Bluerock Residential Growth REIT (BRG) 10-Q 7 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 01, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	Bluerock Residential Growth REIT, Inc.
Entity Current Reporting Status	Yes
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
Entity Shell Company	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		22,317,190
Common Class C [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		76,603

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Net Real Estate Investments
Land	$ 191,192	$ 200,385
Buildings and improvements	1,480,761	1,546,244
Furniture, fixtures and equipment	54,148	55,050
Construction in progress	155	989
Total Gross Real Estate Investments	1,726,256	1,802,668
Accumulated depreciation	(117,115)	(108,911)
Total Net Operating Real Estate Investments	1,609,141	1,693,757
Operating real estate held for sale, net	172,555
Total Net Real Estate Investments	1,781,696	1,693,757
Cash and cash equivalents	28,534	24,775
Restricted cash	26,615	27,469
Notes and accrued interest receivable from related parties	175,768	164,084
Due from affiliates	3,542	2,854
Accounts receivable, prepaids and other assets	16,582	14,395
Preferred equity investments and investments in unconsolidated real estate joint ventures	100,704	89,033
In-place lease intangible assets, net	1,786	1,768
Non-real estate assets associated with operating real estate held for sale	481
Total Assets	2,135,708	2,018,135
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Mortgages payable	1,142,635	1,206,136
Mortgages payable associated with operating real estate held for sale	137,394
Revolving credit facilities	101,300	82,209
Accounts payable	949	1,486
Other accrued liabilities	27,446	31,690
Due to affiliates	773	726
Distributions payable	12,527	12,073
Liabilities associated with operating real estate held for sale	3,024
Total Liabilities	1,426,048	1,334,320
Stockholders' Equity
Additional paid-in-capital	295,444	307,938
Distributions in excess of cumulative earnings	(248,988)	(218,531)
Total Stockholders' Equity	115,385	158,346
Noncontrolling Interests
Operating partnership units	15,405	27,613
Partially owned properties	24,986	28,984
Total Noncontrolling Interests	40,391	56,597
Total Equity	155,776	214,943
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY	2,135,708	2,018,135
Preferred Stock [Member]
Stockholders' Equity
Preferred Stock Value	0	0
Common Class A [Member]
Stockholders' Equity
Common Stock Value	223	233
Noncontrolling Interests
Total Equity	223	233
Cumulative Redeemable Preferred Stock | Series A [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	139,912	139,545
Cumulative Redeemable Preferred Stock | Series C [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	56,626	56,485
Cumulative Redeemable Preferred Stock | 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	357,346	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	6 Months Ended	12 Months Ended
	Jun. 30, 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 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
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	399,502	306,009
Temporary Equity, Shares Outstanding	399,502	306,009
Cumulative Redeemable Preferred Stock | 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 | Series D [Member]
Preferred Stock, Liquidation Preference 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	22,294,327	23,322,211
Common stock, shares outstanding	22,294,327	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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Rental and other property revenues	$ 46,464	$ 39,324	$ 92,153	$ 75,998
Interest income from related parties	5,973	5,635	11,749	10,830
Total revenues	52,437	44,959	103,902	86,828
Expenses
Property operating	18,868	16,874	37,470	32,533
Property management fees	1,235	1,074	2,451	2,067
General and administrative	5,046	4,528	10,674	9,197
Acquisition and pursuit costs	70	28	128	71
Weather-related losses, net	291	0	291	168
Depreciation and amortization	16,226	14,819	33,454	30,460
Total expenses	41,736	37,323	84,468	74,496
Operating income	10,701	7,636	19,434	12,332
Other income (expense)
Preferred returns on unconsolidated real estate joint ventures	2,492	2,626	4,781	5,088
Gain on sale of non-depreciable real estate investments	0	0	679	0
Loss on extinguishment of debt and debt modification costs	0	(653)	0	(653)
Interest expense, net	(15,125)	(13,041)	(31,191)	(23,158)
Total other expense	(12,633)	(11,068)	(25,731)	(18,723)
Net loss	(1,932)	(3,432)	(6,297)	(6,391)
Preferred stock dividends	(11,019)	(8,643)	(21,403)	(16,890)
Preferred stock accretion	(2,316)	(1,400)	(4,203)	(2,510)
Net loss income attributable to noncontrolling interests
Operating partnership units	(3,887)	(3,010)	(7,938)	(5,685)
Partially-owned properties	(390)	(253)	(882)	(468)
Net loss income attributable to noncontrolling interests	(4,277)	(3,263)	(8,820)	(6,153)
Net loss attributable to common stockholders	$ (10,990)	$ (10,212)	$ (23,083)	$ (19,638)
Net loss per common share - Basic	$ (0.50)	$ (0.44)	$ (1.03)	$ (0.83)
Net loss per common share - Diluted	$ (0.50)	$ (0.44)	$ (1.03)	$ (0.83)
Weighted average basic common shares outstanding	22,430,619	23,800,770	22,775,203	23,971,129
Weighted average diluted common shares outstanding	22,430,619	23,800,770	22,775,203	23,971,129

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Additional Paid-in Capital [Member]	Cumulative Distributions [Member]	Net Loss to Common Stockholders [Member]	Noncontrolling Interests [Member]	Common Class A [Member]	Common Class C [Member]	Series D Preferred Stock [Member]	Total
Balance at Dec. 31, 2017	$ 318,170,000	$ (134,817,000)	$ (29,469,000)	$ 63,346,000	$ 242,000	$ 1,000	$ 68,705,000	$ 286,178,000
Balance (in shares) at Dec. 31, 2017					24,218,359	76,603	2,850,602
Issuance of Class A common stock, net	17,000	0	0	0	$ 0	$ 0	$ 0	17,000
Issuance of Class A common stock, net (in shares)					1,984
Repurchase of Class A common stock	(5,156,000)	0	0	0	$ (6,000)	0	0	(5,162,000)
Repurchase of Class A common stock (in shares)					(637,733)
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation	0	0	0	190,000	$ 0	0	0	190,000
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation (in shares)					0
Issuance of LTIP units for compensation	0	0	0	2,522,000	$ 0	0	0	2,522,000
Issuance of LTIP units for compensation (in shares)					0
Issuance of LTIP units	0	0	0	1,342,000	$ 0	0	0	1,342,000
Issuance of Series B warrants	756,000	0	0	0	0	0	0	756,000
Contributions from noncontrolling interests, net	0	0	0	5,059,000	0	0	0	5,059,000
Common stock distribution declared	0	(3,796,000)	0	0	0	0	0	(3,796,000)
Series A Preferred Stock distributions declared	0	(5,900,000)	0	0	0	0	0	(5,900,000)
Series A Preferred Stock accretion	0	(336,000)	0	0	0	0	0	(336,000)
Series B Preferred Stock distributions declared	0	(6,237,000)	0	0	0	0	0	(6,237,000)
Series B Preferred Stock accretion	0	(2,044,000)	0	0	0	0	0	(2,044,000)
Series C Preferred Stock distributions declared	0	(2,214,000)	0	0	0	0	0	(2,214,000)
Series C Preferred Stock accretion	0	(130,000)	0	0	0	0	0	(130,000)
Series D Preferred Stock distributions declared	0	(2,539,000)	0	0	0	0	0	(2,539,000)
Distributions to operating partnership noncontrolling interests	0	0	0	(1,499,000)	0	0	0	(1,499,000)
Distributions to partially owned noncontrolling interests	0	0	0	(846,000)	0	0	0	(846,000)
Redemption of Series B Preferred Stock and conversion into Class A common stock	763,000	0	0	0	$ 1,000	$ 0	$ 0	764,000
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					76,381	0	0
Cash redemption of Series B Preferred Stock	5,000	0	0	0	$ 0	$ 0	$ 0	5,000
Transfer of noncontrolling interest to controlling interest	0	0	0	(1,384,000)	0	0	0	(1,384,000)
Acquisition of noncontrolling interest	(7,705,000)	0	0	0	0	0	0	(7,705,000)
Adjustment for noncontrolling interest ownership in Operating Partnership	3,745,000	0	0	(3,745,000)	0	0	0	0
Net income (loss)	0	0	(238,000)	(6,153,000)	0	0	0	(6,391,000)
Balance at Jun. 30, 2018	310,595,000	(158,013,000)	(29,707,000)	58,832,000	$ 237,000	$ 1,000	$ 68,705,000	250,650,000
Balance (in shares) at Jun. 30, 2018					23,658,991	76,603	2,850,602
Balance at Mar. 31, 2018	315,833,000	(144,098,000)	(29,534,000)	64,021,000	$ 237,000	$ 1,000	$ 68,705,000	275,165,000
Balance (in shares) at Mar. 31, 2018					23,733,296	76,603	2,850,602
Issuance of Class A common stock, net	11,000	0	0	0	$ 0	$ 0	$ 0	11,000
Issuance of Class A common stock, net (in shares)					1,319	0	0
Repurchase of Class A common stock	(957,000)	0	0	0	$ (1,000)	$ 0	$ 0	(958,000)
Repurchase of Class A common stock (in shares)					(107,040)	0	0
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation	0	0	0	1,282,000	$ 0	$ 0	$ 0	1,282,000
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation (in shares)					0	0	0
Issuance of LTIP units for compensation	0	0	0	349,000	$ 0	$ 0	$ 0	349,000
Issuance of LTIP units for compensation (in shares)					0	0	0
Issuance of Series B warrants	528,000	0	0	0	$ 0	$ 0	$ 0	528,000
Contributions from noncontrolling interests, net	0	0	0	2,108,000	0	0	0	2,108,000
Common stock distribution declared adjustment	0	(3,875,000)	0	0	0	0	0	(3,875,000)
Series A Preferred Stock distributions declared	0	(2,950,000)	0	0	0	0	0	(2,950,000)
Series A Preferred Stock accretion	0	(198,000)	0	0	0	0	0	(198,000)
Series B Preferred Stock distributions declared	0	(3,317,000)	0	0	0	0	0	(3,317,000)
Series B Preferred Stock accretion	0	(1,126,000)	0	0	0	0	0	(1,126,000)
Series C Preferred Stock distributions declared	0	(1,107,000)	0	0	0	0	0	(1,107,000)
Series C Preferred Stock accretion	0	(76,000)	0	0	0	0	0	(76,000)
Series D Preferred Stock distributions declared	0	(1,269,000)	0	0	0	0	0	(1,269,000)
Distributions to operating partnership noncontrolling interests	0	0	0	(1,324,000)	0	0	0	(1,324,000)
Distributions to partially owned noncontrolling interests	0	0	0	(356,000)	0	0	0	(356,000)
Redemption of Series B Preferred Stock and conversion into Class A common stock	281,000	0	0	0	$ 1,000	$ 0	$ 0	282,000
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					31,416	0	0
Cash redemption of Series B Preferred Stock	3,000	0	0	0	$ 0	$ 0	$ 0	3,000
Transfer of noncontrolling interest to controlling interest	0	0	0	(1,384,000)	0	0	0	(1,384,000)
Acquisition of noncontrolling interest	(7,705,000)	0	0	0	0	0	0	(7,705,000)
Adjustment for noncontrolling interest ownership in Operating Partnership	2,601,000	0	0	(2,601,000)	0	0	0	0
Other	0	3,000	(4,000)	0	0	0	0	(1,000)
Net income (loss)	0	0	(169,000)	(3,263,000)	0	0	0	(3,432,000)
Balance at Jun. 30, 2018	310,595,000	(158,013,000)	(29,707,000)	58,832,000	$ 237,000	$ 1,000	$ 68,705,000	250,650,000
Balance (in shares) at Jun. 30, 2018					23,658,991	76,603	2,850,602
Balance at Dec. 31, 2018	307,938,000	(187,910,000)	(30,621,000)	56,597,000	$ 233,000	$ 1,000	$ 68,705,000	214,943,000
Balance (in shares) at Dec. 31, 2018					23,322,211	76,603	2,850,602
Issuance of Class A common stock, net	15,000	0	0	0	$ 0	$ 0	$ 0	15,000
Issuance of Class A common stock, net (in shares)					1,445
Issuance of Class A common stock due to Series B warrant exercise	41,000	0	0	0	$ 1,000	0	0	42,000
Issuance of Class A common stock due to Series B warrant exercise (in shares)					3,880
Repurchase of Class A common stock	(13,391,000)	0	0	0	$ (13,000)	0	0	$ (13,404,000)
Repurchase of Class A common stock (in shares)					(1,255,445)			(1,255,445)
Issuance of restricted Class A common stock	147,000	0	0	0	$ 1,000	0	0	$ 148,000
Issuance of restricted Class A common stock (in shares)					90,694
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation	0	0	0	247,000	$ 0	0	0	247,000
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation (in shares)					0
Issuance of LTIP units for compensation	0	0	0	2,610,000	$ 0	0	0	2,610,000
Issuance of LTIP units for compensation (in shares)					0
Issuance of LTIP units for expense reimbursements	0	0	0	799,000	$ 0	0	0	799,000
Issuance of Series B warrants	1,865,000	0	0	0	0	0	0	1,865,000
Common stock distribution declared	0	(7,374,000)	0	0	0	0	0	(7,374,000)
Series A Preferred Stock distributions declared	0	(5,900,000)	0	0	0	0	0	(5,900,000)
Series A Preferred Stock accretion	0	(367,000)	0	0	0	0	0	(367,000)
Series B Preferred Stock distributions declared	0	(10,751,000)	0	0	0	0	0	(10,751,000)
Series B Preferred Stock accretion	0	(3,695,000)	0	0	0	0	0	(3,695,000)
Series C Preferred Stock distributions declared	0	(2,214,000)	0	0	0	0	0	(2,214,000)
Series C Preferred Stock accretion	0	(141,000)	0	0	0	0	0	(141,000)
Series D Preferred Stock distributions declared	0	(2,538,000)	0	0	0	0	0	(2,538,000)
Miscellaneous offering costs	(222,000)	0	0	0	0	0	0	(222,000)
Distributions to operating partnership noncontrolling interests	0	0	0	(2,851,000)	0	0	0	(2,851,000)
Distributions to partially owned noncontrolling interests	0	0	0	(726,000)	0	0	0	(726,000)
Redemption of Operating Partnership units	(15,000)	0	0	(10,000)	0	0	0	(25,000)
Redemption of Series B Preferred Stock and conversion into Class A common stock	1,522,000	0	0	0	$ 1,000	0	0	1,523,000
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					131,542
Cash redemption of Series B Preferred Stock	6,000	0	0	0	$ 0	0	0	6,000
Series B warrant exercise, net	(26,000)	0	0	0	0	0	0	(26,000)
Acquisition of noncontrolling interest	(7,501,000)	0	0	(2,390,000)	0	0	0	(9,891,000)
Adjustment for noncontrolling interest ownership in Operating Partnership	5,065,000	0	0	(5,065,000)	0	0	0	0
Net income (loss)	0	0	2,523,000	(8,820,000)	0	0	0	(6,297,000)
Balance at Jun. 30, 2019	295,444,000	(220,890,000)	(28,098,000)	40,391,000	$ 223,000	$ 1,000	$ 68,705,000	155,776,000
Balance (in shares) at Jun. 30, 2019					22,294,327	76,603	2,850,602
Balance at Mar. 31, 2019	300,407,000	(203,920,000)	(30,443,000)	47,992,000	$ 228,000	$ 1,000	$ 68,705,000	182,970,000
Balance (in shares) at Mar. 31, 2019					22,861,084	76,603	2,850,602
Issuance of Class A common stock, net	8,000	0	0	0	$ 0	$ 0	$ 0	8,000
Issuance of Class A common stock, net (in shares)					681	0	0
Issuance of Class A common stock due to Series B warrant exercise	40,000	0	0	0	$ 1,000	$ 0	$ 0	41,000
Issuance of Class A common stock due to Series B warrant exercise (in shares)					3,780	0	0
Repurchase of Class A common stock	(8,333,000)	0	0	0	$ (8,000)	$ 0	$ 0	(8,341,000)
Repurchase of Class A common stock (in shares)					(749,648)	0	0
Issuance of restricted Class A common stock	147,000	0	0	0	$ 1,000	$ 0	$ 0	148,000
Issuance of restricted Class A common stock (in shares)					90,694
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation	0	0	0	1,312,000	$ 0	$ 0	$ 0	1,312,000
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation (in shares)					0	0	0
Issuance of LTIP units for expense reimbursements	0	0	0	407,000	$ 0	$ 0	$ 0	407,000
Issuance of Series B warrants	1,030,000	0	0	0	0	0	0	1,030,000
Common stock distribution declared	0	(3,635,000)	0	0	0	0	0	(3,635,000)
Series A Preferred Stock distributions declared	0	(2,950,000)	0	0	0	0	0	(2,950,000)
Series A Preferred Stock accretion	0	(214,000)	0	0	0	0	0	(214,000)
Series B Preferred Stock distributions declared	0	(5,693,000)	0	0	0	0	0	(5,693,000)
Series B Preferred Stock accretion	0	(2,021,000)	0	0	0	0	0	(2,021,000)
Series C Preferred Stock distributions declared	0	(1,107,000)	0	0	0	0	0	(1,107,000)
Series C Preferred Stock accretion	0	(81,000)	0	0	0	0	0	(81,000)
Series D Preferred Stock distributions declared	0	(1,269,000)	0	0	0	0	0	(1,269,000)
Distributions to operating partnership noncontrolling interests	0	0	0	(1,430,000)	0	0	0	(1,430,000)
Distributions to partially owned noncontrolling interests	0	0	0	(493,000)	0	0	0	(493,000)
Redemption of Operating Partnership units	(9,000)	0	0	(5,000)	0	0	0	(14,000)
Redemption of Series B Preferred Stock and conversion into Class A common stock	1,065,000	0	0	0	$ 1,000	$ 0	$ 0	1,066,000
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					87,736	0	0
Cash redemption of Series B Preferred Stock	1,000	0	0	0	$ 0	$ 0	$ 0	1,000
Series B warrant exercise, net	(26,000)	0	0	0	0	0	0	(26,000)
Acquisition of noncontrolling interest	(1,021,000)	0	0	(980,000)	0	0	0	(2,001,000)
Adjustment for noncontrolling interest ownership in Operating Partnership	2,135,000	0	0	(2,135,000)	0	0	0	0
Net income (loss)	0	0	2,345,000	(4,277,000)	0	0	0	(1,932,000)
Balance at Jun. 30, 2019	$ 295,444,000	$ (220,890,000)	$ (28,098,000)	$ 40,391,000	$ 223,000	$ 1,000	$ 68,705,000	$ 155,776,000
Balance (in shares) at Jun. 30, 2019					22,294,327	76,603	2,850,602

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
Net loss	$ (6,297)	$ (6,391)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	35,282	32,755
Amortization of fair value adjustments	(216)	(218)
Preferred returns on unconsolidated real estate joint ventures	(4,781)	(5,088)
Gain on sale of non-depreciable real estate investments	(679)	0
Fair value adjustment of interest rate caps	2,365	0
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures	4,101	4,558
Share-based compensation attributable to equity incentive plan	2,857	2,712
Share-based compensation to employees - Restricted Stock Grants	148	0
Share-based compensation to former Manager - LTIP Units	0	993
Share-based expense reimbursements to BRE - LTIP Units	799	349
Changes in operating assets and liabilities:
Due from affiliates, net	(7)	(1,837)
Accounts receivable, prepaids and other assets	(5,971)	(4,076)
Accounts payable and other accrued liabilities	(548)	4,057
Net cash provided by operating activities	27,053	27,814
Cash flows from investing activities:
Acquisitions of real estate investments	(111,562)	(144,580)
Capital expenditures	(11,132)	(9,508)
Investment in notes receivable from related parties	(11,638)	(20,994)
Proceeds from sale of real estate investments	952	0
Purchase of interests from noncontrolling interests	(9,891)	(9,089)
Investment in unconsolidated real estate joint venture interests	(11,669)	(5,916)
Net cash used in investing activities	(154,940)	(190,087)
Cash flows from financing activities:
Distributions to common stockholders	(7,570)	(6,218)
Distributions to noncontrolling interests	(3,393)	(2,780)
Distributions to preferred stockholders	(20,937)	(16,630)
Contributions from noncontrolling interests	0	5,059
Borrowings on mortgages payable	77,212	207,097
Repayments on mortgages payable	(3,402)	(68,746)
Proceeds from revolving credit facilities	72,500	135,995
Repayments on revolving credit facilities	(53,407)	(135,456)
Payments of deferred financing fees	(789)	(4,924)
Miscellaneous offering costs	(222)	0
Net proceeds from issuance of Class A common stock	15	17
Repurchase of Class A common stock	(13,404)	(5,162)
Payments to redeem Operating Partnership Units	(25)	0
Net cash provided by financing activities	130,792	152,869
Net decrease in cash, cash equivalents and restricted cash	2,905	(9,404)
Cash, cash equivalents and restricted cash, beginning of year	52,244	64,590
Cash, cash equivalents and restricted cash, end of period	55,149	55,186
Supplemental disclosure of cash flow information
Cash paid for interest (net of interest capitalized)	27,423	20,517
Supplemental disclosure of non-cash investing and financing activities
Distributions payable - declared and unpaid	12,527	11,690
Capital expenditures held in accounts payable and other accrued liabilities	(1,207)	0
Series B Preferred Stock [Member]
Cash flows from financing activities:
Net proceeds from issuance of 6.0% Series B Redeemable Preferred Stock	82,408	43,912
Net proceeds from issuance of Warrants associated with the Series B Redeemable Preferred Stock	1,865	756
Net proceeds from exercise of Warrants associated with the Series B Redeemable Preferred Stock	21	0
Payments to redeem 6.0% Series B Redeemable Preferred Stock	$ (80)	$ (51)

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2019
Organization and Nature of Business
Organization and Nature of Business	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 June 30, 2019, the Company held investments in fifty real estate properties, consisting of thirty-five 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 fifty properties contain an aggregate of 15,251 units, comprised of 11,820 consolidated operating units and 3,431 units through preferred equity and mezzanine loan investments. As of June 30, 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	6 Months Ended
	Jun. 30, 2019
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Summary of Significant Accounting Policies	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 June 30, 2019, limited partners other than the Company owned approximately 28.23% of the common units of the Operating Partnership (20.48% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 7.75% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 4.64% which are not vested at June 30, 2019). 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 in which 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 below. To facilitate comparability, the Company has reclassified lease and non-lease income for prior periods to conform to the current period presentation. Summary of Significant Accounting Policies Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company first analyzes 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 June 30, 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 floating interest rates rise above the strike rate of the caps. The floating 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 and H

Sale of Real Estate Asset and Held for Sale Properties	6 Months Ended
	Jun. 30, 2019
Sale of Real Estate Asset and Held for Sale Properties
Sale of Real Estate Asset and Held for Sale Properties	Note 3 – Sale of Real Estate Asset and Held for Sale Properties 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 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for closing costs and fees, the sale of the parcel generated net proceeds of approximately $1.0 million, resulting in a gain on sale of approximately $0.7 million. Held for sale The Company has entered into three separate purchase and sales agreements, and three separate amendments thereto, for the sale of ARIUM Palms, Leigh House, Preston View, Sorrel and Sovereign (the “Topaz Portfolio”) at an amount more than their carrying values and has classified the properties as held for sale as of June 30, 2019. Please refer to Note 15 for further information.

Investments in Real Estate

Investments in Real Estate	6 Months Ended
	Jun. 30, 2019
Investments in Real Estate
Investments in Real Estate	Note 4 – Investments in Real Estate As of June 30, 2019, the Company held investments in thirty-five 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 Citycentre Number of Date Built / Ownership Multifamily Community Name Location Units Renovated (1) Interest ARIUM at Palmer Ranch Sarasota, FL 320 100.0 % ARIUM Glenridge Atlanta, GA 480 90.0 % ARIUM Grandewood Orlando, FL 306 100.0 % ARIUM Gulfshore Naples, FL 368 100.0 % ARIUM Hunter’s Creek Orlando, FL 532 100.0 % ARIUM Metrowest Orlando, FL 510 100.0 % ARIUM Palms Orlando, FL 252 100.0 % ARIUM Pine Lakes Port St. Lucie, FL 320 100.0 % ARIUM Westside Atlanta, GA 336 90.0 % Ashford Belmar Lakewood, CO 512 1988/1993 85.0 % Ashton Reserve Charlotte, NC 473 100.0 % Citrus Tower Orlando, FL 336 96.8 % Element Las Vegas,NV 200 100.0 % Enders Place at Baldwin Park Orlando, FL 220 92.0 % James at South First Austin, TX 250 90.0 % Marquis at Crown Ridge San Antonio, TX 352 90.0 % Marquis at Stone Oak San Antonio, TX 335 90.0 % Marquis at The Cascades Tyler, TX 582 90.0 % Marquis at TPC San Antonio, TX 139 90.0 % Outlook at Greystone Birmingham, AL 300 100.0 % Park & Kingston Charlotte, NC 168 100.0 % Plantation Park Lake Jackson, TX 238 80.0 % Preston View Morrisville, NC 382 100.0 % Providence Trail Mount Juliet, TN 334 100.0 % Roswell City Walk Roswell, GA 320 98.0 % Sands Parc Daytona Beach, FL 264 100.0 % Sorrel Frisco, TX 352 100.0 % Sovereign Fort Worth, TX 322 100.0 % The Brodie Austin, TX 324 92.5 % The Links at Plum Creek Castle Rock, CO 264 88.0 % The Mills Greenville, SC 304 100.0 % The Preserve at Henderson Beach Destin, FL 340 100.0 % Veranda at Centerfield Houston, TX 400 93.0 % Villages of Cypress Creek Houston, TX 384 80.0 % Wesley Village Charlotte, NC 301 100.0 % Total 11,820 (1) Represents date of last significant renovation or year built if there were no renovations. Depreciation expense was $15.8 million and $13.0 million, and $31.6 million and $25.1 million for the three and six months ended June 30, 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 $0.4 million and $1.8 million, and $1.9 million and $5.4 million for the three and six months ended June 30, 2019 and 2018, respectively. Preferred Equity and Mezzanine Loan Investments Actual / Actual / Actual / Estimated Estimated Planned Initial Construction Multifamily Community Name Location Number of Units Occupancy 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 2Q 2020 4Q 2020 Riverside Apartments Austin, TX 222 4Q 2020 1Q 2021 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	6 Months Ended
	Jun. 30, 2019
Acquisition of Real Estate
Acquisition of Real Estate	Note 5 – Acquisition of Real Estate The following describes the Company’s significant acquisition activity and related new financing during the six months ended June 30, 2019 (dollars in thousands): Property Location Date Interest Price Mortgage Element Las Vegas, NV June 27, 2019 100.0 % $ 41,750 $ 29,260 Providence Trail Mount Juliet, TN June 27, 2019 100.0 % 68,500 47,950 Purchase Price Allocation The real estate acquisitions above have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets based on their estimated fair values at the dates of acquisition. The following table summarizes the assets acquired at the acquisition date for acquisitions made during the six months ended June 30, 2019 (amounts in thousands): Purchase Price Allocation Land $ 13,418 Building 74,898 Building improvements 2,936 Land improvements 16,693 Furniture and fixtures 1,908 In-place leases 1,709 Total assets acquired $ 111,562 Acquisition of Additional Interests in Properties In addition to the property acquisitions discussed above, the Company also acquired the noncontrolling partner’s interest in the following properties (dollars in thousands): Property Date Amount Previous Interest New Interest ARIUM Pine Lakes January 29, 2019 $ 7,769 85.0 % 100.0 % Sorrel June 25, 2019 95.0 % 100.0 % Sovereign June 25, 2019 95.0 % 100.0 %

Notes and Interest Receivable d

Notes and Interest Receivable due from Related Parties	6 Months Ended
	Jun. 30, 2019
Notes and Interest Receivable due from Related Parties
Notes and Interest Receivable due from Related Parties	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 June 30, 2019 and December 31, 2018 (amounts in thousands): June 30, December 31, Property 2019 2018 Arlo $ 24,883 $ 24,893 Cade Boca Raton 12,894 11,854 Domain at The One Forty 22,370 20,536 Flagler Village 75,409 75,436 Novel Perimeter 20,859 20,867 The Park at Chapel Hill 8,570 — Vickers Historic Roswell 10,783 10,498 Total $ 175,768 $ 164,084 Following is a summary of the interest income from related parties for the three and six months ended June 30, 2019 and 2018 (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, Property 2019 2018 2019 2018 Arlo $ 919 $ 919 $ 1,828 $ 1,829 Cade Boca Raton 467 420 904 835 Domain at The One Forty 805 758 1,557 1,508 Flagler Village 2,400 2,400 4,773 4,395 Novel Perimeter 771 771 1,533 1,533 The Park at Chapel Hill 212 — 368 — Vickers Historic Roswell 399 367 786 730 Total $ 5,973 $ 5,635 $ 11,749 $ 10,830 The occupancy percentages of the Company’s related party properties at June 30, 2019 and December 31, 2018 are as follows: June 30, December 31, Property 2019 2018 Arlo 81 % 37 % Cade Boca Raton 66 % 8 % Domain at The One Forty 68 % 34 % Flagler Village — (1) — (1) Novel Perimeter 52 % 22 % The Park at Chapel Hill (2) — Vickers Historic Roswell 66 % 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, LLC (“BR Boca JV Member”) to $14.0 million, of which $12.7 million has been funded as of June 30, 2019. The increase in the mezzanine loan will provide funding for additional capital calls, including amounts to be contributed on behalf of Bluerock Special Opportunity + Income Fund II, LLC (“Fund II”). 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. The loan matures on the earliest to occur of: (i) the latest to occur of (a) March 11, 2022 and (b) the applicable maturity date under any extension granted under any construction financing, or (ii) the date of sale or transfer of property, or (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. On June 26, 2019, the Cade Boca Raton property owner, which is owned by an entity in which the Company owns an indirect interest, extended its construction loan made by an unaffiliated party such that the extended maturity date is December 31, 2019, changed from the original maturity date of June 29, 2019. The loan's two one-year extension options remain, subject to certain conditions including a debt service coverage, stabilized occupancy and payment of an extension fee. As the loan matures at year-end, the Cade Boca Raton property owner is engaged in discussions to refinance or replace the loan. Domain at The One Forty Mezzanine Financing On March 11, 2019, the Company, through BRG Domain Phase 1, LLC, (i) increased its mezzanine loan commitment to BR Member Domain Phase 1, LLC (“BR Domain 1 JV Member”) to $24.5 million, of which $22.1 million has been funded as of June 30, 2019, and (ii) entered into an amended operating agreement for BR Domain 1 JV Member with Fund II, which admits BRG Domain Phase 1 Profit Share, LLC (“BRG Domain 1 PS”), a wholly-owned subsidiary of the Company, as an additional member of BR Domain 1 JV Member. As part of the amended agreement, the Company agreed to (i) terminate its option to purchase up to a 100% common membership interest in BR Domain 1 JV Member, and (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. 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 their respective capital contributions. The loan matures on the earliest to occur of: (i) the latest to occur of (a) March 11, 2022 and (b) the applicable maturity date under any extension granted under any construction financing, or (ii) the date of sale or transfer of property, or (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. The Park at Chapel Hill Financing On January 23, 2019, the Company, through BRG Chapel Hill Lender, LLC (“BRG Chapel Hill Lender”), an indirect subsidiary, provided a $7.8 million senior loan (the “BRG Chapel Hill Loan”) to BR Chapel Hill, LLC (“BR Chapel Hill”). BR Chapel Hill JV, LLC (“BR Chapel Hill JV”) owns a 100.0% interest in BR Chapel Hill and is a joint venture with common interests held by 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 and (b) the applicable maturity date under any extension granted under any construction financing, or (ii) the date of sale or transfer of property, or (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 Roswell, LLC, increased its mezzanine loan commitment to BR Vickers Roswell JV Member, LLC (“BR Vickers JV Member”) to $11.8 million, of which $10.7 million has been funded as of June 30, 2019. The increase in the mezzanine loan will provide funding for additional capital calls, including amounts to be contributed on behalf of Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”). 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.The loan matures on the earliest to occur of: (i) the latest to occur of (a) February 26, 2022 and (b) the applicable maturity date under any extension granted under any construction financing, or (ii) the date of sale or transfer of property, or (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.

Preferred Equity Investments an

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures	6 Months Ended
	Jun. 30, 2019
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures	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 June 30, 2019 and December 31, 2018 is summarized in the table below (amounts in thousands): June 30, December 31, Property 2019 2018 Alexan CityCentre $ 12,788 $ 11,205 Alexan Southside Place 24,041 22,801 Arlo 14 14 Cade Boca Raton 7 7 Domain at The One Forty 13 12 Flagler Village 44 44 Helios 19,189 19,189 Leigh House 14,174 13,319 North Creek Apartments 10,210 5,892 Novel Perimeter 12 12 Riverside Apartments 7,274 3,600 Vickers Historic Roswell 6 6 Wayforth at Concord — — Whetstone Apartments 12,932 12,932 Total $ 100,704 $ 89,033 As of June 30, 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 equity 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 and six months ended June 30, 2019 and 2018 are summarized below (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, Property 2019 2018 2019 2018 Alexan CityCentre $ 497 $ 402 $ 982 $ 785 Alexan Southside Place 390 885 773 1,687 Helios 335 644 666 1,249 Leigh House 558 462 1,082 903 North Creek Apartments 288 — 510 — Riverside Apartments 191 — 304 — Wayforth at Concord — — — — Whetstone Apartments 233 233 464 464 Preferred returns on unconsolidated joint ventures $ 2,492 $ 2,626 $ 4,781 $ 5,088 The occupancy percentages of the Company’s unconsolidated real estate joint ventures at June 30, 2019 and December 31, 2018 are as follows: June 30, December 31, Property 2019 2018 Alexan CityCentre 93 % 93 % Alexan Southside Place 98 % 85 % Helios 94 % 90 % Leigh House 93 % 90 % North Creek Apartments — (1) — (1) Riverside Apartments — (1) — (1) Wayforth at Concord — (1) — (1) Whetstone Apartments 96 % 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 June 30, 2019 and December 31, 2018 and for the three and six months ended June 30, 2019 and 2018, is as follows (amounts in thousands): June 30, December 31, 2019 2018 Balance Sheets: Real estate, net of depreciation $ 620,236 $ 577,624 Other assets 52,312 45,324 Total assets $ 672,548 $ 622,948 Mortgages payable $ 523,392 $ 480,903 Other liabilities 37,632 21,250 Total liabilities $ 561,024 $ 502,153 Members’ equity 111,524 120,795 Total liabilities and members’ equity $ 672,548 $ 622,948 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Operating Statement: Rental revenues $ 8,924 $ 4,217 $ 16,724 $ 7,591 Operating expenses (5,494) (3,461) (10,628) (6,247) Income before debt service and depreciation and amortization 3,430 756 6,096 1,344 Interest expense, net (8,243) (1,808) (15,476) (3,359) Depreciation and amortization (4,146) (2,194) (8,133) (4,130) Net loss $ (8,959) $ (3,246) $ (17,513) $ (6,145) 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. Alexan Southside Place Interests / Refinance 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. BR Bellaire BLVD 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 June 30, 2019. 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. 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. 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. The preferred return is being accrued, except for a $0.1 million payment received in March 2019. The accrued preferred return of $2.5 million and $2.2 million as of June 30, 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	6 Months Ended
	Jun. 30, 2019
Revolving credit facilities
Revolving credit facilities	Note 8 – Revolving credit facilities The outstanding balances on the revolving credit facilities as of June 30, 2019 and December 31, 2018 are as follows (amounts in thousands): June 30, December 31, Revolving Credit Facilities 2019 2018 Senior Credit Facility $ 68,800 $ 67,709 Amended Junior Credit Facility Revolver loan 21,000 14,500 Term loan 11,500 — Total Amended Junior Credit Facility 32,500 14,500 Total Credit Facilities $ 101,300 $ 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 other lenders. The Senior Credit Facility provides for a loan commitment 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 and contains a one-year extension option, subject to certain conditions and the payment of an extension fee. Borrowings under the Senior Credit Facility bear interest, at the Company’s option, at LIBOR plus 1.80% to 2.45%, or the base rate plus 0.80% to 1.45%, depending on the Company’s leverage ratio. The weighted average interest rate was 4.76% at June 30, 2019. The Company pays an unused fee at an annual rate of 0.20% to 0.25% of the unused portion of the Senior Credit Facility, depending on the amount of borrowings outstanding. The Senior Credit Facility contains certain financial and operating covenants, including a maximum leverage ratio, minimum liquidity, minimum debt service coverage ratio, and minimum tangible net worth. At June 30, 2019, the Company was in compliance with all covenants under the Senior Credit Facility. The Company has guaranteed the obligations under the Senior Credit Facility and provided certain properties as collateral. Amended Junior Credit Facility On March 20, 2018, the Company, through a subsidiary of its Operating Partnership, entered into a credit agreement (the “Junior Credit Facility”) with KeyBank and other lenders. The Junior Credit Facility provided for a maximum loan commitment amount of $50 million. The Junior Credit Facility had a maturity date of March 20, 2019. Borrowings under the Junior Credit Facility bore interest, at the Company’s option, at LIBOR plus 4.0%, or the base rate plus 3.0%. The Company paid an unused fee at an annual rate of 0.35% to 0.40% of the unused portion of the Junior Credit Facility, depending on the amount of borrowings outstanding. On December 21, 2018, the Company, through a subsidiary of its Operating Partnership, entered into an amended and restated, 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 thereunder bearing interest, at the Company’s option, at LIBOR plus 3.5%, or the base rate plus 2.5%. The weighted average interest rate of the revolving loan facility was 5.92% at June 30, 2019. The Company pays an unused fee at an annual rate of 0.35% to 0.40% of the unused portion of the revolving loan facility, depending on the amount of borrowings outstanding. The term loan facility matures on September 30, 2019 or sooner based on certain events, with borrowings thereunder bearing interest, at the Company's option, at LIBOR plus 3.5%, or the base rate plus 2.5%. The interest rate of the term loan facility was 5.94% at June 30, 2019. The Amended Junior Credit Facility contains certain financial and operating covenants, including a maximum leverage ratio, minimum liquidity, minimum debt service coverage ratio, minimum tangible net worth and minimum equity raise and collateral values. As it matures in 2019, the Company is engaged in discussions to amend and extend the Amended Junior Credit Facility. At June 30, 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 facilities at June 30, 2019 is based on the collateral and compliance with various ratios related to those assets and was approximately $29.9 million.

Mortgages Payable

Mortgages Payable	6 Months Ended
	Jun. 30, 2019
Mortgages Payable
Mortgages Payable	Note 9 – Mortgages Payable The following table summarizes certain information as of June 30, 2019 and December 31, 2018, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of June 30, 2019 June 30, December 31, Interest-only Property 2019 2018 Interest Rate 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 30,607 30,878 4.67 % (2) December 1, 2025 Citrus Tower 41,438 41,438 4.07 % October 2019 October 1, 2024 Element 29,260 — 3.63 % July 2022 July 1,2026 Enders Place at Baldwin Park (3) 23,581 23,822 4.30 % (2) November 1, 2022 James on South First 26,323 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 Providence Trail 47,950 — 3.54 % July 2021 July 1, 2026 Roswell City Walk 51,000 51,000 3.63 % December 2019 December 1, 2026 Sovereign — 28,227 The Brodie 34,513 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 26,050 26,298 4.21 % (2) January 1, 2025 The Preserve at Henderson Beach 35,235 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 40,438 40,545 4.25 % (2) April 1, 2024 Total Fixed Rate 897,446 850,186 Floating Rate (6) : ARIUM Glenridge 49,500 49,500 3.76 % September 2021 September 1, 2025 ARIUM Grandewood (1) 19,672 19,672 3.83 % July 2020 July 1, 2025 ARIUM Palms — 30,320 Ashton Reserve II 15,213 15,213 3.93 % August 2022 August 1, 2025 Marquis at Crown Ridge 28,342 28,634 4.04 % (2) June 1, 2024 (7) Marquis at Stone Oak 42,326 42,725 4.04 % (2) June 1, 2024 (7) Marquis at The Cascades I 32,592 32,899 4.04 % (2) June 1, 2024 (7) Marquis at The Cascades II 22,745 22,960 4.04 % (2) June 1, 2024 (7) Marquis at TPC 16,647 16,826 4.04 % (2) June 1, 2024 (7) Preston View — 41,657 Sorrel — 38,684 Veranda at Centerfield 26,100 26,100 3.69 % July 2021 July 26, 2023 (5) Total Floating Rate 253,137 365,190 Total 1,150,583 1,215,376 Fair value adjustments 1,987 2,204 Deferred financing costs, net (9,935) (11,444) Total continuing operations $ 1,142,635 $ 1,206,136 Held for Sale: ARIUM Palms (6) — % September 2020 September 1, 2025 Preston View (6) — % August 2022 August 1, 2025 Sorrel (6) — % November 2019 May 1, 2023 Sovereign — % (2) November 10, 2022 Deferred financing costs, net (1,206) — Total held for sale — Total mortgages payable $ $ (1) ARIUM Grandewood has a fixed rate loan and a floating rate loan. (2) The loan requires monthly payments of principal and interest. (3) The principal balance includes a $16.0 million loan at a fixed rate of 3.97% and a $7.6 million supplemental loan at a fixed rate of 5.01%. (4) The principal balance includes a $15.3 million loan at a fixed rate of 3.21% and a $3.2 million supplemental loan at a fixed rate of 4.34%. (5) The loan has two one-year extension options subject to certain conditions. (6) All the Company’s floating rate mortgages bear interest at one-month LIBOR + margin. In June 2019, one-month LIBOR in effect was 2.43%. LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information. (7) The loan can be extended, subject to certain conditions, in connection with an election to convert to a fixed interest rate loan. Deferred financing costs Costs incurred in obtaining long-term financing are amortized on a straight-line basis to interest expense over the terms of the related financing agreements, as applicable, which approximates the effective interest method. 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 June 30, 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 floating 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 June 30, 2019, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2019 (July 1–December 31) $ 3,960 2020 30,739 2021 16,241 2022 92,556 2023 222,696 Thereafter 922,991 $ 1,289,183 Add: Unamortized fair value debt adjustment 1,987 Subtract: Deferred financing costs, net (11,141) Total $ 1,280,029 The net book value of real estate assets providing collateral for these above borrowings, including the Senior Credit Facility, Amended Junior Credit Facility and Fannie Facility, was $1,781.5 million as of June 30, 2019. 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	6 Months Ended
	Jun. 30, 2019
Fair Value of Financial Instruments
Fair Value of Financial Instruments	Note 10 – Fair Value of Financial Instruments As of June 30, 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 $1,305.2 million and $1,205.0 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $1,291.2 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	6 Months Ended
	Jun. 30, 2019
Derivative Financial Instruments
Derivative Financial Instruments	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 June 30, 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 floating interest rate for $413.8 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 June 30, 2019 and December 31, 2018 (amounts in thousands): Derivatives not designated as hedging instruments under ASC 815-20 Balance Sheet Location Fair values of derivative instruments June 30, December 31, 2019 2018 Interest rate caps Accounts receivable, prepaids and other assets $ 231 $ 2,596 The table below presents the effect of Company's derivative financial instruments as well as their classification on the consolidated statements of operations for the three and six months ended June 30, 2019 and 2018 (amounts in thousands): The Effect of Derivative Location of Gain or (Loss) Instruments on the Statement Derivatives not designated as hedging instruments under ASC 815-20 Recognized in Income of Operations Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Interest rate caps Interest Expense $ (677) $ — $ (2,365) $ —

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2019
Related Party Transactions
Related Party Transactions	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”) that 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, and 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 Company’s board of directors (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, operating expense reimbursements of $0.4 million and $0.6 million were expensed during the three months ended June 30, 2019 and 2018, respectively. Operating expense reimbursements of $0.7 million and $1.1 million were expensed during the six months ended June 30, 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 June 30, 2019 and December 31, 2018 (amounts in thousands): June 30, December 31, 2019 2018 Amounts Payable to BRE under the Administrative Services Agreement, net Operating and direct expense reimbursements $ 691 $ 568 Offering expense reimbursements 82 158 Total amounts payable to BRE $ 773 $ 726 As of June 30, 2019 and December 31, 2018, the Company had $3.5 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 six months ended June 30, 2019 and 2018, the Company has incurred $6.7 million and $3.5 million in selling commissions and discounts, respectively, and $2.9 million and $1.5 million in dealer manager fees and discounts, respectively. In addition, BRE was reimbursed for offering costs in conjunction with the Series B Preferred Offering of $0.5 million and $0.6 million during the six months ended June 30, 2019 and 2018, respectively. The selling commissions, dealer manager fees, discounts 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 and the Company’s Form 10‑K for the year ended December 31, 2018 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 and the Company’s Form 10‑K for the year ended December 31, 2018 for further information.

Stockholders' Equity and Redeem

Stockholders' Equity and Redeemable Preferred Stock	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity and Redeemable Preferred Stock
Stockholders' Equity and Redeemable Preferred Stock	Note 13 – Stockholders’ Equity and Redeemable Preferred Stock Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders, less dividends on restricted stock and 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 restricted stock and 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net loss attributable to common stockholders $ (10,990) $ (10,212) $ (23,083) $ (19,638) Dividends on LTIP Units expected to vest (250) (172) (485) (344) Basic net loss attributable to common stockholders $ (11,240) $ (10,384) $ (23,568) $ (19,982) Weighted average common shares outstanding (1) 22,430,619 23,800,770 22,775,203 23,971,129 Potential dilutive shares (2) — — — — Weighted average common shares outstanding and potential dilutive shares (1) 22,430,619 23,800,770 22,775,203 23,971,129 Net loss per common share, basic $ (0.50) $ (0.44) $ (1.03) $ (0.83) Net loss per common share, diluted $ (0.50) $ (0.44) $ (1.03) $ (0.83) 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) For the three and six months ended June 30, 2019, the following are excluded from the diluted shares calculations as the effect is antidilutive: a) warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 125,274 and 49,970 shares of Class A common stock, respectively, and b) potential vesting of restricted stock grants to employees for 11,944 and 8,726 shares of Class A common stock, respectively. Excludes no shares for the three and six months ended June 30, 2018. Series B Redeemable Preferred Stock Offering The Company issued 95,092 shares of Series B Preferred Stock under a continuous registered offering with net proceeds of approximately $85.6 million after commissions, discounts and dealer manager fees of approximately $9.5 million during the six months ended June 30, 2019. As of June 30, 2019, the Company has sold 403,370 shares of Series B Preferred Stock and 403,370 Warrants to purchase 8,067,400 shares of Class A common stock for net proceeds of approximately $363.0 million after commissions, discounts and fees. During the six months ended June 30, 2019, 1,513 Series B Preferred shares were redeemed through the issuance of 131,542 Class A common shares and 86 Series B Preferred shares were redeemed for $80,450 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 “Original Sales Agreement”) with FBR Capital Markets & Co. (“FBR”). Pursuant to the Original Sales Agreement, FBR acted 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 “Original Class A Common Stock ATM Offering”). The Company did not commence any sales through the Original 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 1,255,445 shares of Class A common stock during the six months ended June 30, 2019 for a total purchase price of $13.4 million. The following table is a summary of the Class A common stock repurchase activity during the six months ended June 30, 2019: Cumulative Number of Maximum Dollar Value Total Number Weighted Shares Purchased as of Shares that May Yet of Shares Average Price Part of the Publicly Be Purchased Under Period Purchased Paid Per Share Announced Plan the Plan First quarter 2019 505,797 $ 10.01 1,560,854 $ 10,919,065 Second quarter 2019 749,648 11.13 2,310,502 2,578,184 Total 1,255,445 $ 10.68 Operating Partnership and Long-Term Incentive Plan Units As of June 30, 2019, limited partners other than the Company owned approximately 28.23% of the common units of the Operating Partnership (6,384,512 OP Units, or 20.48%, is held by OP Unit holders, and 2,414,160 LTIP Units, or 7.75%, is held by LTIP Unit holders, including 4.64% which are not vested at June 30, 2019). Subject to certain restrictions set forth in the Operating Partnership’s Partnership Agreement, OP Units are exchangeable for Class A common stock on a one-for-one basis, or, at the Company’s election, redeemable for cash. LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock, or, at the Company’s election, cash. Equity Incentive Plans LTIP Unit Grants On January 1, 2018, the Company granted certain equity grants of LTIP Units 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 LTIP Units and performance-based LTIP Units. All such grants of LTIP Units 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 employment and service 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 LTIP Units were comprised of 770,854 LTIP Units that vest over approximately five years and 160,192 LTIP Units that vest over approximately three years. The performance-based LTIP Units were comprised of 125,165 LTIP Units (the “Initial Long-Term Performance Award”), which 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. Such 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 an aggregate of 80,798 Shortfall LTIP Units to the executive officers pursuant to their employment and service agreements. The Shortfall 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. Such LTIP Units were fully 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 LTIP Units to various executive officers under the Third Amended 2014 Incentive Plans pursuant to the executive officers’ employment and service agreements as time-based LTIP Units and performance-based LTIP Units. All such LTIP Unit grants require continuous employment for vesting. The time-based LTIP Units were comprised of 196,023 LTIP Units that vest over approximately three years. The performance-based LTIP Units were comprised of 294,031 LTIP Units, which are subject to a three-year performance period and will vest immediately upon successful achievement of performance-based conditions. On April 1, 2019, the Company appointed a new executive officer. On June 25, 2019, the Company, under the Third Amended 2014 Incentive Plans pursuant to the executive officer's employment agreement, granted certain equity grants of LTIP Units as time-based LTIP Units and performance-based LTIP Units to the executive officer. The time-based LTIP Units were comprised of 10,518 LTIP Units and have a similar vesting period to those granted to the other executive officers. The performance-based LTIP Units were comprised of 15,776 LTIP Units, which are subject to a similar performance period to those granted to the other executive officers 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 LTIP Units based on the fair value at the date of grant; thus, the Company recognized compensation expense of approximately $0.9 million and $1.2 million, and $1.8 million and $2.3 million, during the three and six months ended June 30, 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 LTIP Units; thus, the Company recognized approximately $0.4 million and $0.1 million, and $0.8 million and $0.2 million, during the three and six months ended June 30, 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 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. As of June 30, 2019, there was $8.4 million of total unrecognized compensation cost related to unvested LTIP Units granted under the Incentive Plans. The remaining cost is expected to be recognized over a period of 2.6 years. Restricted Stock Grants On April 1, 2019, the Company provided restricted stock grants ("RSGs") to employees under the Incentive Plans. The RSGs vest in three equal consecutive one-year tranches from the date of grant. The RSGs were comprised of 90,694 shares of Class A common stock with a fair value of $10.65 per RSG and a total fair value of $1.0 million. The compensation cost of approximately $0.1 million has been recognized for the six months ended June 30, 2019. The remaining compensation cost is expected to be recognized over the remaining 2.75 years. Distributions Payable to stockholders Declaration Date 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 June 7, 2019 June 25, 2019 $ 0.162500 July 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 June 7, 2019 June 25, 2019 $ 0.162500 July 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 June 7, 2019 June 25, 2019 $ 0.515625 July 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 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 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 June 7, 2019 June 25, 2019 $ 0.4765625 July 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 June 7, 2019 June 25, 2019 $ 0.4453125 July 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 Units and LTIP Units are entitled to receive “distribution equivalents” at the same time as dividends are paid to holders of the Company’s Class A common stock. The Company has a dividend reinvestment plan that allows for participating stockholders to have their Class A common stock dividend distributions automatically invested in additional Class A common shares based on the average price of the Class A common shares on the investment date. The Company plans to issue Class A common shares to cover shares required for investment. Distributions declared and paid for the six months ended June 30, 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 Second Quarter Class A Common Stock $ 3,623 $ 3,726 Class C Common Stock 12 12 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 5,693 5,443 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,269 OP Units 1,038 1,058 LTIP Units 392 309 Total second quarter 2019 $ 16,084 $ 15,874 Total $ 31,628 $ 31,174

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies
Commitments and Contingencies	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	6 Months Ended
	Jun. 30, 2019
Subsequent Events
Subsequent Events	Note 15 – Subsequent Events Declaration of Dividends Payable to stockholders Declaration Date of record as of Amount Payable Date Series B Preferred Stock July 12, 2019 July 25, 2019 $ 5.00 August 5, 2019 July 12, 2019 August 23, 2019 $ 5.00 September 5, 2019 July 12, 2019 September 25, 2019 $ 5.00 October 4, 2019 Holders of OP and LTIP Units are entitled to receive "distribution equivalents" at the same time as dividends are paid to holders of the Company’s Class A common stock. A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate. Distributions Paid The following distributions were declared and/or paid to the Company’s stockholders, as well as holders of OP and LTIP Units, subsequent to June 30, 2019 (amounts in thousands): Declaration Distributions Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock June 7, 2019 June 25, 2019 July 5, 2019 $ 0.162500 $ 3,623 Class C Common Stock June 7, 2019 June 25, 2019 July 5, 2019 $ 0.162500 $ 12 Series A Preferred Stock June 7, 2019 June 25, 2019 July 5, 2019 $ 0.515625 $ 2,950 Series B Preferred Stock April 12, 2019 June 25, 2019 July 5, 2019 $ 5.000000 $ 1,998 Series C Preferred Stock June 7, 2019 June 25, 2019 July 5, 2019 $ 0.4765625 $ 1,107 Series D Preferred Stock June 7, 2019 June 25, 2019 July 5, 2019 $ 0.4453125 $ 1,269 OP Units June 7, 2019 June 25, 2019 July 5, 2019 $ 0.162500 $ 1,017 LTIP Units June 7, 2019 June 25, 2019 July 5, 2019 $ 0.162500 $ 317 Series B Preferred Stock July 12, 2019 July 25, 2019 August 5, 2019 $ 5.000000 $ 2,055 Total $ 14,348 Sale of the Topaz Portfolio On July 15, 2019, the Company, through subsidiaries of the Operating Partnership, closed on the sale of four of the five properties in the Topaz Portfolio pursuant to the terms and conditions of two separate purchase and sales agreements for approximately $226.9 million. The sale of the fifth property in the Topaz Portfolio, ARIUM Palms, is expected to close in August 2019. Acquisition of Denim On July 24, 2019, the Company, through subsidiaries of its Operating Partnership, acquired a 100.0% interest in a 645-unit apartment community located in Scottsdale, Arizona, known as Denim for approximately $141.3 million. The purchase price of $141.3 million was funded, in part, with a $91.6 million senior mortgage loan secured by the Denim property. Acquisition of The Sanctuary On July 31, 2019, the Company, through subsidiaries of its Operating Partnership, acquired a 100.0% interest in a 320-unit apartment community located in Las Vegas, Nevada, known as The Sanctuary (“Sanctuary”) for approximately $51.8 million. The purchase price of $51.8 million was funded, in part, with a $33.7 million senior mortgage loan secured by the Sanctuary property.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Basis of Presentation and Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation	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 June 30, 2019, limited partners other than the Company owned approximately 28.23% of the common units of the Operating Partnership (20.48% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 7.75% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 4.64% which are not vested at June 30, 2019). 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 in which 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 below. To facilitate comparability, the Company has reclassified lease and non-lease income for prior periods to conform to the current period presentation.
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures	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	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	Financial Instrument Fair Value Disclosures As of June 30, 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	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 floating interest rates rise above the strike rate of the caps. The floating 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	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	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	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	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	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)	6 Months Ended
	Jun. 30, 2019
Investments in Real Estate
Schedule Of Equity Method Investments And Consolidation Accounting Investments	Consolidated Operating Properties Citycentre Number of Date Built / Ownership Multifamily Community Name Location Units Renovated (1) Interest ARIUM at Palmer Ranch Sarasota, FL 320 100.0 % ARIUM Glenridge Atlanta, GA 480 90.0 % ARIUM Grandewood Orlando, FL 306 100.0 % ARIUM Gulfshore Naples, FL 368 100.0 % ARIUM Hunter’s Creek Orlando, FL 532 100.0 % ARIUM Metrowest Orlando, FL 510 100.0 % ARIUM Palms Orlando, FL 252 100.0 % ARIUM Pine Lakes Port St. Lucie, FL 320 100.0 % ARIUM Westside Atlanta, GA 336 90.0 % Ashford Belmar Lakewood, CO 512 1988/1993 85.0 % Ashton Reserve Charlotte, NC 473 100.0 % Citrus Tower Orlando, FL 336 96.8 % Element Las Vegas,NV 200 100.0 % Enders Place at Baldwin Park Orlando, FL 220 92.0 % James at South First Austin, TX 250 90.0 % Marquis at Crown Ridge San Antonio, TX 352 90.0 % Marquis at Stone Oak San Antonio, TX 335 90.0 % Marquis at The Cascades Tyler, TX 582 90.0 % Marquis at TPC San Antonio, TX 139 90.0 % Outlook at Greystone Birmingham, AL 300 100.0 % Park & Kingston Charlotte, NC 168 100.0 % Plantation Park Lake Jackson, TX 238 80.0 % Preston View Morrisville, NC 382 100.0 % Providence Trail Mount Juliet, TN 334 100.0 % Roswell City Walk Roswell, GA 320 98.0 % Sands Parc Daytona Beach, FL 264 100.0 % Sorrel Frisco, TX 352 100.0 % Sovereign Fort Worth, TX 322 100.0 % The Brodie Austin, TX 324 92.5 % The Links at Plum Creek Castle Rock, CO 264 88.0 % The Mills Greenville, SC 304 100.0 % The Preserve at Henderson Beach Destin, FL 340 100.0 % Veranda at Centerfield Houston, TX 400 93.0 % Villages of Cypress Creek Houston, TX 384 80.0 % Wesley Village Charlotte, NC 301 100.0 % Total 11,820 (1) Represents date of last significant renovation or year built if there were no renovations.
Schedule Of Development Properties In Real Estate	Preferred Equity and Mezzanine Loan Investments Actual / Actual / Actual / Estimated Estimated Planned Initial Construction Multifamily Community Name Location Number of Units Occupancy 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 2Q 2020 4Q 2020 Riverside Apartments Austin, TX 222 4Q 2020 1Q 2021 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)	6 Months Ended
	Jun. 30, 2019
Acquisition of Real Estate
Schedule of acquisition activity and related new financing of real estate Properties	The following describes the Company’s significant acquisition activity and related new financing during the six months ended June 30, 2019 (dollars in thousands): Property Location Date Interest Price Mortgage Element Las Vegas, NV June 27, 2019 100.0 % $ 41,750 $ 29,260 Providence Trail Mount Juliet, TN June 27, 2019 100.0 % 68,500 47,950
Schedule of Real Estate Properties	The following table summarizes the assets acquired at the acquisition date for acquisitions made during the six months ended June 30, 2019 (amounts in thousands): Purchase Price Allocation Land $ 13,418 Building 74,898 Building improvements 2,936 Land improvements 16,693 Furniture and fixtures 1,908 In-place leases 1,709 Total assets acquired $ 111,562
Schedule of acquisition of noncontrolling partners interest in real estate Properties	In addition to the property acquisitions discussed above, the Company also acquired the noncontrolling partner’s interest in the following properties (dollars in thousands): Property Date Amount Previous Interest New Interest ARIUM Pine Lakes January 29, 2019 $ 7,769 85.0 % 100.0 % Sorrel June 25, 2019 95.0 % 100.0 % Sovereign June 25, 2019 95.0 % 100.0 %

Notes and Interest Receivable_2

Notes and Interest Receivable due from Related Parties (Tables)	6 Months Ended
	Jun. 30, 2019
Notes and Interest Receivable due from Related Parties
Summary of the notes and accrued interest receivable due from related parties	Following is a summary of the notes and accrued interest receivable due from related parties as of June 30, 2019 and December 31, 2018 (amounts in thousands): June 30, December 31, Property 2019 2018 Arlo $ 24,883 $ 24,893 Cade Boca Raton 12,894 11,854 Domain at The One Forty 22,370 20,536 Flagler Village 75,409 75,436 Novel Perimeter 20,859 20,867 The Park at Chapel Hill 8,570 — Vickers Historic Roswell 10,783 10,498 Total $ 175,768 $ 164,084
Summary of the interest income from related parties	Following is a summary of the interest income from related parties for the three and six months ended June 30, 2019 and 2018 (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, Property 2019 2018 2019 2018 Arlo $ 919 $ 919 $ 1,828 $ 1,829 Cade Boca Raton 467 420 904 835 Domain at The One Forty 805 758 1,557 1,508 Flagler Village 2,400 2,400 4,773 4,395 Novel Perimeter 771 771 1,533 1,533 The Park at Chapel Hill 212 — 368 — Vickers Historic Roswell 399 367 786 730 Total $ 5,973 $ 5,635 $ 11,749 $ 10,830
Schedule of occupancy percentages of the Company's related parties	The occupancy percentages of the Company’s related party properties at June 30, 2019 and December 31, 2018 are as follows: June 30, December 31, Property 2019 2018 Arlo 81 % 37 % Cade Boca Raton 66 % 8 % Domain at The One Forty 68 % 34 % Flagler Village — (1) — (1) Novel Perimeter 52 % 22 % The Park at Chapel Hill (2) — Vickers Historic Roswell 66 % 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)	6 Months Ended
	Jun. 30, 2019
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Schedule of Equity Method Investments	The carrying amount of the Company’s preferred equity investments and investments in unconsolidated real estate joint ventures as of June 30, 2019 and December 31, 2018 is summarized in the table below (amounts in thousands): June 30, December 31, Property 2019 2018 Alexan CityCentre $ 12,788 $ 11,205 Alexan Southside Place 24,041 22,801 Arlo 14 14 Cade Boca Raton 7 7 Domain at The One Forty 13 12 Flagler Village 44 44 Helios 19,189 19,189 Leigh House 14,174 13,319 North Creek Apartments 10,210 5,892 Novel Perimeter 12 12 Riverside Apartments 7,274 3,600 Vickers Historic Roswell 6 6 Wayforth at Concord — — Whetstone Apartments 12,932 12,932 Total $ 100,704 $ 89,033
Schedule of Preferred Equity Method Investments	The preferred returns on the Company’s unconsolidated real estate joint ventures for the three and six months ended June 30, 2019 and 2018 are summarized below (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, Property 2019 2018 2019 2018 Alexan CityCentre $ 497 $ 402 $ 982 $ 785 Alexan Southside Place 390 885 773 1,687 Helios 335 644 666 1,249 Leigh House 558 462 1,082 903 North Creek Apartments 288 — 510 — Riverside Apartments 191 — 304 — Wayforth at Concord — — — — Whetstone Apartments 233 233 464 464 Preferred returns on unconsolidated joint ventures $ 2,492 $ 2,626 $ 4,781 $ 5,088
Schedule Of Occupancy Percentages Of The Companys Unconsolidated Real Estate Joint Ventures	The occupancy percentages of the Company’s unconsolidated real estate joint ventures at June 30, 2019 and December 31, 2018 are as follows: June 30, December 31, Property 2019 2018 Alexan CityCentre 93 % 93 % Alexan Southside Place 98 % 85 % Helios 94 % 90 % Leigh House 93 % 90 % North Creek Apartments — (1) — (1) Riverside Apartments — (1) — (1) Wayforth at Concord — (1) — (1) Whetstone Apartments 96 % 97 % (1) The development has not commenced lease-up.
Schedule of Equity Income Loss of Joint Ventures	Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of June 30, 2019 and December 31, 2018 and for the three and six months ended June 30, 2019 and 2018, is as follows (amounts in thousands): June 30, December 31, 2019 2018 Balance Sheets: Real estate, net of depreciation $ 620,236 $ 577,624 Other assets 52,312 45,324 Total assets $ 672,548 $ 622,948 Mortgages payable $ 523,392 $ 480,903 Other liabilities 37,632 21,250 Total liabilities $ 561,024 $ 502,153 Members’ equity 111,524 120,795 Total liabilities and members’ equity $ 672,548 $ 622,948 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Operating Statement: Rental revenues $ 8,924 $ 4,217 $ 16,724 $ 7,591 Operating expenses (5,494) (3,461) (10,628) (6,247) Income before debt service and depreciation and amortization 3,430 756 6,096 1,344 Interest expense, net (8,243) (1,808) (15,476) (3,359) Depreciation and amortization (4,146) (2,194) (8,133) (4,130) Net loss $ (8,959) $ (3,246) $ (17,513) $ (6,145)

Revolving credit facilities (Ta

Revolving credit facilities (Tables)	6 Months Ended
	Jun. 30, 2019
Revolving credit facilities
Schedule of Line of Credit Facilities	The outstanding balances on the revolving credit facilities as of June 30, 2019 and December 31, 2018 are as follows (amounts in thousands): June 30, December 31, Revolving Credit Facilities 2019 2018 Senior Credit Facility $ 68,800 $ 67,709 Amended Junior Credit Facility Revolver loan 21,000 14,500 Term loan 11,500 — Total Amended Junior Credit Facility 32,500 14,500 Total Credit Facilities $ 101,300 $ 82,209

Mortgages Payable (Tables)

Mortgages Payable (Tables)	6 Months Ended
	Jun. 30, 2019
Mortgages Payable
Schedule of Long-term Debt Instruments	The following table summarizes certain information as of June 30, 2019 and December 31, 2018, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of June 30, 2019 June 30, December 31, Interest-only Property 2019 2018 Interest Rate 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 30,607 30,878 4.67 % (2) December 1, 2025 Citrus Tower 41,438 41,438 4.07 % October 2019 October 1, 2024 Element 29,260 — 3.63 % July 2022 July 1,2026 Enders Place at Baldwin Park (3) 23,581 23,822 4.30 % (2) November 1, 2022 James on South First 26,323 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 Providence Trail 47,950 — 3.54 % July 2021 July 1, 2026 Roswell City Walk 51,000 51,000 3.63 % December 2019 December 1, 2026 Sovereign — 28,227 The Brodie 34,513 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 26,050 26,298 4.21 % (2) January 1, 2025 The Preserve at Henderson Beach 35,235 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 40,438 40,545 4.25 % (2) April 1, 2024 Total Fixed Rate 897,446 850,186 Floating Rate (6) : ARIUM Glenridge 49,500 49,500 3.76 % September 2021 September 1, 2025 ARIUM Grandewood (1) 19,672 19,672 3.83 % July 2020 July 1, 2025 ARIUM Palms — 30,320 Ashton Reserve II 15,213 15,213 3.93 % August 2022 August 1, 2025 Marquis at Crown Ridge 28,342 28,634 4.04 % (2) June 1, 2024 (7) Marquis at Stone Oak 42,326 42,725 4.04 % (2) June 1, 2024 (7) Marquis at The Cascades I 32,592 32,899 4.04 % (2) June 1, 2024 (7) Marquis at The Cascades II 22,745 22,960 4.04 % (2) June 1, 2024 (7) Marquis at TPC 16,647 16,826 4.04 % (2) June 1, 2024 (7) Preston View — 41,657 Sorrel — 38,684 Veranda at Centerfield 26,100 26,100 3.69 % July 2021 July 26, 2023 (5) Total Floating Rate 253,137 365,190 Total 1,150,583 1,215,376 Fair value adjustments 1,987 2,204 Deferred financing costs, net (9,935) (11,444) Total continuing operations $ 1,142,635 $ 1,206,136 Held for Sale: ARIUM Palms (6) — % September 2020 September 1, 2025 Preston View (6) — % August 2022 August 1, 2025 Sorrel (6) — % November 2019 May 1, 2023 Sovereign — % (2) November 10, 2022 Deferred financing costs, net (1,206) — Total held for sale — Total mortgages payable $ $ (1) ARIUM Grandewood has a fixed rate loan and a floating rate loan. (2) The loan requires monthly payments of principal and interest. (3) The principal balance includes a $16.0 million loan at a fixed rate of 3.97% and a $7.6 million supplemental loan at a fixed rate of 5.01%. (4) The principal balance includes a $15.3 million loan at a fixed rate of 3.21% and a $3.2 million supplemental loan at a fixed rate of 4.34%. (5) The loan has two one-year extension options subject to certain conditions. (6) All the Company’s floating rate mortgages bear interest at one-month LIBOR + margin. In June 2019, one-month LIBOR in effect was 2.43%. LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information. (7) The loan can be extended, subject to certain conditions, in connection with an election to convert to a fixed interest rate loan.
Schedule of Contractual Obligation, Fiscal Year Maturity	As of June 30, 2019, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2019 (July 1–December 31) $ 3,960 2020 30,739 2021 16,241 2022 92,556 2023 222,696 Thereafter 922,991 $ 1,289,183 Add: Unamortized fair value debt adjustment 1,987 Subtract: Deferred financing costs, net (11,141) Total $ 1,280,029

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Financial Instruments
Schedule of the fair value of the Company's derivative financial instruments	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 June 30, 2019 and December 31, 2018 (amounts in thousands): Derivatives not designated as hedging instruments under ASC 815-20 Balance Sheet Location Fair values of derivative instruments June 30, December 31, 2019 2018 Interest rate caps Accounts receivable, prepaids and other assets $ 231 $ 2,596 The table below presents the effect of Company's derivative financial instruments as well as their classification on the consolidated statements of operations for the three and six months ended June 30, 2019 and 2018 (amounts in thousands): The Effect of Derivative Location of Gain or (Loss) Instruments on the Statement Derivatives not designated as hedging instruments under ASC 815-20 Recognized in Income of Operations Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Interest rate caps Interest Expense $ (677) $ — $ (2,365) $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2019
Related Party Transactions
Summary of related party amounts payable to BRE	Pursuant to the terms of the Administrative Services Agreement, summarized below are the related party amounts payable to BRE as of June 30, 2019 and December 31, 2018 (amounts in thousands): June 30, December 31, 2019 2018 Amounts Payable to BRE under the Administrative Services Agreement, net Operating and direct expense reimbursements $ 691 $ 568 Offering expense reimbursements 82 158 Total amounts payable to BRE $ 773 $ 726

Stockholders' Equity and Rede_2

Stockholders' Equity and Redeemable Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity and Redeemable Preferred Stock
Schedule of reconciliation of components of basic and diluted net loss per common share	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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net loss attributable to common stockholders $ (10,990) $ (10,212) $ (23,083) $ (19,638) Dividends on LTIP Units expected to vest (250) (172) (485) (344) Basic net loss attributable to common stockholders $ (11,240) $ (10,384) $ (23,568) $ (19,982) Weighted average common shares outstanding (1) 22,430,619 23,800,770 22,775,203 23,971,129 Potential dilutive shares (2) — — — — Weighted average common shares outstanding and potential dilutive shares (1) 22,430,619 23,800,770 22,775,203 23,971,129 Net loss per common share, basic $ (0.50) $ (0.44) $ (1.03) $ (0.83) Net loss per common share, diluted $ (0.50) $ (0.44) $ (1.03) $ (0.83) 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) For the three and six months ended June 30, 2019, the following are excluded from the diluted shares calculations as the effect is antidilutive: a) warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 125,274 and 49,970 shares of Class A common stock, respectively, and b) potential vesting of restricted stock grants to employees for 11,944 and 8,726 shares of Class A common stock, respectively. Excludes no shares for the three and six months ended June 30, 2018.
Summary of Class A common stock repurchase activity	The following table is a summary of the Class A common stock repurchase activity during the six months ended June 30, 2019: Cumulative Number of Maximum Dollar Value Total Number Weighted Shares Purchased as of Shares that May Yet of Shares Average Price Part of the Publicly Be Purchased Under Period Purchased Paid Per Share Announced Plan the Plan First quarter 2019 505,797 $ 10.01 1,560,854 $ 10,919,065 Second quarter 2019 749,648 11.13 2,310,502 2,578,184 Total 1,255,445 $ 10.68
Schedule of distributions	Distributions Payable to stockholders Declaration Date 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 June 7, 2019 June 25, 2019 $ 0.162500 July 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 June 7, 2019 June 25, 2019 $ 0.162500 July 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 June 7, 2019 June 25, 2019 $ 0.515625 July 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 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 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 June 7, 2019 June 25, 2019 $ 0.4765625 July 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 June 7, 2019 June 25, 2019 $ 0.4453125 July 5, 2019
Summary of distributions declared and paid	Distributions declared and paid for the six months ended June 30, 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 Second Quarter Class A Common Stock $ 3,623 $ 3,726 Class C Common Stock 12 12 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 5,693 5,443 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,269 OP Units 1,038 1,058 LTIP Units 392 309 Total second quarter 2019 $ 16,084 $ 15,874 Total $ 31,628 $ 31,174

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2019
Subsequent Events
Schedule of Declaration of Dividends	Declaration of Dividends Payable to stockholders Declaration Date of record as of Amount Payable Date Series B Preferred Stock July 12, 2019 July 25, 2019 $ 5.00 August 5, 2019 July 12, 2019 August 23, 2019 $ 5.00 September 5, 2019 July 12, 2019 September 25, 2019 $ 5.00 October 4, 2019
Schedule of Distributions Paid	The following distributions were declared and/or paid to the Company’s stockholders, as well as holders of OP and LTIP Units, subsequent to June 30, 2019 (amounts in thousands): Declaration Distributions Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock June 7, 2019 June 25, 2019 July 5, 2019 $ 0.162500 $ 3,623 Class C Common Stock June 7, 2019 June 25, 2019 July 5, 2019 $ 0.162500 $ 12 Series A Preferred Stock June 7, 2019 June 25, 2019 July 5, 2019 $ 0.515625 $ 2,950 Series B Preferred Stock April 12, 2019 June 25, 2019 July 5, 2019 $ 5.000000 $ 1,998 Series C Preferred Stock June 7, 2019 June 25, 2019 July 5, 2019 $ 0.4765625 $ 1,107 Series D Preferred Stock June 7, 2019 June 25, 2019 July 5, 2019 $ 0.4453125 $ 1,269 OP Units June 7, 2019 June 25, 2019 July 5, 2019 $ 0.162500 $ 1,017 LTIP Units June 7, 2019 June 25, 2019 July 5, 2019 $ 0.162500 $ 317 Series B Preferred Stock July 12, 2019 July 25, 2019 August 5, 2019 $ 5.000000 $ 2,055 Total $ 14,348

Organization and Nature of Bu_2

Organization and Nature of Business (Details)	6 Months Ended
	Jun. 30, 2019
Organization and Nature of Business [Line Items]
Percent of Real Estate Properties Occupied	94.00%
Number of Units in Real Estate Property	15,251
Annual Distribution Percentage Rate	90.00%
Operating Units [Member]
Organization and Nature of Business [Line Items]
Number of Units in Real Estate Property	11,820
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)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Line Items]
Percentage of Voting Equity	50.00%
Percentage Of Unvested Incentive Plan In Operating Partnership	4.64%
OP LTIP unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	28.23%
OP Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	20.48%
LTIP Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	7.75%

Sale of Real Estate Asset and_2

Sale of Real Estate Asset and Held for Sale Properties (Details) $ in Millions	Mar. 01, 2019USD ($)
Sale of Real Estate Asset and Held for Sale Properties
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)	Jun. 30, 2019item
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]
Number of Units	204
Alexan CityCentre [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	340
Helios [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	282
Alexan Southside Place [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	270
Leigh House [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	245
Vickers Historic Roswell [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	79
Domain at The One Forty [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	299
Arlo [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	286
Cade Boca Raton [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	90
Novel Perimeter [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	320
Flagler Village [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	385
North Creek Apartments [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	259
Riverside Apartments [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	222
Wayforth at Concord [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	150
The Park at Chapel Hill [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units
Average [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	11,820
ARIUM at Palmer Ranch [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	320
Ownership Interest	100
ARIUM Glenridge [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	480
Ownership Interest	90
ARIUM Grandewood [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	306
Ownership Interest	100
ARIUM Gulfshores [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	368
Ownership Interest	100
ARIUM Hunter's Creek [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	532
Ownership Interest	100
ARIUM Metrowest [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	510
Ownership Interest	100
ARIUM Palms [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	252
Ownership Interest	100
ARIUM Pine Lakes [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	320
Ownership Interest	100
ARIUM Westside [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	336
Ownership Interest	90
Ashford Belmar [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	512
Ownership Interest	85
Ashton Reserve [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	473
Ownership Interest	100
Citrus Tower [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	336
Ownership Interest	96.8
Element, Las Vegas, NV [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	200
Ownership Interest	100
Enders Place at Baldwin Park [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	220
Ownership Interest	92
James at South First [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	250
Ownership Interest	90
Marquis at Crown Ridge [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	352
Ownership Interest	90
Marquis at Stone Oak [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	335
Ownership Interest	90
Marquis at The Cascades [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	582
Ownership Interest	90
Marquis at TPC [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	139
Ownership Interest	90
Outlook at Greystone [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	300
Ownership Interest	100
Park & Kingston [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	168
Ownership Interest	100
Plantation Park [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	238
Ownership Interest	80
Preston View [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	382
Ownership Interest	100
Providence Trail, Mount Juliet, TN [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	334
Ownership Interest	100
Roswell City Walk [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	320
Ownership Interest	98
Sands Parc [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	264
Ownership Interest	100
Sorrel [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	352
Ownership Interest	100
Sovereign [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	322
Ownership Interest	100
The Brodie [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	324
Ownership Interest	92.5
The Links at Plum Creek [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	264
Ownership Interest	88
The Mills [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	304
Ownership Interest	100
The Preserve at Henderson Beach [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	340
Ownership Interest	100
Veranda at Centerfield [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	400
Ownership Interest	93
Villages of Cypress Creek [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	384
Ownership Interest	80
Wesley Village [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units	301
Ownership Interest	100

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Investments in Real Estate
Investments in real estate of depreciation expense	$ 15.8	$ 13	$ 31.6	$ 25.1
Amortization of Deferred Leasing Fees	$ 0.4	$ 1.8	$ 1.9	$ 5.4

Acquisition of Real Estate - Ac

Acquisition of Real Estate - Acquisition activity and related new financing (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Mar. 11, 2019
Business Acquisition [Line Items]
Interest		100.00%
Element, Las Vegas, NV [Member]
Business Acquisition [Line Items]
Interest	100.00%
Price	$ 41,750
Mortgage	$ 29,260
Providence Trail, Mount Juliet, TN [Member]
Business Acquisition [Line Items]
Interest	100.00%
Price	$ 68,500
Mortgage	$ 47,950

Acquisition of Real Estate - As

Acquisition of Real Estate - Assets acquired (Details) $ in Thousands	Jun. 30, 2019USD ($)
Preliminary Purchase Price Allocation
Land	$ 13,418
Building	74,898
Building improvements	2,936
Land improvements	16,693
Furniture and fixtures	1,908
In-place leases	1,709
Total assets acquired	$ 111,562

Acquisition of Real Estate - No

Acquisition of Real Estate - Noncontrolling Partner's Interest (Details) $ in Thousands	Jun. 30, 2019USD ($)
ARIUM Pine Lakes [Member]
Business Acquisition [Line Items]
Amount	$ 7,769
Sorrel [Member]
Business Acquisition [Line Items]
Amount	738
Sovereign [Member]
Business Acquisition [Line Items]
Amount	$ 1,204
Previous Interest [Member] | ARIUM Pine Lakes [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	85.00%
Previous Interest [Member] | Sorrel [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	95.00%
Previous Interest [Member] | Sovereign [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	95.00%
New Interest [Member] | ARIUM Pine Lakes [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	100.00%
New Interest [Member] | Sorrel [Member]
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	100.00%
New Interest [Member] | Sovereign [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 - Summary of the notes and accrued interest receivable due from related parties (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Notes Receivable, Related Parties	$ 175,768	$ 164,084
Arlo [Member]
Notes Receivable, Related Parties	24,883	24,893
Cade Boca Raton [Member]
Notes Receivable, Related Parties	12,894	11,854
Domain at The One Forty [Member]
Notes Receivable, Related Parties	22,370	20,536
Flagler Village [Member]
Notes Receivable, Related Parties	75,409	75,436
Novel Perimeter [Member]
Notes Receivable, Related Parties	20,859	20,867
The Park at Chapel Hill [Member]
Notes Receivable, Related Parties	8,570	0
Vickers Historic Roswell [Member]
Notes Receivable, Related Parties	$ 10,783	$ 10,498

Notes and Interest Receivable_4

Notes and Interest Receivable due from Related Parties - Summary of the interest income from related parties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Interest Income, Related Party	$ 5,973	$ 5,635	$ 11,749	$ 10,830
Arlo [Member]
Interest Income, Related Party	919	919	1,828	1,829
Cade Boca Raton [Member]
Interest Income, Related Party	467	420	904	835
Domain at The One Forty [Member]
Interest Income, Related Party	805	758	1,557	1,508
Flagler Village [Member]
Interest Income, Related Party	2,400	2,400	4,773	4,395
Novel Perimeter [Member]
Interest Income, Related Party	771	771	1,533	1,533
The Park at Chapel Hill [Member]
Interest Income, Related Party	212	0	368	0
Vickers Historic Roswell [Member]
Interest Income, Related Party	$ 399	$ 367	$ 786	$ 730

Notes and Interest Receivable_5

Notes and Interest Receivable due from Related Parties - Schedule of occupancy percentages of the Company's related parties (Details)	Jun. 30, 2019	Dec. 31, 2018
Arlo [Member]
Development Leased	81.00%	37.00%
Cade Boca Raton [Member]
Development Leased	66.00%	8.00%
Domain at The One Forty [Member]
Development Leased	68.00%	34.00%
Flagler Village [Member]
Development Leased	0.00%	0.00%
Novel Perimeter [Member]
Development Leased	52.00%	22.00%
The Park at Chapel Hill [Member]
Development Leased		0.00%
Vickers Historic Roswell [Member]
Development Leased	66.00%	41.00%

Notes and Interest Receivable_6

Notes and Interest Receivable due from Related Parties - Additional Information (Details) $ in Millions	Mar. 11, 2019USD ($)	Mar. 11, 2019USD ($)	Feb. 26, 2019USD ($)	Jun. 30, 2019USD ($)	Jan. 23, 2019USD ($)
Related Party Transaction, Rate		15.00%
Interest	100.00%	100.00%
BRG Boca, LLC [Member]
Due from Related Parties, Current	$ 14	$ 14		$ 12.7
BRG Domain 1 [Member]
Advances to Affiliate	$ 24.5	$ 24.5		22.1
BRG Domain 1 [Member] | Mezzanine Type Loan Member
Interest	100.00%	100.00%
Fixed rate for loan	15.00%	15.00%
2020	5.50%	5.50%
2021	4.00%	4.00%
2022 and thereafter	3	3
Participation in profit achieved in sale (as a percent)	50.00%	50.00%
BR Boca JV [Member] | Mezzanine Type Loan Member
Interest	100.00%	100.00%
Percentage of discount purchase option	2.50%
Minimum discount to fair market value	30.00%
BR Vickers JV [Member]
Due from Related Parties, Current			$ 11.8	$ 10.7
BR Vickers JV [Member] | Mezzanine Type Loan Member
Interest			100.00%
Percentage of discount purchase option			5.00%
Minimum discount to fair market value			17.50%
Percentage of internal rate of return for Fund II			15.00%
BR Chapel Hill JV LLC [Member] | Mezzanine Type Loan Member
Advances to Affiliate					$ 0.8
Fixed rate for loan					10.00%
BR Chapel Hill JV LLC [Member] | The Park at Chapel Hill Financing [Member]
Interest					100.00%
Advances to Affiliate					$ 7.8
Fixed rate for loan					10.00%

Preferred Equity Investments _3

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 100,704	$ 89,033
Alexan CityCentre [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	12,788	11,205
Alexan Southside Place [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	24,041	22,801
Arlo [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	14	14
Cade Boca Raton [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	7	7
Domain at The One Forty [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	13	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 [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	10,210	5,892
Novel 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	7,274	3,600
Vickers Historic Roswell [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	6	6
Wayforth at Concord [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	0	0
Whetstone Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 12,932	$ 12,932

Preferred Equity Investments _4

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Preferred returns (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Schedule of Equity Method Investments [Line Items]
Preferred returns on unconsolidated joint ventures	$ 2,492	$ 2,626	$ 4,781	$ 5,088
Alexan CityCentre [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns on unconsolidated joint ventures	497	402	982	785
Alexan Southside Place [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns on unconsolidated joint ventures	390	885	773	1,687
Helios [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns on unconsolidated joint ventures	335	644	666	1,249
Leigh House [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns on unconsolidated joint ventures	558	462	1,082	903
North Creek Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns on unconsolidated joint ventures	288	0	510	0
Riverside Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns on unconsolidated joint ventures	191	0	304	0
Wayforth at Concord [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns on unconsolidated joint ventures	0	0	0	0
Whetstone Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Preferred returns on unconsolidated joint ventures	$ 233	$ 233	$ 464	$ 464

Preferred Equity Investments _5

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Occupancy percentages (Details)	Aug. 09, 2018	Jun. 30, 2019	Feb. 08, 2019	Dec. 31, 2018
Alexan CityCentre [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of Number of Units Occupied		93.00%		93.00%
Alexan Southside Place [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of Number of Units Occupied		98.00%		85.00%
Helios [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of Number of Units Occupied		94.00%		90.00%
Leigh House [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of Number of Units Occupied	70.00%	93.00%	70.00%	90.00%
North Creek Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of Number of Units Occupied
Riverside Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of Number of Units Occupied
Wayforth at Concord [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of Number of Units Occupied
Whetstone Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of Number of Units Occupied		96.00%		97.00%

Preferred Equity Investments _6

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Summary of combined financial information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Balance Sheets:
Real estate, net of depreciation	$ 620,236		$ 620,236		$ 577,624
Other assets	52,312		52,312		45,324
Total assets	672,548		672,548		622,948
Mortgage payable	523,392		523,392		480,903
Other liabilities	37,632		37,632		21,250
Total liabilities	561,024		561,024		502,153
Members' equity	111,524		111,524		120,795
Total liabilities and members' equity	672,548		672,548		$ 622,948
Operating Statement:
Rental revenues	8,924	$ 4,217	16,724	$ 7,591
Operating expenses	(5,494)	(3,461)	(10,628)	(6,247)
Income before debt service, acquisition costs, and depreciation and amortization	3,430	756	6,096	1,344
Interest expense, net	(8,243)	(1,808)	(15,476)	(3,359)
Depreciation and amortization	(4,146)	(2,194)	(8,133)	(4,130)
Net loss	$ (8,959)	$ (3,246)	$ (17,513)	$ (6,145)

Preferred Equity Investments _7

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional Information (Details) $ in Thousands	Sep. 30, 2019	Apr. 26, 2019USD ($)item	Apr. 12, 2019USD ($)item	Aug. 09, 2018	Mar. 31, 2019USD ($)	Jun. 30, 2019USD ($)item	Feb. 08, 2019	Dec. 31, 2018USD ($)
Equity Method Investment And Joint Venture [Line Items]
Number of joint ventures in which company has equity investment | item						14
Number of joint ventures which generate a stated preferred return on outstanding capital contributions | item						8
Due from Affiliates						$ 3,542		$ 2,854
London Interbank Offered Rate (LIBOR) [Member]
Equity Method Investment And Joint Venture [Line Items]
Spread on variable rate	3.50%
Leigh House [Member]
Equity Method Investment And Joint Venture [Line Items]
Percentage of Number of Units Occupied				70.00%		93.00%	70.00%	90.00%
Alexan Southside Place Interests / Refinance
Equity Method Investment And Joint Venture [Line Items]
Ground Lease Term						85 years
Operating Lease, Right-of-Use Asset						$ 17,100
Alexan Southside Place Interests / Refinance | Senior Loans [Member]
Equity Method Investment And Joint Venture [Line Items]
Face amount of loan			$ 26,400
Repayments of construction loan			31,800
Earnout advances			2,400
Total Loan Commitment			$ 28,800
Number of extension options | item			2
Extension term			1 year
Alexan Southside Place Interests / Refinance | Senior Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Equity Method Investment And Joint Venture [Line Items]
Spread on variable rate			1.50%
Alexan Southside Place Interests / Refinance | Senior Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Equity Method Investment And Joint Venture [Line Items]
Spread on variable rate			3.99%
Alexan Southside Place Interests / Refinance | mezzanine loan [Member]
Equity Method Investment And Joint Venture [Line Items]
Face amount of loan			$ 6,600
Repayments of construction loan			31,800
Earnout advances			600
Total Loan Commitment			$ 7,200
Number of extension options | item			2
Extension term			1 year
Alexan Southside Place Interests / Refinance | mezzanine loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Equity Method Investment And Joint Venture [Line Items]
Spread on variable rate			6.00%
Alexan Southside Place Interests / Refinance | mezzanine loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Equity Method Investment And Joint Venture [Line Items]
Spread on variable rate			8.49%
Whetstone Interests [Member]
Equity Method Investment And Joint Venture [Line Items]
Due from Affiliates						$ 2,500		$ 2,200
Proceeds from Interest Received					$ 100
Alexan CityCentre Refinance [Member] | Senior Loans [Member]
Equity Method Investment And Joint Venture [Line Items]
Face amount of loan		$ 46,000
Repayments of construction loan		55,100
Earnout advances		2,000
Total Loan Commitment		$ 48,000
Number of extension options | item		2
Extension term		1 year
Alexan CityCentre Refinance [Member] | Senior Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Equity Method Investment And Joint Venture [Line Items]
Spread on variable rate		1.50%
Alexan CityCentre Refinance [Member] | Senior Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Equity Method Investment And Joint Venture [Line Items]
Spread on variable rate		3.99%
Alexan CityCentre Refinance [Member] | mezzanine loan [Member]
Equity Method Investment And Joint Venture [Line Items]
Face amount of loan		$ 11,500
Repayments of construction loan		55,100
Earnout advances		500
Total Loan Commitment		$ 12,000
Number of extension options | item		2
Extension term		1 year
Alexan CityCentre Refinance [Member] | mezzanine loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Equity Method Investment And Joint Venture [Line Items]
Spread on variable rate		6.00%
Alexan CityCentre Refinance [Member] | mezzanine loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Equity Method Investment And Joint Venture [Line Items]
Spread on variable rate		8.49%

Revolving credit facilities (De

Revolving credit facilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Long-term Line of Credit	$ 101,300	$ 82,209
Senior Credit Facility [Member]
Long-term Line of Credit	68,800	67,709
Amended Junior Credit Facility [Member]
Long-term Line of Credit	32,500	14,500
Revolving Credit Facility [Member]
Long-term Line of Credit	21,000	$ 14,500
Term Loan [Member]
Long-term Line of Credit	$ 11,500

Revolving credit facilities - A

Revolving credit facilities - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 21, 2018	Oct. 04, 2017	Mar. 20, 2019	Jun. 30, 2019	Mar. 20, 2018
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%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	3.50%
Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 50
Debt, Weighted Average Interest Rate					5.92%
Line of Credit Facility, Remaining Borrowing Capacity					$ 29.9
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		3.50%
Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		2.50%
Amended Junior Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate				4.00%
Amended Junior Credit Facility [Member] | Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate				3.00%
Amended Junior Credit Facility [Member] | Key Bank National Association [Member]
Line of Credit Facility, Maximum Borrowing Capacity						$ 50
Amended Junior Credit Facility [Member] | Key Bank National Association [Member] | Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage				0.35%
Amended Junior Credit Facility [Member] | Key Bank National Association [Member] | Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage				0.40%
Senior Credit Facility [Member] | Key Bank National Association [Member]
Debt, Weighted Average Interest Rate					4.76%
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] | 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] | 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
Interest rate (as a percent)					5.94%

Mortgages Payable (Details)

Mortgages Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Total	$ 1,142,635	$ 1,206,136
Total held for sale	137,394
Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	897,446	850,186
Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	253,137	365,190
Mortgages [Member]
Line of Credit Facility [Line Items]
Fair value adjustments	1,987	2,204
Deferred financing costs, net	(9,935)	(11,444)
Total	1,280,029	1,206,136
Total Outstanding Principal	1,150,583	1,215,376
Deferred financing costs, net	(1,206)
Total held for sale	$ 137,394
ARIUM at Palmer Ranch [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Interest rate (as a percent)	3.83%
Total held for sale	$ 30,320
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 (as a percent)	4.41%
ARIUM Grandewood [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 19,713	19,713
Interest rate (as a percent)	4.35%
ARIUM Grandewood [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 19,672	19,672
Interest rate (as a percent)	3.83%
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 (as a percent)	3.65%
ARIUM Metrowest [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 64,559	64,559
Interest rate (as a percent)	4.43%
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 (as a percent)	3.95%
ARIUM Westside [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 52,150	52,150
Interest rate (as a percent)	3.68%
Ashford Belmar [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 100,675	100,675
Interest rate (as a percent)	4.53%
Ashton Reserve I [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 30,607	30,878
Interest rate (as a percent)	4.67%
Citrus Tower [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 41,438	41,438
Interest rate (as a percent)	4.07%
Element, Las Vegas, NV [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 29,260
Interest rate (as a percent)	3.63%
Enders Place at Baldwin Park [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 23,581	23,822
Interest rate (as a percent)	4.30%
James on South First [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 26,323	26,500
Interest rate (as a percent)	4.35%
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 (as a percent)	4.30%
Park Kingston [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 18,432	18,432
Interest rate (as a percent)	3.41%
Plantation Park [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 26,625	26,625
Interest rate (as a percent)	4.64%
Providence Trail, Mount Juliet, TN [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 47,950
Interest rate (as a percent)	3.54%
Rosewell City Walk [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 51,000	51,000
Interest rate (as a percent)	3.63%
Sovereign [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		28,227
Interest rate (as a percent)
The Brodie [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 34,513	34,825
Interest rate (as a percent)	3.71%
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 (as a percent)	4.31%
The Mills [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 26,050	26,298
Interest rate (as a percent)	4.21%
The Preserve at Henderson Beach [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 35,235	35,602
Interest rate (as a percent)	4.65%
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 (as a percent)	3.23%
Wesley Village [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 40,438	40,545
Interest rate (as a percent)	4.25%
ARIUM Glenridge [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 49,500	49,500
Interest rate (as a percent)	3.76%
ARIUM Palms [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		30,320
Ashton Reserve II [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 15,213	15,213
Interest rate (as a percent)	3.93%
Marquis at Crown Ridge [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 28,342	28,634
Interest rate (as a percent)	4.04%
Marquis at Stone Oak [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 42,326	42,725
Interest rate (as a percent)	4.04%
Marquis at the Cascades I [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 32,592	32,899
Interest rate (as a percent)	4.04%
Marquis at the Cascades II [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 22,745	22,960
Interest rate (as a percent)	4.04%
Marquis at TPC [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 16,647	16,826
Interest rate (as a percent)	4.04%
Preston View [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Interest rate (as a percent)	3.93%
Total held for sale	$ 41,657
Preston View [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		41,657
Sorrel [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Interest rate (as a percent)	4.72%
Total held for sale	$ 38,684
Sorrel [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		38,684
Sovereign [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Interest rate (as a percent)	3.46%
Total held for sale	$ 27,939
Veranda at Centerfield [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 26,100	$ 26,100
Interest rate (as a percent)	3.69%

Mortgages Payable - Debt maturi

Mortgages Payable - Debt maturities (Details) - ARIUM Grandewood [Member] $ in Thousands	Jun. 30, 2019USD ($)
Mortgages Payable [Abstract]
2019 (July 1-December 31)	$ 3,960
2020	30,739
2021	16,241
2022	92,556
2023	222,696
Thereafter	922,991
Long-term Debt	1,289,183
Add: Unamortized fair value debt adjustment	1,987
Subtract: Deferred financing costs	(11,141)
Total	$ 1,280,029

Mortgages Payable - Additional

Mortgages Payable - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Real Estate Investments, Net	$ 1,781,696	$ 1,693,757
Senior Credit Facility [Member]
Line of Credit Facility [Line Items]
Real Estate Investments, Net	$ 1,781,500
Mortgages [Member]
Line of Credit Facility [Line Items]
Debt Instrument Prepayment Fee Percentage	2.43%
Enders Place at Baldwin Park [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent	$ 16,000
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) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Fair Value of Financial Instruments
Long-term Debt, Fair Value	$ 1,305.2	$ 1,205
Mortgage Payable At Carrying Value	$ 1,291.2	$ 1,217.6

Derivative Financial Instrume_3

Derivative Financial Instruments - Fair Value of company's derivative financial instruments (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Fair value adjustment of interest rate Caps		$ 2,365	$ 0
Interest Rate Cap [Member] | Interest Expense [Member]
Fair value adjustment of interest rate Caps	$ (677)	(2,365)
Accounts Receivable, Prepaids and Other Assets [Member] | Interest Rate Cap [Member]
Derivative, Fair Value, Net	$ 231	$ 231		$ 2,596

Derivative Financial Instrume_4

Derivative Financial Instruments - Additional Information (Details) $ in Millions	Jun. 30, 2019USD ($)
Interest Rate Cap [Member]
Amount Of Debt Covered By Derivatives	$ 413.8

Related Party Transactions - Re

Related Party Transactions - Related party amounts payable to BRE (Details) - BRE Entities [Member] - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Total related-party amounts payable	$ 773	$ 726
Operating and direct expense reimbursements [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	691	568
Offering expense reimbursements [Member]
Related Party Transaction [Line Items]
Total related-party amounts payable	$ 82	$ 158

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Due From Affiliates Excluding Former Advisor	$ 3.5		$ 3.5		$ 2.9
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	6.7	$ 3.5	$ 6.7	$ 3.5
Dealer manager fees and discounts			2.9	1.5
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Reimbursement of Payroll Operating Costs	$ 0.4	$ 0.6	0.7	1.1
Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Reimbursement Of Offering Costs			$ 0.5
Series B Preferred Stock [Member] | Former Manager [Member]
Related Party Transaction [Line Items]
Reimbursement Of Offering Costs				$ 0.6

Stockholders' Equity and Rede_3

Stockholders' Equity and Redeemable Preferred Stock - Reconciliation of Components of Basic and Diluted Net Loss per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stockholders' Equity and Redeemable Preferred Stock
Net loss attributable to common stockholders	$ (10,990)	$ (10,212)	$ (23,083)	$ (19,638)
Dividends on LTIP Units expected to vest	(250)	(172)	(485)	(344)
Basic net loss attributable to common stockholders	$ (11,240)	$ (10,384)	$ (23,568)	$ (19,982)
Weighted average common shares outstanding	22,430,619	23,800,770	22,775,203	23,971,129
Potential dilutive shares	0	0	0	0
Weighted average common shares outstanding and potential dilutive shares	22,430,619	23,800,770	22,775,203	23,971,129
Net loss per common share, basic	$ (0.50)	$ (0.44)	$ (1.03)	$ (0.83)
Net loss per common share, diluted	$ (0.50)	$ (0.44)	$ (1.03)	$ (0.83)

Stockholders' Equity and Rede_4

Stockholders' Equity and Redeemable Preferred Stock - Class A common stock repurchase - (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stock Repurchased During Period, Shares			1,255,445
Stock Repurchased During Period, Per Share			$ 10.68
Common Class A [Member]
Stock Repurchased During Period, Shares	749,648	107,040	1,255,445	637,733
Common Class A [Member] | First quarter 2019
Stock Repurchased During Period, Shares			505,797
Stock Repurchased During Period, Per Share			$ 10.01
Common Class A [Member] | Second quarter 2019
Stock Repurchased During Period, Shares	749,648
Stock Repurchased During Period, Per Share	$ 11.13
Common Class A [Member] | Publicly Announced Plan [Member] | First quarter 2019
Stock Repurchased During Period, Shares			1,560,854
Stock Repurchased, Maximum Dollar value of shares that may yet be purchased under the plan	$ 10,919,065		$ 10,919,065
Common Class A [Member] | Publicly Announced Plan [Member] | Second quarter 2019
Stock Repurchased During Period, Shares	2,310,502
Stock Repurchased, Maximum Dollar value of shares that may yet be purchased under the plan	$ 2,578,184		$ 2,578,184

Stockholders' Equity and Rede_5

Stockholders' Equity and Redeemable Preferred Stock - Distributions (Details)	6 Months Ended
	Jun. 30, 2019$ / shares
Common Class A [Member]
Amount	$ 0.162500
Common Class A One [Member]
Amount	0.162500
Common Class A Two [Member]
Amount	0.162500
Common Class C [Member]
Amount	0.162500
Common Class C One [Member]
Amount	0.162500
Common Class C Two [Member]
Amount	0.162500
Series A Preferred Stock [Member]
Amount	0.515625
Series A Preferred Stock One [Member]
Amount	0.515625
Series A Preferred Stock Two [Member]
Amount	0.515625
Series B Preferred Stock [Member]
Amount	5
Series B Preferred Stock One [Member]
Amount	5
Series B Preferred Stock Two [Member]
Amount	5
Series B Preferred Stock Three [Member]
Amount	5
Series B Preferred Stock Four [Member]
Amount	5
Series B Preferred Stock Five [Member]
Amount	5
Series B Preferred Stock Six [Member]
Amount	5
Series C Preferred Stock [Member]
Amount	0.4765625
Series C Preferred Stock One [Member]
Amount	0.4765625
Series C Preferred Stock Two [Member]
Amount	0.4765625
Series D Preferred Stock [Member]
Amount	0.4453125
Series D Preferred Stock One [Member]
Amount	0.4453125
Series D Preferred Stock Two [Member]
Amount	$ 0.4453125

Stockholders' Equity and Rede_6

Stockholders' Equity and Redeemable Preferred Stock - Distributions declared and paid (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2019
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	$ 16,084	$ 15,544	$ 31,628
Distributions Paid	15,874	15,300	$ 31,174
Common Class A [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	3,623	3,727
Distributions Paid	3,726	3,820
Common Class C [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	12	12
Distributions Paid	12	12
Series A Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	2,950	2,950
Distributions Paid	2,950	2,950
Series B Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	5,693	5,058
Distributions Paid	5,443	4,842
Series C Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,107	1,107
Distributions Paid	1,107	1,107
Series D Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,269	1,269
Distributions Paid	1,269	1,269
Operating Partnership Units One [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,038	1,038
Distributions Paid	1,058	1,038
Long-term Incentive Plan Units One [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	392	383
Distributions Paid	$ 309	$ 262

Stockholders' Equity and Rede_7

Stockholders' Equity and Redeemable Preferred Stock - Additional Information (Details) - USD ($)	Jun. 25, 2019	Apr. 01, 2019	Jan. 01, 2019	Oct. 04, 2018	Oct. 04, 2018	Jan. 31, 2019	Sep. 28, 2018	Feb. 28, 2018	Jan. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Aug. 08, 2016
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock												$ 15,000	$ 17,000
Stock Repurchased During Period, Shares												1,255,445
Stock Repurchased During Period, Value										$ 8,341,000	$ 958,000	$ 13,404,000	$ 5,162,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				80,798
Percentage Of Unvested Incentive Plan In Operating Partnership										4.64%		4.64%
OP Unit holders [Member]
Class of Stock [Line Items]
Partners' Capital Account, Units										6,384,512		6,384,512
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest												20.48%
LTIP Unit holders [Member]
Class of Stock [Line Items]
Partners' Capital Account, Units										2,414,160		2,414,160
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest												7.75%
Percentage Of Unvested Incentive Plan In Operating Partnership										4.64%		4.64%
OP And LTIP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest												28.23%
Common Class A [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues										681	1,319	1,445	1,984
Common Stock, Par or Stated Value Per Share										$ 0.01		$ 0.01		$ 0.01
Preferred Stock, Value, Issued															$ 100,000,000
Redemption Of SeriesB Preferred Stock And Conversion Into Class Common Stock Shares										87,736	31,416	131,542	76,381
Stock Repurchase Program, Authorized Amount								$ 25,000,000
Stock Repurchase Program, Period in Force								1 year
Stock Repurchased During Period, Shares										749,648	107,040	1,255,445	637,733
Stock Repurchased During Period, Value										$ 8,000	$ 1,000	$ 13,000	$ 6,000
Common Class A [Member] | Stock Offering [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights										8,067,400		8,067,400
Redemption Of SeriesB Preferred Stock And Conversion Into Class Common Stock Shares												131,542
Stock Repurchased During Period, Value												$ 13,400,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues												403,370
Series B Preferred Stock [Member] | Stock Offering [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock												$ 363,000,000
Stock Issued During Period, Shares, New Issues												95,092
Proceeds from Issuance of Preferred Stock and Preference Stock												$ 85,600,000
Class of Warrant or Right, Outstanding										403,370		403,370
Preferred Stock Offering Commissions And Dealer Manager Fees												$ 9,500,000
Payments for Repurchase of Preferred Stock and Preference Stock												$ 80,450
Stock Repurchased During Period, Shares												1,513
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		$ 0.01
Redemption Of SeriesB Preferred Stock And Conversion Into Class Common Stock Shares										0	0		0
Stock Repurchased During Period, Shares										0	0
Stock Repurchased During Period, Value										$ 0	$ 0	$ 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												86
Warrant [Member] | Common Class A [Member]
Class of Stock [Line Items]
Shares excluded from the diluted shares calculations										125,274		49,970
Restricted Stock [Member] | Common Class A [Member]
Class of Stock [Line Items]
Shares excluded from the diluted shares calculations										11,944		8,726
Long-term Incentive Plan Units One [Member] | Time-based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation										$ 900,000	1,200,000	$ 1,800,000	2,300,000
Long-term Incentive Plan Units One [Member] | Performance Based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Performance Period									3 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross									125,165
Long-term Incentive Plan Units One [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	800,000	$ 200,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years						5 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	10,518					196,023			770,854
Long-term Incentive Plan Units One [Member] | Share-based Compensation Award, Tranche One [Member] | Performance Based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Performance Period			3 years
Long-term Incentive Plan Units One [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, Award Vesting Period									3 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross						294,031			160,192
Long-term Incentive Plan Units One [Member] | Share-based Compensation Award, Tranche Two [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	15,776
Long-term Incentive Plan Units One [Member] | Executive Officer [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					3 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				80,798
Restricted Stock [Member]
Class of Stock [Line Items]
Number of shares		90,694
Fair value per RSG		$ 10.65
Total fair value		$ 1,000,000
Compensation cost recognized												$ 100,000
Remaining compensation cost is expected to be recognized (in years)												2 years 9 months
Incentive Plans 2014 [Member] | Long-term Incentive Plan Units One [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 7 months 6 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized										$ 8,400,000		$ 8,400,000
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 One [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 One [Member] | Common Class A [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues							2,250,000

Subsequent Events - Declaration

Subsequent Events - Declaration of Dividends (Details) - Dividend Declared [Member]	6 Months Ended
	Jun. 30, 2019$ / shares
August 5, 2019 [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 5
September 5, 2019 [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount	5
October 4, 2019 [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 5

Subsequent Events - Distributio

Subsequent Events - Distribution paid (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 12, 2019	Jun. 30, 2019
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends, Total Distribution	$ 14,348
Subsequent Event [Member] | Long-term Incentive Plan Units One [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 0.162500
Dividends, Total Distribution	$ 317
Common Class A [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount		$ 0.162500
Common Class A [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 0.162500
Dividends, Total Distribution	$ 3,623
Common Class C [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount		0.162500
Common Class C [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 0.162500
Dividends, Total Distribution	$ 12
Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount		0.515625
Series A Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 0.515625
Dividends, Total Distribution	$ 2,950
Series B Preferred Stock [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount		5
Series B Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 5
Dividends, Total Distribution	$ 1,998
Series C Preferred Stock [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount		0.4765625
Series C Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 0.4765625
Dividends, Total Distribution	$ 1,107
Series D Preferred Stock [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount		$ 0.4453125
Series D Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 0.4453125
Dividends, Total Distribution	$ 1,269
Operating Partnership Units One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 0.162500
Dividends, Total Distribution	$ 1,017
Series B Preferred Stock One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 5
Dividends, Total Distribution	$ 2,055

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Millions	Jul. 31, 2019USD ($)item	Jul. 24, 2019USD ($)item	Jul. 15, 2019USD ($)property
Denim [Member]
Number of apartment units | item		645
Sanctuary [Member]
Number of apartment units | item	320
Subsequent Event [Member] | Denim [Member]
Ownership interest acquired		100.00%
Consideration transferred		$ 141.3
Subsequent Event [Member] | Sanctuary [Member]
Ownership interest acquired	100.00%
Consideration transferred	$ 51.8
Proceeds from issuance of debt	$ 33.7
Subsequent Event [Member] | Topaz Portfolio [Member]
Total number of properties | property			5
Aggregate sales price of properties disposed			$ 226.9
Subsequent Event [Member] | Topaz Portfolio [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]
Number of properties disposed | property			4
Subsequent Event [Member] | Senior Loans [Member] | Denim [Member]
Proceeds from issuance of debt		$ 91.6