Bluerock Residential Growth REIT (BRG) 10-K 27 Feb 19 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 13, 2019	Jun. 30, 2018
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Entity Registrant Name	Bluerock Residential Growth REIT, Inc.
Entity Central Index Key	1,442,626
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 231,741,682
Trading Symbol	BRG
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		23,063,119
Common Class C [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		76,603

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Net Real Estate Investments
Land	$ 200,385	$ 169,135
Buildings and improvements	1,546,244	1,244,193
Furniture, fixtures and equipment	55,050	38,446
Construction in progress	989	985
Total Gross Real Estate Investments	1,802,668	1,452,759
Accumulated depreciation	(108,911)	(55,177)
Total Net Real Estate Investments	1,693,757	1,397,582
Cash and cash equivalents	24,775	35,015
Restricted cash	27,469	29,575
Notes and accrued interest receivable from related parties	164,084	140,903
Due from affiliates	2,854	2,003
Accounts receivable, prepaids and other assets	14,395	9,689
Preferred equity investments and investments in unconsolidated real estate joint ventures	89,033	71,145
In-place lease intangible assets, net	1,768	4,635
TOTAL ASSETS	2,018,135	1,690,547
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Mortgages payable	1,206,136	939,494
Revolving credit facilities	82,209	67,670
Accounts payable	1,486	1,652
Other accrued liabilities	31,690	22,952
Due to affiliates	726	1,575
Distributions payable	12,073	14,287
Total Liabilities	1,334,320	1,047,630
Stockholders' Equity
Additional paid-in-capital	307,938	318,170
Distributions in excess of cumulative earnings	(218,531)	(164,286)
Total Stockholders' Equity	158,346	222,832
Noncontrolling Interests
Operating partnership units	27,613	42,999
Partially owned properties	28,984	20,347
Total Noncontrolling Interests	56,597	63,346
Total Equity	214,943	286,178
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY	2,018,135	1,690,547
Preferred Stock [Member]
Stockholders' Equity
Preferred Stock Value	0	0
Common Class A [Member]
Stockholders' Equity
Common Stock Value	233	242
Noncontrolling Interests
Total Equity	233	242
Redeemable Preferred Stock [Member] | Series B [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	272,842	161,742
Cumulative Preferred Stock [Member] | Series A [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	139,545	138,801
Cumulative Preferred Stock [Member] | Series C [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	56,485	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	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	229,900,000	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, Shares Outstanding	2,850,602	2,850,602
Preferred Stock, Dividend Rate, Percentage	7.125%	7.125%
Cumulative Redeemable Preferred Stock [Member] | Series B [Member]
Preferred Stock, Dividend Rate, Percentage	6.00%	6.00%
Temporary Equity, Liquidation Preference Per Share	$ 1,000	$ 1,000
Temporary Equity, Shares Authorized	1,225,000	725,000
Temporary Equity, Shares Issued	306,009	184,130
Temporary Equity, Shares Outstanding	306,009	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	23,322,211	24,218,359
Common stock, shares outstanding	23,322,211	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		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Net rental income		$ 144,325	$ 102,806	$ 73,257
Other property revenues		18,136	12,840	8,060
Interest income from related parties		22,255	7,930	17
Total revenues		184,716	123,576	81,334
Expenses
Property operating		67,997	48,346	31,814
Property management fees		4,391	3,185	2,339
General and administrative		19,553	7,541	5,863
Management fees to related parties		0	12,726	6,510
Acquisition and pursuit costs		116	3,233	4,590
Management internalization		0	43,554	63
Weather-related losses, net		288	1,014	0
Depreciation and amortization		62,683	48,624	31,187
Total expenses		155,028	168,223	82,366
Operating income (loss)		29,688	(44,647)	(1,032)
Other income (expense)
Other income		0	17	26
Preferred returns and equity in income of unconsolidated real estate joint ventures		10,312	10,336	11,632
Gain on sale of real estate investments		0	50,163	4,947
Gain on sale of real estate joint venture interests		0	10,262	0
Gain on revaluation of equity of business combination		0	0	3,761
Loss on extinguishment of debt and debt modification costs		(2,277)	(1,639)	(2,393)
Interest expense, net		(52,998)	(31,520)	(19,915)
Total other (expense) income		(44,963)	37,619	(1,942)
Net loss		(15,275)	(7,028)	(2,974)
Preferred stock dividends		(35,637)	(27,023)	(13,763)
Preferred stock accretion		(5,970)	(3,011)	(893)
Net (loss) income attributable to noncontrolling interests
Operating partnership units		(12,839)	(9,372)	(276)
Partially-owned properties		(1,284)	17,989	1,631
Net (loss) income attributable to noncontrolling interests		(14,123)	8,617	1,355
Net loss attributable to common stockholders		$ (42,759)	$ (45,679)	$ (18,985)
Net loss per common share – Basic		$ (1.82)	$ (1.79)	$ (0.91)
Net loss per common share - Diluted		$ (1.82)	$ (1.79)	$ (0.91)
Weighted average basic common shares outstanding	[1]	23,845,800	25,561,673	20,805,852
Weighted average diluted common shares outstanding		23,845,800	25,561,673	20,805,852
[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 and Class C common stock and LTIP Units outstanding. For 2016, amounts relate to shares of the Company’s Class A and B-3 common stock and LTIP Units outstanding.

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A Common Stock [Member]	Class C Common Stock [Member]	Class B-3 Common Stock [Member]	Series D Preferred Stock [Member]	Additional Paid-in Capital [Member]	Cumulative Distributions [Member]	Net Loss to Common Stockholders [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2015	$ 237,712	$ 192	$ 0	$ 4	$ 0	$ 248,484	$ (32,001)	$ (9,495)	$ 30,528
Balance (in shares) at Dec. 31, 2015		19,202,112	0	353,629	0
Issuance of Class A common stock, net	51	$ 0	$ 0	$ 0	$ 0	51	0	0	0
Issuance of Class A common stock, net (in shares)		4,265	0	0	0
Conversion of Class B-3 shares into Class A	0	$ 4	$ 0	$ (4)	$ 0	0	0	0	0
Conversion of Class B-3 shares into Class A (in shares)		353,629	0	(353,629)	0
Vesting of restricted stock compensation	133	$ 0	$ 0	$ 0	$ 0	133	0	0	0
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation	77		$ 0	$ 0	$ 0	77	0	0	0
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation (in shares)		7,500	0	0	0
Issuance of LTIP units for compensation	2,821	$ 0	$ 0	$ 0	$ 0	2,821	0	0	0
Issuance of LTIP units for compensation (in shares)		0	0	0	0
Issuance of LTIP units	5,770	$ 0	$ 0	$ 0	$ 0	5,770	0	0	0
Issuance of Series B warrants	275	0	0	0	0	275	0	0	0
Contributions from noncontrolling interests, net	25,009	0	0	0	0	0	0	0	25,009
Distributions declared	(24,502)	0	0	0	0	0	(24,150)	0	(352)
Series A Preferred Stock distributions declared	(10,333)	0	0	0	0	0	(10,333)	0	0
Series A Preferred Stock accretion	(627)	0	0	0	0	0	(627)	0	0
Series B Preferred Stock distributions declared	(321)	0	0	0	0	0	(321)	0	0
Series B Preferred Stock accretion	(149)	0	0	0	0	0	(149)	0	0
Series C Preferred Stock distributions declared	(2,009)	0	0	0	0	0	(2,009)	0	0
Series C Preferred Stock accretion	(117)	0	0	0	0	0	(117)	0	0
Issuance costs of Series D Preferred Stock	68,760	$ 0	$ 0	$ 0	$ 68,760	0	0	0	0
Issuance costs of Series D Preferred Stock (in shares)		0	0	0	2,850,602
Series D Preferred Stock distributions declared	(1,100)	$ 0	$ 0	$ 0	$ 0	0	(1,100)	0	0
Distributions to noncontrolling interests	(3,626)	0	0	0	0	0	0	0	(3,626)
Cash redemption of Operating Partnership units	(101)	0	0	0	0	(37)	0	0	(64)
Noncontrolling interest related to sale of Springhouse at Newport News	(1,997)	0	0	0	0	20	0	0	(2,017)
Noncontrolling interest related to sale of EOS	(191)	0	0	0	0	(191)	0	0	0
Net (loss) income	(2,974)	0	0	0	0	0	0	(4,329)	1,355
Balance at Dec. 31, 2016	292,561	$ 196	$ 0	$ 0	$ 68,760	257,403	(70,807)	(13,824)	50,833
Balance (in shares) at Dec. 31, 2016		19,567,506	0	0	2,850,602
Issuance of Class A common stock, net	57,376	$ 46	$ 0	$ 0	$ 0	57,330	0	0	0
Issuance of Class A common stock, net (in shares)		4,604,701	0	0	0
Issuance of Class C common stock	815	$ 0	$ 1	$ 0	$ 0	814	0	0	0
Issuance of Class C common stock (in shares)		0	76,603	0	0
Vesting of restricted stock compensation	9	$ 0	$ 0	$ 0	$ 0	9	0	0	0
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation	100	$ 0	$ 0	$ 0	$ 0	100	0	0	0
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation (in shares)		0	0	0	0
Issuance of OP Units for Internalization	39,938	$ 0	$ 0	$ 0	$ 0	0	0	0	39,938
Issuance of LTIP units for compensation	2,187	$ 0	$ 0	$ 0	$ 0	2,187	0	0	0
Issuance of LTIP units for compensation (in shares)		0	0	0	0
Issuance of LTIP units	13,748	$ 0	$ 0	$ 0	$ 0	13,748	0	0	0
Issuance of Series B warrants	3,072	0	0	0	0	3,072	0	0	0
Contributions from noncontrolling interests, net	10,738	0	0	0	0	0	0	0	10,738
Distributions declared	(36,675)	0	0	0	0	0	(33,976)	0	(2,699)
Series A Preferred Stock distributions declared	(11,801)	0	0	0	0	0	(11,801)	0	0
Series A Preferred Stock accretion	(658)	0	0	0	0	0	(658)	0	0
Series B Preferred Stock distributions declared	(5,715)	0	0	0	0	0	(5,715)	0	0
Series B Preferred Stock accretion	(2,104)	0	0	0	0	0	(2,104)	0	0
Series C Preferred Stock distributions declared	(4,430)	0	0	0	0	0	(4,430)	0	0
Series C Preferred Stock accretion	(249)	0	0	0	0	0	(249)	0	0
Issuance costs of Series D Preferred Stock	(55)	$ 0	$ 0	$ 0	$ (55)	0	0	0	0
Issuance costs of Series D Preferred Stock (in shares)		0	0	0	0
Series D Preferred Stock distributions declared	(5,077)	$ 0	$ 0	$ 0	$ 0	0	(5,077)	0	0
Distributions to noncontrolling interests	(30,252)	0	0	0	0	0	0	0	(30,252)
Cash redemption of Operating Partnership units	(45)	0	0	0	0	(16)	0	0	(29)
Redemption of Series B Preferred Stock and conversion into Class A common stock	267	$ 0	$ 0	$ 0	$ 0	267	0	0	0
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)		23,785	0	0	0
Cash redemption of Series B Preferred Stock	33	$ 0	$ 0	$ 0	$ 0	33	0	0	0
Conversion of OP Units into Class A common stock	0	$ 0	$ 0	$ 0	$ 0	167	0	0	(167)
Conversion of OP Units into Class A common stock (in shares)		22,367	0	0	0
Transfer of noncontrolling interest to controlling interest	(3,825)	$ 0	$ 0	$ 0	$ 0	0	0	0	(3,825)
Conversion of LTIP units into OP Units	0	0	0	0	0	(18,414)	0	0	18,414
Changes in additional paid-in capital	(3,832)	0	0	0	0	(3,832)	0	0	0
Deconsolidation of MDA Apartments, Crescent Perimeter and Vickers Village	(22,920)	0	0	0	0	0	0	0	(22,920)
Adjustment for noncontrolling interests ownership in Operating Partnership	0	0	0	0	0	5,302	0	0	(5,302)
Net (loss) income	(7,028)	0	0	0	0	0	0	(15,645)	8,617
Balance at Dec. 31, 2017	286,178	$ 242	$ 1	$ 0	$ 68,705	318,170	(134,817)	(29,469)	63,346
Balance (in shares) at Dec. 31, 2017		24,218,359	76,603	0	2,850,602
Issuance of Class A common stock, net	25	$ 0	$ 0	$ 0	$ 0	25	0	0	0
Issuance of Class A common stock, net (in shares)		2,831	0	0	0
Issuance of Class A common stock due to Series B warrants exercise
Issuance of Class A common stock due to Series B warrants exercise (in shares)		100
Repurchase of Class A common stock	(9,018)	$ (11)	$ 0	$ 0	$ 0	(9,007)	0	0	0
Repurchase of Class A common stock (in shares)		(1,055,057)	0	0	0
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation	220	$ 0	$ 0	$ 0	$ 0	0	0	0	220
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation (in shares)		0	0	0	0
Issuance of LTIP units for compensation	5,128	$ 0	$ 0	$ 0	$ 0	0	0	0	5,128
Issuance of LTIP units for compensation (in shares)		0	0	0	0
Issuance of LTIP units for compensation to former Manager	993	$ 0	$ 0	$ 0	$ 0	0	0	0	993
Issuance of LTIP units for expense reimbursements	1,066								1,066
Issuance of Series B warrants	1,699	0	0	0	0	1,699	0	0	0
Contributions from noncontrolling interests, net	13,551	0	0	0	0	0	0	0	13,551
Series A Preferred Stock distributions declared	(11,800)	0	0	0	0	0	(11,800)	0	0
Series A Preferred Stock accretion	(744)	0	0	0	0	0	(744)	0	0
Series B Preferred Stock distributions declared	(14,332)	0	0	0	0	0	(14,332)	0	0
Series B Preferred Stock accretion	(4,937)	0	0	0	0	0	(4,937)	0	0
Series C Preferred Stock distributions declared	(4,428)	0	0	0	0	0	(4,428)	0	0
Series C Preferred Stock accretion	(289)	0	0	0	0	0	(289)	0	0
Series D Preferred Stock distributions declared	(5,077)	0	0	0	0	0	(5,077)	0	0
Distributions to operating partnership noncontrolling interests	(4,139)	0	0	0	0	0	0	0	(4,139)
Distributions to noncontrolling interests	(1,786)	0	0	0	0	0	0	0	(1,786)
Cash redemption of Operating Partnership units	(6)					(3)			(3)
Redemption of Series B Preferred Stock and conversion into Class A common stock	1,565	$ 2	$ 0	$ 0	$ 0	1,563	0	0	0
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)		155,978	0	0	0
Cash redemption of Series B Preferred Stock	13	$ 0	$ 0	$ 0	$ 0	13	0	0	0
Common stock distribution declared	(11,486)	0	0	0	0	0	(11,486)	0	0
Acquisition of noncontrolling interest	(12,178)	0	0	0	0	(10,334)	0	0	(1,844)
Adjustment for noncontrolling interest ownership in Operating Partnership	0	0	0	0	0	5,812	0	0	(5,812)
Net (loss) income	(15,275)	0	0	0	0	0	0	(1,152)	(14,123)
Balance at Dec. 31, 2018	$ 214,943	$ 233	$ 1	$ 0	$ 68,705	$ 307,938	$ (187,910)	$ (30,621)	$ 56,597
Balance (in shares) at Dec. 31, 2018		23,322,211	76,603	0	2,850,602

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Net loss	$ (15,275)	$ (7,028)	$ (2,974)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	67,004	51,146	32,435
Amortization of fair value adjustments	(434)	(319)	(362)
Preferred returns and equity in income of unconsolidated real estate joint ventures	(10,312)	(10,336)	(11,632)
Gain on sale of real estate investments	0	(50,163)	(4,947)
Gain on sale of real estate joint venture interests	0	(10,262)	0
Gain on revaluation of equity of business combination	0	0	(3,761)
Fair value adjustment of interest rate caps	2,846	0	0
Loss on extinguishment of debt and modification costs	0	0	(1,104)
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures	9,464	9,252	11,405
Share-based compensation attributable to equity incentive plan	5,348	109	210
Share-based compensation to former Manager - LTIP Units	993	15,935	8,591
Share-based expense reimbursements – LTIP Units	1,066	0	0
Internalization OP Units issued	0	39,938	0
Internalization Class C Shares issued	0	814	0
Changes in operating assets and liabilities:
Due (from) to affiliates, net	(2,000)	(1,565)	950
Accounts receivable, prepaids and other assets	(2,029)	294	(1,867)
Accounts payable and other accrued liabilities	7,784	16,432	7,500
Net cash provided by operating activities	64,455	54,247	34,444
Cash flows from investing activities
Acquisitions of real estate investments	(333,540)	(493,311)	(472,791)
Capital expenditures	(21,240)	(46,971)	(6,413)
Investment in notes receivable from related parties	(22,032)	(54,096)	(14,717)
Proceeds from sale of real estate investments	0	71,945	36,675
Proceeds from sale of joint venture interests	0	17,603	20,521
Deconsolidation of interests in MDA Apartments, Novel Perimeter and Vickers Historic Roswell	0	(794)	0
Purchase of interests from noncontrolling interests	(12,178)	(7,864)	(15,581)
Investments in unconsolidated real estate joint venture interests	(17,888)	(20,989)	(26,864)
Net cash used in investing activities	(406,878)	(534,477)	(479,170)
Cash flows from financing activities
Distributions to common stockholders	(13,952)	(29,583)	(24,437)
Distributions to noncontrolling interests	(6,298)	(31,363)	(3,626)
Distributions to preferred stockholders	(35,014)	(26,042)	(9,664)
Contributions from noncontrolling interests	13,551	10,738	25,009
Borrowings on mortgages payable	411,269	234,133	365,406
Repayments on mortgages payable	(141,994)	(2,581)	(68,746)
Proceeds from revolving credit facilities	222,495	107,670	0
Repayments on revolving credit facilities	(207,956)	(40,000)	0
Payments of deferred financing fees	(7,291)	(6,627)	(4,672)
Payments to purchase interest rate caps	(5,174)	0	0
Net proceeds from issuance of Class A common stock	25	57,376	51
Repurchase of Class A common stock	(9,018)	0	0
Net proceeds from issuance of Warrants associated with the Series B Redeemable Preferred Stock	1,699	3,072	275
Payments to redeem Operating Partnership Units	(6)	(46)	(101)
Net cash provided by financing activities	330,077	417,371	491,546
Net (decrease) increase in cash, cash equivalents and restricted cash	(12,346)	(62,859)	46,820
Cash, cash equivalents and restricted cash, beginning of year	64,590	127,449	80,629
Cash, cash equivalents and restricted cash, end of year	52,244	64,590	127,449
Supplemental disclosure of cash flow information
Cash paid for interest (net of interest capitalized)	44,837	28,004	18,095
Supplemental disclosure of non-cash investing and financing activities
Conversion of preferred equity investments to notes receivable	0	(40,760)	0
Distributions payable - declared and unpaid	12,073	14,287	7,328
Mortgages assumed upon property acquisitions	0	173,831	39,054
Mortgages assumed by buyer upon sale of real estate assets	0	(41,419)	0
Capital expenditures held in accounts payable and other accrued liabilities	786	0	0
Reduction of assets from deconsolidation	0	110,402	0
Reduction of mortgages payable from deconsolidation	0	(49,445)	0
Reduction of other liabilities from deconsolidation	0	(6,905)	0
Reduction of noncontrolling interests from deconsolidation	0	22,920	0
Series A Preferred Stock [Member]
Cash flows from financing activities
Proceeds from Redeemable Preferred Stock	0	(173)	68,524
Series B Preferred Stock [Member]
Cash flows from financing activities
Proceeds from Redeemable Preferred Stock	107,877	141,244	18,789
Payments to redeem 6.0% Series B Redeemable Preferred Stock	(136)	(244)	0
Series C Preferred Stock [Member]
Cash flows from financing activities
Proceeds from Redeemable Preferred Stock	0	(148)	55,978
Series D Preferred Stock [Member]
Cash flows from operating activities
Net loss	0	0	0
Cash flows from financing activities
Proceeds from Redeemable Preferred Stock	$ 0	$ (55)	$ 68,760

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical]	12 Months Ended
	Dec. 31, 2018
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%
6.0% Redeemable Preferred Stock
Preferred Stock, Dividend Rate, Percentage	6.00%

Organization and Nature of Busi

Organization and Nature of Business	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations [Text Block]	Note 1 – Organization and Nature of Business Bluerock Residential Growth REIT, Inc. (the “Company”) was incorporated as a Maryland corporation on July 25, 2008. The Company’s objective is to maximize long-term stockholder value by acquiring and developing well-located institutional-quality apartment properties in knowledge economy growth markets across the United States. The Company seeks to maximize returns through investments where it believes it can drive substantial growth in its adjusted funds from operations and net asset value primarily through its Value-Add and Invest-to-Own investment strategies. The Company has elected to be treated, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. As a REIT, the Company generally is not subject to corporate-level income taxes. To maintain its REIT status, the Company is required, among other requirements, to distribute annually at least 90% of its “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s stockholders. If the Company fails to qualify as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate tax rates. On October 31, 2017, the Company became an internally-managed REIT as a result of the completion of the management internalization (the “Internalization”), and it is no longer externally managed by BRG Manager, LLC (the “former Manager”). The owners of the former Manager are referred to as the Contributors. As of December 31, 2018, the Company owned interests in forty-seven real estate properties, consisting of thirty-three consolidated operating properties and fourteen properties through preferred equity and mezzanine loan investments. Of the property interests held through preferred equity and mezzanine loan investments, four are under development, seven are in lease-up and three properties are stabilized. The forty-seven properties contain an aggregate of 14,717 units, comprised of 11,286 consolidated operating units and 3,431 units through preferred equity and mezzanine loan investments. As of December 31, 2018, the Company’s consolidated operating properties were approximately 94% occupied.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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. (the “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 December 31, 2018, limited partners other than the Company owned approximately 25.91% of the common units of the Operating Partnership is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 5.69% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 3.09% which are not vested at December 31, 2018). Because the Company is the sole general partner of the 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 investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Certain amounts in prior periods have been reclassified to conform to the current presentation. For the years ended December 31, 2017 and 2016, tenant reimbursements for utility expenses amounting to $0.2 million and $0.2 million, respectively, and tenant reimbursements for contractor services amounting to $0.1 million and $0.1 million, respectively, have been reclassified to other property revenues from property operating expenses. In addition, model unit vacancy costs amounting to $0.2 million and $0.1 million for the years ended December 31, 2017 and 2016, respectively, have been reclassified to net rental income from other property revenues. Summary of Significant Accounting Policies Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company first analyzes an investment to determine if it is a varia ble interest entity (“VIE”) in accordance with Topic 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 investment 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 an 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 Measurements 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. In accordance with accounting principles generally accepted in the Unites States of America (“GAAP”) and as defined in ASC Topic 820, “Fair Value Measurement”, these two types of inputs create the following fair value hierarchy:  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 If the inputs used to measure the fair value fall within different levels of the hierarchy, the fair value is determined based upon the lowest level input that is significant to the fair value measurement. Whenever possible, the Company uses quoted market prices to determine fair value. In the absence of quoted market prices, the Company uses independent sources and data to determine fair value. Financial Instrument Fair Value Disclosures As of December 31, 2018 and 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 carrying values of notes receivable from related parties approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. The fair values of notes receivable are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations. 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. Notes and Accrued Interest Receivable from Related Parties The Company recognizes interest income on notes receivable on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected. Costs incurred to originate notes receivable are deferred and amortized using the effective interest method over the term of the related notes receivable. The Company evaluates the collectability of both interest and principal on each of its loans to determine whether the loans are impaired. A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the underlying collateral (if the loan is collateralized) less costs to sell. During 2018, there was no significant uncertainty of collection; therefore, interest income was recognized. As of December 31, 2018, the Company determined that no allowance for collectability of the mortgage loans receivable was necessary. Real Estate Assets Capital Additions, Depreciation and Amortization The Company capitalizes costs, including certain indirect costs, incurred in connection with its capital additions activities, including redevelopment, development and construction projects, other tangible apartment community improvements, and replacements of existing apartment community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with capital additions activities at the apartment community level. The Company characterizes as “indirect costs” an allocation of certain department costs, including payroll, at the corporate levels that clearly relate to capital additions activities. The Company also capitalizes interest, property taxes and insurance during periods in which redevelopment, development and construction projects are in progress. Cost capitalization begins once the development or construction activity commences and ceases when the asset is ready for its intended use. Repair and maintenance and tenant turnover costs are expensed as incurred. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. Depreciation and amortization expense are computed on the straight-line method over the asset’s estimated useful life. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: Buildings 30 – 40 years Building improvements 5 – 15 years Land improvements 5 – 15 years Furniture, fixtures and equipment 3 – 7 years In-place leases 6 months Real Estate Purchase Price Allocations Upon the acquisition of real estate properties which do not constitute the definition of a business, the Company recognizes the assets acquired, the liabilities assumed, and any noncontrolling interest as of the acquisition date, measured at their relative fair values. Acquisition-related costs are capitalized in the period incurred and are recorded to the components of the real estate assets acquired. Prior to the adoption of Financial Accounting Standards Board ASU 2017-01, “Business Combinations; Clarifying the Definition of a Business” in January 2017, acquisition-related costs were expensed in the period incurred. The Company assesses the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Intangible assets include the value of in-place leases, which represents the estimated fair value of the net cash flows of leases in place at the time of acquisition, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases, which is on average six months. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, prevailing interest rates and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be significant based upon the assumptions made in calculating these estimates. Impairment of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets. No impairment charges were recorded in 2018, 2017 or 2016. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. Restricted Cash Restricted cash is comprised of the following: (i) lender-imposed escrow accounts for replacement reserves, real estate taxes and insurance, and (ii) amounts set aside for reinvestment in accordance with Internal Revenue Service Code Section 1031 related to like-kind exchanges. Concentration of Credit Risk The Company maintains cash balances with high quality financial institutions and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation. Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other third-party costs associated with obtaining financing. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures are capitalized and reflected as a reduction of mortgages payable, and fees associated with the Company’s lines of credit are recorded within accounts receivable, prepaids and other assets on the consolidated balances sheets. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures and fees associated with its lines of credit are amortized to interest expense over the terms of the financing agreements using the straight-line method, which approximates the effective interest method. Deferred financing fees paid by the Company on behalf of its unconsolidated joint ventures are recorded within investments in unconsolidated real estate joint ventures on the consolidated balance sheets and are amortized to equity in income (loss) of unconsolidated real estate joint ventures. Noncontrolling Interests Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in consolidated joint ventures, as well as interests held by LTIP Unit holders and OP Unit holders. The Company reports its joint venture partners’ interest in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder pursuant to each joint venture’s operating agreement. Revenue Recognition Rental income related to tenant leases is recognized on an accrual basis over the terms of the related leases on a straight-line basis. Amounts received in advance are recorded as a liability within other accrued liabilities. Other property revenues are recognized in the period earned. The Company recognizes a gain or loss on the sale of real estate assets when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtains control. Stock-Based Compensation The Company expenses the fair value of share awards in accordance with the fair value recognition requirements of ASC Topic 718 “Compensation-Stock Compensation.” ASC Topic 718 requires companies to measure the cost of the recipient services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. The cost of the share award is expensed over the requisite service period (usually the vesting period). Distribution Policy The Company expects to authorize and declare regular cash distributions to its stockholders in order to maintain its REIT status. Distributions to stockholders will be determined by the Company’s board of directors (the “Board”) and will be dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT, and other considerations as the Board may deem relevant. Distributions are recorded as a reduction of stockholders’ equity in the period in which they are declared. Related Party Transactions On April 2, 2014, upon the completion of the initial public offering (the “IPO”), the Company entered into a management agreement with the former Manager, an affiliate of Bluerock, to be the Company’s external manager (the “Management Agreement”). Under the Management Agreement the Company paid the former Manager a base management fee and incentive fee. The Company records all related party fees as incurred. Following the Internalization on October 31, 2017, the Company, as an internally managed company, no longer pays the former Manager any fees or expense reimbursements arising from the Management Agreement. 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 selling commissions and dealer manager fees of 7% and 3%, respectively, of the gross offering proceeds from the offering. The dealer manager re-allows the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers, and incurs costs in excess of the 10%, which costs are borne by the dealer manager without reimbursement by the Company. Offering costs related to each closing are recorded as a reduction of proceeds raised on the date of issue. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and has qualified since the taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company intends to continue to organize and operate in such a manner as to remain qualified for treatment as a REIT. For the year ended December 31, 2018, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2018, approximately 34.00% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes and 66.00% were return of capital. For the year ended December 31, 2017, 64.21% of the distributions received by the common stockholders were classified as return of capital for income tax purposes, 4.00% were ordinary income, 31.79% were capital gains, with 21.29% of the capital gains qualifying as Section 1250 gains. In addition, for the year ended December 31, 2017, 11.19% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes and 88.81% were capital gains, with 21.29% of the capital gains qualifying as Section 1250 gains. For the year ended December 31, 2016, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2016, 91.05% of the distributions received by the preferred stockholders were classified as return of capital for income tax purposes and 8.95% were ordinary income. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It requires a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, in an income tax return. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management has considered all positions taken on the 2013 through 2017 tax returns (where applicable), and those positions expected to be taken on the 2018 tax returns, and concluded that tax positions taken will more likely than not be sustained at the full amount upon examination. Accordingly, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its consolidated financial statements. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2018. If any income tax exposure was identified, the Company would recognize an estimated liability for income tax items that meet the criteria for accrual. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. If any interest and penalties related to income tax assessments arose, the Company would record them as income tax expense. As of December 31, 2018, tax returns for the calendar years 2013 and subsequent remain subject to examination by the Internal Revenue Service and various state tax jurisdictions. Reportable Segment The Company’s current business consists of investing in and operating multifamily communities. Substantially all of its consolidated net income (loss) is from investments in real estate properties that the Company owns through co-investment ventures which it either consolidates or accounts for under the equity method of accounting. The Company evaluates operating performance on an individual property level and based on the properties’ similar economic characteristics, the Company’s properties are aggregated into one reportable segment. 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 ASU 2016-15 as of January 1, 2018. In June 2016, the FASB issued ASU No. 2016-13 “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). 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 ASU 2016-02 will not have a material impact on the . 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 to not separate lease and non-lease components if are . In August 2017, the FASB issued ASU No. 2017-12 “Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”), which, among other things, requires entities to present the earnings effect of hedging instruments in the same income statement line item in which the earnings effect of the hedged item is reported. The new standard also adds new disclosure requirements. ASU 2017-12 is effective for annual periods beginning after December 15, 2018, though early adoption, including interim periods, is permissible. The Company 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, which is scoped out from this standard and will be accounted for under ASU 2016-02, discussed above.

Sale of Real Estate Assets and

Sale of Real Estate Assets and Joint Venture Equity Interests and Abandonment of Development Project	12 Months Ended
	Dec. 31, 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 Assets and Joint Venture Equity Interests 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	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	Note 4 – Investments in Real Estate As of December 31, 2018, the Company owned interests in thirty-three consolidated operating properties and fourteen 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 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 % Ashford Belmar Lakewood, CO 512 1988/1993 85.0 % 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 on 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 11,286 (1) Depreciation expense was $53.9 million, $35.5 million and $23.6 million for the years ended December 31, 2018, 2017 and 2016, 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 $8.8 million, $13.1 million and $7.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. The Company’s real estate assets are leased to tenants under operating leases for which the terms and expirations vary. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the consolidated real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit. Amounts required as a security deposit vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not individually significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of their security deposit. Security deposits received in cash related to tenant leases are included in other accrued liabilities in the accompanying consolidated balance sheets and totaled $2.4 million and $2.3 million as of December 31, 2018 and 2017, respectively, for the Company’s consolidated real estate properties. No individual tenant represents over 10% of the Company’s annualized base rent for the consolidated real estate properties. Preferred Equity and Mezzanine Loan Investments Multifamily Community Name Location Actual / Planned Number of Units Actual / Estimated Initial Occupancy Actual / Estimated Construction Completion Whetstone Apartments 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 Domain at The One Forty, formerly Domain Garland, TX 299 2Q 2018 4Q 2018 Arlo, formerly West Morehead Charlotte, NC 286 2Q 2018 2Q 2019 Cade Boca Raton, formerly APOK Townhomes Boca Raton, FL 90 4Q 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 North Creek Apartments Leander, TX 259 4Q 2019 3Q 2020 Riverside Apartments Austin, TX 222 3Q 2020 4Q 2020 Wayforth at Concord Concord, NC 150 1Q 2020 2Q 2021 Total 3,431

Acquisition of Real Estate

Acquisition of Real Estate	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	Note 5 – Acquisition of Real Estate The following describes the Company’s significant acquisition activity during the years ended December 31, 2018 and 2017 (dollars in thousands): Property Location Date Interest Price Mortgage Preston View Morrisville, NC February 17, 2017 91.8 % (a) $ 59,500 $ 41,066 Wesley Village Charlotte, NC March 9, 2017 91.8 % (a) 57,150 40,545 Texas Portfolio (b) (b) June 9, 2017 90.0 % 188,850 146,377 Villages at Cypress Creek Houston, TX September 8, 2017 80.0 % 40,700 26,200 Citrus Tower Orlando, FL September 28, 2017 96.8 % 55,250 41,438 Outlook at Greystone Birmingham, AL October 19, 2017 100.0 % 36,250 (c) ARIUM Metrowest Orlando, FL October 30, 2017 100.0 % 86,000 (c) ARIUM Hunter’s Creek Orlando, FL October 30, 2017 100.0 % 96,888 72,294 The Mills Greenville, SC November 29, 2017 100.0 % 40,250 26,817 The Links at Plum Creek Castle Rock, CO March 26, 2018 88.0 % 61,100 40,000 Sands Parc Daytona Beach, FL May 1, 2018 100.0 % 46,200 (c) Plantation Park Lake Jackson, TX June 14, 2018 80.0 % 35,600 26,625 Veranda at Centerfield Houston, TX July 26, 2018 93.0 % 40,150 26,100 Ashford Belmar Lakewood, CO November 15, 2018 85.0 % 143,444 100,675 (a) (b) (c) Funded, in part, with the Company’s Senior Credit Facility secured by the property. See Note 8 for further information about the Company’s Secured Credit Facility. Purchase Price Allocation The real estate acquisitions above have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets based on their estimated fair values at the dates of acquisition. The following table summarizes the assets acquired at the acquisition date for acquisitions made during the year ended December 31, 2018 (amounts in thousands): Purchase Price Allocation Land $ 31,250 Building 225,857 Building improvements 24,240 Land improvements 38,750 Furniture and fixtures 5,119 In-place leases 5,629 Total assets acquired $ 330,845 In addition to the summary of assets acquired noted above, the Company capitalized $2.7 million in acquisition costs during the year ended December 31, 2018. Acquisition of Additional Interests in Properties In addition to the property acquisitions discussed above, the Company also acquired the noncontrolling partner’s interest in the following properties (dollars in thousands): Property Date Amount Previous Interest New Interest ARIUM Grandewood November 6, 2017 $ 3,054 95.0 % 100.0 % Park & Kingston (a) December 29, 2017 483 96.0 % 100.0 % Enders Place at Baldwin Park (a) December 29, 2017 499 89.5 % 92.0 % Preston View and Wesley Village (b) December 29, 2017 3,391 91.8 % 100.0 % ARIUM at Palmer Ranch April 26, 2018 4,174 95.0 % 100.0 % ARIUM Gulfshore April 26, 2018 4,838 95.0 % 100.0 % ARIUM Palms August 29, 2018 3,023 95.0 % 100.0 % (a) (b)

Notes and Interest Receivable d

Notes and Interest Receivable due from Related Parties	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Notes And Interest Receivable Due From Related Party Disclosure [Text Block]	Note 6 – Notes and Interest Receivable due from Related Parties Following is a summary of the notes and accrued interest receivable due from related parties as of December 31, 2018 and 2017 (amounts in thousands): Property December 31, 2018 December 31, 2017 Arlo, formerly West Morehead $ 24,893 $ 24,893 Cade Boca Raton, formerly APOK Townhomes 11,854 11,365 Domain at The One Forty, formerly Domain 20,536 20,536 Flagler Village 75,436 53,668 Novel Perimeter, formerly Crescent Perimeter 20,867 20,622 Vickers Historic Roswell, formerly Vickers Village 10,498 9,819 Total $ 164,084 $ 140,903 Following is a summary of the interest income from related parties for the years ended December 31, 2018 and 2017 (amounts in thousands): Property December 31, 2018 December 31, 2017 Arlo $ 3,687 $ 3,680 Cade Boca Raton 1,694 1,656 Domain at The One Forty 3,042 2,525 Flagler Village 9,249 44 Novel Perimeter 3,091 17 Vickers Historic Roswell 1,492 8 Total $ 22,255 $ 7,930 Arlo Mezzanine Financing On December 29, 2016, the Company, through BRG Morehead NC, LLC, an indirect subsidiary, provided a $21.3 million mezzanine loan (the “ Arlo Mezz Loan”) to BR Morehead JV Member, LLC (the “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 (the “Arlo JV”), which is developing a 286-unit, Class A apartment community located in Charlotte, North Carolina 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 (the “Arlo Construction Loan”) with an unaffiliated party, of which $29.1 million is outstanding at December 31, 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 December 31, 2018, and which is secured by the 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 37% occupied at December 31, 2018. Cade Boca Raton Mezzanine Financing On January 6, 2017, the Company, through BRG Boca, LLC (“BRG Boca”), an indirect subsidiary, provided an $11.2 million mezzanine loan (the “BRG Boca Mezz Loan”) to BRG Boca JV Member, LLC (“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 unaffiliated third party (the “Boca JV”), which is developing a 90-unit, Class A apartment community located in Boca Raton, Florida 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, 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 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 (the “Boca Construction Loan”) with an unaffiliated party, of which $16.9 million is outstanding at December 31, 2018, which is secured by the Cade Boca Raton property. The Boca Construction Loan matures on June 29, 2019 and contains two one-year extensions, subject to certain conditions including a debt service coverage, stabilized occupancy and payment of an extension fee. The Boca Construction Loan requires interest-only payments at prime plus 0.625%, subject to a floor of 4.125% and can be prepaid without penalty. As the current loan matures on June 29, 2019, the Cade Boca Raton property owner is engaged in discussions to refinance the loan. On November 9, 2018, the Company, through BRG Boca, and on behalf of Fund II, funded a capital call of $0.5 million by increasing its mezzanine loan to BR Boca JV Member. In exchange for contributing Fund II’s share of the total $0.5 million capital call, the Company received an additional 2.5 basis point discount purchase option and has the right to exercise an option to purchase, at the greater of a 27.5 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 development was 8 at December 31, 2018. Domain at The One Forty Mezzanine Financing On March 3, 2017, the Company, through BRG Domain Phase 1, LLC (“BRG Domain 1”), an indirect subsidiary, provided a $20.3 million mezzanine loan (the “BRG Domain 1 Mezz Loan”) to BR Member Domain Phase 1, LLC (“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 (the “Domain 1 JV”), which is developing a 299-unit, Class A apartment community located in Garland, Texas known as Domain at The One Forty. The BRG Domain 1 Mezz Loan matures on the earlier of March 3, 2020, or the maturity of the Domain 1 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 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 (the “Domain 1 Construction Loan”) with an unaffiliated party, of which $26.3 million is outstanding at December 31, 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 December 31, 2018, and which is secured by the 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 34% occupied at December 31, 2018. Novel Perimeter Mezzanine Financing On December 29, 2017, the Company, through BRG Perimeter, LLC (“BRG Perimeter”), an indirect subsidiary, provided a $20.6 million mezzanine loan (the “BRG Perimeter Mezz Loan”) to BR Perimeter JV Member, LLC (“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 Fund III, an affiliate of the former Manager, and an , which is developing a 320-unit, Class A apartment community located in Atlanta, Georgia known as Novel Perimeter. The BRG Perimeter 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 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 (the “Novel Perimeter Construction Loan”) with an unaffiliated party, of which $39.2 million is outstanding at December 31, 2018, and which is secured by the Novel Perimeter development. The Novel Perimeter Construction 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 Novel Perimeter Construction Loan bears interest at a rate of LIBOR plus 3.00%, with interest only payments until December 12, 2020 and future payments based on thirty-year amortization. The Novel Perimeter Construction Loan can be prepaid without penalty. The development was 22% occupied at December 31, 2018. Vickers Historic Roswell Mezzanine Financing On December 29, 2017, the Company, through BRG Vickers Roswell, LLC (“BRG Vickers”), an indirect subsidiary, provided a $9.8 million mezzanine loan (the “BRG Vickers Mezz Loan”) to BR Vickers Roswell JV Member, LLC (“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, an affiliate of the former Manager, and an (the “Vickers JV”), which is developing a 79-unit, Class A apartment community located in Roswell, Georgia known as Vickers Historic Roswell. The BRG Vickers Mezz Loan matures on the later 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 (the “Vickers Construction Loan”) with an unaffiliated party, of which $17.4 million is outstanding at December 31, 2018, and which is secured by the Vickers Historic Roswell development. The Vickers Construction Loan matures December 1, 2020 and bears interest at a rate of LIBOR plus 3.00%, with interest only payments until December 1, 2018 and future payments based on twenty-five-year amortization. The Vickers Construction Loan can be prepaid without penalty. On August 13, 2018, the Company, through BRG Vickers, and on behalf of Fund III, funded a capital call of $0.3 million by increasing its mezzanine loan 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 call, 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. On November 9, 2018, the Company, through BRG Vickers, and on behalf of Fund III, funded a capital call of $0.3 million by increasing its mezzanine loan to BR Vickers JV Member. In exchange for contributing Fund III’s share of the total $0.3 million capital call, the Company received an additional 2.5 basis point discount purchase option and has the right to exercise an option to purchase, at the greater of a 12.5 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 41% occupied at December 31, 2018. Flagler Village Mezzanine Financing On December 29, 2017, the Company, through BRG Flagler Village, LLC (“BRG Flagler”), an indirect subsidiary, provided a $53.6 million mezzanine loan (the “BRG Flagler Mezz Loan”) to BR Flagler JV Member, LLC (“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 (the “Flagler JV”), which is developing an approximately 385-unit, Class A apartment community located in Fort Lauderdale, Florida 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%, with interest-only monthly payments 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 (the “Flagler Construction Loan”) with an unaffiliated party, of which $1,042 is outstanding at December 31, 2018, and which is secured by the Flagler Village development. The Flagler Construction 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 Flagler Construction 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 and future payments after extension based on thirty-year amortization. The Flagler Construction Loan can be prepaid subject to payment of a make-whole premium and exit fee. The development was not in lease-up at December 31, 2018.

Preferred Equity Investments an

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments Disclosure [Text Block]	Note 7 – Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures As of December 31, 2018, the Company, through wholly-owned subsidiaries of the Operating Partnership, had outstanding equity investments in fourteen joint ventures, each of which was created to develop a multifamily property. Eight of the fourteen equity investments, Alexan CityCentre, Alexan Southside Place, Helios, Leigh House, North Creek Apartments, Riverside Apartments, Wayforth at Concord and Whetstone Apartments, are preferred investments, generate a stated preferred return on outstanding capital contributions, 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 carrying amount of the Company’s preferred equity investments and investments in unconsolidated real estate joint ventures as of December 31, 2018 and 2017 is summarized in the table below (amounts in thousands): Property December 31, 2018 December 31, 2017 Alexan CityCentre $ 11,205 $ 9,258 Alexan Southside Place 22,801 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 19,189 16,360 Leigh House, formerly Lake Boone Trail 13,319 11,930 North Creek Apartments 5,892 — Novel Perimeter, formerly Crescent Perimeter 12 12 Riverside Apartments 3,600 — Vickers Historic Roswell, formerly Vickers Village 6 6 Wayforth at Concord — — Whetstone Apartments 12,932 12,932 Total $ 89,033 $ 71,145 The preferred returns and equity in income of the Company’s unconsolidated real estate joint ventures for the years ended December 31, 2018, 2017 and 2016 is summarized below (amounts in thousands): Property December 31, 2018 December 31, 2017 December 31, 2016 Alexan CityCentre $ 1,668 $ 1,395 $ 1,085 Alexan Southside Place 3,201 2,879 2,605 Arlo — — 677 Cade Boca Raton — — 226 Domain at The One Forty — 141 614 Flagler Village — (7 ) (6 ) Helios 2,459 2,454 2,461 Leigh House 1,910 1,770 1,492 North Creek Apartments 108 — — Other — (26 ) 530 Riverside Apartments 31 — — Whetstone Apartments 935 1,730 1,948 Preferred returns and equity in income of unconsolidated joint ventures $ 10,312 $ 10,336 $ 11,632 Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017 and 2016, is as follows (amounts in thousands): December 31, 2018 December 31, 2017 Balance Sheets: Real estate, net of depreciation $ 577,624 $ 399,111 Other assets 45,324 62,667 Total assets $ 622,948 $ 461,778 Mortgage payable $ 480,903 $ 325,702 Other liabilities 21,250 25,956 Total liabilities $ 502,153 $ 351,658 Members’ equity 120,795 110,120 Total liabilities and members’ equity $ 622,948 $ 461,778 December 31, 2018 December 31, 2017 December 31, 2016 Operating Statement: Rental revenues $ 19,222 $ 5,517 $ 6,652 Operating expenses (14,824 ) (4,990 ) (3,760 ) Income before debt service, acquisition costs, and depreciation and amortization 4,398 527 2,892 Interest expense, net (12,935 ) (3,098 ) (1,409 ) Acquisition costs — — (3 ) Depreciation and amortization (10,385 ) (3,384 ) (2,881 ) Operating loss (18,922 ) (5,955 ) (1,401 ) Gain on sale — — 16,733 Net (loss) income $ (18,922 ) $ (5,955 ) $ 15,332 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 (the “Alexan CityCentre JV”), to develop a 340-unit, Class A apartment community located in Houston, Texas, known as Alexan CityCentre. The Company has made a commitment to invest in $11.2 million of preferred equity interests in BR T&C BLVD JV Member, LLC, all of which has been funded as of December 31, 2018 (of which, $6.5 million and $4.7 million earns a 15% and 20% preferred return, respectively). The Alexan CityCentre JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid return on the earlier date which is six months following the maturity of the construction loan, detailed below, including extension and refinancing, or any earlier acceleration or due date. 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 $55.1 million is outstanding at December 31, 2018. The 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 Company had the right, in its sole discretion, to convert its preferred membership interest into a common membership interest for a period of six months from the date upon which 70% of the units in Alexan CityCentre had been leased and occupied. The six-month period during which the Company had the right to convert commenced on January 21, 2018, the date on which Alexan Development achieved 70% leased and occupied units. The Company did not elect to convert into a common membership and its option to convert expired on July 21, 2018. The development was 93% occupied at December 31, 2018. Alexan Southside Place Interests On January 12, 2015, through BRG Southside, LLC (“BRG Southside”), 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, affiliates of the former Manager, and an unaffiliated third party (the “Alexan Southside JV”), to develop a 270-unit, Class A apartment community located in Houston, Texas, known as Alexan Southside Place. Alexan Southside Place is developed upon a tract of land ground leased from Prokop Industries BH, L.P., a Texas limited partnership, by BR Bellaire BLVD, LLC (“BR Bellaire BLVD”), as tenant under an 85-year ground lease. The Company has made a commitment to invest in $22.8 million of preferred equity interests in BR Southside Member, LLC, all of which has been funded as of December 31, 2018. The Alexan Southside JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid return on the earlier date which is six months following the maturity of the loan, detailed below, including extension and refinancing, or any earlier acceleration or due date. In conjunction with the Alexan Southside development, on April 7, 2015, BR Bellaire BLVD, which is owned by an entity in which the Company owns an indirect interest, entered into a $31.8 million construction loan, of which $31.7 million is outstanding at December 31, 2018, which is secured by its 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%, at the borrower’s option. 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. As the current loan matures on April 7, 2019, BR Bellaire BLVD is engaged in discussions to refinance the loan. On November 9, 2018, the Company, through BRG Southside, entered into an amended agreement with Fund II and Fund III (together “the Funds”) that reduced the Company’s preferred return in exchange for certain grants made by the Funds. The Company’s previous preferred return of 15% per annum was reduced as follows: (i) 6.5 5.0 3.5 The development was 85% occupied at December 31, 2018. Arlo Interests On January 6, 2016, through BRG Morehead NC, LLC (“BRG Arlo”), 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 unaffiliated third party, to develop a 286-unit, Class A apartment community located in Charlotte, North Carolina known as Arlo. On December 26, 2016, (i) Fund II redeemed the preferred equity investment held by BRG Arlo in Arlo JV Member for $6.5 million, (ii) BRG Arlo maintained a 0.5% common interest in Arlo JV Member, and (iii) the Company, through BRG Arlo, provided a mezzanine loan in the amount of $21.3 million to Arlo JV Member. See Note 6 for further details regarding Arlo and the BRG Arlo Mezz Loan. Cade Boca Raton Interests On September 1, 2016, through 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 an unaffiliated third party, to develop a 90-unit Class A apartment community located in Boca Raton, Florida 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. 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 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 unaffiliated third party, to develop a 299-unit, Class A apartment community located in Garland, Texas 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. 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, 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 unaffiliated third party, to develop an approximately 385-unit, Class A apartment community located in Fort Lauderdale, Florida known as Flagler Village. On December 29, 2017, (i) Fund II substantially redeemed the equity investment held by BRG Flagler in BR Flagler JV Member for $26.3 million, (ii) BRG Flagler maintained a 0.5% common interest in BR Flagler JV Member, and (iii) the Company, through BRG Flagler, provided a mezzanine loan in the amount of $53.6 million to BR Flagler JV Member, which was restated and increased to $74.6 million in March 2018. 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 (“BRG Cheshire”), 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, an affiliate of the former Manager, and an unaffiliated third party (the “Helios JV”), to develop a 282-unit, Class A apartment community located in Atlanta, Georgia known as Helios. The Company has made a commitment to invest in $19.2 million of preferred equity interests in BR Cheshire Member, LLC, all of which has been funded as of December 31, 2018. The Helios JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid return on the earlier date which is six months following the maturity of the loan, detailed below, including refinancing, or any earlier acceleration or due date. 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. The construction loan was secured by the fee simple interest in the Helios property with an original maturity date of December 16, 2018. In November, the loan was modified to extend the maturity date to February 16, 2019. On December 28, 2018, the Helios property owner refinanced the construction loan and entered into a $39.5 million senior mortgage loan (“senior loan”), which is secured by the Helios property, and paid off the previous construction loan of $38.1 million. The Helios property owner accounted for the refinancing as an extinguishment of debt. The senior loan matures on January 1, 2029 and bears interest at a floating basis of LIBOR plus 1.75%, with interest only payments through January 2023, and then monthly payments based on thirty-year amortization. On or after September 29, 2028, the loan may be prepaid without prepayment fee or yield maintenance. On November 9, 2018, the Company, through BRG Cheshire, entered into an amended agreement with Fund III that reduced the Company’s preferred return in exchange for certain grants made by Fund III. The Company’s previous preferred return of 15% per annum was reduced as follows: (i) 7.0% per annum effective November 9, 2018 through the end of calendar year 2019, (ii) 6.0% per annum for the calendar year 2020, and (iii) 4.5% per annum for the calendar year 2021 and thereafter. Fund III agreed to (i) grant the Company a right to compel a sale of the project beginning November 1, 2021 and (ii) grant the Company a 50.0% participation in any profits achieved in a sale after the Company receives its full preferred return and repayment of principal, and Fund III receives full return of its capital contribution. Fund III is obligated to fund its prorata share of future capital calls, absent a default event. If a default event shall occur and is continuing at the time of a sale, BRG Cheshire would be entitled 100% of the profits after Fund III receives full return of its capital contribution. Additionally, the Company agreed to extend the mandatory redemption date of its preferred equity to be reflective of any changes in the loan maturity date as a result of refinancing. The development was 90% occupied at December 31, 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 unaffiliated third party (the “Leigh House JV”), to develop a 245-unit, Class A apartment community located in Raleigh, North Carolina known as Leigh House. The Company has the right, in its sole discretion, to convert its preferred membership interest into a common membership interest for a period of six months from the date upon which 70% of the units in Leigh House have been leased and occupied. The Company has made a commitment to invest in $13.3 million of preferred equity interests in BR Lake Boone JV Member, LLC, all of which has been funded at December 31, 2018 (of which, $11.9 million and $1.4 million earns a 15% and 20% preferred return, respectively). The Leigh House JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid return on the earlier date which is six months following the maturity of the construction loan, detailed below, including extension, or any earlier acceleration or due date. 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 $24.8 million is outstanding as of December 31, 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%. The six-month period during which the Company has the right to convert its preferred membership interest into a common membership interest commenced on August 9, 2018, the date on which Leigh House achieved 70% leased and occupied units. As of December 31, 2018, the Company has not elected to convert into a common membership interest. The development was 90% occupied at December 31, 2018. 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 preferred equity investment in a multi-tiered joint venture with an unaffiliated third party (the “North Creek JV”) 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 commitment to invest in $17.9 million of preferred equity interests in BR SW Leander JV, LLC, of which $5.9 million has been funded as of December 31, 2018. The Company will earn an 8.5% current return and a 4.0% accrued return, for a total preferred return of 12.5% on outstanding capital contributions. The North Creek JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on October 29, 2023 (extended by one year if the property has not yet reached stabilization) or earlier upon the occurrence of certain events. In conjunction with the North Creek Apartments development, on October 29, 2018, the North Creek Apartments property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $23.6 million construction loan which is secured by the fee simple interest in the North Creek Apartments property, of which approximately $6,005 is outstanding at December 31, 2018. The loan matures on October 29, 2021 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 the greater of 6.06% or one-month LIBOR plus 3.75%. Novel Perimeter Interests, formerly known as Crescent Perimeter On December 12, 2016, through BRG Perimeter, a wholly-owned subsidiary of the Operating Partnership, the Company made a common equity investment of approximately $15.2 million to obtain an approximately 60% interest in a multi-tiered joint venture structure along with Fund III, an affiliate of the former Manager, and an , to acquire a tract of real property located in Atlanta, Georgia for the development of a 320-unit, Class A apartment community known as Novel Perimeter. The acquisition was accounted for as an asset acquisition. On December 29, 2017, (i) Fund III substantially redeemed the common equity investment held by BRG Perimeter in BR Perimeter JV Member for $15.3 million, (ii) BRG Perimeter maintained a 0.5% common interest in BR Perimeter JV Member, and (iii) the Company, through BRG Perimeter, provided a mezzanine loan in the amount of $20.6 million to BR Perimeter JV Member. See Note 6 for further details regarding Novel Perimeter and the BRG Perimeter Mezz Loan. Riverside Apartments Interests On December 6, 2018, through BRG Montopolis Investor, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a preferred equity investment in a multi-tiered joint venture with (the “Riverside JV”) to develop an approximately 222-unit, Class A apartment community located in Austin, Texas to be known as Riverside Apartments. The Company has made a commitment to invest in $15.6 million of preferred equity interests in BR SW Montopolis JV, LLC, of which $3.6 million has been funded as of December 31, 2018. The Company will earn an 8.5% current return and a 4.0% accrued return, for a total preferred return of 12.5% on outstanding capital contributions. The Riverside JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid return on November 21, 2023 (extended by one year if the property has not yet reached stabilization) or earlier upon the occurrence of certain events. In conjunction with the Riverside Apartments development, on December 6, 2018, the Riverside Apartments property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $20.2 million construction loan which is secured by the fee simple interest in the Riverside Apartments property, of which approximately $1,000 is outstanding at December 31, 2018. The loan matures on December 6, 2021 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 the greater of 6.14% or one-month LIBOR plus 3.75%. Vickers Historic Roswell Interests, formerly known as Vickers Village On December 22, 2016, through BRG Vickers, a wholly-owned subsidiary of the Operating Partnership, the Company made a common equity investment of approximately $8.5 million to obtain an approximately 80% interest in a multi-tiered joint venture structure along with Fund III, an affiliate of the former Manager, and an , for the development of a 79-unit, Class A apartment community in the Roswell submarket of Atlanta, Georgia known as Vickers Village. The acquisition was accounted for as an asset acquisition. On December 29, 2017, (i) Fund III substantially redeemed the common equity investment held by BRG Vickers in BR Vickers JV Member for $8.7 million, (ii) BRG Vickers maintained a 0.5% common interest in BR Vickers JV Member, and (iii) the Company, through BRG Vickers, provided a mezzanine loan in the amount of $9.8 million to BR Vickers Roswell JV Member. See Note 6 for further details regarding Vickers Village and the BRG Vickers Mezz Loan. Wayforth at Concord Interests On November 9, 2018, through BRG Wayforth Investor, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company entered into a multi-tiered joint venture agreement with an (the “Wayforth JV”) to develop an approximately 150-unit, Class A apartment community located in Concord, North Carolina to be known as Wayforth at Concord. The Company has made a commitment to invest in $6.5 million of preferred equity interests in Wayforth at Concord, LLC, of which none has been funded as of December 31, 2018. The Company will begin funding capital once the has contributed its full common equity commitment. The Company will earn a 9.0% current return and a 4.0% accrued return, for a total preferred return of 13.0% on outstanding capital contributions. The Wayforth JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on November 9, 2023 In conjunction with the Wayforth at Concord development, on November 9, 2018, the Wayforth at Concord property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $22.3 million construction loan which is secured by the fee simple interest in the Wayforth at Concord property, of which none is outstanding at December 31, 2018. The loan matures on November 9, 2021 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. Whetstone Apartments 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, the former Manager, and an unaffiliated third party, to acquire a 204-unit, Class A apartment community located in Durham, North Carolina known as Whetstone Apartments. The Company has made a commitment to invest in $12.9 million of preferred equity interests in BR Whetstone Member, LLC, all of which has been funded as of December 31, 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 Apartments ceased paying its preferred return on a current basis. The accrued preferred return of $2.2 million and $1.2 million as of December 31, 2018 and December 31, 2017, respectively, 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 97% occupied at December 31, 2018. On October 6, 2016, the Whetstone Apartments 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 Apartments property, of which $26.0 million is outstanding as of December 31, 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 facility

Revolving credit facility	12 Months Ended
	Dec. 31, 2018
Revolving Credit Facility [Abstract]
Disclosure Of Revolving Credit Facility [Text Block]	Note 8 – Revolving credit facility The outstanding balances on the revolving credit facilities as of December 31, 2018 and 2017 are as follows (amounts in thousands): Revolving credit facilities December 31, 2018 December 31, 2017 Senior Credit Facility $ 67,709 $ 67,670 Amended Junior Credit Facility 14,500 — Total $ 82,209 $ 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 provided for an initial loan commitment amount of $150 million, which commitment contained 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 2.45 0.80 1.45 On December 28, 2018, the Company elected to reduce the initial loan commitment amount of the Secured Credit Facility from $150 million to $75 million, and the maximum commitment of the accordion feature was reduced from $250 million to $175 million. Amended 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 provided for a maximum loan commitment amount of $50 million. The Junior Credit Facility had a maturity date of March 20, 2019. Borrowings under the Junior Credit Facility bore interest, at the Company’s option, at LIBOR plus 4.0%, or the base rate plus 3.0%. The Company paid 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. On December 21, 2018, the Company, through a subsidiary of its Operating Partnership, entered into an amended and restated Junior Credit Facility (the “Amended Junior Credit Facility”). The Amended Junior Credit Facility provides for a revolving loan facility and a term loan facility with maximum commitment amounts of $50 million and $25 million, respectively. The revolving loan facility matures on December 21, 2019, with borrowings under the revolving loan facility bearing interest, at the Company’s option, at LIBOR plus 3.5%, or the base rate plus 2.5%. The weighted average interest rate of the revolving loan facility was 5.94% at December 31, 2018. The Company pays an unused fee at an annual rate of 0.35% to 0.40% of the unused portion of the revolving loan facility, depending on the amount of borrowings outstanding. The term loan facility matures 180 days after the earlier of (i) the date on which the Company draws the maximum commitment amount of $25 million or (ii) March 31, 2019. The Amended 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 December 31, 2018, the Company was in compliance with all covenants under the Amended Junior Credit Facility. The Company has guaranteed the obligations under the Amended Junior Credit Facility and has pledged certain assets as collateral. The availability of borrowings under the revolving credit and term loan facilities at December 31, 2018 is based on the collateral and compliance with various ratios related to those assets and was approximately $48.3 million.

Mortgages Payable

Mortgages Payable	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Mortgage Notes Payable Disclosure [Text Block]	Note 9 – Mortgages Payable The following table summarizes certain information as of December 31, 2018 and 2017, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of December 31, 2018 Property December 31, 2018 December 31, Interest Rate Interest-onl y Maturity Date Fixed Rate: ARIUM at Palmer Ranch $ 41,348 $ 26,925 4.41 % May 2020 May 1, 2025 ARIUM Grandewood (1) 19,713 — 4.35 % July 2020 July 1, 2025 ARIUM Gulfshore — 32,626 — — — ARIUM Hunter’s Creek 72,294 72,294 3.65 % November 2019 November 1, 2024 ARIUM Metrowest 64,559 — 4.43 % May 2021 May 1, 2025 ARIUM Pine Lakes 26,950 26,950 3.95 % Interest-only November 1, 2023 ARIUM Westside 52,150 52,150 3.68 % August 2021 August 1, 2023 Ashford Belmar 100,675 — 4.53 % December 2022 December 1, 2025 Ashton Reserve I 30,878 31,401 4.67 % (2) December 1, 2025 Citrus Tower 41,438 41,438 4.07 % October 2019 October 1, 2024 Enders Place at Baldwin Park (3) 23,822 24,287 4.30 % (2) November 1, 2022 James on South First 26,500 26,500 4.35 % January 2019 January 1, 2024 Outlook at Greystone 22,105 — 4.30 % June 2021 June 1, 2025 Park & Kingston (4) 18,432 18,432 3.41 % Interest-only April 1, 2020 Plantation Park 26,625 — 4.64 % July 2024 July 1, 2028 Roswell City Walk 51,000 51,000 3.63 % December 2019 December 1, 2026 Sovereign 28,227 28,788 3.46 % (2) November 10, 2022 The Brodie 34,825 34,825 3.71 % (2) December 1, 2023 The Links at Plum Creek 40,000 — 4.31 % April 2020 October 1, 2025 The Mills 26,298 26,777 4.21 % (2) January 1, 2025 The Preserve at Henderson Beach 35,602 36,311 4.65 % (2) January 5, 2023 Villages of Cypress Creek 26,200 26,200 3.23 % October 2020 October 1, 2022 (5) Wesley Village 40,545 40,545 4.25 % April 2019 April 1, 2024 Floating Rate (6) ARIUM Glenridge 49,500 48,431 3.68 % September 2021 September 1, 2025 ARIUM Grandewood (1) 19,672 34,294 3.75 % July 2020 July 1, 2025 ARIUM Palms 30,320 24,999 3.75 % September 2020 September 1, 2025 Ashton Reserve II 15,213 15,270 3.85 % August 2022 August 1, 2025 Marquis at Crown Ridge 28,634 29,217 3.96 % (2) June 1, 2024 (7) Marquis at Stone Oak 42,725 43,125 3.96 % (2) June 1, 2024 (7) Marquis at The Cascades I 32,899 33,207 3.96 % (2) June 1, 2024 (7) Marquis at The Cascades II 22,960 23,175 3.96 % (2) June 1, 2024 (7) Marquis at TPC 16,826 17,184 3.96 % (2) June 1, 2024 (7) Preston View 41,657 41,066 3.85 % August 2022 August 1, 2025 Sorrel 38,684 38,684 4.64 % November 2019 May 1, 2023 Veranda at Centerfield 26,100 — 3.60 % July 2021 July 26, 2023 (5) Total 1,215,376 946,101 Fair value adjustments 2,204 2,638 Deferred financing costs, net (11,444 ) (9,245 ) Total $ 1,206,136 $ 939,494 (1) ARIUM Grandewood has a fixed rate loan and a floating rate loan. (2) The loan requires monthly payments of principal and interest. (3) The principal balance includes a $16.2 million loan at a fixed rate of 3.97% and a $7.6 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%. (5) The loan has two one-year extension options subject to certain conditions. (6) All the Company’s floating rate mortgages bear interest at one-month LIBOR + margin. In December 2018, one-month LIBOR in effect was 2.35%. LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information. (7) The loan can be extended, subject to certain conditions, in connection with an election to convert to a fixed interest rate loan. Deferred financing costs Costs incurred in obtaining long-term financing are amortized on a straight-line basis to interest expense over the terms of the related financing agreements, as applicable, which approximates the effective interest method. Amortization of deferred financing costs, including the amounts related to the Revolving credit facilities, was $4.3 million, $2.5 million and $1.3 million for the years ended December 31, 2018, 2017 and 2016, respectively. Fair value adjustments of debt The Company records a fair value adjustment based upon the fair value of the loans on the date they were assumed in conjunction with acquisitions. The fair value adjustments are being amortized to interest expense over the remaining life of the loans. Amortization of fair value adjustments was $0.4 million, $0.3 million and $0.4 million for the years ended December 31, 2018, 2017 and 2016, respectively. 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 that was extinguished. 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 debt modification costs on the consolidated statements of operations. 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. The Company accounted for the refinancing as an extinguishment of debt. 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. 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. 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. 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. As of December 31, 2018, the mortgage loans secured by ARIUM Grandewood, ARIUM Metrowest, Ashton Reserve II, Outlook at Greystone and Preston View were issued under the Fannie Facility. The following information is presented with respect to the Company’s refinancing activity under its Fannie Facility. 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 Company accounted for the refinancing as an extinguishment of debt. 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 Company accounted for the refinancing as an extinguishment of debt. 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 December 31, 2018, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2019 $ 7,365 2020 30,753 2021 15,905 2022 91,472 2023 221,215 Thereafter 848,666 $ 1,215,376 Add: Unamortized fair value debt adjustment 2,204 Subtract: Deferred financing costs (11,444 ) Total $ 1,206,136 The net book value of real estate assets providing collateral for these above borrowings, including the Senior Credit Facility, Amended Junior Credit Facility and Fannie Facility, was $1,691.2 million as of December 31, 2018. 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. The mortgage loans generally have a period where a prepayment fee or yield maintenance would be required.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 10 – Fair Value of Financial Instruments As of December 31, 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 $1,205.0 million and $940.7 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $1,217.6 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	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	Note 11 – Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings. The Company’s objectives in using interest rate 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. The Company has not designated any of the interest rate derivatives as hedges. Although these derivative financial instruments were not designated or did not qualify for hedge accounting, the Company believes the derivative financial instruments are effective economic hedges against increases in interest rates. The Company does not use derivative financial instruments for trading or speculative purposes. As of December 31, 2018, the Company had interest rate caps which effectively limit the Company’s exposure to interest rate risk by providing a ceiling on the underlying variable interest rate for $415.2 million of the Company’s floating rate debt. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2018 and 2017 and the effect of Company's derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2018, 2017, and 2016 (amounts in thousands): Derivatives not Balance Sheet Location Fair values of derivative Location of Gain or (Loss) The Effect of Derivative 2018 2017 2018 2017 2016 Interest rate caps Accounts receivable, prepaids and other assets $2,596 $ — Interest Expense $(2,846) $ — $ — Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 12 – Related Party Transactions As holders of shares of the Company’s Class A common stock issued in the contribution transactions in connection with the IPO, Fund II and Fund III and their respective managers have certain registration rights covering the resale of their shares of Class A common stock. In addition, BR-NPT Springing Entity, LLC and Bluerock Property Management, LLC, as holders of OP Units issued in the contribution transactions, and the former Manager and Bluerock Multifamily Advisor, LLC, the Company’s former advisor, as holders of OP Units or LTIP Units, have certain registration rights covering the resale of shares of the Class A common stock issued or issuable, at the Company’s option, in exchange for OP Units, including OP Units into which LTIP Units may be converted. On January 13, 2016, the Company filed, and on January 29, 2016, the SEC declared effective, a resale registration statement on Form S-3 (File No. 333-208988) (the “Resale Registration Statement”) with respect to the resale of their shares of Class A common stock, including the Class A common stock issued or issuable, at the Company’s option, in exchange for OP Units, including OP Units into which LTIP Units may be converted. Management Agreement While the Company was externally managed prior to the Internalization, the Management Agreement required the former Manager to manage the Company’s business affairs in conformity with the investment guidelines and other policies that were approved and monitored by the Company’s Board. The former Manager acted under the supervision and direction of the Board. Specifically, the former Manager was responsible for (1) the selection, purchase and sale of the Company’s investment portfolio, (2) the Company’s financing activities, and (3) providing the Company with advisory and management services. The former Manager provided the Company with a management team, including a chief executive officer, president, chief accounting officer and chief operating officer, along with appropriate support personnel. The Company paid the former Manager a base management fee calculated quarterly based on the Company’s stockholders’ existing and contributed equity for the most recently completed calendar quarter and payable in quarterly installments in arrears. The base management fee was payable independent of the performance of the Company’s investments. The Company amended the Management Agreement to provide that the base management fee could be payable in cash or LTIP Units, at the election of the Board. The number of LTIP Units issued for the base management fee or incentive fee was based on the fees earned divided by the 5-day trailing average Class A common stock price prior to issuance. For the year ended December 31, 2016, base management fees for the former Manager of $6.4 million were expensed. For the year ended December 31, 2017, base management fees for the former Manager of $8.7 million were expensed and paid through the issuance of 783,881 LTIP Units. The Company also paid the former Manager an incentive fee with respect to each calendar quarter in arrears. For the year ended December 31, 2016, incentive fees for the former Manager of $0.2 million were expensed. For the year ended December 31, 2017, incentive fees of $4.0 million were expensed and paid through the issuance of 333,848 LTIP Units. Management fee expense was recorded in 2017 and 2016 related to the vesting of 179,562 LTIP Units granted in connection with the IPO and was based on the Class A common stock closing price at the vesting date or end of the period, as applicable. These LTIP Units vested over a three-year period that began in April 2014 On August 3, 2016, the Company issued a grant of LTIP Units under the Amended 2014 Incentive Plans to the former Manager. The equity grant consisted of 176,610 LTIP Units (the “2016 LTIP Units”). The 2016 LTIP Units will vest ratably over a three-year period that began in August 2016, subject to certain terms and conditions. In conjunction with the Internalization, 212,203 outstanding LTIP Units issued as incentive equity to our former Manager became vested in accordance with their original terms. These LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock. LTIP expense of $2.2 million and $2.4 million was recorded as part of general and administrative expenses for the years ended December 31, 2017 and 2016, respectively, related to the 2015 LTIP Units and the 2016 LTIP Units. The expense recognized during 2017 and 2016 was based on the Class A common stock closing price at the vesting date or the end of the period, as applicable. 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 $1.5 million and $0.6 million were expensed during the years ended December 31, 2017 and 2016, respectively, and were recorded as part of general and administrative expenses. The initial term of the Management Agreement expired on April 2, 2017 (the third anniversary of the closing of the IPO), and automatically renewed for a one-year term expiring April 2, 2018. On August 4, 2017, the Company and the former Manager announced that the parties had entered into a Contribution Agreement (as amended by that certain Amendment No. 1 thereto, dated August 9, 2017), and other definitive agreements providing for the acquisition of a newly-formed entity to own the assets used by the former Manager in its performance of the management functions then provided to the Company pursuant to the Management Agreement. A special committee comprised entirely of independent and disinterested members of the Board, (the “Special Committee”), which retained independent legal and financial advisors, unanimously determined that the entry into the Contribution Agreement and the completion of the Internalization were in the best interests of the Company. The Board, by unanimous vote, made a similar determination, and on October 26, 2017, the Company held its annual meeting of stockholders, at which the Company’s stockholders approved the proposals necessary for the completion of the Internalization. On October 31, 2017, the Company completed the Internalization pursuant to the Contribution Agreement for total consideration of approximately $41.24 million as determined pursuant to a formula established in the Management Agreement at the time of the IPO in April 2014. Upon completion of the Internalization, the current management and investment teams, who were previously employed by an affiliate of the former Manager, became employed by the Company’s indirect subsidiary, and the Company become an internally managed real estate investment trust. In order to further align the interests of the management with those of the Company’s stockholders, payment of the aggregate Internalization consideration was paid 99.9% in equity: the Company caused the Operating Partnership to issue an aggregate of 3,753,593 OP Units, and the Company issued an aggregate of 76,603 shares of a newly reclassified Class C common stock and paid an aggregate of approximately $40,794 in cash to the applicable and its affiliates and related persons in connection with the Internalization. The former Manager retained, at its sole cost and expense, the services of such persons and firms as the former Manager deemed necessary in connection with the Company’s management and operations (including accountants, legal counsel and other professional service providers), provided that such expenses was in amounts no greater than those that would be payable to third-party professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis. All of the Company’s executive officers, and one of its directors, are also executive officers, managers and/or holders of a direct or indirect controlling interest in the former Manager and other Bluerock-affiliated entities. As a result, they owe fiduciary duties to each of these entities, their members, limited partners and investors, which fiduciary duties may from time to time conflict with the fiduciary duties that they owe to the Company and its stockholders. Administrative Services Agreement In connection with the closing of the Internalization, the Company entered into an Administrative Services Agreement (the “Administrative Services Agreement”) with Bluerock Real Estate, LLC and its affiliate, Bluerock Real Estate Holdings, LLC (together “BRE”). 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 was 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 $0.4 million were expensed during the year ended December 31, 2018. Payroll expense reimbursements of $0.1 million were expensed for November and December 2017, the period after the Internalization. Recorded as part of general and administrative expenses, operating expense reimbursements of $1.7 million were expensed during the year ended December 31, 2018. Operating expense reimbursements of $0.3 million were expensed for November and December 2017, the period after the Internalization. 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 December 31, 2018 and 2017 (amounts in thousands): December 31, 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 $ 568 $ 508 Offering expense reimbursements 158 74 Total amounts payable to BRE $ 726 $ 582 Total $ 726 $ 1,575 As of December 31, 2018 and 2017, the Company had no other payables due to related parties other than the Company’s former Manager and BRE. As of December 31, 2018 and 2017, the Company had $2.9 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. Premises Agreements In connection with the closing of the Internalization, BRE and the former Manager entered into a use and occupancy agreement (the “NY Agreement”) for certain corporate space located in New York, NY (the “NY Premises”) and for certain space located in Southfield, MI (the “MI Premises,” and together with the NY Premises, the “Premises”). On , Stockholders Agreement In connection with the closing of the Internalization, the Company and the Contributors entered into a Stockholders Agreement, (the “Stockholders Agreement”), pursuant to which the Company may grant certain registration rights for the benefit of the Contributors and impose certain limitations on the voting rights of the Class C Common Stock. Pursuant to the Stockholders Agreement, each Contributor, in respect of any Class A Common Stock that they may receive in connection with any redemption or conversion, as applicable, of any OP Units or Class C Common Stock received as a result of the Internalization (“Registrable Shares”), may require the Company from time to time to register the resale of their Registrable Shares under the Securities Act on a registration statement filed with the SEC. The Stockholders Agreement grants each Contributor certain rights to demand a registration of some or all of their Registrable Shares (a “Demand Registration”) or to request the inclusion of some or all of their Registrable Shares in a registration being effected by the Company for itself or on behalf of another person (a “Piggyback Registration”), in each case subject to certain customary restrictions, limitations, registration procedures and indemnity provisions. The Company is obligated to use commercially reasonable efforts to prepare and file a registration statement within specified time periods and to cause that registration statement to be declared effective by the SEC as soon as reasonably practicable thereafter. The ability to cause the Company to effect a Demand Registration is subject to certain conditions. The Company is not required to effect such registration within 180 days of the effective date of any prior registration statement with respect to the Company’s Class A Common Stock and may delay the filing for up to 60 days under certain circumstances. If, pursuant to an underwritten Demand Registration or Piggyback Registration, the managing underwriter advises that the number of Registrable Shares requested to be included in such registration exceeds a maximum number that the underwriter believes can be sold without delaying or jeopardizing the success of the proposed offering, the Stockholders Agreement specifies the priority in which Registrable Shares are to be included. Pursuant to the Stockholders Agreement, the Contributors have agreed to limit certain of their voting rights with respect to the Class C Common Stock. If, as of the record date for determining the stockholders of the Company entitled to vote at any annual or special meeting of the stockholders of the Company or for determining the stockholders of the Company entitled to consent to any corporate action by written consent, the holders of the Class C Common Stock own shares of Class C Common Stock (the “Subject Shares”) representing in the aggregate more than 9.9% of the voting rights of the then-outstanding shares of capital stock of the Company that have voting rights on the matters being voted upon at such meeting (such number of Subject Shares representing in the aggregate more than 9.9% of the voting rights of the then-outstanding shares of capital stock of the Company with voting rights being referred to as the “Excess Shares”), then at each such meeting or in each such action by written consent the holders of the Subject Shares will vote or furnish a written consent in respect of the Excess Shares, or cause the Excess Shares to be voted or consented, in each case, in such manner as directed by a majority of the members of our Board. All Subject Shares other than the Excess Shares may be voted for or against any matter in the Class C Common Stock Holder’s sole and absolute discretion. Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Series B Preferred Stock, the Company engaged a related party, as dealer manager, and pays up to 10% of the gross offering proceeds from the offering as selling commissions and dealer manager fees. The dealer manager re-allows the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers and incurs costs in excess of the 10%, which costs are borne by the dealer manager without reimbursement by the Company. For the years ended December 31, 2018 and 2017, the Company has incurred $8.7 million and $11.4 million, and $3.7 million and $4.9 million, in selling commissions and dealer manager fees, respectively. BRE was reimbursed for offering costs in conjunction with the Series B Preferred Offering of $1.3 million in 2018. In addition, the former Manager and BRE were reimbursed for offering costs in conjunction with the Series B Preferred Offering of $0.7 million and $0.1 million, respectively, in 2017. The selling commissions, dealer manager fees and reimbursements for offering costs were recorded as a reduction to the proceeds of the offering. Acquisition of Additional Interests The Company invests with related parties in consolidated operating properties and may acquire the interests held by such related parties. Please refer to Note 5 for further information. 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 parties 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	12 Months Ended
	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 13 – Stockholders’ Equity Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders, less dividends on LTIP Units expected to vest, by the weighted average number of common shares outstanding for the period. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the sum of the weighted average number of common shares outstanding and any potential dilutive shares for the period. Net loss attributable to common stockholders is computed by adjusting net loss for the non-forfeitable dividends paid on non-vested LTIP Units. The Company considers the requirements of the two-class method when preparing earnings per share. The Company has two classes of common stock outstanding: (i) Class A common stock, $0.01 par value per share, and (ii) 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 per common share (amounts in thousands, except share and per share amounts): Year Ended December 31, 2018 2017 2016 Net loss attributable to common stockholders $ (42,759 ) $ (45,679 ) $ (18,985 ) Dividends on LTIP Units expected to vest (674 ) — (4 ) Basic net loss attributable to common stockholders $ (43,433 ) $ (45,679 ) $ (18,989 ) Weighted average common shares outstanding (1) 23,845,800 25,561,673 20,805,852 Potential dilutive shares (2) — — — Weighted average common shares outstanding and potential dilutive shares (1) 23,845,800 25,561,673 20,805,852 Net loss per common share, basic $ (1.82 ) $ (1.79 ) $ (0.91 ) Net loss per common share, diluted $ (1.82 ) $ (1.79 ) $ (0.91 ) The effect of the conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A Common Stock on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. (1) For 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 and Class C common stock and LTIP Units outstanding. For 2016, amounts relate to shares of the Company’s Class A and B-3 common stock and LTIP Units outstanding. (2) Excludes , 391 and 4,282 shares of common stock for the years ended December 31, 2018, 2017 and 2016, 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 During the year ended December 31, 2018, the Company issued 123,592 shares of Series B Preferred Stock under a continuous registered offering with net proceeds of approximately $111.2 million after commissions and dealer manager fees of approximately $12.4 million. As of December 31, 2018, the Company has sold 308,278 shares of Series B Preferred Stock and 308,278 Warrants to purchase 6,165,560 shares of Class A common stock for net proceeds of approximately $277.5 million after commissions and fees. During the year ended December 31, 2018, the Company redeemed 1,564 Series B Preferred shares through the issuance of 155,978 Class A common shares and redeemed 149 Series B Preferred shares for $135,700 in cash. At-the-Market Offerings On August 8, 2016, the Company, its Operating Partnership and its Manager entered into an At Market Issuance Sales Agreement (the “Class A Sales Agreement”) with FBR Capital Markets & Co. (“FBR”). Pursuant to the Class A Sales Agreement, FBR will act as distribution agent with respect to the offering and sale of up to $100,000,000 in shares of Class A common stock in “at the market offerings” as defined in Rule 415 under the Securities Act, including without limitation sales made directly on or through the NYSE American, or on any other existing trading market for Class A common stock or through a market maker (the “Class A Common Stock ATM Offering”). The Company has not commenced any sales through the Class A Common Stock ATM Offering. The Class A Common Stock ATM Offering expires January 29, 2019. Class A common stock repurchase program In February 2018, the Company authorized the repurchase of up to $25 1,055,057 shares of Class A common stock during the year ended December 31, 2018 for a total purchase price of $9.0 million. The following table is a summary of the Class A common stock repurchase activity as of December 31, 2018: Period Total Number of Shares Purchased Weighted Average Price Paid Per Share Cumulative Number of Shares Purchased as Part of the Publicly Announced Plan Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plan First quarter 2018 530,693 $7.92 530,693 $20,795,897 Second quarter 2018 107,040 $8.96 637,733 $19,837,157 Third quarter 2018 — — 637,733 $19,837,157 Fourth quarter 2018 417,324 $9.24 1,055,057 $15,982,102 Class C Common Stock The Class C Common Stock is equivalent in all material respects to, and ranks on parity with, the Class A Common Stock, except that each share of Class C Common Stock entitles the holder thereof to fifty (50) votes, which mirrors the aggregate number of OP Units (which are redeemable for cash or, at our sole option, for shares of our Class A Common Stock, on a one-to-one basis) and shares of Class C Common Stock issued as consideration in the Internalization. The Class C Common Stock provides its holders a right to vote that is proportionate to the outstanding non-voting economic interest in the Company attributable to such holders or their affiliates by virtue of the OP Units issued in the Internalization, as if all such OP Units were redeemed by us for shares of Class A Common Stock, but without providing any disproportionate voting rights. Shares of Class C Common Stock will only be issued (a) to the Contributors, (b) in conjunction with the issuance of OP Units as consideration in the Internalization, and (c) in a ratio of no more than one (1) share of Class C Common Stock for every forty-nine (49) OP Units so issued. See Note 12 Related Party Transactions – Stockholders Agreement for limitations on voting rights of the Class C Common Stock. 8.250% Series A Cumulative Redeemable Preferred Stock The Series A Preferred Stock ranks senior to common stock and on parity with the Series B Preferred Stock, the Series C Preferred Stock and the Series D Preferred Stock as to rights upon our liquidation, dissolution or winding up. The Series A Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the Board. Commencing October 21, 2022, the annual dividend rate will increase by 2.0% annually, up to a maximum of 14.0%, if not redeemed by the holder or not previously redeemed by the Company. Commencing on October 21, 2022, holders may, at their option, elect to have the Company redeem their shares at a redemption price of $25.00 per share, plus an amount equal to accrued but unpaid dividends, payable by the Company at its option in cash or shares of Class A common stock. The Company may not redeem the Series A Preferred Stock before October 21, 2020, except in limited circumstances related to its qualification as a REIT, complying with an asset coverage ratio or upon a change in control. After October 21, 2020, the Company can redeem for a redemption price of $25.00 per share plus any accrued and unpaid dividends. At the date of issuance, the carrying amount of the Series A Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date. Such accretion is recorded as a preferred stock dividend on the Statements of Stockholders’ Equity. Series B Redeemable Preferred Stock The Series B Preferred Stock ranks senior to common stock and on parity with the Series A Preferred Stock, the Series C Preferred Stock and the Series D Preferred Stock as to rights upon our liquidation, dissolution or winding up. The Series B Preferred Stock is entitled to priority cumulative dividends to be paid monthly, in arrears, when, as and if authorized by the Board. Holders may, at their option, elect to have the Company redeem their shares through the first year from issuance subject to a 13% redemption fee. After year one, the redemption fee decreases to 10%, after year three it decreases to 5%, after year four it decreases to 3%, and after year five there is no redemption fee. Any redeemed shares are entitled to any accrued but unpaid dividends at the time of the redemption, payable by the Company at its option in cash or shares of Class A common stock. The Company may redeem the Series B Preferred Stock beginning two years from the original issuance for the liquidation preference per share plus any accrued and unpaid dividends in either cash or shares of Class A common stock, based on the volume weighted average price for the Class A common shares for the 20 trading days prior to the redemption. At the date of issuance, the carrying amount of the Series B Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date. Such accretion is recorded as a preferred stock dividend on the Statements of Stockholders’ Equity. 7.625% Series C Cumulative Redeemable Preferred Stock The Series C Preferred Stock ranks senior to common stock and on parity with the Series A Preferred Stock, the Series B Preferred Stock and the Series D Preferred Stock as to rights upon liquidation, dissolution or winding up. The Series C Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the Board. Commencing July 19, 2023, the annual dividend rate will increase by 2.0% annually, up to a maximum of 14.0%, if not redeemed by the holder or not previously redeemed by the Company. Commencing on July 19, 2023, holders may, at their option, elect to have the Company redeem their shares at a redemption price of $25.00 per share, plus an amount equal to accrued but unpaid dividends, payable by the Company at its option in cash or shares of Class A common stock. The Company may not redeem the Series C Preferred Stock before July 19, 2021, except in limited circumstances related to its qualification as a REIT, complying with an asset coverage ratio or upon a change in control. After July 19, 2021, the Company can redeem for a redemption price of $25.00 per share plus any accrued and unpaid dividends. At the date of issuance, the carrying amount of the Series C Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date. Such accretion is recorded as a preferred stock dividend on the Statements of Stockholders’ Equity. 7.125% Series D Cumulative Preferred Stock The Series D Preferred Stock ranks senior to common stock and on parity with the Series A Preferred Stock, the Series B Preferred Stock and the Series C Preferred Stock as to rights upon liquidation, dissolution or winding up. The Series D Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the Board. After October 13, 2021, the Company can redeem for a redemption price of $25.00 per share plus any accrued and unpaid dividends. Operating Partnership and Long-Term Incentive Plan Units On April 2, 2014, concurrently with the completion of the IPO, the Company entered into the Second Amended and Restated Agreement of Limited Partnership of its Operating Partnership, Bluerock Residential Holdings, L.P. (the “Partnership Agreement”). Pursuant to the amendment, the Company is the sole general partner of the Operating Partnership and may not be removed as general partner by the limited partners with or without cause. The Partnership Agreement, as amended, provides, among other things, that the Operating Partnership initially has two classes of limited partnership interests: OP Units and LTIP Units. In calculating the percentage interests of the partners in the Operating Partnership, LTIP Units are treated as OP Units. In general, LTIP Units will receive the same per-unit distributions as the OP Units. Initially, each LTIP Unit will have a capital account balance of zero and, therefore, will not have full parity with OP Units with respect to any liquidating distributions. However, the Partnership Agreement, as amended provides that “book gain,” or economic appreciation, in the Company’s assets realized by the Operating Partnership as a result of the actual sale of all or substantially all of the Operating Partnership’s assets, or the revaluation of the Operating Partnership’s assets as provided by applicable U.S. Department of Treasury regulations, will be allocated first to the holders of LTIP Units until their capital account per unit is equal to the average capital account per-unit of the Company’s OP Unit holders in the Operating Partnership. The Company expects that the Operating Partnership will issue OP Units to limited partners, and the Company, in exchange for capital contributions of cash or property, will issue LTIP Units pursuant to the Company’s Incentive Plans, as defined below, to persons who provide services to the Company, including the Company’s officers, directors and employees. As of December 31, 2018, limited partners other than the Company owned approximately 25.91 6,386,841 20.22 1,796,029 5.69 The Operating Partnership, in conjunction with the issuance of preferred stock by the Company, has issued preferred OP Units which provide for similar rights as for each class of preferred stock. Equity Incentive Plans On October 26, 2017, the Company’s stockholders approved the amendment and restatement of the Amended 2014 Individuals Plan, (the “Second Amended 2014 Individuals Plan”), and the Amended 2014 Entities Plan, (the “Second Amended 2014 Entities Plan”), and together with the Second Amended 2014 Individuals Plan (the “Second Amended 2014 Incentive Plans”). The Second Amended 2014 Incentive Plans allowed for the issuance of up to an additional 1,075,000 shares of Class A common stock. The Second Amended 2014 Incentive Plans provided 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 September 28, 2018, the Company’s stockholders approved the amendment and restatement of each of the Second Amended 2014 Individuals Plan (the “Third Amended 2014 Individuals Plan”) and the Second Amended 2014 Entities Plan (the “Third Amended 2014 Entities Plan”, and together with the Third Amended 2014 Individuals Plan, the “Third Amended 2014 Incentive Plans,” and together with the Second Amended 2014 Incentive Plans, the “Incentive Plans”). The Third Amended 2014 Incentive Plans, which superseded and replaced in their entirety the Second Amended 2014 Incentive Plans, allow for the issuance of up to an aggregate of 2,250,000 additional shares of 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. A summary of the status of the Company’s non-vested shares/ nits under the Incentive Plans for individuals as of , and , is as follows (dollars in thousands): Non-Vested shares/LTIP Units Shares / LTIPs Weighted average grant- date fair value Balance at January 1, 2016 14,476 $ 14.46 Granted 7,500 10.33 Vested (21,317 ) 12.75 Forfeited — — Balance at December 31, 2016 659 $ 22.75 Granted 7,500 13.34 Vested (8,159 ) 14.10 Forfeited — — Balance at December 31, 2017 — $ — Granted 1,158,963 10.06 Vested (183,754 ) 10.10 Forfeited — — Balance at December 31, 2018 975,209 $ 10.05 On March 24, 2016, the Company granted a total of 7,500 shares of Class A common stock to its independent directors. The fair value of the grants was approximately $ 0.1 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 (the “Shortfall 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 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. 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. 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 the Company recognized expense immediately based on the fair value at the date of grant. On September 28, 2018, at the annual meeting of the Company’s stockholders, the stockholders approved the Third Amended 2014 Incentive Plans. The increased capacity under the Third Amended 2014 Incentive Plans enabled the Company to issue the Shortfall LTIP Units, and on October 4, 2018, the Company granted the Shortfall LTIP Units to the executive officers pursuant to their employment and service agreements. The awards, amounting to 80,798 LTIP Units, vest over a period of three years from the date of grant of each Initial Long-Term Performance Award, followed by immediate vesting based on successful achievement of the 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 newly appointed independent member of the Board in payment of the prorated portion of the annual retainer. The LTIP Units vested immediately upon issuance. Compensation expense related to the Incentive Plans for individuals was approximately $5.3 million, $0.1 million and $0.2 million for the years ended December 31, 2018, 2017 and 2016. As of December 31, 2018, there was $6.3 million of total unrecognized compensation cost related to unvested LTIPs granted under the Incentive Plans. The remaining cost is expected to be recognized over a period of 3.2 years. The Company currently uses authorized and unissued shares to satisfy share award grants. Equity Incentive Plans - LTIP Grants to the former Manager On August 3, 2016, the Company issued a grant of LTIP Units under the Amended 2014 Incentive Plans to the former Manager. The equity grant consisted of 176,610 LTIP Units (the “2016 LTIP Units”). The 2016 LTIP Units vest ratably over a three-year period that began in August 2016, subject to certain terms and conditions. In conjunction with the Internalization, 212,203 outstanding LTIP Units issued as incentive equity to our former Manager 117,740 94,463 became vested in accordance with their original terms. These LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock. LTIP expense of $2.2 million and $2.4 million was recorded as part of general and administrative expenses for the years ended December 31, 2017 and 2016, respectively, related to the 2015 LTIP Units and the 2016 LTIP Units. The expense recognized during 2017 and 2016 was based on the Class A common stock closing price at the vesting date or the end of the period, as applicable. Distributions Declaration Date Payable to stockholders of record as of Amount Date Paid or Payable 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 December 7, 2018 December 24, 2018 $ 0.162500 January 4, 2019 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 December 7, 2018 December 24, 2018 $ 0.162500 January 4, 2019 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 December 7, 2018 December 24, 2018 $ 0.515625 January 4, 2019 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 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 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 December 7, 2018 December 24, 2018 $ 0.4765625 January 4, 2019 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 December 7, 2018 December 24, 2018 $ 0.4453125 January 4, 2019 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 year ended December 31, 2018 were as follows (amounts in thousands): Distributions 2018 Declared Paid First Quarter Class A Common Stock (1) $ (79 ) $ 2,341 Class C Common Stock — 7 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 2,921 2,816 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,270 1,270 OP Units — 602 LTIP Units 175 53 Total first quarter 2018 $ 8,344 $ 11,146 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 Fourth Quarter Class A Common Stock $ 3,819 $ 3,846 Class C Common Stock 12 12 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 4,316 4,101 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,269 OP Units 1,038 1,012 LTIP Units 292 279 Total fourth quarter 2018 $ 14,803 $ 14,576 TOTAL $ 51,262 $ 53,476 (1)

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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.

Selected Quarterly Financial Da

Selected Quarterly Financial Data	12 Months Ended
	Dec. 31, 2018
QuarterlyFinancialInformationDisclosureAbstract [Abstract]
Quarterly Financial Information [Text Block]	Note 15 - Selected Quarterly Financial Data (Unaudited) The following table sets forth summarized quarterly financial data for the year ended December 31, 2018: Quarters Ended 2018 March 31 June 30 September 30 December 31 (In thousands, except per share amounts) Total revenue $ 41,871 $ 44,959 $ 47,877 $ 50,011 Operating income $ 4,701 $ 7,636 $ 8,629 $ 8,728 Net loss $ (2,955 ) $ (3,432 ) $ (3,111 ) $ (5,772 ) Net loss available to common stockholders $ (9,425 ) $ (10,212 ) $ (10,334 ) $ (12,785 ) Loss per common share, basic: (1) $ (0.40 ) $ (0.44 ) $ (0.44 ) $ (0.55 ) Loss per common share, diluted: (1) $ (0.40 ) $ (0.44 ) $ (0.44 ) $ (0.55 ) (1) The following table sets forth summarized quarterly financial data for the year ended December 31, 2017: Quarters Ended 2017 March 31 June 30 September 30 December 31 (In thousands, except per share amounts) Total revenue $ 28,183 $ 28,666 $ 30,154 $ 36,574 Operating (loss) income $ (1,992 ) $ (2,202 ) $ 126 $ (40,579 ) Net income (loss) $ 9,928 $ 34,768 $ (4,581 ) $ (47,141 ) Net (loss) income available to common stockholders $ (4,990 ) $ 17,569 $ (12,017 ) $ (46,241 ) (Loss) earnings per common share, basic: (1) $ (0.20 ) $ 0.67 $ (0.45 ) $ (1.87 ) (Loss) earnings per common share, diluted: (1) $ (0.20 ) $ 0.67 $ (0.45 ) $ (1.87 ) (1)

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 16 – Subsequent Events Issuance of LTIP Units under the Third Amended 2014 Incentive Plans On January 1, 2019, the Company granted certain equity grants of LTIPs of the Company’s operating partnership to various executive officers under the Third Amended 2014 Incentive Plans 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. Time-based LTIPs were issued amounting to 196,023 LTIPs that vest over approximately three years. Performance-based LTIPs were issued amounting to 294,031 LTIPs, are subject to a three-year performance period, and will vest immediately upon successful achievement of performance-based conditions. In addition, on January 1, 2019, the Company granted 6,836 LTIP Units pursuant to the Third 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 vested immediately upon issuance. Distributions Declared On January 11, 2019, the Company’s Board authorized, and the Company declared, monthly dividends for the first quarter of 2019 equal to monthly rate of $5.00 per share on the Series B Preferred Stock, payable monthly to the stockholders of record as of January 25, 2019, February 25, 2019 and March 25, 2019, which was paid in cash on February 5, 2019, and which will be paid in cash on March 5, 2019 and April 5, 2019, respectively. Distributions Paid The following distributions were paid to the Company’s stockholders, as well as holders of OP and LTIP Units, subsequent to December 31, 2018 (amounts in thousands): Shares Declaration Record Date Date Paid Distributions Total Class A Common Stock December 7, 2018 December 24, 2018 January 4, 2019 $ 0.1625000 $ 3,819 Class C Common Stock December 7, 2018 December 24, 2018 January 4, 2019 $ 0.1625000 $ 12 Series A Preferred Stock December 7, 2018 December 24, 2018 January 4, 2019 $ 0.5156250 $ 2,950 Series B Preferred Stock October 12, 2018 December 24, 2018 January 4, 2019 $ 5.0000000 $ 1,530 Series C Preferred Stock December 7, 2018 December 24, 2018 January 4, 2019 $ 0.4765625 $ 1,107 Series D Preferred Stock December 7, 2018 December 24, 2018 January 4, 2019 $ 0.4453125 $ 1,269 OP Units December 7, 2018 December 24, 2018 January 4, 2019 $ 0.1625000 $ 1,038 LTIP Units December 7, 2018 December 24, 2018 January 4, 2019 $ 0.1625000 $ 262 Series B Preferred Stock January 11, 2019 January 25, 2019 February 5, 2019 $ 5.0000000 $ 1,625 Total $ 13,612 Chapel Hill Interests On January 23, 2019, the Company, through BRG Chapel Hill Lender, LLC “BRG Chapel Hill Lender”, an indirect subsidiary, provided a $7.8 million senior loan (the “BRG Chapel Hill Loan”) to BR Chapel Hill, LLC (“BR Chapel Hill”). BR Chapel Hill JV, LLC (“BR Chapel Hill JV”) owns a 100.0% interest in BR Chapel Hill and is a joint venture with common interests held by Fund I, Fund II, and BR Chapel Hill Investment, LLC, all managed by affiliates of the former Manager. The BRG Chapel Hill Loan is secured by BR Chapel Hill’s fee simple interest in the Chapel Hill property. The BRG Chapel Hill Loan matures on January 23, 2021 and bears interest at a fixed rate of 10.0%. Regular monthly payments are interest-only during the initial term. The BRG Chapel Hill Loan can be prepaid without penalty. In conjunction with the BRG Chapel Hill Loan, on January 23, 2019, the Company, through BRG Chapel Hill Lender, provided a $0.8 million mezzanine loan to BR Chapel Hill JV, which is secured by the Chapel Hill property. The loan bears interest at a fixed rate of 10.0% per annum and matures on the earliest to occur of: (i) the latest to occur of (a) January 23, 2021, or (b) the applicable maturity date under any extension granted under any construction financing, (ii) the date of sale or transfer of property, and (iii) such earlier date, by declaration of acceleration or otherwise, on which the final payment of principal becomes due. The loan can be prepaid without penalty. Acquisition of Additional Interest in ARIUM Pine Lakes On January 29, 2019, the Company, through subsidiaries of its Operating Partnership, purchased the non-controlling partner’s interest in ARIUM Pine Lakes for $7.8 million, increasing the Company’s interest in the property from 85.0% to 100.0% Vickers Historic Roswell Mezzanine Financing On February 25, 2019, the Company’s audit committee authorized and approved a proposal for the Company, through BRG Vickers, and on behalf of Fund III, to fund a capital call of $1.2 million by increasing its mezzanine loan to BR Vickers JV Member. In exchange for contributing Fund III’s share of the total $1.2 million capital call, the Company will receive an additional 5.0 basis point discount purchase option and will have the right to exercise an option to purchase, at the greater of a 17.5 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.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block]	Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Initial Cost Costs Gross Amount at Which Carried at Close of Period Depreciation in Latest Income Property Location Encumbrance Land Building and Subsequent Land Building and Total Accumulated Date of Statement is Real Estate Held for Enders Place at Baldwin Park FL 23,822 4,750 20,171 5,341 5,454 24,808 30,262 5,454 2012 3 - 40 Years ARIUM Grandewood FL 39,385 5,200 37,220 1,498 5,200 38,718 43,918 5,432 2014 3 - 40 Years Park & Kingston NC 18,432 3,060 24,353 3,091 3,360 27,144 30,504 3,564 2015 3 - 40 Years Ashton I NC 30,878 4,000 40,944 348 4,000 41,292 45,292 4,973 2015 3 - 40 Years ARIUM Palms FL 30,320 4,030 32,248 1,287 4,030 33,535 37,565 4,530 2015 3 - 40 Years Sorrel TX 38,684 6,710 47,444 524 6,710 47,968 54,678 6,488 2015 3 - 40 Years Sovereign TX 28,227 2,800 40,609 383 2,800 40,992 43,792 5,343 2015 3 - 40 Years Ashton II NC 15,213 1,900 19,517 134 1,900 19,651 21,551 2,105 2015 3 - 40 Years ARIUM at Palmer Ranch FL 41,348 7,800 30,597 3,836 7,800 34,433 42,233 3,776 2016 3 - 40 Years ARIUM Gulfshore FL - (1) 10,000 36,047 3,627 10,000 39,674 49,674 4,357 2016 3 - 40 Years The Preserve at Henderson Beach FL 35,602 4,100 50,117 1,846 4,100 51,963 56,063 4,754 2016 3 - 40 Years ARIUM Westside GA 52,150 8,657 63,402 2,403 8,657 65,805 74,462 5,065 2016 3 - 40 Years ARIUM Glenridge GA 49,500 14,513 52,324 6,943 14,513 59,267 73,780 4,340 2016 3 - 40 Years ARIUM Pine Lakes FL 26,950 5,760 31,854 1,488 5,760 33,342 39,102 3,417 2016 3 - 40 Years The Brodie TX 34,825 5,400 42,497 1,966 5,400 44,463 49,863 3,812 2016 3 - 40 Years Roswell City Walk GA 51,000 8,423 66,249 199 8,423 66,448 74,871 4,723 2016 3 - 40 Years James on South First TX 26,500 3,500 32,471 653 3,500 33,124 36,624 2,381 2016 3 - 40 Years Preston View NC 41,657 8,800 49,610 846 8,800 50,456 59,256 3,302 2017 3 - 40 Years Wesley Village NC 40,545 5,600 50,062 1,404 5,600 51,466 57,066 2,718 2017 3 - 40 Years Wesley Village II NC - 270 - 4 270 4 274 - 2017 3 - 40 Years Marquis at Crown Ridge TX 28,634 4,000 35,209 1,372 4,000 36,581 40,581 1,987 2017 3 - 40 Years Marquis at Stone Oak TX 42,725 4,400 50,548 1,797 4,400 52,345 56,745 3,089 2017 3 - 40 Years Marquis at The Cascades I TX 32,899 3,200 41,120 989 3,200 42,109 45,309 2,227 2017 3 - 40 Years Marquis at The Cascades II TX 22,960 2,450 25,827 909 2,450 26,736 29,186 1,440 2017 3 - 40 Years Marquis at TPC TX 16,826 1,900 18,795 668 1,900 19,463 21,363 1,211 2017 3 - 40 Years Villages at Cypress Creek TX 26,200 4,650 35,990 1,787 4,650 37,777 42,427 1,717 2017 3 - 40 Years Citrus Tower FL 41,438 5,208 49,388 1,072 5,208 50,460 55,668 2,354 2017 3 - 40 Years Outlook at Greystone AL 22,105 3,950 31,664 2,013 3,950 33,677 37,627 1,383 2017 3 - 40 Years ARIUM Hunter's Creek FL 72,294 9,600 86,202 1,629 9,600 87,831 97,431 3,555 2017 3 - 40 Years ARIUM Metrowest FL 64,559 10,200 74,768 1,205 10,200 75,973 86,173 3,217 2017 3 - 40 Years The Mills SC 26,298 3,300 36,969 466 3,300 37,435 40,735 1,358 2017 3 - 40 Years The Links at Plum Creek CO 40,000 2,960 57,803 1,877 2,960 59,680 62,640 1,803 2018 3 - 40 Years Sands Parc FL - (1) 3,170 42,443 109 3,170 42,552 45,722 953 2018 3 - 40 Years Plantation Park TX 26,625 1,600 34,065 41 1,600 34,106 35,706 672 2018 3 - 40 Years Veranda at Centerfield TX 26,100 5,120 35,506 1,070 5,120 36,576 41,696 578 2018 3 - 40 Years Ashford Belmar CO 100,675 18,400 124,149 24 18,400 124,173 142,573 782 2018 3 - 40 Years Subtotal 1,215,376 199,381 1,548,182 54,849 200,385 1,602,027 1,802,412 108,860 Non-Real Estate assets REIT Operator MI - - 185 71 - 256 256 51 2017 5 Years Subtotal - - 185 71 - 256 256 51 Total $ 1,215,376 $ 199,381 $ 1,548,367 $ 54,920 $ 200,385 $ 1,602,283 $ 1,802,668 $ 108,911 (1) 67.7 1. Reconciliation of Real Estate Properties The following table reconciles the Real Estate Properties from January 1, 2016 to December 31, 2018. 2018 2017 2016 Balance at January 1 $ 1,452,759 $ 1,029,214 $ 556,820 Construction and acquisition cost 349,909 701,262 508,218 Disposition of real estate - (277,717 ) (35,824 ) Balance at December 31 $ 1,802,668 $ 1,452,759 $ 1,029,214 2. Reconciliation of Accumulated Depreciation The following table reconciles the Real Estate Properties from January 1, 2016 to December 31, 2018. 2018 2017 2016 Balance at January 1 $ 55,177 $ 42,137 $ 23,437 Current year depreciation expense 53,734 35,538 23,580 Disposition of real estate - (22,498 ) (4,880 ) Balance at December 31 $ 108,911 $ 55,177 $ 42,137

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation and Basis of Presentation The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (the “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 December 31, 2018, limited partners other than the Company owned approximately 25.91% of the common units of the Operating Partnership is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 5.69% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 3.09% which are not vested at December 31, 2018). Because the Company is the sole general partner of the 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 investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Certain amounts in prior periods have been reclassified to conform to the current presentation. For the years ended December 31, 2017 and 2016, tenant reimbursements for utility expenses amounting to $0.2 million and $0.2 million, respectively, and tenant reimbursements for contractor services amounting to $0.1 million and $0.1 million, respectively, have been reclassified to other property revenues from property operating expenses. In addition, model unit vacancy costs amounting to $0.2 million and $0.1 million for the years ended December 31, 2017 and 2016, respectively, have been reclassified to net rental income from other property revenues.
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 an investment to determine if it is a varia ble interest entity (“VIE”) in accordance with Topic 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 investment 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 an 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 Measurements 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. In accordance with accounting principles generally accepted in the Unites States of America (“GAAP”) and as defined in ASC Topic 820, “Fair Value Measurement”, these two types of inputs create the following fair value hierarchy:  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 If the inputs used to measure the fair value fall within different levels of the hierarchy, the fair value is determined based upon the lowest level input that is significant to the fair value measurement. Whenever possible, the Company uses quoted market prices to determine fair value. In the absence of quoted market prices, the Company uses independent sources and data to determine fair value.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Financial Instrument Fair Value Disclosures As of December 31, 2018 and 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 carrying values of notes receivable from related parties approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. The fair values of notes receivable are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations.
Derivatives, Reporting of Derivative Activity [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.
Finance, Loans and Leases Receivable, Policy [Policy Text Block]	Notes and Accrued Interest Receivable from Related Parties The Company recognizes interest income on notes receivable on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected. Costs incurred to originate notes receivable are deferred and amortized using the effective interest method over the term of the related notes receivable. The Company evaluates the collectability of both interest and principal on each of its loans to determine whether the loans are impaired. A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the underlying collateral (if the loan is collateralized) less costs to sell. During 2018, there was no significant uncertainty of collection; therefore, interest income was recognized. As of December 31, 2018, the Company determined that no allowance for collectability of the mortgage loans receivable was necessary.
Real Estate, Policy [Policy Text Block]	Real Estate Assets Capital Additions, Depreciation and Amortization The Company capitalizes costs, including certain indirect costs, incurred in connection with its capital additions activities, including redevelopment, development and construction projects, other tangible apartment community improvements, and replacements of existing apartment community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with capital additions activities at the apartment community level. The Company characterizes as “indirect costs” an allocation of certain department costs, including payroll, at the corporate levels that clearly relate to capital additions activities. The Company also capitalizes interest, property taxes and insurance during periods in which redevelopment, development and construction projects are in progress. Cost capitalization begins once the development or construction activity commences and ceases when the asset is ready for its intended use. Repair and maintenance and tenant turnover costs are expensed as incurred. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. Depreciation and amortization expense are computed on the straight-line method over the asset’s estimated useful life. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: Buildings 30 – 40 years Building improvements 5 – 15 years Land improvements 5 – 15 years Furniture, fixtures and equipment 3 – 7 years In-place leases 6 months
Real Estate Purchase Price Allocation [Policy Text Block]	Real Estate Purchase Price Allocations Upon the acquisition of real estate properties which do not constitute the definition of a business, the Company recognizes the assets acquired, the liabilities assumed, and any noncontrolling interest as of the acquisition date, measured at their relative fair values. Acquisition-related costs are capitalized in the period incurred and are recorded to the components of the real estate assets acquired. Prior to the adoption of Financial Accounting Standards Board ASU 2017-01, “Business Combinations; Clarifying the Definition of a Business” in January 2017, acquisition-related costs were expensed in the period incurred. The Company assesses the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Intangible assets include the value of in-place leases, which represents the estimated fair value of the net cash flows of leases in place at the time of acquisition, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases, which is on average six months. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, prevailing interest rates and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be significant based upon the assumptions made in calculating these estimates.
Impairment Of Real Estate Assets [Policy Text Block]	Impairment of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets. No impairment charges were recorded in 2018, 2017 or 2016.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value.
Restricted Cash	Restricted Cash Restricted cash is comprised of the following: (i) lender-imposed escrow accounts for replacement reserves, real estate taxes and insurance, and (ii) amounts set aside for reinvestment in accordance with Internal Revenue Service Code Section 1031 related to like-kind exchanges.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk The Company maintains cash balances with high quality financial institutions and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation.
Rents And Other Receivables [Policy Text Block]	Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates.
Deferred Charges, Policy [Policy Text Block]	Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other third-party costs associated with obtaining financing. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures are capitalized and reflected as a reduction of mortgages payable, and fees associated with the Company’s lines of credit are recorded within accounts receivable, prepaids and other assets on the consolidated balances sheets. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures and fees associated with its lines of credit are amortized to interest expense over the terms of the financing agreements using the straight-line method, which approximates the effective interest method. Deferred financing fees paid by the Company on behalf of its unconsolidated joint ventures are recorded within investments in unconsolidated real estate joint ventures on the consolidated balance sheets and are amortized to equity in income (loss) of unconsolidated real estate joint ventures.
Non controlling Interests [Policy Text Block]	Noncontrolling Interests Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in consolidated joint ventures, as well as interests held by LTIP Unit holders and OP Unit holders. The Company reports its joint venture partners’ interest in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder pursuant to each joint venture’s operating agreement.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Rental income related to tenant leases is recognized on an accrual basis over the terms of the related leases on a straight-line basis. Amounts received in advance are recorded as a liability within other accrued liabilities. Other property revenues are recognized in the period earned. The Company recognizes a gain or loss on the sale of real estate assets when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtains control.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation The Company expenses the fair value of share awards in accordance with the fair value recognition requirements of ASC Topic 718 “Compensation-Stock Compensation.” ASC Topic 718 requires companies to measure the cost of the recipient services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. The cost of the share award is expensed over the requisite service period (usually the vesting period).
Distribution [Policy Text Block]	Distribution Policy The Company expects to authorize and declare regular cash distributions to its stockholders in order to maintain its REIT status. Distributions to stockholders will be determined by the Company’s board of directors (the “Board”) and will be dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT, and other considerations as the Board may deem relevant. Distributions are recorded as a reduction of stockholders’ equity in the period in which they are declared.
Related Party Transactions [Policy Text Block]	Related Party Transactions On April 2, 2014, upon the completion of the initial public offering (the “IPO”), the Company entered into a management agreement with the former Manager, an affiliate of Bluerock, to be the Company’s external manager (the “Management Agreement”). Under the Management Agreement the Company paid the former Manager a base management fee and incentive fee. The Company records all related party fees as incurred. Following the Internalization on October 31, 2017, the Company, as an internally managed company, no longer pays the former Manager any fees or expense reimbursements arising from the Management Agreement.
Commissions, Policy [Policy Text Block]	Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Series B Preferred Stock, the Company engaged a related party as dealer manager and pays selling commissions and dealer manager fees of 7% and 3%, respectively, of the gross offering proceeds from the offering. The dealer manager re-allows the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers, and incurs costs in excess of the 10%, which costs are borne by the dealer manager without reimbursement by the Company. Offering costs related to each closing are recorded as a reduction of proceeds raised on the date of issue.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and has qualified since the taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company intends to continue to organize and operate in such a manner as to remain qualified for treatment as a REIT. For the year ended December 31, 2018, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2018, approximately 34.00% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes and 66.00% were return of capital. For the year ended December 31, 2017, 64.21% of the distributions received by the common stockholders were classified as return of capital for income tax purposes, 4.00% were ordinary income, 31.79% were capital gains, with 21.29% of the capital gains qualifying as Section 1250 gains. In addition, for the year ended December 31, 2017, 11.19% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes and 88.81% were capital gains, with 21.29% of the capital gains qualifying as Section 1250 gains. For the year ended December 31, 2016, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2016, 91.05% of the distributions received by the preferred stockholders were classified as return of capital for income tax purposes and 8.95% were ordinary income. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It requires a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, in an income tax return. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management has considered all positions taken on the 2013 through 2017 tax returns (where applicable), and those positions expected to be taken on the 2018 tax returns, and concluded that tax positions taken will more likely than not be sustained at the full amount upon examination. Accordingly, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its consolidated financial statements. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2018. If any income tax exposure was identified, the Company would recognize an estimated liability for income tax items that meet the criteria for accrual. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. If any interest and penalties related to income tax assessments arose, the Company would record them as income tax expense. As of December 31, 2018, tax returns for the calendar years 2013 and subsequent remain subject to examination by the Internal Revenue Service and various state tax jurisdictions.
Segment Reporting, Policy [Policy Text Block]	Reportable Segment The Company’s current business consists of investing in and operating multifamily communities. Substantially all of its consolidated net income (loss) is from investments in real estate properties that the Company owns through co-investment ventures which it either consolidates or accounts for under the equity method of accounting. The Company evaluates operating performance on an individual property level and based on the properties’ similar economic characteristics, the Company’s properties are aggregated into one reportable segment.
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 ASU 2016-15 as of January 1, 2018. In June 2016, the FASB issued ASU No. 2016-13 “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). 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 ASU 2016-02 will not have a material impact on the . 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 to not separate lease and non-lease components if are . In August 2017, the FASB issued ASU No. 2017-12 “Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”), which, among other things, requires entities to present the earnings effect of hedging instruments in the same income statement line item in which the earnings effect of the hedged item is reported. The new standard also adds new disclosure requirements. ASU 2017-12 is effective for annual periods beginning after December 15, 2018, though early adoption, including interim periods, is permissible. The Company 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, which is scoped out from this standard and will be accounted for under ASU 2016-02, 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 financial statements. 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. is effective for annual periods beginning after December 15, 2017. The Company adopted as of January 1, 2018 using the modified retrospective approach. The adoption of did not impact the accounting of the Company’s historical property sales or sales of joint venture interests and its adoption had no impact on the Company’s consolidated financial statements. 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 upon its adoption of ASU 2018-15.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Schedule Of Equity Method Investments And Consolidation Accounting Investments [Table Text Block]	Consolidated Operating Properties Multifamily Community Name Location Number of Units Date Built / ‎ Renovated (1) Ownership 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 % Ashford Belmar Lakewood, CO 512 1988/1993 85.0 % 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 on 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 11,286 (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 Apartments 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 Domain at The One Forty, formerly Domain Garland, TX 299 2Q 2018 4Q 2018 Arlo, formerly West Morehead Charlotte, NC 286 2Q 2018 2Q 2019 Cade Boca Raton, formerly APOK Townhomes Boca Raton, FL 90 4Q 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 North Creek Apartments Leander, TX 259 4Q 2019 3Q 2020 Riverside Apartments Austin, TX 222 3Q 2020 4Q 2020 Wayforth at Concord Concord, NC 150 1Q 2020 2Q 2021 Total 3,431

Acquisition of Real Estate (Tab

Acquisition of Real Estate (Tables)	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Schedule of acquistion of real estate Properties [Table Text Block]	The following describes the Company’s significant acquisition activity during the years ended December 31, 2018 and 2017 (dollars in thousands): Property Location Date Interest Price Mortgage Preston View Morrisville, NC February 17, 2017 91.8 % (a) $ 59,500 $ 41,066 Wesley Village Charlotte, NC March 9, 2017 91.8 % (a) 57,150 40,545 Texas Portfolio (b) (b) June 9, 2017 90.0 % 188,850 146,377 Villages at Cypress Creek Houston, TX September 8, 2017 80.0 % 40,700 26,200 Citrus Tower Orlando, FL September 28, 2017 96.8 % 55,250 41,438 Outlook at Greystone Birmingham, AL October 19, 2017 100.0 % 36,250 (c) ARIUM Metrowest Orlando, FL October 30, 2017 100.0 % 86,000 (c) ARIUM Hunter’s Creek Orlando, FL October 30, 2017 100.0 % 96,888 72,294 The Mills Greenville, SC November 29, 2017 100.0 % 40,250 26,817 The Links at Plum Creek Castle Rock, CO March 26, 2018 88.0 % 61,100 40,000 Sands Parc Daytona Beach, FL May 1, 2018 100.0 % 46,200 (c) Plantation Park Lake Jackson, TX June 14, 2018 80.0 % 35,600 26,625 Veranda at Centerfield Houston, TX July 26, 2018 93.0 % 40,150 26,100 Ashford Belmar Lakewood, CO November 15, 2018 85.0 % 143,444 100,675 (a) (b) (c) Funded, in part, with the Company’s Senior Credit Facility secured by the property. See Note 8 for further information about the Company’s Secured Credit Facility.
Schedule of Real Estate Properties [Table Text Block]	The following table summarizes the assets acquired at the acquisition date for acquisitions made during the year ended December 31, 2018 (amounts in thousands): Purchase Price Allocation Land $ 31,250 Building 225,857 Building improvements 24,240 Land improvements 38,750 Furniture and fixtures 5,119 In-place leases 5,629 Total assets acquired $ 330,845
Schedule of acquisition of noncontrolling partners interest in real estate Properties [Table Text Block]	In addition to the property acquisitions discussed above, the Company also acquired the noncontrolling partner’s interest in the following properties (dollars in thousands): Property Date Amount Previous Interest New Interest ARIUM Grandewood November 6, 2017 $ 3,054 95.0 % 100.0 % Park & Kingston (a) December 29, 2017 483 96.0 % 100.0 % Enders Place at Baldwin Park (a) December 29, 2017 499 89.5 % 92.0 % Preston View and Wesley Village (b) December 29, 2017 3,391 91.8 % 100.0 % ARIUM at Palmer Ranch April 26, 2018 4,174 95.0 % 100.0 % ARIUM Gulfshore April 26, 2018 4,838 95.0 % 100.0 % ARIUM Palms August 29, 2018 3,023 95.0 % 100.0 % (a) (b)

Notes and Interest Receivable_2

Notes and Interest Receivable due from Related Parties (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Following is a summary of the notes and accrued interest receivable due from related parties as of December 31, 2018 and 2017 (amounts in thousands): Property December 31, 2018 December 31, 2017 Arlo, formerly West Morehead $ 24,893 $ 24,893 Cade Boca Raton, formerly APOK Townhomes 11,854 11,365 Domain at The One Forty, formerly Domain 20,536 20,536 Flagler Village 75,436 53,668 Novel Perimeter, formerly Crescent Perimeter 20,867 20,622 Vickers Historic Roswell, formerly Vickers Village 10,498 9,819 Total $ 164,084 $ 140,903
Interest Income and Interest Expense Disclosure [Table Text Block]	Following is a summary of the interest income from related parties for the years ended December 31, 2018 and 2017 (amounts in thousands): Property December 31, 2018 December 31, 2017 Arlo $ 3,687 $ 3,680 Cade Boca Raton 1,694 1,656 Domain at The One Forty 3,042 2,525 Flagler Village 9,249 44 Novel Perimeter 3,091 17 Vickers Historic Roswell 1,492 8 Total $ 22,255 $ 7,930

Preferred Equity Investments _2

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments [Table Text Block]	The carrying amount of the Company’s preferred equity investments and investments in unconsolidated real estate joint ventures as of December 31, 2018 and 2017 is summarized in the table below (amounts in thousands): Property December 31, 2018 December 31, 2017 Alexan CityCentre $ 11,205 $ 9,258 Alexan Southside Place 22,801 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 19,189 16,360 Leigh House, formerly Lake Boone Trail 13,319 11,930 North Creek Apartments 5,892 — Novel Perimeter, formerly Crescent Perimeter 12 12 Riverside Apartments 3,600 — Vickers Historic Roswell, formerly Vickers Village 6 6 Wayforth at Concord — — Whetstone Apartments 12,932 12,932 Total $ 89,033 $ 71,145
Preferred Equity Method Investments [Table Text Block]	The preferred returns and equity in income of the Company’s unconsolidated real estate joint ventures for the years ended December 31, 2018, 2017 and 2016 is summarized below (amounts in thousands): Property December 31, 2018 December 31, 2017 December 31, 2016 Alexan CityCentre $ 1,668 $ 1,395 $ 1,085 Alexan Southside Place 3,201 2,879 2,605 Arlo — — 677 Cade Boca Raton — — 226 Domain at The One Forty — 141 614 Flagler Village — (7 ) (6 ) Helios 2,459 2,454 2,461 Leigh House 1,910 1,770 1,492 North Creek Apartments 108 — — Other — (26 ) 530 Riverside Apartments 31 — — Whetstone Apartments 935 1,730 1,948 Preferred returns and equity in income of unconsolidated joint ventures $ 10,312 $ 10,336 $ 11,632
Equity Income Loss of Joint Ventures [Table Text Block]	Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017 and 2016, is as follows (amounts in thousands): December 31, 2018 December 31, 2017 Balance Sheets: Real estate, net of depreciation $ 577,624 $ 399,111 Other assets 45,324 62,667 Total assets $ 622,948 $ 461,778 Mortgage payable $ 480,903 $ 325,702 Other liabilities 21,250 25,956 Total liabilities $ 502,153 $ 351,658 Members’ equity 120,795 110,120 Total liabilities and members’ equity $ 622,948 $ 461,778 December 31, 2018 December 31, 2017 December 31, 2016 Operating Statement: Rental revenues $ 19,222 $ 5,517 $ 6,652 Operating expenses (14,824 ) (4,990 ) (3,760 ) Income before debt service, acquisition costs, and depreciation and amortization 4,398 527 2,892 Interest expense, net (12,935 ) (3,098 ) (1,409 ) Acquisition costs — — (3 ) Depreciation and amortization (10,385 ) (3,384 ) (2,881 ) Operating loss (18,922 ) (5,955 ) (1,401 ) Gain on sale — — 16,733 Net (loss) income $ (18,922 ) $ (5,955 ) $ 15,332

Revolving credit facility (Tabl

Revolving credit facility (Tables)	12 Months Ended
	Dec. 31, 2018
Revolving Credit Facility [Abstract]
Schedule of Line of Credit Facilities [Table Text Block]	The outstanding balances on the revolving credit facilities as of December 31, 2018 and 2017 are as follows (amounts in thousands): Revolving credit facilities December 31, 2018 December 31, 2017 Senior Credit Facility $ 67,709 $ 67,670 Amended Junior Credit Facility 14,500 — Total $ 82,209 $ 67,670

Mortgages Payable (Tables)

Mortgages Payable (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	The following table summarizes certain information as of December 31, 2018 and 2017, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of December 31, 2018 Property December 31, 2018 December 31, Interest Rate Interest-onl y Maturity Date Fixed Rate: ARIUM at Palmer Ranch $ 41,348 $ 26,925 4.41 % May 2020 May 1, 2025 ARIUM Grandewood (1) 19,713 — 4.35 % July 2020 July 1, 2025 ARIUM Gulfshore — 32,626 — — — ARIUM Hunter’s Creek 72,294 72,294 3.65 % November 2019 November 1, 2024 ARIUM Metrowest 64,559 — 4.43 % May 2021 May 1, 2025 ARIUM Pine Lakes 26,950 26,950 3.95 % Interest-only November 1, 2023 ARIUM Westside 52,150 52,150 3.68 % August 2021 August 1, 2023 Ashford Belmar 100,675 — 4.53 % December 2022 December 1, 2025 Ashton Reserve I 30,878 31,401 4.67 % (2) December 1, 2025 Citrus Tower 41,438 41,438 4.07 % October 2019 October 1, 2024 Enders Place at Baldwin Park (3) 23,822 24,287 4.30 % (2) November 1, 2022 James on South First 26,500 26,500 4.35 % January 2019 January 1, 2024 Outlook at Greystone 22,105 — 4.30 % June 2021 June 1, 2025 Park & Kingston (4) 18,432 18,432 3.41 % Interest-only April 1, 2020 Plantation Park 26,625 — 4.64 % July 2024 July 1, 2028 Roswell City Walk 51,000 51,000 3.63 % December 2019 December 1, 2026 Sovereign 28,227 28,788 3.46 % (2) November 10, 2022 The Brodie 34,825 34,825 3.71 % (2) December 1, 2023 The Links at Plum Creek 40,000 — 4.31 % April 2020 October 1, 2025 The Mills 26,298 26,777 4.21 % (2) January 1, 2025 The Preserve at Henderson Beach 35,602 36,311 4.65 % (2) January 5, 2023 Villages of Cypress Creek 26,200 26,200 3.23 % October 2020 October 1, 2022 (5) Wesley Village 40,545 40,545 4.25 % April 2019 April 1, 2024 Floating Rate (6) ARIUM Glenridge 49,500 48,431 3.68 % September 2021 September 1, 2025 ARIUM Grandewood (1) 19,672 34,294 3.75 % July 2020 July 1, 2025 ARIUM Palms 30,320 24,999 3.75 % September 2020 September 1, 2025 Ashton Reserve II 15,213 15,270 3.85 % August 2022 August 1, 2025 Marquis at Crown Ridge 28,634 29,217 3.96 % (2) June 1, 2024 (7) Marquis at Stone Oak 42,725 43,125 3.96 % (2) June 1, 2024 (7) Marquis at The Cascades I 32,899 33,207 3.96 % (2) June 1, 2024 (7) Marquis at The Cascades II 22,960 23,175 3.96 % (2) June 1, 2024 (7) Marquis at TPC 16,826 17,184 3.96 % (2) June 1, 2024 (7) Preston View 41,657 41,066 3.85 % August 2022 August 1, 2025 Sorrel 38,684 38,684 4.64 % November 2019 May 1, 2023 Veranda at Centerfield 26,100 — 3.60 % July 2021 July 26, 2023 (5) Total 1,215,376 946,101 Fair value adjustments 2,204 2,638 Deferred financing costs, net (11,444 ) (9,245 ) Total $ 1,206,136 $ 939,494 (1) ARIUM Grandewood has a fixed rate loan and a floating rate loan. (2) The loan requires monthly payments of principal and interest. (3) The principal balance includes a $16.2 million loan at a fixed rate of 3.97% and a $7.6 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%. (5) The loan has two one-year extension options subject to certain conditions. (6) All the Company’s floating rate mortgages bear interest at one-month LIBOR + margin. In December 2018, one-month LIBOR in effect was 2.35%. LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information. (7) The loan can be extended, subject to certain conditions, in connection with an election to convert to a fixed interest rate loan.
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]	As of December 31, 2018, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2019 $ 7,365 2020 30,753 2021 15,905 2022 91,472 2023 221,215 Thereafter 848,666 $ 1,215,376 Add: Unamortized fair value debt adjustment 2,204 Subtract: Deferred financing costs (11,444 ) Total $ 1,206,136

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2018 and 2017 and the effect of Company's derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2018, 2017, and 2016 (amounts in thousands): Derivatives not Balance Sheet Location Fair values of derivative Location of Gain or (Loss) The Effect of Derivative 2018 2017 2018 2017 2016 Interest rate caps Accounts receivable, prepaids and other assets $2,596 $ — Interest Expense $(2,846) $ — $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2018 and 2017 (amounts in thousands): December 31, 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 $ 568 $ 508 Offering expense reimbursements 158 74 Total amounts payable to BRE $ 726 $ 582 Total $ 726 $ 1,575

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table reconciles the components of basic and diluted net loss per common share (amounts in thousands, except share and per share amounts): Year Ended December 31, 2018 2017 2016 Net loss attributable to common stockholders $ (42,759 ) $ (45,679 ) $ (18,985 ) Dividends on LTIP Units expected to vest (674 ) — (4 ) Basic net loss attributable to common stockholders $ (43,433 ) $ (45,679 ) $ (18,989 ) Weighted average common shares outstanding (1) 23,845,800 25,561,673 20,805,852 Potential dilutive shares (2) — — — Weighted average common shares outstanding and potential dilutive shares (1) 23,845,800 25,561,673 20,805,852 Net loss per common share, basic $ (1.82 ) $ (1.79 ) $ (0.91 ) Net loss per common share, diluted $ (1.82 ) $ (1.79 ) $ (0.91 ) The effect of the conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A Common Stock on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. (1) For 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 and Class C common stock and LTIP Units outstanding. For 2016, amounts relate to shares of the Company’s Class A and B-3 common stock and LTIP Units outstanding. (2) Excludes , 391 and 4,282 shares of common stock for the years ended December 31, 2018, 2017 and 2016, 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 December 31, 2018: Period Total Number of Shares Purchased Weighted Average Price Paid Per Share Cumulative Number of Shares Purchased as Part of the Publicly Announced Plan Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plan First quarter 2018 530,693 $7.92 530,693 $20,795,897 Second quarter 2018 107,040 $8.96 637,733 $19,837,157 Third quarter 2018 — — 637,733 $19,837,157 Fourth quarter 2018 417,324 $9.24 1,055,057 $15,982,102
Share-based Compensation, Stock Options, Activity [Table Text Block]	Non-Vested shares/LTIP Units Shares / LTIPs Weighted average grant- date fair value Balance at January 1, 2016 14,476 $ 14.46 Granted 7,500 10.33 Vested (21,317 ) 12.75 Forfeited — — Balance at December 31, 2016 659 $ 22.75 Granted 7,500 13.34 Vested (8,159 ) 14.10 Forfeited — — Balance at December 31, 2017 — $ — Granted 1,158,963 10.06 Vested (183,754 ) 10.10 Forfeited — — Balance at December 31, 2018 975,209 $ 10.05
Schedule of Dividends Payable [Table Text Block]	Distributions Declaration Date Payable to stockholders of record as of Amount Date Paid or Payable 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 December 7, 2018 December 24, 2018 $ 0.162500 January 4, 2019 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 December 7, 2018 December 24, 2018 $ 0.162500 January 4, 2019 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 December 7, 2018 December 24, 2018 $ 0.515625 January 4, 2019 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 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 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 December 7, 2018 December 24, 2018 $ 0.4765625 January 4, 2019 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 December 7, 2018 December 24, 2018 $ 0.4453125 January 4, 2019
Schedule of Distributions Made to Members or Limited Partners, by Distribution [Table Text Block]	Distributions declared and paid for the year ended December 31, 2018 were as follows (amounts in thousands): Distributions 2018 Declared Paid First Quarter Class A Common Stock (1) $ (79 ) $ 2,341 Class C Common Stock — 7 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 2,921 2,816 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,270 1,270 OP Units — 602 LTIP Units 175 53 Total first quarter 2018 $ 8,344 $ 11,146 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 Fourth Quarter Class A Common Stock $ 3,819 $ 3,846 Class C Common Stock 12 12 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 4,316 4,101 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,269 OP Units 1,038 1,012 LTIP Units 292 279 Total fourth quarter 2018 $ 14,803 $ 14,576 TOTAL $ 51,262 $ 53,476 (1)

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Table Text Block]	The following table sets forth summarized quarterly financial data for the year ended December 31, 2018: Quarters Ended 2018 March 31 June 30 September 30 December 31 (In thousands, except per share amounts) Total revenue $ 41,871 $ 44,959 $ 47,877 $ 50,011 Operating income $ 4,701 $ 7,636 $ 8,629 $ 8,728 Net loss $ (2,955 ) $ (3,432 ) $ (3,111 ) $ (5,772 ) Net loss available to common stockholders $ (9,425 ) $ (10,212 ) $ (10,334 ) $ (12,785 ) Loss per common share, basic: (1) $ (0.40 ) $ (0.44 ) $ (0.44 ) $ (0.55 ) Loss per common share, diluted: (1) $ (0.40 ) $ (0.44 ) $ (0.44 ) $ (0.55 ) (1) The following table sets forth summarized quarterly financial data for the year ended December 31, 2017: Quarters Ended 2017 March 31 June 30 September 30 December 31 (In thousands, except per share amounts) Total revenue $ 28,183 $ 28,666 $ 30,154 $ 36,574 Operating (loss) income $ (1,992 ) $ (2,202 ) $ 126 $ (40,579 ) Net income (loss) $ 9,928 $ 34,768 $ (4,581 ) $ (47,141 ) Net (loss) income available to common stockholders $ (4,990 ) $ 17,569 $ (12,017 ) $ (46,241 ) (Loss) earnings per common share, basic: (1) $ (0.20 ) $ 0.67 $ (0.45 ) $ (1.87 ) (Loss) earnings per common share, diluted: (1) $ (0.20 ) $ 0.67 $ (0.45 ) $ (1.87 ) (1)

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
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 December 31, 2018 (amounts in thousands): Shares Declaration Record Date Date Paid Distributions Total Class A Common Stock December 7, 2018 December 24, 2018 January 4, 2019 $ 0.1625000 $ 3,819 Class C Common Stock December 7, 2018 December 24, 2018 January 4, 2019 $ 0.1625000 $ 12 Series A Preferred Stock December 7, 2018 December 24, 2018 January 4, 2019 $ 0.5156250 $ 2,950 Series B Preferred Stock October 12, 2018 December 24, 2018 January 4, 2019 $ 5.0000000 $ 1,530 Series C Preferred Stock December 7, 2018 December 24, 2018 January 4, 2019 $ 0.4765625 $ 1,107 Series D Preferred Stock December 7, 2018 December 24, 2018 January 4, 2019 $ 0.4453125 $ 1,269 OP Units December 7, 2018 December 24, 2018 January 4, 2019 $ 0.1625000 $ 1,038 LTIP Units December 7, 2018 December 24, 2018 January 4, 2019 $ 0.1625000 $ 262 Series B Preferred Stock January 11, 2019 January 25, 2019 February 5, 2019 $ 5.0000000 $ 1,625 Total $ 13,612

Organization and Nature of Bu_2

Organization and Nature of Business (Details Textual)	12 Months Ended
	Dec. 31, 2018
Organization and Nature of Business [Line Items]
Percent of Real Estate Properties Occupied	94.00%
Number of Units in Real Estate Property	14,717
Annual Distribution Percentage Rate	90.00%
Operating Units [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property	11,286
Under Development [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property	3,431

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Line Items]
Percentage of Voting Equity	50.00%
Prior Period Reclassification Adjustment		$ 0.2	$ 0.2
Selling Commissions And Dealer Manager Fees Percentage Rate Range Maximum	7.00%
Selling Commissions And Dealer Manager Fees Percentage Rate Range Minimum	3.00%
Selling Commissions And Dealer Manager Fees Percentage Rate	10.00%
Percentage Of Minimum Distributions Of Taxable Income	90.00%
Percentage Of Distributions Classified As Return On Capital		64.21%
Percentage Of Distributions Classified As Capital Gains		31.79%
Percentage Of Ordinary Income From Return On Capital		4.00%
Rental Income, Nonoperating		$ 0.2	0.1
Contractor Services [Member]
Accounting Policies [Line Items]
Prior Period Reclassification Adjustment		$ 0.1	$ 0.1
Common Stock Holders [Member]
Accounting Policies [Line Items]
Percentage Of Distributions Classified As Return On Capital	100.00%		100.00%
Percentage Of Distributions Classified As Capital Gains			0.00%
Percentage Realization From Sale Of Depreciable Real Estate		21.29%
Preferred Stock Holders [Member]
Accounting Policies [Line Items]
Percentage Of Distributions Classified As Return On Capital	66.00%		91.05%
Percentage Of Preferred Stock Classified As Ordinary Income	34.00%	11.19%
Percentage Of Distributions Classified As Capital Gains		88.81%	8.95%
Percentage Realization From Sale Of Depreciable Real Estate		21.29%
Building [Member] | Maximum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Building [Member] | Minimum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	30 years
Building Improvements [Member] | Maximum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	15 years
Building Improvements [Member] | Minimum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Land Improvements [Member] | Maximum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	15 years
Land Improvements [Member] | Minimum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Furniture and Fixtures [Member] | Maximum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	7 years
Furniture and Fixtures [Member] | Minimum [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	3 years
In Place Lease [Member]
Accounting Policies [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	6 months
OP LTIP unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	25.91%
OP Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	20.22%
Percentage Of Unvested Incentive Plan In Operating Partnership	3.09%
LTIP Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	5.69%

Sale of Real Estate Assets an_2

Sale of Real Estate Assets and Joint Venture Equity Interests and Abandonment of Development Project (Details Textual) $ in Millions	1 Months Ended
	Jun. 30, 2017USD ($)	May 24, 2017USD ($)	Apr. 26, 2017USD ($)	Feb. 22, 2017USD ($)	Nov. 24, 2015USD ($)ft²
Real Estate Assets Held for Development and Sale [Line Items]
Disposition Fees				$ 1.3
Proceeds from Sale of Real Estate Gross				71.4
Payments for Mortgage on Real Estate Sold				41.4
Proceeds from Sale of Real Estate				28.6
Gain (Loss) on Disposition of Assets	$ 6.4			16.7
East San Marco Property [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Area of Real Estate Property | ft²					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]
Disposition Fees			$ 1.2
Proceeds from Sale of Real Estate			24.1
Gain (Loss) on Disposition of Assets			22.8
Proceeds from Sale of Property Held-for-sale			$ 82.4
Ownership 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
Lansbrook Village Properties [Member] | Pro Rata [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Gain (Loss) on Disposition of Assets			16.1
Proceeds from Sale of Property Held-for-sale			$ 19.1
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]
Proceeds from Sale of Property Held-for-sale	$ 11
Bluerock Residential Growth ReitInc [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Gain (Loss) on Disposition of Assets				7.8
Proceeds from Sale of Property Held-for-sale				$ 13.6

Investments in Real Estate (Det

Investments in Real Estate (Details)	12 Months Ended
	Dec. 31, 2018NumberofUnits
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	3,431
Whetstone Apartments [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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
Domain at The One Forty, formerly Domain [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in 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	4Q 2018
Arlo, formerly West Morehead [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in 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
Cade Boca Raton, formerly APOK Townhomes [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in 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	2Q 2019
Novel Perimeter, formerly Crescent Perimeter [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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
North Creek Apartments [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Leander, TX
Number of Units	259
Actual Or Estimated Initial Occupancy	4Q 2019
Actual Or Estimated Construction Completion	3Q 2020
Riverside Apartments [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Number of Units	222
Actual Or Estimated Initial Occupancy	3Q 2020
Actual Or Estimated Construction Completion	4Q 2020
Wayforth at Concord [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Concord, NC
Number of Units	150
Actual Or Estimated Initial Occupancy	1Q 2020
Actual Or Estimated Construction Completion	2Q 2021
Average [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	11,286
ARIUM at Palmer Ranch [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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%
Ashford Belmar [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Lakewood, CO
Number of Units	512
Date Built / Renovated	1988/1993	[1]
Ownership Interest	85.00%
Ashton Reserve [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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 on South First [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate Property [Line Items]
Investments in real estate of depreciation expense	$ 53.9	$ 35.5	$ 23.6
Amortization of Deferred Leasing Fees	8.8	13.1	$ 7.6
Other Accrued Liabilities	$ 2.4	$ 2.3

Acquisition of Real Estate (Det

Acquisition of Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Sands Parc [Member]
Business Acquisition [Line Items]
Location	Daytona Beach, FL
Date	May 1, 2018
Interest	100.00%
Price	$ 46,200
Mortgage		[1]
Plantation Park [Member]
Business Acquisition [Line Items]
Location	Lake Jackson, TX
Date	Jun. 14, 2018
Interest	80.00%
Price	$ 35,600
Mortgage	$ 26,625
Veranda at Centerfield [Member]
Business Acquisition [Line Items]
Location	Houston, TX
Date	Jul. 26, 2018
Interest	93.00%
Price	$ 40,150
Mortgage	$ 26,100
Ashford Belmar [Member]
Business Acquisition [Line Items]
Location	Lakewood, CO
Date	Nov. 15, 2018
Interest	85.00%
Price	$ 143,444
Mortgage	$ 100,675
Preston View [Member]
Business Acquisition [Line Items]
Location	Morrisville, NC
Date	Feb. 17, 2017
Interest	91.80%	[2]
Price	$ 59,500
Mortgage	$ 41,066
Wesley Village [Member]
Business Acquisition [Line Items]
Location	Charlotte, NC
Date	Mar. 9, 2017
Interest	91.80%	[2]
Price	$ 57,150
Mortgage	$ 40,545
Texas Portfolio [Member]
Business Acquisition [Line Items]
Location		[3]
Date	Jun. 9, 2017	[3]
Interest	90.00%	[3]
Price	$ 188,850	[3]
Mortgage	$ 146,377	[3]
Cypress Creek [Member]
Business Acquisition [Line Items]
Location	Houston, TX
Date	Sep. 8, 2017
Interest	80.00%
Price	$ 40,700
Mortgage	$ 26,200
Citrus Tower [Member]
Business Acquisition [Line Items]
Location	Orlando, FL
Date	Sep. 28, 2017
Interest	96.80%
Price	$ 55,250
Mortgage	$ 41,438
Greystone [Member]
Business Acquisition [Line Items]
Location	Birmingham, AL
Date	Oct. 19, 2017
Interest	100.00%
Price	$ 36,250
Mortgage		[1]
ARIUM Metrowest [Member]
Business Acquisition [Line Items]
Location	Orlando, FL
Date	Oct. 30, 2017
Interest	100.00%
Price	$ 86,000
Mortgage		[1]
ARIUM Hunter's Creek [Member]
Business Acquisition [Line Items]
Location	Orlando, FL
Date	Oct. 30, 2017
Interest	100.00%
Price	$ 96,888
Mortgage	$ 72,294
The Mills [Member]
Business Acquisition [Line Items]
Location	Greenville, SC
Date	Nov. 29, 2017
Interest	100.00%
Price	$ 40,250
Mortgage	$ 26,817
Links at Plum Creek [Member]
Business Acquisition [Line Items]
Location	Castle Rock, CO
Date	Mar. 26, 2018
Interest	88.00%
Price	$ 61,100
Mortgage	$ 40,000
[1]	Funded, in part, with the Company’s Senior Credit Facility secured by the property. See Note 8 for further information about the Company’s Secured Credit Facility.
[2]	Subsequently increased to 100.0% as discussed below.
[3]	Marquis at Crown Ridge, Marquis at Stone Oak and Marquis at TPC located in San Antonio, Texas, and Marquis at The Cascades I and II (considered one property subsequent to acquisition) located in Tyler, Texas.

Acquisition of Real Estate (D_2

Acquisition of Real Estate (Details 1) $ in Thousands	Dec. 31, 2018USD ($)
Preliminary Purchase Price Allocation
Land	$ 31,250
Building	225,857
Building improvements	24,240
Land improvements	38,750
Furniture and fixtures	5,119
In-place leases	5,629
Total assets acquired	$ 330,845

Acquisition of Real Estate (D_3

Acquisition of Real Estate (Details 2) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
ARIUM Grandewood [Member]
Business Acquisition [Line Items]
Date	Nov. 6, 2017
Amount	$ 3,054
ARIUM Grandewood [Member] | Previous Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	95.00%
ARIUM Grandewood [Member] | New Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	100.00%
Park And Kingston [Member]
Business Acquisition [Line Items]
Date	Dec. 29, 2017	[1]
Amount	$ 483	[1]
Park And Kingston [Member] | Previous Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	96.00%	[1]
Park And Kingston [Member] | New Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	100.00%	[1]
Enders Place at Baldwin Park [Member]
Business Acquisition [Line Items]
Date	Dec. 29, 2017	[1]
Amount	$ 499	[1]
Enders Place at Baldwin Park [Member] | Previous Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	89.50%	[1]
Enders Place at Baldwin Park [Member] | New Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	92.00%	[1]
Preston View and Wesley Village [Member]
Business Acquisition [Line Items]
Date	Dec. 29, 2017	[2]
Amount	$ 3,391	[2]
Preston View and Wesley Village [Member] | Previous Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	91.80%	[2]
Preston View and Wesley Village [Member] | New Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	100.00%	[2]
ARIUM at Palmer Ranch [Member]
Business Acquisition [Line Items]
Date	Apr. 26, 2018
Amount	$ 4,174
ARIUM at Palmer Ranch [Member] | Previous Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	95.00%
ARIUM at Palmer Ranch [Member] | New Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	100.00%
ARIUM Gulfshore [Member]
Business Acquisition [Line Items]
Date	Apr. 26, 2018
Amount	$ 4,838
ARIUM Gulfshore [Member] | Previous Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	95.00%
ARIUM Gulfshore [Member] | New Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	100.00%
ARIUM Palms [Member]
Business Acquisition [Line Items]
Date	Aug. 29, 2018
Amount	$ 3,023
ARIUM Palms [Member] | Previous Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	95.00%
ARIUM Palms [Member] | New Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	100.00%
[1]	The additional interests were purchased from Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”) based on a broker’s opinion of value.
[2]	The additional interests were purchased from Bluerock Special Opportunity + Income Fund I, LLC (“Fund I”) based on an 8% return on equity from the original purchase dates in February 2017 and March 2017.

Acquisition of Real Estate (D_4

Acquisition of Real Estate (Details Textual) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2018
Business Acquisition [Line Items]
Return on Equity investments	8.00%
Asset Acquisition Costs Capitalized		$ 2.7

Notes and Interest Receivable_3

Notes and Interest Receivable due from Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Notes Receivable, Related Parties	$ 164,084	$ 140,903
Arlo, formerly West Morehead [Member]
Notes Receivable, Related Parties	24,893	24,893
Cade Boca Raton, formerly APOK Townhomes [Member]
Notes Receivable, Related Parties	11,854	11,365
Domain at The One Forty, formerly Domain [Member]
Notes Receivable, Related Parties	20,536	20,536
Flagler Village [Member]
Notes Receivable, Related Parties	75,436	53,668
Novel Perimeter, formerly Crescent Perimeter [Member]
Notes Receivable, Related Parties	20,867	20,622
Vickers Historic Roswell, formerly Vickers Village [Member]
Notes Receivable, Related Parties	$ 10,498	$ 9,819

Notes and Interest Receivable_4

Notes and Interest Receivable due from Related Parties (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Interest Income, Related Party	$ 22,255	$ 7,930	$ 17
Arlo [Member]
Interest Income, Related Party	3,687	3,680
Cade Boca Raton [Member]
Interest Income, Related Party	1,694	1,656
Domain at The One Forty [Member]
Interest Income, Related Party	3,042	2,525
Flagler Village [Member]
Interest Income, Related Party	9,249	44
Novel Perimeter [Member]
Interest Income, Related Party	3,091	17
Vickers Historic Roswell [Member]
Interest Income, Related Party	$ 1,492	$ 8

Notes and Interest Receivable_5

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

Nov. 09, 2018

Mar. 03, 2017

Jan. 06, 2017

Dec. 12, 2016

Aug. 13, 2018

Mar. 28, 2018

Dec. 29, 2017

Mar. 31, 2017

Dec. 29, 2016

Dec. 22, 2016

Dec. 31, 2018

Jan. 23, 2019

Dec. 31, 2017

Jan. 05, 2017

Due from Related Parties

$ 800,000

Related Party Transaction, Date

Dec. 29, 2016

Related Party Transaction, Interest Rate Description

The Boca Construction Loan requires interest-only payments at prime plus 0.625%, subject to a floor of 4.125% and can be prepaid without penalty.

Related Party Transaction, Rate

15.00%

Due From Unaffiliated Lender

$ 44,700,000

Debt Instrument, Maturity Date, Description

The loan bears interest on a fixed rate of 12.5%, with 9.5% paid currently. Regular monthly payments are interest-only. The loan can be prepaid prior to maturity provided the lender receives a minimum profit and 1% exit fee.

Unaffiliated Lender Transaction 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 Novel Perimeter Construction Loan bears interest at a rate of LIBOR plus 3.00%, with interest only payments until December 12, 2020 and future payments based on thirty-year amortization. The Novel Perimeter Construction Loan can be prepaid without penalty.

Unaffiliated Lender Transaction Date

Dec. 29, 2016

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, 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

$ 29,100,000

$ 24,600,000

Development Leased

37.00%

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

$ 16,900,000

Unaffiliated Lender Transaction Date

Jun. 29, 2019

Development Leased

8.00%

BRG Boca, LLC [Member]

Due from Related Parties

$ 11,200,000

Related Party Transaction, Date

Jan. 5, 2020

Capital Call amount

$ 500,000

Domain 1 property Owner [Member]

Due from Related Parties

$ 20,300,000

Development Leased

34.00%

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

$ 1,042

Related Party Transaction, Interest Rate Description

The Flagler Construction 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 and future payments after extension based on thirty-year amortization. The Flagler Construction 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

$ 39,200,000

Unaffiliated Lender Transaction Date

Dec. 12, 2020

Development Leased

22.00%

Vickers Historic Roswell [Member]

Due From Unaffiliated Lender

$ 18,000,000

$ 17,400,000

Unaffiliated Lender Transaction Interest Rate Description

The Vickers Construction Loan matures December 1, 2020 and bears interest at a rate of LIBOR plus 3.00%, with interest only payments until December 1, 2018 and future payments based on twenty-five-year amortization. The Vickers Construction Loan can be prepaid without penalty.

Development Leased

41.00%

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

$ 9,800,000

Related Party Transaction, Date

Dec. 29, 2020

Additional Capital Contribution

$ 300,000

$ 300,000

Equity Method Investment, Ownership Percentage

99.50%

80.00%

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

$ 26,300,000

Property Owner One Forty [Member]

Due From Unaffiliated Lender

$ 6,400,000

6,400,000

BR Boca JV [Member]

Description Of Exercise Of Options

the Company received an additional 2.5 basis point discount purchase option and has the right to exercise an option to purchase, at the greater of a 27.5 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.

BR Vickers JV [Member]

Description Of Exercise Of Options

the Company received an additional 2.5 basis point discount purchase option and has the right to exercise an option to purchase, at the greater of a 12.5 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.

Capital Call amount

$ 300,000

$ 0.3

Preferred Equity Investments _3

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 89,033	$ 71,145
Alexan CityCentre [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	11,205	9,258
Alexan Southside Place [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	22,801	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	19,189	16,360
Leigh House, formerly Lake Boone Trail [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	13,319	11,930
North Creek Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	5,892	0
Novel Perimeter, formerly Crescent Perimeter [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	12	12
Riverside Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	3,600	0
Vickers Historic Roswell, formerly Vickers Village [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	6	6
Whetstone [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	12,932	12,932
Wayforth at Concord [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 0	$ 0

Preferred Equity Investments _4

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	$ 10,312	$ 10,336	$ 11,632
Alexan CityCentre [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	1,668	1,395	1,085
Alexan Southside Place [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	3,201	2,879	2,605
Arlo [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	0	0	677
Cade Boca Raton [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	0	0	226
Domain at The One Forty [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	0	141	614
Flagler Village [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	0	(7)	(6)
Helios [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	2,459	2,454	2,461
Leigh House [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	1,910	1,770	1,492
North Creek Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	108	0	0
Other [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	0	(26)	530
Riverside Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	31	0	0
Whetstone Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns and equity in income of unconsolidated joint ventures	$ 935	$ 1,730	$ 1,948

Preferred Equity Investments _5

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Balance Sheets:
Real estate, net of depreciation	$ 577,624	$ 399,111
Other assets	45,324	62,667
Total assets	622,948	461,778
Mortgage payable	480,903	325,702
Other liabilities	21,250	25,956
Total liabilities	502,153	351,658
Members' equity	120,795	110,120
Total liabilities and members' equity	622,948	461,778
Operating Statement:
Rental revenues	19,222	5,517	$ 6,652
Operating expenses	(14,824)	(4,990)	(3,760)
Income before debt service, acquisition costs, and depreciation and amortization	4,398	527	2,892
Interest expense, net	(12,935)	(3,098)	(1,409)
Acquisition costs	0	0	(3)
Depreciation and amortization	(10,385)	(3,384)	(2,881)
Operating loss	(18,922)	(5,955)	(1,401)
Gain on sale	0	0	16,733
Net (loss) income	$ (18,922)	$ (5,955)	$ 15,332

Preferred Equity Investments _6

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

Dec. 06, 2018USD ($)NumberofUnits

Nov. 09, 2018USD ($)NumberofUnits

Oct. 29, 2018USD ($)NumberofUnits

Mar. 03, 2017

Dec. 12, 2016USD ($)NumberofUnits

Jun. 07, 2016USD ($)

Apr. 07, 2015USD ($)

Jan. 12, 2015USD ($)NumberofUnits

Dec. 28, 2018USD ($)

Dec. 18, 2018

Nov. 09, 2018USD ($)NumberofUnits

Oct. 29, 2018USD ($)NumberofUnits

Dec. 29, 2017USD ($)

Dec. 22, 2016USD ($)

Dec. 18, 2015USD ($)NumberofUnits

Dec. 16, 2015USD ($)

May 29, 2015USD ($)NumberofUnits

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018USD ($)NumberofUnits

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Oct. 06, 2017

Oct. 06, 2016USD ($)

Sep. 30, 2016USD ($)

Sep. 01, 2016USD ($)NumberofUnits

Jan. 06, 2016USD ($)NumberofUnits

Nov. 20, 2015USD ($)NumberofUnits

May 20, 2015

Jul. 01, 2014

Equity Method Investment And Joint Venture [Line Items]

Preferred ship Interest Return At Annual Rate

6.50%

Debt Instrument, Face Amount

$ 39,500,000

Debt Instrument, Description of Variable Rate Basis

LIBOR plus 2.50%

Funded Amount

$ 7,300,000

Expected Preferred Return On Related Party Debt

15.00%

Equity Method Investments

$ 89,033,000

$ 71,145,000

Due from Affiliates

$ 2,854,000

2,003,000

Debt Instrument, Basis Spread on Variable Rate

1.75%

Payments to Acquire Equity Method Investments

$ 17,888,000

20,989,000

$ 26,864,000

Extinguishment of Debt, Amount

38,100,000

Long-term Debt, Maturity Date

Dec. 31, 2018

Scenario, Forecast [Member]

Equity Method Investment And Joint Venture [Line Items]

Preferred ship Interest Return At Annual Rate

3.50%

5.00%

15% Percent Preferred Stock [Member]

Equity Method Investment And Joint Venture [Line Items]

Preferred ship Interest Return At Annual Rate

15.00%

BRG Wayforth [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | NumberofUnits

150

150

79

Preferred ship Interest Return At Annual Rate

13.00%

Capital Commitment

$ 6,500,000

Percentage of Acquire Preferred Equity Interests

100.00%

Construction Loan

$ 22,300,000

$ 22,300,000

Debt Instrument, Basis Spread on Variable Rate

2.50%

Preferredship Interest Return At Annual Rate Current

9.00%

Preferredship Interest Return At Annual Rate Accrued

4.00%

Long-term Debt, Maturity Date

Nov. 9, 2021

Nov. 9, 2021

BRG Wayforth [Member] | Common Class A [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple

204

North Creek Apartments Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | NumberofUnits

259

259

Construction Loan

$ 23,600,000

$ 23,600,000

$ 6,005

Preferredship Interest Return At Annual Rate Current

8.50%

Preferredship Interest Return At Annual Rate Accrued

4.00%

Riverside Apartments Member [Member]

Equity Method Investment And Joint Venture [Line Items]

Debt Instrument, Description of Variable Rate Basis

LIBOR plus 3.75%

Construction Loan

$ 20,200,000

$ 1,000,000,000

Debt Instrument, Basis Spread on Variable Rate

3.75%

Arlo [Member]

Equity Method Investment And Joint Venture [Line Items]

Capital Commitment

$ 21,300,000

Funded Amount

6,500,000

Equity Method Investments

$ 14,000

14,000

BR Flagler Jvllc [Member]

Equity Method Investment And Joint Venture [Line Items]

Capital Commitment

$ 74,600,000

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

$ 2,200,000

$ 1,200,000

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

93.00%

Alexan CityCentre [Member] | 15% Percent Preferred Stock [Member]

Equity Method Investment And Joint Venture [Line Items]

Expected Preferred Return On Related Party Debt

15.00%

Equity Method Investments

$ 6,500,000

Alexan CityCentre [Member] | 20% Percent Preferred Stock [Member]

Equity Method Investment And Joint Venture [Line Items]

Expected Preferred Return On Related Party Debt

20.00%

Equity Method Investments

$ 4,700,000

BRG Southside LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Percentage of Participation in Profit

50.00%

50.00%

Percentage of Profit Entitled in Occurance of a Default Event

100.00%

100.00%

BRG Southside LLC [Member] | 15% Percent Preferred Stock [Member]

Equity Method Investment And Joint Venture [Line Items]

Effective Annual Preferred Interest Rate Description

(i) 6.5% per annum effective November 9, 2018 through the end of calendar year 2019, (ii) 5.0% per annum for the calendar year 2020, and (iii) 3.5% per annum for the calendar year 2021 and thereafter.

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

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | NumberofUnits

270

Leigh House [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | NumberofUnits

245

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

$ 13,300,000

Debt Instrument, Face Amount

$ 25,200,000

Debt Instrument, Description of Variable Rate Basis

LIBOR plus 2.65

Percentage of Acquire Preferred Equity Interests

100.00%

Construction Loan

$ 24,800,000

Expected Preferred Return On Related Party Debt

20.00%

Percentage of Number of Units Occupied

70.00%

90.00%

Debt Instrument, Basis Spread on Variable Rate

2.65%

Payments to Acquire Equity Method Investments

$ 1,400,000

Alexan CityCentre Construction Loan Modification [Member]

Equity Method Investment And Joint Venture [Line Items]

Percentage of Number of Units Occupied

85.00%

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

Equity Method Investment And Joint Venture [Line Items]

Debt Instrument, Description of Variable Rate Basis

the prime rate plus 0.5% or LIBOR plus 3.00%

Construction Loan

$ 55,100,000

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

$ 11,200,000

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

100.00%

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

$ 26,000,000

$ 26,500,000

Helios Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | NumberofUnits

282

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

$ 19,200,000

Debt Instrument, Face Amount

$ 38,100,000

Debt Instrument, Description of Variable Rate Basis

LIBOR plus 1.75%

Percentage of Acquire Preferred Equity Interests

100.00%

Construction Loan

$ 39,500,000

Percentage of Number of Units Occupied

90.00%

Debt Instrument, Basis Spread on Variable Rate

1.75%

Effective Annual Preferred Interest Rate Description

(i) 7.0% per annum effective November 9, 2018 through the end of calendar year 2019, (ii) 6.0% per annum for the calendar year 2020, and (iii) 4.5% per annum for the calendar year 2021 and thereafter.

Fund Amendment Agreement Description

(i) grant the Company a right to compel a sale of the project beginning November 1, 2021 and (ii) grant the Company a 50.0% participation in any profits achieved in a sale after the Company receives its full preferred return and repayment of principal, and Fund III receives full return of its capital contribution. Fund III is obligated to fund its prorata share of future capital calls, absent a default event. If a default event shall occur and is continuing at the time of a sale, BRG Cheshire would be entitled 100% of the profits after Fund III receives full return of its capital contribution. Additionally, the Company agreed to extend the mandatory redemption date of its preferred equity to be reflective of any changes in the loan maturity date as a result of refinancing.

Extinguishment of Debt, Amount

$ 38,100,000

BR Southside , LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

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

$ 22,800,000

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

100.00%

Ground Lease Term

85 years

Alexan Southside Place Interests [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

$ 31,700,000

Whetstone Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Percentage of Number of Units Occupied

97.00%

Arlo [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | NumberofUnits

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 | NumberofUnits

90

Preferred ship Interest Return At Annual Rate

0.50%

Capital Commitment

$ 11,200,000

Domain at The One Forty [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | NumberofUnits

299

Preferred ship Interest Return At Annual Rate

0.50%

Capital Commitment

$ 20,300,000

Noncontrolling Interest, Description

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

Vickers Village [Member]

Equity Method Investment And Joint Venture [Line Items]

Payments to Acquire Equity Method Investments

$ 8,500,000

Business Acquisition, Percentage of Voting Interests Acquired

80.00%

BR Perimeter JV [Member]

Equity Method Investment And Joint Venture [Line Items]

Preferred ship Interest Return At Annual Rate

0.50%

Capital Commitment

$ 9,800,000

Funded Amount

$ 8,700,000

Noncontrolling Interest, Description

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

Flagler Village Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | NumberofUnits

385

Preferred ship Interest Return At Annual Rate

0.50%

Capital Commitment

$ 53,600,000

Funded Amount

$ 26.3

North Creek Apartments Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Preferred ship Interest Return At Annual Rate

12.50%

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

$ 17,900,000

Debt Instrument, Description of Variable Rate Basis

based on the greater of 6.06% or one-month LIBOR plus 3.75%.

Percentage of Acquire Preferred Equity Interests

100.00%

Equity Method Investments

$ 5,900,000

Novel Perimeter Interests formerly known as Crescent Perimeter [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | NumberofUnits

320

Preferred ship Interest Return At Annual Rate

0.50%

Capital Commitment

$ 20,600,000

Funded Amount

$ 15,300,000

Payments to Acquire Equity Method Investments

$ 15,200,000

Riverside Apartments Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | NumberofUnits

222

Preferred ship Interest Return At Annual Rate

12.50%

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

$ 15,600,000

Percentage of Acquire Preferred Equity Interests

100.00%

Equity Method Investments

$ 3,600,000

BR Lake Boone JV and LLC [Member]

Equity Method Investment And Joint Venture [Line Items]

Payments to Acquire Equity Method Investments

$ 11,900,000

Revolving credit facility (Deta

Revolving credit facility (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Long-term Line of Credit	$ 82,209	$ 67,670
Senior Credit Facility [Member]
Long-term Line of Credit	67,709	67,670
Amended Junior Credit Facility [Member]
Long-term Line of Credit	$ 14,500	$ 0

Revolving credit facility (De_2

Revolving credit facility (Details Textual) - USD ($) $ in Millions	Dec. 21, 2018	Nov. 09, 2018	Oct. 04, 2017	Mar. 20, 2018	Dec. 31, 2018	Dec. 28, 2018
Debt Instrument, Description of Variable Rate Basis		LIBOR plus 2.50%
Debt Instrument, Basis Spread on Variable Rate					1.75%
Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.35%
Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.40%
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 50
Debt Instrument, Description of Variable Rate Basis	LIBOR plus 3.5%
Debt Instrument, Maturity Date	Dec. 21, 2019
Debt, Weighted Average Interest Rate					5.94%
Line of Credit Facility, Remaining Borrowing Capacity					$ 48.3
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Description of Variable Rate Basis	LIBOR plus 3.5%
Debt Instrument, Basis Spread on Variable Rate	3.50%
Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument, Description of Variable Rate Basis	base rate plus 2.5%
Debt Instrument, Basis Spread on Variable Rate	2.50%
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] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member]
Debt Instrument, Description of Variable Rate Basis				LIBOR plus 4.0%
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%
Senior Credit Facility [Member] | Key Bank National Association [Member]
Debt, Weighted Average Interest Rate					4.66%
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			$ 75
Line of Credit Facility, Maximum Borrowing Capacity			$ 250			$ 175
Term Loan Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 25				$ 25
Debt Instrument, Description of Variable Rate Basis	base rate plus 2.5%
Debt Instrument, Maturity Date	Mar. 31, 2019

Mortgages Payable (Details)

Mortgages Payable (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Fair value adjustments		$ 2,204	$ 2,638
Deferred financing costs, net		(11,444)	(9,245)
Total		1,206,136	939,494
Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[1]	1,215,376	946,101
ARIUM at Palmer Ranch [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 41,348	26,925
Interest Rate		4.41%
Interest Only Through Date		May 2,020
Maturity Date		May 1, 2025
ARIUM Glenridge [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[1]	$ 49,500	48,431
Interest Rate	[1]	3.68%
Interest Only Through Date	[1]	September 2,021
Maturity Date	[1]	Sep. 1, 2025
ARIUM Grandewood [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[2]	$ 19,713	0
Interest Rate	[2]	4.35%
Interest Only Through Date	[2]	July 2,020
Maturity Date	[2]	Jul. 1, 2025
ARIUM Grandewood [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[1],[2]	$ 19,672	34,294
Interest Rate	[1],[2]	3.75%
Interest Only Through Date	[1],[2]	July 2,020
Maturity Date	[1],[2]	Jul. 1, 2025
ARIUM Gulfshore [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 0	32,626
Interest Rate		0.00%
ARIUM Hunters Creek [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 72,294	72,294
Interest Rate		3.65%
Interest Only Through Date		November 2,019
Maturity Date		Nov. 1, 2024
ARIUM Metrowest [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 64,559	0
Interest Rate		4.43%
Interest Only Through Date		May 2,021
Maturity Date		May 1, 2025
ARIUM Palms [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[1]	$ 30,320	24,999
Interest Rate	[1]	3.75%
Interest Only Through Date	[1]	September 2,020
Maturity Date	[1]	Sep. 1, 2025
ARIUM Pine Lakes [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 26,950	26,950
Interest Rate		3.95%
Interest Only Through Date		Interest-only
Maturity Date		Nov. 1, 2023
ARIUM Westside [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 52,150	52,150
Interest Rate		3.68%
Interest Only Through Date		August 2,021
Maturity Date		Aug. 1, 2023
Ashford Belmar [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 100,675	0
Interest Rate		4.53%
Interest Only Through Date		December 2,022
Maturity Date		Dec. 1, 2025
Ashton Reserve I [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 30,878	31,401
Interest Rate		4.67%
Interest Only Through Date	[3]
Maturity Date		Dec. 1, 2025
Ashton Reserve II [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[1]	$ 15,213	15,270
Interest Rate	[1]	3.85%
Interest Only Through Date	[1]	August 2,022
Maturity Date	[1]	Aug. 1, 2025
Citrus Tower [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 41,438	41,438
Interest Rate		4.07%
Interest Only Through Date		October 2,019
Maturity Date		Oct. 1, 2024
Enders Place at Baldwin Park [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[4]	$ 23,822	24,287
Interest Rate	[4]	4.30%
Interest Only Through Date	[3],[4]
Maturity Date	[4]	Nov. 1, 2022
James on South First [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 26,500	26,500
Interest Rate		4.35%
Interest Only Through Date		January 2,019
Maturity Date		Jan. 1, 2024
Marquis at Crown Ridge [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[1]	$ 28,634	29,217
Interest Rate	[1]	3.96%
Interest Only Through Date	[1],[3]
Maturity Date	[1],[5]	Jun. 1, 2024
Marquis at Stone Oak [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[1]	$ 42,725	43,125
Interest Rate	[1]	3.96%
Interest Only Through Date	[1],[3]
Maturity Date	[1],[5]	Jun. 1, 2024
Marquis at the Cascades I [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[1]	$ 32,899	33,207
Interest Rate	[1]	3.96%
Interest Only Through Date	[1],[3]
Maturity Date	[1],[5]	Jun. 1, 2024
Marquis at Cascades II [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[1]	$ 22,960	23,175
Interest Rate	[1]	3.96%
Interest Only Through Date	[1],[3]
Maturity Date	[1],[5]	Jun. 1, 2024
Marquis at TPC [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[1]	$ 16,826	17,184
Interest Rate	[1]	3.96%
Interest Only Through Date	[1],[3]
Maturity Date	[1],[5]	Jun. 1, 2024
Outlook at Greystone [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 22,105	0
Interest Rate		4.30%
Interest Only Through Date		June 2,021
Maturity Date		Jun. 1, 2025
Park & Kingston [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[6]	$ 18,432	18,432
Interest Rate	[6]	3.41%
Interest Only Through Date	[6]	Interest-only
Maturity Date	[6]	Apr. 1, 2020
Plantation Park [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 26,625	0
Interest Rate		4.64%
Interest Only Through Date		July 2,024
Maturity Date		Jul. 1, 2028
Preston View [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[1]	$ 41,657	41,066
Interest Rate	[1]	3.85%
Interest Only Through Date	[1]	August 2,022
Maturity Date	[1]	Aug. 1, 2025
Roswell City Walk [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 51,000	51,000
Interest Rate		3.63%
Interest Only Through Date		December 2,019
Maturity Date		Dec. 1, 2026
Sorrel [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[1]	$ 38,684	38,684
Interest Rate	[1]	4.64%
Interest Only Through Date		November 2,019
Maturity Date	[1]	May 1, 2023
Sovereign [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 28,227	28,788
Interest Rate		3.46%
Interest Only Through Date	[3]
Maturity Date		Nov. 10, 2022
The Brodie [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 34,825	34,825
Interest Rate		3.71%
Interest Only Through Date	[3]
Maturity Date		Dec. 1, 2023
The Links at Plum Creek [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 40,000	0
Interest Rate		4.31%
Interest Only Through Date		April 2,020
Maturity Date		Oct. 1, 2025
The Mills [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 26,298	26,777
Interest Rate		4.21%
Interest Only Through Date	[3]
Maturity Date		Jan. 1, 2025
The Preserve at Henderson Beach [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 35,602	36,311
Interest Rate		4.65%
Interest Only Through Date	[3]
Maturity Date		Jan. 5, 2023
Veranda at Centerfield [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[1]	$ 26,100	0
Interest Rate	[1]	3.60%
Interest Only Through Date	[1]	July 2,021
Maturity Date	[1],[7]	Jul. 26, 2023
Villages of Cypress Creek [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 26,200	26,200
Interest Rate		3.23%
Interest Only Through Date		October 2,020
Maturity Date	[7]	Oct. 1, 2022
Wesley Village [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 40,545	$ 40,545
Interest Rate		4.25%
Interest Only Through Date		April 2,019
Maturity Date		Apr. 1, 2024
[1]	All the Company’s floating rate mortgages bear interest at one-month LIBOR + margin. In December 2018, one-month LIBOR in effect was 2.35%. LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information.
[2]	ARIUM Grandewood has a fixed rate loan and a floating rate loan.
[3]	The loan requires monthly payments of principal and interest.
[4]	The principal balance includes a $16.2 million loan at a fixed rate of 3.97% and a $7.6 million supplemental loan at a fixed rate of 5.01%.
[5]	The loan can be extended, subject to certain conditions, in connection with an election to convert to a fixed interest rate loan.
[6]	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%.
[7]	The loan has two one-year extension options subject to certain conditions.

Mortgages Payable (Details 1)

Mortgages Payable (Details 1) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Add: Unamortized fair value debt adjustment	$ 2,204	$ 2,638
Subtract: Deferred financing costs	(11,444)	$ (9,245)
ARIUM Grandewood [Member]
Debt Disclosure [Abstract]
2,019	7,365
2,020	30,753
2,021	15,905
2,022	91,472
2,023	221,215
Thereafter	848,666
Long-term Debt	1,215,376
Add: Unamortized fair value debt adjustment	2,204
Subtract: Deferred financing costs	(11,444)
Total	$ 1,206,136

Mortgages Payable (Details Text

Mortgages Payable (Details Textual) - USD ($) $ in Thousands		1 Months Ended				12 Months Ended
		Aug. 28, 2018	Jul. 31, 2018	Apr. 26, 2018	Dec. 16, 2015	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 29, 2018	Jun. 30, 2018
Line of Credit Facility [Line Items]
Real Estate Investments, Net						$ 1,693,757	$ 1,397,582
Debt Instrument, Basis Spread on Variable Rate						1.75%
Extinguishment of Debt, Amount					$ 38,100
Amortization of Debt Issuance Costs						$ 4,300	2,500	$ 1,300
Amortisation Of Fair Value Adjustments Of Debt						$ 400	300	$ 400
Mortgages [Member]
Line of Credit Facility [Line Items]
Debt Instrument Prepayment Fee Percentage						2.35%
Secured Debt	[1]					$ 1,215,376	946,101
Enders Place at Baldwin Park [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 16,200
Debt Instrument, Basis Spread on Variable Rate						3.97%
Enders Place at Baldwin Park [Member] | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 7,600
Debt Instrument, Basis Spread on Variable Rate						5.01%
Park Kingston [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 15,300
Debt Instrument, Basis Spread on Variable Rate						3.21%
Park Kingston [Member] | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 3,200
Debt Instrument, Basis Spread on Variable Rate						4.34%
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]
Secured Debt				$ 41,300			$ 26,900
Arium Glenridge [Member]
Line of Credit Facility [Line Items]
Secured Debt		$ 49,500								$ 48,400
Extinguishment of Debt, Amount		$ 500
Arium Palms [Member]
Line of Credit Facility [Line Items]
Secured Debt									$ 30,300	25,000
Ashton Reserve II [Member]
Line of Credit Facility [Line Items]
Secured Debt			$ 15,200							15,300
Extinguishment of Debt, Amount			200
Preston View Mortgage [Member]
Line of Credit Facility [Line Items]
Secured Debt			41,700							$ 41,100
Extinguishment of Debt, Amount			$ 400
[1]	All the Company’s floating rate mortgages bear interest at one-month LIBOR + margin. In December 2018, one-month LIBOR in effect was 2.35%. LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage Payable At Carrying Value	$ 1,217.6	$ 948.7
Long-term Debt, Fair Value	$ 1,205	$ 940.7

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair value adjustment of interest rate Caps	$ 2,846	$ 0	$ 0
Interest Rate Cap [Member] | Interest Expense [Member]
Fair value adjustment of interest rate Caps	(2,846)	0	$ 0
Acounts Receivable Prepaids and Other Assets [Member] | Interest Rate Cap [Member]
Derivative, Fair Value, Net	$ 2,596	$ 0

Derivative Financial Instrume_4

Derivative Financial Instruments (Details Textual) $ in Millions	Dec. 31, 2018USD ($)
Interest Rate Cap [Member]
Amount Of Debt Covered By Derivatives	$ 415.2

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Total related-party amounts payable	$ 726	$ 1,575
BRE Entities [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	726	582
Former Manager [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	0	993
Base management fee [Member] | Former Manager [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	568	508
Offering expense reimbursements [Member] | BRE Entities [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	$ 158	$ 74

Related Party Transactions (D_2

Related Party Transactions (Details Textual) - USD ($)	Aug. 03, 2016	Jan. 31, 2018	Oct. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Due From Affiliates Excluding Former Advisor				$ 2,900,000	$ 2,000,000
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				$ 8,700,000	$ 3,700,000
Base Management Fee Expense						$ 6,400,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		1,056,211
Due to Correspondent Brokers				$ 11,400,000	4,900,000
Internatization Member [Member]
Related Party Transaction [Line Items]
Business Combination, Consideration Transferred			$ 41,240,000
BusinessAcquisitionPercentageOfPaymentInEquity			99.90%
Business Combination, Acquisition Related Costs			$ 40,794
2015 Long term Incentive Plan Units [Member]
Related Party Transaction [Line Items]
Long Term Incentive Plan Units Vesteded				94,463
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Allocated Share-based Compensation Expense					2,200,000	2,400,000
Reimbursement Of Offering Costs					1,500,000	600,000
Reimbursement of Payroll Related Costs				$ 400,000	100,000
Reimbursement of Payroll Operating Costs				$ 1,700,000	300,000
Base Management Fee Expense					10,000	400,000
Long-term Incentive Plan Units [Member]
Related Party Transaction [Line Items]
Management Fees					$ 8,700,000
Long TermIncentive Plan Units Granted				179,562
Long-term Incentive Plan Units [Member] | 2014 Inventive Plan [Member]
Related Party Transaction [Line Items]
Long Term Incentive Plan Units Vesteded				212,203
Long-term Incentive Plan Units [Member] | 2016 Long term Incentive Plan Units [Member]
Related Party Transaction [Line Items]
Long Term Incentive Plan Units Vesteded				117,740
Opertating Partnership Units [Member]
Related Party Transaction [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares			3,753,593
LTIP Units [Member] | Long-term Incentive Plan Units [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross					783,881
Manager [Member]
Related Party Transaction [Line Items]
Incentive Fee Expense					$ 4,000,000	$ 200,000
External Manager Member [Member] | 2014 Inventive Plan [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	176,610
Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Reimbursement Of Offering Costs				$ 1,300,000	100,000
Series B Preferred Stock [Member] | Former Manager [Member]
Related Party Transaction [Line Items]
Reimbursement Of Offering Costs					$ 700,000
Common Class C [Member]
Related Party Transaction [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares			76,603

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended																12 Months Ended
		Dec. 31, 2018		Sep. 30, 2018		Jun. 30, 2018		Mar. 31, 2018		Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017		Mar. 31, 2017		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders		$ (12,785)		$ (10,334)		$ (10,212)		$ (9,425)		$ (46,241)		$ (12,017)		$ 17,569		$ (4,990)		$ (42,759)	$ (45,679)	$ (18,985)
Dividends on LTIP Units expected to vest																		(674)	0	(4)
Basic net loss attributable to common stockholders																		$ (43,433)	$ (45,679)	$ (18,989)
Weighted average common shares outstanding	[1]																	23,845,800	25,561,673	20,805,852
Potential dilutive shares	[2]																	0	0	0
Weighted average common shares outstanding and potential dilutive shares	[1]																	23,845,800	25,561,673	20,805,852
Net loss per common share, basic		$ (0.55)	[3]	$ (0.44)	[3]	$ (0.44)	[3]	$ (0.40)	[3]	$ (1.87)	[4]	$ (0.45)	[4]	$ 0.67	[4]	$ (0.20)	[4]	$ (1.82)	$ (1.79)	$ (0.91)
Net loss per common share, diluted		$ (0.55)	[3]	$ (0.44)	[3]	$ (0.44)	[3]	$ (0.40)	[3]	$ (1.87)	[4]	$ (0.45)	[4]	$ 0.67	[4]	$ (0.20)	[4]	$ (1.82)	$ (1.79)	$ (0.91)
[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 and Class C common stock and LTIP Units outstanding. For 2016, amounts relate to shares of the Company’s Class A and B-3 common stock and LTIP Units outstanding.
[2]	Excludes 194,338, 391 and 4,282 shares of common stock for the years ended December 31, 2018, 2017 and 2016, respectively, related to anti-dilutive, non-vested LTIP Units.
[3]	EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2018.
[4]	EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2017.

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - Class A common stock [Member]	12 Months Ended
	Dec. 31, 2018USD ($)$ / sharesshares
Stock Repurchased During Period, Shares	1,055,057
First quarter 2018
Stock Repurchased During Period, Shares	530,693
Stock Repurchased During Period, Per Share | $ / shares	$ 7.92
Second quarter 2018
Stock Repurchased During Period, Shares	107,040
Stock Repurchased During Period, Per Share | $ / shares	$ 8.96
Third quarter 2018
Stock Repurchased During Period, Shares	0
Stock Repurchased During Period, Per Share | $ / shares	$ 0
Fourth quarter 2018
Stock Repurchased During Period, Shares	417,324
Stock Repurchased During Period, Per Share | $ / shares	$ 9.24
Publicly Announced Plan [Member] | First quarter 2018
Stock Repurchased During Period, Shares	530,693
Stock Repurchased Maximum Dollar Value of Shares | $	$ 20,795,897
Publicly Announced Plan [Member] | Second quarter 2018
Stock Repurchased During Period, Shares	637,733
Stock Repurchased Maximum Dollar Value of Shares | $	$ 19,837,157
Publicly Announced Plan [Member] | Third quarter 2018
Stock Repurchased During Period, Shares	637,733
Stock Repurchased Maximum Dollar Value of Shares | $	$ 19,837,157
Publicly Announced Plan [Member] | Fourth quarter 2018
Stock Repurchased During Period, Shares	1,055,057
Stock Repurchased Maximum Dollar Value of Shares | $	$ 15,982,102

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2)	12 Months Ended
	Dec. 31, 2018$ / shares
Common Class A [Member]
Declaration Date	Oct. 13, 2017
Payable to stockholders of record as of	Dec. 22, 2017
Amount	$ 0.096667
Date Paid	Jan. 5, 2018
Common Class A One [Member]
Declaration Date	Dec. 20, 2017
Payable to stockholders of record as of	Mar. 23, 2018
Amount	$ 0.162500
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 A Four [Member]
Declaration Date	Dec. 7, 2018
Payable to stockholders of record as of	Dec. 24, 2018
Amount	$ 0.162500
Date Paid	Jan. 4, 2019
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
Common Class C Four [Member]
Declaration Date	Dec. 7, 2018
Payable to stockholders of record as of	Dec. 24, 2018
Amount	$ 0.162500
Date Paid	Jan. 4, 2019
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 A Preferred Stock Four [Member]
Declaration Date	Dec. 7, 2018
Payable to stockholders of record as of	Dec. 24, 2018
Amount	$ 0.515625
Date Paid	Jan. 4, 2019
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 B Preferred Stock Ten [Member]
Declaration Date	Oct. 12, 2018
Payable to stockholders of record as of	Oct. 25, 2018
Amount	$ 5
Date Paid	Nov. 5, 2018
Series B Preferred Stock Eleven [Member]
Declaration Date	Oct. 12, 2018
Payable to stockholders of record as of	Nov. 23, 2018
Amount	$ 5
Date Paid	Dec. 5, 2018
Series B Preferred Stock Twelve [Member]
Declaration Date	Oct. 12, 2018
Payable to stockholders of record as of	Dec. 24, 2018
Amount	$ 5
Date Paid	Jan. 4, 2019
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 C Preferred Stock Four [Member]
Declaration Date	Dec. 7, 2018
Payable to stockholders of record as of	Dec. 24, 2018
Amount	$ 0.4765625
Date Paid	Jan. 4, 2019
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
Series D Preferred Stock Four [Member]
Declaration Date	Dec. 7, 2018
Payable to stockholders of record as of	Dec. 24, 2018
Amount	$ 0.4453125
Date Paid	Jan. 4, 2019

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - USD ($) $ in Thousands	3 Months Ended					12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018		Dec. 31, 2018
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	$ 14,803	$ 14,274	$ 13,841	$ 8,344		$ 51,262
Distributions Paid	14,576	14,118	13,636	11,146		$ 53,476
Common Class A [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	3,819	3,847	3,863	(79)	[1]
Distributions Paid	3,846	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	12	0
Distributions Paid	12	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	2,950
Distributions Paid	2,950	2,950	2,950	2,950
Series B Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	4,316	3,779	3,316	2,921
Distributions Paid	4,101	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	1,107
Distributions Paid	1,107	1,107	1,107	1,107
Series D Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,269	1,269	1,269	1,270
Distributions Paid	1,269	1,269	1,269	1,270
Operating Partnership Units [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,038	1,013	1,013	0
Distributions Paid	1,012	1,013	1,013	602
Long-term Incentive Plan Units [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	292	297	311	175
Distributions Paid	$ 279	$ 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 4

Stockholders' Equity (Details 4) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Non Vested shares, Balance (in shares)	0	659	14,476
Non Vested shares, Granted (in shares)	1,158,963	7,500	7,500
Non Vested shares, Vested (in shares)	(183,754)	(8,159)	(21,317)
Non Vested shares, Forfeited (in shares)	0	0	0
Non Vested shares, Balance (in shares)	975,209	0	659
Weighted average grant-date fair value, Balance (in dollars)	$ 0	$ 22.75	$ 14.46
Weighted average grant-date fair value, Granted (in dollars)	10.06	13.34	10.33
Weighted average grant-date fair value, Vested (in dollars)	10.10	14.10	12.75
Weighted average grant-date fair value, Forfeited (in dollars)	0	0	0
Weighted average grant-date fair value, Balance (in dollars)	$ 10.05	$ 0	$ 22.75

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	Jan. 01, 2019	Oct. 04, 2018	Aug. 03, 2016	Dec. 31, 2018	Sep. 28, 2018	Jan. 31, 2018	Oct. 26, 2017	Feb. 14, 2017	Jan. 31, 2017	Jan. 24, 2017	Jan. 17, 2017	Mar. 24, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Feb. 28, 2018	Dec. 20, 2017	Jan. 11, 2017	Oct. 13, 2016	Aug. 08, 2016
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock													$ 25,000	$ 57,376,000	$ 51,000
Stock Repurchased During Period, Value													$ 9,018,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 months
Preferred Stock Redemption Fee percentage				13.00%									13.00%
Preferred Stock Redemption Fee percentageafter One Year				10.00%									10.00%
Preferred Stock Redemption Fee percentage after Three Year				5.00%									5.00%
Preferred Stock Redemption Fee percentage after Four Year				3.00%									3.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period													1,158,963,000	7,500,000	7,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross						1,056,211
OP Unit holders [Member]
Class of Stock [Line Items]
Partners' Capital Account, Units				6,386,841									6,386,841
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest													20.22%
LTIP Unit holders [Member]
Class of Stock [Line Items]
Partners' Capital Account, Units				1,796,029									1,796,029
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest													5.69%
OP And LTIP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest													25.91%
OP [Member]
Class of Stock [Line Items]
Percentage Of Unvested Incentive Plan In Operating Partnership				3.09%									3.09%
2015 Long term Incentive Plan Units [Member]
Class of Stock [Line Items]
Long Term Incentive Plan Units Vesteded													94,463
General and Administrative Expense [Member]
Class of Stock [Line Items]
Allocated Share-based Compensation Expense														$ 2,200,000	$ 2,400,000
Common Class A [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock									$ 49,800,000	$ 7,500,000
Stock Issued During Period, Shares, New Issues										600,000	4,000,000		2,831	4,604,701	4,265
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
Redemption Of SeriesB Preferred Stock And Conversion Into Class Common Stock Shares													155,978	23,785
Stock Repurchase Program, Authorized Amount																$ 25,000,000
Stock Repurchased During Period, Shares													1,055,057
Stock Repurchased During Period, Value													$ 11,000
Common Class A [Member] | New Plan [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount				$ 5,000,000									$ 5,000,000
Stock Repurchase Program Term plan				1 year
Common Class A [Member] | Stock Offering [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				6,165,560									6,165,560
Redemption Of SeriesB Preferred Stock And Conversion Into Class Common Stock Shares													155,978
Stock Repurchased During Period, Value													$ 9,000,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues													308,278
Preferred Stock, Dividend Rate, Percentage													6.00%
Series B Preferred Stock [Member] | Stock Offering [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock													$ 277,500,000
Stock Issued During Period, Shares, New Issues													123,592
Proceeds from Issuance of Preferred Stock and Preference Stock													$ 111,200,000
Class of Warrant or Right, Outstanding				308,278									308,278
Proceeds from Issuance or Sale of Equity													$ 12,400,000
Payments for Repurchase of Preferred Stock and Preference Stock													$ 135,700
Stock Repurchased During Period, Shares													1,564
Class A and Class C common stock [Member]
Class of Stock [Line Items]
Dividends Payable, Amount Per Share																	$ 0.1625
Common Class C [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues													0	0	0
Common Stock, Par or Stated Value Per Share				$ 0.01									$ 0.01	$ 0.01
Redemption Of SeriesB Preferred Stock And Conversion Into Class Common Stock Shares													0	0
Stock Repurchased During Period, Shares													0
Stock Repurchased During Period, Value													$ 0
Series C Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock Increase In Annual Dividend Rate													2.00%
Preferred Stock, Redemption Price Per Share				25									$ 25
Preferred Stock, Dividend Rate, Percentage													7.625%
Series C Cumulative Redeemable Preferred Stock [Member] | Maximum [Member]
Class of Stock [Line Items]
Preferred Stock Increase In Annual Dividend Rate													14.00%
Series A Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Redemption Price Per Share				$ 25									$ 25
Series A Cumulative Redeemable Preferred Stock [Member] | Maximum [Member]
Class of Stock [Line Items]
Preferred Stock Increase In Annual Dividend Rate													14.00%
Series A Cumulative Redeemable Preferred Stock [Member] | Minimum [Member]
Class of Stock [Line Items]
Preferred Stock Increase In Annual Dividend Rate													2.00%
Series D Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Shares Issued, Price Per Share																			$ 25
Preferred Stock, Dividend Rate, Percentage													7.125%
Cumulative Preferred Stock [Member] | Series A [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage													8.25%	8.25%
Common Stock [Member]
Class of Stock [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount													194,338	391	4,282
Common Class B [Member] | Stock Offering [Member]
Class of Stock [Line Items]
Redemption Of SeriesB Preferred Stock And Conversion Into Class Common Stock Shares													149
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, Grant Date Fair Value								$ 100,000				$ 100,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period								7,500				7,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		80,798
Long-term Incentive Plan Units [Member] | Time-based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation													$ 5,300,000	$ 100,000	$ 200,000
Long-term Incentive Plan Units [Member] | Performance Based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross						125,165
Long-term Incentive Plan Units [Member] | 2016 Long term Incentive Plan Units [Member]
Class of Stock [Line Items]
Long Term Incentive Plan Units Vesteded													117,740
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
Incentive Plans 2014 [Member] | Long-term Incentive Plan Units [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period													3 years 2 months 12 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized				$ 6,300,000									$ 6,300,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		3,165				6,263
Incentive Plans 2014 [Member] | Long-term Incentive Plan Units [Member] | Executive Officer [Member] | Shortfall LTIP Units [Member]
Class of Stock [Line Items]
Aggregate of number of shares unavailable for 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		1,075,000
Incentive Plan [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			176,610										212,203

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2018		Sep. 30, 2018		Jun. 30, 2018		Mar. 31, 2018		Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017		Mar. 31, 2017		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Total revenue	$ 50,011		$ 47,877		$ 44,959		$ 41,871		$ 36,574		$ 30,154		$ 28,666		$ 28,183		$ 184,716	$ 123,576	$ 81,334
Operating (loss) income	8,728		8,629		7,636		4,701		(40,579)		126		(2,202)		(1,992)		29,688	(44,647)	(1,032)
Net income (loss)	(5,772)		(3,111)		(3,432)		(2,955)		(47,141)		(4,581)		34,768		9,928		(15,275)	(7,028)	(2,974)
Net (loss) income available to common stockholders	$ (12,785)		$ (10,334)		$ (10,212)		$ (9,425)		$ (46,241)		$ (12,017)		$ 17,569		$ (4,990)		$ (42,759)	$ (45,679)	$ (18,985)
(Loss) earnings per common share, basic	$ (0.55)	[1]	$ (0.44)	[1]	$ (0.44)	[1]	$ (0.40)	[1]	$ (1.87)	[2]	$ (0.45)	[2]	$ 0.67	[2]	$ (0.20)	[2]	$ (1.82)	$ (1.79)	$ (0.91)
(Loss) earnings per common share, diluted	$ (0.55)	[1]	$ (0.44)	[1]	$ (0.44)	[1]	$ (0.40)	[1]	$ (1.87)	[2]	$ (0.45)	[2]	$ 0.67	[2]	$ (0.20)	[2]	$ (1.82)	$ (1.79)	$ (0.91)
[1]	EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2018.
[2]	EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2017.

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 11, 2019	Dec. 31, 2018
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Total Distribution	$ 13,612
Subsequent Event [Member] | Long-term Incentive Plan Units One [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Dec. 7, 2018
Dividends, Record Date	Dec. 24, 2018
Dividends, Date paid	Jan. 4, 2019
Declaration of Dividends, Amount	$ 0.1625000
Dividends, Total Distribution	$ 262
Common Class A [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date		Oct. 13, 2017
Dividends, Record Date		Dec. 22, 2017
Dividends, Date paid		Jan. 5, 2018
Declaration of Dividends, Amount		$ 0.096667
Common Class A [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Dec. 7, 2018
Dividends, Record Date	Dec. 24, 2018
Dividends, Date paid	Jan. 4, 2019
Declaration of Dividends, Amount	$ 0.1625000
Dividends, Total Distribution	$ 3,819
Common Class C [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date		Oct. 13, 2017
Dividends, Record Date		Dec. 22, 2017
Dividends, Date paid		Jan. 5, 2018
Declaration of Dividends, Amount		$ 0.096667
Common Class C [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Dec. 7, 2018
Dividends, Record Date	Dec. 24, 2018
Dividends, Date paid	Jan. 4, 2019
Declaration of Dividends, Amount	$ 0.1625000
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	Dec. 7, 2018
Dividends, Record Date	Dec. 24, 2018
Dividends, Date paid	Jan. 4, 2019
Declaration of Dividends, Amount	$ 0.5156250
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	Oct. 12, 2018
Dividends, Record Date	Dec. 24, 2018
Dividends, Date paid	Jan. 4, 2019
Declaration of Dividends, Amount	$ 5
Dividends, Total Distribution	$ 1,530
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	Dec. 7, 2018
Dividends, Record Date	Dec. 24, 2018
Dividends, Date paid	Jan. 4, 2019
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	Dec. 7, 2018
Dividends, Record Date	Dec. 24, 2018
Dividends, Date paid	Jan. 4, 2019
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	Dec. 7, 2018
Dividends, Record Date	Dec. 24, 2018
Dividends, Date paid	Jan. 4, 2019
Declaration of Dividends, Amount	$ 0.1625000
Dividends, Total Distribution	$ 1,038
Series B Preferred Stock One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Jan. 11, 2019
Dividends, Record Date	Jan. 25, 2019
Dividends, Date paid	Feb. 5, 2019
Declaration of Dividends, Amount	$ 5
Dividends, Total Distribution	$ 1,625

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Jan. 23, 2019	Jan. 11, 2019	Jan. 01, 2019	Oct. 04, 2018	Feb. 25, 2019	Aug. 13, 2018	Jan. 31, 2018	Dec. 29, 2017	Dec. 29, 2016	Dec. 31, 2018	Jan. 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross							1,056,211
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 months
Due from Related Parties	$ 0.8
Related Party Transaction, Rate								15.00%
Unaffiliated Lender Transaction Date									Dec. 29, 2016
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.
Subsequent Event [Member]
Business Acquisition Indirect Ownership, Amount											$ 7.8
Related Party Transaction, Rate	10.00%
Subsequent Event [Member] | BRG chapel Hill [Member]
Due from Related Parties	$ 7.8
Equity Method Investment, Ownership Percentage	100.00%
Related Party Transaction, Rate	10.00%
Unaffiliated Lender Transaction Date	Jan. 23, 2021
Subsequent Event [Member] | ARIUM Pine Lakes [Member] | Maximum [Member]
Indirect Ownership Interest Percentage Of Investment											100.00%
Subsequent Event [Member] | ARIUM Pine Lakes [Member] | Minimum [Member]
Indirect Ownership Interest Percentage Of Investment											85.00%
Subsequent Event [Member] | BRG Vickers [Member]
Description Of Exercise Of Options					the Company will receive an additional 5.0 basis point discount purchase option and will have the right to exercise an option to purchase, at the greater of a 17.5 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.
Capital Call amount					$ 1.2
Long-term Incentive Plan Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				80,798
Long-term Incentive Plan Units [Member] | Performance Based LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross							125,165
Long-term Incentive Plan Units [Member] | Incentive Plans 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				3,165			6,263
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period										3 years 2 months 12 days
Long-term Incentive Plan Units [Member] | Incentive Plans 2014 [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			6,836
Long-term Incentive Plan Units [Member] | Incentive Plans 2014 [Member] | Subsequent Event [Member] | Time-based LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			196,023
Long-term Incentive Plan Units [Member] | Incentive Plans 2014 [Member] | Subsequent Event [Member] | Performance Based LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			294,031
Series B Preferred Stock [Member] | Subsequent Event [Member] | Monthly Dividends [Member]
Preferred Stock, Dividends Per Share, Declared		$ 5

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 1,215,376
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		199,381
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		1,548,367
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		54,920
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		200,385
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		1,602,283
SEC Schedule III, Real Estate, Gross, Total		1,802,668	$ 1,452,759	$ 1,029,214	$ 556,820
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		108,911	55,177	$ 42,137	$ 23,437
Line of Credit Facility, Outstanding		82,209	$ 67,670
Enders Place at Baldwin Park [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		23,822
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,750
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		20,171
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		5,341
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,454
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		24,808
SEC Schedule III, Real Estate, Gross, Total		30,262
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 5,454
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,012
Enders Place at Baldwin Park [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Enders Place at Baldwin Park [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Grandewood [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 39,385
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		37,220
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,498
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		38,718
SEC Schedule III, Real Estate, Gross, Total		43,918
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 5,432
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,014
ARIUM Grandewood [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Grandewood [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Park And Kingston [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 18,432
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,060
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		24,353
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		3,091
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,360
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		27,144
SEC Schedule III, Real Estate, Gross, Total		30,504
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,564
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,015
Park And Kingston [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Park And Kingston [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Ashton I [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 30,878
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		40,944
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		348
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		41,292
SEC Schedule III, Real Estate, Gross, Total		45,292
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 4,973
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,015
Ashton I [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Ashton I [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Palms [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 30,320
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,030
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		32,248
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,287
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,030
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		33,535
SEC Schedule III, Real Estate, Gross, Total		37,565
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 4,530
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,015
ARIUM Palms [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Palms [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Sorrel [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 38,684
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		6,710
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		47,444
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		524
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		6,710
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		47,968
SEC Schedule III, Real Estate, Gross, Total		54,678
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 6,488
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,015
Sorrel [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Sorrel [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Sovereign [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 28,227
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		2,800
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		40,609
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		383
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		2,800
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		40,992
SEC Schedule III, Real Estate, Gross, Total		43,792
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 5,343
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,015
Sovereign [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Sovereign [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Ashton II [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 15,213
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		1,900
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		19,517
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		134
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		1,900
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		19,651
SEC Schedule III, Real Estate, Gross, Total		21,551
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 2,105
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,015
Ashton II [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Ashton II [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM at Palmer Ranch [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 41,348
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		7,800
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		30,597
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		3,836
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		7,800
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		34,433
SEC Schedule III, Real Estate, Gross, Total		42,233
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,776
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,016
ARIUM at Palmer Ranch [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM at Palmer Ranch [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Gulfshore [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	[1]	$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		10,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		36,047
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		3,627
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		10,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		39,674
SEC Schedule III, Real Estate, Gross, Total		49,674
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 4,357
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,016
ARIUM Gulfshore [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Gulfshore [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Preserve at Henderson Beach [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 35,602
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,100
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		50,117
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,846
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,100
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		51,963
SEC Schedule III, Real Estate, Gross, Total		56,063
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 4,754
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,016
The Preserve at Henderson Beach [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Preserve at Henderson Beach [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Westside [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 52,150
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		8,657
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		63,402
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		2,403
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		8,657
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		65,805
SEC Schedule III, Real Estate, Gross, Total		74,462
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 5,065
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,016
ARIUM Westside [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Westside [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Glenridge [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 49,500
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		14,513
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		52,324
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		6,943
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		14,513
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		59,267
SEC Schedule III, Real Estate, Gross, Total		73,780
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 4,340
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,016
ARIUM Glenridge [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Glenridge [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Pine Lakes [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 26,950
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,760
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		31,854
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,488
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,760
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		33,342
SEC Schedule III, Real Estate, Gross, Total		39,102
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,417
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,016
ARIUM Pine Lakes [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Pine Lakes [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Brodie [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 34,825
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		42,497
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,966
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		44,463
SEC Schedule III, Real Estate, Gross, Total		49,863
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,812
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,016
The Brodie [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Brodie [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Roswell City Walk [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 51,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		8,423
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		66,249
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		199
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		8,423
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		66,448
SEC Schedule III, Real Estate, Gross, Total		74,871
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 4,723
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,016
Roswell City Walk [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Roswell City Walk [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
James On South First [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 26,500
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,500
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		32,471
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		653
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,500
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		33,124
SEC Schedule III, Real Estate, Gross, Total		36,624
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 2,381
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,016
James On South First [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
James On South First [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Preston View [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 41,657
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		8,800
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		49,610
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		846
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		8,800
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		50,456
SEC Schedule III, Real Estate, Gross, Total		59,256
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,302
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Preston View [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Preston View [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Wesley Village [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 40,545
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		50,062
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,404
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		51,466
SEC Schedule III, Real Estate, Gross, Total		57,066
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 2,718
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Wesley Village [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Wesley Village [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Wesley Village II [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		270
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		4
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		270
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		4
SEC Schedule III, Real Estate, Gross, Total		274
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Wesley Village II [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Wesley Village II [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Marquis at Crown Ridge [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 28,634
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		35,209
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,372
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		36,581
SEC Schedule III, Real Estate, Gross, Total		40,581
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,987
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Marquis at Crown Ridge [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Marquis at Crown Ridge [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Marquis at Stone Oak [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 42,725
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		50,548
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,797
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		52,345
SEC Schedule III, Real Estate, Gross, Total		56,745
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,089
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Marquis at Stone Oak [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Marquis at Stone Oak [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Marquis at the Cascades I [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 32,899
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		41,120
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		989
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		42,109
SEC Schedule III, Real Estate, Gross, Total		45,309
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 2,227
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Marquis at the Cascades I [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Marquis at the Cascades I [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Marquis at The Cascades II [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 22,960
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		2,450
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		25,827
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		909
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		2,450
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		26,736
SEC Schedule III, Real Estate, Gross, Total		29,186
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,440
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Marquis at The Cascades II [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Marquis at The Cascades II [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Marquis at TPC [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 16,826
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		1,900
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		18,795
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		668
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		1,900
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		19,463
SEC Schedule III, Real Estate, Gross, Total		21,363
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,211
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Marquis at TPC [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Marquis at TPC [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Villages at Cypress Creek [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 26,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,650
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		35,990
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,787
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,650
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		37,777
SEC Schedule III, Real Estate, Gross, Total		42,427
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,717
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Villages at Cypress Creek [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Villages at Cypress Creek [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Citrus Tower [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 41,438
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,208
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		49,388
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,072
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,208
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		50,460
SEC Schedule III, Real Estate, Gross, Total		55,668
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 2,354
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Citrus Tower [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Citrus Tower [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Outlook at Greystone [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 22,105
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,950
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		31,664
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		2,013
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,950
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		33,677
SEC Schedule III, Real Estate, Gross, Total		37,627
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,383
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
Outlook at Greystone [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Outlook at Greystone [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Hunter's Creek [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 72,294
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		9,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		86,202
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,629
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		9,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		87,831
SEC Schedule III, Real Estate, Gross, Total		97,431
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,555
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
ARIUM Hunter's Creek [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Hunter's Creek [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Metrowest [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 64,559
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		10,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		74,768
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,205
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		10,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		75,973
SEC Schedule III, Real Estate, Gross, Total		86,173
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,217
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
ARIUM Metrowest [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Metrowest [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Mills [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 26,298
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,300
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		36,969
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		466
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,300
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		37,435
SEC Schedule III, Real Estate, Gross, Total		40,735
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,358
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
The Mills [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Mills [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Links at Plum Creek [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 40,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		2,960
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		57,803
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,877
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		2,960
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		59,680
SEC Schedule III, Real Estate, Gross, Total		62,640
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,803
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,018
The Links at Plum Creek [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Links at Plum Creek [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Sands Parc [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	[1]	$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,170
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		42,443
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		109
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,170
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		42,552
SEC Schedule III, Real Estate, Gross, Total		45,722
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 953
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,018
Sands Parc [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Sands Parc [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Plantation Park [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 26,625
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		1,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		34,065
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		41
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		1,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		34,106
SEC Schedule III, Real Estate, Gross, Total		35,706
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 672
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,018
Plantation Park [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Plantation Park [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Veranda at Centerfield [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 26,100
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,120
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		35,506
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,070
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,120
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		36,576
SEC Schedule III, Real Estate, Gross, Total		41,696
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 578
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,018
Veranda at Centerfield [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Veranda at Centerfield [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Ashford Belmar [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 100,675
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		18,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		124,149
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		24
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		18,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		124,173
SEC Schedule III, Real Estate, Gross, Total		142,573
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 782
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,018
Ashford Belmar [Member] | Real Estate Held For Investment [Member] | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Ashford Belmar [Member] | Real Estate Held For Investment [Member] | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Subtotal [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 1,215,376
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		199,381
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		1,548,182
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		54,849
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		200,385
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		1,602,027
SEC Schedule III, Real Estate, Gross, Total		1,802,412
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		108,860
Subtotal [Member] | Property Under Development [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		185
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		71
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		256
SEC Schedule III, Real Estate, Gross, Total		256
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		51
REIT Operator [Member] | Property Under Development [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		185
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		71
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		256
SEC Schedule III, Real Estate, Gross, Total		256
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 51
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2,017
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		5 years
ARIUM Gulfshore and Sands Parc [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Line of Credit Facility, Outstanding		$ 67,700
[1]	ARIUM Gulfshore and Sands Parc were funded, in part, by a secured credit facility. As of December 31, 2018, the outstanding credit facility balance is $67.7 million.

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Balance at January 1	$ 1,452,759	$ 1,029,214	$ 556,820
Construction and acquisition cost	349,909	701,262	508,218
Disposition of real estate	0	(277,717)	(35,824)
Balance at December 31	$ 1,802,668	$ 1,452,759	$ 1,029,214

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Balance at January 1	$ 55,177	$ 42,137	$ 23,437
Current year depreciation expense	53,734	35,538	23,580
Disposition of real estate	0	(22,498)	(4,880)
Balance at December 31	$ 108,911	$ 55,177	$ 42,137