Bluerock Residential Growth REIT (BRG) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 02, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	Bluerock Residential Growth REIT, Inc.
Entity Central Index Key	0001442626
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	BRG
Entity Emerging Growth Company	false
Entity Small Business	true
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		22,458,473
Common Class C [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		76,603

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Net Real Estate Investments
Land	$ 200,114	$ 200,385
Buildings and improvements	1,548,167	1,546,244
Furniture, fixtures and equipment	58,422	55,050
Construction in progress	659	989
Total Gross Real Estate Investments	1,807,362	1,802,668
Accumulated depreciation	(124,605)	(108,911)
Total Net Real Estate Investments	1,682,757	1,693,757
Cash and cash equivalents	24,337	24,775
Restricted cash	22,659	27,469
Notes and accrued interest receivable from related parties	174,068	164,084
Due from affiliates	3,123	2,854
Accounts receivable, prepaids and other assets	12,332	14,395
Preferred equity investments and investments in unconsolidated real estate joint ventures	93,728	89,033
In-place lease intangible assets, net	443	1,768
Total Assets	2,013,447	2,018,135
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Mortgages payable	1,204,905	1,206,136
Revolving credit facilities	78,000	82,209
Accounts payable	1,215	1,486
Other accrued liabilities	25,444	31,690
Due to affiliates	798	726
Distributions payable	12,317	12,073
Total Liabilities	1,322,679	1,334,320
Stockholders' Equity
Additional paid-in-capital	300,407	307,938
Distributions in excess of cumulative earnings	(234,363)	(218,531)
Total Stockholders' Equity	134,978	158,346
Noncontrolling Interests
Operating partnership units	21,143	27,613
Partially owned properties	26,849	28,984
Total Noncontrolling Interests	47,992	56,597
Total Equity	182,970	214,943
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY	2,013,447	2,018,135
Preferred Stock [Member]
Stockholders' Equity
Preferred Stock Value	0	0
Common Class A [Member]
Stockholders' Equity
Common Stock Value	228	233
Noncontrolling Interests
Total Equity	228	233
Cumulative Preferred Stock [Member] | Series A [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	139,698	139,545
Cumulative Preferred Stock [Member] | Series C [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	56,545	56,485
Cumulative Preferred Stock [Member] | Series D [Member]
Stockholders' Equity
Preferred Stock Value	68,705	68,705
Redeemable Preferred Stock [Member] | Series B [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	311,555	272,842
Common Class C [Member]
Stockholders' Equity
Common Stock Value	1	1
Noncontrolling Interests
Total Equity	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	229,900,000	229,900,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
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	1,225,000
Temporary Equity, Shares Issued	349,423	306,009
Temporary Equity, Shares Outstanding	349,423	306,009
Cumulative Redeemable 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 Redeemable 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 Redeemable 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%
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	22,861,084	23,322,211
Common stock, shares outstanding	22,861,084	23,322,211
Common Class C [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	76,603	76,603
Common stock, shares issued	76,603	76,603
Common stock, shares outstanding	76,603	76,603

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Revenues
Rental and other property revenues		$ 45,690	$ 36,675
Interest income from related parties		5,776	5,196
Total revenues		51,466	41,871
Expenses
Property operating		18,602	15,658
Property management fees		1,215	992
General and administrative		5,627	4,669
Acquisition and pursuit costs		58	43
Weather-related losses, net		0	168
Depreciation and amortization		17,230	15,640
Total expenses		42,732	37,170
Operating income		8,734	4,701
Other income (expense)
Preferred returns on unconsolidated real estate joint ventures		2,289	2,461
Gain on sale of non-depreciable real estate investments		679	0
Interest expense, net		(16,067)	(10,117)
Total other expense		(13,099)	(7,656)
Net loss		(4,365)	(2,955)
Preferred stock dividends		(10,384)	(8,248)
Preferred stock accretion		(1,887)	(1,112)
Net (loss) income attributable to noncontrolling interests
Operating partnership units		(4,051)	(2,675)
Partially-owned properties		(492)	(215)
Net (loss) income attributable to noncontrolling interests		(4,543)	(2,890)
Net loss attributable to common stockholders		$ (12,093)	$ (9,425)
Net loss per common share – Basic		$ (0.53)	$ (0.40)
Net loss per common share - Diluted		$ (0.53)	$ (0.40)
Weighted average basic common shares outstanding	[1]	23,123,616	24,143,382
Weighted average diluted common shares outstanding		23,123,616	24,143,382
[1]	Amounts relate to shares of the Company’s Class A and Class C common stock outstanding.

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A Common Stock [Member]	Class C 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, 2017	$ 286,178	$ 242	$ 1	$ 68,705	$ 318,170	$ (134,817)	$ (29,469)	$ 63,346
Balance (in shares) at Dec. 31, 2017		24,218,359	76,603	2,850,602
Issuance of Class A common stock, net	6	$ 0	$ 0	$ 0	6	0	0	0
Issuance of Class A common stock, net (in shares)		665	0	0
Repurchase of Class A common stock	(4,204)	$ (5)	$ 0		(4,199)
Repurchase of Class A common stock (in shares)		(530,693)	0
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation	190	$ 0	$ 0	$ 0	0	0	0	190
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation (in shares)		0	0	0
Issuance of LTIP units for compensation	1,240	$ 0	$ 0	$ 0	0	0	0	1,240
Issuance of LTIP units for compensation (in shares)		0	0	0
Issuance of LTIP units	993	$ 0	$ 0	$ 0	0	0	0	993
Issuance of Series B warrants	228	0	0	0	228	0	0	0
Contributions from noncontrolling interests, net	2,951	0	0	0	0	0	0	2,951
Common stock distribution declared adjustment	79	0	0	0	0	79	0	0
Series A Preferred Stock distributions declared	(2,950)	0	0	0	0	(2,950)	0	0
Series A Preferred Stock accretion	(138)	0	0	0	0	(138)	0	0
Series B Preferred Stock distributions declared	(2,921)	0	0	0	0	(2,921)	0	0
Series B Preferred Stock accretion	(920)	0	0	0	0	(920)	0	0
Series C Preferred Stock distributions declared	(1,107)	0	0	0	0	(1,107)	0	0
Series C Preferred Stock accretion	(54)	0	0	0	0	(54)	0	0
Series D Preferred Stock distributions declared	(1,270)	0	0	0	0	(1,270)	0	0
Distributions to operating partnership noncontrolling interests	(175)	0	0	0	0	0	0	(175)
Distributions to partially owned noncontrolling interests	(490)	0	0	0	0	0	0	(490)
Redemption of Series B Preferred Stock and conversion into Class A common stock	482	$ 0	$ 0	$ 0	482	0	0	0
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)		44,965	0	0
Cash redemption of Series B Preferred Stock	2	$ 0	$ 0	$ 0	2	0	0	0
Adjustment for noncontrolling interest ownership in Operating Partnership	0	0	0	0	1,144	0		(1,144)
Net income (loss)	(2,955)	0	0	0	0	0	(65)	(2,890)
Balance at Mar. 31, 2018	275,165	$ 237	$ 1	$ 68,705	315,833	(144,098)	(29,534)	64,021
Balance (in shares) at Mar. 31, 2018		23,733,296	76,603	2,850,602
Balance at Dec. 31, 2018	214,943	$ 233	$ 1	$ 68,705	307,938	(187,910)	(30,621)	56,597
Balance (in shares) at Dec. 31, 2018		23,322,211	76,603	2,850,602
Issuance of Class A common stock, net	7	$ 0	$ 0	$ 0	7	0	0	0
Issuance of Class A common stock, net (in shares)		764	0	0
Issuance of Class A common stock due to Series B warrant exercise	1	$ 0	$ 0	$ 0	1	0	0	0
Issuance of Class A common stock due to Series B warrant exercise (in shares)		100	0	0
Repurchase of Class A common stock	(5,063)	$ (5)	$ 0	$ 0	(5,058)	0	0	0
Repurchase of Class A common stock (in shares)		(505,797)	0	0
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation	247	$ 0	$ 0	$ 0	0	0	0	247
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation (in shares)		0	0	0
Issuance of LTIP units for compensation	1,298	$ 0	$ 0	$ 0	0	0	0	1,298
Issuance of LTIP units for compensation (in shares)		0	0	0
Issuance of LTIP units for expense reimbursements	392	$ 0	$ 0	$ 0	0	0	0	392
Issuance of Series B warrants	835	0	0	0	835	0	0	0
Common stock distribution declared	(3,739)	0	0	0	0	(3,739)	0	0
Series A Preferred Stock distributions declared	(2,950)	0	0	0	0	(2,950)	0	0
Series A Preferred Stock accretion	(153)	0	0	0	0	(153)	0	0
Series B Preferred Stock distributions declared	(5,058)	0	0	0	0	(5,058)	0	0
Series B Preferred Stock accretion	(1,674)	0	0	0	0	(1,674)	0	0
Series C Preferred Stock distributions declared	(1,107)	0	0	0	0	(1,107)	0	0
Series C Preferred Stock accretion	(60)	0	0	0	0	(60)	0	0
Series D Preferred Stock distributions declared	(1,269)	0	0	0	0	(1,269)	0	0
Miscellaneous offering costs	(222)	0	0	0	(222)	0	0	0
Distributions to operating partnership noncontrolling interests	(1,421)	0	0	0	0	0	0	(1,421)
Distributions to partially owned noncontrolling interests	(233)	0	0	0	0	0	0	(233)
Redemption of Operating Partnership units	(11)	0	0	0	(6)	0	0	(5)
Redemption of Series B Preferred Stock and conversion into Class A common stock	457	$ 0	$ 0	$ 0	457	0	0	0
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)		43,806	0	0
Cash redemption of Series B Preferred Stock	5	$ 0	$ 0	$ 0	5	0	0	0
Acquisition of noncontrolling interest	(7,890)	0	0	0	(6,480)	0	0	(1,410)
Adjustment for noncontrolling interest ownership in Operating Partnership	0	0	0	0	2,930	0		(2,930)
Net income (loss)	(4,365)	0	0	0	0	0	178	(4,543)
Balance at Mar. 31, 2019	$ 182,970	$ 228	$ 1	$ 68,705	$ 300,407	$ (203,920)	$ (30,443)	$ 47,992
Balance (in shares) at Mar. 31, 2019		22,861,084	76,603	2,850,602

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net loss	$ (4,365)	$ (2,955)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	18,141	16,230
Amortization of fair value adjustments	(108)	(108)
Preferred returns on unconsolidated real estate joint ventures	(2,289)	(2,461)
Gain on sale of non-depreciable real estate investments	(679)	0
Fair value adjustment of interest rate caps	1,688	0
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures	2,019	2,224
Share-based compensation attributable to equity incentive plan	1,545	1,430
Share-based compensation to former Manager - LTIP Units	0	993
Share-based expense reimbursements to BRE – LTIP Units	392	0
Changes in operating assets and liabilities:
Due from affiliates, net	(7)	(1,891)
Accounts receivable, prepaids and other assets	(91)	(3,975)
Accounts payable and other accrued liabilities	(5,380)	(3,385)
Net cash provided by operating activities	10,866	6,102
Cash flows from investing activities:
Acquisitions of real estate investments	0	(61,659)
Capital expenditures	(6,188)	(4,160)
Investment in notes receivable from related parties	(9,906)	(20,994)
Proceeds from sale of real estate investments	952	0
Purchase of interests from noncontrolling interests	(7,890)	0
Investment in unconsolidated real estate joint venture interests	(4,694)	(164)
Net cash used in investing activities	(27,726)	(86,977)
Cash flows from financing activities:
Distributions to common stockholders	(3,832)	(2,348)
Distributions to noncontrolling interests	(1,533)	(1,146)
Distributions to preferred stockholders	(10,168)	(8,143)
Contributions from noncontrolling interests	0	2,951
Borrowings on mortgages payable	0	40,000
Repayments on mortgages payable	(1,637)	(912)
Proceeds from revolving credit facilities	20,500	47,995
Repayments on revolving credit facilities	(24,707)	(16,500)
Payments of deferred financing fees	(58)	(1,012)
Miscellaneous offering costs	(222)	0
Net proceeds from issuance of Class A common stock	8	6
Repurchase of Class A common stock	(5,063)	(4,204)
Payments to redeem Operating Partnership Units	(12)	0
Net cash provided by financing activities	11,612	73,170
Net decrease in cash, cash equivalents and restricted cash	(5,248)	(7,705)
Cash, cash equivalents and restricted cash, beginning of year	52,244	64,590
Cash, cash equivalents and restricted cash, end of period	46,996	56,885
Supplemental disclosure of cash flow information
Cash paid for interest (net of interest capitalized)	13,606	9,655
Supplemental disclosure of non-cash investing and financing activities
Distributions payable - declared and unpaid	12,317	11,483
Capital expenditures held in accounts payable and other accrued liabilities	(1,132)	0
Series B Preferred Stock [Member]
Cash flows from financing activities:
Net proceeds from issuance of 6.0% Series B Redeemable Preferred Stock	37,580	16,288
Net proceeds from issuance of Warrants associated with the Series B Redeemable Preferred Stock	835	228
Payments to redeem 6.0% Series B Redeemable Preferred Stock	$ (79)	$ (33)

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical]	3 Months Ended
	Mar. 31, 2019
Series B Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	6.00%
6.0% Redeemable Preferred Stock
Preferred Stock, Dividend Rate, Percentage	6.00%

Organization and Nature of Busi

Organization and Nature of Business	3 Months Ended
	Mar. 31, 2019
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 core funds from operations and net asset value primarily through its Value-Add and Invest-to-Own investment strategies. As of March 31, 2019, the Company held investments in forty-eight real estate properties, consisting of thirty-three consolidated operating properties and fifteen properties through preferred equity or mezzanine loan investments. Of the property interests held through preferred equity and mezzanine loan investments, five are under development, five are in lease-up and five properties are stabilized. The forty-eight 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 March 31, 2019, the Company’s consolidated operating properties were approximately 94% occupied. The Company has elected to be treated, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. As a REIT, the Company generally is not subject to corporate-level income taxes. To maintain its REIT status, the Company is required, among other requirements, to distribute annually at least 90% of its “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s stockholders. If the Company fails to qualify as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate tax rates.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	Note 2 – Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or the Operating Partnership’s wholly-owned subsidiaries, owns substantially all the property interests acquired and investments made on the Company’s behalf. As of March 31, 2019, limited partners other than the Company owned approximately 27.58 20.16 7.42 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. In accordance with adoption of the lease accounting update issued in July 2018, the Company reflects all income earned pursuant to tenant leases in a single line item, “Rental and other property revenues”, in the 2019 consolidated statements of operations. See New Accounting Pronouncements 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 variable 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 March 31, 2019 and December 31, 2018, 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 interest rates rise above the strike rate of the caps. The 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. Interim Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with GAAP for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. The balance sheet at December 31, 2018 has been derived from the audited financial statements at that date, but does not include all the information and disclosures required by GAAP for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2018 contained in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2019. 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, 2018. New Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13 “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 will require more timely recognition of credit losses associated with financial assets. While current GAAP includes multiple credit impairment objectives for instruments, the previous objectives generally delayed recognition of the full amount of credit losses until the loss was probable of occurring. The amendments in ASU 2016-13, whose scope is asset-based and not restricted to financial institutions, eliminate the probable initial recognition threshold in current GAAP and, instead, reflect an entity’s current estimate of all expected credit losses. The amendments in ASU 2016-13 broaden the information that the Company must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss that will be more useful to users of the financial statements. In November 2018, the FASB issued ASU No. 2018-19 “Codification Improvements to Topic 326, Financial Instruments-Credit Losses” (“ASU 2018-19”). ASU 2018-19 clarifies that operating lease receivables are excluded from the scope of ASU 2016-13 and instead, impairment of operating lease receivables is to be accounted for under ASC 842. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. 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, with early adoption permitted. The Company adopted ASU 2016-02 as of January 1, 2019 and elected the package of practical expedients provided by the standard which includes: (i) an entity need not reassess whether any expired or existing contract is a lease or contains a lease, (ii) an entity need not reassess the lease classification of any expired or existing leases, and (iii) and entity need not reassess initial direct costs for any existing leases. The adoption of ASU 2016-02 did not have a material impact to the Company’s consolidated financial statements. 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 both: (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same, and (ii) the combined single lease component would be classified as an operating lease. The Company adopted the practical expedient as of January 1, 2019 to account for lease and non-lease components as a single component in lease contracts where the Company is the lessor. Lessor Accounting The Company’s current portfolio is focused predominately on apartment properties whereby the Company generates rental revenue by leasing apartments to residents in its communities. As lease revenues for apartments fall under the scope of Topic 842, such lease revenues are classified as operating leases with straight-line recognition over the terms of the relevant lease agreement and inclusion within rental revenue. Resident leases are generally for one-year or month-to-month terms and are renewable by mutual agreement between the Company and the resident. Non-lease components of the Company’s apartment leases are combined with the related lease component and accounted for as a single lease component under Topic 842. The balances of net real estate investments and related depreciation on the Company’s consolidated financial statements relate to assets for which the Company is the lessor. Lessee Accounting The Company determines if an arrangement is a lease at inception. The Company is currently engaged in operating lease agreements that primarily relate to certain equipment leases. The Company determined that the lessee operating lease commitments have no material impact on its consolidated financial statements with the adoption of Topic 842. The Company will continue to assess any modification of existing lease agreements and execution of any new lease agreements for the potential requirement of recording a right-of-use-asset or liability in the future. In August 2018, the FASB issued ASU No. 2018-15 "Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40)" (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2019, though early adoption, including adoption in interim periods, is permissible. The Company has elected early adoption and there has been no material impact to the Company’s consolidated financial statements upon its adoption of ASU 2018-15.

Sale of Real Estate Asset

Sale of Real Estate Asset	3 Months Ended
	Mar. 31, 2019
Disclosure of Disposal of Real Estate Assets [Abstract]
Sale of Real Estate Asset [Text Block]	Note 3 – Sale of Real Estate Asset Sale of Wesley Village II On March 1, 2019, the Company closed on the sale of an undeveloped parcel of land known as Wesley Village II located in Charlotte, North Carolina. The parcel was sold for approximately $ 1.0 1.0 0.7

Investments in Real Estate

Investments in Real Estate	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	Note 4 – Investments in Real Estate As of March 31, 2019, the Company held investments in thirty-three consolidated operating properties and fifteen development properties through preferred equity or mezzanine loan investments. The following tables provide summary information regarding the Company’s consolidated operating properties and preferred equity and mezzanine loan investments, which are either consolidated or accounted for under the equity method of accounting. Consolidated Operating Properties Multifamily Community Name Location Number of Units Date Built / ‎ Renovated (1) Ownership Interest ARIUM at Palmer Ranch Sarasota, FL 320 2016 100.0 % ARIUM Glenridge Atlanta, GA 480 1990 90.0 % ARIUM Grandewood Orlando, FL 306 2005 100.0 % ARIUM Gulfshore Naples, FL 368 2016 100.0 % ARIUM Hunter’s Creek Orlando, FL 532 1999 100.0 % ARIUM Metrowest Orlando, FL 510 2001 100.0 % ARIUM Palms Orlando, FL 252 2008 100.0 % ARIUM Pine Lakes Port St. Lucie, FL 320 2003 100.0 % 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 at South First Austin, TX 250 2016 90.0 % Marquis at Crown Ridge San Antonio, TX 352 2009 90.0 % Marquis at Stone Oak San Antonio, TX 335 2007 90.0 % Marquis at The Cascades Tyler, TX 582 2009 90.0 % Marquis at TPC San Antonio, TX 139 2008 90.0 % Outlook at Greystone Birmingham, AL 300 2007 100.0 % Park & Kingston Charlotte, NC 168 2015 100.0 % Plantation Park Lake Jackson, TX 238 2016 80.0 % Preston View Morrisville, NC 382 2000 100.0 % Roswell City Walk Roswell, GA 320 2015 98.0 % Sands Parc Daytona Beach, FL 264 2017 100.0 % Sorrel Frisco, TX 352 2015 95.0 % Sovereign Fort Worth, TX 322 2015 95.0 % The Brodie Austin, TX 324 2001 92.5 % The Links at Plum Creek Castle Rock, CO 264 2000 88.0 % The Mills Greenville, SC 304 2013 100.0 % The Preserve at Henderson Beach Destin, FL 340 2009 100.0 % Veranda at Centerfield Houston, TX 400 1999 93.0 % Villages of Cypress Creek Houston, TX 384 2001 80.0 % Wesley Village Charlotte, NC 301 2010 100.0 % Total 11,286 (1) Depreciation expense was $15.8 million and $12.1 million for the three months ended March 31, 2019 and 2018, respectively. Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. In-place leases are amortized over the remaining term of the in-place leases, which is approximately six months. Amortization expense related to the in-place leases was $1.5 million and $3.6 million for the three months ended March 31, 2019 and 2018, respectively. Preferred Equity and Mezzanine Loan Investments Multifamily Community Name Location Actual / Planned Number of Units Actual / Estimated Initial Occupancy Actual / Estimated Construction Completion Whetstone 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 Raleigh, NC 245 3Q 2017 3Q 2018 Vickers Historic Roswell Roswell, GA 79 2Q 2018 3Q 2018 Domain at The One Forty Garland, TX 299 2Q 2018 4Q 2018 Arlo Charlotte, NC 286 2Q 2018 1Q 2019 Novel Perimeter Atlanta, GA 320 3Q 2018 1Q 2019 Cade Boca Raton Boca Raton, FL 90 4Q 2018 2Q 2019 Flagler Village Fort Lauderdale, FL 385 2Q 2020 3Q 2020 North Creek Apartments Leander, TX 259 1Q 2020 3Q 2020 Riverside Apartments Austin, TX 222 3Q 2020 4Q 2020 Wayforth at Concord Concord, NC 150 2Q 2020 3Q 2021 The Park at Chapel Hill Chapel Hill, NC * * * Total 3,431 * The development is in the planning phase; project specifications are in process.

Acquisition of Real Estate

Acquisition of Real Estate	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	Note 5 – Acquisition of Real Estate The following describes the Company’s significant acquisition activity during the three months ended March 31, 2019: Acquisition of Additional Interests in Properties The Company acquired the noncontrolling partner’s interest in the following property (dollars in thousands): Property Date Amount Previous Interest New Interest ARIUM Pine Lakes January 29, 2019 $ 7,769 85.0 % 100.0 %

Notes and Interest Receivable d

Notes and Interest Receivable due from Related Parties	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 (amounts in thousands): Property March 31, 2019 December 31, 2018 Arlo $ 24,893 $ 24,893 Cade Boca Raton 12,338 11,854 Domain at The One Forty 21,174 20,536 Flagler Village 75,436 75,436 Novel Perimeter 20,867 20,867 The Park at Chapel Hill 8,572 — Vickers Historic Roswell 10,788 10,498 Total $ 174,068 $ 164,084 Following is a summary of the interest income from related parties for the three months ended March 31, 2019 and 2018 (amounts in thousands): Three Months Ended March 31, Property 2019 2018 Arlo $ 909 $ 910 Cade Boca Raton 437 415 Domain at The One Forty 752 750 Flagler Village 2,373 1,996 Novel Perimeter 762 762 The Park at Chapel Hill 156 — Vickers Historic Roswell 387 363 Total $ 5,776 $ 5,196 The occupancy percentages of the Company’s related parties at March 31, 2019 and December 31, 2018 are as follows: Property March 31, December 31, Arlo 54 % 37 % Cade Boca Raton 31 % 8 % Domain at The One Forty 48 % 34 % Flagler Village (1 ) (1 ) Novel Perimeter 40 % 22 % The Park at Chapel Hill (2 ) — Vickers Historic Roswell 46 % 41 % (1) The development has not commenced lease-up. (2) The development is in the planning phase; project specifications are in process. Cade Boca Raton Mezzanine Financing On March 11, 2019, the Company, through BRG Boca, LLC, increased its mezzanine loan commitment to BR Boca JV Member, to $14.0 million, of which $12.2 million has been funded as of March 31, 2019. The increase in the mezzanine loan will provide funding for additional capital calls, including amounts to be contributed on behalf of In exchange for increasing the mezzanine loan, 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 30.0 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. Domain at The One Forty Mezzanine Financing On March 11, 2019, the Company, through BRG Domain , (i) increased its mezzanine loan commitment to BR Domain JV Member to $24.5 million, of which $20.9 million has been funded as of March 31, 2019, and (ii) entered into an amended BR Domain 1 JV Member with Fund II, admits BRG Domain Phase 1 Profit Share, LLC (“BRG Domain 1 PS”), a wholly-owned subsidiary of the Company As part of the amended agreement, the Company agreed to (i) terminate its option to purchase 100 , and (ii) reduce the current fixed rate of 15.0% per annum of the as follows: (a) 5.5% per annum effective January 1, 2020 through the end of the calendar year 2020, (b) 4.0% per annum for the calendar year 2021, and (c) 3.0% per annum for the calendar year 2022 and thereafter. In exchange, Fund II agreed to grant BRG Domain 1 PS a 50% participation in any profits achieved in a sale after repayment of the mezzanine loan and the Company and Fund II each receive full return of capital contributions. The Park at Chapel Hill Financing On January 23, 2019, the Company, through BRG Chapel Hill Lender, 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 Bluerock Special Opportunity + Income Fund, LLC (“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. Vickers Historic Roswell Mezzanine Financing On February 26, 2019, the Company, through BRG Vickers , increased its mezzanine loan commitment to BR Vickers JV Member to $11.8 million, of which $10.7 million has been funded as of March 31, 2019. The increase in the mezzanine loan will provide funding for additional capital calls, including amounts to be contributed on behalf of In exchange for increasing the mezzanine loan, the Company received an additional 5.0 basis point discount purchase option and has 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.

Preferred Equity Investments an

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures	3 Months Ended
	Mar. 31, 2019
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 The carrying amount of the Company’s preferred equity investments and investments in unconsolidated real estate joint ventures as of March 31, 2019 and December 31, 2018 is summarized in the table below (amounts in thousands): Property March 31, 2019 December 31, 2018 Alexan CityCentre $ 11,480 $ 11,205 Alexan Southside Place 24,041 22,801 Arlo 14 14 Cade Boca Raton 7 7 Domain at The One Forty 12 12 Flagler Village 44 44 Helios 19,189 19,189 Leigh House 14,174 13,319 North Creek Apartments 8,217 5,892 Novel Perimeter 12 12 Riverside Apartments 3,600 3,600 Vickers Historic Roswell 6 6 Wayforth at Concord — — Whetstone Apartments 12,932 12,932 Total $ 93,728 $ 89,033 As of March 31, 2019, 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 preferred returns on the Company’s unconsolidated real estate joint ventures for the three months ended March 31, 2019 and 2018 are summarized below (amounts in thousands): Three Months Ended March 31, Property 2019 2018 Alexan CityCentre $ 485 $ 383 Alexan Southside Place 383 802 Helios 331 605 Leigh House 524 441 North Creek Apartments 222 — Riverside Apartments 113 — Wayforth at Concord — — Whetstone Apartments 231 230 Preferred returns on unconsolidated joint ventures $ 2,289 $ 2,461 The occupancy percentages of the Company’s unconsolidated real estate joint ventures at March 31, 2019 and December 31, 2018 are as follows: Property March 31, December 31, Alexan CityCentre 91 % 93 % Alexan Southside Place 91 % 85 % Helios 95 % 90 % Leigh House 92 % 90 % North Creek Apartments (1) (1) Riverside Apartments (1) (1) Wayforth at Concord (1) (1) Whetstone Apartments 98 % 97 % (1) The development has not commenced lease-up. Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019 and 2018, is as follows (amounts in thousands): March 31, 2019 December 31, 2018 Balance Sheets: Real estate, net of depreciation $ 599,470 $ 577,624 Other assets 57,469 45,324 Total assets $ 656,939 $ 622,948 Mortgages payable $ 500,160 $ 480,903 Other liabilities 40,536 21,250 Total liabilities $ 540,696 $ 502,153 Members’ equity 116,243 120,795 Total liabilities and members’ equity $ 656,939 $ 622,948 Three Months Ended March 31, 2019 2018 Operating Statement: Rental revenues $ 7,800 $ 3,374 Operating expenses (5,134 ) (2,786 ) Income before debt service and depreciation and amortization 2,666 588 Interest expense, net (7,233 ) (1,552 ) Depreciation and amortization (3,987 ) (1,936 ) Net loss $ (8,554 ) $ (2,900 ) Alexan Southside Place Interests 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. adopted ASU No. 2016-02 as of January 1, 2019, and as such, has recorded a right-of-use asset and lease liability of $17.1 million as of March 31, 2019. Leigh House Interests 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 Leigh House had been leased and occupied. The six-month period during which the Company had the right to convert commenced on August 9, 2018, the date on which Leigh House achieved 70% leased and occupied units. The Company did not elect to convert into a common membership and its option to convert expired on February 9, 2019. Whetstone Interests Effective April 1, 2017, Whetstone Apartments ceased paying its preferred return on a current basis. he accrued preferred return of $2.3 million and $2.2 million as of March 31, 2019 and December 31, 2018, 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.

Revolving credit facilities

Revolving credit facilities	3 Months Ended
	Mar. 31, 2019
Revolving Credit Facilities [Abstract]
Disclosure Of Revolving Credit Facilities [Text Block]	Note 8 — Revolving credit facilities The outstanding balances on the revolving credit facilities as of March 31, 2019 and December 31, 2018, are as follows (amounts in thousands): Revolving credit facilities March 31, 2019 December 31, 2018 Senior Credit Facility $ 67,000 $ 67,709 Amended Junior Credit Facility 11,000 14,500 Total $ 78,000 $ 82,209 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 amount of $75 million, which commitment contains an accordion feature to a maximum commitment of up to $175 million. The Senior Credit Facility matures on October 4, 2020 LIBOR plus 1.80 2.45 base rate plus 0.80 1.45 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 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 base rate plus 3.0 On December 21, 2018, the Company, through a subsidiary of its Operating Partnership, entered into an amended and restated, in its entirety, 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 bearing interest, at the Company’s option, at LIBOR plus 3.5 base rate plus 2.5 At March 31, 2019, 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 March 31, 2019 is based on the collateral and compliance with various ratios related to those assets and was approximately $54.4 million.

Mortgages Payable

Mortgages Payable	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Mortgage Notes Payable Disclosure [Text Block]	Note 9 – Mortgages Payable The following table summarizes certain information as of March 31, 2019 and December 31, 2018, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of March 31, 2019 Property March 31, 2019 December 31, 2018 Interest Rate Interest-only through date Maturity Date Fixed Rate: ARIUM at Palmer Ranch $ 41,348 $ 41,348 4.41 % May 2020 May 1, 2025 ARIUM Grandewood (1) 19,713 19,713 4.35 % July 2020 July 1, 2025 ARIUM Hunter’s Creek 72,294 72,294 3.65 % November 2019 November 1, 2024 ARIUM Metrowest 64,559 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 100,675 100,675 4.53 % December 2022 December 1, 2025 Ashton Reserve I 30,743 30,878 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) 23,699 23,822 4.30 % (2) November 1, 2022 James on South First 26,425 26,500 4.35 % (2) January 1, 2024 Outlook at Greystone 22,105 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 26,625 4.64 % July 2024 July 1, 2028 Roswell City Walk 51,000 51,000 3.63 % December 2019 December 1, 2026 Sovereign 28,084 28,227 3.46 % (2) November 10, 2022 The Brodie 34,666 34,825 3.71 % (2) December 1, 2023 The Links at Plum Creek 40,000 40,000 4.31 % April 2020 October 1, 2025 The Mills 26,174 26,298 4.21 % (2) January 1, 2025 The Preserve at Henderson Beach 35,422 35,602 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 Total Fixed Rate 849,247 850,186 Floating Rate (6) : ARIUM Glenridge 49,500 49,500 3.82 % September 2021 September 1, 2025 ARIUM Grandewood (1) 19,672 19,672 3.89 % July 2020 July 1, 2025 ARIUM Palms 30,320 30,320 3.89 % September 2020 September 1, 2025 Ashton Reserve II 15,213 15,213 3.99 % August 2022 August 1, 2025 Marquis at Crown Ridge 28,488 28,634 4.10 % (2) June 1, 2024 (7) Marquis at Stone Oak 42,526 42,725 4.10 % (2) June 1, 2024 (7) Marquis at The Cascades I 32,745 32,899 4.10 % (2) June 1, 2024 (7) Marquis at The Cascades II 22,853 22,960 4.10 % (2) June 1, 2024 (7) Marquis at TPC 16,736 16,826 4.10 % (2) June 1, 2024 (7) Preston View 41,657 41,657 3.99 % August 2022 August 1, 2025 Sorrel 38,684 38,684 4.78 % November 2019 May 1, 2023 Veranda at Centerfield 26,100 26,100 3.74 % July 2021 July 26, 2023 (5) Total Floating Rate 364,494 365,190 Total 1,213,741 1,215,376 Fair value adjustments 2,095 2,204 Deferred financing costs, net (10,931 ) (11,444 ) Total $ 1,204,905 $ 1,206,136 (1) (2) (3) (4) (5) (6) (7) 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. 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. 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 March 31, 2019, 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 Company may request future fixed rate advances or 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 March 31, 2019, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2019 (April 1–December 31) $ 5,727 2020 30,729 2021 15,860 2022 91,409 2023 221,219 Thereafter 848,797 $ 1,213,741 Add: Unamortized fair value debt adjustment 2,095 Subtract: Deferred financing costs, net (10,931 ) Total $ 1,204,905 The net book value of real estate assets providing collateral for these above borrowings, including the Senior Credit Facility, The mortgage loans encumbering the Company’s properties are generally nonrecourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, the Company or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses. 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	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 10 – Fair Value of Financial Instruments As of March 31, 2019 and December 31, 2018, 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 $1,219.1 million and $1,205.0 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $1,215.8 million and $1,217.6 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	3 Months Ended
	Mar. 31, 2019
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 derivative financial instruments 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 March 31, 2019, the Company had interest rate caps which effectively limit the Company’s exposure to interest rate risk by providing a ceiling on the underlying interest rate for $414.5 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 March 31, 2019 and December 31, 2018 and the effect of Company's derivative financial instruments on the consolidated statements of operations for the three months ended March 31, 2019 and 2018 (amounts in thousands): Derivatives not designated as hedging instruments under ASC 815-20 Balance Sheet Location Fair values of derivative instruments Location of Gain or (Loss) Recognized in Income The Effect of Derivative Instruments on the Statement of Operations March 31, December 31, Three Months Ended March 31, 2019 2018 2019 2018 Interest rate caps Accounts receivable, prepaids and other assets $ 908 $ 2,596 Interest Expense $ (1,688 ) $ —

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 12 – Related Party Transactions Administrative Services Agreement In October 2017, 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”) facilitate a smooth transition in the Company’s management of its operations, enable the Company to benefit from operational efficiencies created by access to such services 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 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 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 $0.03 million and $0.11 million, and operating expense reimbursements of $0.4 million and $0.4 million, were expensed during the three months ended March 31, 2019 and 2018, respectively. Pursuant to the terms of the Administrative Services Agreement, summarized below are the related party amounts payable to BRE as of March 31, 2019 and December 31, 2018 (amounts in thousands): March 31, 2019 December 31, 2018 Amounts Payable to BRE under the Administrative Services Agreement, net Operating and direct expense reimbursements $ 681 $ 568 Offering expense reimbursements 117 158 Total amounts payable to BRE $ 798 $ 726 As of March 31, 2019 and December 31, 2018, the Company had $3.1 million and $2.9 million, respectively, in receivables due from related parties other than from BRE, primarily for accrued preferred returns on unconsolidated real estate investments for the most recent month. Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Series B Preferred Stock, the Company engaged a related party, as dealer manager, and pays up to 10% of the gross offering proceeds from the offering as selling commissions and dealer manager fees. The dealer manager 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 three months ended March 31, 2019 and 2018, the Company has incurred $3.1 million and $1.3 million, and $1.3 million and $0.6 million, in selling commissions and dealer manager fees, respectively. In addition, BRE was reimbursed for offering costs in conjunction with the Series B Preferred Offering of $0.3 million and $0.3 million during the three months ended March 31, 2019 and 2018, respectively. The selling commissions, dealer manager fees and reimbursements for offering costs were recorded as a reduction to the proceeds of the offering. Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company invests with related parties in various joint ventures in which the Company owns either preferred or common interests. Please refer to Note 7 for further information. Notes and interest receivable from related 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 and Redeem

Stockholders' Equity and Redeemable Preferred Stock	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 13 – Stockholders’ Equity and Redeemable Preferred Stock Net (Loss) Income 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, Class A common stock, $0.01 par value per share, and Class C common stock, $0.01 par value per share. 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): Three Months Ended March 31, 2019 2018 Net loss attributable to common stockholders $ (12,093 ) $ (9,425 ) Dividends on LTIP Units expected to vest (231 ) (172 ) Basic net loss attributable to common stockholders $ (12,324 ) $ (9,597 ) Weighted average common shares outstanding (1) 23,123,616 24,143,382 Potential dilutive shares (2) — — Weighted average common shares outstanding and potential dilutive shares (1) 23,123,616 24,143,382 Net loss per common share, basic $ (0.53 ) $ (0.40 ) Net loss per common share, diluted $ (0.53 ) $ (0.40 ) 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 OP 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 OP Units would have no net impact on the determination of diluted earnings per share. (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) Warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 12,299 Series B Redeemable Preferred Stock Offering The Company issued 43,955 shares of Series B Preferred Stock under a continuous registered offering with net proceeds of approximately $39.6 million after commissions and dealer manager fees of approximately $4.4 million during the three months ended March 31, 2019. As of March 31, 2019, the Company has sold 352,233 shares of Series B Preferred Stock and 352,233 Warrants to purchase 7,044,660 shares of Class A common stock for net proceeds of approximately $317.0 million after commissions and fees. During the three months ended March 31, 2019, 457 Series B Preferred shares were redeemed through the issuance of 43,806 Class A common shares and 84 Series B Preferred shares were redeemed for $78,650 in cash. At-the-Market Offerings On August 8, 2016, the Company, its Operating Partnership and its former Manager entered into an At Market Issuance Sales Agreement (the “ Sales Agreement”) with FBR Capital Markets & Co. (“FBR”). Pursuant to the Sales Agreement, FBR 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 did not commence any sales through the Class A Common Stock ATM Offering before it expired on January 29, 2019. Class A Common Stock Repurchase Program In February 2018, the Company authorized a stock repurchase plan to purchase up to $25 million of the Company’s outstanding shares of Class A common stock over a period of one year pursuant to a stock repurchase plan. In December 2018, the Company renewed its stock repurchase plan for a period of one year. The repurchase plan can be discontinued at any time. The extent to which the Company repurchases shares of its Class A common stock, and the timing of any such purchases, depends on a variety of factors including general business and market conditions and other corporate considerations. The Company purchased 505,797 shares of Class A common stock during the three months ended March 31, 2019 for a total purchase price of $5.1 million. The following table is a summary of the March 31, 2019: 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 2019 505,797 $ 10.01 1,560,854 $ 10,919,065 Operating Partnership and Long-Term Incentive Plan Units As of March 31, 2019, limited partners other than the Company owned approximately 27.58% of the common units of the Operating Partnership ( 6,385,713 Equity Incentive Plans – LTIP Unit Grants On January 1, 2018, the Company granted certain equity grants of of the Company’s operating partnership to various executive officers under the Second Amended 2014 Incentive Plans pursuant to the executive officers’ employment and service agreements as time-based and performance-based . All such 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 to which the recipients were entitled pursuant to the terms of their respective agreements, with the Company planning to issue the remaining LTIP Units at such time as such LTIP Units became available under the Incentive Plans. The time-based were 770,854 that vest over approximately five years and 160,192 that vest over approximately three years. The performance-based were 125,165 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. 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. LTIP Units were fully vested upon issuance and the Company recognized expense of $0.2 million immediately based on the fair value at the date of grant. 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. On October 4, 2018, the Company granted Shortfall LTIP Units to the executive officers pursuant to their employment and service agreements. The 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 her annual retainer. LTIP Units vested upon issuance and the Company recognized expense of $0.03 million immediately based on the fair value at the date of grant. On January 1, 2019, the Company granted certain equity grants of to various executive officers under the Third Amended 2014 Incentive Plans pursuant to the executive employment and service agreements as time-based and performance-based All such LTIP grants require continuous employment for vesting. The time-based were 196,023 that vest over approximately three years. -based were 294,031 are subject to a three-year performance period and will vest immediately upon successful achievement of performance-based conditions. The Company recognizes compensation expense ratably over the requisite service periods for the time-based based on the fair value at the date of grant; thus, the Company recognized compensation expense of approximately $0.9 million and $1.1 million during the three months ended March 31, 2019 and 2018, respectively. 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 ; thus, the Company recognized approximately $0.4 million and $0.1 million during the three months ended March 31, 2019 and 2018, respectively. 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. Such LTIP Units vested upon issuance and the Company recognized expense of $0.2 million immediately based on the fair value at the date of grant. As of March 31, 2019, there was $9.4 million of total unrecognized compensation cost related to unvested granted under the Incentive Plans. The remaining cost is expected to be recognized over a period of 2.9 years. Distributions Declaration Date Payable to stockholders of record as of Amount Date Paid or Payable Class A Common Stock December 7, 2018 December 24, 2018 $ 0.162500 January 4, 2019 March 8, 2019 March 25, 2019 $ 0.162500 April 5, 2019 Class C Common Stock December 7, 2018 December 24, 2018 $ 0.162500 January 4, 2019 March 8, 2019 March 25, 2019 $ 0.162500 April 5, 2019 Series A Preferred Stock December 7, 2018 December 24, 2018 $ 0.515625 January 4, 2019 March 8, 2019 March 25, 2019 $ 0.515625 April 5, 2019 Series B Preferred Stock October 12, 2018 December 24, 2018 $ 5.00 January 4, 2019 January 11, 2019 January 25, 2019 $ 5.00 February 5, 2019 January 11, 2019 February 25, 2019 $ 5.00 March 5, 2019 January 11, 2019 March 25, 2019 $ 5.00 April 5, 2019 Series C Preferred Stock December 7, 2018 December 24, 2018 $ 0.4765625 January 4, 2019 March 8, 2019 March 25, 2019 $ 0.4765625 April 5, 2019 Series D Preferred Stock December 7, 2018 December 24, 2018 $ 0.4453125 January 4, 2019 March 8, 2019 March 25, 2019 $ 0.4453125 April 5, 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 istributions 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 three months ended March 31, 2019 were as follows (amounts in thousands): Distributions 2019 Declared Paid First Quarter Class A Common Stock $ 3,727 $ 3,820 Class C Common Stock 12 12 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 5,058 4,842 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,269 OP Units 1,038 1,038 LTIP Units 383 262 Total first quarter 2019 $ 15,544 $ 15,300

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 14 – Commitments and Contingencies The Company is subject to various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the consolidated financial position or results of operations or liquidity of the Company.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 15 – Subsequent Events Declaration of Dividends Declaration Date Payable to stockholders of record as of Amount Payable Date Series B Preferred Stock April 12, 2019 April 25, 2019 $ 5.00 May 3, 2019 April 12, 2019 May 24, 2019 $ 5.00 June 5, 2019 April 12, 2019 June 25, 2019 $ 5.00 July 5, 2019 Holders of OP and LTIP Units are entitled to receive "distribution equivalents" at the same time as dividends are paid to holders of the Company's Class A common stock. A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate. Distributions Paid The following distributions were paid to the Company's stockholders, as well as holders of OP and LTIP Units, subsequent to March 31, 2019 (amounts in thousands): Shares Declaration Date Record Date Date Paid Distributions per Share Total Distribution Class A Common Stock March 8, 2019 March 25, 2019 April 5, 2019 $ 0.162500 $ 3,727 Class C Common Stock March 8, 2019 March 25, 2019 April 5, 2019 $ 0.162500 $ 12 Series A Preferred Stock March 8, 2019 March 25, 2019 April 5, 2019 $ 0.515625 $ 2,950 Series B Preferred Stock January 11, 2019 March 25, 2019 April 5, 2019 $ 5.000000 $ 1,747 Series C Preferred Stock March 8, 2019 March 25, 2019 April 5, 2019 $ 0.4765625 $ 1,107 Series D Preferred Stock March 8, 2019 March 25, 2019 April 5, 2019 $ 0.4453125 $ 1,269 OP Units March 8, 2019 March 25, 2019 April 5, 2019 $ 0.162500 $ 1,038 LTIP Units March 8, 2019 March 25, 2019 April 5, 2019 $ 0.162500 $ 309 Series B Preferred Stock April 12, 2019 April 25, 2019 May 3, 2019 $ 5.000000 $ 1,793 Total $ 13,952 Alexan Southside Place Refinance On April 12, 2019, the Alexan Southside Place owner, which is owned by an entity in which the Company owns an indirect interest, i) entered into a $26.4 million senior mortgage loan, ii) entered into a $6.6 million mezzanine loan with an unaffiliated party, and iii) used the proceeds from the senior loan and mezzanine loan to pay off the previous construction loan of $31.8 million. The senior loan and mezzanine loan both provide for earnout advances of $2.4 million and $0.6 million, respectively, for total loan commitments of $28.8 million and $7.2 million, respectively. The earnout advances are subject to a minimum debt yield and certain other conditions. The loans bear interest at a floating basis of the greater of LIBOR plus 1.50% or 3.99% on the senior loan, and the greater of LIBOR plus 6.00% or 8.49% on the mezzanine loan. to maturity provided the lender receives a stated spread maintenance premium. Alexan CityCentre Refinance On April 26, 2019, the Alexan CityCentre owner, which is owned by an entity in which the Company owns an indirect interest, i) entered into a $46.0 million senior mortgage loan, ii) entered into a $11.5 million mezzanine loan with an unaffiliated party, and iii) used the proceeds from the senior loan and mezzanine loan to pay off the previous construction loan of $55.1 million. The senior loan and mezzanine loan both provide for earnout advances of $2.0 million and $0.5 million, respectively, for total loan commitments of $48.0 million and $12.0 million, respectively. The earnout advances are subject to a minimum debt yield and certain other conditions. The loans bear interest at a floating basis of the greater of LIBOR plus 1.50% or 3.99% on the senior loan, and the greater of LIBOR plus 6.00% or 8.49% on the mezzanine loan. The senior loan and mezzanine loan both: i) have regular monthly payments that are interest-only during the initial term, ii) have initial maturity dates of May 9, 2022, iii) contain two one-year extension options, and iv) can be prepaid in whole prior to maturity provided the lender receives a stated spread maintenance premium.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation and Basis of Presentation The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or the Operating Partnership’s wholly-owned subsidiaries, owns substantially all the property interests acquired and investments made on the Company’s behalf. As of March 31, 2019, limited partners other than the Company owned approximately 27.58 20.16 7.42 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. In accordance with adoption of the lease accounting update issued in July 2018, the Company reflects all income earned pursuant to tenant leases in a single line item, “Rental and other property revenues”, in the 2019 consolidated statements of operations. See New Accounting Pronouncements
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 variable 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 March 31, 2019 and December 31, 2018, 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 interest rates rise above the strike rate of the caps. The 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.
Interim Financial Information [Policy Text Block]	Interim Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with GAAP for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. The balance sheet at December 31, 2018 has been derived from the audited financial statements at that date, but does not include all the information and disclosures required by GAAP for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2018 contained in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2019.
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, 2018.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13 “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 will require more timely recognition of credit losses associated with financial assets. While current GAAP includes multiple credit impairment objectives for instruments, the previous objectives generally delayed recognition of the full amount of credit losses until the loss was probable of occurring. The amendments in ASU 2016-13, whose scope is asset-based and not restricted to financial institutions, eliminate the probable initial recognition threshold in current GAAP and, instead, reflect an entity’s current estimate of all expected credit losses. The amendments in ASU 2016-13 broaden the information that the Company must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss that will be more useful to users of the financial statements. In November 2018, the FASB issued ASU No. 2018-19 “Codification Improvements to Topic 326, Financial Instruments-Credit Losses” (“ASU 2018-19”). ASU 2018-19 clarifies that operating lease receivables are excluded from the scope of ASU 2016-13 and instead, impairment of operating lease receivables is to be accounted for under ASC 842. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. 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, with early adoption permitted. The Company adopted ASU 2016-02 as of January 1, 2019 and elected the package of practical expedients provided by the standard which includes: (i) an entity need not reassess whether any expired or existing contract is a lease or contains a lease, (ii) an entity need not reassess the lease classification of any expired or existing leases, and (iii) and entity need not reassess initial direct costs for any existing leases. The adoption of ASU 2016-02 did not have a material impact to the Company’s consolidated financial statements. 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 both: (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same, and (ii) the combined single lease component would be classified as an operating lease. The Company adopted the practical expedient as of January 1, 2019 to account for lease and non-lease components as a single component in lease contracts where the Company is the lessor.
Lessor, Leases [Policy Text Block]	Lessor Accounting The Company’s current portfolio is focused predominately on apartment properties whereby the Company generates rental revenue by leasing apartments to residents in its communities. As lease revenues for apartments fall under the scope of Topic 842, such lease revenues are classified as operating leases with straight-line recognition over the terms of the relevant lease agreement and inclusion within rental revenue. Resident leases are generally for one-year or month-to-month terms and are renewable by mutual agreement between the Company and the resident. Non-lease components of the Company’s apartment leases are combined with the related lease component and accounted for as a single lease component under Topic 842. The balances of net real estate investments and related depreciation on the Company’s consolidated financial statements relate to assets for which the Company is the lessor.
Lessee, Leases [Policy Text Block]	Lessee Accounting The Company determines if an arrangement is a lease at inception. The Company is currently engaged in operating lease agreements that primarily relate to certain equipment leases. The Company determined that the lessee operating lease commitments have no material impact on its consolidated financial statements with the adoption of Topic 842. The Company will continue to assess any modification of existing lease agreements and execution of any new lease agreements for the potential requirement of recording a right-of-use-asset or liability in the future. In August 2018, the FASB issued ASU No. 2018-15 "Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40)" (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2019, though early adoption, including adoption in interim periods, is permissible. The Company has elected early adoption and there has been no material impact to the Company’s consolidated financial statements upon its adoption of ASU 2018-15.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Schedule Of Equity Method Investments And Consolidation Accounting Investments [Table Text Block]	Consolidated Operating Properties Multifamily Community Name Location Number of Units Date Built / ‎ Renovated (1) Ownership Interest ARIUM at Palmer Ranch Sarasota, FL 320 2016 100.0 % ARIUM Glenridge Atlanta, GA 480 1990 90.0 % ARIUM Grandewood Orlando, FL 306 2005 100.0 % ARIUM Gulfshore Naples, FL 368 2016 100.0 % ARIUM Hunter’s Creek Orlando, FL 532 1999 100.0 % ARIUM Metrowest Orlando, FL 510 2001 100.0 % ARIUM Palms Orlando, FL 252 2008 100.0 % ARIUM Pine Lakes Port St. Lucie, FL 320 2003 100.0 % 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 at South First Austin, TX 250 2016 90.0 % Marquis at Crown Ridge San Antonio, TX 352 2009 90.0 % Marquis at Stone Oak San Antonio, TX 335 2007 90.0 % Marquis at The Cascades Tyler, TX 582 2009 90.0 % Marquis at TPC San Antonio, TX 139 2008 90.0 % Outlook at Greystone Birmingham, AL 300 2007 100.0 % Park & Kingston Charlotte, NC 168 2015 100.0 % Plantation Park Lake Jackson, TX 238 2016 80.0 % Preston View Morrisville, NC 382 2000 100.0 % Roswell City Walk Roswell, GA 320 2015 98.0 % Sands Parc Daytona Beach, FL 264 2017 100.0 % Sorrel Frisco, TX 352 2015 95.0 % Sovereign Fort Worth, TX 322 2015 95.0 % The Brodie Austin, TX 324 2001 92.5 % The Links at Plum Creek Castle Rock, CO 264 2000 88.0 % The Mills Greenville, SC 304 2013 100.0 % The Preserve at Henderson Beach Destin, FL 340 2009 100.0 % Veranda at Centerfield Houston, TX 400 1999 93.0 % Villages of Cypress Creek Houston, TX 384 2001 80.0 % Wesley Village Charlotte, NC 301 2010 100.0 % Total 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 Raleigh, NC 245 3Q 2017 3Q 2018 Vickers Historic Roswell Roswell, GA 79 2Q 2018 3Q 2018 Domain at The One Forty Garland, TX 299 2Q 2018 4Q 2018 Arlo Charlotte, NC 286 2Q 2018 1Q 2019 Novel Perimeter Atlanta, GA 320 3Q 2018 1Q 2019 Cade Boca Raton Boca Raton, FL 90 4Q 2018 2Q 2019 Flagler Village Fort Lauderdale, FL 385 2Q 2020 3Q 2020 North Creek Apartments Leander, TX 259 1Q 2020 3Q 2020 Riverside Apartments Austin, TX 222 3Q 2020 4Q 2020 Wayforth at Concord Concord, NC 150 2Q 2020 3Q 2021 The Park at Chapel Hill Chapel Hill, NC * * * Total 3,431 * The development is in the planning phase; project specifications are in process.

Acquisition of Real Estate (Tab

Acquisition of Real Estate (Tables)	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Schedule of acquisition of noncontrolling partners interest in real estate Properties [Table Text Block]	The Company acquired the noncontrolling partner’s interest in the following property (dollars in thousands): Property Date Amount Previous Interest New Interest ARIUM Pine Lakes January 29, 2019 $ 7,769 85.0 % 100.0 %

Notes and Interest Receivable_2

Notes and Interest Receivable due from Related Parties (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 (amounts in thousands): Property March 31, 2019 December 31, 2018 Arlo $ 24,893 $ 24,893 Cade Boca Raton 12,338 11,854 Domain at The One Forty 21,174 20,536 Flagler Village 75,436 75,436 Novel Perimeter 20,867 20,867 The Park at Chapel Hill 8,572 — Vickers Historic Roswell 10,788 10,498 Total $ 174,068 $ 164,084
Interest Income and Interest Expense Disclosure [Table Text Block]	Following is a summary of the interest income from related parties for the three months ended March 31, 2019 and 2018 (amounts in thousands): Three Months Ended March 31, Property 2019 2018 Arlo $ 909 $ 910 Cade Boca Raton 437 415 Domain at The One Forty 752 750 Flagler Village 2,373 1,996 Novel Perimeter 762 762 The Park at Chapel Hill 156 — Vickers Historic Roswell 387 363 Total $ 5,776 $ 5,196
Schedule Of Percentage Occupied In Development Property By Related Party [Table Text Block]	The occupancy percentages of the Company’s related parties at March 31, 2019 and December 31, 2018 are as follows: Property March 31, December 31, Arlo 54 % 37 % Cade Boca Raton 31 % 8 % Domain at The One Forty 48 % 34 % Flagler Village (1 ) (1 ) Novel Perimeter 40 % 22 % The Park at Chapel Hill (2 ) — Vickers Historic Roswell 46 % 41 % (1) The development has not commenced lease-up. (2) The development is in the planning phase; project specifications are in process.

Preferred Equity Investments _2

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 is summarized in the table below (amounts in thousands): Property March 31, 2019 December 31, 2018 Alexan CityCentre $ 11,480 $ 11,205 Alexan Southside Place 24,041 22,801 Arlo 14 14 Cade Boca Raton 7 7 Domain at The One Forty 12 12 Flagler Village 44 44 Helios 19,189 19,189 Leigh House 14,174 13,319 North Creek Apartments 8,217 5,892 Novel Perimeter 12 12 Riverside Apartments 3,600 3,600 Vickers Historic Roswell 6 6 Wayforth at Concord — — Whetstone Apartments 12,932 12,932 Total $ 93,728 $ 89,033
Preferred Equity Method Investments [Table Text Block]	The preferred returns on the Company’s unconsolidated real estate joint ventures for the three months ended March 31, 2019 and 2018 are summarized below (amounts in thousands): Three Months Ended March 31, Property 2019 2018 Alexan CityCentre $ 485 $ 383 Alexan Southside Place 383 802 Helios 331 605 Leigh House 524 441 North Creek Apartments 222 — Riverside Apartments 113 — Wayforth at Concord — — Whetstone Apartments 231 230 Preferred returns on unconsolidated joint ventures $ 2,289 $ 2,461
Schedule Of Occupancy Percentages Of The Companys Unconsolidated Real Estate Joint Ventures [Table Text Block]	The occupancy percentages of the Company’s unconsolidated real estate joint ventures at March 31, 2019 and December 31, 2018 are as follows: Property March 31, December 31, Alexan CityCentre 91 % 93 % Alexan Southside Place 91 % 85 % Helios 95 % 90 % Leigh House 92 % 90 % North Creek Apartments (1) (1) Riverside Apartments (1) (1) Wayforth at Concord (1) (1) Whetstone Apartments 98 % 97 % (1) The development has not commenced lease-up.
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 March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019 and 2018, is as follows (amounts in thousands): March 31, 2019 December 31, 2018 Balance Sheets: Real estate, net of depreciation $ 599,470 $ 577,624 Other assets 57,469 45,324 Total assets $ 656,939 $ 622,948 Mortgages payable $ 500,160 $ 480,903 Other liabilities 40,536 21,250 Total liabilities $ 540,696 $ 502,153 Members’ equity 116,243 120,795 Total liabilities and members’ equity $ 656,939 $ 622,948 Three Months Ended March 31, 2019 2018 Operating Statement: Rental revenues $ 7,800 $ 3,374 Operating expenses (5,134 ) (2,786 ) Income before debt service and depreciation and amortization 2,666 588 Interest expense, net (7,233 ) (1,552 ) Depreciation and amortization (3,987 ) (1,936 ) Net loss $ (8,554 ) $ (2,900 )

Revolving credit facilities (Ta

Revolving credit facilities (Tables)	3 Months Ended
	Mar. 31, 2019
Revolving Credit Facilities [Abstract]
Schedule of Line of Credit Facilities [Table Text Block]	The outstanding balances on the revolving credit facilities as of March 31, 2019 and December 31, 2018, are as follows (amounts in thousands): Revolving credit facilities March 31, 2019 December 31, 2018 Senior Credit Facility $ 67,000 $ 67,709 Amended Junior Credit Facility 11,000 14,500 Total $ 78,000 $ 82,209

Mortgages Payable (Tables)

Mortgages Payable (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	The following table summarizes certain information as of March 31, 2019 and December 31, 2018, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of March 31, 2019 Property March 31, 2019 December 31, 2018 Interest Rate Interest-only through date Maturity Date Fixed Rate: ARIUM at Palmer Ranch $ 41,348 $ 41,348 4.41 % May 2020 May 1, 2025 ARIUM Grandewood (1) 19,713 19,713 4.35 % July 2020 July 1, 2025 ARIUM Hunter’s Creek 72,294 72,294 3.65 % November 2019 November 1, 2024 ARIUM Metrowest 64,559 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 100,675 100,675 4.53 % December 2022 December 1, 2025 Ashton Reserve I 30,743 30,878 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) 23,699 23,822 4.30 % (2) November 1, 2022 James on South First 26,425 26,500 4.35 % (2) January 1, 2024 Outlook at Greystone 22,105 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 26,625 4.64 % July 2024 July 1, 2028 Roswell City Walk 51,000 51,000 3.63 % December 2019 December 1, 2026 Sovereign 28,084 28,227 3.46 % (2) November 10, 2022 The Brodie 34,666 34,825 3.71 % (2) December 1, 2023 The Links at Plum Creek 40,000 40,000 4.31 % April 2020 October 1, 2025 The Mills 26,174 26,298 4.21 % (2) January 1, 2025 The Preserve at Henderson Beach 35,422 35,602 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 Total Fixed Rate 849,247 850,186 Floating Rate (6) : ARIUM Glenridge 49,500 49,500 3.82 % September 2021 September 1, 2025 ARIUM Grandewood (1) 19,672 19,672 3.89 % July 2020 July 1, 2025 ARIUM Palms 30,320 30,320 3.89 % September 2020 September 1, 2025 Ashton Reserve II 15,213 15,213 3.99 % August 2022 August 1, 2025 Marquis at Crown Ridge 28,488 28,634 4.10 % (2) June 1, 2024 (7) Marquis at Stone Oak 42,526 42,725 4.10 % (2) June 1, 2024 (7) Marquis at The Cascades I 32,745 32,899 4.10 % (2) June 1, 2024 (7) Marquis at The Cascades II 22,853 22,960 4.10 % (2) June 1, 2024 (7) Marquis at TPC 16,736 16,826 4.10 % (2) June 1, 2024 (7) Preston View 41,657 41,657 3.99 % August 2022 August 1, 2025 Sorrel 38,684 38,684 4.78 % November 2019 May 1, 2023 Veranda at Centerfield 26,100 26,100 3.74 % July 2021 July 26, 2023 (5) Total Floating Rate 364,494 365,190 Total 1,213,741 1,215,376 Fair value adjustments 2,095 2,204 Deferred financing costs, net (10,931 ) (11,444 ) Total $ 1,204,905 $ 1,206,136 (1) (2) (3) (4) (5) (6) (7)
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]	As of March 31, 2019, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2019 (April 1–December 31) $ 5,727 2020 30,729 2021 15,860 2022 91,409 2023 221,219 Thereafter 848,797 $ 1,213,741 Add: Unamortized fair value debt adjustment 2,095 Subtract: Deferred financing costs, net (10,931 ) Total $ 1,204,905

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 and the effect of Company's derivative financial instruments on the consolidated statements of operations for the three months ended March 31, 2019 and 2018 (amounts in thousands): Derivatives not designated as hedging instruments under ASC 815-20 Balance Sheet Location Fair values of derivative instruments Location of Gain or (Loss) Recognized in Income The Effect of Derivative Instruments on the Statement of Operations March 31, December 31, Three Months Ended March 31, 2019 2018 2019 2018 Interest rate caps Accounts receivable, prepaids and other assets $ 908 $ 2,596 Interest Expense $ (1,688 ) $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule Of Related Party Transactions [Table Text Block]	Pursuant to the terms of the Administrative Services Agreement, summarized below are the related party amounts payable to BRE as of March 31, 2019 and December 31, 2018 (amounts in thousands): March 31, 2019 December 31, 2018 Amounts Payable to BRE under the Administrative Services Agreement, net Operating and direct expense reimbursements $ 681 $ 568 Offering expense reimbursements 117 158 Total amounts payable to BRE $ 798 $ 726

Stockholders' Equity and Rede_2

Stockholders' Equity and Redeemable Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table reconciles the components of basic and diluted net loss per common share (amounts in thousands, except share and per share amounts): Three Months Ended March 31, 2019 2018 Net loss attributable to common stockholders $ (12,093 ) $ (9,425 ) Dividends on LTIP Units expected to vest (231 ) (172 ) Basic net loss attributable to common stockholders $ (12,324 ) $ (9,597 ) Weighted average common shares outstanding (1) 23,123,616 24,143,382 Potential dilutive shares (2) — — Weighted average common shares outstanding and potential dilutive shares (1) 23,123,616 24,143,382 Net loss per common share, basic $ (0.53 ) $ (0.40 ) Net loss per common share, diluted $ (0.53 ) $ (0.40 ) 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 OP 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 OP Units would have no net impact on the determination of diluted earnings per share. (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) Warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 12,299
Schedule of Common Stock Repurchase Activity [Table Text Block]	The following table is a summary of the March 31, 2019: 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 2019 505,797 $ 10.01 1,560,854 $ 10,919,065
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 December 7, 2018 December 24, 2018 $ 0.162500 January 4, 2019 March 8, 2019 March 25, 2019 $ 0.162500 April 5, 2019 Class C Common Stock December 7, 2018 December 24, 2018 $ 0.162500 January 4, 2019 March 8, 2019 March 25, 2019 $ 0.162500 April 5, 2019 Series A Preferred Stock December 7, 2018 December 24, 2018 $ 0.515625 January 4, 2019 March 8, 2019 March 25, 2019 $ 0.515625 April 5, 2019 Series B Preferred Stock October 12, 2018 December 24, 2018 $ 5.00 January 4, 2019 January 11, 2019 January 25, 2019 $ 5.00 February 5, 2019 January 11, 2019 February 25, 2019 $ 5.00 March 5, 2019 January 11, 2019 March 25, 2019 $ 5.00 April 5, 2019 Series C Preferred Stock December 7, 2018 December 24, 2018 $ 0.4765625 January 4, 2019 March 8, 2019 March 25, 2019 $ 0.4765625 April 5, 2019 Series D Preferred Stock December 7, 2018 December 24, 2018 $ 0.4453125 January 4, 2019 March 8, 2019 March 25, 2019 $ 0.4453125 April 5, 2019
Schedule of Distributions Made to Members or Limited Partners, by Distribution [Table Text Block]	Distributions declared and paid for the three months ended March 31, 2019 were as follows (amounts in thousands): Distributions 2019 Declared Paid First Quarter Class A Common Stock $ 3,727 $ 3,820 Class C Common Stock 12 12 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 5,058 4,842 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,269 OP Units 1,038 1,038 LTIP Units 383 262 Total first quarter 2019 $ 15,544 $ 15,300

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Dividends Declared [Table Text Block]	Declaration of Dividends Declaration Date Payable to stockholders of record as of Amount Payable Date Series B Preferred Stock April 12, 2019 April 25, 2019 $ 5.00 May 3, 2019 April 12, 2019 May 24, 2019 $ 5.00 June 5, 2019 April 12, 2019 June 25, 2019 $ 5.00 July 5, 2019
Schedule of Subsequent Events [Table Text Block]	The following distributions were paid to the Company's stockholders, as well as holders of OP and LTIP Units, subsequent to March 31, 2019 (amounts in thousands): Shares Declaration Date Record Date Date Paid Distributions per Share Total Distribution Class A Common Stock March 8, 2019 March 25, 2019 April 5, 2019 $ 0.162500 $ 3,727 Class C Common Stock March 8, 2019 March 25, 2019 April 5, 2019 $ 0.162500 $ 12 Series A Preferred Stock March 8, 2019 March 25, 2019 April 5, 2019 $ 0.515625 $ 2,950 Series B Preferred Stock January 11, 2019 March 25, 2019 April 5, 2019 $ 5.000000 $ 1,747 Series C Preferred Stock March 8, 2019 March 25, 2019 April 5, 2019 $ 0.4765625 $ 1,107 Series D Preferred Stock March 8, 2019 March 25, 2019 April 5, 2019 $ 0.4453125 $ 1,269 OP Units March 8, 2019 March 25, 2019 April 5, 2019 $ 0.162500 $ 1,038 LTIP Units March 8, 2019 March 25, 2019 April 5, 2019 $ 0.162500 $ 309 Series B Preferred Stock April 12, 2019 April 25, 2019 May 3, 2019 $ 5.000000 $ 1,793 Total $ 13,952

Organization and Nature of Bu_2

Organization and Nature of Business (Details Textual)	3 Months Ended
	Mar. 31, 2019
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)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Line Items]
Percentage of Voting Equity	50.00%
Percentage Of Unvested Incentive Plan In Operating Partnership	4.48%
OP LTIP unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	27.58%
OP Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	20.16%
LTIP Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	7.42%

Sale of Real Estate Asset (Deta

Sale of Real Estate Asset (Details Textual) $ in Millions	1 Months Ended
	Mar. 01, 2019USD ($)
Proceeds from Sale of Land Held-for-investment	$ 1
Gain (Loss) on Disposition of Assets	0.7
Proceeds from Sale of Property Held-for-sale	$ 1

Investments in Real Estate (Det

Investments in Real Estate (Details)	3 Months Ended
	Mar. 31, 2019NumberofUnitsa
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	1Q 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	1Q 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	1Q 2020
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	2Q 2020
Actual Or Estimated Construction Completion	3Q 2021
The Park at Chapel Hill [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Chapel Hill, NC
Number of Units | a		[1]
Actual Or Estimated Initial Occupancy		[1]
Actual Or Estimated Construction Completion		[1]
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	2016	[2]
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	1990	[2]
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	2005	[2]
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	2016	[2]
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	1999	[2]
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	2001	[2]
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	2008	[2]
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	2003	[2]
Ownership Interest	100.00%
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	2008	[2]
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	[2]
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	2015	[2]
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	2006	[2]
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	2003	[2]
Ownership Interest	92.00%
James at 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	2016	[2]
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	2009	[2]
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	2007	[2]
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	2009	[2]
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	2008	[2]
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	2007	[2]
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	2015	[2]
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	2016	[2]
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	2000	[2]
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	2015	[2]
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	2017	[2]
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	2015	[2]
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	2015	[2]
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	2001	[2]
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	2000	[2]
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	2013	[2]
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	2009	[2]
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	1999	[2]
Ownership Interest	93.00%
Villages of 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	2001	[2]
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	2010	[2]
Ownership Interest	100.00%
[1]	The development is in the planning phase; project specifications are in process.
[2]	Represents date of last significant renovation or year built if there were no renovations.

Investments in Real Estate (D_2

Investments in Real Estate (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Real Estate Property [Line Items]
Investments in real estate of depreciation expense	$ 15.8	$ 12.1
Amortization of Deferred Leasing Fees	$ 1.5	$ 3.6

Acquisition of Real Estate (Det

Acquisition of Real Estate (Details) - ARIUM Pine Lakes [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Business Acquisition [Line Items]
Date	Jan. 29, 2019
Amount	$ 7,769
Previous Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	85.00%
New Interest [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	100.00%

Notes and Interest Receivable_3

Notes and Interest Receivable due from Related Parties (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Notes Receivable, Related Parties	$ 174,068	$ 164,084
Arlo [Member]
Notes Receivable, Related Parties	24,893	24,893
Cade Boca Raton [Member]
Notes Receivable, Related Parties	12,338	11,854
Domain at The One Forty [Member]
Notes Receivable, Related Parties	21,174	20,536
Flagler Village [Member]
Notes Receivable, Related Parties	75,436	75,436
Novel Perimeter [Member]
Notes Receivable, Related Parties	20,867	20,867
The Park at Chapel Hill [Member]
Notes Receivable, Related Parties	8,572	0
Vickers Historic Roswell [Member]
Notes Receivable, Related Parties	$ 10,788	$ 10,498

Notes and Interest Receivable_4

Notes and Interest Receivable due from Related Parties (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Interest Income, Related Party	$ 5,776	$ 5,196
Arlo [Member]
Interest Income, Related Party	909	910
Cade Boca Raton [Member]
Interest Income, Related Party	437	415
Domain at The One Forty [Member]
Interest Income, Related Party	752	750
Flagler Village [Member]
Interest Income, Related Party	2,373	1,996
Novel Perimeter [Member]
Interest Income, Related Party	762	762
The Park at Chapel Hill [Member]
Interest Income, Related Party	156	0
Vickers Historic Roswell [Member]
Interest Income, Related Party	$ 387	$ 363

Notes and Interest Receivable_5

Notes and Interest Receivable due from Related Parties (Details 2)		Mar. 31, 2019		Dec. 31, 2018
Arlo [Member]
Development Leased		54.00%		37.00%
Cade Boca Raton [Member]
Development Leased		31.00%		8.00%
Domain at The One Forty [Member]
Development Leased		48.00%		34.00%
Flagler Village [Member]
Development Leased	[1]
Novel Perimeter [Member]
Development Leased		40.00%		22.00%
The Park at Chapel Hill [Member]
Development Leased			[2]	0.00%
Vickers Historic Roswell [Member]
Development Leased		46.00%		41.00%
[1]	The development has not commenced lease-up.
[2]	The development is in the planning phase; project specifications are in process.

Notes and Interest Receivable_6

Notes and Interest Receivable due from Related Parties (Details Textual) - USD ($) $ in Millions	Mar. 11, 2019	Feb. 26, 2019	Jan. 23, 2019	Mar. 31, 2019
Related Party Transaction, Rate	15.00%
BRG Boca, LLC [Member]
Due from Related Parties, Current	$ 14			$ 12.2
BRG Domain 1 [Member]
Related Party Transaction, Interest Rate Description	(ii) reduce the current fixed rate of 15.0% per annum of the mezzanine loan as follows: (a) 5.5% per annum effective January 1, 2020 through the end of the calendar year 2020, (b) 4.0% per annum for the calendar year 2021, and (c) 3.0% per annum for the calendar year 2022 and thereafter.
Advances to Affiliate	$ 24.5			20.9
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 30.0 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]
Due from Related Parties, Current		$ 11.8		$ 10.7
Description Of Exercise Of Options		the Company received an additional 5.0 basis point discount purchase option and has 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.
BR Chapel Hill JV LLC [Member] | Mezanine Type Loan [Member]
Advances to Affiliate			$ 0.8
Description of the latest date by which the loan is to be repaid			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.
BR Chapel Hill JV LLC [Member] | The Park at Chapel Hill Financing [Member]
Equity Method Investment, Ownership Percentage			100.00%
Advances to Affiliate			$ 7.8
Debt Instrument, Interest Rate, Stated Percentage			10.00%
Loans Held-for-sale, Maturity Date			Jan. 23, 2021

Preferred Equity Investments _3

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 93,728	$ 89,033
Alexan CityCentre [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	11,480	11,205
Alexan Southside Place [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	24,041	22,801
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	44
Helios [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	19,189	19,189
Leigh House, formerly Lake Boone Trail [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	14,174	13,319
North Creek Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	8,217	5,892
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	3,600
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	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Schedule of Equity Method Investments [Line Items]
Preferred returns on unconsolidated joint ventures	$ 2,289	$ 2,461
Alexan CityCentre [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns on unconsolidated joint ventures	485	383
Alexan Southside Place [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns on unconsolidated joint ventures	383	802
Helios [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns on unconsolidated joint ventures	331	605
Leigh House [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns on unconsolidated joint ventures	524	441
North Creek Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns on unconsolidated joint ventures	222	0
Riverside Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns on unconsolidated joint ventures	113	0
Wayforth at Concord [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns on unconsolidated joint ventures	0	0
Whetstone Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns on unconsolidated joint ventures	$ 231	$ 230

Preferred Equity Investments _5

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details 2)		Aug. 09, 2018	Mar. 31, 2019	Mar. 31, 2018	Feb. 08, 2019
Alexan City [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of Number of Units Occupied			91.00%	93.00%
Alexan Southside Place [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of Number of Units Occupied			91.00%	85.00%
Helios Interests [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of Number of Units Occupied			95.00%	90.00%
Leigh House [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of Number of Units Occupied		70.00%	92.00%	90.00%	70.00%
North Creek Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of Number of Units Occupied	[1]
Riverside Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of Number of Units Occupied	[1]
Wayforth at Concord [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of Number of Units Occupied	[1]
Whetstone [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of Number of Units Occupied			98.00%	97.00%
[1]	The development has not commenced lease-up.

Preferred Equity Investments _6

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Balance Sheets:
Real estate, net of depreciation	$ 599,470		$ 577,624
Other assets	57,469		45,324
Total assets	656,939		622,948
Mortgage payable	500,160		480,903
Other liabilities	40,536		21,250
Total liabilities	540,696		502,153
Members' equity	116,243		120,795
Total liabilities and members' equity	656,939		$ 622,948
Operating Statement:
Rental revenues	7,800	$ 3,374
Operating expenses	(5,134)	(2,786)
Income before debt service, acquisition costs, and depreciation and amortization	2,666	588
Interest expense, net	(7,233)	(1,552)
Depreciation and amortization	(3,987)	(1,936)
Net loss	$ (8,554)	$ (2,900)

Preferred Equity Investments _7

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details Textual) - USD ($) $ in Thousands	Aug. 09, 2018	Mar. 31, 2019	Mar. 31, 2018	Feb. 08, 2019	Dec. 31, 2018
Equity Method Investment And Joint Venture [Line Items]
Ground Lease Term		85 years
Due from Affiliates		$ 3,123			$ 2,854
Leigh House [Member]
Equity Method Investment And Joint Venture [Line Items]
Percentage of Number of Units Occupied	70.00%	92.00%	90.00%	70.00%
Alexan Southside Place Interests [Member]
Equity Method Investment And Joint Venture [Line Items]
Operating Lease, Right-of-Use Asset		$ 17,100
Whetstone Interests [Member]
Equity Method Investment And Joint Venture [Line Items]
Due from Affiliates		2,300			$ 2,200
Proceeds from Interest Received		$ 100

Revolving credit facilities (De

Revolving credit facilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Long-term Line of Credit	$ 78,000	$ 82,209
Senior Credit Facility [Member]
Long-term Line of Credit	67,000	67,709
Amended Junior Credit Facility [Member]
Long-term Line of Credit	$ 11,000	$ 14,500

Revolving credit facilities (_2

Revolving credit facilities (Details Textual) - USD ($) $ in Millions	Dec. 21, 2018	Oct. 04, 2017	Mar. 20, 2018	Mar. 31, 2019
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				5.99%
Line of Credit Facility, Remaining Borrowing Capacity				$ 54.4
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				4.83%
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		$ 75
Line of Credit Facility, Maximum Borrowing Capacity		$ 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	Sep. 30, 2019

Mortgages Payable (Details)

Mortgages Payable (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Fair value adjustments	[1]	$ 2,095	$ 2,204
Deferred financing costs, net	[1]	(10,931)	(11,444)
Total	[1]	1,204,905	1,206,136
Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		849,247	850,186
Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[1]	364,494	365,190
Mortgages [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[1]	1,213,741	1,215,376
ARIUM at Palmer Ranch [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 41,348	41,348
Interest Rate		4.41%
Interest Only Through Date		May 2020
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	49,500
Interest Rate	[1]	3.82%
Interest Only Through Date	[1]	September 2021
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	19,713
Interest Rate	[2]	4.35%
Interest Only Through Date	[2]	July 2020
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	19,672
Interest Rate	[1],[2]	3.89%
Interest Only Through Date	[1],[2]	July 2020
Maturity Date	[1],[2]	Jul. 1, 2025
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 2019
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	64,559
Interest Rate		4.43%
Interest Only Through Date		May 2021
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	30,320
Interest Rate	[1]	3.89%
Interest Only Through Date	[1]	September 2020
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 2021
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	100,675
Interest Rate		4.53%
Interest Only Through Date		December 2022
Maturity Date		Dec. 1, 2025
Ashton Reserve I [Member]
Line of Credit Facility [Line Items]
Interest Only Through Date	[3]
Ashton Reserve I [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 30,743	30,878
Interest Rate		4.67%
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	15,213
Interest Rate	[1]	3.99%
Interest Only Through Date	[1]	August 2022
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 2019
Maturity Date		Oct. 1, 2024
Enders Place at Baldwin Park [Member]
Line of Credit Facility [Line Items]
Interest Only Through Date	[3],[4]
Enders Place at Baldwin Park [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[4]	$ 23,699	23,822
Interest Rate	[4]	4.30%
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		$ 26,425	26,500
Interest Rate		4.35%
Interest Only Through Date	[3]	(2)
Maturity Date		Jan. 1, 2024
Marquis at Crown Ridge [Member]
Line of Credit Facility [Line Items]
Interest Only Through Date	[1],[3]
Maturity Date	[1],[5]	Jun. 1, 2024
Marquis at Crown Ridge [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[1]	$ 28,488	28,634
Interest Rate	[1]	4.10%
Marquis at Stone Oak [Member]
Line of Credit Facility [Line Items]
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]	$ 42,526	42,725
Interest Rate	[1]	4.10%
Marquis at the Cascades I [Member]
Line of Credit Facility [Line Items]
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]	$ 32,745	32,899
Interest Rate	[1]	4.10%
Marquis at Cascades II [Member]
Line of Credit Facility [Line Items]
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]	$ 22,853	22,960
Interest Rate	[1]	4.10%
Marquis at TPC [Member]
Line of Credit Facility [Line Items]
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]	$ 16,736	16,826
Interest Rate	[1]	4.10%
Outlook at Greystone [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 22,105	22,105
Interest Rate		4.30%
Interest Only Through Date		June 2021
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	26,625
Interest Rate		4.64%
Interest Only Through Date		July 2024
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	41,657
Interest Rate	[1]	3.99%
Interest Only Through Date		August 2022
Maturity Date		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 2019
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]	4.78%
Interest Only Through Date		November 2019
Maturity Date		May 1, 2023
Sovereign [Member]
Line of Credit Facility [Line Items]
Interest Only Through Date	[3]
Sovereign [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 28,084	28,227
Interest Rate		3.46%
Maturity Date		Nov. 10, 2022
The Brodie [Member]
Line of Credit Facility [Line Items]
Interest Only Through Date	[3]
The Brodie [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 34,666	34,825
Interest Rate		3.71%
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	40,000
Interest Rate		4.31%
Interest Only Through Date		April 2020
Maturity Date		Oct. 1, 2025
The Mills [Member]
Line of Credit Facility [Line Items]
Interest Only Through Date	[3]
The Mills [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 26,174	26,298
Interest Rate		4.21%
Maturity Date		Jan. 1, 2025
The Preserve at Henderson Beach [Member]
Line of Credit Facility [Line Items]
Interest Only Through Date	[3]
The Preserve at Henderson Beach [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 35,422	35,602
Interest Rate		4.65%
Maturity Date		Jan. 5, 2023
Veranda at Centerfield [Member]
Line of Credit Facility [Line Items]
Maturity Date	[1],[5]	Jul. 26, 2023
Veranda at Centerfield [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	[1]	$ 26,100	26,100
Interest Rate	[1]	3.74%
Interest Only Through Date		July 2021
Villages of Cypress Creek [Member]
Line of Credit Facility [Line Items]
Maturity Date	[7]	Oct. 1, 2022
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 2020
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 2019
Maturity Date		Apr. 1, 2024
[1]	All the Company’s floating rate mortgages bear interest at one-month LIBOR + margin. In March 2019, one-month LIBOR in effect was 2.49%. 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 $16.1 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		Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Add: Unamortized fair value debt adjustment	[1]	$ 2,095	$ 2,204
Subtract: Deferred financing costs	[1]	(10,931)	$ (11,444)
ARIUM Grandewood [Member]
Debt Disclosure [Abstract]
2019		5,727
2020		30,729
2021		15,860
2022		91,409
2023		221,219
Thereafter		848,797
Long-term Debt		1,213,741
Add: Unamortized fair value debt adjustment		2,095
Subtract: Deferred financing costs		(10,931)
Total		$ 1,204,905
[1]	All the Company’s floating rate mortgages bear interest at one-month LIBOR + margin. In March 2019, one-month LIBOR in effect was 2.49%. LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information.

Mortgages Payable (Details Text

Mortgages Payable (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Real Estate Investments, Net	$ 1,682,757	$ 1,693,757
Senior Credit Facility [Member]
Line of Credit Facility [Line Items]
Real Estate Investments, Net	$ 1,682,600
Mortgages [Member]
Line of Credit Facility [Line Items]
Debt Instrument Prepayment Fee Percentage	2.49%
Enders Place at Baldwin Park [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent	$ 16,100
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%

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage Payable At Carrying Value	$ 1,215.8	$ 1,217.6
Long-term Debt, Fair Value	$ 1,219.1	$ 1,205

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Fair value adjustment of interest rate Caps	$ 1,688	$ 0
Interest Rate Cap [Member] | Interest Expense [Member]
Fair value adjustment of interest rate Caps	(1,688)	$ 0
Acounts Receivable Prepaids and Other Assets [Member] | Interest Rate Cap [Member]
Derivative, Fair Value, Net	$ 908		$ 2,596

Derivative Financial Instrume_4

Derivative Financial Instruments (Details Textual) $ in Millions	Mar. 31, 2019USD ($)
Interest Rate Cap [Member]
Amount Of Debt Covered By Derivatives	$ 414.5

Related Party Transactions (Det

Related Party Transactions (Details) - BRE Entities [Member] - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Total related-party amounts payable	$ 798	$ 726
Operating expense reimbursements and direct expense reimbursements [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	681	568
Offering expense reimbursements [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	$ 117	$ 158

Related Party Transactions (D_2

Related Party Transactions (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Due From Affiliates Excluding Former Advisor	$ 3,100		$ 2,900
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	$ 3,100	$ 1,300
Due to Correspondent Brokers	1,300	600
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Reimbursement of Payroll Related Costs	30	110
Reimbursement of Payroll Operating Costs	400	400
Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Reimbursement Of Offering Costs		$ 300
Series B Preferred Stock [Member] | Former Manager [Member]
Related Party Transaction [Line Items]
Reimbursement Of Offering Costs	$ 300

Stockholders' Equity and Rede_3

Stockholders' Equity and Redeemable Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders		$ (12,093)	$ (9,425)
Dividends on LTIP Units expected to vest		(231)	(172)
Basic net loss attributable to common stockholders		$ (12,324)	$ (9,597)
Weighted average common shares outstanding	[1]	23,123,616	24,143,382
Potential dilutive shares	[2]	0	0
Weighted average common shares outstanding and potential dilutive shares	[1]	23,123,616	24,143,382
Net loss per common share, basic		$ (0.53)	$ (0.40)
Net loss per common share, diluted		$ (0.53)	$ (0.40)
[1]	Amounts relate to shares of the Company’s Class A and Class C common stock outstanding.
[2]	Warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 12,299 shares of Class A common stock are excluded from the diluted shares calculation as the effect is antidilutive in 2019.

Stockholders' Equity and Rede_4

Stockholders' Equity and Redeemable Preferred Stock (Details 1) - Class A common stock [Member] - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stock Repurchased During Period, Shares	505,797	530,693
First quarter 2019
Stock Repurchased During Period, Shares	505,797
Stock Repurchased During Period, Per Share	$ 10.01
Publicly Announced Plan [Member] | First quarter 2019
Stock Repurchased During Period, Shares	1,560,854
Stock Repurchased Maximum Dollar Value of Shares	$ 10,919,065

Stockholders' Equity and Rede_5

Stockholders' Equity and Redeemable Preferred Stock (Details 2)	3 Months Ended
	Mar. 31, 2019$ / shares
Common Class A [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 A One [Member]
Declaration Date	Mar. 8, 2019
Payable to stockholders of record as of	Mar. 25, 2019
Amount	$ 0.162500
Date Paid	Apr. 5, 2019
Common Class C [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 One [Member]
Declaration Date	Mar. 8, 2019
Payable to stockholders of record as of	Mar. 25, 2019
Amount	$ 0.162500
Date Paid	Apr. 5, 2019
Series A Preferred Stock [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 A Preferred Stock One [Member]
Declaration Date	Mar. 8, 2019
Payable to stockholders of record as of	Mar. 25, 2019
Amount	$ 0.515625
Date Paid	Apr. 5, 2019
Series B Preferred Stock [Member]
Declaration Date	Oct. 12, 2018
Payable to stockholders of record as of	Dec. 24, 2018
Amount	$ 5
Date Paid	Jan. 4, 2019
Series B Preferred Stock One [Member]
Declaration Date	Jan. 11, 2019
Payable to stockholders of record as of	Jan. 25, 2019
Amount	$ 5
Date Paid	Feb. 5, 2019
Series B Preferred Stock Two [Member]
Declaration Date	Jan. 11, 2019
Payable to stockholders of record as of	Feb. 25, 2019
Amount	$ 5
Date Paid	Mar. 5, 2019
Series B Preferred Stock Three [Member]
Declaration Date	Jan. 11, 2019
Payable to stockholders of record as of	Mar. 25, 2019
Amount	$ 5
Date Paid	Apr. 5, 2019
Series C Preferred Stock [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 C Preferred Stock One [Member]
Declaration Date	Mar. 8, 2019
Payable to stockholders of record as of	Mar. 25, 2019
Amount	$ 0.4765625
Date Paid	Apr. 5, 2019
Series D Preferred Stock [Member]
Declaration Date	Dec. 7, 2018
Payable to stockholders of record as of	Dec. 24, 2018
Amount	$ 0.4453125
Date Paid	Jan. 4, 2019
Series D Preferred Stock One [Member]
Declaration Date	Mar. 8, 2019
Payable to stockholders of record as of	Mar. 25, 2019
Amount	$ 0.4453125
Date Paid	Apr. 5, 2019

Stockholders' Equity and Rede_6

Stockholders' Equity and Redeemable Preferred Stock (Details 3) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	$ 15,544
Distributions Paid	15,300
Common Class A [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	3,727
Distributions Paid	3,820
Common Class C [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	12
Distributions Paid	12
Series A Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	2,950
Distributions Paid	2,950
Series B Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	5,058
Distributions Paid	4,842
Series C Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,107
Distributions Paid	1,107
Series D Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,269
Distributions Paid	1,269
Operating Partnership Units [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,038
Distributions Paid	1,038
Long-term Incentive Plan Units [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	383
Distributions Paid	$ 262

Stockholders' Equity and Rede_7

Stockholders' Equity and Redeemable Preferred Stock (Details Textual) - USD ($)	Oct. 04, 2018	Jan. 31, 2019	Sep. 28, 2018	Jan. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Feb. 28, 2018	Aug. 08, 2016
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock					$ 8,000	$ 6,000
Stock Repurchased During Period, Value					$ 5,063,000	$ 4,204,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	80,798
Percentage Of Unvested Incentive Plan In Operating Partnership					4.48%
OP Unit holders [Member]
Class of Stock [Line Items]
Partners' Capital Account, Units					6,385,713
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest					20.16%
LTIP Unit holders [Member]
Class of Stock [Line Items]
Partners' Capital Account, Units					2,351,386
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest					7.42%
OP And LTIP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest					27.58%
OP [Member]
Class of Stock [Line Items]
Percentage Of Unvested Incentive Plan In Operating Partnership					4.48%
Common Class A [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues					764	665
Common Stock, Par or Stated Value Per Share					$ 0.01		$ 0.01
Preferred Stock, Value, Issued									$ 100,000,000
Redemption Of SeriesB Preferred Stock And Conversion Into Class Common Stock Shares					43,806	44,965
Stock Repurchase Program, Authorized Amount								$ 25,000,000
Stock Repurchased During Period, Shares					505,797	530,693
Stock Repurchased During Period, Value					$ 5,000	$ 5,000
Common Class A [Member] | Stock Offering [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					7,044,660
Redemption Of SeriesB Preferred Stock And Conversion Into Class Common Stock Shares					43,806
Stock Repurchased During Period, Value					$ 5,100,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues					352,233
Series B Preferred Stock [Member] | Stock Offering [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock					$ 317,000,000
Stock Issued During Period, Shares, New Issues					43,955
Proceeds from Issuance of Preferred Stock and Preference Stock					$ 39,600,000
Class of Warrant or Right, Outstanding					352,233
Preferred Stock Offering Commissions And Dealer Manager Fees					$ 4,400,000
Payments for Repurchase of Preferred Stock and Preference Stock					$ 78,650
Stock Repurchased During Period, Shares					457
Common Class C [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues					0	0
Common Stock, Par or Stated Value Per Share					$ 0.01		$ 0.01
Redemption Of SeriesB Preferred Stock And Conversion Into Class Common Stock Shares					0	0
Stock Repurchased During Period, Shares					0	0
Stock Repurchased During Period, Value					$ 0	$ 0
Common Class B [Member] | Stock Offering [Member]
Class of Stock [Line Items]
Redemption Of SeriesB Preferred Stock And Conversion Into Class Common Stock Shares					84
Long-term Incentive Plan Units [Member] | Time-based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation					$ 900,000	1,100,000
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] | Share-based Compensation Award, Tranche One [Member] | Time-based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation					$ 400,000	$ 100,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		196,023		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		294,031		160,192
Long-term Incentive Plan Units [Member] | Executive Officer [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	80,798
Incentive Plans 2014 [Member] | Long-term Incentive Plan Units [Member]
Class of Stock [Line Items]
Share-based Compensation	$ 30,000	$ 200,000		$ 200,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					2 years 10 months 24 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized					$ 9,400,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	3,165	6,836		6,263
Incentive Plans 2014 [Member] | Long-term Incentive Plan Units [Member] | Executive Officer [Member]
Class of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance				81,000
Incentive Plans 2014 [Member] | Long-term Incentive Plan Units [Member] | Common Class A [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			2,250,000

Subsequent Events (Details)

Subsequent Events (Details) - Dividend Declared [Member]	3 Months Ended
	Mar. 31, 2019$ / shares
May 3, 2019 [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Declaration Date	Apr. 12, 2019
Declaration of Dividends, Payable to stockholders of record as of	Apr. 25, 2019
Declaration of Dividends, Amount	$ 5
Declaration of Dividends, Date Paid	May 3, 2019
June 5, 2019 [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Declaration Date	Apr. 12, 2019
Declaration of Dividends, Payable to stockholders of record as of	May 24, 2019
Declaration of Dividends, Amount	$ 5
Declaration of Dividends, Date Paid	Jun. 5, 2019
July 5, 2019 [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Declaration Date	Apr. 12, 2019
Declaration of Dividends, Payable to stockholders of record as of	Jun. 25, 2019
Declaration of Dividends, Amount	$ 5
Declaration of Dividends, Date Paid	Jul. 5, 2019

Subsequent Events (Details 1)

Subsequent Events (Details 1) - USD ($) $ / shares in Units, $ in Thousands	Apr. 12, 2019	Mar. 31, 2019
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Total Distribution	$ 13,952
Subsequent Event [Member] | Long-term Incentive Plan Units One [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Mar. 8, 2019
Dividends, Record Date	Mar. 25, 2019
Dividends, Date paid	Apr. 5, 2019
Declaration of Dividends, Amount	$ 0.162500
Dividends, Total Distribution	$ 309
Common Class A [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		$ 0.162500
Common Class A [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Mar. 8, 2019
Dividends, Record Date	Mar. 25, 2019
Dividends, Date paid	Apr. 5, 2019
Declaration of Dividends, Amount	$ 0.162500
Dividends, Total Distribution	$ 3,727
Common Class C [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		$ 0.162500
Common Class C [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Mar. 8, 2019
Dividends, Record Date	Mar. 25, 2019
Dividends, Date paid	Apr. 5, 2019
Declaration of Dividends, Amount	$ 0.162500
Dividends, Total Distribution	$ 12
Series A Preferred Stock [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		$ 0.515625
Series A Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Mar. 8, 2019
Dividends, Record Date	Mar. 25, 2019
Dividends, Date paid	Apr. 5, 2019
Declaration of Dividends, Amount	$ 0.515625
Dividends, Total Distribution	$ 2,950
Series B Preferred Stock [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
Series B Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Jan. 11, 2019
Dividends, Record Date	Mar. 25, 2019
Dividends, Date paid	Apr. 5, 2019
Declaration of Dividends, Amount	$ 5
Dividends, Total Distribution	$ 1,747
Series C Preferred Stock [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
Series C Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Mar. 8, 2019
Dividends, Record Date	Mar. 25, 2019
Dividends, Date paid	Apr. 5, 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. 7, 2018
Dividends, Record Date		Dec. 24, 2018
Dividends, Date paid		Jan. 4, 2019
Declaration of Dividends, Amount		$ 0.4453125
Series D Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Mar. 8, 2019
Dividends, Record Date	Mar. 25, 2019
Dividends, Date paid	Apr. 5, 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	Mar. 8, 2019
Dividends, Record Date	Mar. 25, 2019
Dividends, Date paid	Apr. 5, 2019
Declaration of Dividends, Amount	$ 0.162500
Dividends, Total Distribution	$ 1,038
Series B Preferred Stock One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Declaration Date	Apr. 12, 2019
Dividends, Record Date	Apr. 25, 2019
Dividends, Date paid	May 3, 2019
Declaration of Dividends, Amount	$ 5
Dividends, Total Distribution	$ 1,793

Subsequent Events (Details Text

Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) $ in Millions	Apr. 12, 2019	Apr. 26, 2019
Alexan Southside Place Refinance [Member]
Construction Loan	$ 31.8
Debt Instrument, Description of Variable Rate Basis	The loans bear interest at a floating basis of the greater of LIBOR plus 1.50% or 3.99% on the senior loan, and the greater of LIBOR plus 6.00% or 8.49% on the mezzanine loan.
Alexan Southside Place Refinance [Member] | Senior Loans [Member]
Debt Instrument, Face Amount	$ 26.4
Initial Advance On Senior Loan	2.4
Total Loan Commitment	28.8
Alexan Southside Place Refinance [Member] | mezzanine loan [Member]
Debt Instrument, Face Amount	6.6
Initial Advance On Senior Loan	0.6
Total Loan Commitment	$ 7.2
Alexan CityCentre Refinance [Member]
Construction Loan		$ 55.1
Debt Instrument, Description of Variable Rate Basis		The loans bear interest at a floating basis of the greater of LIBOR plus 1.50% or 3.99% on the senior loan, and the greater of LIBOR plus 6.00% or 8.49% on the mezzanine loan.
Alexan CityCentre Refinance [Member] | Senior Loans [Member]
Debt Instrument, Face Amount		$ 46
Initial Advance On Senior Loan		2
Total Loan Commitment		48
Alexan CityCentre Refinance [Member] | mezzanine loan [Member]
Debt Instrument, Face Amount		11.5
Initial Advance On Senior Loan		0.5
Total Loan Commitment		$ 12