debt Instrument, Description of Variable Rate Basis

based on one-month LIBOR plus 2.50%

Capital Commitment

$ 18,900,000

Percentage of Acquire Preferred Equity Interests

100.00%

Percentage of Number of Units Leased and Occupied

70.00%

Percentage of Number of Units Occupied

88.00%

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

$ 5,100,000

Alexan Southside Place Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Percentage of Number of Units Occupied

75.00%

Whetstone Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Percentage of Number of Units Occupied

98.00%

Arlo [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

286

Preferred ship Interest Return At Annual Rate

0.50%

Cade Boca Raton [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

Domain at The One Forty [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

299

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 at The One Forty and the BRG Domain 1 Mezz Loan.

Revolving credit facilities (De

Revolving credit facilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Long-term Line of Credit	$ 62,959	$ 67,670
Senior Credit Facility [Member]
Long-term Line of Credit	62,959	67,670
Junior Credit Facility [Member]
Long-term Line of Credit	$ 0	$ 0

Revolving credit facilities (_2

Revolving credit facilities (Details Textual) - USD ($) $ in Millions	Oct. 04, 2017	Aug. 29, 2018	Aug. 28, 2018	Jul. 31, 2018	Mar. 20, 2018	Sep. 30, 2018
Debt Instrument, Description of Variable Rate Basis		LIBOR plus 1.40%	LIBOR plus 1.33%	LIBOR plus 1.50%
Revolving Credit Facility [Member]
Line of Credit Facility, Remaining Borrowing Capacity						$ 56.1
Junior Credit Facility [Member] | Key Bank National Association [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 50
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						4.40%
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	$ 150
Line of Credit Facility, Maximum Borrowing Capacity	$ 250

Mortgages Payable (Details)

Mortgages Payable (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2018	Dec. 31, 2017
Mortgages [Member]
Line of Credit Facility [Line Items]
Total		$ 1,116,094	$ 946,101
Fair value adjustments		2,312	2,638
Deferred financing costs, net		(11,325)	(9,245)
Total		1,107,081	939,494
ARIUM at Palmer Ranch [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 41,348	26,925
Interest Rate		4.41%
Fixed/Floating		Fixed
Maturity Date		May 1, 2025
ARIUM Glenridge [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 49,500	48,431
Interest Rate		3.44%
Fixed/Floating	[1]	LIBOR + 1.33%
Maturity Date		Sep. 1, 2025
ARIUM Grandewood [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 39,385	34,294
Interest Rate		3.93%
Fixed/Floating	[2]
Maturity Date		Jul. 1, 2025
ARIUM Gulfshore [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 0	32,626
ARIUM Hunter's Creek [Member] | Mortgages [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
ARIUM Metrowest [Member]
Line of Credit Facility [Line Items]
Interest Rate		4.43%
Fixed/Floating		Fixed
ARIUM Metrowest [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 64,559	0
Maturity Date		May 1, 2025
ARIUM Palms [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 30,320	24,999
Interest Rate		3.51%
Fixed/Floating	[1]	LIBOR + 1.40%
Maturity Date		Sep. 1, 2025
ARIUM Pine Lakes [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 26,950	26,950
Interest Rate		3.95%
Fixed/Floating		Fixed
Maturity Date		Nov. 1, 2023
ARIUM Westside [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 52,150	52,150
Interest Rate		3.68%
Fixed/Floating		Fixed
Maturity Date		Aug. 1, 2023
Ashton Reserve I [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 31,011	31,401
Interest Rate		4.67%
Fixed/Floating		Fixed
Maturity Date		Dec. 1, 2025
Ashton Reserve II [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 15,213	15,270
Interest Rate		3.61%
Fixed/Floating	[1]	LIBOR + 1.50%
Maturity Date		Aug. 1, 2025
Citrus Tower [Member] | Mortgages [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] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[3]	$ 23,941	24,287
Interest Rate	[3]	4.30%
Fixed/Floating	[3]	Fixed
Maturity Date	[3]	Nov. 1, 2022
James on South First [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 26,500	26,500
Interest Rate		4.35%
Fixed/Floating		Fixed
Maturity Date		Jan. 1, 2024
Marquis at Crown Ridge [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 28,779	29,217
Interest Rate		3.72%
Fixed/Floating	[1]	LIBOR + 1.61%
Maturity Date		Jun. 1, 2024
Marquis at Stone Oak [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 42,925	43,125
Interest Rate		3.72%
Fixed/Floating	[1]	LIBOR + 1.61%
Maturity Date		Jun. 1, 2024
Marquis at the Cascades I [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 33,053	33,207
Interest Rate		3.72%
Fixed/Floating	[1]	LIBOR + 1.61%
Maturity Date		Jun. 1, 2024
Marquis at Cascades II [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 23,068	23,175
Interest Rate		3.72%
Fixed/Floating	[1]	LIBOR + 1.61%
Maturity Date		Jun. 1, 2024
Marquis at TPC [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 16,915	17,184
Interest Rate		3.72%
Fixed/Floating	[1]	LIBOR + 1.61%
Maturity Date		Jun. 1, 2024
Outlook at Greystone [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 22,105	0
Interest Rate		4.30%
Fixed/Floating		Fixed
Maturity Date		Jun. 1, 2025
Park & Kingston [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[4]	$ 18,432	18,432
Interest Rate	[4]	3.41%
Fixed/Floating	[4]	Fixed
Maturity Date	[4]	Apr. 1, 2020
Plantation Park [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 26,625	0
Interest Rate		4.64%
Fixed/Floating		Fixed
Maturity Date		Jul. 1, 2028
Preston View [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 41,657	41,066
Interest Rate		3.61%
Fixed/Floating	[1]	LIBOR + 1.50%
Maturity Date		Aug. 1, 2025
Roswell City Walk [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 51,000	51,000
Interest Rate		3.63%
Fixed/Floating		Fixed
Maturity Date		Dec. 1, 2026
Sorrel [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 38,684	38,684
Interest Rate		4.40%
Fixed/Floating	[1]	LIBOR + 2.29%
Maturity Date		May 1, 2023
Sovereign [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 28,369	28,788
Interest Rate		3.46%
Fixed/Floating		Fixed
Maturity Date		Nov. 10, 2022
The Brodie [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 34,825	34,825
Interest Rate		3.71%
Fixed/Floating		Fixed
Maturity Date		Dec. 1, 2023
Links at Plum Creek [Member] | Mortgages [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] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 26,419	26,777
Interest Rate		4.21%
Fixed/Floating		Fixed
Maturity Date		Jan. 1, 2025
The Preserve at Henderson Beach [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 35,784	36,311
Interest Rate		4.65%
Fixed/Floating		Fixed
Maturity Date		Jan. 5, 2023
Veranda at Centerfield [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 26,100	0
Interest Rate		3.36%
Fixed/Floating	[1]	LIBOR + 1.25%
Maturity Date		Jul. 26, 2023
Villages of Cypress Creek [Member] | Mortgages [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] | Mortgages [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
[1]	In September 2018, one-month LIBOR in effect was 2.11%. One-month LIBOR at September 30, 2018 was 2.26%.
[2]	The principal balance includes a $19.7 million advance at a fixed rate of 4.35% and a $19.7 million advance at a variable rate of 3.51% as of September 30, 2018. See below for further details regarding the advances under the Fannie Facility, as defined below.
[3]	The principal balance includes a $16.3 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	Sep. 30, 2018USD ($)
Debt Disclosure [Abstract]
2018 (October 1-December 31)	$ 1,392
2,019	7,367
2,020	30,792
2,021	15,980
2,022	91,575
Thereafter	968,988
Long-term Debt	1,116,094
Add: Unamortized fair value debt adjustment	2,312
Subtract: Deferred financing costs, net	(11,325)
Total	$ 1,107,081

Mortgages Payable (Details Text

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

Jun. 14, 2018

May 03, 2018

Sep. 30, 2018

Aug. 29, 2018

Aug. 28, 2018

Jul. 31, 2018

Jul. 26, 2018

Jun. 25, 2018

Apr. 30, 2018

Apr. 26, 2018

Mar. 26, 2018

Sep. 30, 2018

Jun. 30, 2018

Dec. 31, 2017

Line of Credit Facility [Line Items]

Real Estate Investments, Net, Total

$ 1,556,516

$ 1,556,516

$ 1,397,582

Debt Instrument, Description of Variable Rate Basis

LIBOR plus 1.40%

LIBOR plus 1.33%

LIBOR plus 1.50%

Mortgages [Member]

Line of Credit Facility [Line Items]

Debt Instrument Prepayment Fee Percentage

2.11%

2.26%

Enders Place at Baldwin Park [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 16,300

$ 16,300

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%

4.30%

Secured Debt

[1]

$ 23,941

$ 23,941

24,287

Debt Instrument, Maturity Date

[1]

Nov. 1, 2022

Enders Place at Baldwin Park [Member] | Supplemental Loan [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

7,700

$ 7,700

Debt Instrument, Basis Spread on Variable Rate

5.01%

ARIUM Grandewood [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 19,700

$ 19,700

Debt Instrument, Term

30 years

ARIUM Grandewood [Member] | Fixed Rate Advance [Member]

Line of Credit Facility [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

4.35%

4.35%

4.35%

Secured Debt

$ 19,700

29,400

Debt Instrument, Maturity Date

Jul. 1, 2025

ARIUM Grandewood [Member] | Variable Rate Advance [Member]

Line of Credit Facility [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

3.51%

1.40%

3.51%

Secured Long-term Debt, Noncurrent

$ 19,700

$ 19,700

Secured Debt

$ 19,700

4,900

Debt Instrument, Maturity Date

Jul. 1, 2025

Park Kingston [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 15,300

$ 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%

3.41%

Secured Debt

[2]

$ 18,432

$ 18,432

18,432

Debt Instrument, Maturity Date

[2]

Apr. 1, 2020

Park Kingston [Member] | Supplemental Loan [Member]

Line of Credit Facility [Line Items]

Secured Long-term Debt, Noncurrent

$ 3,200

$ 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, Term

30 years

ARIUM Gulfshore [Member]

Line of Credit Facility [Line Items]

Secured Debt

$ 32,600

Extinguishment of Debt, Amount

$ 300

ARIUM at Palmer Ranch [Member]

Line of Credit Facility [Line Items]

Debt Instrument, Payment Terms

with interest only payments through May 2020, and then monthly payments based on thirty-year amortization. After January 31, 2025, the loan may be prepaid without prepayment fee or yield maintenance.

Debt Instrument, Term

30 years

Debt Instrument Prepayment Fee Percentage

4.41%

Secured Debt

$ 41,300

$ 26,900

Debt Instrument, Maturity Date

May 1, 2025

Plantation Park [Member]

Line of Credit Facility [Line Items]

Debt Instrument, Payment Terms

with interest only payments through July 2024, and then monthly payments based on thirty-year amortization. After December 31, 2027, the loan may be prepaid without prepayment fee or yield maintenance.

Debt Instrument, Term

30 years

Debt Instrument Prepayment Fee Percentage

4.64%

Secured Debt

$ 26,600

Debt Instrument, Maturity Date

Jul. 1, 2028

ARIUM Metrowest [Member

Line of Credit Facility [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

4.43%

Debt Instrument, Payment Terms

with interest only payments through May 2021, and then monthly payments based on thirty-year amortization. On or after January 31, 2025, the loan may be prepaid without prepayment fee or yield maintenance.

Debt Instrument, Term

30 years

Secured Debt

$ 64,600

Debt Instrument, Maturity Date

May 1, 2025

Outlook at Greystone [Member]

Line of Credit Facility [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

4.30%

Debt Instrument, Payment Terms

with interest only payments through June 2021, and then monthly payments based on thirty-year amortization. On or after February 28, 2025, the loan may be prepaid without prepayment fee or yield maintenance.

Debt Instrument, Term

30 years

Secured Debt

$ 22,100

Debt Instrument, Maturity Date

Jun. 1, 2025

Veranda At Centerfield [Member]

Line of Credit Facility [Line Items]

Debt Instrument, Payment Terms

with interest only payments through July 2021, and then monthly payments based on thirty-year amortization. After July 26, 2019, the loan may be prepaid without prepayment fee or yield maintenance.

Debt Instrument, Term

30 years

Secured Debt

$ 26,100

Debt Instrument, Maturity Date

Jul. 26, 2023

Debt Instrument, Description of Variable Rate Basis

LIBOR plus 1.25%

Arium Glenridge [Member]

Line of Credit Facility [Line Items]

Debt Instrument, Payment Terms

with interest only payments through September 2021, and then monthly payments based on thirty-year amortization. On or after May 30, 2025, the loan may be prepaid without prepayment fee or yield maintenance.

Debt Instrument, Term

30 years

Secured Debt

$ 49,500

$ 48,400

Extinguishment of Debt, Amount

$ 500

Debt Instrument, Maturity Date

Sep. 1, 2025

Arium Palms [Member]

Line of Credit Facility [Line Items]

Debt Instrument, Payment Terms

with interest only payments through September 2020, and then monthly payments based on thirty-year amortization. On or after May 30, 2025, the loan may be prepaid without prepayment fee or yield maintenance.

Debt Instrument, Term

30 years

Secured Debt

$ 30,300

25,000

Debt Instrument, Maturity Date

Sep. 1, 2025

Ashton Reserve II [Member]

Line of Credit Facility [Line Items]

Debt Instrument, Payment Terms

ith interest only payments through August 2022, and then monthly payments based on thirty-year amortization. After April 30, 2025, the loan may be prepaid without prepayment fee or yield maintenance.

Secured Debt

$ 15,200

15,300

Extinguishment of Debt, Amount

$ 200

Debt Instrument, Maturity Date

Aug. 1, 2025

Debt Instrument, Description of Variable Rate Basis

LIBOR plus 1.50%

Preston View Mortgage [Member]

Line of Credit Facility [Line Items]

Debt Instrument, Payment Terms

with interest only payments through August 2022, and then monthly payments based on thirty-year amortization. After April 30, 2025, the loan may be prepaid without prepayment fee or yield maintenance.

Secured Debt

$ 41,700

$ 41,100

Extinguishment of Debt, Amount

$ 400

Debt Instrument, Maturity Date

Aug. 1, 2025

[1]

The principal balance includes a $16.3 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 Instr_2

Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage Payable At Carrying Value	$ 1,118.4	$ 948.7
Long-term Debt, Fair Value	$ 1,092.6	$ 940.7

Derivative Financial Instrume_2

Derivative Financial Instruments (Details Textual) $ in Millions	3 Months Ended
	Sep. 30, 2018USD ($)
Increase Or Decrease in Interest Expenses	$ 0.3
Interest Rate Cap [Member]
Amount Of Debt Covered By Derivatives	365.9
Derivative Asset, Current	$ 3.1

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Total related-party amounts payable	$ 537	$ 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	537	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	437	508
Reimbursable Offering Costs [Member] | BRE Entities [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	$ 100	$ 74

Related Party Transactions (D_2

Related Party Transactions (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Due From Affiliates Excluding Former Advisor	$ 2,800,000		$ 2,800,000		$ 2,000,000
Incentive Fee Expense		$ 4		$ 4,000,000
Stock Issued During Period, Shares, Share-based Compensation, Gross				333,848
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	5,600,000		$ 5,600,000
Dealer Manager Fees			2,400,000
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Reimbursement Of Organizational And Offering Costs		300,000		$ 1,100,000
Allocated Share-based Compensation Expense				30,000
Reimbursement of Payroll Related Costs	100,000		300,000
Reimbursement of Payroll Operating Costs	$ 400,000		1,300,000
Long-term Incentive Plan Units [Member]
Related Party Transaction [Line Items]
Management Fees		2,800,000		7,800,000
LTIP Units [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Allocated Share-based Compensation Expense		$ 100,000		$ 1,200,000
LTIP Units [Member] | Long-term Incentive Plan Units [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross				655,483
Manager [Member] | Long-term Incentive Plan Units [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				212,203
Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Reimbursement Of Offering Costs			$ 900,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net (loss) income attributable to common stockholders		$ (10,334)	$ (12,017)	$ (29,973)	$ 563
Dividends on LTIP Units expected to vest		(172)	0	(516)	0
Basic net (loss) income attributable to common stockholders		$ (10,506)	$ (12,017)	$ (30,489)	$ 563
Weighted average common shares outstanding	[1]	23,742,129	26,474,093	23,893,957	25,851,536
Potential dilutive shares	[2]	265,091	0	73,363	523
Weighted average common shares outstanding and potential dilutive shares	[1]	24,007,220	26,474,093	23,967,320	25,852,059
Net (loss) income per common share, basic		$ (0.44)	$ (0.45)	$ (1.28)	$ 0.02
Net (loss) income per common share, diluted		$ (0.44)	$ (0.45)	$ (1.28)	$ 0.02
[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 251 and no shares of common stock for the three and nine months ended September 30, 2017, respectively.

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - Class A common stock [Member]	9 Months Ended
	Sep. 30, 2018USD ($)$ / sharesshares
Stock Repurchased During Period, Shares	637,733
Stock Repurchased During Period, Per Share | $ / shares	$ 8.10
February 1, 2018 through February 28, 2018 [Member]
Stock Repurchased During Period, Shares	331,090
Stock Repurchased During Period, Per Share | $ / shares	$ 7.86
March 1, 2018 through March 31, 2018 [Member]
Stock Repurchased During Period, Shares	199,603
Stock Repurchased During Period, Per Share | $ / shares	$ 8.03
April 1, 2018 through April 30, 2018 [Member]
Stock Repurchased During Period, Shares	0
Stock Repurchased During Period, Per Share | $ / shares	$ 0
May 1, 2018 through May 31, 2018 [Member]
Stock Repurchased During Period, Shares	28,000
Stock Repurchased During Period, Per Share | $ / shares	$ 8.96
June 1, 2018 through June 30, 2018 [Member]
Stock Repurchased During Period, Shares	79,040
Stock Repurchased During Period, Per Share | $ / shares	$ 8.96
July 1, 2018 through September 30, 2018 [Member]
Stock Repurchased During Period, Shares	0
Stock Repurchased During Period, Per Share | $ / shares	$ 0
Publicly Announced Plan [Member]
Stock Repurchased During Period, Shares	637,733
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
Publicly Announced Plan [Member] | April 1, 2018 through April 30, 2018 [Member]
Stock Repurchased During Period, Shares	0
Stock Repurchased Maximum Dollar Value of Shares | $	$ 20,795,897
Publicly Announced Plan [Member] | May 1, 2018 through May 31, 2018 [Member]
Stock Repurchased During Period, Shares	28,000
Stock Repurchased Maximum Dollar Value of Shares | $	$ 20,545,146
Publicly Announced Plan [Member] | June 1, 2018 through June 30, 2018 [Member]
Stock Repurchased During Period, Shares	79,040
Stock Repurchased Maximum Dollar Value of Shares | $	$ 19,837,157
Publicly Announced Plan [Member] | July 1, 2018 through September 30, 2018 [Member]
Stock Repurchased During Period, Shares	0
Stock Repurchased Maximum Dollar Value of Shares | $	$ 19,837,157

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2)	9 Months Ended
	Sep. 30, 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	$ 0.162500
Date Paid	Apr. 5, 2018
Common Class A two [Member]
Declaration Date	Jun. 8, 2018
Payable to stockholders of record as of	Jun. 25, 2018
Amount	$ 0.162500
Date Paid	Jul. 5, 2018
Common Class A Three [Member]
Declaration Date	Sep. 7, 2018
Payable to stockholders of record as of	Sep. 25, 2018
Amount	$ 0.162500
Date Paid	Oct. 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
Common Class C two [Member]
Declaration Date	Jun. 8, 2018
Payable to stockholders of record as of	Jun. 25, 2018
Amount	$ 0.162500
Date Paid	Jul. 5, 2018
Common Class C Three [Member]
Declaration Date	Sep. 7, 2018
Payable to stockholders of record as of	Sep. 25, 2018
Amount	$ 0.162500
Date Paid	Oct. 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 A Preferred Stock two [Member]
Declaration Date	Jun. 8, 2018
Payable to stockholders of record as of	Jun. 25, 2018
Amount	$ 0.515625
Date Paid	Jul. 5, 2018
Series A Preferred Stock three [Member]
Declaration Date	Sep. 7, 2018
Payable to stockholders of record as of	Sep. 25, 2018
Amount	$ 0.515625
Date Paid	Oct. 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 B Preferred Stock four [Member]
Declaration Date	Apr. 13, 2018
Payable to stockholders of record as of	Apr. 25, 2018
Amount	$ 5
Date Paid	May 4, 2018
Series B Preferred Stock five [Member]
Declaration Date	Apr. 13, 2018
Payable to stockholders of record as of	May 25, 2018
Amount	$ 5
Date Paid	Jun. 5, 2018
Series B Preferred Stock six [Member]
Declaration Date	Apr. 13, 2018
Payable to stockholders of record as of	Jun. 25, 2018
Amount	$ 5
Date Paid	Jul. 5, 2018
Series B Preferred Stock seven [Member]
Declaration Date	Jul. 10, 2018
Payable to stockholders of record as of	Jul. 25, 2018
Amount	$ 5
Date Paid	Aug. 3, 2018
Series B Preferred Stock eight [Member]
Declaration Date	Jul. 10, 2018
Payable to stockholders of record as of	Aug. 24, 2018
Amount	$ 5
Date Paid	Sep. 5, 2018
Series B Preferred Stock Nine [Member]
Declaration Date	Jul. 10, 2018
Payable to stockholders of record as of	Sep. 25, 2018
Amount	$ 5
Date Paid	Oct. 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 C Preferred Stock two [Member]
Declaration Date	Jun. 8, 2018
Payable to stockholders of record as of	Jun. 25, 2018
Amount	$ 0.4765625
Date Paid	Jul. 5, 2018
Series C Preferred Stock three [Member]
Declaration Date	Sep. 7, 2018
Payable to stockholders of record as of	Sep. 25, 2018
Amount	$ 0.4765625
Date Paid	Oct. 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
Series D Preferred Stock two [Member]
Declaration Date	Jun. 8, 2018
Payable to stockholders of record as of	Jun. 25, 2018
Amount	$ 0.4453125
Date Paid	Jul. 5, 2018
Series D Preferred Stock three [Member]
Declaration Date	Sep. 7, 2018
Payable to stockholders of record as of	Sep. 25, 2018
Amount	$ 0.4453125
Date Paid	Oct. 5, 2018

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018		Sep. 30, 2018
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	$ 14,274	$ 13,841	$ 8,344		$ 36,459
Distributions Paid	14,118	13,636	11,146		$ 38,900
Common Class A [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	3,847	3,863	(79)	[1]
Distributions Paid	3,864	3,858	2,341	[1]
Common Class C [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	12	12	0
Distributions Paid	12	12	7
Series A Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	2,950	2,950	2,950
Distributions Paid	2,950	2,950	2,950
Series B Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	3,779	3,316	2,921
Distributions Paid	3,631	3,161	2,816
Series C Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,107	1,107	1,107
Distributions Paid	1,107	1,107	1,107
Series D Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,269	1,269	1,270
Distributions Paid	1,269	1,269	1,270
Operating Partnership Units [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,013	1,013	0
Distributions Paid	1,013	1,013	602
Long-term Incentive Plan Units [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	297	311	175
Distributions Paid	$ 272	$ 266	$ 53
[1]	On December 20, 2017, the Company’s Board 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 ($)

Oct. 04, 2018

Sep. 28, 2018

Jan. 31, 2018

Dec. 20, 2017

Oct. 26, 2017

Feb. 14, 2017

Jan. 31, 2017

Jan. 24, 2017

Jan. 17, 2017

Sep. 30, 2018

Sep. 30, 2018

Sep. 30, 2017

Feb. 28, 2018

Dec. 31, 2017

Jan. 11, 2017

Aug. 08, 2016

Class of Stock [Line Items]

Proceeds From Issuance Of Common Stock

$ 25,000

$ 57,359,000

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

3.32%

Stock Repurchased During Period, Value

$ 5,162,000

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

80,798

Stock Offering [Member]

Class of Stock [Line Items]

Class of Warrant or Right, Outstanding

264,622

264,622

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

25.34%

OP Unit holders [Member]

Class of Stock [Line Items]

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

19.59%

Partners' Capital Account, Units, Beginning Balance

6,230,667

6,230,667

LTIP Unit holders [Member]

Class of Stock [Line Items]

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

5.75%

Partners' Capital Account, Units, Beginning Balance

1,829,150

1,829,150

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

2,931

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

Proceeds from Issuance of Preferred Stock and Preference Stock

$ 7,500,000

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

88,523

Stock Repurchase Program, Authorized Amount

$ 25,000,000

Stock Repurchased During Period, Shares

637,733

Stock Repurchased During Period, Value

$ 6,000

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

5,292,440

5,292,440

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

88,523

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

Stock Issued During Period, Shares, New Issues

264,622

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

Class of Stock [Line Items]

Proceeds From Issuance Of Common Stock

$ 238,200,000

Stock Issued During Period, Shares, New Issues

79,936

Proceeds from Issuance of Preferred Stock and Preference Stock

$ 71,900,000

Proceeds from Issuance or Sale of Equity

8,000,000

Payments for Repurchase of Preferred Stock and Preference Stock

$ 77,350

Stock Repurchased During Period, Shares

887

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

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

0

Stock Repurchased During Period, Shares

0

Stock Repurchased During Period, Value

$ 0

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

$ 1,200,000

3,500,000

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

Class of Stock [Line Items]

Share-based Compensation

100,000

$ 300,000

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

100,000

$ 1,200,000

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

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

3 years 7 months 6 days

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

$ 6,900,000

$ 6,900,000

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] | Common Class A [Member]

Class of Stock [Line Items]

Stock Issued During Period, Shares, New Issues

2,250,000

Subsequent Events (Details)

Subsequent Events (Details) - Series B Preferred Stock [Member]	9 Months Ended
	Sep. 30, 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
November 5, 2018 [Member] | Dividend Declared [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Declaration Date	Oct. 12, 2018
Declaration of Dividends, Payable to stockholders of record as of	Oct. 25, 2018
Declaration of Dividends, Amount	$ 5
Declaration of Dividends, Date Paid	Nov. 5, 2018
December 5, 2018 [Member] | Dividend Declared [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Declaration Date	Oct. 12, 2018
Declaration of Dividends, Payable to stockholders of record as of	Nov. 23, 2018
Declaration of Dividends, Amount	$ 5
Declaration of Dividends, Date Paid	Dec. 5, 2018
January 4, 2019 [Member] | Dividend Declared [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Declaration Date	Oct. 12, 2018
Declaration of Dividends, Payable to stockholders of record as of	Dec. 24, 2018
Declaration of Dividends, Amount	$ 5
Declaration of Dividends, Date Paid	Jan. 4, 2019

Subsequent Events (Details 1)

Subsequent Events (Details 1) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	Nov. 02, 2018	Sep. 30, 2018
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Total Distribution	$ 13,157
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	Sep. 7, 2018
Dividends, Record Date	Sep. 25, 2018
Dividends, Date paid	Oct. 5, 2018
Declaration of Dividends, Amount	$ 0.162500
Dividends, Total Distribution	$ 3,847
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	Sep. 7, 2018
Dividends, Record Date	Sep. 25, 2018
Dividends, Date paid	Oct. 5, 2018
Declaration of Dividends, Amount	$ 0.162500
Dividends, Total Distribution	$ 12
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	Sep. 7, 2018
Dividends, Record Date	Sep. 25, 2018
Dividends, Date paid	Oct. 5, 2018
Declaration of Dividends, Amount	$ 0.515625
Dividends, Total Distribution	$ 2,950
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	Jul. 10, 2018
Dividends, Record Date	Sep. 25, 2018
Dividends, Date paid	Oct. 5, 2018
Declaration of Dividends, Amount	$ 5
Dividends, Total Distribution	$ 1,316
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	Sep. 7, 2018
Dividends, Record Date	Sep. 25, 2018
Dividends, Date paid	Oct. 5, 2018
Declaration of Dividends, Amount	$ 0.4765625
Dividends, Total Distribution	$ 1,107
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	Sep. 7, 2018
Dividends, Record Date	Sep. 25, 2018
Dividends, Date paid	Oct. 5, 2018
Declaration of Dividends, Amount	$ 0.4453125
Dividends, Total Distribution	$ 1,269
Operating Partnership Units One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Sep. 7, 2018
Dividends, Record Date	Sep. 25, 2018
Dividends, Date paid	Oct. 5, 2018
Declaration of Dividends, Amount	$ 0.162500
Dividends, Total Distribution	$ 1,012
Long-term Incentive Plan Units One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Sep. 7, 2018
Dividends, Record Date	Sep. 25, 2018
Dividends, Date paid	Oct. 5, 2018
Declaration of Dividends, Amount	$ 0.162500
Dividends, Total Distribution	$ 279
Series B Preferred Stock One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Oct. 12, 2018
Dividends, Record Date	Oct. 25, 2018
Dividends, Date paid	Nov. 5, 2018
Declaration of Dividends, Amount	$ 5
Dividends, Total Distribution	$ 1,365

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($) $ in Millions	Oct. 04, 2018	Jan. 31, 2018	Feb. 14, 2017	Sep. 30, 2018	Oct. 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	80,798
Subsequent Event [Member]
Capital Commitments					$ 17.9
Preferred Equity Interest					100.00%
Current Preferred Return					8.50%
Accrued Preferred Return					4.00%
Total Preferred Return					12.50%
Business Acquisition Indirect Ownership, Amount					$ 4.8
Long-term Incentive Plan Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			7,500
Long-term Incentive Plan Units [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	3,165
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Long-term Incentive Plan Units [Member] | Incentive Plans 2014 [Member]
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				3 years 7 months 6 days
Long-term Incentive Plan Units [Member] | Incentive Plans 2014 [Member] | Executive Officer [Member]
Common Stock, Capital Shares Reserved for Future Issuance		81,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		1,056,211