Bluerock Residential Growth REIT (BRG) 10-K 11 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 07, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-36369
Entity Registrant Name	Bluerock Residential Growth REIT, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-3136483
Entity Address, Address Line One	1345 Avenue of the Americas, 32nd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
City Area Code	212
Local Phone Number	843-1601
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001442626
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 293,427,966
ICFR Auditor Attestation Flag	true
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Southfield, Michigan
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
Trading Symbol	BRG
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		29,260,629
Cumulative Redeemable Preferred Stock | Series C [Member]
Document Information [Line Items]
Title of 12(b) Security	7.625% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	BRG
Security Exchange Name	NYSE
Cumulative Redeemable Preferred Stock | Series D [Member]
Document Information [Line Items]
Title of 12(b) Security	7.125% Series D Cumulative Preferred Stock, $0.01 par value per share
Trading Symbol	BRG
Security Exchange Name	NYSE
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		76,603
Redeemable Preferred Stock | Series B [Member]
Document Information [Line Items]
Title of 12(g) Security	Series B Redeemable Preferred Stock, $0.01 par value per share
Redeemable Preferred Stock | Series T
Document Information [Line Items]
Title of 12(g) Security	Series T Redeemable Preferred Stock, $0.01 par value per share
Warrants to Purchase Shares of Class A Common Stock [Member]
Document Information [Line Items]
Title of 12(g) Security	Warrants to Purchase Shares of Class A Common Stock, $0.01 par value per share

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Net Real Estate Investments
Land	$ 287,406,000	$ 279,481,000
Buildings and improvements	1,894,745,000	1,889,471,000
Furniture, fixtures and equipment	89,270,000	78,438,000
Total Gross Real Estate Investments	2,271,421,000	2,247,390,000
Accumulated depreciation	(224,123,000)	(186,426,000)
Total Net Operating Real Estate Investments	2,047,298,000	2,060,964,000
Operating real estate held for sale, net	0	36,213,000
Total Net Real Estate Investments	2,047,298,000	2,097,177,000
Cash and cash equivalents	166,492,000	83,868,000
Restricted cash	30,015,000	35,093,000
Notes and accrued interest receivable, net	173,489,000	157,734,000
Due from affiliates	711,000	339,000
Accounts receivable, prepaids and other assets, net	43,108,000	29,502,000
Preferred equity investments and investments in unconsolidated real estate joint ventures, net	135,690,000	83,485,000
In-place lease intangible assets, net	2,530,000	2,594,000
Non-real estate assets associated with operating real estate held for sale	0	145,000
TOTAL ASSETS	2,599,333,000	2,489,937,000
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Mortgages payable	1,364,991,000	1,490,932,000
Mortgages payable associated with operating real estate held for sale	0	38,773,000
Revolving credit facilities	0	33,000,000
Accounts payable	3,824,000	1,317,000
Other accrued liabilities	52,947,000	31,025,000
Due to affiliates	599,000	618,000
Distributions payable	15,345,000	13,421,000
Liabilities associated with operating real estate held for sale	0	383,000
Total Liabilities	1,437,706,000	1,609,469,000
Stockholders' Equity
Additional paid-in-capital	344,003,000	304,710,000
Distributions in excess of cumulative earnings	(327,270,000)	(313,392,000)
Total Stockholders' Equity	83,874,000	58,406,000
Noncontrolling Interests
Operating partnership units	5,889,000	(3,272,000)
Partially owned properties	39,630,000	24,666,000
Total Noncontrolling Interests	45,519,000	21,394,000
Total Equity	129,393,000	79,800,000
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY	2,599,333,000	2,489,937,000
Preferred Stock [Member]
Stockholders' Equity
Preferred Stock Value	0	0
Class A Common Stock
Stockholders' Equity
Common Stock Value	273,000	220,000
Class C Common Stock
Stockholders' Equity
Common Stock Value	1,000	1,000
Cumulative Redeemable Preferred Stock | Series A [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	0	54,332,000
Cumulative Redeemable Preferred Stock | Series C [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	56,823,000	56,462,000
Cumulative Redeemable Preferred Stock | Series D [Member]
Stockholders' Equity
Preferred Stock Value	66,867,000	66,867,000
Redeemable Preferred Stock | Series B [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	331,983,000	469,907,000
Redeemable Preferred Stock | Series T
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	$ 643,428,000	$ 219,967,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	203,621,460	197,900,000
Preferred Stock, Shares Issued	0	0
Redeemable Preferred Stock | 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	359,197	513,489
Temporary Equity, Shares Outstanding	359,197	513,489
Redeemable Preferred Stock | Series T
Preferred Stock, Dividend Rate, Percentage	6.15%	6.15%
Temporary Equity, Liquidation Preference Per Share	$ 25	$ 25
Temporary Equity, Shares Authorized	32,000,000	32,000,000
Temporary Equity, Shares Issued	28,272,134	9,717,917
Temporary Equity, Shares Outstanding	28,272,134	9,717,917
Cumulative Redeemable Preferred Stock | Series A [Member]
Preferred Stock, Dividend Rate, Percentage	8.25%	8.25%
Temporary Equity, Liquidation Preference Per Share	$ 25	$ 25
Temporary Equity, Shares Authorized	5,153,540	10,875,000
Temporary Equity, Shares Issued	0	2,201,547
Temporary Equity, Shares Outstanding	0	2,201,547
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	2,295,845	2,295,845
Temporary Equity, Shares Outstanding	2,295,845	2,295,845
Cumulative Redeemable Preferred Stock | Series D [Member]
Preferred Stock, Dividend Rate, Percentage	7.125%	7.125%
Temporary Equity, Liquidation Preference Per Share	$ 25	$ 25
Temporary Equity, Shares Authorized	4,000,000	4,000,000
Temporary Equity, Shares Issued	2,774,338	2,774,338
Temporary Equity, Shares Outstanding	2,774,338	2,774,338
Class A Common Stock
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	27,257,586	22,020,950
Common stock, shares outstanding	27,257,586	22,020,950
Class C Common Stock
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
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	8.25%

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Rental and other property revenues	$ 203,689	$ 196,522	$ 185,376
Interest income from loan and ground lease investments	16,962	23,326	24,595
Total revenues	220,651	219,848	209,971
Expenses
Property operating	76,002	76,301	74,449
Property management fees	5,390	4,988	4,899
General and administrative	27,787	24,141	22,553
Acquisition and pursuit costs	448	4,152	556
Weather-related losses, net	1,001		355
Depreciation and amortization	80,051	79,452	70,452
Total expenses	190,679	189,034	173,264
Operating income	29,972	30,814	36,707
Other income (expense)
Other income	549	144	68
Accrued preferred return	12,067	11,250	9,797
Provision for credit losses	(384)	(16,369)	0
Gain on sale of real estate investments	137,427	59,508	48,680
Gain on sale of non-depreciable real estate investments			679
Transaction costs	(15,036)
Loss on extinguishment of debt and debt modification costs	(6,740)	(14,630)	(7,258)
Interest expense, net	(52,701)	(55,994)	(59,554)
Total other income (expense)	75,182	(16,091)	(7,588)
Net income	105,154	14,723	29,119
Preferred stock dividends	(63,606)	(58,463)	(46,159)
Preferred stock accretion	(24,633)	(16,851)	(10,335)
Net income (loss) attributable to noncontrolling interests
Operating partnership units	2,250	(17,313)	(6,779)
Partially-owned properties	11,192	1,396	(845)
Net income (loss) attributable to noncontrolling interests	13,442	(15,917)	(7,624)
Net income (loss) attributable to common stockholders	$ 3,473	$ (44,674)	$ (19,751)
Net income (loss) per common share - Basic	$ 0.08	$ (1.91)	$ (0.91)
Net income (loss) per common share - Diluted	$ 0.07	$ (1.91)	$ (0.91)
Weighted average basic common shares outstanding	26,024,935	24,084,347	22,649,222
Weighted average diluted common shares outstanding	26,249,999	24,084,347	22,649,222

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 Stock [Member]Class A Common Stock	Common Stock [Member]Class C Common Stock	Preferred Stock [Member]Series D Preferred Stock [Member]	Total
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	5,320,000	0	0	0	$ 5,000	$ 0	$ 0	5,325,000
Issuance of Class A common stock, net (in shares)					456,708	0	0
Issuance of Class A common stock due to Series B warrants exercise	299,000	0	0	0	$ 0	$ 0	$ 0	299,000
Issuance of Class A common stock due to Series B warrants exercise (in shares)					37,391	0	0
Repurchase of Class A common stock	(14,073,000)	0	0	0	$ (13,000)	$ 0	$ 0	(14,086,000)
Repurchase of Class A common stock (in shares)					(1,313,328)	0	0
Issuance of restricted Class A common stock, net of shares withheld for employee taxes	424,000	0	0	0	$ 1,000	$ 0	$ 0	425,000
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares)					87,094
Issuance of LTIP units for director compensation	0	0	0	282,000	$ 0	$ 0	$ 0	282,000
Issuance of LTIP units for director compensation (in shares)					0	0	0
Vesting of LTIP Units for compensation	0	0	0	5,293,000	$ 0	$ 0	$ 0	5,293,000
Issuance of LTIP units for expense reimbursements	0	0	0	2,238,000	0	0	0	2,238,000
Issuance of LTIP Units for expense and capitalized cost reimbursements	0	0	0	737,000	0	0	0	737,000
Issuance of Series B warrants	4,413,000	0	0	0	0	0	0	4,413,000
Contributions from noncontrolling interests	0	0	0	3,511,000	0	0	0	3,511,000
Common stock distributions declared	0	(14,850,000)	0	0	0	0	0	(14,850,000)
Series A Preferred Stock distributions declared	0	(11,800,000)	0	0	0	0	0	(11,800,000)
Series A Preferred Stock accretion	0	(810,000)	0	0	0	0	0	(810,000)
Series B Preferred Stock distributions declared	0	(24,854,000)	0	0	0	0	0	(24,854,000)
Series B Preferred Stock accretion	0	(9,213,000)	0	0	0	0	0	(9,213,000)
Series C Preferred Stock distributions declared	0	(4,428,000)	0	0	0	0	0	(4,428,000)
Series C Preferred Stock accretion	0	(312,000)	0	0	0	0	0	(312,000)
Series D Preferred Stock distributions declared	0	(5,076,000)	0	0	0	0	0	(5,076,000)
Series T Preferred Stock distributions declared	0	(1,000)	0	0	0	0	0	(1,000)
Miscellaneous offering costs	(222,000)	0	0	0	0	0	0	(222,000)
Distributions to Operating Partnership noncontrolling interests	0	0	0	(5,749,000)	0	0	0	(5,749,000)
Distributions to partially owned noncontrolling interests	0	0	0	(3,765,000)	0	0	0	(3,765,000)
Redemption of Operating Partnership Units	(15,000)	0	0	(10,000)	0	0	0	(25,000)
Holder redemption of Series B Preferred Stock and conversion into Class A common stock	2,631,000	0	0	0	$ (2,000)	$ 0	$ 0	2,633,000
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					219,328	0	0
Company redemption of Series B Preferred Stock and conversion into Class A common stock	7,188,000	0	0	0	$ 6,000	$ 0	$ 0	7,194,000
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					613,153
Cash redemption of Series B Preferred Stock	15,000	0	0	0	$ 0	0	0	15,000
Acquisition of noncontrolling interest	(6,529,000)	0	0	(2,390,000)	0	0	0	(8,919,000)
Adjustment for noncontrolling interest in Cade Boca Raton	0	0	0	3,344,000	0	0	0	3,344,000
Adjustment for noncontrolling interest ownership in Operating Partnership	4,294,000	0	0	(4,294,000)	0	0	0	0
Net income (loss)	0	0	36,743,000	(7,624,000)	0	0	0	29,119,000
Balance at Dec. 31, 2019	311,683,000	(259,254,000)	6,122,000	48,170,000	$ 234,000	$ 1,000	$ 68,705,000	175,661,000
Balance (in shares) at Dec. 31, 2019					23,422,557	76,603	2,850,602
Issuance of Class A common stock, net	1,992,000	0	0	0	$ 2,000	$ 0	$ 0	1,994,000
Issuance of Class A common stock, net (in shares)					171,713	0	0
Issuance of Class A common stock due to Series B warrants exercise	137,000	0	0	0	$ 0	$ 0	$ 0	137,000
Issuance of Class A common stock due to Series B warrants exercise (in shares)					12,513	0	0
Issuance of Class A common stock for executive salaries	147,000	0	0	0	$ 0	$ 0	$ 0	147,000
Issuance of Class A common stock for executive salaries (in shares)					25,174
Repurchase of Class A common stock	(40,294,000)	0	0	0	$ (40,000)	$ 0	$ 0	(40,334,000)
Repurchase of Class A common stock (in shares)					(3,983,842)	0	0
Issuance of restricted Class A common stock, net of shares withheld for employee taxes	454,000	0	0	0	$ 1,000	$ 0	$ 0	455,000
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares)					72,284	0	0
Repurchase of Series A, Series C and Series D Preferred Stock, net	511,000	0	0	0	$ 0	$ 0	$ (1,838,000)	(1,327,000)
Repurchase of Series A, Series C and Series D Preferred Stock, net (In shares)							(76,264)
Issuance of LTIP units for director compensation	0	0	0	343,000	$ 0	$ 0	$ 0	343,000
Issuance of LTIP units for director compensation (in shares)					0	0	0
Issuance of LTIP Units for executive bonuses	0	0	0	2,034,000	$ 0	$ 0	$ 0	2,034,000
Issuance of LTIP Units for executive salaries	0	0	0	488,000	0	0	0	488,000
Vesting of LTIP Units for compensation	0	0	0	6,824,000	0	0	0	6,824,000
Issuance of LTIP Units for expense and capitalized cost reimbursements	0	0	0	1,747,000	0	0	0	1,747,000
Contributions from noncontrolling interests	0	0	0	3,050,000	0	0	0	3,050,000
Common stock distributions declared	0	(15,586,000)	0	0	0	0	0	(15,586,000)
Series A Preferred Stock distributions declared	0	(10,910,000)	0	0	0	0	0	(10,910,000)
Series A Preferred Stock accretion	0	(892,000)	0	0	0	0	0	(892,000)
Company redemption of Series A Preferred Stock accretion	0	(1,084,000)	0	0	0	0	0	(1,084,000)
Series B Preferred Stock distributions declared	0	(31,076,000)	0	0	0	0	0	(31,076,000)
Series B Preferred Stock accretion	0	(12,141,000)	0	0	0	0	0	(12,141,000)
Series C Preferred Stock distributions declared	0	(4,398,000)	0	0	0	0	0	(4,398,000)
Series C Preferred Stock accretion	0	(362,000)	0	0	0	0	0	(362,000)
Series D Preferred Stock distributions declared	0	(4,986,000)	0	0	0	0	0	(4,986,000)
Series T Preferred Stock distributions declared	0	(7,093,000)	0	0	0	0	0	(7,093,000)
Series T Preferred Stock accretion	0	(2,372,000)	0	0	0	0	0	(2,372,000)
Distributions to Operating Partnership noncontrolling interests	0	0	0	(6,611,000)	0	0	0	(6,611,000)
Distributions to partially owned noncontrolling interests	0	0	0	(7,844,000)	0	0	0	(7,844,000)
Conversion of Operating Partnership Units into Class A common stock	141,000	0	0	(142,000)	$ 1,000	0	0	0
Conversion of Operating Partnership Units into Class A common stock (in shares)					75,801
Holder redemption of Series B Preferred Stock and conversion into Class A common stock	6,962,000	0	0	0	$ 9,000	$ 0	$ 0	6,971,000
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					868,437	0	0
Company redemption of Series B Preferred Stock and conversion into Class A common stock	15,779,000	0	0	0	$ 13,000	$ 0	$ 0	15,792,000
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					1,334,501	0	0
Cash redemption of Series B Preferred Stock	9,000	0	0	0	$ 0	$ 0	$ 0	9,000
Holder redemption of Series T Preferred Stock and conversion into Class A common stock	160,000	0	0	0	$ 0	0	0	160,000
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)					21,812
Series B warrant activity and exercise, net	(38,000)	0	0	0	$ 0	0	0	(38,000)
Company redemption of Series A Preferred Stock costs	(30,000)	0	0	0	0	0	0	(30,000)
Transfer of noncontrolling interest to controlling interest	0	0	0	(775,000)	0	0	0	(775,000)
Acquisition of noncontrolling interest	(2,876,000)	0	0	0	0	0	0	(2,876,000)
Adjustment for noncontrolling interest ownership in Operating Partnership	9,973,000	0	0	(9,973,000)	0	0	0	0
Net income (loss)	0	0	30,640,000	(15,917,000)	0	0	0	14,723,000
Balance at Dec. 31, 2020	304,710,000	(350,154,000)	36,762,000	21,394,000	$ 220,000	$ 1,000	$ 66,867,000	79,800,000
Balance (in shares) at Dec. 31, 2020					22,020,950	76,603	2,774,338
Issuance of Class A common stock, net	47,000	0	0	0	$ 0	$ 0	$ 0	47,000
Issuance of Class A common stock, net (in shares)					4,141	0	0
Issuance costs for Class A common stock ATM	(626,000)	0	0	0	$ 0	$ 0	$ 0	(626,000)
Issuance of Class A common stock due to Series B warrants exercise	23,033,000	0	0	0	$ 12,000	$ 0	$ 0	23,045,000
Issuance of Class A common stock due to Series B warrants exercise (in shares)					1,231,822	0	0
Repurchase of Class A common stock	(119,478,000)	0	0	0	$ (111,000)	$ 0	$ 0	(119,589,000)
Repurchase of Class A common stock (in shares)					(11,140,637)
Issuance of restricted Class A common stock, net of shares withheld for employee taxes	313,000	0	0	0	$ 0	$ 0	$ 0	313,000
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares)					21,174	0	0
Issuance of LTIP units for director compensation	$ 0	$ 0	$ 0	$ 374,000	$ 0	$ 0	$ 0	$ 374,000
Issuance of LTIP units for director compensation (in shares)					0	0	0
Issuance of LTIP Units for executive bonuses (in shares)	0	0	0	2,170,000	0	0	0	2,170,000
Issuance of LTIP Units for executive salaries	$ 0	$ 0	$ 0	$ 879,000	$ 0	$ 0	$ 0	$ 879,000
Vesting of LTIP Units for compensation	0	0	0	7,721,000	0	0	0	7,721,000
Issuance of LTIP units for expense reimbursements	0	0	0	1,556,000	0	0	0	1,556,000
Contributions from noncontrolling interests	0	0	0	22,353,000	0	0	0	22,353,000
Common stock distributions declared	0	(17,351,000)	0	0	0	0	0	(17,351,000)
Series A Preferred Stock distributions declared	0	(706,000)	0	0	0	0	0	(706,000)
Series A Preferred Stock accretion	0	(35,000)	0	0	0	0	0	(35,000)
Company redemption of Series A Preferred Stock accretion	0	(710,000)	0	0	0	0	0	(710,000)
Series B Preferred Stock distributions declared	0	(23,704,000)	0	0	0	0	0	(23,704,000)
Series B Preferred Stock accretion	0	(14,335,000)	0	0	0	0	0	(14,335,000)
Series C Preferred Stock distributions declared	0	(4,376,000)	0	0	0	0	0	(4,376,000)
Series C Preferred Stock accretion	0	(361,000)	0	0	0	0	0	(361,000)
Series D Preferred Stock distributions declared	0	(4,940,000)	0	0	0	0	0	(4,940,000)
Series T Preferred Stock distributions declared	0	(29,880,000)	0	0	0	0	0	(29,880,000)
Series T Preferred Stock accretion	0	(9,192,000)	0	0	0	0	0	(9,192,000)
Miscellaneous offering costs	(456,000)	0	0	0	0	0	0	(456,000)
Distributions to Operating Partnership noncontrolling interests	0	0	0	(7,322,000)	0	0	0	(7,322,000)
Distributions to partially owned noncontrolling interests	0	0	0	(18,581,000)	0	0	0	(18,581,000)
Redemption of Operating Partnership Units	(4,000)	0	0	(1,000)	0	0	0	(5,000)
Conversion of Operating Partnership Units into Class A common stock	(23,000)	0	0	24,000	$ 1,000	$ 0	$ 0	2,000
Conversion of Operating Partnership Units into Class A common stock (in shares)					62,023	0	0
Holder redemption of Series B Preferred Stock and conversion into Class A common stock	3,299,000	0	0	0	$ 3,000	$ 0	$ 0	3,302,000
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					283,966	0	0
Company redemption of Series B Preferred Stock and conversion into Class A common stock	150,536,000	0	0	0	$ 146,000	$ 0	$ 0	150,682,000
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					14,592,550	0	0
Cash redemption of Series B Preferred Stock	9,000	0	0	0	$ 0	$ 0	$ 0	9,000
Holder redemption of Series T Preferred Stock and conversion into Class A common stock	2,029,000	0	0	0	$ (2,000)	$ 0	$ 0	2,031,000
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)					181,597	0	0
Cash redemption of Series T Preferred Stock	19,000	0	0	0	$ 0	$ 0	$ 0	19,000
Series B warrant activity and exercise, net	(17,917,000)	0	0	0	0	0	0	(17,917,000)
Company redemption of Series A Preferred Stock costs	22,000	0	0	0	0	0	0	22,000
Adjustment for noncontrolling interest ownership in Operating Partnership	(1,510,000)	0	0	1,510,000	0	0	0	0
Net income (loss)	0	0	91,712,000	13,442,000	0	0	0	105,154,000
Balance at Dec. 31, 2021	$ 344,003,000	$ (455,744,000)	$ 128,474,000	$ 45,519,000	$ 273,000	$ 1,000	$ 66,867,000	$ 129,393,000
Balance (in shares) at Dec. 31, 2021					27,257,586	76,603	2,774,338

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income	$ 105,154	$ 14,723	$ 29,119
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	83,306	82,993	74,055
Amortization of fair value adjustments	(1,326)	(420)	(335)
Preferred returns on unconsolidated real estate joint ventures	(12,067)	(11,250)	(9,797)
Gain on sale of real estate investments	(137,427)	(59,508)	(48,680)
Gain on sale of non-depreciable real estate investments			(679)
Fair value adjustment of interest rate caps	82	128	2,536
Loss on extinguishment of debt	6,740	14,630	7,258
Provision for credit losses	384	16,369	0
Amortization of deferred interest income on mezzanine loan	2,996		0
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures	11,721	13,770	9,015
Share-based compensation attributable to equity incentive plan	8,095	7,167	5,575
Share-based compensation attributable to executive salaries	879	635	0
Share-based compensation attributable to restricted stock grants	442	502	425
Share-based expense and capitalized cost reimbursements to BRE - LTIP Units	1,556	1,747	2,975
Changes in operating assets and liabilities:
Due to (from) affiliates, net	37	2,458	(252)
Accounts receivable, prepaids and other assets	(5,470)	(15,718)	(4,268)
Notes and accrued interest receivable	(4,277)	(5)	(247)
Accounts payable and other accrued liabilities	21,227	6,254	(3,369)
Net cash provided by operating activities	82,052	74,475	63,331
Cash flows from investing activities:
Acquisitions of real estate investments	(277,750)	(262,734)	(516,217)
Capital expenditures	(27,904)	(17,119)	(21,446)
Investment in notes receivable	(42,351)	(47,473)	(51,714)
Repayments on notes receivable	22,319	83,350	12,148
Proceeds from sale of real estate investments	417,921	194,700	313,785
Proceeds from sale and redemption of unconsolidated real estate joint ventures	51,504	50,734	36,620
Adjustment for noncontrolling interests in Cade Boca Raton			461
Purchase of interests from noncontrolling interests		(3,651)	(9,891)
Investment in unconsolidated real estate joint venture interests	(104,325)	(24,809)	(74,307)
Net cash provided by (used in) investing activities	39,414	(27,002)	(310,561)
Cash flows from financing activities:
Distributions to common stockholders	(16,618)	(15,771)	(14,850)
Distributions to noncontrolling interests	(25,299)	(13,713)	(9,129)
Distributions to preferred stockholders	(63,019)	(59,183)	(45,075)
Contributions from noncontrolling interests	22,353	3,050	3,511
Borrowings on mortgages payable	15,453	197,211	450,241
Repayments on mortgages payable including prepayment penalties	(189,058)	(189,782)	(274,715)
Proceeds from credit facilities	30,000	384,189	133,500
Repayments on credit facilities	(63,000)	(369,189)	(197,707)
Payments of deferred financing fees	(2,100)	(4,738)	(4,815)
Miscellaneous offering costs	(1,082)		(222)
Net proceeds from issuance of Class A common stock	47	1,994	5,325
Repurchase of Class A common stock	(119,589)	(40,334)	(14,086)
Shares withheld for employee taxes upon vesting of award	(129)	(47)	0
Repurchase of Series A, Series C and Series D Redeemable Preferred Stock		(6,103)	0
Payments to redeem Operating Partnership Units	(5)		(25)
Net cash (used in) provided by financing activities	(43,920)	20,720	245,754
Net increase (decrease) in cash, cash equivalents and restricted cash	77,546	68,193	(1,476)
Cash, cash equivalents and restricted cash, beginning of year	118,961	50,768	52,244
Cash, cash equivalents and restricted cash, end of year	196,507	118,961	50,768
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	166,492	83,868	31,683
Restricted cash	30,015	35,093	19,085
Total cash, cash equivalents and restricted cash, end of year	196,507	118,961	50,768
Supplemental disclosure of cash flow information
Cash paid for interest (net of interest capitalized)	51,199	52,768	53,890
Supplemental disclosure of non-cash investing and financing activities
Distributions payable - declared and unpaid	15,345	13,421	13,541
Mortgages assumed upon property acquisition	69,781	84,043	15,546
Mortgages assumed by buyer upon sale of real estate	(67,268)		0
Capital expenditures held in accounts payable and other accrued liabilities	2,130	7	(884)
Reduction of assets from change of control or deconsolidation			(26,383)
Reduction of mortgages payable from change of control or deconsolidation			(23,500)
Reduction of noncontrolling interests from change of control or deconsolidation			(3,344)
Series A Preferred Stock [Member]
Cash flows from financing activities:
Retirement of Redeemable Preferred Stock	(55,055)	(83,950)	0
Series B Preferred Stock [Member]
Cash flows from financing activities:
Retirement of Redeemable Preferred Stock	(79)	(290)	0
Net proceeds from issuance of Warrants associated with the Series B Redeemable Preferred Stock			4,413
Net proceeds from exercise of Warrants associated with the Series B Redeemable Preferred Stock	7,161	121	343
Net proceeds from issuance of 6.150% Series T Redeemable Preferred Stock			208,913
Payments to redeem Redeemable Preferred Stock	(220)	(112)	(255)
Series T Preferred Stock [Member]
Cash flows from financing activities:
Retirement of Redeemable Preferred Stock	(130)		0
Net proceeds from issuance of 6.150% Series T Redeemable Preferred Stock	416,683	$ 217,367	387
Payments to redeem Redeemable Preferred Stock	$ (234)		$ 0

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	12 Months Ended
	Dec. 31, 2021
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	8.25%
Series B Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	6.00%
Series T Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	6.15%

Organization and Nature of Busi

Organization and Nature of Business	12 Months Ended
	Dec. 31, 2021
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 multifamily apartment communities and single-family residential homes 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. 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. As of December 31, 2021, the Company held an aggregate of 20,263 units, comprised of 16,837 multifamily units and 3,426 single-family residential units. The aggregate number of units are held through seventy-eight real estate investments, consisting of forty-nine consolidated operating investments and twenty- nine ​ Proposed Merger On December 20, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Badger Parent LLC (“Parent”) and Badger Merger Sub LLC (“Merger Sub”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, the Company will be merged with and into Merger Sub (the “Merger”), with Merger Sub surviving the Merger. The Merger and the other transactions contemplated by the Merger Agreement were unanimously approved by the Board. Parent and Merger Sub are affiliates of Blackstone Real Estate Partners IX L.P., an affiliate of Blackstone Inc. Pursuant to the terms and conditions in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of common stock, par value $0.01 per share, of the Company (the “Company Common Stock”), that is issued and outstanding immediately prior to the Effective Time will automatically be converted into the right to receive $24.25 in cash, without interest (the “Per Share Merger Consideration”). The Company will deliver a notice of redemption (the “Preferred Stock Redemption Notice”) to the holders of our Series B Redeemable Preferred Stock, par value $0.01 per share (“Series B Preferred Stock”), 7.625% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share (“Series C Preferred Stock”), 7.125% Series D Cumulative Preferred Stock, par value $0.01 per share (“Series D Preferred Stock”), and Series T Redeemable Preferred Stock, par value $0.01 per share (“Series T Preferred Stock”), in accordance with their respective Articles Supplementary, in order to provide that such preferred stock will be redeemed effective as of the Effective Time. Each share of Series C Preferred Stock, Series D Preferred Stock and Series T Preferred Stock will be redeemed for an amount equal to $25.00 plus an amount equal to all accrued and unpaid dividends to and including the redemption date set forth in the Preferred Stock Redemption Notice, without interest. Each share of Series B Preferred Stock will be redeemed for an amount equal to $1,000.00 plus an amount equal to all accrued and unpaid dividends to and including the redemption date set forth in the Preferred Stock Redemption Notice, without interest. The outstanding warrants to purchase Class A common stock of the Company (the “Company Warrants”) will remain outstanding following the Effective Time in accordance with their terms, but the Exercise Price (as defined in the Warrant Agreements with respect to the Company Warrants) will be adjusted so that the holder of any Company Warrant exercised after the Effective Time will be entitled to receive in cash the amount of the Per Share Merger Consideration which, if the Company Warrant had been exercised immediately prior to the Closing, such holder would have been entitled to receive upon the consummation of the Merger. In addition, each award of shares of restricted Class A common stock of the Company that is outstanding immediately prior to the Effective Time will be cancelled in exchange for a cash payment in an amount equal to (i) the number of shares of Company Common Stock subject to such award immediately prior to the Effective Time multiplied by (ii) the Per Share Merger Consideration, without interest and less any applicable withholding taxes. Prior to the consummation of the Merger, the Company will complete the separation of our single-family residential real estate business (the “SFR Business”) from our multi-family residential real estate business (the “Separation”). Following the Separation, the SFR Business will be indirectly held by Bluerock Homes Trust, Inc. (“BHM”), a Maryland corporation, and the Operating Partnership, and, prior to the consummation of the Merger, the Company will distribute the common stock of BHM to its stockholders as of the record date for such distribution in a taxable distribution (the “Distribution”). In connection with the Separation, the Operating Partnership will exchange its interests in an entity holding its multi-family residential real estate business with the Company as consideration for a redemption of all of the Company’s preferred interests in the Operating Partnership and a portion of our common units in the Operating Partnership (the “Redemption”). As a result, following the Redemption, the Operating Partnership will cease to hold interests in the Company’s multi-family residential real estate business, and will hold the assets related to the SFR Business. Most members of the Company’s senior management, along with certain entities related to them, have agreed to retain their interests in the Operating Partnership until the earlier of the Effective Time and the termination of the Merger Agreement, rather than redeeming their interests for cash or shares of Company Common Stock that will receive the Per Share Merger Consideration. As a result, following the Separation and the Distribution, the Company’s stockholders who receive shares of BHM in the Distribution are expected to indirectly own approximately 35% of the SFR Business, with holders of units in the Operating Partnership (other than BHM) expected to indirectly own an interest of approximately 65% of the SFR Business. In connection with the Separation and the Distribution, BHM and the Operating Partnership will enter into a management agreement with an affiliate of Bluerock providing for it to be externally managed thereby. The Merger Agreement contains customary representations, warranties and covenants, including, among others, covenants by the Company to use commercially reasonable efforts to conduct its business in all material respects in the ordinary course, subject to certain exceptions, during the period between the execution of the Merger Agreement and the consummation of the Merger. The obligations of Parent and Merger Sub to consummate the Merger are not subject to any financing condition or the receipt of any financing by Parent or Merger Sub. The consummation of the Merger is conditioned on the consummation of the Separation and the Distribution, as well as certain customary closing conditions, including, among others, approval of the Merger by the affirmative vote of the stockholders entitled to cast a majority of all the votes entitled to be cast on the Merger by the holders of issued and outstanding Company Common Stock (the “Company Requisite Vote”). The Merger Agreement requires the Company to convene a stockholders’ meeting for purposes of obtaining the Company Requisite Vote. The Company has agreed not to solicit or enter into an agreement regarding a Company Takeover Proposal (as defined in the Merger Agreement), and, subject to certain exceptions, is not permitted to enter into discussions or negotiations concerning, or provide information to a third party in connection with, any Company Takeover Proposal. However, the Company may, prior to obtaining the Company Requisite Vote, engage in discussions or negotiations and provide information to a third party which has made an unsolicited bona fide Prior to the time the Company Requisite Vote is obtained, the Board may, in certain circumstances, effect a Company Adverse Recommendation Change (as defined in the Merger Agreement), subject to complying with specified notice and other conditions set forth in the Merger Agreement. The Merger Agreement may be terminated under certain circumstances by the Company, including prior to obtaining the Company Requisite Vote, if, after following certain procedures and adhering to certain restrictions, the Board effects a Company Adverse Recommendation Change in connection with a Company Superior Proposal and the Company enters into a definitive agreement providing for the implementation of a Company Superior Proposal. In addition, Parent may terminate the Merger Agreement under certain circumstances and subject to certain restrictions, including if the Board effects a Company Adverse Recommendation Change. The Merger Agreement also may be terminated by either the Company or Parent if the Merger has not been completed on or prior to the date that is nine months after the date of the Merger Agreement, which date may be extended to complete the Separation and the Distribution, by the Company, up to the date that is ten months after the date of the Merger Agreement, or by Parent, up to the date that is twelve months after the date of the Merger Agreement. Upon a termination of the Merger Agreement, under certain circumstances, the Company will be required to pay a termination fee to Parent of $60 million. Upon termination of the Merger Agreement in certain other circumstances, Parent will be required to pay the Company a termination fee of $200 million. The foregoing description of the Merger Agreement is only a summary, does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, which is filed as Exhibit 2.1 to the Company’s current report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on December 21, 2021.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
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 of the property interests acquired and investments made on the Company’s behalf. As of December 31, 2021, limited partners other than the Company owned approximately 29.61% of the common units of the Operating Partnership (16.24% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 13.37% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 5.35% which are not vested at December 31, 2021). 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. In cases where the Company holds a preferred equity investment in real estate joint ventures where the preferred equity interest must be redeemed by the issuing entity or is redeemable at the Company's option, the preferred equity investment is accounted for as a held to maturity debt security. These preferred equity investments have a mandatory redemption provision, and the Company has the intent and ability to hold the investment until redemption. The preferred equity investments are included in 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 preferred equity investments and loan investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Significant Risks and Uncertainties At the present time, one of the most significant risks and uncertainties is the potential adverse effect of the ongoing pandemic of the novel coronavirus and variants thereof (“COVID-19”). The Company’s tenants may experience financial difficulty due to the loss of their jobs and some have requested rent deferral or rent abatement during this pandemic. Experts have predicted that the outbreak will trigger, or has already triggered, a period of global economic slowdown or a global recession. The COVID-19 pandemic could have material and adverse effects on the Company’s financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: ● reduced economic activity may impact the employment of the Company’s tenants and their ability to pay their obligations to the Company, thus requesting modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; ● the negative financial impact of the pandemic could impact the Company’s future compliance with financial covenants of its credit facilities and other debt agreements; ● weaker economic conditions could require that the Company recognize impairment in value of its real estate assets due to a reduction in property income; ● the Company’s inability to maintain occupancy or leasing rates, or increase these rates at stabilizing development properties, including due to possible reduced foot traffic and lease applications from prospective tenants at the Company’s properties as a result of shelter-in-place orders and similar government guidelines; and ● concentration of the Company’s properties in markets that may be more severely affected by the COVID-19 pandemic due to its significant negative impact on certain key economic drivers in those markets, such as travel and entertainment. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants will depend on future developments, which are uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. The Company believes it currently has a stable financial condition: as of December 31, 2021, the Company collected 97% of rents from its properties for the three months ended December 31, 2021. In 2020, the Company had provided rent deferral payment plans as a result of hardships certain tenants experienced due to the impact of COVID-19; for the year ended December 31, 2021, the Company did not provide rent deferral payment plans, compared to the onset of the COVID-19 pandemic (quarter ended June 30, 2020) in which 1% of the tenant base was on payment plans. Although the Company may receive tenant requests for rent deferrals in the coming months, the Company does not expect to waive its contractual rights under its lease agreements. Further, while occupancy remains strong at 95.9% as of December 31, 2021, in future periods, the Company may experience reduced levels of tenant retention, and reduced foot traffic and lease applications from prospective tenants, as a result of the impact of COVID-19. 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 investments as preferred equity investments and investments in unconsolidated real estate joint ventures in its consolidated balance sheets. In accordance with ASC 320 Investments – Debt Securities Mezzanine Loan Investments The Company analyzes each loan arrangement that involves real estate development to consider whether the loan qualifies for accounting as a loan or as an investment in a real estate development project. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310-10 Receivables Fair Value of Financial Instruments As of December 31, 2021 and 2020, the carrying values of cash and cash equivalents, restricted cash, 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 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. Refer to Note 10 for further information regarding fair value measurements. Real Estate Assets Capital Additions, Depreciation and Amortization The Company capitalizes costs, including certain indirect costs, incurred in connection with its capital additions activities, including redevelopment, development and construction projects, other tangible apartment community improvements, and replacements of existing apartment community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with capital additions activities at the apartment community level. The Company characterizes as “indirect costs” an allocation of certain department costs, including payroll, at the corporate levels that clearly relate to capital additions activities. The Company also capitalizes interest, property taxes and insurance during periods in which redevelopment, development and construction projects are in progress. Cost capitalization begins once the development or construction activity commences and ceases when the asset is ready for its intended use. Repair and maintenance and tenant turnover costs are expensed as incurred. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. Depreciation and amortization expense are computed on the straight-line method over the asset’s estimated useful life. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: ​ ​ ​ ​ Buildings 30 – 40 years Building improvements 5 – 15 years Land improvements 5 – 15 years Furniture, fixtures and equipment 3 – 7 years In-place leases 6 months ​ Real Estate Purchase Price Allocations Upon the acquisition of real estate properties which do not constitute the definition of a business, the Company recognizes the assets acquired, the liabilities assumed, and any noncontrolling interest as of the acquisition date, measured at their relative fair values. Acquisition-related costs are capitalized in the period incurred and are recorded to the components of the real estate assets acquired. In determining fair values for multifamily apartment community acquisitions, the Company assesses the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods like those used by independent appraisers (e.g., discounted cash flow analysis) and which utilize appropriate discount and/or capitalization rates and available market information. In determining fair values for single-family residential home acquisitions, the Company utilizes information obtained from county tax assessment records to assist in the determination of the fair value of land and building. Estimates of future cash flows are based on several factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Intangible assets include the value of in-place leases, which represents the estimated fair value of the net cash flows of leases in place at the time of acquisition, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases, which is on average six months. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, prevailing interest rates and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be significant based upon the assumptions made in calculating these estimates. Impairment of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets. No impairment charges were recorded in 2021, 2020 or 2019. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. Restricted Cash Restricted cash is comprised of the following: (i) lender-imposed escrow accounts for replacement reserves, real estate taxes and insurance, and (ii) amounts set aside for reinvestment in accordance with Internal Revenue Service Code Section 1031 related to like-kind exchanges. Concentration of Credit Risk The Company maintains cash balances with high quality financial institutions and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation. Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other third-party costs associated with obtaining financing. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures are capitalized and reflected as a reduction of mortgages payable, and fees associated with the Company’s lines of credit are recorded within accounts receivable, prepaids and other assets on the consolidated balances sheets. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures and fees associated with its lines of credit are amortized to interest expense over the terms of the financing agreements using the straight-line method, which approximates the effective interest method. Noncontrolling Interests Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in consolidated joint ventures, as well as interests held by LTIP Unit holders and OP Unit holders. The Company reports its joint venture partners’ interest in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder pursuant to each joint venture’s operating agreement. Revenue Recognition The Company recognizes rental revenue on a straight-line basis over the terms of the rental agreements and in accordance with ASC Topic 842 Leases Other property revenues are recognized in the period earned. The Company recognizes a gain or loss on the sale of real estate assets when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtains control. Stock-Based Compensation The Company expenses the fair value of share awards in accordance with the fair value recognition requirements of ASC Topic 718 “Compensation-Stock Compensation.” ASC Topic 718 requires companies to measure the cost of the recipient services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. The cost of the share award is expensed over the requisite service period (usually the vesting period). Distribution Policy The Company expects to authorize and declare regular cash distributions to its stockholders in order to maintain its REIT status. Distributions to stockholders will be determined by the Company’s board of directors (the “Board”), subject to operating restrictions included in the Merger Agreement, and will be dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT, and other considerations as the Board may deem relevant. Distributions are recorded as a reduction of stockholders’ equity in the period in which they are declared. Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Series T Preferred Stock and the previous offering of the Series B Preferred Stock, the Company engaged a related party as dealer manager and pays selling commissions and dealer manager fees of 7% and 3%, respectively, of the gross offering proceeds from the offering. The dealer manager re-allows the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers, and incurs costs in excess of the 10%, which costs are borne by the dealer manager without reimbursement by the Company. Offering costs related to each closing are recorded as a reduction of proceeds raised on the date of issue. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and has qualified since the taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income (loss) and net cash available for distribution to stockholders. However, the Company intends to continue to organize and operate in such a manner as to remain qualified for treatment as a REIT. For the year ended December 31, 2021, 21.64% of the distributions received by both the common and preferred stockholders were classified as ordinary income for income tax purposes, none were return of capital, and 78.36% were capital gains, with 28.53% of the capital gains qualifying as Section 1250 gains. For the year ended December 31, 2020, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2020, none of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes, 51.53% were return of capital, and 48.47% were capital gains, with 18.45% of the capital gains qualifying as Section 1250 gains. For the year ended December 31, 2019, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2019, approximately 1.33% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes, 93.15% were return of capital, and 5.52% were capital gains, with 87.49% of the capital gains qualifying as Section 1250 gains. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It requires a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, in an income tax return. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management has considered all positions taken on the 2014 through 2020 tax returns (where applicable), and those positions expected to be taken on the 2021 tax returns, and concluded that tax positions taken will more likely than not be sustained at the full amount upon examination. Accordingly, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its consolidated financial statements. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2021. If any income tax exposure was identified, the Company would recognize an estimated liability for income tax items that meet the criteria for accrual. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. If any interest and penalties related to income tax assessments arose, the Company would record them as income tax expense. As of December 31, 2021, tax returns for the calendar years 2018 and subsequent remain subject to examination by the Internal Revenue Service and various state tax jurisdictions. Reportable Segment The Company owns and operates residential investments that generate rental and other property-related income through the leasing of units to a diverse base of tenants. In prior years, the Company had one reportable segment as its investments were primarily in multifamily apartment communities. During 2021, the Company began increasing its investments in single-family residential homes, and as such, the Company has transitioned from a one-segment to a two-segment structure based on investment type. The Company evaluates operating performance on an individual property investment level and based on the investments’ similar economic characteristics. The Company’s primary financial measure for operating performance is net operating income (“NOI”) as it measures the core operations of property performance by excluding corporate level expenses and those other items not related to property operating performance. The Company views its residential investments as two operating segments, and, accordingly, aggregates its properties into two reportable segments: multifamily apartment communities and single-family residential homes. Refer to Note 15 for further information. Lessor Accounting The Company’s current portfolio is focused predominately on multifamily apartment communities and single-family residential homes whereby the Company generates rental revenue by leasing units to residents. As lease revenues for apartments and homes fall under the scope of ASC 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 and home leases are combined with the related lease component and accounted for as a single lease component under ASC 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 ASC 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. 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, 2020. New Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06 “Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). The guidance in ASU 2020-06 simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity In January 2021, the FASB issued ASU No. 2021-01 "Reference Rate Reform (Topic 848)" ("ASU 2021-01"). The amendments in ASU 2021-01 permit entities to elect certain optional expedients in connection with reference rate reform activities and their impact on debt, contract modifications and derivative instruments as it is expected the global market will transition from LIBOR and other interbank offered rates to alternative reference rates. The amendments in ASU 2021-01 are effective immediately and may be elected over time as reference rate reform activities occur through December 31, 2022. The Company will continue to evaluate the impact of the guidance and may apply elections as applicable as changes in the market occur. Current Expected Credit Losses (“CECL”) The Company estimates provision for credit losses on its mezzanine loan and preferred equity investments under CECL. This method is based on expected credit losses for the life of the investment as of each balance sheet date. The method for calculating the estimate of expected credit loss takes into account historical experience and current conditions for similar loans and reasonable and supportable forecasts about the future. The Company estimates its provision for credit losses using a collective (pool) approach for investments with similar risk characteristics, such as collateral and duration of investment. In measuring the CECL provision for investments that share similar characteristics, the Company applies a default rate to the investments for the remaining mezzanine loan or preferred equity investment hold period. As the Company does not have a significant historical population of loss data on its mezzanine loan and preferred equity investments, the Company’s default rate utilized for CECL is based on an external historical loss rate for commercial real estate loans. In addition to analyzing investments as a pool, the Company performs an individual investment assessment of expected credit losses. If it is determined that the borrower is experiencing financial difficulty, or a foreclosure is probable, or the Company expects repayment through the sale of the collateral, the Company calculates expected credit losses based on the value of the underlying collateral as of the reporting date. During this review process, if the Company determines that it is probable that it will not be able to collect all amounts due for both principal and interest according to the contractual terms of an investment, that mezzanine loan or preferred equity investment is not considered fully recoverable and a provision for credit loss is recorded. In estimating the value of the underlying collateral when determining if a mezzanine loan or preferred equity investment is fully recoverable, the Company evaluates estimated future cash flows to be generated from the collateral underlying the investment. The inputs and assumptions utilized to estimate the future cash flows of the underlying collateral are based upon the Company’s evaluation of the operating results, economy, market trends, and other factors, including judgments regarding costs to complete any construction activities, lease up and occupancy rates, rental rates, and capitalization rates utilized to estimate the projected cash flows at the disposition. The Company may also obtain a third-party valuation which may value the collateral through an "as-is" or "stabilized value" methodology. If upon completion of the v

Sale of Real Estate Assets

Sale of Real Estate Assets	12 Months Ended
	Dec. 31, 2021
Sale of Real Estate Assets
Sale of Real Estate Assets	Note 3 — Sale of Real Estate Assets Sale of Helios On January 8, 2020, Helios, the underlying asset of an unconsolidated joint venture and located in Atlanta, Georgia, was sold for approximately $65.6 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of existing mortgage indebtedness encumbering the property in the amount of $39.5 million and the payment of early extinguishment of debt costs, closing costs and fees, the Company’s pro rata share of the net proceeds was $22.7 million, which included payment for its original investment of $19.2 million and its additional investment of approximately $3.5 million. The Company also received a $0.3 million profit share distribution recorded as a gain on sale on the consolidated statements of operations. Refer to Note 7 for further information. Sale of Whetstone Apartments On January 24, 2020, the Company closed on the sale of Whetstone Apartments located in Durham, North Carolina for approximately $46.5 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of existing mortgage indebtedness encumbering the property in the amount of $25.4 million and the payment of early extinguishment of debt costs, closing costs and fees, the Company’s net proceeds were $19.6 million, which included payment for its original investment of $12.9 million, its accrued preferred return of $2.7 million and its additional investment of approximately $4.0 million. Refer to Note 7 for further information. Sale of Ashton Reserve On April 14, 2020, the Company closed on the sale of the Ashton Reserve properties, located in Charlotte, North Carolina, pursuant to the terms and conditions of two separate purchase and sales agreements. The properties were sold for approximately $84.6 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the properties in the amount of $45.4 million, the payment of early extinguishment of debt costs of $7.1 million and payment of closing costs and fees of $0.8 million, the sale of the properties generated net proceeds of approximately $31.2 million and a gain on sale of approximately $26.5 million. The Company recorded a loss on extinguishment of debt of $6.9 million related to the sale. Sale of Marquis at TPC On April 17, 2020, the Company closed on the sale of Marquis at TPC, located in San Antonio, Texas. The property was sold for $22.5 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the property in the amount of $16.3 million, the sale of the property generated net proceeds of approximately $5.9 million and a gain on sale of approximately $3.2 million, of which the Company’s pro rata share of the proceeds was approximately $5.3 million. The Company recorded a loss on extinguishment of debt of $0.1 million related to the sale. Sale of Enders Place at Baldwin Park On April 21, 2020, the Company closed on the sale of Enders Place at Baldwin Park, located in Orlando, Florida. The property was sold for approximately $53.2 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the property in the amount of $23.2 million, the payment of early extinguishment of debt costs of $2.2 million and payment of closing costs and fees of $0.9 million, the sale of the property generated net proceeds of approximately $26.1 million and a gain on sale of approximately $28.2 million, of which the Company’s pro rata share of the proceeds was approximately $24.0 million. The Company recorded a loss on extinguishment of debt of $2.4 million related to the sale. Sale of Cade Boca Raton On October 26, 2020, the Company closed on the sale of Cade Boca Raton, located in Boca Raton, Florida. The property was sold for approximately $37.8 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the property in the amount of $23.5 million, the payment of early extinguishment of debt costs of $0.2 million and payment of closing costs and fees of $0.6 million, the sale of the property generated net proceeds of approximately $13.0 million and a gain on sale of approximately $1.7 million, of which the Company’s pro rata share of the proceeds was approximately $10.2 million. The Company recorded a loss on extinguishment of debt of $0.6 million related to the sale. Sale of Novel Perimeter On December 9, 2020, Novel Perimeter, a property located in Atlanta, Georgia, was sold. Upon the sale, the mezzanine loan provided by the Company was paid off for $23.6 million, which included principal repayment of $23.5 million and accrued interest of $0.1 million. Refer to Note 6 for further information. Sale of Arlo On December 15, 2020, Arlo, a property located in Charlotte, North Carolina, was sold. Upon the sale, the mezzanine loan provided by the Company was paid off for $31.1 million, which included principal repayment of $30.9 million and accrued interest of $0.2 million. Refer to Note 6 for further information. Sale of Riverside Apartment Interests On December 22, 2020, Riverside Apartments, the underlying asset of an unconsolidated joint venture and located in Austin, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $14.8 million, which included its original preferred investment of $13.9 million and accrued preferred return of $0.9 million. Refer to Note 7 for further information. Sale of ARIUM Grandewood On January 28, 2021, the Company closed on the sale of ARIUM Grandewood located in Orlando, Florida. The property was sold for approximately $65.3 million, subject to certain prorations and adjustments typical in such real estate transactions. ARIUM Grandewood was encumbered by a $39.1 million senior mortgage through the Master Credit Facility Agreement (refer to Note 9 for further information). Under the agreement, the Company had the option to forgo the repayment of the principal balance and any related prepayment penalties and costs by substituting the collateral securing the senior mortgage with collateral of the same or higher value. The Company elected to substitute the ARIUM Grandewood collateral with its Falls at Forsyth property and the transaction was completed on February 18, 2021. After consideration of the $39.1 million senior mortgage and payment of closing costs and fees of $1.1 million, the sale of ARIUM Grandewood generated net proceeds of approximately $25.1 million and a gain on sale of approximately $27.7 million. The Company recorded debt modification costs of $0.1 million related to the collateral substitution transaction. Sale of James at South First On February 24, 2021, the Company closed on the sale of James at South First located in Austin, Texas. The property was sold for $50.0 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of existing mortgage indebtedness encumbering the property in the amount of $25.6 million, the payment of early extinguishment of debt costs of $2.5 million and payment of closing costs and fees of $0.5 million, the sale of the property generated net proceeds of approximately $21.1 million and a gain on sale of approximately $17.4 million. The Company’s pro rata share of the proceeds was approximately $18.1 million. The Company recorded a loss on extinguishment of debt of $2.6 million related to the sale. Sale of Marquis at The Cascades On March 1, 2021, the Company closed on the sale of the Marquis at The Cascades properties, located in Tyler, Texas, pursuant to the terms and conditions of two separate purchase and sales agreements. The properties were sold for approximately $90.9 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the properties in the amount of $53.6 million and payment of closing costs and fees of $0.3 million, the sale of the properties generated net proceeds of approximately $37.3 million and a gain on sale of approximately $23.7 million. The Company’s pro rata share of the proceeds was approximately $32.6 million. The Company recorded a loss on extinguishment of debt of $0.3 million related to the sale. Sale of The Conley Interests On March 18, 2021, The Conley, the underlying asset of an unconsolidated joint venture located in Leander, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $16.5 million, which included its original preferred investment of $15.2 million and accrued preferred return of $1.3 million. Refer to Note 7 for further information. Sale of Alexan Southside Place Interests On March 25, 2021, Alexan Southside Place, the underlying asset of an unconsolidated joint venture located in Houston, Texas, was sold. In April 2021, the Company received $9.8 million of its $10.1 million preferred equity investment, which is net of the $15.9 million provision for credit loss recorded in the fourth quarter 2020. The remaining $0.3 million represents a holdback for a representations and warranty period related to the sale and is expected to be received during the first quarter 2022. This amount was recorded as a related party receivable and is included in due from affiliates in the Company’s consolidated balance sheet. Refer to Note 7 for further information. Sale of Plantation Park On April 26, 2021, the Company closed on the sale of Plantation Park located in Lake Jackson, Texas. The property was sold for $32.0 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for assumption of the existing mortgage indebtedness encumbering the property in the amount of $26.6 million and payment of closing costs and fees of $0.4 million, a loss on the sale of $1.1 million was incurred. The sale of the property generated net proceeds of approximately $4.9 million, of which the Company’s pro rata share of the proceeds was approximately $2.7 million. The Company recorded a loss on extinguishment of debt of $0.2 million related to the sale. Sale of The Reserve at Palmer Ranch On June 10, 2021, the Company closed on the sale of The Reserve at Palmer Ranch located in Sarasota, Florida. The property was sold for $57.6 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for assumption of the existing mortgage indebtedness encumbering the property in the amount of $40.6 million and payment of closing costs and fees of $0.9 million, the sale of the property generated net proceeds of approximately $16.6 million and a gain on sale of approximately $20.5 million. The Company recorded a loss on extinguishment of debt of $0.5 million related to the sale. The Company sold The Reserve at Palmer Ranch to its unaffiliated third-party joint venture partner in the Strategic Portfolio (the “Strategic JV”), and in conjunction with the sale, the Company used a portion of its net proceeds to make an additional preferred equity investment in the Strategic JV for The Reserve at Palmer Ranch. Refer to Note 7 for further information. Sale of Vickers Historic Roswell On June 29, 2021, Vickers Historic Roswell, a property located in Roswell, Georgia, was sold. Upon the sale, the mezzanine loan provided by the Company was paid off in the amount of $12.9 million, which included principal repayment of $12.4 million and accrued interest of $0.5 million. Refer to Note 6 for further information. Sale of Park & Kingston On July 7, 2021, the Company closed on the sale of Park & Kingston located in Charlotte, North Carolina. The property was sold for $44.9 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the property in the amount of $19.6 million, the payment of early extinguishment of debt costs of $2.4 million and payment of closing costs and fees of $0.5 million, the sale of the property generated net proceeds of approximately $24.7 million and a gain on sale of approximately $19.4 million. The Company recorded a loss on extinguishment of debt of $2.6 million related to the sale. Sale of The District at Scottsdale On July 7, 2021, the Company closed on the sale of The District at Scottsdale located in Scottsdale, Arizona. The property was sold for $150.5 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the property in the amount of $73.8 million, the payment of early extinguishment of debt costs of $0.4 million and payment of closing costs and fees of $0.4 million, the sale of the property generated net proceeds of approximately $74.8 million and a gain on sale of approximately $29.6 million. The Company’s pro rata share of the proceeds was approximately $69.5 million. The Company recorded a loss on extinguishment of debt of $0.4 million related to the sale. Sale of Mira Vista Interests On September 23, 2021, Mira Vista, the underlying asset of an unconsolidated joint venture located in Austin, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $5.6 million, which included its original preferred investment of $5.2 million and accrued preferred return of $0.4 million. Refer to Note 7 for further information. Sale of Thornton Flats Interests On December 14, 2021, Thornton Flats, the underlying asset of an unconsolidated joint venture located in Austin, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $5.5 million, which included its original preferred investment of $5.3 million and accrued preferred return of $0.2 million. Refer to Note 7 for further information. Sale of Strategic Portfolio Interests (partial) On December 29, 2021, the following underlying assets of an unconsolidated joint venture were sold: Belmont Crossing, located in Smyrna, Georgia, and Sierra Terrace and Sierra Village, both located in Atlanta, Georgia. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $10.4 million, which included its original preferred investment of $10.2 million, accrued preferred return of $0.1 million and an exit fee of $0.1 million. Refer to Note 7 for further information. ​

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2021
Investments in Real Estate
Investments in Real Estate	Note 4 — Investments in Real Estate As of December 31, 2021, the Company held seventy-eight real estate investments, consisting of forty-nine consolidated operating investments and twenty-nine investments held through preferred equity, loan or ground lease investments. The following tables provide summary information regarding the Company’s consolidated operating investments and preferred equity, loan and ground lease investments. Consolidated Operating Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Date Built / Ownership Name ​ Location ​ Units ​ Renovated (1) ​ Interest Multifamily ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Glenridge Atlanta, GA 480 1990 90 % ARIUM Westside Atlanta, GA 336 2008 90 % Ashford Belmar Lakewood, CO 512 1988/1993 85 % Avenue 25 ​ Phoenix, AZ ​ 254 ​ 2013 ​ 100 % Burano Hunter’s Creek, formerly ARIUM Hunter’s Creek ​ Orlando, FL ​ 532 ​ 1999 ​ 100 % Carrington at Perimeter Park Morrisville, NC 266 2007 100 % Chattahoochee Ridge Atlanta, GA 358 1996 90 % Chevy Chase Austin, TX 320 1971 92 % Cielo on Gilbert ​ Mesa, AZ ​ 432 ​ 1985 ​ 90 % Citrus Tower Orlando, FL 336 2006 97 % Denim Scottsdale, AZ 645 1979 100 % Elan Austin, TX 270 2007 100 % Element ​ Las Vegas, NV ​ 200 ​ 1995 ​ 100 % Falls at Forsyth Cumming, GA 356 2019 100 % Gulfshore Apartment Homes Naples, FL 368 2016 100 % Outlook at Greystone Birmingham, AL 300 2007 100 % Pine Lakes Preserve Port St. Lucie, FL 320 2003 100 % Providence Trail Mount Juliet, TN 334 2007 100 % Roswell City Walk Roswell, GA 320 2015 98 % Sands Parc Daytona Beach, FL 264 2017 100 % The Brodie Austin, TX 324 2001 100 % The Debra Metrowest, formerly ARIUM Metrowest ​ Orlando, FL ​ 510 ​ 2001 ​ 100 % The Links at Plum Creek Castle Rock, CO 264 2000 88 % The Mills Greenville, SC 304 2013 100 % The Preserve at Henderson Beach Destin, FL 340 2009 100 % The Sanctuary Las Vegas, NV 320 1988 100 % Veranda at Centerfield Houston, TX 400 1999 93 % Villages of Cypress Creek Houston, TX 384 2001 80 % Wesley Village ​ Charlotte, NC ​ 301 ​ 2010 ​ 100 % Windsor Falls ​ Raleigh, NC ​ 276 ​ 1994 ​ 100 % Total Multifamily Units ​ ​ ​ 10,626 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Average ​ ​ ​ Single-Family Residential (2) ​ Market ​ Units ​ Year Built ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Golden Pacific ​ KS / MO ​ 7 ​ 1977 ​ 97 % ILE ​ TX / SE US ​ 279 ​ 1990 ​ 95 % Navigator Villas ​ Pasco, WA ​ 176 ​ 2013 ​ 90 % Peak ​ ​ ​ ​ ​ ​ ​ ​ ​ Axelrod ​ Garland, TX ​ 22 ​ 1959 ​ 80 % DFW 189 ​ Dallas-Fort Worth, TX ​ 189 ​ 1962 ​ 56 % Granbury ​ Granbury, TX ​ 36 ​ 2020-2021 ​ 80 % Indy ​ Indianapolis, IN ​ 44 ​ 1958 ​ 60 % Lubbock ​ Lubbock, TX ​ 60 ​ 1955 ​ 80 % Lubbock 2.0 ​ Lubbock, TX ​ 75 ​ 1972 ​ 80 % Lubbock 3.0 ​ Lubbock, TX ​ 45 ​ 1945 ​ 80 % Lynnwood ​ Lubbock, TX ​ 20 ​ 2005 ​ 80 % Lynnwood 2.0 ​ Lubbock, TX ​ 20 ​ 2003 ​ 80 % Springfield ​ Springfield, MO ​ 290 ​ 2004 ​ 60 % Springtown ​ Springtown, TX ​ 70 ​ 1991 ​ 80 % Springtown 2.0 ​ Springtown, TX ​ 14 ​ 2018 ​ 80 % Texarkana ​ Texarkana, TX ​ 29 ​ 1967 ​ 80 % Texas Portfolio 183 ​ Various / TX ​ 183 ​ 1975 ​ 80 % Wayford at Concord ​ Concord, NC ​ 150 ​ 2019 ​ 83 % Yauger Park Villas ​ Olympia, WA ​ 80 ​ 2010 ​ 95 % Total Single-Family Residential Units ​ ​ ​ 1,789 ​ ​ ​ ​ ​ Total Units ​ ​ ​ 12,415 ​ ​ ​ ​ ​ (1) Represents date of last significant renovation or year built if there were no renovations. (2) Single-Family Residential includes single-family residential homes and attached townhomes/flats. Depreciation expense was $74.2 million, $72.9 million and $63.7 million for the years ended December 31, 2021, 2020 and 2019, 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 $5.5 million, $6.6 million and $6.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. The Company’s real estate assets are leased to tenants under operating leases for which the terms and expirations vary. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all the risks and benefits of ownership of the consolidated real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit. Amounts required as a security deposit vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not individually significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of their security deposit. Security deposits received in cash related to tenant leases are included within other accrued liabilities in the accompanying consolidated balance sheets and totaled $4.3 million and $3.1 million as of December 31, 2021 and 2020, respectively, for the Company’s consolidated real estate investments. No individual tenant represents over 10% of the Company’s annualized base rent for the consolidated real estate investments. Preferred Equity, Loan and Ground Lease Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual / ​ ​ ​ ​ ​ ​ Actual / ​ Estimated ​ Actual / Estimated ​ ​ ​ ​ Planned ​ Initial ​ Construction Lease-up Investment Name (1) Location / Market Number of Units Occupancy Completion Multifamily ​ ​ ​ ​ ​ ​ ​ ​ Zoey ​ Austin, TX ​ 307 ​ 4Q 2021 ​ 2Q 2022 Reunion Apartments Orlando, FL ​ 280 ​ 3Q 2021 ​ 3Q 2022 Total Lease-up Units ​ ​ 587 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investment Name (1) ​ ​ ​ ​ ​ ​ ​ ​ Multifamily ​ ​ ​ ​ ​ ​ ​ ​ Avondale Hills ​ Decatur, GA ​ 240 ​ 1Q 2023 ​ 1Q 2023 The Hartley at Blue Hill, formerly The Park at Chapel Hill ​ Chapel Hill, NC ​ 414 ​ 1Q 2022 ​ 1Q 2023 Deerwood Apartments ​ Houston, TX ​ 330 ​ 4Q 2022 ​ 2Q 2023 Chandler Chandler, AZ ​ 208 ​ 3Q 2023 ​ 4Q 2023 Orange City Apartments ​ Orange City, FL ​ 298 ​ 1Q 2023 ​ 4Q 2023 Lower Broadway ​ San Antonio, TX ​ 386 ​ 4Q 2023 ​ 2Q 2024 Total Multifamily Units ​ ​ 1,876 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Single-Family Residential ​ ​ ​ ​ ​ ​ ​ ​ Willow Park ​ Willow Park, TX ​ 46 ​ 2Q 2022 ​ 4Q 2022 The Woods at Forest Hill ​ Forest Hill, TX ​ 76 ​ 1Q 2023 ​ 3Q 2023 The Cottages at Myrtle Beach ​ Myrtle Beach, SC ​ 294 ​ 1Q 2023 ​ 4Q 2023 The Cottages at Warner Robins ​ Warner Robins, GA ​ 251 ​ 3Q 2023 ​ 4Q 2023 The Cottages of Port St. Lucie ​ Port St. Lucie, FL ​ 286 ​ 1Q 2023 ​ 4Q 2023 Wayford at Innovation Park ​ Charlotte, NC ​ 210 ​ 3Q 2023 ​ 3Q 2024 Total Single-Family Units ​ ​ ​ 1,163 ​ ​ ​ ​ Total Development Units ​ ​ ​ 3,039 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Investment Name (1) ​ Location / Market ​ Number of Units ​ ​ ​ ​ Multifamily ​ ​ ​ ​ ​ ​ ​ ​ Alexan CityCentre Houston, TX ​ 340 ​ ​ ​ ​ Deercross ​ Indianapolis, IN ​ 372 ​ ​ ​ ​ Domain at The One Forty ​ Garland, TX ​ 299 ​ ​ ​ ​ Georgetown Crossing (2) ​ Savannah, GA ​ 168 ​ ​ ​ ​ Hunter’s Pointe (2) ​ Pensacola, FL ​ 204 ​ ​ ​ ​ Motif ​ Fort Lauderdale, FL ​ 385 ​ ​ ​ ​ Park on the Square (2) ​ Pensacola, FL ​ 240 ​ ​ ​ ​ Renew 3030 ​ Mesa, AZ ​ 126 ​ ​ ​ ​ Spring Parc ​ Dallas, TX ​ 304 ​ ​ ​ ​ The Commons (2) ​ Jacksonville, FL ​ 328 ​ ​ ​ ​ The Crossings of Dawsonville ​ Dawsonville, GA ​ 216 ​ ​ ​ ​ The Reserve at Palmer Ranch (2) ​ Sarasota, FL ​ 320 ​ ​ ​ ​ The Riley ​ Richardson, TX ​ 262 ​ ​ ​ ​ Water’s Edge (2) ​ Pensacola, FL ​ 184 ​ ​ ​ ​ Total Multifamily Units ​ ​ ​ 3,748 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Single-Family Residential ​ ​ ​ ​ ​ ​ ​ ​ Peak Housing (3) ​ IN / MO / TX ​ 474 ​ ​ ​ ​ Total Single-Family Units ​ ​ ​ 474 ​ ​ ​ ​ Total Operating Units ​ ​ ​ 4,222 ​ ​ ​ ​ Total Units ​ ​ ​ 7,848 ​ ​ ​ ​ (1) Investments in which the Company has a loan, preferred equity or ground lease investment. Operating investments represent stabilized operating investments. Refer to Note 6 and Note 7 for further information. (2) These six operating investments are collectively known as the Strategic Portfolio. Refer to Note 7 for further information. (3) Peak Housing consists of the Company’s preferred equity investments in a private single-family home REIT (refer to Note 7 for further information). Unit count excludes units presented in the consolidated operating investments table above.

Acquisition of Real Estate

Acquisition of Real Estate	12 Months Ended
	Dec. 31, 2021
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 years ended December 31, 2021 and 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership ​ Purchase ​ Mortgage/ ​ Name Location / Market Date Interest Price Debt Multifamily ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Avenue 25 ​ Phoenix, AZ ​ January 23, 2020 ​ 100 % $ 55,600 ​ $ 36,566 (1) Falls at Forsyth ​ Cumming, GA ​ March 6, 2020 ​ 100 % ​ 82,500 ​ ​ — (2) Chevy Chase ​ Austin, TX ​ August 11, 2020 ​ 92 % ​ 34,500 ​ ​ 24,400 ​ Carrington at Perimeter Park ​ Morrisville, NC ​ December 1, 2020 ​ 100 % ​ 52,000 ​ ​ 31,301 (3) Elan ​ Austin, TX ​ December 1, 2020 ​ 100 % ​ 39,500 ​ ​ 25,574 (4) Cielo on Gilbert ​ Mesa, Arizona ​ December 23, 2020 ​ 90 % ​ 74,250 ​ ​ 58,000 ​ Windsor Falls ​ Raleigh, NC ​ June 17, 2021 ​ 100 % ​ 48,775 ​ ​ 27,442 (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Single-Family Residential (6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Yauger Park Villas ​ Olympia, WA ​ April 14, 2021 ​ 95 % ​ 24,500 ​ ​ 15,077 (7) Wayford at Concord ​ Concord, NC ​ June 4, 2021 ​ 83 % ​ 44,438 ​ ​ — (8) Indy ​ Indianapolis, IN ​ August 12, 2021 ​ 60 % ​ 3,785 ​ ​ 2,650 (9) Springfield ​ Springfield, MO ​ August 18, 2021 ​ 60 % ​ 49,000 ​ ​ 35,525 (9) Springtown ​ Springtown, TX ​ September 15, 2021 ​ 80 % ​ 9,350 ​ ​ 6,545 (9) Texarkana ​ Texarkana, TX ​ September 21, 2021 ​ 80 % ​ 3,100 ​ ​ 2,170 (9) Lubbock ​ Lubbock, TX ​ September 24, 2021 ​ 80 % ​ 5,600 ​ ​ 3,920 (9) Granbury ​ Granbury, TX ​ September 30, 2021 ​ 80 % ​ 8,100 ​ ​ 5,670 (9) ILE ​ TX / SE US ​ October 4, 2021 ​ 95 % ​ 57,139 ​ ​ 26,839 (10) Axelrod ​ Garland, TX ​ October 5, 2021 ​ 80 % ​ 4,133 ​ ​ 2,893 (9) Springtown 2.0 ​ Springtown, TX ​ October 26, 2021 ​ 80 % ​ 2,985 ​ ​ 2,090 (9) Lubbock 2.0 ​ Lubbock, TX ​ October 28, 2021 ​ 80 % ​ 9,275 ​ ​ 6,510 (9) Lynnwood ​ Lubbock, TX ​ November 16, 2021 ​ 80 % ​ 2,448 ​ ​ 1,714 (9) Golden Pacific ​ KS / MO ​ November 23, 2021 ​ 97 % ​ 1,213 ​ ​ — (8) Lynnwood 2.0 ​ Lubbock, TX ​ December 1, 2021 ​ 80 % ​ 2,490 ​ ​ 1,743 (9) Lubbock 3.0 ​ Lubbock, TX ​ December 8, 2021 ​ 80 % ​ 4,574 ​ ​ 3,202 (9) Texas Portfolio 183 ​ Various / TX ​ December 22, 2021 ​ 80 % ​ 28,290 ​ ​ 19,803 (9) DFW 189 ​ Dallas-Fort Worth ​ December 29, 2021 ​ 56 % ​ 27,670 ​ ​ 19,950 (9) (1) Mortgage balance includes a $29.7 million loan assumption and a $6.9 million supplemental loan secured by the Avenue 25 property. (2) The Company funded $79.9 million of the purchase price with proceeds from its Amended Senior Credit Facility secured by the Falls at Forsyth property. Refer to Note 8 for further information about the Company’s Amended Senior Credit Facility. (3) Mortgage balance includes a $27.5 million loan assumption and a $3.8 million supplemental loan secured by the Carrington at Perimeter Park property. (4) Mortgage balance includes a $21.2 million loan assumption and a $4.4 million supplemental loan secured by the Elan property. (5) Mortgage balance represents a loan assumption secured by the Windsor Falls property. (6) Single-Family Residential includes single-family residential homes and attached townhomes/flats. (7) Mortgage balance includes a $10.5 million senior loan assumption and a $4.6 million supplemental loan assumption secured by the Yauger Park Villas property. (8) Purchase price was funded in full by the Company and its unaffiliated joint venture partner upon acquisition. (9) As part of the acquisition, the Company provided a mortgage or mezzanine loan to the consolidated portfolio owner in the full amount shown. The loan is eliminated in the Company’s consolidated financial statements. Refer to the Peak Housing Financing disclosure in Note 6 for further information. (10) The mortgage amount represents the aggregate debt held through five separate credit agreements. Refer to Note 9 for further information. Purchase Price Allocation The real estate acquisitions above have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the dates of acquisition. The following table summarizes the assets acquired and liabilities assumed at the acquisition date for acquisitions made during the year ended December 31, 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ Purchase ​ ​ Price ​ Allocation Land ​ $ 50,203 Building ​ 273,233 Building improvements ​ 2,907 Land improvements ​ 13,665 Furniture and fixtures ​ 2,132 In-place leases ​ 5,392 Total assets acquired ​ $ 347,532 Mortgages assumed ​ $ 66,785 Fair value adjustments ​ ​ 2,996 Total liabilities assumed ​ $ 69,781 ​ Acquisition of Additional Interests in The Brodie On April 24, 2020, the Company purchased the non-controlling partner’s interest in The Brodie for $3.5 million, increasing the Company’s interest in the property from 93% to 100%.

Notes and Interest Receivable

Notes and Interest Receivable	12 Months Ended
	Dec. 31, 2021
Notes and Interest Receivable
Notes and Interest Receivable	Note 6 — Notes and Interest Receivable Following is a summary of the notes and accrued interest receivable due from loan investments as of December 31, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Property 2021 2020 Avondale Hills ​ $ 12,874 ​ $ 1,021 Domain at The One Forty ​ 25,309 ​ 24,315 Motif ​ 85,375 ​ 75,436 Reunion Apartments ​ ​ 11,382 ​ ​ 8,161 The Hartley at Blue Hill, formerly The Park at Chapel Hill ​ ​ 38,942 ​ ​ 36,927 Vickers Historic Roswell ​ — ​ 12,048 Total ​ $ 173,882 ​ $ 157,908 Provision for credit losses ​ ​ (393) ​ ​ (174) Total, net ​ $ 173,489 ​ $ 157,734 ​ Provision for Credit Losses As of December 31, 2021, the Company’s provision for credit losses on its loan investments was $0.4 million on a carrying amount of $173.9 million of these investments. The provision for credit losses of the Company’s loan investments for the years ended December 31, 2021 and 2020 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Beginning balance as of January 1 ​ $ 174 ​ $ — Provision for credit loss on pool of assets, net (1) ​ 219 ​ 174 Ending balance ​ $ 393 ​ $ 174 (1) Under Current Expected Credit Losses (CECL), a provision for credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The increase in the provision during the year ended December 31, 2021 was the result of an extension of loan maturity dates and an increase in the trailing twelve-month historical default rate, partially offset by the removal of one investment from the pool of assets. Following is a summary of the interest income from loan and ground lease investments for the years ended December 31, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Property ​ 2021 2020 Arlo (1) ​ $ — ​ $ 4,161 Avondale Hills ​ 1,124 ​ 3 Corpus ​ 219 ​ — Domain at The One Forty ​ 985 ​ 1,311 Jolin ​ ​ 84 ​ ​ — Motif (2) ​ 7,162 ​ 9,549 Novel Perimeter (1) ​ ​ — ​ ​ 3,084 Reunion Apartments ​ ​ 1,207 ​ ​ 176 The Hartley at Blue Hill ​ 4,149 ​ 3,077 Vickers Historic Roswell (1) ​ ​ 903 ​ ​ 1,733 Zoey (3) ​ ​ 1,129 ​ ​ 232 Total ​ $ 16,962 ​ $ 23,326 (1) In the fourth quarter 2020, the Arlo and Novel Perimeter properties were sold. In the second quarter 2021, the Vickers Historic Roswell property was sold. Each mezzanine loan provided by the Company was paid off in full upon the sale of each property. (2) The Motif interest income amount for the year ended December 31, 2021 is net of a ($3.0) million adjustment for straight line income recognition. The adjustment results from a reduced loan rate in the upcoming years as part of the amended and restated mezzanine loan agreement as noted below. (3) The ground lease project is under development and the full leasehold improvement allowance of $20.4 million has been fully funded and is included within accounts receivable, prepaids and other assets in the Company’s consolidated balance sheets. The occupancy percentages of the Company’s mezzanine loan investment properties at December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ Property 2021 2020 Avondale Hills (1) ​ (2) ​ Domain at The One Forty ​ 94.6 % 92.6 % Motif 91.2 % 62.1 % Reunion Apartments ​ 66.4 % (2) ​ The Hartley at Blue Hill (1) ​ (2) ​ (1) The development had not commenced lease-up as of December 31, 2021. (2) The development had not commenced lease-up as of December 31, 2020. Arlo Mezzanine Loan Financing The Company provided a $32.0 million mezzanine loan (the “Arlo Mezz Loan”) to BR Morehead JV Member, LLC (the “Arlo JV Member”), an affiliate of BRG Manager, LLC (the “former Manager”). The Arlo Mezz Loan was secured by Arlo JV Member’s approximate 95.0% interest in a joint venture along with Bluerock Special Opportunity + Income Fund II, LLC (“Fund II”), an affiliate of the former Manager, and an unaffiliated third party, which developed a 286-unit Class A apartment community located in Charlotte, North Carolina. The Arlo Mezz Loan was to mature on July 1, 2025 or earlier upon the occurrence of certain events, including the date of sale or transfer of the property. The Arlo Mezz Loan bore interest at a fixed rate of 15% and could be prepaid without penalty. The Arlo property was sold on December 15, 2020. Refer to Note 3 for further information. Avondale Hills Mezzanine Loan Financing On September 30, 2020, the Company entered into an agreement to provide a mezzanine loan in an amount up to $11.7 million, of which all had been funded as of December 31, 2021, to an unaffiliated third party which is developing a 240-unit Class A apartment community located in Decatur, Georgia known as Avondale Hills. The loan matures on October 5, 2023 and contains two one-year extension options, subject to certain conditions and fees. The loan bears interest at a fixed rate of 12% per annum with monthly payments commencing upon completion of construction and in an amount equal to excess cash flow above the senior loan debt service from the preceding month. Corpus and Jolin Bridge Loan Financing On July 9, 2021, the Company provided a $6.8 million bridge loan to the operating partnership of Peak Housing REIT (the “Peak REIT OP”), an unaffiliated private single-family home REIT, for Corpus, an 81-unit, stabilized portfolio of single-family residential homes located in the Corpus Christi, Texas market. On August 6, 2021, the Company provided a $3.1 million bridge loan to the Peak REIT OP for Jolin, a 24-unit, stabilized portfolio of single-family residential homes located in the Weatherford, Texas market. Both the Corpus and Jolin bridge loans bore interest at a fixed rate of 7.0% with regular On December 22, 2021, the Company and Peak REIT OP entered into an agreement to recapitalize the Corpus and Jolin portfolios. As part of the recapitalization, both Corpus and Jolin, along with two portfolios of homes previously owned solely by Peak REIT OP, were combined into one portfolio known as Texas Portfolio 183 which was contributed into the existing joint venture between the Company and the Peak REIT OP. The Company, through a contribution to the joint venture, made a common equity investment in Texas Portfolio 183 and provided a mezzanine loan of $19.8 million to the portfolio owner. The Company received full payoffs, including any accrued but unpaid interest, of both the Corpus and Jolin bridge loans from the Peak REIT OP. Additionally, the Company’s original preferred equity investments in the Peak REIT OP for Corpus and Jolin were amended to reduce the preferred return rate from 10.0% to 8.0% per annum. Refer to the Peak Housing Financing disclosure below for further information on the elimination of the mezzanine loan through consolidation. Refer to the Peak Housing Interests disclosure in Note 7 for further information about the Company’s preferred equity investments in the Peak REIT OP. Domain at The One Forty Mezzanine Loan Financing The Company provided a $24.5 million mezzanine loan to BR Member Domain Phase 1, LLC (the “Domain JV Member”), an affiliate of the former Manager. On June 29, 2021, the Company entered into an amended and restated mezzanine loan agreement (the "Domain Mezz Loan") with Domain JV Member to: (i) increase the Company's loan commitment to $27.4 million, of which $25.2 million had been funded as of December 31, 2021, and (ii) extend the maturity date of the loan to June 29, 2024 or earlier upon the occurrence of certain events, including the date of sale or transfer of the property. The Domain Mezz Loan is secured by Domain JV Member’s approximate 95% interest in a joint venture along with Fund II, an affiliate of the former Manager, and an unaffiliated third party, which developed a 299 - unit Class A apartment community located in Garland, Texas known as Domain at The One Forty. The mezzanine loan bore interest at 15% in 2019, 5.5% in 2020, and 4.0% in 2021, and bears interest at 3.0% in 2022 and thereafter, with regular monthly payments being interest-only. The Domain Mezz Loan can be prepaid without penalty. The Company has a 50.0% participation in any profits achieved in a sale after repayment of the Domain Mezz Loan and the Company and Fund II each receive full return of their respective capital contributions. In conjunction with the Domain at The One Forty development, the Domain at The One Forty property owner, which is owned by an entity in which the Company has an equity interest, (i) entered into a $30.3 million construction loan (the “Domain Construction Loan”) with an unaffiliated party, which was secured by the Domain at The One Forty property, and (ii) entered into a $6.4 million mezzanine loan with an unaffiliated party, which was secured by the membership interest in the joint-venture which developed the Domain at The One Forty property. On December 12, 2019, the Domain at The One Forty property owner refinanced the Domain Construction Loan and entered into a $39.2 million senior mortgage loan (the “Domain Senior Loan”) secured by the Domain at The One Forty property and used the proceeds in part to pay off the outstanding balances, in full, of the Domain Construction Loan and mezzanine loan. The Domain Senior Loan matures on January 5, 2023 and bears interest at the greater of 3.95% or one-month LIBOR plus 2.20% with interest-only payments through the initial term of the loan. The Domain Senior Loan contains two one-year extension options and can be prepaid without penalty. Motif Loan Financing The Company provided a $74.6 million mezzanine loan (the “Motif Mezz Loan”) to BR Flagler JV Member, LLC (the “Motif JV Member”), an affiliate of the former Manager. The Motif Mezz Loan is secured by Motif JV Member’s 97% interest in a joint venture along with Fund II and Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”), affiliates of the former Manager, and an unaffiliated third party, which developed a 385-unit Class A apartment community located in Fort Lauderdale, Florida known as Motif. In March 2020, the Company received a paydown of $8.0 million on the Motif Mezz Loan, and in May 2020, at the request of Motif JV Member, the Company amended the Motif Mezz Loan agreement to re-lend the $8.0 million to the Motif JV Member. The Company funded the full $8.0 million during the second quarter 2020 to Motif JV Member, increasing the outstanding Motif Mezz Loan balance to $74.6 million. In conjunction with the Motif development, the Motif property owner, which is owned by an entity in which the Company has an equity interest, entered into an approximately $70.4 million construction loan (the “Motif Construction Loan”) with an unaffiliated party, which was secured by the Motif development. On January 27, 2021, the Motif property owner entered into a $88.8 million bridge loan (the “Motif Bridge Loan”) secured by the Motif property and used the proceeds in part to pay off the outstanding balance, in full, of the Motif Construction Loan. The Motif Bridge Loan matures on August 1, 2023, contains a six-month extension option, subject to certain conditions, and bears interest at the greater of 3.85% or one-month LIBOR plus 3.70% with interest-only payments through the term of the loan. The Motif Bridge Loan may be prepaid, subject to an exit fee, without prepayment penalties if prepayment is being made in connection with the lender providing a permanent mortgage loan, or February 1, 2022 otherwise. On March 29, 2021, the Company entered into an amended and restated mezzanine loan agreement (the “Amended Motif Mezz Loan”) with Motif JV Member to increase its loan commitment to $88.6 million, of which $84.4 million had been funded as of December 31, 2021. As part of the agreement, the Company agreed to reduce, after December 31, 2021, the Amended Motif Mezz Loan’s fixed rate of 12.9% per annum as follows: 9.0% per annum for the calendar year 2022 and 6.0% per annum for the calendar year 2023 and thereafter, with regular monthly payments being interest-only. In conjunction with entering the Amended Motif Mezz Loan, the Company entered into an amended operating agreement for Motif JV Member with Fund II and Fund III. In consideration for the Company reducing the Amended Motif Mezz Loan interest rate, Fund II and Fund III agreed to (a) admit BRG Flagler Village Profit Share, LLC (the “Motif PS”), a wholly-owned subsidiary of the Company, as an additional member of Motif JV Member, (b) grant Motif PS a 50% participation in any profits achieved in a sale after repayment of the Amended Motif Mezz Loan and the Company, Fund II and Fund III each receive full return of their respective capital contributions, and (c) grant the Company a right to compel Motif JV Member to refinance and/or sell the Motif property beginning January 1, 2023. The Amended Motif Mezz Loan matures on March 29, 2026 and can be prepaid without penalty. Novel Perimeter Mezzanine Loan Financing The Company provided a $23.8 million mezzanine loan (the “Perimeter Mezz Loan”) to BR Perimeter JV Member, LLC (the “Perimeter JV Member”), an affiliate of the former Manager. The Perimeter Mezz Loan was secured by Perimeter JV Member’s approximate 60% interest in a joint venture along with Fund III and an unaffiliated third party, which developed a 320-unit Class A apartment community located in Atlanta, Georgia known as Novel Perimeter. The Perimeter Mezz Loan was to mature on December 29, 2021, bore interest at a fixed rate of 15.0% and could be prepaid without penalty. The Novel Perimeter property was sold on December 9, 2020. Refer to Note 3 for further information. Peak Housing Financing During 2021, the Company made common and preferred equity investments, along with the Peak REIT OP, in the following portfolios of single-family residential homes: Axelrod, DFW 189, Granbury, Indy, Lubbock, Lubbock 2.0, Lubbock 3.0, Lynnwood, Lynnwood 2.0, Springfield, Springtown, Springtown 2.0, Texarkana and Texas Portfolio 183. These fourteen portfolios are part of Peak Housing (refer to Note 7 for further information about the Company’s preferred equity investment therein). In addition to its common and preferred equity investments, the Company, through wholly-owned lender-entities, provided the full mortgage or mezzanine loan to each of the fourteen respective portfolio owners. These portfolio owners are owned by joint ventures in which the Company has its common equity investments along with Peak REIT OP. To determine if consolidation of the joint ventures was appropriate, the Company evaluated the basis of consolidation under ASC 810: Consolidation using the voting interest equity method as it had determined that the joint ventures were not variable interest entities. As the Company has controlling voting interests and substantive participating rights of the joint ventures under the operating agreements, the Company determined that consolidation of the joint ventures was appropriate. As the entities through which the Company provided the loans (the lender-entities) and the entities to which the loans were provided (the property owners) consolidate into the Company’s financial statements, the loan receivable balances and the loan payable balances are eliminated through consolidation and therefore are not reflected in the Company’s consolidated balance sheets. In addition, the Company’s pro rata share of each loan’s interest expense incurred through the portfolio owner partially offsets, through consolidation, the Company’s interest income for each loan recognized at the wholly-owned lender-entity. The remaining interest income, which is attributable to interest incurred by Peak REIT OP as the noncontrolling interest in each portfolio, is reflected in net income (loss) attributable to common stockholders in the Company’s consolidated statements of operations. Through its impact on the net operations of the portfolio, Peak REIT OP’s pro rata share of each loan’s interest expense is reflected in net income (loss) attributable to noncontrolling interests partially owned properties in the Company’s consolidated statements of operations. The Hartley at Blue Hill Loan Financing, formerly The Park at Chapel Hill The Company provided a mezzanine loan (the “Hartley Mezz Loan”, formerly the Chapel Hill Mezz Loan) in an amount up to $40.0 million to BR Chapel Hill JV, LLC (“BR Chapel Hill JV”), of which $29.5 million was funded upon execution of the agreement. BR Chapel Hill JV owns a 100% interest in BR Chapel Hill, LLC (“BR Chapel Hill”) and is a joint venture with common interests held by Bluerock Special Opportunity + Income Fund, Fund II, and BR Chapel Hill Investment, LLC, all managed by affiliates of the former Manager. In March 2020, the Company received a paydown of $21.0 million on the Hartley Mezz Loan, and in May 2020, at the borrower’s request, the Company amended the Hartley Mezz Loan agreement to permit the Hartley Mezz Loan borrower to re-borrow $2.0 million. The Company funded the full $2.0 million during the second quarter 2020 to the Hartley Mezz Loan borrower, increasing the outstanding Hartley Mezz Loan balance to $10.5 million. In conjunction with the Hartley Mezz Loan, the Company provided a $5.0 million senior loan to BR Chapel Hill. The senior loan is secured by BR Chapel Hill’s fee simple interest in The Hartley at Blue Hill property. The senior loan matures on March 31, 2024 and bears interest at a fixed rate of 10.0% per annum. Regular monthly payments are interest-only during the initial term. The senior loan can be prepaid without penalty. As of December 31, 2021, the senior loan remains outstanding in full. On August 18, 2020, the Company entered into an amended and restated mezzanine loan agreement (the “Amended Hartley Mezz Loan”, formerly the Amended Chapel Hill Mezz Loan) with BR Chapel Hill JV. As part of the Amended Hartley Mezz Loan, (i) the Company’s maximum loan commitment was adjusted to $31.0 million, including all previously advanced amounts outstanding, from the previous commitment amount of $40.0 million, and (ii) the interest rate on the loan was increased to 11.75% per annum from the previous rate of 11% per annum, with 5.25% paid current and 6.5% accrued. As of December 31, 2021, all amounts had been funded under the Amended Hartley Mezz Loan. The Amended Hartley Mezz Loan matures on March 31, 2024 or earlier upon the occurrence of certain events, including the date of sale or transfer of property, and can be prepaid without penalty. The loan maturity events and the ability of the loan to be prepaid without penalty did not change from the previous loan. The Hartley at Blue Hill property was sold in February 2022. Refer to Note 16 for further information. Reunion Apartments Mezzanine Loan Financing On July 1, 2020, the Company entered into an agreement to provide a mezzanine loan in an amount up to $10.0 million, of which all had been funded as of December 31, 2021, to an unaffiliated third party which is developing a 280-unit Class A apartment community located in Orlando, Florida known as Reunion Apartments. The loan matures on December 30, 2023 and contains two one-year extension options, subject to certain conditions and fees. The loan bears interest at a fixed rate of 12% per annum with monthly payments commencing upon completion of construction and in an amount equal to excess cash flow above the senior loan debt service from the preceding month. The Reunion Apartments property was sold in February 2022. Refer to Note 16 for further information. Vickers Historic Roswell Mezzanine Loan Financing The Company provided an $12.4 million mezzanine loan (the “Vickers Mezz Loan”) to BR Vickers Roswell JV Member, LLC (the “Vickers JV Member”), an affiliate of the former Manager. The Vickers Mezz Loan was secured by Vickers JV Member’s approximate 80% interest in a joint venture along with Fund III, an affiliate of the former Manager, and an unaffiliated third party, which developed a 79-unit Class A apartment community located in Roswell, Georgia known as Vickers Historic Roswell. The Vickers Mezz Loan was to mature on February 26, 2022 or earlier upon the occurrence of certain events, including the date of sale or transfer of the property. The Vickers Mezz Loan bore interest at a fixed rate of 15.0% with regular monthly payments that were interest-only and could be prepaid without penalty. The Vickers Historic Roswell property was sold on June 29, 2021. Refer to Note 3 for further information.

Preferred Equity Investments an

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures	12 Months Ended
	Dec. 31, 2021
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 December 31, 2021 and 2020 is summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Property 2021 2020 Alexan CityCentre ​ $ 18,261 ​ $ 15,063 Alexan Southside Place (1) ​ — ​ 26,038 Chandler ​ ​ 3,305 ​ ​ — Deercross ​ ​ 4,000 ​ ​ — Deerwood Apartments ​ ​ 9,245 ​ ​ — Lower Broadway ​ ​ 908 ​ ​ — Mira Vista (2) ​ ​ — ​ ​ 5,250 Peak Housing ​ ​ 20,319 ​ ​ — Renew 3030 ​ ​ 7,060 ​ ​ — Spring Parc ​ ​ 8,000 ​ ​ — Strategic Portfolio (3) ​ ​ 28,212 ​ ​ 27,054 The Conley (2) ​ — ​ 15,036 The Cottages at Myrtle Beach ​ ​ 9,034 ​ ​ — The Cottages of Port St. Lucie ​ ​ 7,260 ​ ​ — The Crossings of Dawsonville ​ ​ 10,450 ​ ​ — The Riley ​ ​ 6,961 ​ ​ — The Woods at Forest Hill ​ ​ 442 ​ ​ — Thornton Flats (2) ​ ​ — ​ ​ 4,600 Wayford at Concord (4) ​ ​ — ​ ​ 6,500 Willow Park ​ 2,540 ​ — Other ​ ​ 64 ​ 97 Total ​ $ 136,061 ​ $ 99,638 Provision for credit losses ​ ​ (371) ​ ​ (16,153) Total, net ​ $ 135,690 ​ $ 83,485 (1) On March 25, 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to Note 3 for further information. (2) The Company’s preferred equity investment was redeemed in 2021. Refer to Note 3 for further information. (3) Georgetown Crossing, Hunter’s Pointe, Park on the Square, The Commons, The Reserve at Palmer Ranch and Water’s Edge are collectively known as the Strategic Portfolio. (4) On June 4, 2021, the Company’s preferred equity investment in Wayford at Concord was redeemed. Refer to the Wayford at Concord Interests disclosure below for further information. Provision for Credit Losses As of December 31, 2021, the Company’s provision for credit losses on its preferred equity investments was $0.4 million on a carrying amount of $136.1 million of these investments. The provision for credit losses of the Company’s preferred equity investments for the years ended December 31, 2021 and 2020 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Beginning balance as of January 1 ​ $ 16,153 ​ $ — Provision for credit loss on pool of assets (1) ​ 148 ​ 223 Provision for credit loss – Alexan Southside Place (2) ​ (15,930) ​ 15,930 Ending balance ​ $ 371 ​ $ 16,153 (1) Under Current Expected Credit Losses (CECL), a provision for credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The decrease in the provision during the year ended December 31, 2021 was primarily the result of the removal of eight investments from the pool of assets, partially offset by an increase in the trailing twelve-month historical default rate. (2) On March 25, 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to Note 3 for further information. As of December 31, 2021, the Company, through wholly-owned subsidiaries of the Operating Partnership, had outstanding equity investments in twenty joint ventures. Eighteen of the twenty equity investments, Alexan CityCentre, Chandler, Deercross, Deerwood Apartments, Lower Broadway, Orange City Apartments, Peak Housing, Renew 3030, Spring Parc, Strategic Portfolio, The Cottages at Myrtle Beach, The Cottages at Warner Robins, The Cottages of Port St. Lucie, The Crossings of Dawsonville, The Riley, The Woods at Forest Hill, Wayford at Innovation Park and Willow Park are preferred equity investments that are classified as held to maturity debt securities as the Company has the intention and ability to hold the investments to maturity. The Company earns a fixed return on these investments which is included within preferred returns on unconsolidated real estate joint ventures in its consolidated statements of operations. The joint venture is the controlling member in an entity whose purpose is to develop or operate a multifamily property. Two of the twenty equity investments, Domain at The One Forty and Motif, represent a remaining 0.5% common interest in joint ventures where, in some cases, the Company had previously redeemed its preferred equity investment in the joint ventures and provided a mezzanine loan. Refer to Note 6 for further information. ​ The preferred returns on the Company’s unconsolidated real estate joint ventures for the years ended December 31, 2021, 2020 and 2019 is summarized below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property ​ 2021 2020 2019 Alexan CityCentre ​ $ 2,952 ​ $ 2,502 ​ $ 2,108 Alexan Southside Place ​ — ​ 1,281 ​ 1,583 Chandler ​ ​ 91 ​ ​ — ​ ​ — Deercross ​ ​ 221 ​ ​ — ​ ​ — Deerwood Apartments ​ ​ 174 ​ ​ — ​ ​ — Helios (1) ​ — ​ (133) ​ 1,343 Leigh House ​ ​ — ​ ​ 2 ​ ​ 1,155 Lower Broadway ​ ​ 3 ​ ​ — ​ ​ — Mira Vista ​ ​ 391 ​ ​ 539 ​ ​ 155 Peak Housing ​ ​ 1,030 ​ ​ — ​ ​ — Renew 3030 ​ ​ 251 ​ ​ — ​ ​ — Riverside Apartments ​ ​ — ​ ​ 1,662 ​ ​ 879 Spring Parc ​ ​ 401 ​ ​ — ​ ​ — Strategic Portfolio ​ ​ 3,617 ​ ​ 2,121 ​ ​ 33 The Conley ​ ​ 405 ​ ​ 1,966 ​ ​ 1,375 The Cottages at Myrtle Beach ​ 300 ​ — ​ — The Cottages of Port St. Lucie ​ 227 ​ — ​ — The Crossings of Dawsonville ​ ​ 518 ​ ​ — ​ ​ — The Riley ​ ​ 649 ​ ​ — ​ ​ — The Woods at Forest Hill ​ ​ 2 ​ ​ — ​ ​ — Thornton Flats ​ ​ 420 ​ ​ 415 ​ ​ 110 Wayford at Concord ​ ​ 364 ​ ​ 839 ​ ​ 121 Whetstone Apartments ​ ​ — ​ ​ 56 ​ ​ 935 Willow Park ​ ​ 51 ​ ​ — ​ ​ — Total preferred returns on unconsolidated joint ventures ​ $ 12,067 ​ $ 11,250 ​ $ 9,797 (1) Of the net loss incurred at Helios for the year ended December 31, 2020, ($143) pertains to costs related to the sale of Helios. The occupancy percentages of the Company’s unconsolidated real estate joint ventures at December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ Property 2021 2020 Alexan CityCentre ​ 94.1 % 94.1 % Chandler ​ (1) ​ (2) ​ Deercross ​ 86.8 % — ​ Deerwood Apartments ​ (1) ​ — ​ Lower Broadway ​ (1) ​ — ​ Orange City Apartments ​ (1) ​ — ​ Peak Housing ​ 92.8 % — ​ Renew 3030 ​ 96.8 % — ​ Spring Parc ​ 98.4 % — ​ Strategic Portfolio ​ ​ ​ ​ ​ Georgetown Crossing ​ 97.0 % 88.7 % Hunter’s Pointe ​ 98.5 % 99.0 % Park on the Square ​ 95.4 % 97.5 % The Commons ​ 97.6 % 93.9 % The Reserve at Palmer Ranch ​ 97.5 % — ​ Water’s Edge ​ 97.3 % 99.5 % The Cottages at Myrtle Beach ​ (1) ​ — ​ The Cottages at Warner Robins ​ (1) ​ — ​ The Cottages of Port St. Lucie ​ (1) ​ — ​ The Crossings of Dawsonville ​ 98.1 % — ​ The Riley ​ 97.3 % — ​ The Woods at Forest Hill ​ (1) ​ — ​ Wayford at Innovation Park ​ (1) ​ — ​ Willow Park ​ (1) ​ — ​ (1) The development had not commenced lease-up as of December 31, 2021. (2) The development had not commenced lease-up as of December 31, 2020. Alexan CityCentre Interests The Company made an $18.3 million preferred equity investment in a joint venture along with Bluerock Growth Fund, LLC (“BGF”), Bluerock Growth Fund II, LLC (“BGF II”), Fund II and Fund III, all affiliates of the former Manager, and an unaffiliated third party (the “Alexan CityCentre JV”), which developed a 340-unit Class A apartment community located in Houston, Texas, known as Alexan CityCentre. The Company earns a preferred return of 15.0% and 20.0% on its $6.5 million and $11.8 million preferred equity investments, respectively. The Alexan CityCentre JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid return on the earlier date which is six months following the maturity of the loans, detailed below, including extension and refinancing, or any earlier acceleration or due date. The Alexan CityCentre property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $55.1 million construction loan modification agreement, which was secured by its interest in the Alexan CityCentre property. In April 2019, the Alexan CityCentre owner: (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 outstanding balance, in full, of the construction loan. The loans bear interest at 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, with regular monthly payments that are interest-only. The senior loan and mezzanine loan both: (i) have initial maturity dates of May 9, 2022, (ii) contain two one-year extension options, and (iii) can be prepaid in whole prior provided the lender receives a stated spread maintenance premium. Alexan CityCentre, the property underlying the Company’s preferred equity investment, was sold in January 2022. Refer to Note 16 for further information. Alexan Southside Place Interests The Company made a $24.9 million preferred equity investment in a joint venture along with Fund II and Fund III (together, the "Funds"), affiliates of the former Manager, and an unaffiliated third party (the “Alexan Southside JV”), which developed a 270-unit Class A apartment community located in Houston, Texas, known as Alexan Southside Place. Alexan Southside Place was developed upon a tract of land under an 85-year ground lease. The joint venture adopted ASU No. 2016-02 as of January 1, 2019, and as such, had recorded a right-of-use asset and lease liability On March 25, 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to Note 3 for further information. Alexan Southside Place Provision for Credit Loss Consistent with the overall Houston – Medical Center submarket, Alexan Southside Place lost significant value since the onset of the COVID-19 pandemic given the pandemic’s impact on demand within the submarket. At the time in the fourth quarter 2020, it was expected that the overall submarket would rebound over the next twenty-four Chandler Interests, formerly Encore Chandler In December 2020, the Company entered into a joint venture agreement with an unaffiliated third party (the “Chandler JV”, formerly Encore JV) to develop an approximately 208-unit, Class A apartment community located in Chandler, Arizona to be known as Chandler. The Company made a commitment to invest in $10.2 million of preferred equity interests in the Chandler JV, of which $3.3 million had been funded as of December 31, 2021. The Company will earn a 13% per annum accrued return on outstanding capital contributions with payments to be remitted when the property generates cash flow in excess of operating costs and the senior loan debt service from the preceding month. The Chandler JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on December 31, 2026 (the “redemption date”) or earlier upon the occurrence of certain events. The redemption date can be extended through two (2) one year extension options, subject to certain conditions. In conjunction with the Chandler development, the Chandler property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $31.0 million construction loan, of which none was outstanding as of December 31,2021. The loan matures on December 30, 2024 and is secured by the fee simple interest in the Chandler property. The loan contains a one-year extension option, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at the greater of 3.00% or one-month LIBOR plus 2.50%. Regular monthly payments are interest-only through the earlier of December 2023 or upon the development achieving certain debt service conditions, with future monthly payments based on thirty-year amortization. Deercross Interests On June 25, 2021, the Company made a $4.0 million preferred equity investment in a joint venture (the “Deercross JV”) with an unaffiliated third party for Deercross, a 372-unit, stabilized property located in Indianapolis, Indiana. The Company earns a 7.0% current return and a 3.5% accrued return on its investment, for a total preferred return of 10.5% per annum. The current return shall be paid monthly to the extent the property generates cash flow in excess of operating costs, and any amount of the current return not paid monthly shall be accrued. The Deercross JV is required to redeem the Company’s preferred equity interest plus any accrued preferred return on the earlier date of: (i) the sale of the property, (ii) the refinancing of the senior mortgage loan (refer to below), or (iii) the maturity date of the senior mortgage loan. In conjunction with the Deercross investment, the Deercross property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into an $18.9 million senior mortgage loan. The loan matures on June 1, 2033 and is secured by the fee simple interest in the Deercross property. The loan bears interest at a fixed rate of 4.66% with interest-only monthly payments through June 2025 and future monthly payments based on thirty-year amortization. The loan can only be prepaid in full and is subject to yield maintenance or a 1% prepayment penalty until December 1, 2032. Deerwood Apartments Interests On June 16, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Deerwood JV”) to develop an approximately 330-unit, Class A apartment community located in Houston, Texas to be known as Deerwood Apartments. The Company made a commitment to invest $16.5 million of preferred equity interests in the Deerwood JV, of which $9.2 million had been funded as of December 31, 2021. The Company will earn an 11.5% per annum accrued return on outstanding capital contributions with payments to be remitted when the property generates cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of the property. The Deerwood JV is required to redeem the Company’s preferred equity interest plus any accrued preferred return on the date the construction loan is due and payable (as noted below) or earlier upon the occurrence of certain events. In conjunction with the Deerwood Apartments development, the Deerwood Apartments property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $39.5 million construction loan, of which none was outstanding as of December 31, 2021. The loan matures on June 16, 2026 and is secured by the fee simple interest in the Deerwood Apartments property. The loan contains a one-year extension option, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at the greater of 3.35% or one-month LIBOR plus 2.75%, with the potential for a reduced spread upon achieving a certain debt service coverage ratio. Regular monthly payments are interest-only through June 2025, with future monthly payments based on thirty-year amortization. Helios Interests The Company made a $19.2 million preferred equity investment in a joint venture along with Fund III, an affiliate of the former Manager, and an unaffiliated third party (the “Helios JV”), which developed a 282-unit Class A apartment community located in Atlanta, Georgia known as Helios. In December 2019, the Company entered into a membership interest purchase agreement to purchase 100% of the common membership interest in the joint venture from Fund III and the Helios JV for $2.5 million and $1.8 million, respectively, based on fair market value after consideration of the $19.2 million preferred equity investment previously funded by the Company. As ownership in the Helios real property was in the form of undivided interests, the Company continued to account for the Helios property under the equity method as of December 31, 2019. The Company closed on the sale of the Helios investment on January 8, 2020. Refer to Note 3 for further information. Lower Broadway Interests On July 15, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Lower Broadway JV”) to develop an approximately 386-unit, Class A apartment community located in San Antonio, Texas to be known as Lower Broadway. The Company made a commitment to invest in $15.8 million of preferred equity interests in the Lower Broadway JV, of which $0.9 million had been funded as of December 31, 2021. The Company will earn a 12.5% per annum accrued return on outstanding capital contributions with payments to be remitted when the property generates cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of the property. The Lower Broadway JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on July 15, 2027 (the “redemption date”) or earlier upon the occurrence of certain events. The redemption date can be extended through two (2) one year extension options, subject to certain conditions. In conjunction with the Lower Broadway development, the Lower Broadway property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $51.0 million construction loan, of which none was outstanding as of December 31, 2021. The loan matures on July 15, 2025 and is secured by the fee simple interest in the Lower Broadway property. The loan contains two (2) one-year extension options, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at one-month LIBOR plus 2.55% with interest-only monthly payments during the term of the loan. Mira Vista Interests In September 2019, the Company made a $5.3 million preferred equity investment in a joint venture (the “Mira Vista JV”) with an unaffiliated third party for a stabilized property in Austin, Texas known as Mira Vista. The Company earned a 7.0% current return and a 3.1% accrued return, for a total preferred return of 10.1% per annum. The Mira Vista JV was required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on January 1, 2030 or earlier upon the occurrence of certain events. On September 23, 2021, the Company's preferred equity investment in Mira Vista was redeemed. Refer to Note 3 for further information. Orange City Apartments Interests On July 26, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the "Orange City JV") to develop an approximately 298-unit, Class A apartment community located in Orange City, Florida to be known as Orange City Apartments. The Company made a commitment to invest in $15.1 million of preferred equity interests in the Orange City JV, of which none had been funded as of December 31, 2021. The Company will begin funding capital once the unaffiliated third party has contributed its full common equity commitment. The Company will earn a 13.0% per annum accrued return on outstanding capital contributions with payments to be remitted when the property generates cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of the property. The Orange City JV is required to redeem the Company's preferred membership interest plus any accrued but unpaid preferred return on July 26, 2024 (the "redemption date") or earlier upon the occurrence of certain events. The redemption date can be extended through two (2) one year extension options, subject to certain conditions. In conjunction with the Orange City Apartments development, the Orange City Apartments property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $36.3 million construction loan, of which none was outstanding as of December 31, 2021. The loan matures on July 15, 2024 and is secured by the fee simple interest in the Orange City Apartments property. The loan contains two (2) one-year extension options, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at the greater of 3.50% or one-month LIBOR plus 2.75% with interest-only monthly payments during the term of the loan. Peak Housing Interests On April 12, 2021, the Company made a $10.7 million preferred equity investment in the Peak REIT OP for a portfolio of 474 single-family residential homes located throughout Texas. During the third and fourth quarters 2021, the Company made additional preferred equity investments totaling $9.6 million in the Peak REIT OP which is cross-collateralized by an additional fourteen portfolios representing an aggregate of 1,097 single-family residential homes. Of the Company's total $20.3 million preferred equity investment in the Peak REIT OP, the Company earns a 7.0% current return and a 3.0% accrued return on $16.0 million of its investment, for a total preferred return of 10.0% per annum. On its remaining $4.3 million investment, the Company earns a 4.0% current return and a 4.0% accrued return, for a total preferred return of 8.0% per annum. The current returns shall be paid monthly to the extent the property generates cash flow in excess of operating costs, and any amount of the current returns not paid monthly shall be accrued at a rate of 15% per annum. The homes in Peak Housing are subject to individual mortgage debt in the aggregate amount of $146.6 million. The Peak REIT OP is required to redeem the Company's preferred equity interest plus any accrued preferred return in each property, on a pro rata basis, on the earlier date of: (i) the third anniversary on which the Company made its preferred equity investment, with the option for two (2) one-year extensions, subject to certain conditions, (ii) the sale of a property, (iii) the refinancing of the loan related to a property, or (iv) the maturity date of a property loan. Renew 3030 Interests On August 31, 2021, the Company made a $7.1 million preferred equity investment in a joint venture (the "Renew 3030 JV") with an unaffiliated third party for Renew 3030, a 126-unit, stabilized property located in Mesa, Arizona. The Company earns a 6.0% current return and a 4.5% accrued return on its investment, for a total preferred return of 10.5% per annum. The current return shall be paid monthly to the extent the property generates cash flow in excess of operating costs, and any amount of the current return not paid monthly shall be accrued. The Renew 3030 JV is required to redeem the Company's preferred equity interest plus any accrued preferred return on the earlier date of the maturity of the senior mortgage loan (refer to below) or its repayment in full. In conjunction with the Renew 3030 investment, the Renew 3030 property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $13.6 million senior mortgage loan. The loan matures on May 1, 2030 and is secured by the fee simple interest in the Renew 3030 property. The loan bears interest at a fixed rate of 3.52% with interest-only monthly payments through May 2025 and future monthly payments based on thirty-year amortization. The loan can only be prepaid in full and is subject to yield maintenance or a 1% prepayment penalty until February 1, 2030. Riverside Apartments Interests The Company made a $13.9 million preferred equity investment in a joint venture (the "Riverside JV") with an unaffiliated third party which developed a 222-unit Class A apartment community located in Austin, Texas known as Riverside Apartments. The Company earned an 8.5% current return and a 4.0% accrued return for a total preferred return of 12.5% per annum. The Riverside JV was required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on November 21, 2023 or earlier upon the occurrence of certain events. On December 22, 2020, the Company’s preferred equity investment in Riverside Apartments was redeemed. Refer to Note 3 for further information. Spring Parc Interests On July 13, 2021, the Company made an $8.0 million preferred equity investment in a joint venture (the “Spring Parc JV”) with an unaffiliated third party for Spring Parc, a 304-unit, stabilized property located in Dallas, Texas. The Company earns a 7.0% current return and a 3.5% accrued return on its investment, for a total preferred return of 10.5% per annum. The current return shall be paid monthly to the extent the property generates cash flow in excess of operating costs, and any amount of the current return not paid monthly shall be accrued. The Company’s preferred membership interest plus any accrued but unpaid preferred return shall be redeemed by the Spring Parc JV at a date no earlier than July 13, 2023 and no later than the repayment in full of the senior mortgage loan (refer to below). In conjunction with the Spring Parc investment, the Spring Parc property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $30.1 million senior mortgage loan. The loan matures on March 1, 2028 and is secured by the fee simple interest in the Spring Parc property. The loan bears interest at the 30-day average SOFR plus 2.49% with interest-only monthly payments through March 2023 and future monthly payments based on thirty-year amortization. The loan can only be prepaid in full and is subject to a 1% prepayment penalty until December 1, 2027. Strategic Portfolio Interests In 2019 and 2020, the Company made preferred equity investments totaling $27.0 million in a joint venture (the “Strategic JV”) with an unaffiliated third party for the following eight stabilized properties: Belmont Crossing, located in Smyrna, Georgia; Georgetown Crossing, located in Savannah, Georgia; Sierra Terrace and Sierra Village, both located in Atlanta, Georgia; The Commons, located in Jacksonville, Florida; and Hunter's Pointe, Park on the Square and Water's Edge, all located in Pensacola, Florida. These eight properties were collectively known as the Strategic Portfolio. The Company earned a 7.5% current return and a 3.0% accrued return on its investment, for a total preferred return of 10.5% per annum. investment related to The Reserve at Palmer Ranch, the Company earns a 6.35% current return and a 5.15% accrued return on its investment, for a total preferred return of 11.5% per annum. On December 29, 2021, the Company’s original preferred equity investments in Belmont Crossing, Sierra Terrace and Sierra Village in the aggregate amount of $10.2 million were redeemed. Refer to the Sale of Strategic Portfolio Interests (partial) The Company continues to earn a 7.5% current return and a 3.0% accrued return, for a total preferred return of 10.5% per annum, on its preferred equity investments in Georgetown Crossing, Hunter's Pointe, Park on the Square, The Commons and Water's Edge. These five properties, along with The Reserve at Palmer Ranch, are collectively known as the Strategic Portfolio. All current returns shall be paid monthly to the extent the property generates cash flow in excess of operating costs, and any amount of the current returns not paid monthly shall be accrued. The Strategic JV is required to redeem the Company’s preferred equity interest plus any accrued preferred return in each property on the earlier date of: (i) the sale of the property, (ii) the refinancing of the loan related to the property, or (iii) the maturity date of the property loan. The remaining six properties in the Strategic Portfolio are subject to individual property mortgage debt in the aggregate amount of $129.3 million. The Conley Interests The Company made a $15.2 million preferred equity investment in a joint venture (the “The Conley JV”) with an unaffiliated third party which developed a 259-unit Class A apartment community located in Leander, Texas known as The Conley. The Company earned an 8.5% current return and a 4.0% accrued return for a total preferred return of 12.5% per annum. The Conley JV was required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on October 29, 2023 or earlier upon the occurrence of certain events. On March 18, 2021, the Company’s preferred equity investment in The Conley was redeemed. Refer to Note 3 for further information. The Cottages at Myrtle Beach Interests On September 9, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Cottages MB JV”) to develop approximately 294-build for rent, single-family residential homes in Myrtle Beach, South Carolina. The Company made a commitment to invest $17.9 million of preferred equity interests in the Cottages MB JV, of which $9.0 million had been funded as of December 31, 2021. The Company will earn a 14.5% per annum accrued return on outstanding capital contributions with payments to be remitted when the properties generate cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of properties. The Cottages MB JV is required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the construction loan (refer to below) is due and payable or earlier upon the occurrence of certain events. In conjunction with The Cottages at Myrtle Beach investment, The Cottages at Myrtle Beach property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $40.2 million construction loan, of which none was outstanding as of December 31, 2021. The loan matures on March 9, 2025 and is secured by the fee simple interest in The Cottages at Myrtle Beach property. The loan contains two (2) one-year extension options, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at the greater of 3.10% or one-month LIBOR plus 2.60% with interest-only monthly payments through the initial term of the loan. The Cottages at Warner Robins Interests On December 8, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the "Cottages WR JV") to develop approximately 251-build for rent, single-family residential homes in Warner Robins, Georgia. The Company made a commitment to invest $13.3 million of preferred equity interests in the Cottages WR JV, of which none had been funded as of December 31, 2021. The Company will earn a 14.5% per annum accrued return on outstanding capital contributions with payments to be remitted when the properties generate cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of properties. The Cottages WR JV is required to redeem the Company's preferred equity interests plus any accrued preferred return on the date the construction loan (refer to below) is due and payable or earlier upon the occurrence of certain events. In conjunction with The Cottages at Warner Robins investment, The Cottages at Warner Robins property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $34.5 million construction loan, of which none was outstanding as of December 31, 2021. The loan matures on April 5, 2025 and is secured by the fee simple interest in The Cottages at Warner Robins property. The loan contains an extension option to December 5, 2026, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at one-month Term SOFR plus 3.10% with interest-only monthly payments through the initial term of the loan. The Cottages of Port St. Lucie Interests On August 26, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Cottages St. Lucie JV”) to develop approximately 286-build for rent, single-family residential homes in Port St. Lucie, Florida. The Company made a commitment to invest $18.8 million of preferred equity interests in the Cottages St. Lucie JV, of which $7.3 million had been funded as of December 31, 2021. The Company will earn a 14.5% per annum accrued return on outstanding capital contributions with payments to be remitted when the properties generate cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of properties. The Cottages St. Lucie JV is required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the construction loan (re

Revolving Credit Facility

Revolving Credit Facility	12 Months Ended
	Dec. 31, 2021
Revolving Credit Facility
Revolving Credit Facility	Note 8 — Revolving Credit Facility The outstanding balances on the revolving credit facilities as of December 31, 2021 and 2020 are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Revolving Credit Facilities ​ 2021 ​ 2020 Amended Senior Credit Facility ​ $ — ​ $ 33,000 Amended Junior Credit Facility ​ — ​ — Total ​ $ — ​ $ 33,000 ​ Amended Senior Credit Facility On March 6, 2020, the Company entered into the Amended Senior Credit Facility. The Amended Senior Credit Facility provides for a revolving loan with an initial commitment amount of $100 million, which commitment contains an accordion feature to a maximum total commitment of up to $350 million. Borrowings under the Amended Senior Credit Facility bear interest, at the Company’s option, at LIBOR plus 1.30% to 1.65% or the base rate plus 0.30% to 0.65%, depending on the Company’s leverage ratio. The Company pays an unused fee at an annual rate of 0.15% to 0.20% of the unused portion of the Amended Senior Credit Facility, depending on the borrowings outstanding. The Amended Senior Credit Facility matures on March 6, 2023 and contains two one-year extension options, subject to certain conditions. The Amended 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 December 31, 2021, the Company was in compliance with all covenants under the Amended Senior Credit Facility. The Company has guaranteed the obligations under the Amended Senior Credit Facility and has pledged certain assets as collateral. The Amended Senior Credit Facility provides the Company with the ability to issue up to $50 million in letters of credit. While the issuance of letters of credit does not increase the Company's borrowings outstanding under the Amended Senior Credit Facility, it does reduce the availability of borrowings. At December 31, 2021, the Company had one outstanding letter of credit of $0.8 million. Amended Junior Credit Facility On September 21, 2021, the Company entered into an amended and restated Junior Credit Facility (the “Amended Junior Credit Facility”). The Amended Junior Credit Facility extended the maturity date of the credit facility to December 21, 2023 and included changes in certain financial and operating covenants. There were no other material changes in terms from the previous credit facility. The Amended Junior Credit Facility provides for a revolving loan with a maximum commitment amount of $72.5 million. Borrowings under the Amended Junior Credit Facility bear interest, at the Company’s option, at LIBOR plus 2.75% to 3.25% or the base rate plus 1.75% to 2.25% , depending on the Company’s leverage ratio. The Company pays an unused fee at an annual rate of 0.35% to 0.40% of the unused portion of the Amended Junior Credit Facility, depending on the borrowings outstanding. The Amended Junior Credit Facility contains certain financial and operating covenants, including a maximum leverage ratio, minimum liquidity, minimum debt service coverage ratio, minimum debt yield, minimum tangible net worth and minimum equity raise and collateral values. At December 31, 2021, 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 December 31, 2021 is based on the collateral and compliance with various ratios related to those assets and was approximately $143.3 million.

Mortgages Payable

Mortgages Payable	12 Months Ended
	Dec. 31, 2021
Mortgages Payable
Mortgages Payable	Note 9 — Mortgages Payable The following table summarizes certain information as of December 31, 2021 and 2020, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Principal ​ As of December 31, 2021 ​ ​ December 31, ​ December 31, ​ ​ ​ Interest-only ​ ​ Property 2021 2020 Interest Rate through date Maturity Date ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Westside ​ $ 51,841 ​ $ 52,150 3.68 % (1) ​ August 1, 2023 Ashford Belmar ​ 100,675 ​ 100,675 4.53 % December 2022 ​ December 1, 2025 Avenue 25 (2) ​ ​ 36,566 ​ ​ 36,566 ​ 4.18 % July 2022 ​ July 1, 2027 Burano Hunter’s Creek (3) ​ ​ 69,502 ​ ​ 70,871 ​ 3.65 % (1) ​ November 1, 2024 Carrington at Perimeter Park (4) ​ ​ 31,244 ​ ​ 31,301 ​ 4.16 % (4) ​ July 1, 2027 Chattahoochee Ridge ​ 45,338 ​ 45,338 3.25 % December 2022 ​ December 5, 2024 Citrus Tower ​ ​ 39,896 ​ ​ 40,627 ​ 4.07 % (1) ​ October 1, 2024 Denim (5) ​ ​ 101,205 ​ ​ 101,205 ​ 3.41 % August 2024 ​ August 1, 2029 Elan (6) ​ 25,508 ​ 25,574 4.19 % (6) ​ July 1, 2027 Element ​ ​ 29,260 ​ ​ 29,260 ​ 3.63 % July 2022 ​ July 1, 2026 Falls at Forsyth (7) ​ ​ 19,265 ​ ​ — ​ 4.35 % (1) ​ July 1, 2025 Gulfshore Apartment Homes ​ ​ 46,345 ​ ​ 46,345 ​ 3.26 % September 2022 ​ September 1, 2029 James on South First ​ — ​ 25,674 ​ ​ ​ ​ ​ Navigator Villas (8) ​ 20,361 ​ 20,515 4.57 % (1) ​ June 1, 2028 Outlook at Greystone ​ ​ 21,930 ​ ​ 22,105 ​ 4.30 % (1) ​ June 1, 2025 Park & Kingston ​ — ​ 19,600 ​ ​ ​ ​ ​ Plantation Park ​ — ​ 26,625 ​ ​ ​ ​ ​ Providence Trail ​ 47,587 ​ 47,950 3.54 % (1) ​ July 1, 2026 Roswell City Walk ​ 49,050 ​ 50,043 3.63 % (1) ​ December 1, 2026 The Brodie ​ 32,876 ​ 33,551 3.71 % (1) ​ December 1, 2023 The Debra Metrowest (3) ​ ​ 63,982 ​ ​ 64,559 ​ 4.43 % (1) ​ May 1, 2025 The Links at Plum Creek ​ 38,916 ​ 39,578 4.31 % (1) ​ October 1, 2025 The Mills ​ 24,731 ​ 25,275 4.21 % (1) ​ January 1, 2025 The Preserve at Henderson Beach ​ ​ 48,490 ​ ​ 48,490 ​ 3.26 % September 2028 ​ September 1, 2029 The Reserve at Palmer Ranch ​ ​ — ​ ​ 40,977 ​ ​ ​ ​ ​ ​ The Sanctuary ​ 33,707 ​ 33,707 3.31 % Interest-only ​ August 1, 2029 Wesley Village ​ ​ 38,730 ​ ​ 39,438 ​ 4.25 % (1) ​ April 1, 2024 Windsor Falls ​ ​ 27,442 ​ ​ — ​ 4.19 % November 2022 ​ November 1, 2027 Yauger Park Villas (9) ​ ​ 14,921 ​ ​ — ​ 4.86 % (1) ​ April 1, 2026 Total Fixed Rate ​ $ 1,059,368 ​ $ 1,117,999 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Floating Rate (10) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Glenridge ​ $ 49,170 ​ $ 49,500 1.42 % (1) ​ September 1, 2025 Chevy Chase ​ ​ 24,400 ​ ​ 24,400 ​ 2.41 % September 2022 ​ September 1, 2027 Cielo on Gilbert (11) ​ ​ 58,000 ​ ​ 58,000 ​ 2.66 % January 2026 ​ January 1, 2031 Falls at Forsyth (7) ​ ​ 19,186 ​ ​ — ​ 1.49 % (1) ​ July 1, 2025 Fannie Facility Advance ​ 13,936 ​ 13,936 2.69 % June 2022 ​ June 1, 2027 Fannie Facility Second Advance (11) ​ ​ 12,880 ​ ​ — ​ 2.75 % March 2023 ​ March 1, 2028 ILE (12) ​ ​ 26,825 ​ ​ — ​ 3.78 % (12) ​ (12) Marquis at The Cascades I ​ — ​ 31,668 ​ ​ ​ ​ ​ Marquis at The Cascades II ​ — ​ 22,101 ​ ​ ​ ​ ​ Pine Lakes Preserve ​ 42,728 ​ 42,728 3.07 % July 2025 ​ July 1, 2030 The District at Scottsdale ​ ​ — ​ ​ 75,577 ​ ​ ​ ​ ​ ​ Veranda at Centerfield ​ 25,962 ​ 26,100 1.35 % (1) ​ July 26, 2023 (13) Villages of Cypress Creek ​ 33,520 ​ 33,520 2.64 % July 2022 ​ July 1, 2027 Total Floating Rate ​ $ 306,607 ​ $ 377,530 ​ ​ ​ ​ ​ ​ Total ​ $ 1,365,975 ​ $ 1,495,529 ​ ​ ​ ​ ​ Fair value adjustments ​ ​ 8,159 ​ ​ 6,489 ​ ​ ​ ​ ​ ​ Deferred financing costs, net ​ ​ (9,143) ​ ​ (11,086) ​ ​ ​ ​ Total continuing operations ​ $ 1,364,991 ​ $ 1,490,932 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held for Sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Grandewood (7)(14) ​ $ — ​ $ 19,585 ​ ​ ​ ​ ​ ​ ARIUM Grandewood (7)(14) ​ ​ — ​ ​ 19,529 ​ ​ ​ ​ ​ ​ Deferred financing costs, net ​ ​ — ​ ​ (341) ​ ​ ​ ​ ​ ​ Total held for sale ​ ​ — ​ ​ 38,773 ​ ​ ​ ​ ​ ​ Total mortgages payable ​ $ 1,364,991 ​ $ 1,529,705 ​ ​ ​ ​ ​ ​ (1) The loan requires monthly payments of principal and interest. (2) The principal balance includes a $29.7 million senior loan at a fixed rate of 4.02% and a $6.9 million supplemental loan at a fixed rate of 4.86% . (3) Burano Hunter ’ s Creek and The Debra Metrowest, formerly ARIUM Hunter ’ s Creek and ARIUM Metrowest, respectively. (4) The principal balance includes a $27.5 million senior loan at a fixed rate of 4.09% and a $3.7 million supplemental loan at a fixed rate of 4.66% . The senior loan has monthly payments that are interest-only through July 2024, whereas the supplemental loan has monthly payments of principal and interest. Both loans have a maturity date of July 1, 2027. (5) The principal balance includes a $91.6 million senior loan at a fixed rate of 3.32% and a $9.6 million supplemental loan at a fixed rate of 4.22% . (6) The principal balance includes a $21.2 million senior loan at a fixed rate of 4.09% and a $4.3 million supplemental loan at a fixed rate of 4.66% . The senior loan has monthly payments that are interest-only through July 2024, whereas the supplemental loan has monthly payments of principal and interest. Both loans have a maturity date of July 1, 2027. (7) Refer to the Master Credit Facility with Fannie Mae disclosure below for further information regarding the senior mortgage substitution of collateral. (8) The principal balance includes a $14.7 million senior loan at a fixed rate of 4.31% and a $5.7 million supplemental loan at a fixed rate of 5.23% . (9) The principal balance includes a $10.4 million senior loan at a fixed rate of 4.81% and a $4.6 million supplemental loan at a fixed rate of 4.96% . (10) Other than Cielo on Gilbert, the Fannie Facility Second Advance and ILE, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In December 2021, one-month LIBOR in effect was 0.09% . LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information. (11) The Cielo on Gilbert loan and the Fannie Facility Second Advance bear interest at the 30-day average SOFR + 2.61% and + 2.70% , respectively. In December 2021, the 30-day average SOFR in effect was 0.05% . SOFR rate is subject to a rate cap. Please refer to Note 11 for further information. (12) The principal balance represents the aggregate debt outstanding across five separate credit agreements. Of the $26.8 million principal balance, $7.5 million held through two credit agreements requires monthly payments of principal and interest, while the remaining principal balance of $19.3 million held through three credit agreements has monthly payments that are currently interest-only. The five credit agreements have maturity dates ranging from 2022 to 2026 and bear interest at one-month LIBOR or prime rate + margins ranging from 0.50% to 3.00% , subject to rate floors, and have current interest rates ranging from 3.50% to 4.25% with a weighted average interest rate of 3.78% as of December 31, 2021. (13) The loan has two (2) one-year extension options subject to certain conditions. (14) At December 31, 2020, ARIUM Grandewood had a fixed rate loan with a principal balance of $19.6 million and a floating rate loan with a principal balance of $19.5 million. Deferred financing costs Costs incurred in obtaining long-term financing are amortized on a straight-line basis to interest expense over the terms of the related financing agreements, as applicable, which approximates the effective interest method. Amortization of deferred financing costs, including the amounts related to the revolving credit facilities, was $3.3 million, $3.5 million and $3.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. Fair value adjustments of debt The Company records a fair value adjustment based upon the fair value of the loans on the date they were assumed in conjunction with acquisitions. The fair value adjustments are being amortized to interest expense over the remaining life of the loans. Amortization of fair value adjustments was $1.3 million, $0.4 million and $0.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. Loss on Extinguishment of Debt and Debt 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 within loss on extinguishment of debt and debt modification costs on the consolidated statements of operations. Loss on extinguishment of debt and debt modification costs were $6.7 million, $14.6 million and $7.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. Master Credit Facility with Fannie Mae On April 30, 2018, the Company, through certain subsidiaries of the Operating Partnership, entered into a Master Credit Facility Agreement (the “Fannie Facility”), which was issued through Fannie Mae’s Multifamily Delegated Underwriting and Servicing Program. The Fannie Facility includes certain restrictive covenants, including indebtedness, liens, investments, mergers and asset sales, and distributions. The Fannie Facility also contains events of default, including payment defaults, covenant defaults, bankruptcy events, and change of control events. Each note under the Fannie Facility is cross-defaulted and cross-collateralized and the Company has guaranteed the obligations under the Fannie Facility. As of December 31, 2021, the mortgage loans secured by The Debra Metrowest (formerly ARIUM Metrowest), Falls at Forsyth and Outlook at Greystone were issued under the Fannie Facility. On May 27, 2020, the Company, through certain subsidiaries of the Operating Partnership, entered into a $13.9 million floating rate advance (the “Fannie Facility Advance”) originated under the Fannie Facility and collateralized by the properties issued under the Fannie Facility. The Fannie Facility Advance matures on June 1, 2027 and bears interest at LIBOR plus 2.60%, subject to an interest rate cap, with interest-only payments through June 2022 and then monthly payments based on thirty-year amortization. The Fannie Facility Advance may be prepaid without prepayment or yield maintenance beginning March 1, 2027. On February 18, 2021, the Company, through certain subsidiaries of the Operating Partnership, entered into a $12.9 million floating rate advance originated under the Fannie Facility (the “Fannie Facility Second Advance”). Upon the sale of ARIUM Grandewood (refer to Note 3 for further information), the Company had the option to forgo the repayment of the principal balance and any related prepayment penalties and costs by substituting the collateral securing the senior mortgage with collateral of the same or higher value. As such, the Company elected to substitute the ARIUM Grandewood collateral on the Fannie Facility with its Falls at Forsyth property. As the collateral value of Falls at Forsyth exceeded the collateral value of ARIUM Grandewood, the Company elected to receive this incremental difference in collateral value as an advance under the Fannie Facility. The Fannie Facility Second Advance matures on March 1, 2028 and bears interest at the 30-day average SOFR plus 2.70%, subject to an interest rate cap, with interest-only payments through March 2023 and then monthly payments based on thirty-year amortization. The Fannie Facility Second Advance may be prepaid without prepayment or yield maintenance beginning December 1, 2027. 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 general operating purposes and the acquisition and refinancing of additional properties to be identified in the future. Debt maturities As of December 31, 2021, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Total 2022 ​ $ 17,896 2023 ​ 127,237 2024 ​ 204,310 2025 ​ 332,171 2026 ​ ​ 156,561 Thereafter ​ 527,800 ​ ​ $ 1,365,975 Add: Unamortized fair value debt adjustment ​ 8,159 Subtract: Deferred financing costs, net ​ (9,143) Total ​ $ 1,364,991 ​ The net book value of real estate assets providing collateral for these above borrowings, including the Amended Senior Credit Facility, Amended Junior Credit Facility and Fannie Facility, was $2,070.3 million as of December 31, 2021. The mortgage loans encumbering the Company’s properties are generally nonrecourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, the Company or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses. The mortgage loans generally have a period where a prepayment fee or yield maintenance would be required.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2021
Fair Value of Financial Instruments
Fair Value of Financial Instruments	Note 10 — Fair Value of Financial Instruments Fair Value Measurements For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price the Company would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions; preference is given to observable inputs. In accordance with accounting principles generally accepted in the Unites States of America (“GAAP”) and as defined in ASC Topic 820, “Fair Value Measurement”, these two types of inputs create the following fair value hierarchy: ● Level 1: Quoted prices for identical instruments in active markets ● Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable ● Level 3: Significant inputs to the valuation model are unobservable If the inputs used to measure the fair value fall within different levels of the hierarchy, the fair value is determined based upon the lowest level input that is significant to the fair value measurement. Whenever possible, the Company uses quoted market prices to determine fair value. In the absence of quoted market prices, the Company uses independent sources and data to determine fair value. Fair Value of Financial Instruments As of December 31, 2021 and 2020, the carrying values of cash and cash equivalents, restricted cash, 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 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. Fair Value of Debt As of December 31, 2021 and December 31, 2020, 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 $1,388.3 million and $1,586.0 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $1,374.1 million and $1,541.1 million, respectively. The fair value of mortgages payable is estimated based on the Company’s current interest rates (Level 3 inputs of the fair value hierarchy) for similar types of borrowing arrangements.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2021
Derivative Financial Instruments
Derivative Financial Instruments	Note 11 — Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company is exposed to certain risks 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 December 31, 2021, 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 $279.8 million of the Company’s floating rate mortgage debt. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ ​ ​ Fair values of derivative instruments under ASC 815 ‑ 20 ​ Balance Sheet Location ​ instruments ​ ​ 2021 2020 Interest rate caps Accounts receivable, prepaids and other assets ​ $ 185 ​ $ 14 ​ 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 years ended December 31, 2021, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ Location of Gain (Loss) ​ The Effect of Derivative Instruments instruments under ASC 815 ‑ 20 ​ Recognized in Income ​ on the Statements of Operations ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 Interest rate caps ​ Interest Expense ​ $ 82 ​ $ (128) ​ $ (2,536) ​ Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
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”). 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 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, at the sole discretion of the Board, in the form of LTIP Units. The Company has the right to renew the Administrative Services Agreement for successive one-year terms upon sixty (60) days written notice prior to expiration. The Company renewed the Administrative Services Agreement for a one-year term in 2020, and on August 4, 2021, 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, 2022. 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. 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. All the Company’s executive officers and one of its directors are also executive officers, managers and/or holders of a direct or indirect controlling interest in Bluerock-affiliated entities. As a result, they owe fiduciary duties to each of these entities, their members, limited partners and investors, which fiduciary duties may from time-to-time conflict with the fiduciary duties that they owe to the Company and its stockholders. The Company and BRE also entered into a Leasehold Cost-Sharing Agreement (the “Leasehold Cost-Sharing Agreement”) with respect to the lease for their New York headquarters (the “NY Lease”) to provide for the allocation and sharing between BRE and the Company of the costs thereunder, including costs associated with tenant improvements. The NY Lease permits the Company and certain of its respective subsidiaries and/or affiliates to share occupancy of the New York headquarters with BRE. Under the NY Lease, the Company, through its Operating Partnership, issued a $750,000 letter of credit as a security deposit, and BRE is obligated under the Leasehold Cost-Sharing Agreement to indemnify and hold the Company harmless from loss if there is a claim under such letter of credit. Payment by the Company of any amounts payable under the Leasehold Cost-Sharing Agreement to BRE will be made in cash or, in the sole discretion of the Board, in the form of LTIP Units. Recorded as part of general and administrative expenses, operating expenses paid by BRE on behalf of the Company of $3.0 million, $2.8 million and $3.6 million were expensed during the years ended December 31, 2021, 2020 and 2019, respectively. Operating expense reimbursements of $0.4 million for the third quarter 2021 were paid to BRE through the issuance of 27,432 LTIP Units on November 9, 2021. During the year ended December 31, 2021, the Company issued 138,179 LTIP Units to BRE as reimbursement for operating expenses paid on behalf of the Company. Pursuant to the terms of the Administrative Services Agreement, the Company paid operating expenses on behalf of BRE of $2.3 million, $1.9 million and $1.7 million for the years ended December 31, 2021, 2020 and 2019, respectively. During the year ended December 31, 2021, the Company was reimbursed in cash for operating expenses it paid on behalf of BRE. Pursuant to the terms of the Administrative Services Agreement and the Leasehold Cost-Sharing Agreement, summarized below are the net related party amounts payable to BRE as of December 31, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Amounts Payable to BRE under the Administrative Services Agreement, net ​ ​ Operating and direct expense reimbursements ​ $ 318 ​ $ 338 Offering expense reimbursements ​ ​ 94 ​ ​ 89 Total expense reimbursement amounts payable to BRE, net ​ $ 412 ​ $ 427 ​ ​ ​ ​ ​ ​ ​ Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement ​ ​ ​ ​ Operating and direct expense reimbursements ​ $ 187 ​ $ 191 Total expense and cost reimbursement amounts payable to BRE ​ $ 187 ​ $ 191 Total ​ $ 599 ​ $ 618 ​ As of December 31, 2021 and 2020, the Company had $0.7 million and $0.3 million, respectively, in receivables due from related parties other than from BRE. Of the $0.7 million balance at December 31, 2021, $0.3 million represents accrued preferred returns on unconsolidated real estate investments. The remaining amount represents the Company’s preferred equity investment in Alexan Southside Place. On March 25, 2021, the property underlying the Company’s investment in Alexan Southside Place was sold, and in April 2021, the Company received $9.8 million of its $10.1 million preferred equity investment, with the remaining amount classified as a related party receivable. Refer to Note 3 for further information. Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Series T Preferred Stock (the “Series T Preferred Offering”), the Company engaged a related party as dealer manager, and paid up to 10% of the gross offering proceeds from the offering as selling commissions and dealer manager fees. The dealer manager re-allowed the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers and incurred costs in excess of the 10%, which costs were borne by the dealer manager without reimbursement by the Company. For the years ended December 31, 2021 and 2020, the Company incurred $32.4 million and $17.0 million, respectively, in selling commissions and discounts and $13.9 million and $7.3 million, respectively, in dealer manager fees and discounts related to its Series T Preferred Offering. In addition, BRE was reimbursed for offering costs in conjunction with the Series T Preferred Offering of $1.2 million and $1.0 million during the years ended December 31, 2021 and 2020, respectively. The selling commissions, dealer manager fees, discounts and reimbursements for offering costs were recorded as a reduction to the proceeds of the offering. On November 19, 2021, we made the final issuance of Series T Preferred Stock pursuant to the Series T Preferred Offering, and upon the final issuance, the Series T Preferred Offering terminated pursuant to its terms. Stockholders Agreement In connection with the Company’s Internalization transaction in 2017, the Company entered into a stockholders agreement pursuant to which the Company may grant certain registration rights for the benefit of the contributors and impose certain limitations on the voting rights of the Class C Common Stock. The agreement may require the Company from time to time to register the resale of the internalization shares and grants each contributor certain rights to demand a registration of some or all their shares or to request the inclusion of some or all their shares in a piggyback registration, in each case subject to certain customary restrictions, limitations, registration procedures and indemnity provisions. Pursuant to the stockholders agreement, the contributors agreed to limit certain of their voting rights with respect to the Class C Common Stock in excess of 9.9% of the voting rights of the company. Any shares in excess of 9.9% of the voting rights of the outstanding shares shall be voted or a written consent furnished in respect to the excess shares in such manner as directed by a majority of the members of our Board. Notes and Interest Receivable The Company provides loans, in some cases, to related parties in conjunction with the developments of multifamily communities. At December 31, 2021, the following loan investments were provided to related parties: Domain at The One Forty, Motif, and The Hartley at Blue Hill (formerly The Park at Chapel Hill). Refer to Note 6 for further information. Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company invests, in some cases, with related parties in various joint ventures in which the Company owns either preferred or common interests. At December 31, 2021, the Alexan CityCentre preferred equity investment involved related parties. Refer to Note 7 for further information.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity
Stockholders' Equity	Note 13 — Stockholders’ Equity Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed by dividing net income (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 income (loss) per common share is computed by dividing net income (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 income (loss) attributable to common stockholders is computed by adjusting net income (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 income (loss) per common share for the years ended December 31, 2021, 2020 and 2019 (amounts in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Net income (loss) attributable to common stockholders ​ $ 3,473 ​ $ (44,674) ​ $ (19,751) Dividends on restricted stock and LTIP Units expected to vest ​ (1,508) ​ (1,323) ​ (953) Basic net income (loss) attributable to common stockholders ​ $ 1,965 ​ $ (45,997) ​ $ (20,704) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding (1) ​ 26,024,935 ​ 24,084,347 ​ 22,649,222 Potential dilutive shares (2) ​ 225,064 ​ — ​ — Weighted average common shares outstanding and potential dilutive shares (1) ​ 26,249,999 ​ 24,084,347 ​ 22,649,222 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per common share, basic ​ $ 0.08 ​ $ (1.91) ​ $ (0.91) Net income (loss) per common share, diluted ​ $ 0.07 ​ $ (1.91) ​ $ (0.91) (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) For the year ended December 31, 2021, the following are included in the diluted shares calculation: a) warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 154,810 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 70,254 shares of Class A common stock. For the year ended December 31, 2020, potential vesting of restricted stock to employees for 63,045 shares of Class A common stock are excluded from the diluted shares calculation as the effect is antidilutive. For the year ended December 31, 2019, the following are excluded from the diluted shares calculation 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 140,334 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 22,807 shares of Class A common stock. ​ 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. Series T Redeemable Preferred Stock Offering During the year ended December 31, 2021, the Company issued 18,535,916 shares of Series T Preferred Stock under a continuous registered offering with net proceeds of approximately $417.1 million after commissions, dealer manager fees and discounts of approximately $46.3 million, along with 109,661 shares issued under the dividend reinvestment plan with total proceeds of $2.7 million. During the life of the Series T Preferred Stock Offering, the Company has issued a total of 28,369,906 shares of Series T Preferred Stock for net proceeds of approximately $638.3 million after commissions, dealer manager fees and discounts. During the year ended December 31, 2021, the Company, at the request of holders, redeemed 81,246 shares of Series T Preferred Stock through the issuance of 181,597 shares of Class A common stock and redeemed 10,113 shares of Series T Preferred Stock for $0.2 million in cash. The Company had a dividend reinvestment plan that allowed for participating stockholders to have their Series T Preferred Stock dividend distributions automatically reinvested in additional shares of Series T Preferred Stock at a price of $25.00 per share. In December 2021, the Board approved the suspension of the dividend reinvestment plan until further notice. At-the-Market Offerings In September 2019, the Company and its Operating Partnership entered into an At Market Issuance Sales Agreement with respect to the offering and sale of up to $100,000,000 in shares of Class A common stock in “at the market offerings” as defined in Rule 415 under the Securities Act, including without limitation sales made directly on or through the NYSE American, or on any other existing trading market for Class A common stock or through a market maker (the “Class A Common Stock ATM Offering”). The Company did not issue any shares through the Class A Common Stock ATM Offering during the year before its expiration in November 2021. During the life of the Class A Common Stock ATM Offering, the Company had issued a total of 621,110 shares at a weighted average price of $12.01 per share with net proceeds of $7.3 million. Stock Repurchase Plans In May 2020, the Board authorized the modification of the Company’s stock repurchase plans, which were previously authorized in December 2019, to provide for the repurchase, from time to time, of up to an aggregate of $50 million in shares of its Class A common stock, 8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series A Preferred Stock”), 7.625% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series C Preferred Stock”), and/or 7.125% Series D Cumulative Preferred Stock, $0.01 par value per share (“Series D Preferred Stock”). In October 2020, the Board authorized new stock repurchase plans for the repurchase, from time to time, of up to an aggregate of $75 million in shares of the Company’s Class A common stock, Series A Preferred Stock, Series C Preferred Stock and/or Series D Preferred Stock to be conducted in accordance with Rules 10b5-1 and 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). On February 9, 2021, the Board authorized the modification of the stock repurchase plans to increase the maximum repurchase amount from an aggregate of $75 million in shares to an aggregate of $150 million in shares of Class A common stock, Series C Preferred Stock, and/or Series D Preferred Stock. The repurchase plans terminated upon the close of the NYSE American trading day on November 8, 2021, the filing date of the Company’s Form 10-Q with the SEC for the quarter ended September 30, 2021. During the year ended December 31, 2021, the Company repurchased 11,140,637 shares of Class A common stock for a total purchase price of approximately $119.6 million. During the year ended December 31, 2020, the Company repurchased shares under the repurchase plans as follows: 3,983,842 shares of Class A common stock, 163,068 shares of Series A Preferred Stock, 27,905 shares of Series C Preferred Stock and 76,264 shares of Series D Preferred Stock for a total purchase price of approximately $46.4 million. During the life of all repurchase plans, the total purchase price of shares repurchased by the Company was approximately $189.1 million. ​ Class C Common Stock The Class C Common Stock is equivalent in all material respects to, and ranks on parity with, the Class A Common Stock, except that each share of Class C Common Stock entitles the holder thereof to fifty (50) votes, which mirrors the aggregate number of OP Units (which are redeemable for cash or, at our sole option, for shares of our Class A Common Stock, on a one-to-one basis) and shares of Class C Common Stock issued as consideration in the internalization. The Class C Common Stock provides its holders a right to vote that is proportionate to the outstanding non-voting economic interest in the Company attributable to such holders or their affiliates by virtue of the OP Units issued in the internalization, as if all such OP Units were redeemed by us for shares of Class A Common Stock, but without providing any disproportionate voting rights. Shares of Class C Common Stock will only be issued (a) to the owners of the former Manager, (b) in conjunction with the issuance of OP Units as consideration in the internalization, and (c) in a ratio of no more than one (1) share of Class C Common Stock for every forty-nine (49) OP Units so issued. See Note 12 Related Party Transactions – Stockholders Agreement Redemption of 8.250% Series A Cumulative Redeemable Preferred Stock The Series A Preferred Stock ranked senior to common stock and on parity with the Series B Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock and the Series T Preferred Stock as to rights upon the Company’s liquidation, dissolution or winding up. The Company could not redeem the Series A Preferred Stock before October 21, 2020, except in limited circumstances related to its qualification as a REIT, complying with an asset coverage ratio or upon a change in control. As of October 21, 2020, the Company could redeem the Series A Preferred Stock for a redemption price of $25.00 per share plus any accrued and unpaid dividends. On October 21, 2020, the Company redeemed 1,393,294 shares of its Series A Preferred Stock at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, and including, the date of redemption in an amount equal to $0.120313 per share, for a total payment of $25.120313 per share, in cash. On December 21, 2020, the Company redeemed an additional 1,963,551 shares of its Series A Preferred Stock at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, and including, the date of redemption in an amount equal to $0.464063 per share, for a total payment of $25.464063 per share, in cash. On February 26, 2021, the Company redeemed all 2,201,547 outstanding shares of its Series A Preferred Stock that were outstanding as of December 31, 2020 at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, and including, the date of redemption in an amount equal to $0.320833 per share, for a total payment of $25.320833 per share, in cash. Series B Redeemable Preferred Stock The Series B Preferred Stock ranks senior to common stock and on parity with the Series C Preferred Stock, the Series D Preferred Stock and the Series T Preferred Stock as to rights upon the Company’s liquidation, dissolution or winding up. The Series B Preferred Stock is entitled to priority cumulative dividends to be paid monthly, in arrears, when, as and if authorized by the Board. Holders may, at their option, elect to have the Company redeem their shares through the first year from issuance subject to a 13% redemption fee. After year one, the redemption fee decreases to 10%, after year three it decreases to 5%, after year four it decreases to 3%, and after year five there is no redemption fee. Any redeemed shares are entitled to any accrued but unpaid dividends at the time of the redemption, payable by the Company at its option in cash or shares of Class A common stock. The Company may redeem the Series B Preferred Stock beginning two years from the original issuance for the liquidation preference per share plus any accrued and unpaid dividends in either cash or shares of Class A common stock. The calculation to determine the number of Class A common shares issued for redemptions of Series B Preferred Stock is based on the closing price of the Class A common stock on the single trading day prior to the redemption date. On December 20, 2019, the Company made the final issuance of Series B Preferred Stock pursuant to the Series B Preferred Offering, and on February 11, 2020, the Board formally approved the termination of the Series B Preferred Offering. During the year ended December 31, 2021, the Company, at the request of holders, redeemed 3,302 shares of Series B Preferred Stock through the issuance of 283,966 shares of Class A common stock and redeemed 232 shares of Series B Preferred Stock for $0.2 million in cash. In November 2019, the Company began initiating redemptions of its Series B Preferred Stock, and during the year ended December 31, 2021, redemptions initiated by the Company resulted in 150,758 shares of Series B Preferred Stock redeemed through the issuance of 14,592,550 shares of Class A common stock. As of December 31, 2021, total redemptions to date initiated by the Company have resulted in 173,865 shares of Series B Preferred Stock redeemed through the issuance of 16,540,204 shares of Class A common stock. As of December 31, 2021, the Company had 247,397 outstanding Warrants from the Series B Preferred Offering. The Warrants are exercisable by the holder at an exercise price of 120% of the market price per share of Class A common Stock on the date of issuance of such Warrant, with a minimum exercise price of $10.00 per share. The market price per share of our Class A common stock was determined using the volume weighted average price per share of our Class A common stock for the 20 trading days prior to the date of issuance of such Warrant, subject to the minimum exercise price of $10.00 per share (subject to adjustment). One Warrant is exercisable by the holder to purchase 20 shares of Class A common stock. The Warrants are exercisable one year following the date of issuance and expire four years following the date of issuance. As of December 31, 2021, a total of 125,501 Warrants had been exercised into 1,280,858 shares of Class A common stock. The outstanding Warrants have exercise prices ranging from $10.00 to $14.71 per share. At the date of issuance, the carrying amount of the Series B Preferred Stock was less than the redemption value. As a result of the Company’s determination that holder redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date without discount. Such accretion is recorded as a preferred stock dividend on the Statements of Stockholders’ Equity. 7.625% Series C Cumulative Redeemable Preferred Stock The Series C Preferred Stock ranks senior to common stock and on parity with the Series B Preferred Stock, the Series D Preferred Stock and the Series T Preferred Stock as to rights upon the Company’s liquidation, dissolution or winding up. The Series C Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the Board. Commencing July 19, 2023, the annual dividend rate will increase by 2.0% annually, up to a maximum of 14.0%, if not redeemed by the holder or not previously redeemed by the Company. Commencing on July 19, 2023, holders may, at their option, elect to have the Company redeem their shares at a redemption price of $25.00 per share, plus an amount equal to accrued but unpaid dividends, payable by the Company at its option in cash or shares of Class A common stock. As of July 19, 2021, the Company can redeem the Series C Preferred Stock for a redemption price of $25.00 per share plus any accrued and unpaid dividends. At the date of issuance, the carrying amount of the Series C Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date without discount. Such accretion is recorded as a preferred stock dividend on the Statements of Stockholders’ Equity. 7.125% Series D Cumulative Preferred Stock The Series D Preferred Stock ranks senior to common stock and on parity with the Series B Preferred Stock, the Series C Preferred Stock and the Series T Preferred Stock as to rights upon the Company’s liquidation, dissolution or winding up. The Series D Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the Board. As of October 13, 2021, the Company can redeem the Series D Preferred Stock for a redemption price of $25.00 per share plus any accrued and unpaid dividends. Series T Redeemable Preferred Stock The Series T Preferred Stock ranks senior to common stock and on parity with the Series B Preferred Stock, the Series C Preferred Stock and the Series D Preferred Stock as to rights upon the Company’s liquidation, dissolution or winding up. The Series T Preferred Stock is entitled, when, as and if authorized by the Board, to: (i) priority cumulative cash dividends to be paid monthly in arrears, and (ii) a stock dividend to be paid annually. Holders may, at their option, elect to have the Company redeem their shares through the first year from issuance subject to a 12% redemption fee. After year one, the redemption fee decreases to 9%, after year two it decreases to 6%, after year three it decreases to 3%, and after year four there is no redemption fee. Any redeemed shares are entitled to any accrued but unpaid dividends at the time of the redemption, payable by the Company at its option in cash or shares of Class A common stock. The Company may redeem the Series T Preferred Stock beginning two years from the original issuance for the liquidation preference per share plus any accrued and unpaid dividends in either cash or shares of Class A common stock. The calculation to determine the number of Class A common shares issued for redemptions of Series T Preferred Stock is based on the closing price of the Class A common stock on the single trading day prior to the redemption date. On November 19, 2021, the Company made the final issuance of Series T Preferred Stock pursuant to the Series T Preferred Offering, and upon the final issuance, the Series T Preferred Offering terminated pursuant to its terms. At the date of issuance, the carrying amount of the Series T Preferred Stock was less than the redemption value. As a result of the Company's determination that holder redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date without discount. Such accretion is recorded as a preferred stock dividend on the Statements of Stockholders' Equity. Operating Partnership and Long-Term Incentive Plan Units On April 2, 2014, concurrently with the completion of the IPO, the Company entered into the Second Amended and Restated Agreement of Limited Partnership of its Operating Partnership, Bluerock Residential Holdings, L.P. (the “Partnership Agreement”). Pursuant to the amendment, the Company is the sole general partner of the Operating Partnership and may not be removed as general partner by the limited partners with or without cause. The Partnership Agreement, as amended, provides, among other things, that the Operating Partnership initially has two classes of limited partnership interests: OP Units and LTIP Units. In calculating the percentage interests of the partners in the Operating Partnership, LTIP Units are treated as OP Units. In general, LTIP Units will receive the same per-unit distributions as the OP Units. Initially, each LTIP Unit will have a capital account balance of zero and, therefore, will not have full parity with OP Units with respect to any liquidating distributions. However, the Partnership Agreement, as amended provides that “book gain,” or economic appreciation, in the Company’s assets realized by the Operating Partnership as a result of the actual sale of all or substantially all of the Operating Partnership’s assets, or the revaluation of the Operating Partnership’s assets as provided by applicable U.S. Department of Treasury regulations, will be allocated first to the holders of LTIP Units until their capital account per unit is equal to the average capital account per-unit of the Company’s OP Unit holders in the Operating Partnership. The Company expects that the Operating Partnership will issue OP Units to limited partners, and the Company, in exchange for capital contributions of cash or property, will issue LTIP Units pursuant to the Company’s Incentive Plans, as defined below, to persons who provide services to the Company, including the Company’s officers, directors and employees. As of December 31, 2021, limited partners other than the Company owned approximately 29.61% of the common units of the Operating Partnership (6,309,672 OP Units, or 16.24%, is held by OP Unit holders, and 5,196,894 LTIP Units, or 13.37%, is held by LTIP Unit holders, including 5.35% which are not vested at December 31, 2021). 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. The Operating Partnership, in conjunction with the issuance of preferred stock by the Company, has issued preferred OP Units which provide for similar rights as for each class of preferred stock. Equity Incentive Plans LTIP Unit Grants On January 1, 2020, the Company granted 247,138 time-based LTIP Units and 494,279 performance-based LTIP Units to various executive officers under the Third Amended 2014 Incentive Plans pursuant to the executive officers’ employment or service agreements. The time-based LTIP Units vest over approximately three years, while the performance-based LTIP Units are subject to a three-year performance period and will thereafter vest upon successful achievement of performance-based conditions. All such LTIP Unit grants require continuous employment for vesting. Compensation expense for service vesting LTIP Unit and restricted stock awards is measured based on the closing share price of our common stock on the date of grant. The Company measures the fair value of LTIP Units with performance conditions based on an estimate of shares expected to vest using the closing price of the common stock on the date of grant. If it is not probable that the performance conditions will be satisfied, the Company does not recognize compensation expense. The Company estimates the fair value of performance-based LTIP Units with market conditions using a Monte Carlo simulation. The Company recognizes compensation expense based on the fair value estimated by the model. In addition, on January 1, 2020, the Company granted 7,126 LTIP Units under 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 $0.3 million immediately based on the fair value at the date of grant. On April 15, 2020, the Company granted an aggregate of 348,117 LTIP Units to various executive officers under the Third Amended 2014 Incentive Plans pursuant to the executive officers’ employment or service agreements in lieu of cash payment of annual incentive bonuses for the fiscal year ended December 31, 2019. Such LTIP Units vested on April 15, 2021. In addition, on April 15, 2020, the Company granted 46,075 LTIP Units to an employee under the Third Amended 2014 Incentive Plans. Such LTIP Units will vest in three The Company granted LTIP Units to two executive officers under its incentive plans in lieu of cash payment of an agreed upon portion of the executive officers’ base salary, with the remaining portion payable in cash, as follows: under the Third Amended 2014 Incentive Plans, an aggregate of 27,111 LTIP Units granted on May 22, 2020 for the second quarter 2020 and an aggregate of 21,889 LTIP Units granted on August 11, 2020 for the third quarter 2020, and under the Fourth Amended 2014 Incentive Plans, an aggregate of 19,197 LTIP Units granted on November 5, 2020 for the fourth quarter 2020. Such LTIP Units vested on the first anniversary of the date of grant. On September 8, 2020, the Company’s stockholders approved the amendment and restatement of each of the Third Amended 2014 Individuals Plan (the “Fourth Amended 2014 Individuals Plan”) and the Third Amended 2014 Entities Plan (the “Fourth Amended 2014 Entities Plan”, and together with the Fourth Amended 2014 Individuals Plan, the “Fourth Amended 2014 Incentive Plans”). The Fourth Amended 2014 Incentive Plans allow for the issuance of up to 3,000,000 additional shares of Class A common stock, and thus provide for the issuance of an aggregate of up to 6,800,000 shares of Class A common stock. The Fourth Amended 2014 Incentive Plans provide for the grant of options to purchase shares of the Company’s common stock, stock awards, stock appreciation rights, performance units, incentive awards and other equity-based awards. On January 1, 2021, the Company granted 277,001 time-based LTIP Units and 554,003 performance-based LTIP Units to various executive officers under the Fourth Amended 2014 Incentive Plans pursuant to the executive officers’ employment or service agreements. The time-based LTIP Units vest over three years, while the performance-based LTIP Units are subject to a three-year performance period and will thereafter vest upon successful achievement of performance-based conditions. All such LTIP Unit grants require continuous employment for vesting. In addition, on January 1, 2021, the Company granted 7,381 LTIP Units pursuant to the Fourth 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 $0.4 million immediately based on the fair value at the date of grant. The Company granted LTIP Units to two executive officers under the Fourth Amended 2014 Incentive Plans in lieu of cash payment of an agreed upon portion of the executive officers’ base salary, with the remaining portion payable in cash, as follows: an aggregate of 19,683 LTIP Units granted on February 16, 2021, an aggregate of 23,206 LTIP Units granted on May 11, 2021, an aggregate of 19,209 LTIP Units granted on August 3, 2021, and an aggregate of 15,855 LTIP Units granted on November 9, 2021 for the first, second, third and fourth quarter 2021, respectively. On March 25, 2021, the Company granted an aggregate of 193,112 LTIP Units to various executive officers under the Fourth Amended 2014 Incentive Plans pursuant to the executive officers’ employment or service agreements in lieu of cash payment of annual incentive bonuses for the fiscal year ended December 31, 2020. Of the LTIP Units granted, 144,173 LTIP Units were fully vested upon issuance, with the remaining 48,939 LTIP Units to vest on the first anniversary of the date of grant. On April 1, 2021, the Company granted 22,598 LTIP Units to an employee under the Fourth Amended 2014 Incentive Plans. Such LTIP Units will vest in three A summary of the status of the Company’s non-vested shares/LTIP Units under the Incentive Plans for individuals as of December 31, 2021, 2020 and 2019 is as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average grant- Non-Vested shares/LTIP Units ​ Shares / LTIP Units ​ date fair value Balance at January 1, 2019 975,209 ​ $ 10.05 Granted 637,315 ​ 9.36 Vested (237,841) ​ 10.01 Forfeited (3,600) ​ 10.65 Balance at December 31, 2019 1,371,083 ​ $ 9.72 Granted 1,346,538 ​ 9.39 Vested (333,951) ​ 10.12 Forfeited (7,081) ​ 6.53 Balance at December 31, 2020 2,376,589 ​ $ 9.50 Granted 1,211,845 ​ 11.75 Vested (1,158,385) ​ 8.65 Forfeited (100,488) ​ 9.44 Balance at December 31, 2021 2,329,561 ​ $ 11.07 ​ The Company recognizes compensation expense ratably over the requisite service periods for time-based LTIP Units based on the fair value at the date of grant; thus, the Company recognized compensation expense of approximately $4.1 million, $3.9 million and $3.6 million during the years ended December 31, 2021, 2020 and 2019, 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 performance-based LTIP Units; thus, the Company recognized approximately $3.7 million, $3.0 million and $1.6 million during the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, there was $6.1 million of total unrecognized compensation expense related to unvested LTIP Units granted under the Incentive Plans. The remaining expense is expected to be recognized over a period of 1.6 years. The Company currently uses authorized and unissued shares to satisfy share award grants. Restricted Stock Grants On April 15, 2020, the Company granted an aggregate of 25,174 shares of Class A common stock to two executive officers in lieu of cash payment of an agreed upon portion of each such executive officer’s base salary, with the remaining portion having been paid in cash, for the period from January 1, 2020 through March 31, 2020. Such shares of Class A common stock vested on April 15, 2021. In April 2020 and 2021, the Company provided restricted stock grants (“RSGs”) to employees under the Incentive Plans. Such RSGs will vest in three The Company recognized compensation expense for all such RSGs of approximately $0.4 million and $0.5 million during the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, there was $0.4 million of total unrecognized compensation expense related to the unvested RSGs granted under the Incentive Plans. The remaining expense is expected to be recognized over the remaining 2.0 years. Distributions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable to stockholders ​ ​ ​ ​ ​ Declaration Date of record as of Amount Date Paid or Payable Class A Common Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.162500 January 5, 2021 March 12, 2021 March 25, 2021 ​ $ 0.162500 April 5, 2021 June 11, 2021 ​ June 25, 2021 ​ $ 0.162500 ​ July 2, 2021 September 10, 2021 ​ September 24, 2021 ​ $ 0.162500 ​ October 5, 2021 December 10, 2021 December 23, 2021 ​ $ 0.162500 January 5, 2022 Class C Common Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.162500 January 5, 2021 March 12, 2021 March 25, 2021 ​ $ 0.162500 April 5, 2021 June 11, 2021 ​ June 25, 2021 ​ $ 0.162500 ​ July 2, 2021 September 10, 2021 September 24, 2021 ​ $ 0.162500 October 5, 2021 December 10, 2021 December 23, 2021 ​ $ 0.162500 January 5, 2022 Series A Preferred Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.515625 January 5, 2021 January 27, 2021 (1) February 26, 2021 ​ $ 0.320833 February 26, 2021 Series B Preferred Stock ​ October 9, 2020 December 24, 2020 ​ $ 5.00 January 5, 2021 January 13, 2021 January 25, 2021 ​ $ 5.00 February 5, 2021 January 13, 2021 February 25, 2021 ​ $ 5.00 March 5, 2021 January 13, 2021 March 25, 2021 ​ $ 5.00 April 5, 2021 April 12, 2021 ​ April 23, 2021 ​ $ 5.00 ​ May 5, 2021 April 12, 2021 ​ May 25, 2021 ​ $ 5.00 ​ June 4, 2021 April 12, 2021 ​ June 25, 2021 ​ $ 5.00 ​ July 2, 2021 July 12, 2021 July 23, 2021 ​ $ 5.00 August 5, 2021 July 12, 2021 August 25, 2021 ​ $ 5.00 September 3, 2021 July 12, 2021 September 24, 2021 ​ $ 5.00 October 5, 2021 October 11, 2021 October 25, 2021 ​ $ 5.00 November 5, 2021 October 11, 2021 November 24, 2021 ​ $ 5.00 December 3, 2021 October 11, 2021 December 23, 2021 ​ $ 5.00 January 5, 2022 Series C Preferred Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.4765625 January 5, 2021 March 12, 2021 March 25, 2021 ​ $ 0.4765625 April 5, 2021 June 11, 2021 ​ June 25, 2021 ​ $ 0.4765625 ​ July 2, 2021 September 10, 2021 September 24, 2021 ​ $ 0.4765625 October 5, 2021 December 10, 2021 December 23, 2021 ​ $ 0.4765625 Januar

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	Note 14 — Commitments and Contingencies The aggregate amount of the Company’s contractual commitments to fund future cash obligations in certain of its preferred equity, loan and joint venture investments was $158.5 million and $35.0 million as of December 31, 2021 and 2020, respectively. 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.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2021
Segment Information
Segment Information	Note 15 — Segment Information The Company owns and operates residential investments that generate rental and other property-related income through the leasing of units to a diverse base of tenants. In prior years, the Company had one reportable segment as its investments were primarily in multifamily apartment communities. During 2021, the Company began increasing its investments in single-family residential homes, and as such, the Company has transitioned from a one-segment to a two-segment structure based on investment type. The Chief Operating Decision Maker, which is comprised of several members of the Company’s executive management team, evaluates the performance of the Company’s operations and allocates financial and other resources by assessing the financial results of and future performance outlook for the Company’s two reportable segments: multifamily apartment communities (“Multifamily”) and single-family residential homes (“Single-family”). The Chief Operating Decision Maker’s primary financial measure for the Company’s operating performance is net operating income (“NOI”). NOI is a non-GAAP measure that the Company defines as total property revenues less total property operating expenses, excluding depreciation and amortization and interest. The Chief Operating Decision Maker evaluates the Company’s operating performance using NOI as it measures the core operations of property performance by excluding corporate level expenses and those other items not related to property operating performance. The following table summarizes NOI by the Company’s reportable segments for the years ended December 31, 2021, 2020 and 2019, and reconciles NOI to net income (loss) attributable to common stockholders on the Company’s consolidated statements of operations. Prior year amounts have been reclassified to conform to the current period segment presentation (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Rental and other property revenues ​ ​ ​ Multifamily ​ $ 194,414 ​ $ 193,963 ​ $ 185,294 Single-family ​ 9,275 ​ 2,559 ​ 82 Total rental and other property revenues ​ 203,689 ​ 196,522 ​ 185,376 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property operating expenses ​ ​ ​ Multifamily ​ 72,775 ​ 75,411 ​ 74,414 Single-family ​ 3,227 ​ 890 ​ 35 Total property operating expenses ​ 76,002 ​ 76,301 ​ 74,449 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net operating income ​ ​ ​ Multifamily ​ 121,639 ​ 118,552 ​ 110,880 Single-family ​ 6,048 ​ 1,669 ​ 47 Total net operating income ​ 127,687 ​ 120,221 ​ 110,927 Reconciling items: ​ ​ ​ Interest income from loan and ground lease investments ​ 16,962 ​ 23,326 ​ 24,595 Property management fees ​ (5,390) ​ (4,988) ​ (4,899) General and administrative ​ (27,787) ​ (24,141) ​ (22,553) Acquisition and pursuit costs ​ (448) ​ (4,152) ​ (556) Weather-related losses, net ​ (1,001) ​ — ​ (355) Depreciation and amortization ​ (80,051) ​ (79,452) ​ (70,452) Other income ​ 549 ​ 144 ​ 68 Preferred returns on unconsolidated real estate joint ventures ​ 12,067 ​ 11,250 ​ 9,797 Provision for credit losses ​ (384) ​ (16,369) ​ — Gain on sale of real estate investments ​ 137,427 ​ 59,508 ​ 48,680 Gain on sale of non-depreciable real estate investments ​ — ​ — ​ 679 Transaction costs ​ (15,036) ​ — ​ — Loss on extinguishment of debt and debt modification costs ​ (6,740) ​ (14,630) ​ (7,258) Interest expense, net ​ (52,701) ​ (55,994) ​ (59,554) Net income (loss) ​ 105,154 ​ 14,723 ​ 29,119 Preferred stock dividends ​ (63,606) ​ (58,463) ​ (46,159) Preferred stock accretion ​ (24,633) ​ (16,851) ​ (10,335) Net income (loss) attributable to noncontrolling interests ​ ​ ​ Operating partnership units ​ 2,250 ​ (17,313) ​ (6,779) Partially-owned properties ​ 11,192 ​ 1,396 ​ (845) Net income (loss) attributable to noncontrolling interests ​ 13,442 ​ (15,917) ​ (7,624) Net income (loss) attributable to common stockholders ​ $ 3,473 ​ $ (44,674) ​ $ (19,751) ​ The following table summarizes the assets of the Company’s reportable segments for the years ended December 31, 2021 and 2020. Prior year amounts have been reclassified to conform to the current period segment presentation (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Assets ​ ​ Net Operating Real Estate Investments ​ ​ Multifamily ​ $ 1,729,214 ​ $ 2,031,899 Single-family ​ 318,084 ​ 29,065 Total Net Operating Real Estate Investments ​ 2,047,298 ​ 2,060,964 Multifamily operating real estate held for sale, net ​ — ​ 36,213 Total Net Real Estate Investments ​ 2,047,298 ​ 2,097,177 Reconciling items: ​ ​ Cash and cash equivalents ​ 166,492 ​ 83,868 Restricted cash ​ 30,015 ​ 35,093 Notes and accrued interest receivable, net ​ 173,489 ​ 157,734 Due from affiliates ​ 711 ​ 339 Accounts receivable, prepaids and other assets, net ​ 43,108 ​ 29,502 Preferred equity investments and investments in unconsolidated real estate joint ventures, net ​ 135,690 ​ 83,485 In-place lease intangible assets, net ​ 2,530 ​ 2,594 Non-real estate assets associated with multifamily operating real estate held for sale ​ — ​ 145 Total Consolidated Assets ​ $ 2,599,333 ​ $ 2,489,937 ​

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events
Subsequent Events	Note 16 — Subsequent Events Issuance of LTIP Units under the Fourth Amended 2014 Incentive Plans On January 1, 2022, the Company granted an aggregate of 134,131 time-based LTIP Units and an aggregate of 268,265 performance-based LTIP Units to various executive officers under the Fourth Amended 2014 Incentive Plans pursuant to the executive officers’ employment or service agreements. The time-based LTIP Units vest over approximately three years, while the performance-based LTIP Units are subject to a three-year performance period and will thereafter vest upon successful achievement of performance-based conditions. All such LTIP Unit grants require continuous employment for vesting. In addition, on January 1, 2022, the Company granted 3,546 LTIP Units pursuant to the Fourth 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. Declaration of Dividends ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable to stockholders ​ ​ Declaration Date of record as of Amount Paid / Payable Date Series B Preferred Stock January 14, 2022 ​ January 25, 2022 ​ $ 5.00 ​ February 4, 2022 January 14, 2022 ​ February 25, 2022 ​ $ 5.00 ​ March 4, 2022 January 14, 2022 ​ March 25, 2022 ​ $ 5.00 ​ April 5, 2022 Series T Preferred Stock ​ ​ ​ January 14, 2022 ​ January 25, 2022 ​ $ 0.128125 ​ February 4, 2022 January 14, 2022 ​ February 25, 2022 ​ $ 0.128125 ​ March 4, 2022 January 14, 2022 ​ March 25, 2022 ​ $ 0.128125 ​ April 5, 2022 ​ Distributions Paid The following distributions were declared and/or paid to the Company’s stockholders, as well as holders of OP Units and LTIP Units, subsequent to December 31, 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration ​ ​ ​ ​ ​ Distributions ​ Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock ​ December 10, 2021 ​ December 23, 2021 ​ January 5, 2022 ​ $ 0.1625000 ​ $ 4,363 Class C Common Stock ​ December 10, 2021 ​ December 23, 2021 ​ January 5, 2022 ​ ​ 0.1625000 ​ ​ 12 Series B Preferred Stock ​ October 11, 2021 ​ December 23, 2021 ​ January 5, 2022 ​ ​ 5.0000000 ​ ​ 1,796 Series C Preferred Stock ​ December 10, 2021 ​ December 23, 2021 ​ January 5, 2022 ​ ​ 0.4765625 ​ ​ 1,094 Series D Preferred Stock ​ December 10, 2021 ​ December 23, 2021 ​ January 5, 2022 ​ ​ 0.4453125 ​ ​ 1,235 Series T Preferred Stock ​ October 11, 2021 ​ December 23, 2021 ​ January 5, 2022 ​ ​ 0.1281250 ​ ​ 3,619 OP Units ​ December 10, 2021 ​ December 23, 2021 ​ January 5, 2022 ​ ​ 0.1625000 ​ ​ 1,027 LTIP Units ​ December 10, 2021 ​ December 23, 2021 ​ January 5, 2022 ​ ​ 0.1625000 ​ ​ 646 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series B Preferred Stock ​ January 14, 2022 ​ January 25, 2022 ​ February 4, 2022 ​ ​ 5.0000000 ​ ​ 1,795 Series B Preferred Stock ​ January 14, 2022 ​ February 25, 2022 ​ March 4, 2022 ​ ​ 5.0000000 ​ ​ 1,794 Series T Preferred Stock ​ January 14, 2022 ​ January 25, 2022 ​ February 4, 2022 ​ ​ 0.1281250 ​ ​ 3,621 Series T Preferred Stock ​ January 14, 2022 ​ February 25, 2022 ​ March 4, 2022 ​ ​ 0.1281250 ​ ​ 3,620 Total ​ ​ ​ ​ ​ ​ $ 24,622 ​ Stock Activity Subsequent to December 31, 2021 and as of February 28, 2022, the Company has issued 1,266,444 shares of Class A common stock upon the exercise of 106,502 Warrants and there are 29,242,107 shares of Class A common stock outstanding and 138,583 Warrants outstanding. Refer to Note 13 for further information. Sale of Alexan CityCentre Interests On January 20, 2022, Alexan CityCentre, the underlying asset of an unconsolidated joint venture located in Houston, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $18.7 million, which included its original preferred investment of $18.2 million and accrued preferred return of $0.5 million. Weatherford Loan Financing On February 15, 2022, the Company provided a $9.6 million mezzanine loan (the “Weatherford Mezz Loan”) to an unaffiliated third party for land to be used in the development of 185-build for rent, single-family residential homes in Weatherford, Texas. The Weatherford Mezz Loan matures on May 16, 2022 and contains three (3) thirty Sale of Reunion Apartments On February 25, 2022, Reunion Apartments, a property located in Orlando, Florida, was sold. Upon the sale, the mezzanine loan provided by the Company was paid off for $12.5 million, which included principal repayment of $10.0 million, accrued interest of $1.5 million and an incremental payment of $1.0 million to achieve the minimum interest per the terms of the loan agreement. Sale of The Hartley at Blue Hill On February 28, 2022, The Hartley at Blue Hill, a property located in Chapel Hill, North Carolina, was sold. The mezzanine loan provided by the Company was paid off for $34.4 million, which included principal repayment of $31.0 million and accrued interest of $3.4 million. The $5.0 million senior loan provided by the Company, which is secured by a parcel of land adjacent to The Hartley at Blue Hill property, remains outstanding.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
Schedule III - Real Estate and Accumulated Depreciation
Schedule III - Real Estate and Accumulated Depreciation	​ ​ ​ Bluerock Residential Growth REIT, Inc. ​ Schedule III - Real Estate and Accumulated Depreciation December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COLUMN A ​ COLUMN B ​ COLUMN C ​ COLUMN D ​ COLUMN E ​ COLUMN F ​ COLUMN G ​ COLUMN H ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life on Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ Depreciation in ​ ​ ​ ​ ​ ​ ​ Initial Cost ​ Capitalized ​ Gross Amount at Which Carried at Close of Period ​ ​ ​ ​ ​ ​ Latest Income ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and Subsequent ​ ​ ​ Building and ​ ​ ​ Accumulated Date of Statement is Property Location Encumbrance Land Improvements to Acquisition Land Improvements Total Depreciation Acquisition Computed Real Estate Held ​ ​ ​ ​ ​ ​ ​ ​ for Investment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gulfshore Apartment Homes FL ​ 46,345 ​ 10,000 ​ 36,047 ​ 6,178 ​ 10,000 ​ 42,225 ​ 52,225 ​ 9,995 2016 3 - 40 Years The Preserve at Henderson Beach FL ​ 48,490 ​ 4,100 ​ 50,117 ​ 3,275 ​ ​ 4,100 ​ 53,392 ​ 57,492 ​ 10,475 2016 3 - 40 Years ARIUM Westside ​ GA ​ ​ 51,841 ​ ​ 8,657 ​ ​ 63,402 ​ ​ 4,653 ​ ​ 8,657 ​ ​ 68,055 ​ ​ 76,712 ​ ​ 11,847 ​ 2016 ​ 3 - 40 Years ARIUM Glenridge ​ GA ​ ​ 49,170 ​ ​ 14,513 ​ ​ 52,324 ​ ​ 10,855 ​ ​ 14,513 ​ ​ 63,179 ​ ​ 77,692 ​ ​ 12,858 ​ 2016 ​ 3 - 40 Years Pine Lakes Preserve ​ FL ​ ​ 42,728 ​ ​ 5,760 ​ ​ 31,854 ​ ​ 3,552 ​ ​ 5,760 ​ ​ 35,406 ​ ​ 41,166 ​ ​ 8,887 ​ 2016 ​ 3 - 40 Years The Brodie TX ​ 32,876 ​ 5,400 ​ 42,497 ​ 3,240 ​ 5,400 ​ 45,737 ​ 51,137 ​ 9,871 2016 3 - 40 Years Roswell City Walk GA ​ 49,050 ​ 8,423 ​ 66,249 ​ 903 ​ 8,423 ​ 67,152 ​ 75,575 ​ 11,704 2016 3 - 40 Years Wesley Village NC ​ 38,730 ​ 5,600 ​ 50,062 ​ 2,588 ​ 5,600 ​ 52,650 ​ 58,250 ​ 7,927 2017 3 - 40 Years Villages at Cypress Creek TX ​ 33,520 ​ 4,650 ​ 35,990 ​ 3,306 ​ 4,650 ​ 39,296 ​ 43,946 ​ 6,528 2017 3 - 40 Years Citrus Tower FL ​ 39,896 ​ 5,208 ​ 49,388 ​ 2,667 ​ 5,208 ​ 52,055 ​ 57,263 ​ 8,739 2017 3 - 40 Years Outlook at Greystone AL ​ 21,930 ​ 3,950 ​ 31,664 ​ 4,930 ​ 3,950 ​ 36,594 ​ 40,544 ​ 6,521 2017 3 - 40 Years Burano Hunter's Creek FL ​ 69,502 ​ 9,600 ​ 86,202 ​ 6,253 ​ 9,600 ​ 92,455 ​ 102,055 ​ 14,397 2017 3 - 40 Years The Debra Metrowest FL ​ 63,982 ​ 10,200 ​ 74,768 ​ 6,335 ​ 10,200 ​ 81,103 ​ 91,303 ​ 12,879 2017 3 - 40 Years The Mills SC ​ 24,731 ​ 3,300 ​ 36,969 ​ 1,268 ​ 3,300 ​ 38,237 ​ 41,537 ​ 5,465 2017 3 - 40 Years The Links at Plum Creek CO ​ 38,916 ​ 2,960 ​ 57,803 ​ 4,457 ​ 2,960 ​ 62,260 ​ 65,220 ​ 9,386 2018 3 - 40 Years Sands Parc FL ​ — (1) ​ 3,170 ​ 42,443 ​ 639 ​ 3,170 ​ 43,082 ​ 46,252 ​ 5,398 2018 3 - 40 Years Veranda at Centerfield TX ​ 25,962 ​ 5,120 ​ 35,506 ​ 2,843 ​ 5,120 ​ 38,349 ​ 43,469 ​ 5,453 2018 3 - 40 Years Ashford Belmar CO ​ 100,675 ​ 18,400 ​ 124,149 ​ 6,198 ​ 18,400 ​ 130,347 ​ 148,747 ​ 16,336 2018 3 - 40 Years Element NV ​ 29,260 ​ ​ 8,056 ​ 33,346 ​ 1,255 ​ 8,056 ​ 34,601 ​ 42,657 ​ 3,605 2019 3 - 40 Years Providence Trail TN ​ 47,587 ​ 5,362 ​ 62,620 ​ 1,883 ​ 5,362 ​ 64,503 ​ 69,865 ​ 5,651 2019 3 - 40 Years Denim AZ ​ 101,205 ​ 43,182 ​ 96,361 ​ 5,020 ​ 43,182 ​ 101,381 ​ 144,563 ​ 9,922 2019 3 - 40 Years The Sanctuary NV ​ 33,707 ​ 5,406 ​ 45,805 ​ 2,247 ​ 5,406 ​ 48,052 ​ 53,458 ​ 5,062 2019 3 - 40 Years Chattahoochee Ridge ​ GA ​ ​ 45,338 ​ ​ 9,660 ​ ​ 59,457 ​ ​ 2,629 ​ ​ 9,660 ​ ​ 62,086 ​ ​ 71,746 ​ ​ 4,383 ​ 2019 ​ 3 - 40 Years Navigator Villas ​ WA ​ ​ 20,361 ​ ​ 2,026 ​ ​ 27,206 ​ ​ 869 ​ ​ 2,027 ​ ​ 28,074 ​ ​ 30,101 ​ ​ 2,079 ​ 2019 ​ 3 - 40 Years Avenue 25 ​ AZ ​ ​ 36,566 ​ ​ 5,527 ​ ​ 50,679 ​ ​ 1,441 ​ ​ 5,527 ​ ​ 52,120 ​ ​ 57,647 ​ ​ 3,443 ​ 2020 ​ 3 - 40 Years Falls at Forsyth ​ GA ​ ​ 51,331 ​ ​ 7,067 ​ ​ 74,445 ​ ​ 641 ​ ​ 7,070 ​ ​ 75,083 ​ ​ 82,153 ​ ​ 4,315 ​ 2020 ​ 3 - 40 Years Chevy Chase ​ TX ​ ​ 24,400 ​ ​ 5,453 ​ ​ 28,843 ​ ​ 857 ​ ​ 5,453 ​ ​ 29,700 ​ ​ 35,153 ​ ​ 1,646 ​ 2020 ​ 3 - 40 Years Elan ​ TX ​ ​ 25,508 ​ ​ 4,185 ​ ​ 36,612 ​ ​ 469 ​ ​ 4,187 ​ ​ 37,079 ​ ​ 41,266 ​ ​ 1,398 ​ 2020 ​ 3 - 40 Years Carrington at Perimeter Park ​ NC ​ ​ 31,244 ​ ​ 5,041 ​ ​ 48,798 ​ ​ 537 ​ ​ 5,041 ​ ​ 49,335 ​ ​ 54,376 ​ ​ 1,727 ​ 2020 ​ 3 - 40 Years Cielo on Gilbert ​ AZ ​ ​ 58,000 ​ ​ 7,292 ​ ​ 66,219 ​ ​ 1,305 ​ ​ 7,292 ​ ​ 67,524 ​ ​ 74,816 ​ ​ 2,717 ​ 2020 ​ 3 - 40 Years Yauger Park Villas ​ WA ​ ​ 14,921 ​ ​ 1,322 ​ ​ 24,575 ​ ​ 211 ​ ​ 1,322 ​ ​ 24,786 ​ ​ 26,108 ​ ​ 683 ​ 2021 ​ 3 - 40 Years Wayford at Concord ​ NC ​ ​ — ​ ​ 2,933 ​ ​ 40,920 ​ ​ 54 ​ ​ 2,933 ​ ​ 40,974 ​ ​ 43,907 ​ ​ 784 ​ 2021 ​ 3 - 40 Years Windsor Falls ​ NC ​ ​ 27,442 ​ ​ 10,161 ​ ​ 39,806 ​ ​ 121 ​ ​ 10,161 ​ ​ 39,927 ​ ​ 50,088 ​ ​ 625 ​ 2021 ​ 3 - 40 Years Indy ​ IN ​ ​ — ​ ​ 593 ​ ​ 3,210 ​ ​ 11 ​ ​ 594 ​ ​ 3,220 ​ ​ 3,814 ​ ​ 36 ​ 2021 ​ 3 - 40 Years Springfield ​ MO ​ ​ — ​ ​ 7,711 ​ ​ 41,435 ​ ​ 33 ​ ​ 7,715 ​ ​ 41,464 ​ ​ 49,179 ​ ​ 461 ​ 2021 ​ 3 - 40 Years Springtown ​ TX ​ ​ — ​ ​ 1,459 ​ ​ 7,919 ​ ​ 14 ​ ​ 1,461 ​ ​ 7,931 ​ ​ 9,392 ​ ​ 66 ​ 2021 ​ 3 - 40 Years Texarkana ​ TX ​ ​ — ​ ​ 438 ​ ​ 2,681 ​ ​ 8 ​ ​ 439 ​ ​ 2,688 ​ ​ 3,127 ​ ​ 22 ​ 2021 ​ 3 - 40 Years Lubbock ​ TX ​ ​ — ​ ​ 719 ​ ​ 4,892 ​ ​ 26 ​ ​ 721 ​ ​ 4,916 ​ ​ 5,637 ​ ​ 41 ​ 2021 ​ 3 - 40 Years Granbury ​ TX ​ ​ — ​ ​ 751 ​ ​ 7,497 ​ ​ 7 ​ ​ 751 ​ ​ 7,504 ​ ​ 8,255 ​ ​ 62 ​ 2021 ​ 3 - 40 Years Axelrod ​ TX ​ ​ — ​ ​ 1,115 ​ ​ 3,078 ​ ​ 10 ​ ​ 1,115 ​ ​ 3,088 ​ ​ 4,203 ​ ​ 26 ​ 2021 ​ 3 - 40 Years ILE ​ TX / SE US ​ ​ 26,825 ​ ​ 11,276 ​ ​ 46,997 ​ ​ 855 ​ ​ 11,277 ​ ​ 47,851 ​ ​ 59,128 ​ ​ 113 ​ 2021 ​ 3 - 40 Years Springtown 2.0 ​ TX ​ ​ — ​ ​ 106 ​ ​ 2,891 ​ ​ — ​ ​ 106 ​ ​ 2,891 ​ ​ 2,997 ​ ​ 16 ​ 2021 ​ 3 - 40 Years Lubbock 2.0 ​ TX ​ ​ — ​ ​ 718 ​ ​ 8,550 ​ ​ — ​ ​ 718 ​ ​ 8,550 ​ ​ 9,268 ​ ​ 47 ​ 2021 ​ 3 - 40 Years Lynnwood ​ TX ​ ​ — ​ ​ 281 ​ ​ 2,192 ​ ​ — ​ ​ 281 ​ ​ 2,192 ​ ​ 2,473 ​ ​ 6 ​ 2021 ​ 3 - 40 Years Golden Pacific ​ KS / MO ​ ​ — ​ ​ 251 ​ ​ 1,122 ​ ​ 19 ​ ​ 251 ​ ​ 1,141 ​ ​ 1,392 ​ ​ 1 ​ 2021 ​ 3 - 40 Years Lynnwood 2.0 ​ TX ​ ​ — ​ ​ 266 ​ ​ 2,244 ​ ​ — ​ ​ 266 ​ ​ 2,244 ​ ​ 2,510 ​ ​ 6 ​ 2021 ​ 3 - 40 Years Lubbock 3.0 ​ TX ​ ​ — ​ ​ 245 ​ ​ 4,382 ​ ​ — ​ ​ 245 ​ ​ 4,382 ​ ​ 4,627 ​ ​ 12 ​ 2021 ​ 3 - 40 Years Texas Portfolio 183 ​ TX ​ ​ — ​ ​ 4,138 ​ ​ 23,764 ​ ​ — ​ ​ 4,138 ​ ​ 23,764 ​ ​ 27,902 ​ ​ — ​ 2021 ​ 3 - 40 Years DFW 189 ​ TX ​ ​ — ​ ​ 5,638 ​ ​ 22,415 ​ ​ — ​ ​ 5,638 ​ ​ 22,415 ​ ​ 28,053 ​ ​ — ​ 2021 ​ 3 - 40 Years Subtotal ​ ​ ​ 1,352,039 ​ 287,389 ​ 1,888,395 ​ 94,662 ​ 287,406 ​ 1,983,040 ​ 2,270,446 ​ 223,621 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Real Estate assets ​ ​ ​ ​ ​ ​ ​ ​ REIT Operator MI ​ — ​ — ​ 185 ​ 790 ​ — ​ 975 ​ 975 ​ 502 2017 5 Years Fannie Facility ​ MI ​ ​ 13,936 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 2020 ​ 7 Years Subtotal ​ ​ 13,936 ​ — ​ ​ 185 ​ 790 ​ — ​ 975 ​ 975 ​ 502 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 1,365,975 $ 287,389 ​ $ 1,888,580 ​ $ 95,452 ​ $ 287,406 ​ $ 1,984,015 ​ $ 2,271,421 ​ $ 224,123 (1) Sands Parc was funded, in part, by a secured credit facility. As of December 31, 2021, there was no outstanding balance on the credit facility. Bluerock Residential Growth REIT, Inc. Notes to Schedule III 1. Reconciliation of Real Estate Properties ​ The following table reconciles the Real Estate Properties from January 1, 2019 to December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 (1) 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1 ​ $ 2,291,934 ​ $ 2,088,886 ​ $ 1,802,668 Construction and acquisition cost ​ 372,179 ​ 358,288 ​ 580,208 Disposition of real estate ​ (392,692) ​ (155,240) ​ (293,990) Balance at December 31 ​ $ 2,271,421 ​ $ 2,291,934 ​ $ 2,088,886 ​ 2. Reconciliation of Accumulated Depreciation ​ The following table reconciles the Real Estate Properties from January 1, 2019 to December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 (1) 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1 ​ $ 194,757 ​ $ 141,566 ​ $ 108,911 Current year depreciation expense ​ 74,151 ​ 72,826 ​ 63,709 Disposition of real estate ​ (44,785) ​ (19,635) ​ (31,054) Balance at December 31 ​ $ 224,123 ​ $ 194,757 ​ $ 141,566 (1) Includes properties classified as held for sale as of December 31, 2020.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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 of the property interests acquired and investments made on the Company’s behalf. As of December 31, 2021, limited partners other than the Company owned approximately 29.61% of the common units of the Operating Partnership (16.24% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 13.37% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 5.35% which are not vested at December 31, 2021). 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. In cases where the Company holds a preferred equity investment in real estate joint ventures where the preferred equity interest must be redeemed by the issuing entity or is redeemable at the Company's option, the preferred equity investment is accounted for as a held to maturity debt security. These preferred equity investments have a mandatory redemption provision, and the Company has the intent and ability to hold the investment until redemption. The preferred equity investments are included in 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 preferred equity investments and loan investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation.
Significant Risks and Uncertainties	Significant Risks and Uncertainties At the present time, one of the most significant risks and uncertainties is the potential adverse effect of the ongoing pandemic of the novel coronavirus and variants thereof (“COVID-19”). The Company’s tenants may experience financial difficulty due to the loss of their jobs and some have requested rent deferral or rent abatement during this pandemic. Experts have predicted that the outbreak will trigger, or has already triggered, a period of global economic slowdown or a global recession. The COVID-19 pandemic could have material and adverse effects on the Company’s financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: ● reduced economic activity may impact the employment of the Company’s tenants and their ability to pay their obligations to the Company, thus requesting modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; ● the negative financial impact of the pandemic could impact the Company’s future compliance with financial covenants of its credit facilities and other debt agreements; ● weaker economic conditions could require that the Company recognize impairment in value of its real estate assets due to a reduction in property income; ● the Company’s inability to maintain occupancy or leasing rates, or increase these rates at stabilizing development properties, including due to possible reduced foot traffic and lease applications from prospective tenants at the Company’s properties as a result of shelter-in-place orders and similar government guidelines; and ● concentration of the Company’s properties in markets that may be more severely affected by the COVID-19 pandemic due to its significant negative impact on certain key economic drivers in those markets, such as travel and entertainment. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants will depend on future developments, which are uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. The Company believes it currently has a stable financial condition: as of December 31, 2021, the Company collected 97% of rents from its properties for the three months ended December 31, 2021. In 2020, the Company had provided rent deferral payment plans as a result of hardships certain tenants experienced due to the impact of COVID-19; for the year ended December 31, 2021, the Company did not provide rent deferral payment plans, compared to the onset of the COVID-19 pandemic (quarter ended June 30, 2020) in which 1% of the tenant base was on payment plans. Although the Company may receive tenant requests for rent deferrals in the coming months, the Company does not expect to waive its contractual rights under its lease agreements. Further, while occupancy remains strong at 95.9% as of December 31, 2021, in future periods, the Company may experience reduced levels of tenant retention, and reduced foot traffic and lease applications from prospective tenants, as a result of the impact of COVID-19.
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 investments as preferred equity investments and investments in unconsolidated real estate joint ventures in its consolidated balance sheets. In accordance with ASC 320 Investments – Debt Securities
Mezzanine Loan Investments	Mezzanine Loan Investments The Company analyzes each loan arrangement that involves real estate development to consider whether the loan qualifies for accounting as a loan or as an investment in a real estate development project. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310-10 Receivables
Fair Value of Financial Instruments	Fair Value of Financial Instruments As of December 31, 2021 and 2020, the carrying values of cash and cash equivalents, restricted cash, 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 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. Refer to Note 10 for further information regarding fair value measurements.
Real Estate Assets	Real Estate Assets Capital Additions, Depreciation and Amortization The Company capitalizes costs, including certain indirect costs, incurred in connection with its capital additions activities, including redevelopment, development and construction projects, other tangible apartment community improvements, and replacements of existing apartment community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with capital additions activities at the apartment community level. The Company characterizes as “indirect costs” an allocation of certain department costs, including payroll, at the corporate levels that clearly relate to capital additions activities. The Company also capitalizes interest, property taxes and insurance during periods in which redevelopment, development and construction projects are in progress. Cost capitalization begins once the development or construction activity commences and ceases when the asset is ready for its intended use. Repair and maintenance and tenant turnover costs are expensed as incurred. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. Depreciation and amortization expense are computed on the straight-line method over the asset’s estimated useful life. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: ​ ​ ​ ​ Buildings 30 – 40 years Building improvements 5 – 15 years Land improvements 5 – 15 years Furniture, fixtures and equipment 3 – 7 years In-place leases 6 months ​
Real Estate Purchase Price Allocations	Real Estate Purchase Price Allocations Upon the acquisition of real estate properties which do not constitute the definition of a business, the Company recognizes the assets acquired, the liabilities assumed, and any noncontrolling interest as of the acquisition date, measured at their relative fair values. Acquisition-related costs are capitalized in the period incurred and are recorded to the components of the real estate assets acquired. In determining fair values for multifamily apartment community acquisitions, the Company assesses the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods like those used by independent appraisers (e.g., discounted cash flow analysis) and which utilize appropriate discount and/or capitalization rates and available market information. In determining fair values for single-family residential home acquisitions, the Company utilizes information obtained from county tax assessment records to assist in the determination of the fair value of land and building. Estimates of future cash flows are based on several factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Intangible assets include the value of in-place leases, which represents the estimated fair value of the net cash flows of leases in place at the time of acquisition, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases, which is on average six months. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, prevailing interest rates and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be significant based upon the assumptions made in calculating these estimates.
Impairment of Real Estate Assets	Impairment of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets. No impairment charges were recorded in 2021, 2020 or 2019.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value.
Restricted Cash	Restricted Cash Restricted cash is comprised of the following: (i) lender-imposed escrow accounts for replacement reserves, real estate taxes and insurance, and (ii) amounts set aside for reinvestment in accordance with Internal Revenue Service Code Section 1031 related to like-kind exchanges.
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains cash balances with high quality financial institutions and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation.
Rents and Other Receivables	Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates.
Deferred Financing Fees	Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other third-party costs associated with obtaining financing. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures are capitalized and reflected as a reduction of mortgages payable, and fees associated with the Company’s lines of credit are recorded within accounts receivable, prepaids and other assets on the consolidated balances sheets. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures and fees associated with its lines of credit are amortized to interest expense over the terms of the financing agreements using the straight-line method, which approximates the effective interest method.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in consolidated joint ventures, as well as interests held by LTIP Unit holders and OP Unit holders. The Company reports its joint venture partners’ interest in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder pursuant to each joint venture’s operating agreement.
Revenue Recognition	Revenue Recognition The Company recognizes rental revenue on a straight-line basis over the terms of the rental agreements and in accordance with ASC Topic 842 Leases Other property revenues are recognized in the period earned. The Company recognizes a gain or loss on the sale of real estate assets when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtains control.
Stock-Based Compensation	Stock-Based Compensation The Company expenses the fair value of share awards in accordance with the fair value recognition requirements of ASC Topic 718 “Compensation-Stock Compensation.” ASC Topic 718 requires companies to measure the cost of the recipient services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. The cost of the share award is expensed over the requisite service period (usually the vesting period).
Distribution Policy	Distribution Policy The Company expects to authorize and declare regular cash distributions to its stockholders in order to maintain its REIT status. Distributions to stockholders will be determined by the Company’s board of directors (the “Board”), subject to operating restrictions included in the Merger Agreement, and will be dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT, and other considerations as the Board may deem relevant. Distributions are recorded as a reduction of stockholders’ equity in the period in which they are declared.
Selling Commissions and Dealer Manager Fees	Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Series T Preferred Stock and the previous offering of the Series B Preferred Stock, the Company engaged a related party as dealer manager and pays selling commissions and dealer manager fees of 7% and 3%, respectively, of the gross offering proceeds from the offering. The dealer manager re-allows the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers, and incurs costs in excess of the 10%, which costs are borne by the dealer manager without reimbursement by the Company. Offering costs related to each closing are recorded as a reduction of proceeds raised on the date of issue.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and has qualified since the taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income (loss) and net cash available for distribution to stockholders. However, the Company intends to continue to organize and operate in such a manner as to remain qualified for treatment as a REIT. For the year ended December 31, 2021, 21.64% of the distributions received by both the common and preferred stockholders were classified as ordinary income for income tax purposes, none were return of capital, and 78.36% were capital gains, with 28.53% of the capital gains qualifying as Section 1250 gains. For the year ended December 31, 2020, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2020, none of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes, 51.53% were return of capital, and 48.47% were capital gains, with 18.45% of the capital gains qualifying as Section 1250 gains. For the year ended December 31, 2019, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2019, approximately 1.33% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes, 93.15% were return of capital, and 5.52% were capital gains, with 87.49% of the capital gains qualifying as Section 1250 gains. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It requires a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, in an income tax return. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management has considered all positions taken on the 2014 through 2020 tax returns (where applicable), and those positions expected to be taken on the 2021 tax returns, and concluded that tax positions taken will more likely than not be sustained at the full amount upon examination. Accordingly, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its consolidated financial statements. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2021. If any income tax exposure was identified, the Company would recognize an estimated liability for income tax items that meet the criteria for accrual. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. If any interest and penalties related to income tax assessments arose, the Company would record them as income tax expense. As of December 31, 2021, tax returns for the calendar years 2018 and subsequent remain subject to examination by the Internal Revenue Service and various state tax jurisdictions.
Reportable Segment	Reportable Segment The Company owns and operates residential investments that generate rental and other property-related income through the leasing of units to a diverse base of tenants. In prior years, the Company had one reportable segment as its investments were primarily in multifamily apartment communities. During 2021, the Company began increasing its investments in single-family residential homes, and as such, the Company has transitioned from a one-segment to a two-segment structure based on investment type. The Company evaluates operating performance on an individual property investment level and based on the investments’ similar economic characteristics. The Company’s primary financial measure for operating performance is net operating income (“NOI”) as it measures the core operations of property performance by excluding corporate level expenses and those other items not related to property operating performance. The Company views its residential investments as two operating segments, and, accordingly, aggregates its properties into two reportable segments: multifamily apartment communities and single-family residential homes. Refer to Note 15 for further information.
Lessor Accounting	Lessor Accounting The Company’s current portfolio is focused predominately on multifamily apartment communities and single-family residential homes whereby the Company generates rental revenue by leasing units to residents. As lease revenues for apartments and homes fall under the scope of ASC 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 and home leases are combined with the related lease component and accounted for as a single lease component under ASC 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 ASC 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.
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, 2020.
New Accounting Pronouncements	New Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06 “Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). The guidance in ASU 2020-06 simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity In January 2021, the FASB issued ASU No. 2021-01 "Reference Rate Reform (Topic 848)" ("ASU 2021-01"). The amendments in ASU 2021-01 permit entities to elect certain optional expedients in connection with reference rate reform activities and their impact on debt, contract modifications and derivative instruments as it is expected the global market will transition from LIBOR and other interbank offered rates to alternative reference rates. The amendments in ASU 2021-01 are effective immediately and may be elected over time as reference rate reform activities occur through December 31, 2022. The Company will continue to evaluate the impact of the guidance and may apply elections as applicable as changes in the market occur. Current Expected Credit Losses (“CECL”) The Company estimates provision for credit losses on its mezzanine loan and preferred equity investments under CECL. This method is based on expected credit losses for the life of the investment as of each balance sheet date. The method for calculating the estimate of expected credit loss takes into account historical experience and current conditions for similar loans and reasonable and supportable forecasts about the future. The Company estimates its provision for credit losses using a collective (pool) approach for investments with similar risk characteristics, such as collateral and duration of investment. In measuring the CECL provision for investments that share similar characteristics, the Company applies a default rate to the investments for the remaining mezzanine loan or preferred equity investment hold period. As the Company does not have a significant historical population of loss data on its mezzanine loan and preferred equity investments, the Company’s default rate utilized for CECL is based on an external historical loss rate for commercial real estate loans. In addition to analyzing investments as a pool, the Company performs an individual investment assessment of expected credit losses. If it is determined that the borrower is experiencing financial difficulty, or a foreclosure is probable, or the Company expects repayment through the sale of the collateral, the Company calculates expected credit losses based on the value of the underlying collateral as of the reporting date. During this review process, if the Company determines that it is probable that it will not be able to collect all amounts due for both principal and interest according to the contractual terms of an investment, that mezzanine loan or preferred equity investment is not considered fully recoverable and a provision for credit loss is recorded. In estimating the value of the underlying collateral when determining if a mezzanine loan or preferred equity investment is fully recoverable, the Company evaluates estimated future cash flows to be generated from the collateral underlying the investment. The inputs and assumptions utilized to estimate the future cash flows of the underlying collateral are based upon the Company’s evaluation of the operating results, economy, market trends, and other factors, including judgments regarding costs to complete any construction activities, lease up and occupancy rates, rental rates, and capitalization rates utilized to estimate the projected cash flows at the disposition. The Company may also obtain a third-party valuation which may value the collateral through an "as-is" or "stabilized value" methodology. If upon completion of the valuation the fair value of the underlying collateral securing the investment is less than the net carrying value, the Company records a provision for credit loss on that mezzanine loan or preferred equity investment. As the investment no longer displays the characteristics that are similar to those of the pool of mezzanine loans or preferred equity investments, the investment is removed from the CECL collective (pool) analysis described above. Refer to Note 6 and Note 7 for further information regarding CECL and the Company’s provision for credit losses on its pool of investments.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Basis of Presentation and Summary of Significant Accounting Policies
Schedule of estimated useful life of assets	​ ​ ​ ​ Buildings 30 – 40 years Building improvements 5 – 15 years Land improvements 5 – 15 years Furniture, fixtures and equipment 3 – 7 years In-place leases 6 months

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2021
Investments in Real Estate
Schedule Of Equity Method Investments And Consolidation Accounting Investments	As of December 31, 2021, the Company held seventy-eight real estate investments, consisting of forty-nine consolidated operating investments and twenty-nine investments held through preferred equity, loan or ground lease investments. The following tables provide summary information regarding the Company’s consolidated operating investments and preferred equity, loan and ground lease investments. Consolidated Operating Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Date Built / Ownership Name ​ Location ​ Units ​ Renovated (1) ​ Interest Multifamily ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Glenridge Atlanta, GA 480 1990 90 % ARIUM Westside Atlanta, GA 336 2008 90 % Ashford Belmar Lakewood, CO 512 1988/1993 85 % Avenue 25 ​ Phoenix, AZ ​ 254 ​ 2013 ​ 100 % Burano Hunter’s Creek, formerly ARIUM Hunter’s Creek ​ Orlando, FL ​ 532 ​ 1999 ​ 100 % Carrington at Perimeter Park Morrisville, NC 266 2007 100 % Chattahoochee Ridge Atlanta, GA 358 1996 90 % Chevy Chase Austin, TX 320 1971 92 % Cielo on Gilbert ​ Mesa, AZ ​ 432 ​ 1985 ​ 90 % Citrus Tower Orlando, FL 336 2006 97 % Denim Scottsdale, AZ 645 1979 100 % Elan Austin, TX 270 2007 100 % Element ​ Las Vegas, NV ​ 200 ​ 1995 ​ 100 % Falls at Forsyth Cumming, GA 356 2019 100 % Gulfshore Apartment Homes Naples, FL 368 2016 100 % Outlook at Greystone Birmingham, AL 300 2007 100 % Pine Lakes Preserve Port St. Lucie, FL 320 2003 100 % Providence Trail Mount Juliet, TN 334 2007 100 % Roswell City Walk Roswell, GA 320 2015 98 % Sands Parc Daytona Beach, FL 264 2017 100 % The Brodie Austin, TX 324 2001 100 % The Debra Metrowest, formerly ARIUM Metrowest ​ Orlando, FL ​ 510 ​ 2001 ​ 100 % The Links at Plum Creek Castle Rock, CO 264 2000 88 % The Mills Greenville, SC 304 2013 100 % The Preserve at Henderson Beach Destin, FL 340 2009 100 % The Sanctuary Las Vegas, NV 320 1988 100 % Veranda at Centerfield Houston, TX 400 1999 93 % Villages of Cypress Creek Houston, TX 384 2001 80 % Wesley Village ​ Charlotte, NC ​ 301 ​ 2010 ​ 100 % Windsor Falls ​ Raleigh, NC ​ 276 ​ 1994 ​ 100 % Total Multifamily Units ​ ​ ​ 10,626 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Average ​ ​ ​ Single-Family Residential (2) ​ Market ​ Units ​ Year Built ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Golden Pacific ​ KS / MO ​ 7 ​ 1977 ​ 97 % ILE ​ TX / SE US ​ 279 ​ 1990 ​ 95 % Navigator Villas ​ Pasco, WA ​ 176 ​ 2013 ​ 90 % Peak ​ ​ ​ ​ ​ ​ ​ ​ ​ Axelrod ​ Garland, TX ​ 22 ​ 1959 ​ 80 % DFW 189 ​ Dallas-Fort Worth, TX ​ 189 ​ 1962 ​ 56 % Granbury ​ Granbury, TX ​ 36 ​ 2020-2021 ​ 80 % Indy ​ Indianapolis, IN ​ 44 ​ 1958 ​ 60 % Lubbock ​ Lubbock, TX ​ 60 ​ 1955 ​ 80 % Lubbock 2.0 ​ Lubbock, TX ​ 75 ​ 1972 ​ 80 % Lubbock 3.0 ​ Lubbock, TX ​ 45 ​ 1945 ​ 80 % Lynnwood ​ Lubbock, TX ​ 20 ​ 2005 ​ 80 % Lynnwood 2.0 ​ Lubbock, TX ​ 20 ​ 2003 ​ 80 % Springfield ​ Springfield, MO ​ 290 ​ 2004 ​ 60 % Springtown ​ Springtown, TX ​ 70 ​ 1991 ​ 80 % Springtown 2.0 ​ Springtown, TX ​ 14 ​ 2018 ​ 80 % Texarkana ​ Texarkana, TX ​ 29 ​ 1967 ​ 80 % Texas Portfolio 183 ​ Various / TX ​ 183 ​ 1975 ​ 80 % Wayford at Concord ​ Concord, NC ​ 150 ​ 2019 ​ 83 % Yauger Park Villas ​ Olympia, WA ​ 80 ​ 2010 ​ 95 % Total Single-Family Residential Units ​ ​ ​ 1,789 ​ ​ ​ ​ ​ Total Units ​ ​ ​ 12,415 ​ ​ ​ ​ ​ (1) Represents date of last significant renovation or year built if there were no renovations. (2) Single-Family Residential includes single-family residential homes and attached townhomes/flats.
Schedule Of Development Properties In Real Estate	Note 4 — Investments in Real Estate As of December 31, 2021, the Company held seventy-eight real estate investments, consisting of forty-nine consolidated operating investments and twenty-nine investments held through preferred equity, loan or ground lease investments. The following tables provide summary information regarding the Company’s consolidated operating investments and preferred equity, loan and ground lease investments. Consolidated Operating Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Date Built / Ownership Name ​ Location ​ Units ​ Renovated (1) ​ Interest Multifamily ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Glenridge Atlanta, GA 480 1990 90 % ARIUM Westside Atlanta, GA 336 2008 90 % Ashford Belmar Lakewood, CO 512 1988/1993 85 % Avenue 25 ​ Phoenix, AZ ​ 254 ​ 2013 ​ 100 % Burano Hunter’s Creek, formerly ARIUM Hunter’s Creek ​ Orlando, FL ​ 532 ​ 1999 ​ 100 % Carrington at Perimeter Park Morrisville, NC 266 2007 100 % Chattahoochee Ridge Atlanta, GA 358 1996 90 % Chevy Chase Austin, TX 320 1971 92 % Cielo on Gilbert ​ Mesa, AZ ​ 432 ​ 1985 ​ 90 % Citrus Tower Orlando, FL 336 2006 97 % Denim Scottsdale, AZ 645 1979 100 % Elan Austin, TX 270 2007 100 % Element ​ Las Vegas, NV ​ 200 ​ 1995 ​ 100 % Falls at Forsyth Cumming, GA 356 2019 100 % Gulfshore Apartment Homes Naples, FL 368 2016 100 % Outlook at Greystone Birmingham, AL 300 2007 100 % Pine Lakes Preserve Port St. Lucie, FL 320 2003 100 % Providence Trail Mount Juliet, TN 334 2007 100 % Roswell City Walk Roswell, GA 320 2015 98 % Sands Parc Daytona Beach, FL 264 2017 100 % The Brodie Austin, TX 324 2001 100 % The Debra Metrowest, formerly ARIUM Metrowest ​ Orlando, FL ​ 510 ​ 2001 ​ 100 % The Links at Plum Creek Castle Rock, CO 264 2000 88 % The Mills Greenville, SC 304 2013 100 % The Preserve at Henderson Beach Destin, FL 340 2009 100 % The Sanctuary Las Vegas, NV 320 1988 100 % Veranda at Centerfield Houston, TX 400 1999 93 % Villages of Cypress Creek Houston, TX 384 2001 80 % Wesley Village ​ Charlotte, NC ​ 301 ​ 2010 ​ 100 % Windsor Falls ​ Raleigh, NC ​ 276 ​ 1994 ​ 100 % Total Multifamily Units ​ ​ ​ 10,626 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Average ​ ​ ​ Single-Family Residential (2) ​ Market ​ Units ​ Year Built ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Golden Pacific ​ KS / MO ​ 7 ​ 1977 ​ 97 % ILE ​ TX / SE US ​ 279 ​ 1990 ​ 95 % Navigator Villas ​ Pasco, WA ​ 176 ​ 2013 ​ 90 % Peak ​ ​ ​ ​ ​ ​ ​ ​ ​ Axelrod ​ Garland, TX ​ 22 ​ 1959 ​ 80 % DFW 189 ​ Dallas-Fort Worth, TX ​ 189 ​ 1962 ​ 56 % Granbury ​ Granbury, TX ​ 36 ​ 2020-2021 ​ 80 % Indy ​ Indianapolis, IN ​ 44 ​ 1958 ​ 60 % Lubbock ​ Lubbock, TX ​ 60 ​ 1955 ​ 80 % Lubbock 2.0 ​ Lubbock, TX ​ 75 ​ 1972 ​ 80 % Lubbock 3.0 ​ Lubbock, TX ​ 45 ​ 1945 ​ 80 % Lynnwood ​ Lubbock, TX ​ 20 ​ 2005 ​ 80 % Lynnwood 2.0 ​ Lubbock, TX ​ 20 ​ 2003 ​ 80 % Springfield ​ Springfield, MO ​ 290 ​ 2004 ​ 60 % Springtown ​ Springtown, TX ​ 70 ​ 1991 ​ 80 % Springtown 2.0 ​ Springtown, TX ​ 14 ​ 2018 ​ 80 % Texarkana ​ Texarkana, TX ​ 29 ​ 1967 ​ 80 % Texas Portfolio 183 ​ Various / TX ​ 183 ​ 1975 ​ 80 % Wayford at Concord ​ Concord, NC ​ 150 ​ 2019 ​ 83 % Yauger Park Villas ​ Olympia, WA ​ 80 ​ 2010 ​ 95 % Total Single-Family Residential Units ​ ​ ​ 1,789 ​ ​ ​ ​ ​ Total Units ​ ​ ​ 12,415 ​ ​ ​ ​ ​ (1) Represents date of last significant renovation or year built if there were no renovations. (2) Single-Family Residential includes single-family residential homes and attached townhomes/flats. Depreciation expense was $74.2 million, $72.9 million and $63.7 million for the years ended December 31, 2021, 2020 and 2019, 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 $5.5 million, $6.6 million and $6.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. The Company’s real estate assets are leased to tenants under operating leases for which the terms and expirations vary. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all the risks and benefits of ownership of the consolidated real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit. Amounts required as a security deposit vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not individually significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of their security deposit. Security deposits received in cash related to tenant leases are included within other accrued liabilities in the accompanying consolidated balance sheets and totaled $4.3 million and $3.1 million as of December 31, 2021 and 2020, respectively, for the Company’s consolidated real estate investments. No individual tenant represents over 10% of the Company’s annualized base rent for the consolidated real estate investments. Preferred Equity, Loan and Ground Lease Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual / ​ ​ ​ ​ ​ ​ Actual / ​ Estimated ​ Actual / Estimated ​ ​ ​ ​ Planned ​ Initial ​ Construction Lease-up Investment Name (1) Location / Market Number of Units Occupancy Completion Multifamily ​ ​ ​ ​ ​ ​ ​ ​ Zoey ​ Austin, TX ​ 307 ​ 4Q 2021 ​ 2Q 2022 Reunion Apartments Orlando, FL ​ 280 ​ 3Q 2021 ​ 3Q 2022 Total Lease-up Units ​ ​ 587 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investment Name (1) ​ ​ ​ ​ ​ ​ ​ ​ Multifamily ​ ​ ​ ​ ​ ​ ​ ​ Avondale Hills ​ Decatur, GA ​ 240 ​ 1Q 2023 ​ 1Q 2023 The Hartley at Blue Hill, formerly The Park at Chapel Hill ​ Chapel Hill, NC ​ 414 ​ 1Q 2022 ​ 1Q 2023 Deerwood Apartments ​ Houston, TX ​ 330 ​ 4Q 2022 ​ 2Q 2023 Chandler Chandler, AZ ​ 208 ​ 3Q 2023 ​ 4Q 2023 Orange City Apartments ​ Orange City, FL ​ 298 ​ 1Q 2023 ​ 4Q 2023 Lower Broadway ​ San Antonio, TX ​ 386 ​ 4Q 2023 ​ 2Q 2024 Total Multifamily Units ​ ​ 1,876 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Single-Family Residential ​ ​ ​ ​ ​ ​ ​ ​ Willow Park ​ Willow Park, TX ​ 46 ​ 2Q 2022 ​ 4Q 2022 The Woods at Forest Hill ​ Forest Hill, TX ​ 76 ​ 1Q 2023 ​ 3Q 2023 The Cottages at Myrtle Beach ​ Myrtle Beach, SC ​ 294 ​ 1Q 2023 ​ 4Q 2023 The Cottages at Warner Robins ​ Warner Robins, GA ​ 251 ​ 3Q 2023 ​ 4Q 2023 The Cottages of Port St. Lucie ​ Port St. Lucie, FL ​ 286 ​ 1Q 2023 ​ 4Q 2023 Wayford at Innovation Park ​ Charlotte, NC ​ 210 ​ 3Q 2023 ​ 3Q 2024 Total Single-Family Units ​ ​ ​ 1,163 ​ ​ ​ ​ Total Development Units ​ ​ ​ 3,039 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Investment Name (1) ​ Location / Market ​ Number of Units ​ ​ ​ ​ Multifamily ​ ​ ​ ​ ​ ​ ​ ​ Alexan CityCentre Houston, TX ​ 340 ​ ​ ​ ​ Deercross ​ Indianapolis, IN ​ 372 ​ ​ ​ ​ Domain at The One Forty ​ Garland, TX ​ 299 ​ ​ ​ ​ Georgetown Crossing (2) ​ Savannah, GA ​ 168 ​ ​ ​ ​ Hunter’s Pointe (2) ​ Pensacola, FL ​ 204 ​ ​ ​ ​ Motif ​ Fort Lauderdale, FL ​ 385 ​ ​ ​ ​ Park on the Square (2) ​ Pensacola, FL ​ 240 ​ ​ ​ ​ Renew 3030 ​ Mesa, AZ ​ 126 ​ ​ ​ ​ Spring Parc ​ Dallas, TX ​ 304 ​ ​ ​ ​ The Commons (2) ​ Jacksonville, FL ​ 328 ​ ​ ​ ​ The Crossings of Dawsonville ​ Dawsonville, GA ​ 216 ​ ​ ​ ​ The Reserve at Palmer Ranch (2) ​ Sarasota, FL ​ 320 ​ ​ ​ ​ The Riley ​ Richardson, TX ​ 262 ​ ​ ​ ​ Water’s Edge (2) ​ Pensacola, FL ​ 184 ​ ​ ​ ​ Total Multifamily Units ​ ​ ​ 3,748 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Single-Family Residential ​ ​ ​ ​ ​ ​ ​ ​ Peak Housing (3) ​ IN / MO / TX ​ 474 ​ ​ ​ ​ Total Single-Family Units ​ ​ ​ 474 ​ ​ ​ ​ Total Operating Units ​ ​ ​ 4,222 ​ ​ ​ ​ Total Units ​ ​ ​ 7,848 ​ ​ ​ ​ (1) Investments in which the Company has a loan, preferred equity or ground lease investment. Operating investments represent stabilized operating investments. Refer to Note 6 and Note 7 for further information. (2) These six operating investments are collectively known as the Strategic Portfolio. Refer to Note 7 for further information. (3) Peak Housing consists of the Company’s preferred equity investments in a private single-family home REIT (refer to Note 7 for further information). Unit count excludes units presented in the consolidated operating investments table above.

Acquisition of Real Estate (Tab

Acquisition of Real Estate (Tables)	12 Months Ended
	Dec. 31, 2021
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 years ended December 31, 2021 and 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership ​ Purchase ​ Mortgage/ ​ Name Location / Market Date Interest Price Debt Multifamily ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Avenue 25 ​ Phoenix, AZ ​ January 23, 2020 ​ 100 % $ 55,600 ​ $ 36,566 (1) Falls at Forsyth ​ Cumming, GA ​ March 6, 2020 ​ 100 % ​ 82,500 ​ ​ — (2) Chevy Chase ​ Austin, TX ​ August 11, 2020 ​ 92 % ​ 34,500 ​ ​ 24,400 ​ Carrington at Perimeter Park ​ Morrisville, NC ​ December 1, 2020 ​ 100 % ​ 52,000 ​ ​ 31,301 (3) Elan ​ Austin, TX ​ December 1, 2020 ​ 100 % ​ 39,500 ​ ​ 25,574 (4) Cielo on Gilbert ​ Mesa, Arizona ​ December 23, 2020 ​ 90 % ​ 74,250 ​ ​ 58,000 ​ Windsor Falls ​ Raleigh, NC ​ June 17, 2021 ​ 100 % ​ 48,775 ​ ​ 27,442 (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Single-Family Residential (6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Yauger Park Villas ​ Olympia, WA ​ April 14, 2021 ​ 95 % ​ 24,500 ​ ​ 15,077 (7) Wayford at Concord ​ Concord, NC ​ June 4, 2021 ​ 83 % ​ 44,438 ​ ​ — (8) Indy ​ Indianapolis, IN ​ August 12, 2021 ​ 60 % ​ 3,785 ​ ​ 2,650 (9) Springfield ​ Springfield, MO ​ August 18, 2021 ​ 60 % ​ 49,000 ​ ​ 35,525 (9) Springtown ​ Springtown, TX ​ September 15, 2021 ​ 80 % ​ 9,350 ​ ​ 6,545 (9) Texarkana ​ Texarkana, TX ​ September 21, 2021 ​ 80 % ​ 3,100 ​ ​ 2,170 (9) Lubbock ​ Lubbock, TX ​ September 24, 2021 ​ 80 % ​ 5,600 ​ ​ 3,920 (9) Granbury ​ Granbury, TX ​ September 30, 2021 ​ 80 % ​ 8,100 ​ ​ 5,670 (9) ILE ​ TX / SE US ​ October 4, 2021 ​ 95 % ​ 57,139 ​ ​ 26,839 (10) Axelrod ​ Garland, TX ​ October 5, 2021 ​ 80 % ​ 4,133 ​ ​ 2,893 (9) Springtown 2.0 ​ Springtown, TX ​ October 26, 2021 ​ 80 % ​ 2,985 ​ ​ 2,090 (9) Lubbock 2.0 ​ Lubbock, TX ​ October 28, 2021 ​ 80 % ​ 9,275 ​ ​ 6,510 (9) Lynnwood ​ Lubbock, TX ​ November 16, 2021 ​ 80 % ​ 2,448 ​ ​ 1,714 (9) Golden Pacific ​ KS / MO ​ November 23, 2021 ​ 97 % ​ 1,213 ​ ​ — (8) Lynnwood 2.0 ​ Lubbock, TX ​ December 1, 2021 ​ 80 % ​ 2,490 ​ ​ 1,743 (9) Lubbock 3.0 ​ Lubbock, TX ​ December 8, 2021 ​ 80 % ​ 4,574 ​ ​ 3,202 (9) Texas Portfolio 183 ​ Various / TX ​ December 22, 2021 ​ 80 % ​ 28,290 ​ ​ 19,803 (9) DFW 189 ​ Dallas-Fort Worth ​ December 29, 2021 ​ 56 % ​ 27,670 ​ ​ 19,950 (9) (1) Mortgage balance includes a $29.7 million loan assumption and a $6.9 million supplemental loan secured by the Avenue 25 property. (2) The Company funded $79.9 million of the purchase price with proceeds from its Amended Senior Credit Facility secured by the Falls at Forsyth property. Refer to Note 8 for further information about the Company’s Amended Senior Credit Facility. (3) Mortgage balance includes a $27.5 million loan assumption and a $3.8 million supplemental loan secured by the Carrington at Perimeter Park property. (4) Mortgage balance includes a $21.2 million loan assumption and a $4.4 million supplemental loan secured by the Elan property. (5) Mortgage balance represents a loan assumption secured by the Windsor Falls property. (6) Single-Family Residential includes single-family residential homes and attached townhomes/flats. (7) Mortgage balance includes a $10.5 million senior loan assumption and a $4.6 million supplemental loan assumption secured by the Yauger Park Villas property. (8) Purchase price was funded in full by the Company and its unaffiliated joint venture partner upon acquisition. (9) As part of the acquisition, the Company provided a mortgage or mezzanine loan to the consolidated portfolio owner in the full amount shown. The loan is eliminated in the Company’s consolidated financial statements. Refer to the Peak Housing Financing disclosure in Note 6 for further information. (10) The mortgage amount represents the aggregate debt held through five separate credit agreements. Refer to Note 9 for further information.
Schedule of Real Estate Properties	The following table summarizes the assets acquired and liabilities assumed at the acquisition date for acquisitions made during the year ended December 31, 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ Purchase ​ ​ Price ​ Allocation Land ​ $ 50,203 Building ​ 273,233 Building improvements ​ 2,907 Land improvements ​ 13,665 Furniture and fixtures ​ 2,132 In-place leases ​ 5,392 Total assets acquired ​ $ 347,532 Mortgages assumed ​ $ 66,785 Fair value adjustments ​ ​ 2,996 Total liabilities assumed ​ $ 69,781

Notes and Interest Receivable (

Notes and Interest Receivable (Tables)	12 Months Ended
	Dec. 31, 2021
Notes and Interest Receivable
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 loan investments as of December 31, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Property 2021 2020 Avondale Hills ​ $ 12,874 ​ $ 1,021 Domain at The One Forty ​ 25,309 ​ 24,315 Motif ​ 85,375 ​ 75,436 Reunion Apartments ​ ​ 11,382 ​ ​ 8,161 The Hartley at Blue Hill, formerly The Park at Chapel Hill ​ ​ 38,942 ​ ​ 36,927 Vickers Historic Roswell ​ — ​ 12,048 Total ​ $ 173,882 ​ $ 157,908 Provision for credit losses ​ ​ (393) ​ ​ (174) Total, net ​ $ 173,489 ​ $ 157,734 ​
Summary of changes in provision for credit losses	​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Beginning balance as of January 1 ​ $ 174 ​ $ — Provision for credit loss on pool of assets, net (1) ​ 219 ​ 174 Ending balance ​ $ 393 ​ $ 174 (1) Under Current Expected Credit Losses (CECL), a provision for credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The increase in the provision during the year ended December 31, 2021 was the result of an extension of loan maturity dates and an increase in the trailing twelve-month historical default rate, partially offset by the removal of one investment from the pool of assets.
Summary of the interest income from related parties and ground leases	Following is a summary of the interest income from loan and ground lease investments for the years ended December 31, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Property ​ 2021 2020 Arlo (1) ​ $ — ​ $ 4,161 Avondale Hills ​ 1,124 ​ 3 Corpus ​ 219 ​ — Domain at The One Forty ​ 985 ​ 1,311 Jolin ​ ​ 84 ​ ​ — Motif (2) ​ 7,162 ​ 9,549 Novel Perimeter (1) ​ ​ — ​ ​ 3,084 Reunion Apartments ​ ​ 1,207 ​ ​ 176 The Hartley at Blue Hill ​ 4,149 ​ 3,077 Vickers Historic Roswell (1) ​ ​ 903 ​ ​ 1,733 Zoey (3) ​ ​ 1,129 ​ ​ 232 Total ​ $ 16,962 ​ $ 23,326 (1) In the fourth quarter 2020, the Arlo and Novel Perimeter properties were sold. In the second quarter 2021, the Vickers Historic Roswell property was sold. Each mezzanine loan provided by the Company was paid off in full upon the sale of each property. (2) The Motif interest income amount for the year ended December 31, 2021 is net of a ($3.0) million adjustment for straight line income recognition. The adjustment results from a reduced loan rate in the upcoming years as part of the amended and restated mezzanine loan agreement as noted below. (3) The ground lease project is under development and the full leasehold improvement allowance of $20.4 million has been fully funded and is included within accounts receivable, prepaids and other assets in the Company’s consolidated balance sheets.
Schedule of occupancy percentages of the Company's related parties	The occupancy percentages of the Company’s mezzanine loan investment properties at December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ Property 2021 2020 Avondale Hills (1) ​ (2) ​ Domain at The One Forty ​ 94.6 % 92.6 % Motif 91.2 % 62.1 % Reunion Apartments ​ 66.4 % (2) ​ The Hartley at Blue Hill (1) ​ (2) ​ (1) The development had not commenced lease-up as of December 31, 2021. (2) The development had not commenced lease-up as of December 31, 2020.

Preferred Equity Investments _2

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2021
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 December 31, 2021 and 2020 is summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Property 2021 2020 Alexan CityCentre ​ $ 18,261 ​ $ 15,063 Alexan Southside Place (1) ​ — ​ 26,038 Chandler ​ ​ 3,305 ​ ​ — Deercross ​ ​ 4,000 ​ ​ — Deerwood Apartments ​ ​ 9,245 ​ ​ — Lower Broadway ​ ​ 908 ​ ​ — Mira Vista (2) ​ ​ — ​ ​ 5,250 Peak Housing ​ ​ 20,319 ​ ​ — Renew 3030 ​ ​ 7,060 ​ ​ — Spring Parc ​ ​ 8,000 ​ ​ — Strategic Portfolio (3) ​ ​ 28,212 ​ ​ 27,054 The Conley (2) ​ — ​ 15,036 The Cottages at Myrtle Beach ​ ​ 9,034 ​ ​ — The Cottages of Port St. Lucie ​ ​ 7,260 ​ ​ — The Crossings of Dawsonville ​ ​ 10,450 ​ ​ — The Riley ​ ​ 6,961 ​ ​ — The Woods at Forest Hill ​ ​ 442 ​ ​ — Thornton Flats (2) ​ ​ — ​ ​ 4,600 Wayford at Concord (4) ​ ​ — ​ ​ 6,500 Willow Park ​ 2,540 ​ — Other ​ ​ 64 ​ 97 Total ​ $ 136,061 ​ $ 99,638 Provision for credit losses ​ ​ (371) ​ ​ (16,153) Total, net ​ $ 135,690 ​ $ 83,485 (1) On March 25, 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to Note 3 for further information. (2) The Company’s preferred equity investment was redeemed in 2021. Refer to Note 3 for further information. (3) Georgetown Crossing, Hunter’s Pointe, Park on the Square, The Commons, The Reserve at Palmer Ranch and Water’s Edge are collectively known as the Strategic Portfolio. (4) On June 4, 2021, the Company’s preferred equity investment in Wayford at Concord was redeemed. Refer to the Wayford at Concord Interests disclosure below for further information. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Beginning balance as of January 1 ​ $ 16,153 ​ $ — Provision for credit loss on pool of assets (1) ​ 148 ​ 223 Provision for credit loss – Alexan Southside Place (2) ​ (15,930) ​ 15,930 Ending balance ​ $ 371 ​ $ 16,153 (1) Under Current Expected Credit Losses (CECL), a provision for credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The decrease in the provision during the year ended December 31, 2021 was primarily the result of the removal of eight investments from the pool of assets, partially offset by an increase in the trailing twelve-month historical default rate. (2) On March 25, 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to Note 3 for further information.
Schedule of preferred returns on the company	The preferred returns on the Company’s unconsolidated real estate joint ventures for the years ended December 31, 2021, 2020 and 2019 is summarized below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property ​ 2021 2020 2019 Alexan CityCentre ​ $ 2,952 ​ $ 2,502 ​ $ 2,108 Alexan Southside Place ​ — ​ 1,281 ​ 1,583 Chandler ​ ​ 91 ​ ​ — ​ ​ — Deercross ​ ​ 221 ​ ​ — ​ ​ — Deerwood Apartments ​ ​ 174 ​ ​ — ​ ​ — Helios (1) ​ — ​ (133) ​ 1,343 Leigh House ​ ​ — ​ ​ 2 ​ ​ 1,155 Lower Broadway ​ ​ 3 ​ ​ — ​ ​ — Mira Vista ​ ​ 391 ​ ​ 539 ​ ​ 155 Peak Housing ​ ​ 1,030 ​ ​ — ​ ​ — Renew 3030 ​ ​ 251 ​ ​ — ​ ​ — Riverside Apartments ​ ​ — ​ ​ 1,662 ​ ​ 879 Spring Parc ​ ​ 401 ​ ​ — ​ ​ — Strategic Portfolio ​ ​ 3,617 ​ ​ 2,121 ​ ​ 33 The Conley ​ ​ 405 ​ ​ 1,966 ​ ​ 1,375 The Cottages at Myrtle Beach ​ 300 ​ — ​ — The Cottages of Port St. Lucie ​ 227 ​ — ​ — The Crossings of Dawsonville ​ ​ 518 ​ ​ — ​ ​ — The Riley ​ ​ 649 ​ ​ — ​ ​ — The Woods at Forest Hill ​ ​ 2 ​ ​ — ​ ​ — Thornton Flats ​ ​ 420 ​ ​ 415 ​ ​ 110 Wayford at Concord ​ ​ 364 ​ ​ 839 ​ ​ 121 Whetstone Apartments ​ ​ — ​ ​ 56 ​ ​ 935 Willow Park ​ ​ 51 ​ ​ — ​ ​ — Total preferred returns on unconsolidated joint ventures ​ $ 12,067 ​ $ 11,250 ​ $ 9,797 (1) Of the net loss incurred at Helios for the year ended December 31, 2020, ($143) pertains to costs related to the sale of Helios.
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 December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ Property 2021 2020 Alexan CityCentre ​ 94.1 % 94.1 % Chandler ​ (1) ​ (2) ​ Deercross ​ 86.8 % — ​ Deerwood Apartments ​ (1) ​ — ​ Lower Broadway ​ (1) ​ — ​ Orange City Apartments ​ (1) ​ — ​ Peak Housing ​ 92.8 % — ​ Renew 3030 ​ 96.8 % — ​ Spring Parc ​ 98.4 % — ​ Strategic Portfolio ​ ​ ​ ​ ​ Georgetown Crossing ​ 97.0 % 88.7 % Hunter’s Pointe ​ 98.5 % 99.0 % Park on the Square ​ 95.4 % 97.5 % The Commons ​ 97.6 % 93.9 % The Reserve at Palmer Ranch ​ 97.5 % — ​ Water’s Edge ​ 97.3 % 99.5 % The Cottages at Myrtle Beach ​ (1) ​ — ​ The Cottages at Warner Robins ​ (1) ​ — ​ The Cottages of Port St. Lucie ​ (1) ​ — ​ The Crossings of Dawsonville ​ 98.1 % — ​ The Riley ​ 97.3 % — ​ The Woods at Forest Hill ​ (1) ​ — ​ Wayford at Innovation Park ​ (1) ​ — ​ Willow Park ​ (1) ​ — ​ (1) The development had not commenced lease-up as of December 31, 2021. (2) The development had not commenced lease-up as of December 31, 2020.

Revolving Credit Facility (Tabl

Revolving Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2021
Revolving Credit Facility
Schedule of Line of Credit Facilities	The outstanding balances on the revolving credit facilities as of December 31, 2021 and 2020 are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Revolving Credit Facilities ​ 2021 ​ 2020 Amended Senior Credit Facility ​ $ — ​ $ 33,000 Amended Junior Credit Facility ​ — ​ — Total ​ $ — ​ $ 33,000

Mortgages Payable (Tables)

Mortgages Payable (Tables)	12 Months Ended
	Dec. 31, 2021
Mortgages Payable
Schedule of senior mortgage indebtedness	The following table summarizes certain information as of December 31, 2021 and 2020, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Principal ​ As of December 31, 2021 ​ ​ December 31, ​ December 31, ​ ​ ​ Interest-only ​ ​ Property 2021 2020 Interest Rate through date Maturity Date ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Westside ​ $ 51,841 ​ $ 52,150 3.68 % (1) ​ August 1, 2023 Ashford Belmar ​ 100,675 ​ 100,675 4.53 % December 2022 ​ December 1, 2025 Avenue 25 (2) ​ ​ 36,566 ​ ​ 36,566 ​ 4.18 % July 2022 ​ July 1, 2027 Burano Hunter’s Creek (3) ​ ​ 69,502 ​ ​ 70,871 ​ 3.65 % (1) ​ November 1, 2024 Carrington at Perimeter Park (4) ​ ​ 31,244 ​ ​ 31,301 ​ 4.16 % (4) ​ July 1, 2027 Chattahoochee Ridge ​ 45,338 ​ 45,338 3.25 % December 2022 ​ December 5, 2024 Citrus Tower ​ ​ 39,896 ​ ​ 40,627 ​ 4.07 % (1) ​ October 1, 2024 Denim (5) ​ ​ 101,205 ​ ​ 101,205 ​ 3.41 % August 2024 ​ August 1, 2029 Elan (6) ​ 25,508 ​ 25,574 4.19 % (6) ​ July 1, 2027 Element ​ ​ 29,260 ​ ​ 29,260 ​ 3.63 % July 2022 ​ July 1, 2026 Falls at Forsyth (7) ​ ​ 19,265 ​ ​ — ​ 4.35 % (1) ​ July 1, 2025 Gulfshore Apartment Homes ​ ​ 46,345 ​ ​ 46,345 ​ 3.26 % September 2022 ​ September 1, 2029 James on South First ​ — ​ 25,674 ​ ​ ​ ​ ​ Navigator Villas (8) ​ 20,361 ​ 20,515 4.57 % (1) ​ June 1, 2028 Outlook at Greystone ​ ​ 21,930 ​ ​ 22,105 ​ 4.30 % (1) ​ June 1, 2025 Park & Kingston ​ — ​ 19,600 ​ ​ ​ ​ ​ Plantation Park ​ — ​ 26,625 ​ ​ ​ ​ ​ Providence Trail ​ 47,587 ​ 47,950 3.54 % (1) ​ July 1, 2026 Roswell City Walk ​ 49,050 ​ 50,043 3.63 % (1) ​ December 1, 2026 The Brodie ​ 32,876 ​ 33,551 3.71 % (1) ​ December 1, 2023 The Debra Metrowest (3) ​ ​ 63,982 ​ ​ 64,559 ​ 4.43 % (1) ​ May 1, 2025 The Links at Plum Creek ​ 38,916 ​ 39,578 4.31 % (1) ​ October 1, 2025 The Mills ​ 24,731 ​ 25,275 4.21 % (1) ​ January 1, 2025 The Preserve at Henderson Beach ​ ​ 48,490 ​ ​ 48,490 ​ 3.26 % September 2028 ​ September 1, 2029 The Reserve at Palmer Ranch ​ ​ — ​ ​ 40,977 ​ ​ ​ ​ ​ ​ The Sanctuary ​ 33,707 ​ 33,707 3.31 % Interest-only ​ August 1, 2029 Wesley Village ​ ​ 38,730 ​ ​ 39,438 ​ 4.25 % (1) ​ April 1, 2024 Windsor Falls ​ ​ 27,442 ​ ​ — ​ 4.19 % November 2022 ​ November 1, 2027 Yauger Park Villas (9) ​ ​ 14,921 ​ ​ — ​ 4.86 % (1) ​ April 1, 2026 Total Fixed Rate ​ $ 1,059,368 ​ $ 1,117,999 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Floating Rate (10) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Glenridge ​ $ 49,170 ​ $ 49,500 1.42 % (1) ​ September 1, 2025 Chevy Chase ​ ​ 24,400 ​ ​ 24,400 ​ 2.41 % September 2022 ​ September 1, 2027 Cielo on Gilbert (11) ​ ​ 58,000 ​ ​ 58,000 ​ 2.66 % January 2026 ​ January 1, 2031 Falls at Forsyth (7) ​ ​ 19,186 ​ ​ — ​ 1.49 % (1) ​ July 1, 2025 Fannie Facility Advance ​ 13,936 ​ 13,936 2.69 % June 2022 ​ June 1, 2027 Fannie Facility Second Advance (11) ​ ​ 12,880 ​ ​ — ​ 2.75 % March 2023 ​ March 1, 2028 ILE (12) ​ ​ 26,825 ​ ​ — ​ 3.78 % (12) ​ (12) Marquis at The Cascades I ​ — ​ 31,668 ​ ​ ​ ​ ​ Marquis at The Cascades II ​ — ​ 22,101 ​ ​ ​ ​ ​ Pine Lakes Preserve ​ 42,728 ​ 42,728 3.07 % July 2025 ​ July 1, 2030 The District at Scottsdale ​ ​ — ​ ​ 75,577 ​ ​ ​ ​ ​ ​ Veranda at Centerfield ​ 25,962 ​ 26,100 1.35 % (1) ​ July 26, 2023 (13) Villages of Cypress Creek ​ 33,520 ​ 33,520 2.64 % July 2022 ​ July 1, 2027 Total Floating Rate ​ $ 306,607 ​ $ 377,530 ​ ​ ​ ​ ​ ​ Total ​ $ 1,365,975 ​ $ 1,495,529 ​ ​ ​ ​ ​ Fair value adjustments ​ ​ 8,159 ​ ​ 6,489 ​ ​ ​ ​ ​ ​ Deferred financing costs, net ​ ​ (9,143) ​ ​ (11,086) ​ ​ ​ ​ Total continuing operations ​ $ 1,364,991 ​ $ 1,490,932 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held for Sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ARIUM Grandewood (7)(14) ​ $ — ​ $ 19,585 ​ ​ ​ ​ ​ ​ ARIUM Grandewood (7)(14) ​ ​ — ​ ​ 19,529 ​ ​ ​ ​ ​ ​ Deferred financing costs, net ​ ​ — ​ ​ (341) ​ ​ ​ ​ ​ ​ Total held for sale ​ ​ — ​ ​ 38,773 ​ ​ ​ ​ ​ ​ Total mortgages payable ​ $ 1,364,991 ​ $ 1,529,705 ​ ​ ​ ​ ​ ​ (1) The loan requires monthly payments of principal and interest. (2) The principal balance includes a $29.7 million senior loan at a fixed rate of 4.02% and a $6.9 million supplemental loan at a fixed rate of 4.86% . (3) Burano Hunter ’ s Creek and The Debra Metrowest, formerly ARIUM Hunter ’ s Creek and ARIUM Metrowest, respectively. (4) The principal balance includes a $27.5 million senior loan at a fixed rate of 4.09% and a $3.7 million supplemental loan at a fixed rate of 4.66% . The senior loan has monthly payments that are interest-only through July 2024, whereas the supplemental loan has monthly payments of principal and interest. Both loans have a maturity date of July 1, 2027. (5) The principal balance includes a $91.6 million senior loan at a fixed rate of 3.32% and a $9.6 million supplemental loan at a fixed rate of 4.22% . (6) The principal balance includes a $21.2 million senior loan at a fixed rate of 4.09% and a $4.3 million supplemental loan at a fixed rate of 4.66% . The senior loan has monthly payments that are interest-only through July 2024, whereas the supplemental loan has monthly payments of principal and interest. Both loans have a maturity date of July 1, 2027. (7) Refer to the Master Credit Facility with Fannie Mae disclosure below for further information regarding the senior mortgage substitution of collateral. (8) The principal balance includes a $14.7 million senior loan at a fixed rate of 4.31% and a $5.7 million supplemental loan at a fixed rate of 5.23% . (9) The principal balance includes a $10.4 million senior loan at a fixed rate of 4.81% and a $4.6 million supplemental loan at a fixed rate of 4.96% . (10) Other than Cielo on Gilbert, the Fannie Facility Second Advance and ILE, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In December 2021, one-month LIBOR in effect was 0.09% . LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information. (11) The Cielo on Gilbert loan and the Fannie Facility Second Advance bear interest at the 30-day average SOFR + 2.61% and + 2.70% , respectively. In December 2021, the 30-day average SOFR in effect was 0.05% . SOFR rate is subject to a rate cap. Please refer to Note 11 for further information. (12) The principal balance represents the aggregate debt outstanding across five separate credit agreements. Of the $26.8 million principal balance, $7.5 million held through two credit agreements requires monthly payments of principal and interest, while the remaining principal balance of $19.3 million held through three credit agreements has monthly payments that are currently interest-only. The five credit agreements have maturity dates ranging from 2022 to 2026 and bear interest at one-month LIBOR or prime rate + margins ranging from 0.50% to 3.00% , subject to rate floors, and have current interest rates ranging from 3.50% to 4.25% with a weighted average interest rate of 3.78% as of December 31, 2021. (13) The loan has two (2) one-year extension options subject to certain conditions. (14) At December 31, 2020, ARIUM Grandewood had a fixed rate loan with a principal balance of $19.6 million and a floating rate loan with a principal balance of $19.5 million.
Schedule of contractual principal payments	As of December 31, 2021, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Total 2022 ​ $ 17,896 2023 ​ 127,237 2024 ​ 204,310 2025 ​ 332,171 2026 ​ ​ 156,561 Thereafter ​ 527,800 ​ ​ $ 1,365,975 Add: Unamortized fair value debt adjustment ​ 8,159 Subtract: Deferred financing costs, net ​ (9,143) Total ​ $ 1,364,991 ​

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
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 December 31, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ ​ ​ Fair values of derivative instruments under ASC 815 ‑ 20 ​ Balance Sheet Location ​ instruments ​ ​ 2021 2020 Interest rate caps Accounts receivable, prepaids and other assets ​ $ 185 ​ $ 14 ​ 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 years ended December 31, 2021, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ Location of Gain (Loss) ​ The Effect of Derivative Instruments instruments under ASC 815 ‑ 20 ​ Recognized in Income ​ on the Statements of Operations ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 Interest rate caps ​ Interest Expense ​ $ 82 ​ $ (128) ​ $ (2,536) ​

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions
Summary of related party amounts payable to BRE	Pursuant to the terms of the Administrative Services Agreement and the Leasehold Cost-Sharing Agreement, summarized below are the net related party amounts payable to BRE as of December 31, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Amounts Payable to BRE under the Administrative Services Agreement, net ​ ​ Operating and direct expense reimbursements ​ $ 318 ​ $ 338 Offering expense reimbursements ​ ​ 94 ​ ​ 89 Total expense reimbursement amounts payable to BRE, net ​ $ 412 ​ $ 427 ​ ​ ​ ​ ​ ​ ​ Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement ​ ​ ​ ​ Operating and direct expense reimbursements ​ $ 187 ​ $ 191 Total expense and cost reimbursement amounts payable to BRE ​ $ 187 ​ $ 191 Total ​ $ 599 ​ $ 618

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity
Schedule of reconciliation of components of basic and diluted net income (loss) per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Net income (loss) attributable to common stockholders ​ $ 3,473 ​ $ (44,674) ​ $ (19,751) Dividends on restricted stock and LTIP Units expected to vest ​ (1,508) ​ (1,323) ​ (953) Basic net income (loss) attributable to common stockholders ​ $ 1,965 ​ $ (45,997) ​ $ (20,704) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding (1) ​ 26,024,935 ​ 24,084,347 ​ 22,649,222 Potential dilutive shares (2) ​ 225,064 ​ — ​ — Weighted average common shares outstanding and potential dilutive shares (1) ​ 26,249,999 ​ 24,084,347 ​ 22,649,222 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per common share, basic ​ $ 0.08 ​ $ (1.91) ​ $ (0.91) Net income (loss) per common share, diluted ​ $ 0.07 ​ $ (1.91) ​ $ (0.91) (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) For the year ended December 31, 2021, the following are included in the diluted shares calculation: a) warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 154,810 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 70,254 shares of Class A common stock. For the year ended December 31, 2020, potential vesting of restricted stock to employees for 63,045 shares of Class A common stock are excluded from the diluted shares calculation as the effect is antidilutive. For the year ended December 31, 2019, the following are excluded from the diluted shares calculation 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 140,334 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 22,807 shares of Class A common stock. ​
Summary of the status of the Company's non-vested shares/LTIP Units under the Incentive Plans for individuals	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average grant- Non-Vested shares/LTIP Units ​ Shares / LTIP Units ​ date fair value Balance at January 1, 2019 975,209 ​ $ 10.05 Granted 637,315 ​ 9.36 Vested (237,841) ​ 10.01 Forfeited (3,600) ​ 10.65 Balance at December 31, 2019 1,371,083 ​ $ 9.72 Granted 1,346,538 ​ 9.39 Vested (333,951) ​ 10.12 Forfeited (7,081) ​ 6.53 Balance at December 31, 2020 2,376,589 ​ $ 9.50 Granted 1,211,845 ​ 11.75 Vested (1,158,385) ​ 8.65 Forfeited (100,488) ​ 9.44 Balance at December 31, 2021 2,329,561 ​ $ 11.07
Schedule of distributions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable to stockholders ​ ​ ​ ​ ​ Declaration Date of record as of Amount Date Paid or Payable Class A Common Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.162500 January 5, 2021 March 12, 2021 March 25, 2021 ​ $ 0.162500 April 5, 2021 June 11, 2021 ​ June 25, 2021 ​ $ 0.162500 ​ July 2, 2021 September 10, 2021 ​ September 24, 2021 ​ $ 0.162500 ​ October 5, 2021 December 10, 2021 December 23, 2021 ​ $ 0.162500 January 5, 2022 Class C Common Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.162500 January 5, 2021 March 12, 2021 March 25, 2021 ​ $ 0.162500 April 5, 2021 June 11, 2021 ​ June 25, 2021 ​ $ 0.162500 ​ July 2, 2021 September 10, 2021 September 24, 2021 ​ $ 0.162500 October 5, 2021 December 10, 2021 December 23, 2021 ​ $ 0.162500 January 5, 2022 Series A Preferred Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.515625 January 5, 2021 January 27, 2021 (1) February 26, 2021 ​ $ 0.320833 February 26, 2021 Series B Preferred Stock ​ October 9, 2020 December 24, 2020 ​ $ 5.00 January 5, 2021 January 13, 2021 January 25, 2021 ​ $ 5.00 February 5, 2021 January 13, 2021 February 25, 2021 ​ $ 5.00 March 5, 2021 January 13, 2021 March 25, 2021 ​ $ 5.00 April 5, 2021 April 12, 2021 ​ April 23, 2021 ​ $ 5.00 ​ May 5, 2021 April 12, 2021 ​ May 25, 2021 ​ $ 5.00 ​ June 4, 2021 April 12, 2021 ​ June 25, 2021 ​ $ 5.00 ​ July 2, 2021 July 12, 2021 July 23, 2021 ​ $ 5.00 August 5, 2021 July 12, 2021 August 25, 2021 ​ $ 5.00 September 3, 2021 July 12, 2021 September 24, 2021 ​ $ 5.00 October 5, 2021 October 11, 2021 October 25, 2021 ​ $ 5.00 November 5, 2021 October 11, 2021 November 24, 2021 ​ $ 5.00 December 3, 2021 October 11, 2021 December 23, 2021 ​ $ 5.00 January 5, 2022 Series C Preferred Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.4765625 January 5, 2021 March 12, 2021 March 25, 2021 ​ $ 0.4765625 April 5, 2021 June 11, 2021 ​ June 25, 2021 ​ $ 0.4765625 ​ July 2, 2021 September 10, 2021 September 24, 2021 ​ $ 0.4765625 October 5, 2021 December 10, 2021 December 23, 2021 ​ $ 0.4765625 January 5, 2022 Series D Preferred Stock ​ December 11, 2020 December 24, 2020 ​ $ 0.4453125 January 5, 2021 March 12, 2021 March 25, 2021 ​ $ 0.4453125 April 5, 2021 June 11, 2021 ​ June 25, 2021 ​ $ 0.4453125 ​ July 2, 2021 September 10, 2021 September 24, 2021 ​ $ 0.4453125 October 5, 2021 December 10, 2021 December 23, 2021 ​ $ 0.4453125 January 5, 2022 Series T Preferred Stock (2) ​ October 9, 2020 ​ December 24, 2020 ​ $ 0.128125 ​ January 5, 2021 January 13, 2021 ​ January 25, 2021 ​ $ 0.128125 ​ February 5, 2021 January 13, 2021 ​ February 25, 2021 ​ $ 0.128125 ​ March 5, 2021 January 13, 2021 ​ March 25, 2021 ​ $ 0.128125 ​ April 5, 2021 April 12, 2021 ​ April 23, 2021 ​ $ 0.128125 ​ May 5, 2021 April 12, 2021 ​ May 25, 2021 ​ $ 0.128125 ​ June 4, 2021 April 12, 2021 ​ June 25, 2021 ​ $ 0.128125 ​ July 2, 2021 July 12, 2021 ​ July 23, 2021 ​ $ 0.128125 ​ August 5, 2021 July 12, 2021 ​ August 25, 2021 ​ $ 0.128125 ​ September 3, 2021 July 12, 2021 ​ September 24, 2021 ​ $ 0.128125 ​ October 5, 2021 October 11, 2021 ​ October 25, 2021 ​ $ 0.128125 ​ November 5, 2021 October 11, 2021 ​ November 24, 2021 ​ $ 0.128125 ​ December 3, 2021 October 11, 2021 ​ December 23, 2021 ​ $ 0.128125 ​ January 5, 2022 December 10, 2021 (3) ​ December 23, 2021 ​ $ 0.050000 ​ December 29, 2021 (1) The dividend was paid on the date indicated to stockholders in conjunction with the redemption of shares of Series A Preferred Stock. (2) Shares of newly issued Series T Preferred Stock that are held only a portion of the applicable monthly dividend period receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding. (3) The Board authorized, and the Company declared, an annual Series T Preferred Stock dividend of 0.20% per share of Series T Preferred Stock. Shares of Series T Preferred Stock that are held only for a portion of the applicable annual stock dividend period will receive a prorated Series T Preferred Stock dividend based on the actual number of months in the applicable annual stock dividend period during which each such share of Series T Preferred Stock was outstanding. The annual stock dividend equates to $0.05 per share of Series T Preferred Stock.
Summary of distributions declared and paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distributions 2021 Declared Paid First Quarter ​ ​ Class A Common Stock ​ $ 3,943 ​ $ 3,630 Class C Common Stock ​ 12 ​ 12 Series A Preferred Stock ​ 706 ​ 1,842 Series B Preferred Stock ​ 7,089 ​ 7,400 Series C Preferred Stock ​ 1,094 ​ 1,094 Series D Preferred Stock ​ 1,235 ​ 1,235 Series T Preferred Stock ​ ​ 4,493 ​ ​ 4,049 OP Units ​ 1,027 ​ 1,027 LTIP Units ​ 814 ​ 510 Total first quarter 2021 ​ $ 20,413 ​ $ 20,799 Second Quarter ​ ​ Class A Common Stock ​ $ 4,753 ​ $ 3,945 Class C Common Stock ​ 12 ​ 12 Series B Preferred Stock ​ 5,818 ​ 6,273 Series C Preferred Stock ​ 1,094 ​ 1,094 Series D Preferred Stock ​ 1,235 ​ 1,235 Series T Preferred Stock ​ ​ 6,220 ​ ​ 5,616 OP Units ​ 1,027 ​ 1,025 LTIP Units ​ 721 ​ 836 Total second quarter 2021 ​ $ 20,880 ​ $ 20,036 Third Quarter ​ ​ Class A Common Stock ​ $ 4,244 ​ $ 4,750 Class C Common Stock ​ 12 ​ 12 Series B Preferred Stock ​ 5,404 ​ 5,407 Series C Preferred Stock ​ 1,094 ​ 1,094 Series D Preferred Stock ​ 1,235 ​ 1,235 Series T Preferred Stock ​ ​ 8,039 ​ ​ 7,439 OP Units ​ 1,027 ​ 1,025 LTIP Units ​ 836 ​ 631 Total third quarter 2021 ​ $ 21,891 ​ $ 21,593 Fourth Quarter ​ ​ Class A Common Stock ​ $ 4,363 ​ $ 4,245 Class C Common Stock ​ 12 ​ 12 Series B Preferred Stock ​ 5,393 ​ 5,396 Series C Preferred Stock ​ 1,094 ​ 1,094 Series D Preferred Stock ​ 1,235 ​ 1,235 Series T Preferred Stock ​ ​ 11,128 ​ ​ 10,281 OP Units ​ 1,027 ​ 1,025 LTIP Units ​ 843 ​ 639 Total fourth quarter 2021 ​ $ 25,095 ​ $ 23,927 Total ​ $ 88,279 ​ $ 86,355

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Information
Summary of reportable segments	The following table summarizes NOI by the Company’s reportable segments for the years ended December 31, 2021, 2020 and 2019, and reconciles NOI to net income (loss) attributable to common stockholders on the Company’s consolidated statements of operations. Prior year amounts have been reclassified to conform to the current period segment presentation (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Rental and other property revenues ​ ​ ​ Multifamily ​ $ 194,414 ​ $ 193,963 ​ $ 185,294 Single-family ​ 9,275 ​ 2,559 ​ 82 Total rental and other property revenues ​ 203,689 ​ 196,522 ​ 185,376 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property operating expenses ​ ​ ​ Multifamily ​ 72,775 ​ 75,411 ​ 74,414 Single-family ​ 3,227 ​ 890 ​ 35 Total property operating expenses ​ 76,002 ​ 76,301 ​ 74,449 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net operating income ​ ​ ​ Multifamily ​ 121,639 ​ 118,552 ​ 110,880 Single-family ​ 6,048 ​ 1,669 ​ 47 Total net operating income ​ 127,687 ​ 120,221 ​ 110,927 Reconciling items: ​ ​ ​ Interest income from loan and ground lease investments ​ 16,962 ​ 23,326 ​ 24,595 Property management fees ​ (5,390) ​ (4,988) ​ (4,899) General and administrative ​ (27,787) ​ (24,141) ​ (22,553) Acquisition and pursuit costs ​ (448) ​ (4,152) ​ (556) Weather-related losses, net ​ (1,001) ​ — ​ (355) Depreciation and amortization ​ (80,051) ​ (79,452) ​ (70,452) Other income ​ 549 ​ 144 ​ 68 Preferred returns on unconsolidated real estate joint ventures ​ 12,067 ​ 11,250 ​ 9,797 Provision for credit losses ​ (384) ​ (16,369) ​ — Gain on sale of real estate investments ​ 137,427 ​ 59,508 ​ 48,680 Gain on sale of non-depreciable real estate investments ​ — ​ — ​ 679 Transaction costs ​ (15,036) ​ — ​ — Loss on extinguishment of debt and debt modification costs ​ (6,740) ​ (14,630) ​ (7,258) Interest expense, net ​ (52,701) ​ (55,994) ​ (59,554) Net income (loss) ​ 105,154 ​ 14,723 ​ 29,119 Preferred stock dividends ​ (63,606) ​ (58,463) ​ (46,159) Preferred stock accretion ​ (24,633) ​ (16,851) ​ (10,335) Net income (loss) attributable to noncontrolling interests ​ ​ ​ Operating partnership units ​ 2,250 ​ (17,313) ​ (6,779) Partially-owned properties ​ 11,192 ​ 1,396 ​ (845) Net income (loss) attributable to noncontrolling interests ​ 13,442 ​ (15,917) ​ (7,624) Net income (loss) attributable to common stockholders ​ $ 3,473 ​ $ (44,674) ​ $ (19,751) ​ The following table summarizes the assets of the Company’s reportable segments for the years ended December 31, 2021 and 2020. Prior year amounts have been reclassified to conform to the current period segment presentation (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Assets ​ ​ Net Operating Real Estate Investments ​ ​ Multifamily ​ $ 1,729,214 ​ $ 2,031,899 Single-family ​ 318,084 ​ 29,065 Total Net Operating Real Estate Investments ​ 2,047,298 ​ 2,060,964 Multifamily operating real estate held for sale, net ​ — ​ 36,213 Total Net Real Estate Investments ​ 2,047,298 ​ 2,097,177 Reconciling items: ​ ​ Cash and cash equivalents ​ 166,492 ​ 83,868 Restricted cash ​ 30,015 ​ 35,093 Notes and accrued interest receivable, net ​ 173,489 ​ 157,734 Due from affiliates ​ 711 ​ 339 Accounts receivable, prepaids and other assets, net ​ 43,108 ​ 29,502 Preferred equity investments and investments in unconsolidated real estate joint ventures, net ​ 135,690 ​ 83,485 In-place lease intangible assets, net ​ 2,530 ​ 2,594 Non-real estate assets associated with multifamily operating real estate held for sale ​ — ​ 145 Total Consolidated Assets ​ $ 2,599,333 ​ $ 2,489,937

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2021
Subsequent Events
Schedule of Declaration of Dividends	Declaration of Dividends ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable to stockholders ​ ​ Declaration Date of record as of Amount Paid / Payable Date Series B Preferred Stock January 14, 2022 ​ January 25, 2022 ​ $ 5.00 ​ February 4, 2022 January 14, 2022 ​ February 25, 2022 ​ $ 5.00 ​ March 4, 2022 January 14, 2022 ​ March 25, 2022 ​ $ 5.00 ​ April 5, 2022 Series T Preferred Stock ​ ​ ​ January 14, 2022 ​ January 25, 2022 ​ $ 0.128125 ​ February 4, 2022 January 14, 2022 ​ February 25, 2022 ​ $ 0.128125 ​ March 4, 2022 January 14, 2022 ​ March 25, 2022 ​ $ 0.128125 ​ April 5, 2022 ​
Schedule of Distributions Paid	The following distributions were declared and/or paid to the Company’s stockholders, as well as holders of OP Units and LTIP Units, subsequent to December 31, 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration ​ ​ ​ ​ ​ Distributions ​ Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock ​ December 10, 2021 ​ December 23, 2021 ​ January 5, 2022 ​ $ 0.1625000 ​ $ 4,363 Class C Common Stock ​ December 10, 2021 ​ December 23, 2021 ​ January 5, 2022 ​ ​ 0.1625000 ​ ​ 12 Series B Preferred Stock ​ October 11, 2021 ​ December 23, 2021 ​ January 5, 2022 ​ ​ 5.0000000 ​ ​ 1,796 Series C Preferred Stock ​ December 10, 2021 ​ December 23, 2021 ​ January 5, 2022 ​ ​ 0.4765625 ​ ​ 1,094 Series D Preferred Stock ​ December 10, 2021 ​ December 23, 2021 ​ January 5, 2022 ​ ​ 0.4453125 ​ ​ 1,235 Series T Preferred Stock ​ October 11, 2021 ​ December 23, 2021 ​ January 5, 2022 ​ ​ 0.1281250 ​ ​ 3,619 OP Units ​ December 10, 2021 ​ December 23, 2021 ​ January 5, 2022 ​ ​ 0.1625000 ​ ​ 1,027 LTIP Units ​ December 10, 2021 ​ December 23, 2021 ​ January 5, 2022 ​ ​ 0.1625000 ​ ​ 646 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series B Preferred Stock ​ January 14, 2022 ​ January 25, 2022 ​ February 4, 2022 ​ ​ 5.0000000 ​ ​ 1,795 Series B Preferred Stock ​ January 14, 2022 ​ February 25, 2022 ​ March 4, 2022 ​ ​ 5.0000000 ​ ​ 1,794 Series T Preferred Stock ​ January 14, 2022 ​ January 25, 2022 ​ February 4, 2022 ​ ​ 0.1281250 ​ ​ 3,621 Series T Preferred Stock ​ January 14, 2022 ​ February 25, 2022 ​ March 4, 2022 ​ ​ 0.1281250 ​ ​ 3,620 Total ​ ​ ​ ​ ​ ​ $ 24,622 ​

Organization and Nature of Bu_2

Organization and Nature of Business (Details) - 12 months ended Dec. 31, 2021	itemproperty	Total	property
Organization and Nature of Business
Annual distribution percentage rate	90.00%
Percent of Real Estate Properties Occupied		95.90%
Number of Units in Real Estate Property			20,263
Number of multifamily units in Real Estate Property	16,837
Number of single-family residential homes	3,426
Number of real estate investments	78		78
Number of operating investments			49
Number of investments through preferred equity, loan or ground lease investments | item	29

Organization and Nature of Bu_3

Organization and Nature of Business - Proposed Merger (Details) - USD ($)	Dec. 20, 2021	May 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Organization and Nature of Business [Line Items]
Per share merger consideration (in cash)	$ 24.25
Percentage of SFR business expected to be held by the company's stockholders, who received shares in BHM	35.00%
Percentage of SFR business expected to be held by the unitholders of operating partnership	65.00%
Termination fee payable by the company to the parent	$ 60,000,000
Termination fee payable by the parent to the company	$ 200,000,000
Merger Agreement
Organization and Nature of Business [Line Items]
Common stock, par value (in dollars per share)	$ 0.01
Threshold period to complete the merger from merger agreement date	9 months
Extended threshold period to complete the merger from merger agreement date, at the option of the company	10 months
Extended Threshold Period To Complete The Merger From Agreement Date, At The Other Party's Option	12 months
Series B [Member] | Redeemable Preferred Stock
Organization and Nature of Business [Line Items]
Preferred Stock, Dividend Rate, Percentage			6.00%	6.00%
Redemption value	$ 1,000
Series B [Member] | Floating Interest Rate [Member] | Fannie Facility Advance | Redeemable Preferred Stock
Organization and Nature of Business [Line Items]
Common stock, par value (in dollars per share)	$ 0.01
Series A [Member] | Cumulative Redeemable Preferred Stock
Organization and Nature of Business [Line Items]
Preferred Stock, Dividend Rate, Percentage		8.25%	8.25%	8.25%
Series C [Member] | Cumulative Redeemable Preferred Stock
Organization and Nature of Business [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred Stock, Dividend Rate, Percentage		7.625%	7.625%	7.625%
Series C [Member] | Redeemable Preferred Stock
Organization and Nature of Business [Line Items]
Preferred Stock, Dividend Rate, Percentage	7.625%
Series D [Member] | Cumulative Redeemable Preferred Stock
Organization and Nature of Business [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred Stock, Dividend Rate, Percentage	7.125%	7.125%	7.125%	7.125%
Series T | Redeemable Preferred Stock
Organization and Nature of Business [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred Stock, Dividend Rate, Percentage			6.15%	6.15%
Preferred Stock, Redemption Price Per Share	$ 25

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)
Accounting Policies [Line Items]
Percentage Of Unvested Incentive Plan In Operating Partnership	5.35%	5.35%
Percentage of Voting Equity		50.00%
Impairment of real estate assets | $		$ 0	$ 0	$ 0
Percentage of rent collected	97.00%
Percentage of tenants , on rent deferral payment plan		1.00%
Occupancy rate (as a percent)	95.90%	95.90%
Selling Commissions And Dealer Manager Fees Percentage Rate Range Maximum		7.00%
Selling Commissions And Dealer Manager Fees Percentage Rate Range Minimum		3.00%
Selling Commissions And Dealer Manager Fees Percentage Rate		10.00%
Percentage Of Distributions Classified As Return On Capital		0.00%		93.15%
Percentage Of Distributions Classified As Capital Gains		78.36%	48.47%	5.52%
Percentage Of Minimum Distributions Of Taxable Income		90.00%
Number of reportable segments | segment		2	1
Building Improvements [Member] | Minimum
Accounting Policies [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation		5 years
Building Improvements [Member] | Maximum
Accounting Policies [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation		15 years
Building [Member] | Minimum
Accounting Policies [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation		30 years
Building [Member] | Maximum
Accounting Policies [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Furniture and Fixtures [Member] | Minimum
Accounting Policies [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Furniture and Fixtures [Member] | Maximum
Accounting Policies [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation		7 years
Land Improvements [Member] | Minimum
Accounting Policies [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation		5 years
Land Improvements [Member] | Maximum
Accounting Policies [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation		15 years
In Place Lease [Member]
Accounting Policies [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation		6 months
Common Stock Holders [Member]
Accounting Policies [Line Items]
Percentage Of Distributions Classified As Return On Capital			100.00%	100.00%
Percentage Of Ordinary Income From Return On Capital			0.00%	0.00%
Preferred Stock Holders [Member]
Accounting Policies [Line Items]
Percentage Of Distributions Classified As Return On Capital			51.53%
Percentage Of Ordinary Income From Return On Capital			0.00%	1.33%
Common Stock And Preferred Holders [Member]
Accounting Policies [Line Items]
Percentage Of Distributions Classified As Return On Capital		21.64%
Ltip Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		13.37%
Op Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		16.24%
Op Ltip Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		29.61%

Sale of Real Estate Assets (Det

Sale of Real Estate Assets (Details) - USD ($)	Dec. 29, 2021	Dec. 14, 2021	Sep. 23, 2021	Jul. 07, 2021	Jun. 29, 2021	Jun. 10, 2021	Apr. 26, 2021	Mar. 18, 2021	Mar. 01, 2021	Feb. 24, 2021	Jan. 28, 2021	Dec. 22, 2020	Dec. 15, 2020	Dec. 09, 2020	Oct. 26, 2020	Apr. 21, 2020	Apr. 17, 2020	Apr. 14, 2020	Jan. 24, 2020	Jan. 22, 2020	Jan. 08, 2020	Apr. 30, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 25, 2021
Real Estate Assets Held for Development and Sale [Line Items]
Loss on extinguishment of debt																								$ (6,740,000)	$ (14,630,000)	$ (7,258,000)
Payment for early extinguishment of debt costs										$ 2,500,000
Proceeds from sale of interests																								51,504,000	50,734,000	36,620,000
Payments to Acquire Equity Method Investments																								104,325,000	24,809,000	74,307,000
Accrued preferred return																								12,067,000	11,250,000	9,797,000
Preferred equity investments and investments in unconsolidated real estate joint ventures, net																							$ 83,485,000	135,690,000	83,485,000
Provision For Credit Losses on Equity Method Investments																								400,000
Expected proceeds from sale of equity investment																								300,000
Proceeds from Sale of Real Estate Held-for-investment																								417,921,000	194,700,000	313,785,000
Leigh House
Real Estate Assets Held for Development and Sale [Line Items]
Accrued preferred return																									2,000	1,155,000
Helios
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate, Gross																					$ 65,600,000
Payment for additional investment																					3,500,000
Payoff of Mortgage Indebtedness																					39,500,000
Payment for original investment																					19,200,000
Profit share distribution																					300,000
Helios | Pro Rata
Real Estate Assets Held for Development and Sale [Line Items]
Net proceeds from sale of real estate																					$ 22,700,000
Whetstone Apartments
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate, Gross																			$ 46,500,000
Payments for Mortgage on Real Estate Sold																			25,400,000
Early Extinguishment of Debt Costs																			25,400,000
Net proceeds from sale of real estate																			19,600,000
Payment for additional investment																			4,000,000
Payments to Acquire Equity Method Investments																				$ 1,900,000
Payment for original investment																			12,900,000
Payment for accrued preferred return																			$ 2,700,000
Ashton Reserve
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate, Gross																		$ 84,600,000
Loss on extinguishment of debt																		6,900,000
Payments for Mortgage on Real Estate Sold																		45,400,000
Payments for closing costs and fees on real estate investments																		800,000
Early Extinguishment of Debt Costs																		45,400,000
Net proceeds from sale of real estate																		31,200,000
Gain (loss) on sale of asset																		26,500,000
Payment for early extinguishment of debt costs																		$ 7,100,000
Marquis at TPC
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate, Gross																	$ 22,500,000
Loss on extinguishment of debt																	100,000
Payments for Mortgage on Real Estate Sold																	16,300,000
Early Extinguishment of Debt Costs																	16,300,000
Net proceeds from sale of real estate																	5,900,000
Gain (loss) on sale of asset																	3,200,000
Marquis at TPC | Pro Rata
Real Estate Assets Held for Development and Sale [Line Items]
Net proceeds from sale of real estate																	$ 5,300,000
Enders Place at Baldwin Park
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate, Gross																$ 53,200,000
Loss on extinguishment of debt																2,400,000
Payments for Mortgage on Real Estate Sold																23,200,000
Payments for closing costs and fees on real estate investments																900,000
Early Extinguishment of Debt Costs																23,200,000
Net proceeds from sale of real estate																26,100,000
Gain (loss) on sale of asset																28,200,000
Payment for early extinguishment of debt costs																2,200,000
Enders Place at Baldwin Park | Pro Rata
Real Estate Assets Held for Development and Sale [Line Items]
Net proceeds from sale of real estate																$ 24,000,000
Cade Boca Raton
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate, Gross															$ 37,800,000
Loss on extinguishment of debt															600,000
Payments for Mortgage on Real Estate Sold															23,500,000
Payments for closing costs and fees on real estate investments															600,000
Early Extinguishment of Debt Costs															23,500,000
Gain (loss) on sale of asset															1,700,000
Payment for early extinguishment of debt costs															200,000
Proceeds from Sale of Real Estate Held-for-investment															13,000,000
Cade Boca Raton | Pro Rata
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate Held-for-investment															$ 10,200,000
Novel Perimeter
Real Estate Assets Held for Development and Sale [Line Items]
Accrued interest paid														$ 100,000
Repayments of principal amount of debt														23,500,000
Repayment of principal														$ 23,600,000
Arlo
Real Estate Assets Held for Development and Sale [Line Items]
Accrued interest paid													$ 200,000
Repayments of principal amount of debt													30,900,000
Repayment of principal													$ 31,100,000
ARIUM Grandewood
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate, Gross											$ 65,300,000
Debt modification costs											0.1
Payments for Mortgage on Real Estate Sold											39,100,000
Payments for closing costs and fees on real estate investments											1,100,000
Early Extinguishment of Debt Costs											39,100,000
Net proceeds from sale of real estate											25,100,000
Gain (loss) on sale of asset											$ 27.7
James At South First
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate, Gross										50,000,000
Loss on extinguishment of debt										2,600,000
Payments for Mortgage on Real Estate Sold										25,600,000
Payments for closing costs and fees on real estate investments										500,000
Early Extinguishment of Debt Costs										25,600,000
Net proceeds from sale of real estate										21,100,000
Gain (loss) on sale of asset										17,400,000
James At South First | Pro Rata
Real Estate Assets Held for Development and Sale [Line Items]
Net proceeds from sale of real estate										$ 18,100,000
Marquis at the Cascades
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate, Gross									$ 90,900,000
Loss on extinguishment of debt									300,000
Payments for Mortgage on Real Estate Sold									53,600,000
Payments for closing costs and fees on real estate investments									300,000
Early Extinguishment of Debt Costs									53,600,000
Net proceeds from sale of real estate									37,300,000
Gain (loss) on sale of asset									23,700,000
Marquis at the Cascades | Pro Rata
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate Held-for-investment									$ 32,600,000
The Conley
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from sale of interests								$ 16,500,000
Payments to Acquire Equity Method Investments								15,200,000
Accrued preferred return								$ 1,300,000																405,000	1,966,000	1,375,000
Alexan Southside Place
Real Estate Assets Held for Development and Sale [Line Items]
Accrued preferred return																									1,281,000	1,583,000
Preferred equity investments and investments in unconsolidated real estate joint ventures, net																						$ 10,100,000
Provision For Credit Losses on Equity Method Investments																							$ 15,900,000	$ (15,930,000)	15,930,000
Proceeds from sale of equity investment																						$ 9,800,000
Expected proceeds from sale of equity investment																											$ 300,000
Plantation Park
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate, Gross							$ 32
Loss on extinguishment of debt							0.2
Payments for Mortgage on Real Estate Sold							26,600,000
Payments for closing costs and fees on real estate investments							0.4
Early Extinguishment of Debt Costs							26,600,000
Net proceeds from sale of real estate							4.9
Gain (loss) on sale of asset							1.1
Plantation Park | Pro Rata
Real Estate Assets Held for Development and Sale [Line Items]
Net proceeds from sale of real estate							$ 2.7
The Reserve at Palmer Ranch
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate, Gross						$ 57,600,000
Loss on extinguishment of debt						500,000
Payments for Mortgage on Real Estate Sold						40,600,000
Payments for closing costs and fees on real estate investments						900,000
Early Extinguishment of Debt Costs						40,600,000
Net proceeds from sale of real estate						16,600,000
Gain (loss) on sale of asset						$ 20,500,000
Vickers Historic Roswell
Real Estate Assets Held for Development and Sale [Line Items]
Accrued interest paid					$ 500,000
Repayments of principal amount of debt					12,400,000
Repayment of principal					$ 12,900,000
Park And Kingston
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate, Gross				$ 44,900,000
Loss on extinguishment of debt				2,600,000
Payments for Mortgage on Real Estate Sold				19,600,000
Payments for closing costs and fees on real estate investments				500,000
Early Extinguishment of Debt Costs				19,600,000
Net proceeds from sale of real estate				24,700,000
Gain (loss) on sale of asset				19,400,000
Payment for early extinguishment of debt costs				2,400,000
The District At Scottsdale
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from Sale of Real Estate, Gross				150,500,000
Loss on extinguishment of debt				400,000
Payments for Mortgage on Real Estate Sold				73,800,000
Payments for closing costs and fees on real estate investments				400,000
Early Extinguishment of Debt Costs				73,800,000
Net proceeds from sale of real estate				74,800,000
Gain (loss) on sale of asset				29,600,000
Payment for early extinguishment of debt costs				400,000
The District At Scottsdale | Pro Rata
Real Estate Assets Held for Development and Sale [Line Items]
Net proceeds from sale of real estate				$ 69,500,000
Mira Vista Interests
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from sale of interests			$ 5,600,000
Payments to Acquire Equity Method Investments			5,200,000
Accrued preferred return			$ 400,000
Thornton Flats Interests
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from sale of interests		$ 5,500,000
Payments to Acquire Equity Method Investments		5,300,000
Accrued preferred return		$ 200,000
Strategic Portfolio Interests
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from sale of interests	$ 10,400,000
Payments to Acquire Equity Method Investments	10,200,000
Accrued preferred return	100,000
Exit fee	$ 100,000
Riverside Apartments [Member]
Real Estate Assets Held for Development and Sale [Line Items]
Proceeds from sale of interests												$ 14,800,000
Payments to Acquire Equity Method Investments												13,900,000
Accrued preferred return												$ 900,000													$ 1,662,000	$ 879,000

Investments in Real Estate (Det

Investments in Real Estate (Details) - 12 months ended Dec. 31, 2021	property	item	Total
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units		12,415
Total lease-up units	587
Total operating units	4,222
Total development units	3,039
Total Units	7,848
Number of real estate investments	78	78
Consolidated operating properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of real estate investments		49
Properties held through preferred equity, mezzanine loan or ground lease investments
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of real estate investments		29
Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total operating units	3,748
Total development units	1,876
Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units		1,789
Total operating units	474
Total development units	1,163
Zoey [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Total lease-up units	307
Reunion Apartments [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orlando, FL
Total lease-up units	280
Alexan CityCentre [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Houston, TX
Total operating units	340
Lower Broadway [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	San Antonio, TX
Total development units	386
Spring Parc [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Dallas, TX
Total operating units	304
The Cottages of Port St. Lucie [Member] | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Port St. Lucie, FL
Total development units	286
Domain at The One Forty [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Garland, TX
Total operating units	299
Georgetown Crossing [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Savannah, GA
Total operating units	168
Hunter's Pointe [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Pensacola, FL
Total operating units	204
Park on the Square | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Pensacola, FL
Total operating units	240
The Commons [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Jacksonville, FL
Total operating units	328
Crossings of Dawsonville [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Dawsonville, GA
Total operating units	216
The Reserve at Palmer Ranch, Formerly Arium at Palmer Ranch [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Sarasota, FL
Total operating units	320
The Riley [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Richardson, TX
Total operating units	262
Motif [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Fort Lauderdale, FL
Total operating units	385
Renew 3030 [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Mesa, AZ
Total operating units	126
Avondale Hills Member | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Decatur, GA
Total development units	240
The Hartley at Blue Hill, formerly The Park at Chapel Hill [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Chapel Hill, NC
Total development units	414
Chandler [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Chandler, AZ
Total development units	208
Orange City Apartments [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orange City, FL
Total development units	298
Water's Edge [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Pensacola, FL
Total operating units	184
Willow Park | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Willow Park, TX
Total development units	46
The Woods at Forest Hill | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Forest Hill, TX
Total development units	76
The Cottages at Myrtle Beach [Member] | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Myrtle Beach, SC
Total development units	294
The Cottages of Warner Robins [Member] | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Warner Robins, GA
Total development units	251
Wayford at Innovation Park | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Charlotte, NC
Total development units	210
Deerwood Apartments [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Houston, TX
Total development units	330
Deercross [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Indianapolis, IN
Total operating units	372
Peak Housing [Member] | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	IN / MO / TX
Total operating units	474
ARIUM Glenridge [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Atlanta, GA
Number of Units		480
Ownership interest (as a percent)			90
ARIUM Westside [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Atlanta, GA
Number of Units		336
Ownership interest (as a percent)			90
Ashford Belmar [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Lakewood, CO
Number of Units		512
Ownership interest (as a percent)			85
Avenue 25 | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Phoenix, AZ
Number of Units		254
Ownership interest (as a percent)			100
Burano Hunter's Creek, formerly ARIUM Hunter's Creek | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orlando, FL
Number of Units		532
Ownership interest (as a percent)			100
Carrington At Perimeter Park | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Morrisville, NC
Number of Units		266
Ownership interest (as a percent)			100
Chattahoochee Ridge [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Atlanta, GA
Number of Units		358
Ownership interest (as a percent)			90
Chevy Chase | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Number of Units		320
Ownership interest (as a percent)			92
Cielo On Gilbert | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Mesa, AZ
Number of Units		432
Ownership interest (as a percent)			90
Citrus Tower [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orlando, FL
Number of Units		336
Ownership interest (as a percent)			97
Denim [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Scottsdale, AZ
Number of Units		645
Ownership interest (as a percent)			100
Elan | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Number of Units		270
Ownership interest (as a percent)			100
Element [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Las Vegas, NV
Number of Units		200
Ownership interest (as a percent)			100
Falls at Forsyth | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Cumming, GA
Number of Units		356
Ownership interest (as a percent)			100
Gulfshore Apartment Homes Naples, FL [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Naples, FL
Number of Units		368
Ownership interest (as a percent)			100
Outlook at Greystone [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Birmingham, AL
Number of Units		300
Ownership interest (as a percent)			100
Pine Lakes Preserve [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Port St. Lucie, FL
Number of Units		320
Ownership interest (as a percent)			100
Providence Trail [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Mount Juliet, TN
Number of Units		334
Ownership interest (as a percent)			100
Roswell City Walk [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Roswell, GA
Number of Units		320
Ownership interest (as a percent)			98
Sands Parc [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Daytona Beach, FL
Number of Units		264
Ownership interest (as a percent)			100
The Brodie | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Number of Units		324
Ownership interest (as a percent)			100
The Debra Metrowest, formerly ARIUM Metrowest | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orlando, FL
Number of Units		510
Ownership interest (as a percent)			100
The Links at Plum Creek [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Castle Rock, CO
Number of Units		264
Ownership interest (as a percent)			88
The Mills [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Greenville, SC
Number of Units		304
Ownership interest (as a percent)			100
The Preserve at Henderson Beach [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Destin, FL
Number of Units		340
Ownership interest (as a percent)			100
The Sanctuary [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Las Vegas, NV
Number of Units		320
Ownership interest (as a percent)			100
Veranda at Centerfield [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Houston, TX
Number of Units		400
Ownership interest (as a percent)			93
Villages of Cypress Creek [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Houston, TX
Number of Units		384
Ownership interest (as a percent)			80
Wayford at Concord | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Concord, NC
Number of Units		150
Ownership interest (as a percent)			83
Wesley Village [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Charlotte, NC
Number of Units		301
Ownership interest (as a percent)			100
Windsor Falls | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Raleigh, NC
Number of Units		276
Ownership interest (as a percent)			100
Yauger Park Villas | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Olympia, WA
Number of Units		80
Ownership interest (as a percent)			95
Average [Member] | Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units		10,626
Golden Pacific | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	KS / MO
Number of Units		7
Ownership interest (as a percent)			97
ILE | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	TX / SE US
Number of Units		279
Ownership interest (as a percent)			95
Navigator Villas [Member] | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Pasco, WA
Number of Units		176
Ownership interest (as a percent)			90
Axelrod | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Garland, TX
Number of Units		22
Ownership interest (as a percent)			80
DFW 189 | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Dallas-Fort Worth, TX
Number of Units		189
Ownership interest (as a percent)			56
Granbury | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Granbury, TX
Number of Units		36
Ownership interest (as a percent)			80
Indy | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Indianapolis, IN
Number of Units		44
Ownership interest (as a percent)			60
Lubbock | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Lubbock, TX
Number of Units		60
Ownership interest (as a percent)			80
Lubbock 2.0 | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Lubbock, TX
Number of Units		75
Ownership interest (as a percent)			80
Lubbock 3.0 | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Lubbock, TX
Number of Units		45
Ownership interest (as a percent)			80
Lynnwood | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Lubbock, TX
Number of Units		20
Ownership interest (as a percent)			80
Lynnwood 2.0 | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Lubbock, TX
Number of Units		20
Ownership interest (as a percent)			80
Springfield | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Springfield, MO
Number of Units		290
Ownership interest (as a percent)			60
Springtown | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Springtown, TX
Number of Units		70
Ownership interest (as a percent)			80
Springtown 2.0 | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Springtown, TX
Number of Units		14
Ownership interest (as a percent)			80
Texarkana | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Texarkana, TX
Number of Units		29
Ownership interest (as a percent)			80
Texas Portfolio 183 | Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Various / TX
Number of Units		183
Ownership interest (as a percent)			80

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments in Real Estate
Investments in real estate of depreciation expense	$ 74.2	$ 72.9	$ 63.7
Other Accrued Liabilities	4.3	3.1
Amortization Of Deferred Leasing Fees	$ 5.5	$ 6.6	$ 6.8

Acquisition of Real Estate - Ac

Acquisition of Real Estate - Acquisition activity and related new financing (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Business Acquisition [Line Items]
Proceeds from Issuance of Senior Long-term Debt	$ 66,785
Avenue 25
Business Acquisition [Line Items]
Real Estate Property Location	Phoenix, AZ
Ownership interest	100.00%
Purchase price	$ 55,600
Mortgage	36,566
Proceeds from Issuance of Senior Long-term Debt	29,700
Proceeds from Issuance of Secured Debt	$ 6,900
Falls at Forsyth
Business Acquisition [Line Items]
Real Estate Property Location	Cumming, GA
Ownership interest	100.00%
Purchase price	$ 82,500
Chevy Chase
Business Acquisition [Line Items]
Real Estate Property Location	Austin, TX
Ownership interest	92.00%
Purchase price	$ 34,500
Mortgage	$ 24,400
Carrington At Perimeter Park
Business Acquisition [Line Items]
Real Estate Property Location	Morrisville, NC
Ownership interest	100.00%
Purchase price	$ 52,000
Mortgage	31,301
Proceeds from Issuance of Senior Long-term Debt	27,500
Proceeds from Issuance of Secured Debt	$ 3,800
Elan
Business Acquisition [Line Items]
Real Estate Property Location	Austin, TX
Ownership interest	100.00%
Purchase price	$ 39,500
Mortgage	25,574
Proceeds from Issuance of Senior Long-term Debt	21,200
Proceeds from Issuance of Secured Debt	$ 4,400
Cielo On Gilbert
Business Acquisition [Line Items]
Real Estate Property Location	Mesa, Arizona
Ownership interest	90.00%
Purchase price	$ 74,250
Mortgage	$ 58,000
Windsor Falls
Business Acquisition [Line Items]
Real Estate Property Location	Raleigh, NC
Ownership interest	100.00%
Purchase price	$ 48,775
Mortgage	$ 27,442
Yauger Park Villas
Business Acquisition [Line Items]
Real Estate Property Location	Olympia, WA
Ownership interest	95.00%
Purchase price	$ 24,500
Mortgage	15,077
Proceeds from Issuance of Senior Long-term Debt	10,500
Proceeds from Issuance of Secured Debt	$ 4,600
Wayford at Concord
Business Acquisition [Line Items]
Real Estate Property Location	Concord, NC
Ownership interest	83.00%
Purchase price	$ 44,438
Indy
Business Acquisition [Line Items]
Real Estate Property Location	Indianapolis, IN
Ownership interest	60.00%
Purchase price	$ 3,785
Mortgage	$ 2,650
Springfield
Business Acquisition [Line Items]
Real Estate Property Location	Springfield, MO
Ownership interest	60.00%
Purchase price	$ 49,000
Mortgage	$ 35,525
Springtown
Business Acquisition [Line Items]
Real Estate Property Location	Springtown, TX
Ownership interest	80.00%
Purchase price	$ 9,350
Mortgage	$ 6,545
Texarkana
Business Acquisition [Line Items]
Real Estate Property Location	Texarkana, TX
Ownership interest	80.00%
Purchase price	$ 3,100
Mortgage	$ 2,170
Lubbock
Business Acquisition [Line Items]
Real Estate Property Location	Lubbock, TX
Ownership interest	80.00%
Purchase price	$ 5,600
Mortgage	$ 3,920
Granbury
Business Acquisition [Line Items]
Real Estate Property Location	Granbury, TX
Ownership interest	80.00%
Purchase price	$ 8,100
Mortgage	$ 5,670
ILE
Business Acquisition [Line Items]
Real Estate Property Location	TX / SE US
Ownership interest	95.00%
Purchase price	$ 57,139
Mortgage	$ 26,839
Axelrod
Business Acquisition [Line Items]
Real Estate Property Location	Garland, TX
Ownership interest	80.00%
Purchase price	$ 4,133
Mortgage	$ 2,893
Springtown 2.0
Business Acquisition [Line Items]
Real Estate Property Location	Springtown, TX
Ownership interest	80.00%
Purchase price	$ 2,985
Mortgage	$ 2,090
Lubbock 2.0
Business Acquisition [Line Items]
Real Estate Property Location	Lubbock, TX
Ownership interest	80.00%
Purchase price	$ 9,275
Mortgage	$ 6,510
Lynnwood
Business Acquisition [Line Items]
Real Estate Property Location	Lubbock, TX
Ownership interest	80.00%
Purchase price	$ 2,448
Mortgage	$ 1,714
Golden Pacific
Business Acquisition [Line Items]
Real Estate Property Location	KS / MO
Ownership interest	97.00%
Purchase price	$ 1,213
Lynnwood 2.0
Business Acquisition [Line Items]
Real Estate Property Location	Lubbock, TX
Ownership interest	80.00%
Purchase price	$ 2,490
Mortgage	$ 1,743
Lubbock 3.0
Business Acquisition [Line Items]
Real Estate Property Location	Lubbock, TX
Ownership interest	80.00%
Purchase price	$ 4,574
Mortgage	$ 3,202
Texas Portfolio 183
Business Acquisition [Line Items]
Real Estate Property Location	Various / TX
Ownership interest	80.00%
Purchase price	$ 28,290
Mortgage	$ 19,803
DFW 189
Business Acquisition [Line Items]
Real Estate Property Location	Dallas-Fort Worth
Ownership interest	56.00%
Purchase price	$ 27,670
Mortgage	$ 19,950

Acquisition of Real Estate - As

Acquisition of Real Estate - Assets acquired (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Preliminary Purchase Price Allocation
Land	$ 50,203
Building	273,233
Building improvements	2,907
Land improvements	13,665
Furniture and fixtures	2,132
In-place leases	5,392
Total assets acquired	347,532
Mortgages assumed	66,785
Fair value adjustments	2,996
Total liabilities assumed	$ 69,781

Acquisition of Real Estate - Ad

Acquisition of Real Estate - Additional Interests in The Brodie (Details) - The Brodie $ in Millions	Apr. 24, 2020USD ($)
Business Acquisition [Line Items]
Purchase price	$ 3.5
Minimum
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	93.00%
Maximum
Business Acquisition [Line Items]
Indirect Ownership Interest Percentage Of Investment	100.00%

Notes and Interest Receivable -

Notes and Interest Receivable - Summary of the notes and accrued interest receivable due from related parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Total	$ 173,882	$ 157,908
Provision for credit losses	(393)	(174)
Total, net	173,489	157,734
Avondale Hills Member
Total	12,874	1,021
Domain at The One Forty [Member]
Total	25,309	24,315
Motif [Member]
Total	85,375	75,436
Reunion Apartments [Member]
Total	11,382	8,161
The Hartley at Blue Hill, formerly The Park at Chapel Hill [Member]
Total	$ 38,942	36,927
Vickers Historic Roswell
Total		$ 12,048

Notes and Interest Receivable_2

Notes and Interest Receivable - Summary of changes in provision for credit losses of mezzanine loan and ground lease investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Notes and Interest Receivable
Beginning balance as of January 1	$ 174	$ 0
Provision for credit loss on pool of assets, net (1)	219	174
Ending balance	$ 393	$ 174

Notes and Interest Receivable_3

Notes and Interest Receivable - Summary of the interest income from related parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interest Income, Related Party	$ 16,962	$ 23,326
Amount funded for leasehold improvement allowance	20,400
Arlo
Interest Income, Related Party		4,161
Avondale Hills Member
Interest Income, Related Party	1,124	3
Corpus [Member]
Interest Income, Related Party	219
Domain at The One Forty [Member]
Interest Income, Related Party	985	1,311
Jolin [Member]
Interest Income, Related Party	84
Motif [Member]
Interest Income, Related Party	7,162	9,549
Interest income related party, net of adjustment	3,000
Novel Perimeter
Interest Income, Related Party		3,084
Reunion Apartments [Member]
Interest Income, Related Party	1,207	176
The Hartley at Blue Hill, formerly The Park at Chapel Hill [Member]
Interest Income, Related Party	4,149	3,077
Vickers Historic Roswell
Interest Income, Related Party	903	1,733
Zoey [Member]
Interest Income, Related Party	$ 1,129	$ 232

Notes and Interest Receivable_4

Notes and Interest Receivable - Schedule of occupancy percentages of the Company's related parties (Details)	Dec. 31, 2021	Dec. 31, 2020
Domain at The One Forty [Member]
Development Leased	94.60%	92.60%
Motif [Member]
Development Leased	91.20%	62.10%
Reunion Apartments [Member]
Development Leased	66.40%

Notes and Interest Receivable_5

Notes and Interest Receivable - Additional Information (Details) $ in Thousands

Dec. 22, 2021USD ($)

Aug. 06, 2021USD ($)item

Jul. 09, 2021USD ($)item

Apr. 12, 2021item

Mar. 29, 2021USD ($)

Aug. 18, 2020USD ($)

Jul. 01, 2020USD ($)item

Sep. 30, 2020USD ($)propertyitem

May 31, 2020USD ($)

Mar. 31, 2020USD ($)

Dec. 29, 2017USD ($)

Dec. 31, 2021USD ($)propertyitem

Jun. 29, 2021USD ($)

Jan. 27, 2021USD ($)

Dec. 31, 2020USD ($)

Jun. 30, 2020USD ($)

Dec. 12, 2019USD ($)

Mar. 03, 2017USD ($)

Provision for credit loss on mezzanine loan investments

$ 400

Provision for credit losses on carrying amount of investments

$ 173,882

$ 157,908

Peak Housing [Member]

Number of Units | item

474

Preferred ship Interest Return At Annual Rate

10.00%

10.00%

Minimum

Spread on variable rate

3.50%

Minimum | London Interbank Offered Rate (LIBOR) [Member]

Spread on variable rate

0.50%

Maximum

Spread on variable rate

4.25%

Maximum | London Interbank Offered Rate (LIBOR) [Member]

Spread on variable rate

3.00%

The Park at Chapel Hill Financing [Member]

Related party due, funded

$ 29,500

Paydown from related party

$ 21,000

Outstanding principal balance

$ 10,500

Amount funded

2,000

Loan Amount Borrowed To The Related Party

2,000

The Park at Chapel Hill Financing [Member] | Maximum

Due from Related Parties

$ 40,000

Corpus Bridge Loan | Peak Housing REIT [Member]

Fixed rate for loan

7.00%

Loan provided

$ 6,800

Number of Units | item

81,000,000

Jolin Bridge Loan | Peak Housing REIT [Member]

Fixed rate for loan

7.00%

Loan provided

$ 3,100

Number of Units | item

24

Corpus And Jolin Bridge Loan [Member] | Minimum

Preferred ship Interest Return At Annual Rate

10.00%

Corpus And Jolin Bridge Loan [Member] | Maximum

Preferred ship Interest Return At Annual Rate

8.00%

Motif Mezzanine Financing [Member]

Outstanding principal balance

74,600

Payment Relended To The Borrower

$ 8,000

Motif Mezz Loan

Fixed rate for loan

12.90%

Fixed rate in year 2022

9.00%

Fixed rate in year 2023 and thereafter

6.00%

Participation in profit achieved in sale (as a percent)

50.00%

Motif Mezz Loan

Maximum amount that can be borrowed by the third party

$ 88,600

Number of apartment units | property

385

Amount funded

$ 84,400

Paydown from related party

$ 8,000

Amount funded

$ 8,000

BR Morehead JV , LLC [Member] | Mezzanine Type Loan Member

Due from Related Parties, Current

32,000

Interest

95.00%

Fixed rate for loan

15.00%

Number of Units | item

286

BRG Domain 1 [Member]

Participation in profit achieved in sale (as a percent)

50.00%

Texas Portfolio 183 | Mezzanine Type Loan Member

Due from Related Parties

$ 19,800

BR Chapel Hill JV LLC [Member]

Interest

100.00%

Fixed rate for loan

10.00%

Due from Related Parties

$ 500

Domain 1 property Owner [Member]

Interest

95.00%

Maximum amount that can be borrowed by the third party

$ 27,400

Due from Related Parties

$ 24,500

Number of apartment units | property

299

BR Perimeter JV,LLC [Member]

Due from Related Parties

$ 23,800

Related Party Transaction, Date

Dec. 29, 2021

Flagler Mezz Loan [Member]

Percentage Of Loan Secured

97.00%

Flagler Mezz Loan [Member] | Mezzanine Type Loan Member

Due from Related Parties

$ 74,600

Motif Construction Loan [Member]

Spread on variable rate

3.70%

Due From Unaffiliated Lender

$ 70,400

Face amount of loan

$ 88,800

Motif Construction Loan [Member] | Maximum

Spread on variable rate

3.85%

Perimeter Mezz Loan [Member]

Interest

60.00%

Fixed rate for loan

15.00%

Due from Related Parties

$ 23,800

Vickers Historic Roswell

Interest

80.00%

Fixed rate for loan

15.00%

Due from Related Parties

$ 12,400

Number of Units | item

79

Provision for credit losses on carrying amount of investments

12,048

Domain at The One Forty [Member]

Amount funded

$ 25,200

Provision for credit losses on carrying amount of investments

$ 25,309

$ 24,315

Domain at The One Forty [Member] | Mezzanine Type Loan Member

Fixed rate for loan

15.00%

Spread on variable rate

2.20%

Due From Unaffiliated Lender

$ 6,400

$ 39,200

$ 30,300

2020

5.50%

2021

4.00%

2022 and thereafter

3

Participation in profit achieved in sale (as a percent)

50.00%

Domain at The One Forty [Member] | Mezzanine Type Loan Member | Maximum

Spread on variable rate

3.95%

Avondale Hills Mezzanine Financing [Member]

Maximum amount that can be borrowed by the third party

$ 11,700

Loans Receivable, Interest Rate

12.00%

Number of apartment units | property

240

Extension term

1 year

Number of extension options | item

2

Reunion Apartments Mezzanine Financing

Maximum amount that can be borrowed by the third party

$ 10,000

Loans Receivable, Interest Rate

12.00%

Number of apartment units | item

280

Extension term

1 year

Number of extension options | item

2

Amended Chapel Hill Mezz Loan [Member]

Maximum amount that can be borrowed by the third party

$ 31,000

Loans Receivable, Interest Rate

11.75%

The Park at Chapel Hill Financing [Member]

Maximum amount that can be borrowed by the third party

$ 40,000

Loans Receivable, Interest Rate

11.00%

Interest paid (as a percent)

5.25%

Interest accrued (as a percent)

6.50%

Preferred Equity Investments _3

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Apr. 30, 2021	Apr. 12, 2021	Dec. 31, 2020
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	$ 136,061			$ 99,638
Provision for credit losses	(371)			(16,153)
Total, net	135,690			83,485
Peak Housing [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total, net			$ 20,300
Alexan CityCentre [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	18,261			15,063
Alexan Southside Place
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total				26,038
Total, net		$ 10,100
Chandler [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	3,305
Deercross [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	4,000
Deerwood Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	9,245
Lower Broadway [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	908
Mira Vista [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total				5,250
Peak Housing
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	20,319
Renew 3030 [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	7,060
Spring Parc [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	8,000
Strategic Portfolio [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	28,212			27,054
The Conley
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total				15,036
The Cottages at Myrtle Beach [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	9,034
The Cottages of Port St. Lucie [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	7,260
Crossings of Dawsonville [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	10,450
The Riley [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	6,961
The Woods at Forest Hill
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	442
Thornton Flats [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total				4,600
Wayford at Concord [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total				6,500
Willow Park
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	2,540
Other Property [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	$ 64			$ 97

Preferred Equity Investments _4

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Provision for credit losses (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)
Beginning balance as of July 1 and January 1, 2021, respectively		$ 16,153
Provision for credit loss		400
Ending balance	$ 16,153	371	$ 16,153
Pool of assets - preferred equity investments
Provision for credit loss		$ 148	223
Number of equity method investment properties sold during the period | item		8
Alexan Southside Place
Provision for credit loss	$ 15,900	$ (15,930)	$ 15,930

Preferred Equity Investments _5

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Preferred returns (Details) - USD ($)	Mar. 18, 2021	Dec. 22, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			$ 12,067,000	$ 11,250,000	$ 9,797,000
Alexan CityCentre [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			2,952,000	2,502,000	2,108,000
Alexan Southside Place
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures				1,281,000	1,583,000
Chandler [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			91,000
Deercross [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			221,000
Deerwood Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			174,000
Helios [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures				(133,000)	1,343,000
Cost Expense To Sale Of Unconsolidated Real Estate Joint Venture				(143,000)
Leigh House
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures				2,000	1,155,000
Lower Broadway [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			3,000
Mira Vista [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			391,000	539,000	155,000
Peak Housing
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			1,030,000
Renew 3030 [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			251,000
Riverside Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures		$ 900,000		1,662,000	879,000
Spring Parc [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			401,000
Strategic Portfolio [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			3,617,000	2,121,000	33,000
The Conley
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	$ 1,300,000		405,000	1,966,000	1,375,000
The Cottages at Myrtle Beach [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			300,000
The Cottages of Port St. Lucie [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			227,000
Crossings of Dawsonville [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			518,000
The Riley [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			649,000
The Woods at Forest Hill
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			2,000
Thornton Flats [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			420,000	415,000	110,000
Wayford at Concord
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			364,000	839,000	121,000
Whetstone Apartments [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures				$ 56,000	$ 935,000
Willow Park
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures			$ 51,000

Preferred Equity Investments _6

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Occupancy percentages (Details)	Dec. 31, 2021	Dec. 31, 2020
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	95.90%
Alexan CityCentre. [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	94.10%	94.10%
Deercross [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	86.80%
Peak Housing
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	92.80%
Renew 3030 [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	96.80%
Spring Parc [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	98.40%
Georgetown Crossing [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	97.00%	88.70%
Hunter's Pointe [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	98.50%	99.00%
Park on the Square
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	95.40%	97.50%
The Commons [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	97.60%	93.90%
The Reserve at Palmer Ranch
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	97.50%
Water's Edge [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	97.30%	99.50%
Crossings of Dawsonville [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	98.10%
The Riley [Member]
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	97.30%

Preferred Equity Investments _7

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional Information (Details)

Dec. 29, 2021USD ($)

Jul. 26, 2021USD ($)item

Jul. 15, 2021USD ($)item

Jun. 25, 2021USD ($)item

Jun. 16, 2021USD ($)item

Jun. 10, 2021USD ($)item

Jan. 22, 2020USD ($)

Sep. 17, 2019USD ($)

Apr. 26, 2019USD ($)

Jun. 07, 2016USD ($)

Sep. 30, 2019USD ($)

Dec. 31, 2020USD ($)

Dec. 31, 2021USD ($)itemproperty

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Apr. 30, 2021USD ($)

Dec. 10, 2019

Jan. 01, 2019USD ($)

Oct. 29, 2018item

Jul. 01, 2014item

Equity Method Investment And Joint Venture [Line Items]

Number of joint ventures in which company has equity investment | item

20

Number of joint ventures which generate a stated preferred return on outstanding capital contributions | item

18

Number of equity investments representing 0.5% common interest in joint venture | item

2

Provision for credit losses

$ 400,000

Equity Method Investments

$ 83,485,000

135,690,000

$ 83,485,000

Due from Affiliates

339,000

711,000

339,000

Consideration of preferred equity investment

19,200,000

Payments to Acquire Equity Method Investments

$ 104,325,000

24,809,000

$ 74,307,000

Common interest (as a percent)

0.50%

Equity Method Investments, Provision for Credit Losses

16,153,000

$ 371,000

16,153,000

Whetstone Apartments

Equity Method Investment And Joint Venture [Line Items]

Payments to Acquire Equity Method Investments

$ 2,500,000

Common membership interest percentage agreed to acquire

100.00%

Alexan Southside Place

Equity Method Investment And Joint Venture [Line Items]

Provision for credit losses

15,900,000

$ (15,930,000)

$ 15,930,000

Equity Method Investments

$ 10,100,000

Whetstone Apartments

Equity Method Investment And Joint Venture [Line Items]

Payments to Acquire Equity Method Investments

$ 1,900,000

Common membership interest percentage agreed to acquire

7.50%

Alexan CityCentre. [Member]

Equity Method Investment And Joint Venture [Line Items]

Number of extension options | item

2

Extension term

1 year

Equity Method Investments

$ 18,300,000

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

Equity Method Investment And Joint Venture [Line Items]

Equity Method Investments

$ 6,500,000

Expected Preferred Return On Related Party Debt

15.00%

Alexan CityCentre. [Member] | Twenty Percent Preferred Stock [Member]

Equity Method Investment And Joint Venture [Line Items]

Equity Method Investments

$ 11,800,000

Expected Preferred Return On Related Party Debt

20.00%

Alexan CityCentre. [Member] | Class A Common Stock

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | item

340

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

Equity Method Investment And Joint Venture [Line Items]

Construction Loan.

$ 55,100,000

Debt Instrument, Periodic Payment, Principal

$ 46

Alexan Southside Place Interests / Refinance [Member]

Equity Method Investment And Joint Venture [Line Items]

Ground Lease Term

85 years

Total preferred return (as a percent)

3.50%

5.00%

6.50%

Equity Method Investments

$ 24,900,000

Alexan Southside Place Interests / Refinance [Member] | Class A Common Stock

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | item

270

Alexan Southside Place Interests / Refinance [Member] | Accounting Standards Update 2016-02 [Member]

Equity Method Investment And Joint Venture [Line Items]

Operating Lease, Right-of-Use Asset

$ 17,100,000

Operating Lease, Liability

$ 17,100,000

Chandler [Member]

Equity Method Investment And Joint Venture [Line Items]

Total Loan Commitment

$ 0

Number of extension options | item

2

Extension term

1 year

Funded Amount

$ 3,300,000

Construction Loan.

$ 31,000,000

Debt Instrument, Amortization Period

30 years

Chandler [Member] | London Interbank Offered Rate (LIBOR) [Member]

Equity Method Investment And Joint Venture [Line Items]

Fixed rate

3.00%

Spread on variable rate

2.50%

Chandler [Member] | Class A Apartment Property

Equity Method Investment And Joint Venture [Line Items]

Expected accrued return on outstanding capital contributions related party debt, per annum

13.00%

Number of units to be developed | property

208

Equity Method Investments

$ 10,200,000

Helios

Equity Method Investment And Joint Venture [Line Items]

Equity Method Investments

$ 1,800,000

Number of Units | item

282

Payments to Acquire Equity Method Investments

$ 19,200,000

Common membership interest percentage agreed to acquire

100.00%

Helios | Fund III [Member]

Equity Method Investment And Joint Venture [Line Items]

Equity Method Investments

$ 2,500,000

Mira Vista [Member]

Equity Method Investment And Joint Venture [Line Items]

Accrued return through September 17, 2026

3.1

Current return through September 17, 2026

7

Preferred return through September 17, 2026

10.1

Equity Method Investments

$ 5,300,000

North Creek Apartments Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Preferredship Interest Return At Annual Rate Accrued

4.00%

Number of Real Estate Properties, Fee Simple | item

259

Current return (as a percent)

8.50%

Total preferred return (as a percent)

12.50%

Accrued return (as a percent)

4.00%

Equity Method Investments

$ 15,200,000

Riverside Apartments Interests

Equity Method Investment And Joint Venture [Line Items]

Preferredship Interest Return At Annual Rate Accrued

4.00%

Current return (as a percent)

8.50%

Total preferred return (as a percent)

12.50%

Accrued return (as a percent)

4.00%

Equity Method Investments

$ 13,900,000

Riverside Apartments Interests | Class A Common Stock

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | item

222

Strategic Portfolio [Member]

Equity Method Investment And Joint Venture [Line Items]

Preferredship Interest Return At Annual Rate Accrued

3.00%

3.00%

Accrued return (as a percent)

3.00%

3.00%

Thornton Flats [Member]

Equity Method Investment And Joint Venture [Line Items]

Preferredship Interest Return At Annual Rate Accrued

1.00%

Current return (as a percent)

8.00%

Total preferred return (as a percent)

9.00%

Accrued return (as a percent)

1.00%

Equity Method Investments

$ 4,600,000

Wayforth at Concord [Member]

Equity Method Investment And Joint Venture [Line Items]

Preferredship Interest Return At Annual Rate Accrued

4.00%

Number of Real Estate Properties, Fee Simple | item

150

Total preferred return (as a percent)

13.00%

Accrued return (as a percent)

4.00%

Equity Method Investments

$ 6,500,000

Construction Loan.

$ 22,300,000

Wayforth at Concord [Member] | London Interbank Offered Rate (LIBOR) [Member]

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

2.50%

Whetstone Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Total preferred return (as a percent)

6.50%

Equity Method Investments

$ 12,900,000

Whetstone Interests [Member] | Class A Common Stock

Equity Method Investment And Joint Venture [Line Items]

Number of Real Estate Properties, Fee Simple | item

204

Deercross Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Preferredship Interest Return At Annual Rate Accrued

3.50%

Fixed rate

4.66%

Current return (as a percent)

7.00%

Total preferred return (as a percent)

10.50%

Accrued return (as a percent)

3.50%

Equity Method Investments

$ 4,000,000

Number of Units | item

372

Construction Loan.

$ 18,900,000

Lower Broadway Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Total Loan Commitment

$ 15,800,000

Preferredship Interest Return At Annual Rate Accrued

12.50%

Number of extension options | item

2

Extension term

1 year

Funded Amount

$ 900,000

Accrued return (as a percent)

12.50%

Number of Units | item

386

Construction Loan.

$ 51,000,000

Long-term Construction Loan

$ 0

Lower Broadway Interests [Member] | London Interbank Offered Rate (LIBOR) [Member]

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

2.55%

Orange City Apartments Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Total Loan Commitment

$ 15,100,000

Preferredship Interest Return At Annual Rate Accrued

13.00%

Interest floating basis rate percentage

3.50%

Number of extension options | item

2

Extension term

1 year

Funded Amount

0

Accrued return (as a percent)

13.00%

Number of Units | item

298

Construction Loan.

$ 36,300,000

Long-term Construction Loan

0

Orange City Apartments Interests [Member] | London Interbank Offered Rate (LIBOR) [Member]

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

2.75%

Deerwood Apartments Interests[Member]

Equity Method Investment And Joint Venture [Line Items]

Preferredship Interest Return At Annual Rate Accrued

11.50%

Interest floating basis rate percentage

3.35%

Extension term

1 year

Funded Amount

9,200,000

Accrued return (as a percent)

11.50%

Number of Units | item

330

Construction Loan.

$ 39,500,000

Long-term Construction Loan

$ 0

Total loan commitments

$ 16,500,000

Debt Instrument, Amortization Period

30 years

Deerwood Apartments Interests[Member] | London Interbank Offered Rate (LIBOR) [Member]

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

2.75%

Deercross Interests [Member]

Equity Method Investment And Joint Venture [Line Items]

Fixed rate

1.00%

Debt Instrument, Amortization Period

30 years

Strategic Portfolio Interests

Equity Method Investment And Joint Venture [Line Items]

Preferredship Interest Return At Annual Rate Accrued

3.00%

5.15%

Current return (as a percent)

7.50%

6.35%

7.50%

7.50%

Total preferred return (as a percent)

10.50%

11.50%

10.50%

Accrued return (as a percent)

3.00%

5.15%

Equity Method Investments

$ 10,200,000

$ 11,400,000

$ 27,000,000

$ 27,000,000

$ 27,000,000

Number of Units | item

320

Total mortgage debt

$ 129,300,000

Mezzanine loan [Member] | Alexan CityCentre. [Member]

Equity Method Investment And Joint Venture [Line Items]

Debt Instrument, Periodic Payment, Principal

$ 11,500,000

Minimum

Equity Method Investment And Joint Venture [Line Items]

Market Rebound Period

24 months

Spread on variable rate

3.50%

Minimum | London Interbank Offered Rate (LIBOR) [Member]

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

0.50%

Minimum | Senior Loans | Alexan CityCentre. [Member] | London Interbank Offered Rate (LIBOR) [Member]

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

1.50%

Minimum | Mezzanine loan [Member] | Alexan CityCentre. [Member] | London Interbank Offered Rate (LIBOR) [Member]

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

6.00%

Maximum

Equity Method Investment And Joint Venture [Line Items]

Market Rebound Period

36 months

Spread on variable rate

4.25%

Maximum | London Interbank Offered Rate (LIBOR) [Member]

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

3.00%

Maximum | Senior Loans | Alexan CityCentre. [Member] | London Interbank Offered Rate (LIBOR) [Member]

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

3.99%

Maximum | Mezzanine loan [Member] | Alexan CityCentre. [Member] | London Interbank Offered Rate (LIBOR) [Member]

Equity Method Investment And Joint Venture [Line Items]

Spread on variable rate

8.49%

Preferred Equity Investments _8

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional information (Details-1)	Dec. 29, 2021USD ($)	Dec. 20, 2021USD ($)	Dec. 08, 2021item	Sep. 09, 2021USD ($)item	Aug. 31, 2021USD ($)item	Aug. 26, 2021USD ($)item	Aug. 06, 2021	Jul. 14, 2021USD ($)	Jul. 13, 2021USD ($)item	Jun. 17, 2021USD ($)home	Jun. 10, 2021USD ($)item	Jun. 04, 2021USD ($)	Apr. 12, 2021USD ($)item	Mar. 01, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Equity Method Investments															$ 135,690,000	$ 135,690,000	$ 83,485,000
Proceeds from sale of interests																51,504,000	50,734,000	$ 36,620,000
Payments to Acquire Equity Method Investments																104,325,000	24,809,000	74,307,000
Accrued preferred return																$ 12,067,000	11,250,000	9,797,000
Strategic Portfolio Interests
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 10,200,000										$ 11,400,000						$ 27,000,000	$ 27,000,000
Number of Units | item											320
Current return (as a percent)	7.50%										6.35%						7.50%	7.50%
Total preferred return (as a percent)	10.50%										11.50%					10.50%
Accrued return (as a percent)	3.00%										5.15%
Peak Housing [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments													$ 20,300,000
Number of Units | item													474
Preferred equity investment													$ 10,700,000		9,600,000
Investments for calculating the return													16,000,000
Remaining investments													$ 4,300,000
Total preferred return on remaining investment (as a percent)													8.00%
Accrued return on remaining investment (as a percent)													4.00%
Current return on remaining investment (as a percent)													4.00%
Current return (as a percent)													7.00%
Total preferred return (as a percent)							10.00%						10.00%
Accrued return (as a percent)													3.00%
Construction loan													$ 146,600,000
Number of extension options | item													2
Extension term													1 year
Accrual rate for current return not paid													15.00%
Renew 3030 [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments					$ 7,100,000
Number of Units | item					126
Investments for calculating the return					$ 13,600,000
Current return (as a percent)					6.00%
Total preferred return (as a percent)					10.50%
Accrued return (as a percent)					4.50%
Amortization period					30 years
Debt Instrument, Interest Rate, Stated Percentage					3.52%
Percentage Of Yield Maintenance Prepayment Penalty					1.00%
Spring Parc [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments									$ 8,000,000
Number of Units | item									304
Investments for calculating the return									$ 30,100,000
Current return (as a percent)									7.00%
Total preferred return (as a percent)									10.50%
Accrued return (as a percent)									3.50%
Extension term									30 days
Amortization period									30 years
Debt Instrument, Interest Rate, Stated Percentage									2.49%
Percentage Of Yield Maintenance Prepayment Penalty									1.00%
Willow Park Interests [Member]
Schedule of Equity Method Investments [Line Items]
Number of Units | home										46
Preferred equity investment										$ 3,800,000
Accrued return (as a percent)										13.00%
Construction loan															8,800,000	$ 8,800,000
Amount funded										$ 2,500,000
Outstanding loan																1,700,000
Extension term										1 year
Amortization period										25 years
Interest floating basis rate percentage										4.50%
Debt Instrument, Basis Spread on Variable Rate										1.25%
Wayford at Innovation Park Interests [Member]
Schedule of Equity Method Investments [Line Items]
Preferred equity investment										$ 13,400,000
Accrued return (as a percent)										12.50%
Construction loan															39,600,000	39,600,000
Amortization period										30 years
Debt Instrument, Interest Rate, Stated Percentage										3.50%
Interest floating basis rate percentage										2.25%
The Cottages at Myrtle Beach Interests [Member]
Schedule of Equity Method Investments [Line Items]
Number of Units | item				294
Accrued return (as a percent)				14.50%
Construction loan															40,200,000	40,200,000
Amount funded				$ 9,000,000
Outstanding loan				$ 17,900,000
Extension term				1 year
Interest floating basis rate percentage				3.10%
The Cottages at Myrtle Beach Interests [Member] | London Interbank Offered Rate (LIBOR) [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Basis Spread on Variable Rate				2.60%
The Cottages at Warner Robins Interests [Member]
Schedule of Equity Method Investments [Line Items]
Number of Units | item			251
Accrued return on remaining investment (as a percent)			14.50%
Construction loan															34,500,000	34,500,000
Outstanding loan																13,300,000
Debt Instrument, Basis Spread on Variable Rate			3.10%
The Cottages of Port St. Lucie Interests [Member]
Schedule of Equity Method Investments [Line Items]
Number of Units | item						286
Accrued return on remaining investment (as a percent)						14.50%
Construction loan															45,200,000	45,200,000
Amount funded															7,300,000	7,300,000
Outstanding loan						$ 18,800,000
Extension term						1 year
Interest floating basis rate percentage						3.50%
The Cottages of Port St. Lucie Interests [Member] | London Interbank Offered Rate (LIBOR) [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Basis Spread on Variable Rate						2.75%
Thornton Flats Interests
Schedule of Equity Method Investments [Line Items]
Equity Method Investments						$ 800,000
Preferred equity investment						$ 5,300,000
The Crossings of Dawsonville Interests [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments								$ 10,500,000
Number of Units								216
Current return (as a percent)								7.00%
Total preferred return (as a percent)								10.50%
Accrued return (as a percent)								3.50%
Construction loan								$ 37,600,000
Amortization period								30 years
Debt Instrument, Interest Rate, Stated Percentage								1.00%
The Crossings of Dawsonville Interests [Member] | The Crossings of Dawsonville Interests [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage								3.28%
The Riley Interests
Schedule of Equity Method Investments [Line Items]
Equity Method Investments														$ 7,000,000
Current return (as a percent)														6.00%
Total preferred return (as a percent)														11.00%
Accrued return (as a percent)														5.00%
Construction loan														$ 44,100,000
The Riley Interests | The Crossings of Dawsonville Interests [Member]
Schedule of Equity Method Investments [Line Items]
Extension term														1 month
Debt Instrument, Interest Rate, Stated Percentage														3.50%
Interest floating basis rate percentage														3.35%
The Woods at Forest Hill Interests [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments		$ 3,300,000													400,000	400,000
Accrued return on remaining investment (as a percent)		13.00%
Construction loan															$ 8,300,000	$ 8,300,000
Extension term		1 year
Amortization period		25 years
Interest floating basis rate percentage		4.75%
Debt Instrument, Basis Spread on Variable Rate		1.50%
Wayford at Concord Interests [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments												$ 44,400,000
Current return (as a percent)																9.00%
Ownership Interest												83
Proceeds from sale of interests												$ 7,000,000
Payments to Acquire Equity Method Investments												6,500,000
Accrued preferred return												$ 500,000

Preferred Equity Investments _9

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional information (Details-2) $ in Thousands	Jun. 25, 2021	Jun. 16, 2021USD ($)item	Apr. 12, 2021USD ($)item	Dec. 31, 2021USD ($)
Schedule of Equity Method Investments [Line Items]
Long-term Debt				$ 1,364,991
Deercross Interests [Member]
Schedule of Equity Method Investments [Line Items]
Amortization period	30 years
Deerwood Apartments Interests[Member]
Schedule of Equity Method Investments [Line Items]
Number of Units | item		330
Funded Amount				$ 9,200
Preferredship Interest Return At Annual Rate Accrued		11.50%
Construction Loan.		$ 39,500
Extension term		1 year
Interest floating basis rate percentage		3.35%
Amortization period		30 years
Peak Housing [Member]
Schedule of Equity Method Investments [Line Items]
Number of Units | item			474
Preferredship Interest Return At Annual Rate Accrued			3.00%
Construction Loan.			$ 146,600
Extension term			1 year
London Interbank Offered Rate (LIBOR) [Member] | Deerwood Apartments Interests[Member]
Schedule of Equity Method Investments [Line Items]
Spread on floating rate		2.75%

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Long-term Line of Credit	$ 0	$ 33,000
Amended Senior Credit Facility [Member]
Long-term Line of Credit		33,000
Amended Senior Credit Facility [Member] | Falls at Forsyth
Long-term Line of Credit	$ 79,900
Amended Junior Credit Facility [Member]
Long-term Line of Credit		$ 0

Revolving Credit Facility - Add

Revolving Credit Facility - Additional Information (Details) $ in Millions	Sep. 21, 2021USD ($)	Mar. 06, 2020USD ($)item	Dec. 31, 2021USD ($)item
Minimum
Debt Instrument, Basis Spread on Variable Rate			3.50%
Maximum
Debt Instrument, Basis Spread on Variable Rate			4.25%
London Interbank Offered Rate (LIBOR) [Member] | Minimum
Debt Instrument, Basis Spread on Variable Rate			0.50%
London Interbank Offered Rate (LIBOR) [Member] | Maximum
Debt Instrument, Basis Spread on Variable Rate			3.00%
Revolving Credit Facility [Member]
Line of Credit Facility, Remaining Borrowing Capacity			$ 143.3
Amended Junior Credit Facility [Member] | Minimum
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.35%
Amended Junior Credit Facility [Member] | Maximum
Line of Credit Facility, Maximum Borrowing Capacity	$ 0.4
Amended Senior Credit Facility [Member]
Number of extension options | item		2
Extension term		1 year
Amount of letter of credit issuable, maximum		$ 50
Number of letters of credit outstanding | item			1
Letters of credit outstanding amount			$ 0.8
Amended Senior Credit Facility [Member] | Minimum
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.15%
Amended Senior Credit Facility [Member] | Maximum
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.20%
Amended Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Minimum
Debt Instrument, Basis Spread on Variable Rate		1.30%
Amended Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Maximum
Debt Instrument, Basis Spread on Variable Rate		1.65%
Amended Senior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Minimum
Debt Instrument, Basis Spread on Variable Rate		0.30%
Amended Senior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Maximum
Debt Instrument, Basis Spread on Variable Rate		0.65%
Amended Senior Credit Facility [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Current Borrowing Capacity		$ 100
Line of Credit Facility, Maximum Borrowing Capacity		$ 350
Second Amended Junior Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 72.5
Second Amended Junior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Minimum
Debt Instrument, Description of Variable Rate Basis	2.75%
Second Amended Junior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Maximum
Debt Instrument, Description of Variable Rate Basis	3.25%
Second Amended Junior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Minimum
Debt Instrument, Basis Spread on Variable Rate	1.75%
Second Amended Junior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Maximum
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	2.25%

Mortgages Payable (Details)

Mortgages Payable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)item	Feb. 18, 2021USD ($)	Dec. 31, 2020USD ($)	May 27, 2020USD ($)
Line of Credit Facility [Line Items]
Total	$ 1,364,991		$ 1,529,705
Total continuing operations	1,364,991		1,490,932
Mortgages [Member]
Line of Credit Facility [Line Items]
Total	1,365,975		1,495,529
Fair value adjustments	8,159		6,489
Deferred financing costs, net	(9,143)		(11,086)
Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	1,059,368		1,117,999
Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	306,607		377,530
Mortgages [Member] | Held for sale
Line of Credit Facility [Line Items]
Deferred financing costs, net	0		(341)
Fannie Facility Advance | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				$ 13,900
ARIUM Grandewood | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	19,600
ARIUM Grandewood | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	19,500
ARIUM Grandewood | Mortgages [Member] | Held for sale
Line of Credit Facility [Line Items]
Total Outstanding Principal	0		19,585
ARIUM Grandewoods | Mortgages [Member] | Held for sale
Line of Credit Facility [Line Items]
Total Outstanding Principal	0		19,529
ARIUM Westside [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 51,841		52,150
Fixed rate	3.68%
Ashford Belmar [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 100,675		100,675
Fixed rate	4.53%
Avenue 25 | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 36,566		36,566
Fixed rate	4.18%
Burano Hunter's Creek | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 69,502		70,871
Fixed rate	3.65%
Carrington At Perimeter Park | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 31,244		31,301
Fixed rate	4.16%
Chattahoochee Ridge [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 45,338		45,338
Fixed rate	3.25%
Citrus Tower [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 39,896		40,627
Fixed rate	4.07%
Denim [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 101,205		101,205
Fixed rate	3.41%
The Debra Metrowest | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 63,982		64,559
Fixed rate	4.43%
Windsor Falls | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 27,442		0
Fixed rate	4.19%
Yauger Park Villas | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 14,921		0
Fixed rate	4.86%
Elan | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 25,508		25,574
Fixed rate	4.19%
Element [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 29,260		29,260
Fixed rate	3.63%
Falls at Forsyth | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 19,265		0
Fixed rate	4.35%
Falls at Forsyth | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 19,186		0
Fixed rate	1.49%
Gulfshore Apartment Homes [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 46,345		46,345
Fixed rate	3.26%
James on South First [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 0		25,674
Navigator Villas [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 20,361		20,515
Fixed rate	4.57%
Outlook at Greystone [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 21,930		22,105
Fixed rate	4.30%
Park & Kingston [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 0		19,600
Plantations Park | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	0		26,625
Providence Trail [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 47,587		47,950
Fixed rate	3.54%
Rosewell City Walk [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 49,050		50,043
Fixed rate	3.63%
The Brodie | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 32,876		33,551
Fixed rate	3.71%
The Links at Plum Creek [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 38,916		39,578
Fixed rate	4.31%
The Mills [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 24,731		25,275
Fixed rate	4.21%
The Preserve at Henderson Beach [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 48,490		48,490
Fixed rate	3.26%
The Reserve at Palmer Ranch | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 0		40,977
The Sanctuary [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 33,707		33,707
Fixed rate	3.31%
Wesley Village [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 38,730		39,438
Fixed rate	4.25%
ARIUM Glenridge. [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 49,170		49,500
Fixed rate	1.42%
Chevy Chase | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 24,400		24,400
Chevy Chase | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Fixed rate	2.41%
Cielo On Gilbert | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Fixed rate	2.66%
Fannie Facility Advance | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 58,000		58,000
Fannie Facility Advance | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 13,936		13,936
Fixed rate	2.69%
ILE | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 26,825		0
Fixed rate	3.78%
Fannie Facility Second Advance | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 12,900
Fannie Facility Second Advance | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 12,880		0
Fixed rate	2.75%
Marquis at the Cascades I [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 0		31,668
Marquis at the Cascades II [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 0		22,101
The District At Scottsdale
Line of Credit Facility [Line Items]
Number of extension options | item	2
Extension term	1 year
The District At Scottsdale | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 0		75,577
Veranda at Centerfield [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 25,962		26,100
Fixed rate	1.35%
Villages of Cypress Creek | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 33,520		33,520
Fixed rate	2.64%
Pine Lakes Preserve [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 42,728		$ 42,728
Fixed rate	3.07%

Mortgages Payable - Debt maturi

Mortgages Payable - Debt maturities (Details) $ in Thousands	Dec. 31, 2021USD ($)
Mortgages Payable [Abstract]
2022	$ 17,896
2023	127,237
2024	204,310
2025	332,171
2026	156,561
Thereafter	527,800
Long-term Debt	1,365,975
Add: Unamortized fair value debt adjustment	8,159
Subtract: Deferred financing costs, net	(9,143)
Total	$ 1,364,991

Mortgages Payable - Additional

Mortgages Payable - Additional Information (Details) $ in Thousands	Jul. 07, 2021USD ($)	Feb. 18, 2021USD ($)	May 27, 2020USD ($)	Apr. 21, 2020USD ($)	Mar. 06, 2020item	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Line of Credit Facility [Line Items]
Debt, Weighted Average Interest Rate						3.78%
Real Estate Investments, Net						$ 2,047,298	$ 2,097,177
Loss on extinguishment of debt						6,740	14,630	$ 7,258
Amortization of Debt Issuance Costs						3,300	3,500	3,600
Amortization Of Fair Value Adjustments Of Debt						$ 1,300	400	$ 300
SOFR
Line of Credit Facility [Line Items]
Debt Instrument, Reference rate						0.05%
Amended Senior Credit Facility [Member]
Line of Credit Facility [Line Items]
Real Estate Investments, Net						$ 2,070,300
Number of extension options | item					2
Extension term					1 year
Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						1,059,368	1,117,999
Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 306,607	377,530
Fannie Facility Advance | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal			$ 13,900
Fannie Facility Advance | London Interbank Offered Rate (LIBOR) [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.60%
Amortization period			30 years
Minimum
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate						3.50%
Minimum | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate						0.50%
Maximum
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate						4.25%
Maximum | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate						3.00%
Line of Credit [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 26,800
Line of Credit [Member] | Minimum | Amended Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.30%
Line of Credit [Member] | Minimum | Amended Senior Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate					0.30%
Line of Credit [Member] | Maximum | Amended Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.65%
Line of Credit [Member] | Maximum | Amended Senior Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate					0.65%
Two credit agreements
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						7,500
Three credit agreements
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						19,300
Avenue 25
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 29,700
Debt Instrument, Basis Spread on Variable Rate						4.02%
Avenue 25 | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 36,566	36,566
Avenue 25 | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 6,900
Debt Instrument, Basis Spread on Variable Rate						4.86%
Carrington At Perimeter Park
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 27,500
Debt Instrument, Basis Spread on Variable Rate						4.09%
Carrington At Perimeter Park | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 31,244	31,301
Carrington At Perimeter Park | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 3,700
Debt Instrument, Basis Spread on Variable Rate						4.66%
Denim [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 91,600
Debt Instrument, Basis Spread on Variable Rate						3.32%
Denim [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 101,205	101,205
Denim [Member] | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 9,600
Debt Instrument, Basis Spread on Variable Rate						4.22%
Elan
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 21,200
Debt Instrument, Basis Spread on Variable Rate						4.09%
Elan | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 25,508	25,574
Elan | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 4,300
Debt Instrument, Basis Spread on Variable Rate						4.66%
Navigator Villas [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 14,700
Debt Instrument, Basis Spread on Variable Rate						4.31%
Navigator Villas [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 20,361	20,515
Navigator Villas [Member] | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 5,700
Debt Instrument, Basis Spread on Variable Rate						5.23%
Other Than Cielo On Gilbert And The District At Scottsdale [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Debt Instrument Prepayment Fee Percentage						0.09%
The District At Scottsdale
Line of Credit Facility [Line Items]
Loss on extinguishment of debt	$ (400)
Number of extension options | item						2
Extension term						1 year
The District At Scottsdale | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 0	75,577
Veranda at Centerfield [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						25,962	26,100
Villages of Cypress Creek | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						33,520	33,520
Pine Lakes Preserve [Member] | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						42,728	42,728
Enders Place at Baldwin Park
Line of Credit Facility [Line Items]
Loss on extinguishment of debt				$ (2,400)
Park & Kingston [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						0	19,600
Gulfshore Apartment Homes [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						46,345	46,345
Yauger Park Villas
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 10,400
Debt Instrument, Basis Spread on Variable Rate						4.81%
Yauger Park Villas | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 14,921	0
Yauger Park Villas | Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent						$ 4,600
Debt Instrument, Basis Spread on Variable Rate						4.96%
The Preserve at Henderson Beach [Member] | Mortgages [Member] | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 48,490	48,490
The Cielo on Gilbert Loan [Member] | SOFR
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate						2.61%
Fannie Facility Second Advance | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal		$ 12,900
Fannie Facility Second Advance | SOFR
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.70%				2.70%
Fannie Facility Second Advance | Mortgages [Member] | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 12,880	$ 0
ARIUM Grandewood | Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						19,600
ARIUM Grandewood | Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal						$ 19,500

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Fair Value of Financial Instruments
Long-term Debt, Fair Value	$ 1,388.3	$ 1,586
Mortgage Payable At Carrying Value	$ 1,374.1	$ 1,541.1

Derivative Financial Instrume_3

Derivative Financial Instruments - Fair Value of company's derivative financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair value adjustment of interest rate Caps	$ 82	$ 128	$ 2,536
Interest Rate Cap [Member] | Interest Expense [Member]
Fair value adjustment of interest rate Caps	82	(128)	$ (2,536)
Accounts Receivable, Prepaids and Other Assets [Member] | Interest Rate Cap [Member]
Derivative, Fair Value, Net	$ 185	$ 14

Derivative Financial Instrume_4

Derivative Financial Instruments - Additional Information (Details) $ in Millions	Dec. 31, 2021USD ($)
Interest Rate Cap [Member]
Amount Of Debt Covered By Derivatives	$ 279.8

Related Party Transactions - Re

Related Party Transactions - Related party amounts payable to BRE (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Related Party Transactions
Total related-party amounts payable	$ 599	$ 618
Amounts Payable to BRE under the Administrative Services Agreement, net [Member] | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	412	427
Operating expense reimbursements and direct expense reimbursements [Member] | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	318	338
Offering expense reimbursements [Member] | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	94	89
Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement [Member] | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	187	191
Reimbursable Operating Expenses, Leasehold Cost-Sharing Agreement [Member] | BRE Entities [Member]
Related Party Transactions
Total related-party amounts payable	$ 187	$ 191

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	Nov. 09, 2021	Apr. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 25, 2021
Related Party Transactions
Reimbursement of Payroll Operating Costs			$ 400,000
Reimbursement of total expenses				$ 2,300,000	$ 1,900,000	$ 1,700,000
Due to Affiliates Excluding Former Advisor				700,000	300,000
Due From Affiliates Excluding Former Advisor				700,000
Accrued preferred returns on unconsolidated real estate investments				300,000
Preferred equity interests				$ 135,690,000	83,485,000
Issuance Of Preferred Stock Dealer Manager Fee Percentage				10.00%
Issuance of Preferred Stock, Commission Fee Percentage				10.00%
Commissions Payable to Broker-Dealers and Clearing Organizations				$ 32,400,000	17,000,000
Dealer manager fees and discounts				$ 13,900,000	7,300,000
Restricted Voting Rights, Threshold Maximum Percentage				9.90%
General and Administrative Expense [Member]
Related Party Transactions
Reimbursement of Payroll Operating Costs				$ 3,000,000	2,800,000	$ 3,600,000
Long-term Incentive Plan Units One [Member]
Related Party Transactions
Stock Issued During Period, Shares, Share-based Compensation, Gross	27,432			138,179
Alexan Southside Place
Related Party Transactions
Accrued preferred returns on unconsolidated real estate investments							$ 300,000
Proceeds from sale of equity investment		$ 9,800,000
Preferred equity interests		$ 10,100,000
Affiliated Entity [Member]
Related Party Transactions
Security Deposit Liability				$ 750,000
Series T Preferred Stock [Member]
Related Party Transactions
Reimbursement Of Offering Costs				$ 1,200,000	$ 1,000,000

Stockholders' Equity - Reconcil

Stockholders' Equity - Reconciliation of components of basic and diluted net income (loss) per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stockholders' Equity
Net income (loss) attributable to common stockholders	$ 3,473	$ (44,674)	$ (19,751)
Dividends on restricted stock and LTIP Units expected to vest	(1,508)	(1,323)	(953)
Basic net income (loss) attributable to common stockholders	$ 1,965	$ (45,997)	$ (20,704)
Weighted average common shares outstanding	26,024,935	24,084,347	22,649,222
Potential dilutive shares	225,064
Weighted Average Number of Shares Outstanding, Diluted, Total	26,249,999	24,084,347	22,649,222
Net income (loss) per common share, basic	$ 0.08	$ (1.91)	$ (0.91)
Net income (loss) per common share, diluted	$ 0.07	$ (1.91)	$ (0.91)

Stockholders' Equity - Company'

Stockholders' Equity - Company's non-vested shares LTIP units under the incentive plans (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stockholders' Equity
Non Vested shares, Balance (in shares)	2,376,589	1,371,083	975,209
Non Vested shares, Granted (in shares)	1,211,845	1,346,538	637,315
Non Vested shares, Vested (in shares)	(1,158,385)	(333,951)	(237,841)
Non Vested shares, Forfeited (in shares)	(100,488)	(7,081)	(3,600)
Non Vested shares, Balance (in shares)	2,329,561	2,376,589	1,371,083
Weighted average grant-date fair value, Balance (in dollars)	$ 9.50	$ 9.72	$ 10.05
Weighted average grant-date fair value, Granted (in dollars)	11.75	9.39	9.36
Weighted average grant-date fair value, Vested (in dollars)	8.65	10.12	10.01
Weighted average grant-date fair value, Forfeited (in dollars)	9.44	6.53	10.65
Weighted average grant-date fair value, Balance (in dollars)	$ 11.07	$ 9.50	$ 9.72

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions (Details)	12 Months Ended
	Dec. 31, 2021$ / shares
Class A Common Stock
Common stock, distribution amount	$ 0.162500
Common Class A One [Member]
Common stock, distribution amount	0.162500
Common Class A two [Member]
Common stock, distribution amount	0.162500
Common Class A Three [Member]
Common stock, distribution amount	0.162500
Common Class A Four [Member]
Common stock, distribution amount	0.162500
Class C Common Stock
Common stock, distribution amount	0.162500
Common Class C One [Member]
Common stock, distribution amount	0.162500
Common Class C Two [Member]
Common stock, distribution amount	0.162500
Common Class C Three [Member]
Common stock, distribution amount	0.162500
Common Class C Four [Member]
Common stock, distribution amount	0.162500
Series A Preferred Stock [Member]
Common stock, distribution amount	0.515625
Series A Preferred Stock One [Member]
Common stock, distribution amount	0.320833
Series B Preferred Stock [Member]
Common stock, distribution amount	5
Series B Preferred Stock One [Member]
Common stock, distribution amount	5
Series B Preferred Stock Two [Member]
Common stock, distribution amount	5
Series B Preferred Stock Three [Member]
Common stock, distribution amount	5
Series B Preferred Stock Four [Member]
Common stock, distribution amount	5
Series B Preferred Stock Five [Member]
Common stock, distribution amount	5
Series B Preferred Stock Six [Member]
Common stock, distribution amount	5
Series B Preferred Stock seven [Member]
Common stock, distribution amount	5
Series B Preferred Stock eight [Member]
Common stock, distribution amount	5
Series B Preferred Stock Nine [Member]
Common stock, distribution amount	5
Series B Preferred Stock Ten [Member]
Common stock, distribution amount	5
Series B Preferred Stock Eleven [Member]
Common stock, distribution amount	5
Series B Preferred Stock Twelve [Member]
Common stock, distribution amount	5
Series C Preferred Stock [Member]
Common stock, distribution amount	0.4765625
Series C Preferred Stock One [Member]
Common stock, distribution amount	0.4765625
Series C Preferred Stock Two [Member]
Common stock, distribution amount	0.4765625
Series C Preferred Stock three [Member]
Common stock, distribution amount	0.4765625
Series C Preferred Stock Four [Member]
Common stock, distribution amount	0.4765625
Series D Preferred Stock [Member]
Common stock, distribution amount	0.4453125
Series D Preferred Stock One [Member]
Common stock, distribution amount	0.4453125
Series D Preferred Stock Two [Member]
Common stock, distribution amount	0.4453125
Series D Preferred Stock three [Member]
Common stock, distribution amount	0.4453125
Series D Preferred Stock Four [Member]
Common stock, distribution amount	0.4453125
Series T Preferred Stock [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock One [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Two [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Three [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Four [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Five [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Six [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Seven [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Eight [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Nine [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Ten [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Eleven [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Twelve [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Thirteen [Member]
Common stock, distribution amount	$ 0.050000

Stockholders' Equity - Distri_2

Stockholders' Equity - Distributions declared and paid (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	$ 25,095	$ 21,891	$ 20,880	$ 20,413	$ 88,279
Distributions Paid	23,927	21,593	20,036	20,799	$ 86,355
Class A Common Stock
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	4,363	4,244	4,753	3,943
Distributions Paid	4,245	4,750	3,945	3,630
Class C Common Stock
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	12	12	12	12
Distributions Paid	12	12	12	12
Series A Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared				706
Distributions Paid				1,842
Series B Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	5,393	5,404	5,818	7,089
Distributions Paid	5,396	5,407	6,273	7,400
Series C Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,094	1,094	1,094	1,094
Distributions Paid	1,094	1,094	1,094	1,094
Series D Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,235	1,235	1,235	1,235
Distributions Paid	1,235	1,235	1,235	1,235
Series T Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	11,128	8,039	6,220	4,493
Distributions Paid	10,281	7,439	5,616	4,049
Operating Partnership Units One [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,027	1,027	1,027	1,027
Distributions Paid	1,025	1,025	1,025	1,027
Long-term Incentive Plan Units One [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	843	836	721	814
Distributions Paid	$ 639	$ 631	$ 836	$ 510

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details)

Mar. 25, 2022shares

Dec. 20, 2021

Nov. 09, 2021shares

Aug. 03, 2021shares

May 11, 2021shares

Apr. 01, 2021shares

Mar. 25, 2021shares

Feb. 26, 2021$ / sharesshares

Feb. 16, 2021personshares

Jan. 01, 2021USD ($)shares

Dec. 21, 2020$ / sharesshares

Nov. 05, 2020shares

Oct. 21, 2020$ / sharesshares

Aug. 11, 2020shares

May 22, 2020personshares

Apr. 15, 2020personshares

Jan. 01, 2020USD ($)shares

May 31, 2020USD ($)$ / shares

Nov. 30, 2019shares

Dec. 31, 2021USD ($)D$ / sharesshares

Dec. 31, 2020USD ($)$ / sharesshares

Dec. 31, 2019USD ($)shares

Oct. 13, 2021$ / shares

Jul. 19, 2021$ / shares

Feb. 09, 2021USD ($)

Oct. 31, 2020USD ($)

Sep. 08, 2020shares

Sep. 30, 2019USD ($)

Class of Stock [Line Items]

Proceeds from Issuance of Common Stock | $

$ 47,000

$ 1,994,000

$ 5,325,000

Preferred Stock, Par or Stated Value Per Share | $ / shares

$ 0.01

$ 0.01

Stock Repurchased During Period, Value | $

$ 119,589,000

$ 40,334,000

$ 14,086,000

Percentage Of Unvested Incentive Plan In Operating Partnership

5.35%

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

1,211,845,000

1,346,538,000

637,315,000

Share Repurchase Plan [Member]

Class of Stock [Line Items]

Stock Repurchased During Period, Value | $

$ 189,100,000

$ 189,100,000

Class A Common Stock

Class of Stock [Line Items]

Stock Repurchased During Period, Shares

11,140,637

3,983,842

Stock Repurchased During Period, Value | $

$ 119,600,000

Series A Preferred Stock [Member]

Class of Stock [Line Items]

Stock Repurchased During Period, Shares

163,068

Series C Preferred Stock [Member]

Class of Stock [Line Items]

Stock Repurchased During Period, Shares

27,905

Series D Preferred Stock [Member]

Class of Stock [Line Items]

Stock Repurchased During Period, Shares

76,264

OP Unit holders [Member]

Class of Stock [Line Items]

Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest

16.24%

Partners' Capital Account, Units

6,309,672

LTIP Unit holders [Member]

Class of Stock [Line Items]

Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest

13.37%

Partners' Capital Account, Units

5,196,894

Percentage Of Unvested Incentive Plan In Operating Partnership

5.35%

OP And LTIP Unit holders [Member]

Class of Stock [Line Items]

Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest

29.61%

Stock Offering [Member]

Class of Stock [Line Items]

Redemption of series T preferred stock and conversion into cash (in shares)

10,113

Redemption of Series T preferred stock and converted into cash | $

$ 200,000

Redemption of series B preferred stock and conversion into cash (in shares)

232

Redemption of series B preferred stock and conversion into cash | $

$ 200,000

Restricted Stock [Member]

Class of Stock [Line Items]

Share-based Compensation | $

400,000

$ 500,000

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

$ 400,000

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

2 years

Remaining compensation cost is expected to be recognized (in years)

2 years

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

Class of Stock [Line Items]

Share-based Compensation | $

$ 4,100,000

3,900,000

$ 3,600,000

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

Class of Stock [Line Items]

Share-based Compensation | $

$ 3,700,000

$ 3,000,000

$ 1,600,000

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

277,001

247,138

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

3 years

3 years

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, Options, Grants in Period, Gross

554,003

494,279

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

3 years

3 years

Restricted Stock [Member]

Class of Stock [Line Items]

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

3 years

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

Class of Stock [Line Items]

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

7,126

Compensation cost recognized | $

$ 300,000

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

Class of Stock [Line Items]

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

348,117

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

Class of Stock [Line Items]

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

21,889

27,111

46,075

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

3 years

Number Of Executive Officers To Whom Shares Were Issued In Lieu Of Salaries | person

2

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

$ 6,100,000

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

1 year 7 months 6 days

Remaining compensation cost is expected to be recognized (in years)

1 year 7 months 6 days

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

Class of Stock [Line Items]

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

15,855

19,209

23,206

22,598

193,112

19,683

7,381

19,197

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

3 years

Compensation cost recognized | $

$ 400,000

Number Of Executive Officers To Whom Shares Were Issued In Lieu Of Salaries | person

2

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares

48,939

144,173

Class A Common Stock

Class of Stock [Line Items]

Common stock, par value (in dollars per share) | $ / shares

$ 0.01

$ 0.01

Redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)

181,597

Preferred Stock, Value, Issued | $

$ 100,000,000

Common Stock, Shares, Issued

27,257,586

22,020,950

Shares Issued, Price Per Share | $ / shares

$ 12.01

Proceeds from Issuance of Common Stock | $

$ 7,300,000

Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)

14,592,550

Total Redemption Of Series b Preferred Stock And Conversion Into Class Common Stock Shares

16,540,204

Stock Issued During Period, Shares, Exercise Of Warrants

1,280,858

Class A Common Stock | Share Repurchase Plan [Member]

Class of Stock [Line Items]

Stock Repurchased During Period, Value | $

$ 46,400,000

Class A Common Stock | New Plan [Member]

Class of Stock [Line Items]

Stock Repurchase Program, Authorized Amount | $

$ 75,000,000

Class A Common Stock | Maximum

Class of Stock [Line Items]

Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares

$ 14.71

Class A Common Stock | Minimum

Class of Stock [Line Items]

Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares

$ 10

Class A Common Stock | Stock Offering [Member]

Class of Stock [Line Items]

Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)

283,966

Class A Common Stock | Warrant [Member]

Class of Stock [Line Items]

Shares excluded from the diluted shares calculations

154,810

140,334

Class A Common Stock | Restricted Stock [Member]

Class of Stock [Line Items]

Shares excluded from the diluted shares calculations

70,254

63,045

22,807

Stock Issued During Period, Shares, In Lieu Of Executive Salaries

25,174

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

57,654

Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ / shares

$ 10.42

$ 4.80

Total fair value | $

$ 400,000

Class A Common Stock | Restricted Stock [Member]

Class of Stock [Line Items]

Number Of Executive Officers To Whom Shares Were Issued In Lieu Of Salaries | person

2

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

89,054

Total fair value | $

$ 600,000

Class A Common Stock | Fourth Amended 2014 Incentive Plans [Member] | Maximum

Class of Stock [Line Items]

Number Of Additional Shares To Be Issued

3,000,000

Aggregate Shares After Issuance Of Additional Shares

6,800,000

Class C Common Stock

Class of Stock [Line Items]

Common stock, par value (in dollars per share) | $ / shares

$ 0.01

$ 0.01

Common Stock, Shares, Issued

76,603

76,603

Series B Preferred Stock [Member]

Class of Stock [Line Items]

Preferred Stock, Dividend Rate, Percentage

6.00%

Preferred Stock Redemption Fee Percentage.

13.00%

Preferred Stock Redemption Fee Percentage after One Year.

10.00%

Preferred Stock Redemption Fee Percentage After Three Year.

5.00%

Preferred Stock Redemption Fee Percentage After Four Year.

3.00%

Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)

150,758

Total Redemption Of Series b Preferred Stock And Conversion Into Class Common Stock Shares

173,865

Class of Warrant or Right, Outstanding

247,397

Class of Warrant or Right, Exercise Price of Warrants or Rights, As Percentage Of Market Price Of Common Stock

120.00%

Class of Warrant or Right, Exercise of Warrants or Rights, Threshold Number Of Trading Days | D

20

Class of Warrant or Right, Number of Securities Called by Each Warrant or Right

20

Warrants and Rights Outstanding, Term

1 year

Warrants and Rights Outstanding, Expiration Term

4 years

Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised

125,501

Series B Preferred Stock [Member] | Minimum

Class of Stock [Line Items]

Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares

$ 10

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

Class of Stock [Line Items]

Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)

3,302

At The Market Offerings [Member]

Class of Stock [Line Items]

Common Stock, Shares, Issued

621,110

Series T Preferred Stock [Member]

Class of Stock [Line Items]

Shares issued

28,369,906

Proceeds from Issuance of Preferred Stock and Preference Stock | $

$ 638,300,000

Redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)

81,246

Preferred Stock, Redemption Price Per Share | $ / shares

$ 25

Preferred Stock, Dividend Rate, Percentage

6.15%

Percentage of Dividend Declared Per Share

0.20%

Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ / shares

$ 0.05

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

Class of Stock [Line Items]

Shares issued

18,535,916

Proceeds from Issuance of Preferred Stock and Preference Stock | $

$ 417,100,000

Preferred Stock Offering Commissions And Dealer Manager Fees | $

$ 46,300,000

Series T Preferred Stock [Member] | Stock Offering [Member] | Dividend Reinvestment Plan [Member]

Class of Stock [Line Items]

Shares issued

109,661

Proceeds from Issuance of Preferred Stock and Preference Stock | $

$ 2,700,000

Cumulative Redeemable Preferred Stock | Series A [Member]

Class of Stock [Line Items]

Preferred Stock, Dividend Rate, Percentage

8.25%

8.25%

8.25%

Preferred Stock, Par or Stated Value Per Share | $ / shares

$ 0.01

Cumulative Redeemable Preferred Stock | Series C [Member]

Class of Stock [Line Items]

Preferred Stock, Dividend Rate, Percentage

7.625%

7.625%

7.625%

Preferred Stock, Par or Stated Value Per Share | $ / shares

$ 0.01

Cumulative Redeemable Preferred Stock | Series D [Member]

Class of Stock [Line Items]

Preferred Stock, Value, Issued | $

$ 66,867,000

$ 66,867,000

Preferred Stock, Dividend Rate, Percentage

7.125%

7.125%

7.125%

7.125%

Preferred Stock, Par or Stated Value Per Share | $ / shares

$ 0.01

Class A common stock, 8.250% Series A Cumulative Redeemable Preferred Stock, 7.625% Series C Cumulative Redeemable Preferred Stock and/or 7.125% Series D Cumulative Preferred Stock [Member]

Class of Stock [Line Items]

Stock Repurchase Program, Authorized Amount | $

$ 50,000,000

$ 75,000,000

Class A common stock, 8.250% Series A Cumulative Redeemable Preferred Stock, 7.625% Series C Cumulative Redeemable Preferred Stock and/or 7.125% Series D Cumulative Preferred Stock [Member] | Maximum

Class of Stock [Line Items]

Stock Repurchase Program, Authorized Amount | $

$ 150,000,000

8.250% Series A Cumulative Redeemable Preferred Stock

Class of Stock [Line Items]

Preferred Stock, Redemption Price Per Share | $ / shares

$ 25

$ 25

$ 25

$ 25

Preferred Stock, Dividend Rate, Percentage

8.25%

Temporary Equity, Stock Redeemed During Period, Shares

1,963,551

1,393,294

Accrued and unpaid dividends (in dollars per share) | $ / shares

0.320833

$ 0.464063

$ 0.120313

Total redemption payment (in dollars per share) | $ / shares

$ 25.320833

$ 25.464063

$ 25.120313

Number of shares redeemed

2,201,547

Preferred Stock [Member]

Class of Stock [Line Items]

Preferred Stock, Value, Issued | $

$ 0

$ 0

Redeemable Preferred Stock | Series C [Member]

Class of Stock [Line Items]

Preferred Stock, Dividend Rate, Percentage

7.625%

Series D Cumulative Redeemable Preferred Stock Member [Member]

Class of Stock [Line Items]

Preferred Stock, Redemption Price Per Share | $ / shares

$ 25

Preferred Stock, Dividend Rate, Percentage

7.125%

Series T Redeemable Preferred Stock [Member]

Class of Stock [Line Items]

Preferred Stock Redemption Fee Percentage.

12.00%

Preferred Stock Redemption Fee Percentage after One Year.

9.00%

Preferred Stock Redemption Fee Percentage After Two Year

6.00%

Preferred Stock Redemption Fee Percentage After Three Year.

3.00%

Series C Cumulative Redeemable Preferred Stock [Member]

Class of Stock [Line Items]

Preferred Stock, Redemption Price Per Share | $ / shares

$ 25

$ 25

Preferred Stock, Dividend Rate, Percentage

7.625%

Preferred Stock Increase In Annual Dividend Rate.

2.00%

Series C Cumulative Redeemable Preferred Stock [Member] | Maximum

Class of Stock [Line Items]

Preferred Stock Increase In Annual Dividend Rate.

14.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies
Preferred equity, loan and joint venture investments	$ 158.5	$ 35

Segment Information - Summary o

Segment Information - Summary of NOI and Reconciliation of NOI to consolidated statement of operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Rental and other property revenues	$ 203,689	$ 196,522	$ 185,376
Operating expenses
Total property operating expenses	76,002	76,301	74,449
Net operating income
Total net operating income	127,687	120,221	110,927
Reconciling items:
Interest income from loan and ground lease investments	16,962	23,326	24,595
Property management fees	(5,390)	(4,988)	(4,899)
General and administrative	(27,787)	(24,141)	(22,553)
Acquisition and pursuit costs	(448)	(4,152)	(556)
Weather-related losses, net	(1,001)		(355)
Depreciation and amortization	(80,051)	(79,452)	(70,452)
Other income	549	144	68
Preferred returns on unconsolidated real joint ventures	12,067	11,250	9,797
Provision for credit losses	(384)	(16,369)	0
Gain on sale of real estate investments	137,427	59,508	48,680
Gain on sale of non-depreciable real estate investments			679
Transaction Costs	(15,036)
Loss on extinguishment of debt and debt modification costs	(6,740)	(14,630)	(7,258)
Interest expense, net	(52,701)	(55,994)	(59,554)
Net (loss) income	105,154	14,723	29,119
Preferred stock dividends	(63,606)	(58,463)	(46,159)
Preferred stock accretion	(24,633)	(16,851)	(10,335)
Operating Partnership units	2,250	(17,313)	(6,779)
Partially-owned properties	11,192	1,396	(845)
Net income (loss) attributable to noncontrolling interests	13,442	(15,917)	(7,624)
Net income (loss) attributable to common stockholders	3,473	(44,674)	(19,751)
Multifamily
Revenues
Rental and other property revenues	194,414	193,963	185,294
Operating expenses
Total property operating expenses	72,775	75,411	74,414
Net operating income
Total net operating income	121,639	118,552	110,880
Single-family
Revenues
Rental and other property revenues	9,275	2,559	82
Operating expenses
Total property operating expenses	3,227	890	35
Net operating income
Total net operating income	$ 6,048	$ 1,669	$ 47

Segment Information - Summary A

Segment Information - Summary Assets and Reconciliation to consolidated balance sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Real Estate Investments
Total Net Operating Real Estate Investments	$ 2,047,298	$ 2,060,964
Multifamily operating real estate held for sale, net	0	36,213
Total Net Real Estate Investments	2,047,298	2,097,177
Reconciling items:
Cash and cash equivalents	166,492	83,868	$ 31,683
Restricted cash	30,015	35,093	$ 19,085
Notes and accrued interest receivable, net	173,489	157,734
Due from affiliates	711	339
Accounts receivable, prepaids and other assets, net	43,108	29,502
Preferred equity investments and investments in unconsolidated real estate joint ventures, net	135,690	83,485
In-place lease intangible assets, net	2,530	2,594
Non-real estate assets associated with multifamily operating real estate held for sale	0	145
TOTAL ASSETS	2,599,333	2,489,937
Multifamily
Net Real Estate Investments
Total Net Operating Real Estate Investments	1,729,214	2,031,899
Single-family
Net Real Estate Investments
Total Net Operating Real Estate Investments	$ 318,084	$ 29,065

Segment Information - Additiona

Segment Information - Additional Information (Details) - segment	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segment Information
Number of reportable segments	2	1

Subsequent Events - Declaration

Subsequent Events - Declaration of Dividends (Details) - Subsequent Event [Member] - Dividend Declared [Member]	Jan. 14, 2022$ / shares
Series B Preferred Stock [Member] | February 4, 2022
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 5
Series B Preferred Stock [Member] | March 4, 2022
Subsequent Event [Line Items]
Declaration of Dividends, Amount	5
Series B Preferred Stock [Member] | April 5, 2022
Subsequent Event [Line Items]
Declaration of Dividends, Amount	5
Series T Preferred Stock [Member] | February 4, 2022
Subsequent Event [Line Items]
Declaration of Dividends, Amount	0.128125
Series T Preferred Stock [Member] | March 4, 2022
Subsequent Event [Line Items]
Declaration of Dividends, Amount	0.128125
Series T Preferred Stock [Member] | April 5, 2022
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 0.128125

Subsequent Events - Distributio

Subsequent Events - Distribution paid (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Thousands	Mar. 04, 2022	Feb. 04, 2022	Jan. 05, 2022
Subsequent Events
Total Distribution			$ 24,622
Long-term Incentive Plan Units One [Member]
Subsequent Events
Dividends, Declaration Date			Dec. 10, 2021
Dividends, Record Date			Dec. 23, 2021
Dividends, Date paid			Jan. 5, 2022
Distributions per Share/Units			$ 0.1625000
Total Distribution			$ 646
Class A Common Stock
Subsequent Events
Dividends, Declaration Date			Dec. 10, 2021
Dividends, Record Date			Dec. 23, 2021
Dividends, Date paid			Jan. 5, 2022
Distributions per Share/Units			$ 0.1625000
Total Distribution			$ 4,363
Class C Common Stock
Subsequent Events
Dividends, Declaration Date			Dec. 10, 2021
Dividends, Record Date			Dec. 23, 2021
Dividends, Date paid			Jan. 5, 2022
Distributions per Share/Units			$ 0.1625000
Total Distribution			$ 12
Series B Preferred Stock [Member]
Subsequent Events
Dividends, Declaration Date	Jan. 14, 2022		Oct. 11, 2021
Dividends, Record Date	Feb. 25, 2022		Dec. 23, 2021
Dividends, Date paid	Mar. 4, 2022		Jan. 5, 2022
Distributions per Share/Units	$ 5		$ 5
Total Distribution	$ 1,794		$ 1,796
Series C Preferred Stock [Member]
Subsequent Events
Dividends, Declaration Date			Dec. 10, 2021
Dividends, Record Date			Dec. 23, 2021
Dividends, Date paid			Jan. 5, 2022
Distributions per Share/Units			$ 0.4765625
Total Distribution			$ 1,094
Series D Preferred Stock [Member]
Subsequent Events
Dividends, Declaration Date			Dec. 10, 2021
Dividends, Record Date			Dec. 23, 2021
Dividends, Date paid			Jan. 5, 2022
Distributions per Share/Units			$ 0.4453125
Total Distribution			$ 1,235
Series T Preferred Stock [Member]
Subsequent Events
Dividends, Declaration Date	Jan. 14, 2022		Oct. 11, 2021
Dividends, Record Date	Feb. 25, 2022		Dec. 23, 2021
Dividends, Date paid	Mar. 4, 2022		Jan. 5, 2022
Distributions per Share/Units	$ 0.1281250		$ 0.1281250
Total Distribution	$ 3,620		$ 3,619
Operating Partnership Units One [Member]
Subsequent Events
Dividends, Declaration Date			Dec. 10, 2021
Dividends, Record Date			Dec. 23, 2021
Dividends, Date paid			Jan. 5, 2022
Distributions per Share/Units			$ 0.1625000
Total Distribution			$ 1,027
Series B Preferred Stock One [Member]
Subsequent Events
Dividends, Declaration Date		Jan. 14, 2022
Dividends, Record Date		Jan. 25, 2022
Dividends, Date paid		Feb. 4, 2022
Distributions per Share/Units		$ 5
Total Distribution		$ 1,795
Series T Preferred Stock Two [Member]
Subsequent Events
Dividends, Declaration Date		Jan. 14, 2022
Dividends, Record Date		Jan. 25, 2022
Dividends, Date paid		Feb. 4, 2022
Distributions per Share/Units		$ 0.1281250
Total Distribution		$ 3,621

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Thousands	Feb. 28, 2022USD ($)shares	Feb. 25, 2022USD ($)	Feb. 15, 2022USD ($)item	Jan. 20, 2022USD ($)	Jan. 01, 2022shares	Apr. 12, 2021item	Jan. 01, 2020shares	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)	Jul. 01, 2020item
Business Acquisition [Line Items]
Payments to Acquire Equity Method Investments								$ 104,325	$ 24,809	$ 74,307
Proceeds from sale of interests								51,504	50,734	36,620
Accrued preferred return								12,067	11,250	9,797
Proceeds from collection of mezzanine loan								$ 22,319	$ 83,350	12,148
Class A Common Stock
Business Acquisition [Line Items]
Common Stock, Shares, Outstanding | shares								27,257,586	22,020,950
Reunion Apartments Mezzanine Financing
Business Acquisition [Line Items]
Number of extension options | item											2
Alexan CityCentre [Member]
Business Acquisition [Line Items]
Accrued preferred return								$ 2,952	$ 2,502	$ 2,108
Long-term Incentive Plan Units One [Member] | Incentive Plans 2014 [Member]
Business Acquisition [Line Items]
Granted | shares							7,126
Subsequent Event [Member] | Reunion Apartments Mezzanine Financing
Business Acquisition [Line Items]
Proceeds from collection of mezzanine loan		$ 12,500
Proceeds from collection of mezzanine loan, principal amount		10,000
Proceeds from collection of mezzanine loan, accrued interest amount		1,500
Proceeds from collection of mezzanine loan, incremental payment amount		$ 1,000
Subsequent Event [Member] | Sale of The Hartley at Blue Hill [Member]
Business Acquisition [Line Items]
Proceeds from collection of mezzanine loan	$ 34,400
Proceeds from collection of mezzanine loan, principal amount	31,000
Proceeds from collection of mezzanine loan, accrued interest amount	3,400
Subsequent Event [Member] | Sale of The Hartley at Blue Hill [Member] | Senior Loans
Business Acquisition [Line Items]
Loan provided	$ 5,000
Subsequent Event [Member] | Stock Activity [Member]
Business Acquisition [Line Items]
Warrants Exercise | shares	106,502
Warrants Outstanding | shares	138,583
Subsequent Event [Member] | Stock Activity [Member] | Class A Common Stock
Business Acquisition [Line Items]
Shares issued | shares	1,266,444
Common Stock, Shares, Outstanding | shares	29,242,107
Subsequent Event [Member] | ARIUM Grandewood
Business Acquisition [Line Items]
Proceeds from Sale of Real Estate, Gross				$ 18,700
Payment for accrued preferred return				500
Secured Debt				$ 18,200
Subsequent Event [Member] | Long-term Incentive Plan Units One [Member] | Incentive Plans 2014 [Member]
Business Acquisition [Line Items]
Granted | shares					3,546
Vest over					3 years
Subsequent Event [Member] | Long-term Incentive Plan Units One [Member] | Incentive Plans 2014 [Member] | Time-based LTIP Units [Member]
Business Acquisition [Line Items]
Granted | shares					134,131
Subsequent Event [Member] | Long-term Incentive Plan Units One [Member] | Incentive Plans 2014 [Member] | Performance Based LTIP Units [Member]
Business Acquisition [Line Items]
Granted | shares					268,265
Peak Housing [Member]
Business Acquisition [Line Items]
Number of build for rent homes | item						474
Extension term						1 year
Weatherford Mezz Loan [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Loan provided			$ 9,600
Number of build for rent homes | item			185
Number of extension options | item			30
Fixed rate			12.00%

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 1,365,975
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		287,389
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		1,888,580
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		95,452
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		287,406
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		1,984,015
SEC Schedule III, Real Estate, Gross, Total		2,271,421	$ 2,291,934	$ 2,088,886	$ 1,802,668
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		224,123	194,757	$ 141,566	$ 108,911
Proceeds from credit facility		0	$ 33,000
Gulfshore Apartment Homes [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		46,345
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		10,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		36,047
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		6,178
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		10,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		42,225
SEC Schedule III, Real Estate, Gross, Total		52,225
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 9,995
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2016
Gulfshore Apartment Homes [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Gulfshore Apartment Homes [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Preserve at Henderson Beach [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 48,490
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,100
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		50,117
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		3,275
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,100
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		53,392
SEC Schedule III, Real Estate, Gross, Total		57,492
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 10,475
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2016
The Preserve at Henderson Beach [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Preserve at Henderson Beach [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Westside [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 51,841
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		8,657
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		63,402
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		4,653
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		8,657
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		68,055
SEC Schedule III, Real Estate, Gross, Total		76,712
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 11,847
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2016
ARIUM Westside [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Westside [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ARIUM Glenridge. [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 49,170
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		14,513
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		52,324
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		10,855
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		14,513
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		63,179
SEC Schedule III, Real Estate, Gross, Total		77,692
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 12,858
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2016
ARIUM Glenridge. [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ARIUM Glenridge. [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Pine Lakes Preserve [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 42,728
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,760
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		31,854
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		3,552
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,760
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		35,406
SEC Schedule III, Real Estate, Gross, Total		41,166
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 8,887
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2016
Pine Lakes Preserve [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Pine Lakes Preserve [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Brodie | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 32,876
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		42,497
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		3,240
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		45,737
SEC Schedule III, Real Estate, Gross, Total		51,137
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 9,871
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2016
The Brodie | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Brodie | Property Under Development [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Roswell City Walk [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 49,050
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		8,423
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		66,249
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		903
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		8,423
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		67,152
SEC Schedule III, Real Estate, Gross, Total		75,575
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 11,704
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2016
Roswell City Walk [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Roswell City Walk [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Wesley Village [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 38,730
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		50,062
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		2,588
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		52,650
SEC Schedule III, Real Estate, Gross, Total		58,250
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 7,927
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2017
Wesley Village [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Wesley Village [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Villages of cypress creek [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 33,520
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,650
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		35,990
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		3,306
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,650
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		39,296
SEC Schedule III, Real Estate, Gross, Total		43,946
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 6,528
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2017
Villages of cypress creek [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Villages of cypress creek [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Citrus Tower [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 39,896
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,208
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		49,388
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		2,667
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,208
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		52,055
SEC Schedule III, Real Estate, Gross, Total		57,263
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 8,739
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2017
Citrus Tower [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Citrus Tower [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Outlook at Greystone [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 21,930
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,950
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		31,664
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		4,930
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,950
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		36,594
SEC Schedule III, Real Estate, Gross, Total		40,544
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 6,521
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2017
Outlook at Greystone [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Outlook at Greystone [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Burano Hunter's Creek | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 69,502
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		9,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		86,202
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		6,253
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		9,600
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		92,455
SEC Schedule III, Real Estate, Gross, Total		102,055
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 14,397
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2017
Burano Hunter's Creek | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Burano Hunter's Creek | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Debra Metrowest | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 63,982
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		10,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		74,768
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		6,335
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		10,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		81,103
SEC Schedule III, Real Estate, Gross, Total		91,303
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 12,879
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2017
The Debra Metrowest | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Debra Metrowest | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Mills [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 24,731
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,300
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		36,969
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,268
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,300
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		38,237
SEC Schedule III, Real Estate, Gross, Total		41,537
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 5,465
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2017
The Mills [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Mills [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Links at Plum Creek [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 38,916
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		2,960
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		57,803
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		4,457
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		2,960
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		62,260
SEC Schedule III, Real Estate, Gross, Total		65,220
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 9,386
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2018
The Links at Plum Creek [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Links at Plum Creek [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Sands Parc [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Proceeds from credit facility		$ 0
Sands Parc [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	[1]	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		3,170
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		42,443
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		639
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		3,170
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		43,082
SEC Schedule III, Real Estate, Gross, Total		46,252
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 5,398
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2018
Sands Parc [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Sands Parc [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Veranda at Centerfield [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 25,962
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,120
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		35,506
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		2,843
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,120
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		38,349
SEC Schedule III, Real Estate, Gross, Total		43,469
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 5,453
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2018
Veranda at Centerfield [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Veranda at Centerfield [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Ashford Belmar [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 100,675
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		18,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		124,149
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		6,198
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		18,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		130,347
SEC Schedule III, Real Estate, Gross, Total		148,747
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 16,336
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2018
Ashford Belmar [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Ashford Belmar [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Element [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 29,260
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		8,056
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		33,346
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,255
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		8,056
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		34,601
SEC Schedule III, Real Estate, Gross, Total		42,657
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,605
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2019
Element [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Element [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Providence Trail [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 47,587
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,362
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		62,620
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,883
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,362
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		64,503
SEC Schedule III, Real Estate, Gross, Total		69,865
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 5,651
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2019
Providence Trail [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Providence Trail [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Denim [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 101,205
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		43,182
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		96,361
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		5,020
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		43,182
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		101,381
SEC Schedule III, Real Estate, Gross, Total		144,563
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 9,922
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2019
Denim [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Denim [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
The Sanctuary [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 33,707
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,406
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		45,805
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		2,247
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,406
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		48,052
SEC Schedule III, Real Estate, Gross, Total		53,458
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 5,062
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2019
The Sanctuary [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
The Sanctuary [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Chattahoochee Ridge [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 45,338
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		9,660
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		59,457
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		2,629
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		9,660
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		62,086
SEC Schedule III, Real Estate, Gross, Total		71,746
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 4,383
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2019
Chattahoochee Ridge [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Chattahoochee Ridge [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Navigator Villas [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 20,361
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		2,026
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		27,206
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		869
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		2,027
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		28,074
SEC Schedule III, Real Estate, Gross, Total		30,101
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 2,079
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2019
Navigator Villas [Member] | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Navigator Villas [Member] | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Avenue 25 | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 36,566
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,527
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		50,679
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,441
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,527
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		52,120
SEC Schedule III, Real Estate, Gross, Total		57,647
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 3,443
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2020
Avenue 25 | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Avenue 25 | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Falls at Forsyth | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	[1]	$ 51,331
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		7,067
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		74,445
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		641
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		7,070
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		75,083
SEC Schedule III, Real Estate, Gross, Total		82,153
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 4,315
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2020
Falls at Forsyth | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Falls at Forsyth | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Chevy Chase | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 24,400
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,453
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		28,843
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		857
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,453
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		29,700
SEC Schedule III, Real Estate, Gross, Total		35,153
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,646
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2020
Chevy Chase | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Chevy Chase | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Elan | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 25,508
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,185
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		36,612
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		469
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,187
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		37,079
SEC Schedule III, Real Estate, Gross, Total		41,266
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,398
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2020
Elan | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Elan | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Carrington At Perimeter Park | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 31,244
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,041
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		48,798
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		537
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,041
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		49,335
SEC Schedule III, Real Estate, Gross, Total		54,376
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1,727
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2020
Carrington At Perimeter Park | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Carrington At Perimeter Park | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Cielo On Gilbert | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 58,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		7,292
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		66,219
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		1,305
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		7,292
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		67,524
SEC Schedule III, Real Estate, Gross, Total		74,816
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 2,717
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2020
Cielo On Gilbert | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Cielo On Gilbert | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Yauger Park Villas | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 14,921
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		1,322
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		24,575
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		211
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		1,322
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		24,786
SEC Schedule III, Real Estate, Gross, Total		26,108
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 683
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
Yauger Park Villas | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Yauger Park Villas | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Wayford at Concord | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		2,933
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		40,920
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		54
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		2,933
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		40,974
SEC Schedule III, Real Estate, Gross, Total		43,907
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 784
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
Wayford at Concord | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Wayford at Concord | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Windsor Falls | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 27,442
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		10,161
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		39,806
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		121
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		10,161
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		39,927
SEC Schedule III, Real Estate, Gross, Total		50,088
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 625
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
Windsor Falls | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Windsor Falls | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Indy | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		593
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		3,210
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		11
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		594
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		3,220
SEC Schedule III, Real Estate, Gross, Total		3,814
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 36
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
Indy | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Indy | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Springfield | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		7,711
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		41,435
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		33
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		7,715
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		41,464
SEC Schedule III, Real Estate, Gross, Total		49,179
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 461
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
Springfield | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Springfield | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Springtown | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		1,459
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		7,919
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		14
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		1,461
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		7,931
SEC Schedule III, Real Estate, Gross, Total		9,392
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 66
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
Springtown | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Springtown | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Texarkana | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		438
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		2,681
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		8
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		439
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		2,688
SEC Schedule III, Real Estate, Gross, Total		3,127
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 22
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
Texarkana | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Texarkana | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Lubbock | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		719
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		4,892
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		26
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		721
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		4,916
SEC Schedule III, Real Estate, Gross, Total		5,637
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 41
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
Lubbock | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Lubbock | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Granbury | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		751
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		7,497
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		7
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		751
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		7,504
SEC Schedule III, Real Estate, Gross, Total		8,255
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 62
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
Granbury | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Granbury | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Axelrod | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		1,115
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		3,078
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		10
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		1,115
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		3,088
SEC Schedule III, Real Estate, Gross, Total		4,203
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 26
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
Axelrod | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Axelrod | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
ILE | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 26,825
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		11,276
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		46,997
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		855
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		11,277
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		47,851
SEC Schedule III, Real Estate, Gross, Total		59,128
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 113
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
ILE | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
ILE | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Springtown 2.0 | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		106
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		2,891
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		106
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		2,891
SEC Schedule III, Real Estate, Gross, Total		2,997
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 16
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
Springtown 2.0 | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Springtown 2.0 | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Lubbock 2.0 | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		718
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		8,550
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		718
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		8,550
SEC Schedule III, Real Estate, Gross, Total		9,268
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 47
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
Lubbock 2.0 | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Lubbock 2.0 | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Lynnwood | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		281
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		2,192
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		281
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		2,192
SEC Schedule III, Real Estate, Gross, Total		2,473
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 6
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
Lynnwood | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Lynnwood | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Golden Pacific | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		251
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		1,122
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		19
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		251
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		1,141
SEC Schedule III, Real Estate, Gross, Total		1,392
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 1
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
Golden Pacific | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Golden Pacific | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Lynnwood 2.0 | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		266
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		2,244
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		266
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		2,244
SEC Schedule III, Real Estate, Gross, Total		2,510
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 6
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
Lynnwood 2.0 | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Lynnwood 2.0 | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Lubbock 3.0 | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		245
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		4,382
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		245
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		4,382
SEC Schedule III, Real Estate, Gross, Total		4,627
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 12
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
Lubbock 3.0 | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Lubbock 3.0 | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
Texas Portfolio 183 | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		4,138
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		23,764
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		4,138
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		23,764
SEC Schedule III, Real Estate, Gross, Total		27,902
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
Texas Portfolio 183 | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Texas Portfolio 183 | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
DFW 189 | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		5,638
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		22,415
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		5,638
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		22,415
SEC Schedule III, Real Estate, Gross, Total		28,053
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2021
DFW 189 | Real Estate Held For Investment [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
DFW 189 | Real Estate Held For Investment [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		3 years
REIT Operator [Member] | Property Under Development [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		185
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		790
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		975
SEC Schedule III, Real Estate, Gross, Total		975
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 502
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2017
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		5 years
Fannie Facility [Member] | Property Under Development [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 13,936
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		0
SEC Schedule III, Real Estate, Gross, Total		0
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition		2020
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		7 years
Subtotal [Member] | Real Estate Held For Investment [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		$ 1,352,039
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		287,389
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		1,888,395
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		94,662
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		287,406
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		1,983,040
SEC Schedule III, Real Estate, Gross, Total		2,270,446
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		223,621
Subtotal [Member] | Property Under Development [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances		13,936
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements		185
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements		790
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land		0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements		975
SEC Schedule III, Real Estate, Gross, Total		975
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance		$ 502
[1]	Sands Parc was funded, in part, by a secured credit facility. As of December 31, 2021, there was no outstanding balance on the credit facility.

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule III - Real Estate and Accumulated Depreciation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Beginning Balance	$ 2,291,934	$ 2,088,886	$ 1,802,668
Construction and acquisition cost	372,179	358,288	580,208
Disposition of real estate	(392,692)	(155,240)	(293,990)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance	$ 2,271,421	$ 2,291,934	$ 2,088,886

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule III - Real Estate and Accumulated Depreciation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Beginning Balance	$ 194,757	$ 141,566	$ 108,911
Current year depreciation expense	74,151	72,826	63,709
Disposition of real estate	(44,785)	(19,635)	(31,054)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance	$ 224,123	$ 194,757	$ 141,566