Document_And_Entity_Informatio
| Document And Entity Information | 3 Months Ended | ||||
| Mar. 31, 2014 | 7-May-14 | 7-May-14 | 7-May-14 | 7-May-14 | |
| Common Class A [Member] | Common Class B-1 [Member] | Common Class B-2 [Member] | Common Class B-3 [Member] | ||
| Document Information [Line Items] | ' | ' | ' | ' | ' |
| Entity Registrant Name | 'Bluerock Residential Growth REIT, Inc. | ' | ' | ' | ' |
| Entity Central Index Key | '0001442626 | ' | ' | ' | ' |
| Current Fiscal Year End Date | '--12-31 | ' | ' | ' | ' |
| Entity Filer Category | 'Smaller Reporting Company | ' | ' | ' | ' |
| Trading Symbol | 'CIK0001442626 | ' | ' | ' | ' |
| Entity Common Stock, Shares Outstanding | ' | 4,495,744 | 353,630 | 353,630 | 353,629 |
| Document Type | '10-Q | ' | ' | ' | ' |
| Amendment Flag | 'false | ' | ' | ' | ' |
| Document Period End Date | 31-Mar-14 | ' | ' | ' | ' |
| Document Fiscal Period Focus | 'Q1 | ' | ' | ' | ' |
| Document Fiscal Year Focus | '2014 | ' | ' | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
| CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
| ASSETS | ' | ' |
| Land | $25,750,000 | $25,750,000 |
| Building and improvements | 108,336,965 | 102,760,752 |
| Construction in progress | 14,200,628 | 16,695,988 |
| Furniture, fixtures and equipment | 3,473,879 | 2,942,264 |
| Total Gross Operating Real Estate Investments | 151,761,472 | 148,149,004 |
| Accumulated depreciation | -5,551,525 | -4,515,937 |
| Total Net Operating Real Estate | 146,209,947 | 143,633,067 |
| Operating real estate held for sale, net | 0 | 19,372,277 |
| Total Net Real Estate Investments | 146,209,947 | 163,005,344 |
| Cash and cash equivalents | 3,132,182 | 2,983,785 |
| Restricted cash | 1,996,482 | 2,002,117 |
| Due from affiliates | 4,287 | 514,414 |
| Accounts receivable, prepaids and other assets | 2,820,792 | 1,433,755 |
| Investments in unconsolidated real estate joint ventures (Note 5) | 1,216,564 | 1,254,307 |
| Deferred financing costs, net | 689,131 | 761,515 |
| Assets related to discontinued operations | 338,051 | 570,855 |
| Total Assets | 156,407,436 | 172,526,092 |
| LIABILITIES AND STOCKHOLDERSb EQUITY | ' | ' |
| Mortgage payable | 100,312,816 | 96,534,338 |
| Line of credit (Note 6) | 7,571,223 | 7,571,223 |
| Accounts payable | 2,340,986 | 2,397,481 |
| Other accrued liabilities | 2,759,664 | 2,280,133 |
| Due to affiliates | 2,066,572 | 2,254,403 |
| Distributions payable | 0 | 143,463 |
| Liabilities related to discontinued operations | 677,048 | 15,262,832 |
| Total Liabilities | 115,728,309 | 126,443,873 |
| Stockholdersb Equity | ' | ' |
| Additional paid-in-capital, net of costs | 21,775,003 | 21,747,713 |
| Cumulative distributions and net losses | -11,090,242 | -9,770,468 |
| Total Stockholdersb Equity | 10,695,369 | 12,001,393 |
| Noncontrolling interests | 29,983,758 | 34,080,826 |
| Total Equity | 40,679,127 | 46,082,219 |
| TOTAL LIABILITIES AND STOCKHOLDERSb EQUITY | 156,407,436 | 172,526,092 |
| Preferred Stock [Member] | ' | ' |
| Stockholdersb Equity | ' | ' |
| Preferred stock, value | 0 | 0 |
| Common Stock [Member] | ' | ' |
| Stockholdersb Equity | ' | ' |
| Common stock, value | 0 | 24,138 |
| Common Class A [Member] | ' | ' |
| Stockholdersb Equity | ' | ' |
| Common stock, value | 0 | 0 |
| Common Class B-1 [Member] | ' | ' |
| Stockholdersb Equity | ' | ' |
| Common stock, value | 3,536 | 0 |
| Common Class B-2 [Member] | ' | ' |
| Stockholdersb Equity | ' | ' |
| Common stock, value | 3,536 | 0 |
| Common Class B-3 [Member] | ' | ' |
| Stockholdersb Equity | ' | ' |
| Common stock, value | 3,536 | 0 |
| Nonvoting Convertible Stock [Member] | ' | ' |
| Stockholdersb Equity | ' | ' |
| Preferred stock, value | $0 | $10 |
CONSOLIDATED_BALANCE_SHEETS_Pa
| CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
| Common Stock [Member] | ' | ' |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 |
| Common stock, shares authorized | 0 | 749,999,000 |
| Common stock, shares issued | 0 | 2,413,811 |
| Common stock, shares outstanding | 0 | 2,413,811 |
| Common Class A [Member] | ' | ' |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 |
| Common stock, shares authorized | 747,586,185 | 0 |
| Common stock, shares issued | 0 | 0 |
| Common stock, shares outstanding | 0 | 0 |
| Common Class B-1 [Member] | ' | ' |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 |
| Common stock, shares authorized | 804,605 | 0 |
| Common stock, shares issued | 353,630 | 0 |
| Common stock, shares outstanding | 353,630 | 0 |
| Common Class B-2 [Member] | ' | ' |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 |
| Common stock, shares authorized | 804,605 | 0 |
| Common stock, shares issued | 353,630 | 0 |
| Common stock, shares outstanding | 353,630 | 0 |
| Common Class B-3 [Member] | ' | ' |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 |
| Common stock, shares authorized | 804,605 | 0 |
| Common stock, shares issued | 353,629 | 0 |
| Common stock, shares outstanding | 353,629 | 0 |
| Preferred Stock [Member] | ' | ' |
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
| Preferred stock, shares authorized | 250,000,000 | 250,000,000 |
| Preferred stock, issued | 0 | 0 |
| Preferred stock, outstanding | 0 | 0 |
| Nonvoting Convertible Stock [Member] | ' | ' |
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
| Preferred stock, shares authorized | 0 | 1,000 |
| Preferred stock, issued | 0 | 1,000 |
| Preferred stock, outstanding | 0 | 1,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
| CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |||
| Mar. 31, 2014 | Mar. 31, 2013 | |||
| Revenues | ' | ' | ||
| Net rental income | $3,130,179 | $2,891,602 | ||
| Other | 130,476 | 126,932 | ||
| Total revenues | 3,260,655 | 3,018,534 | ||
| Expenses | ' | ' | ||
| Property operating expenses | 1,088,994 | 776,977 | ||
| Management fees | 119,215 | 107,524 | ||
| Depreciation and amortization | 1,107,971 | 1,715,876 | ||
| General and administrative expenses | 530,241 | 451,175 | ||
| Asset management and oversight fees to affiliates | 116,461 | 125,831 | ||
| Real estate taxes and insurance | 406,863 | 352,923 | ||
| Acquisition costs | 13,809 | 77,556 | ||
| Total expenses | 3,383,554 | 3,607,862 | ||
| Other operating activities | ' | ' | ||
| Equity in operating (loss) earnings of unconsolidated joint ventures (Note 5) | -5,851 | 54,207 | ||
| Operating loss | -128,750 | -535,121 | ||
| Other expense | ' | ' | ||
| Interest expense, net | -1,123,322 | -1,146,899 | ||
| Total other expense | -1,123,322 | -1,146,899 | ||
| Net loss from continuing operations | -1,252,072 | -1,682,020 | ||
| Discontinued operations | ' | ' | ||
| Loss on operations of rental property | -62,736 | -68,983 | ||
| Loss on early extinguishment of debt | -879,583 | 0 | ||
| Gain on sale of joint venture interest | 1,006,359 | 0 | ||
| Gain (loss) from discontinued operations | 64,040 | -68,983 | ||
| Net income (loss) | -1,188,032 | -1,751,003 | ||
| Net loss attributable to noncontrolling interest | -141,286 | -524,871 | ||
| Net loss attributable to common shareholders | ($1,046,746) | ($1,226,132) | ||
| Loss per common share - continuing operations(1) | ' | ' | ||
| Basic Income (Loss) Per Common Share (in dollars per share) | ($1.05) | [1] | ($1.16) | [1] |
| Diluted Income (Loss) Per Common Share (in dollars per share) | ($1.05) | [1] | ($1.16) | [1] |
| Income (Loss) per common share b discontinued operations(1) | ' | ' | ||
| Basic (Loss) Income Per Common Share (in dollars per share) | $0.06 | [1],[2] | ($0.07) | [1],[2] |
| Diluted (Loss) Income Per Common Share (in dollars per share) | $0.06 | [1],[2] | ($0.07) | [1],[2] |
| Weighted Average Basic Common Shares Outstanding (in shares) | 1,060,889 | [1],[2] | 995,154 | [1],[2] |
| Weighted Average Diluted Common Shares Outstanding (in shares) | 1,060,889 | [1] | 995,154 | [1] |
| [1] | Share and per share amounts have been restated to reflect the effects of two reverse stock splits which occurred during the first quarter of 2014. See Note 1, "Organization and Nature of Business" and Note 9, "Stockholders' Equity" for further discussion. | |||
| [2] | For 2014, amounts relate to Class B-1, B-2 and B-3 common shares outstanding. For 2013 amounts relate to common shares outstanding | |||
CONSOLIDATED_STATEMENTS_OF_STO
| CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Nonvoting Convertible Stock [Member] | Common Stock [Member] | Common Class B-1 [Member] | Common Class B-2 [Member] | Common Class B-3 [Member] | Additional Paid-in Capital [Member] | Cumulative Distributions [Member] | Net Income (Loss) to Common Stockholders [Member] | Noncontrolling Interests [Member] |
| Balance at Dec. 31, 2012 | $43,111,392 | $10 | $22,194 | $0 | $0 | $0 | $16,157,954 | ($2,001,916) | ($3,140,281) | $32,073,431 |
| Balance (in shares) at Dec. 31, 2012 | ' | 1,000 | 2,219,432 | 0 | 0 | 0 | ' | ' | ' | ' |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Issuance of restricted stock, net | 88,750 | ' | 90 | ' | ' | ' | 88,660 | ' | ' | ' |
| Issuance of restricted stock, net (in shares) | ' | ' | 9,000 | ' | ' | ' | ' | ' | ' | ' |
| Issuance of common stock, net | 1,506,405 | ' | 1,952 | ' | ' | ' | 1,504,453 | ' | ' | ' |
| Issuance of common stock, net (in shares) | ' | ' | 195,379 | ' | ' | ' | ' | ' | ' | ' |
| Redemptions of common stock | 0 | ' | -98 | ' | ' | ' | 98 | ' | ' | ' |
| Redemptions of common stock (in shares) | ' | ' | -10,000 | ' | ' | ' | ' | ' | ' | ' |
| Transfers to redeemable common stock | -441,269 | ' | ' | ' | ' | ' | -441,269 | ' | ' | ' |
| Transfers from redeemable common stock | 738,550 | ' | ' | ' | ' | ' | 738,550 | ' | ' | ' |
| Gain on partial sale of controlling interest | 3,699,267 | ' | ' | ' | ' | ' | 3,699,267 | ' | ' | ' |
| Distributions declared | -1,657,270 | ' | ' | ' | ' | ' | ' | -1,657,270 | ' | ' |
| Distributions to noncontrolling interests | -1,153,982 | ' | ' | ' | ' | ' | ' | ' | ' | -1,153,982 |
| Noncontrolling interest upon acquisition | 4,603,929 | ' | ' | ' | ' | ' | ' | ' | ' | 4,603,929 |
| Net loss | -4,413,553 | ' | ' | ' | ' | ' | ' | ' | -2,971,001 | -1,442,552 |
| Balance at Dec. 31, 2013 | 46,082,219 | 10 | 24,138 | 0 | 0 | 0 | 21,747,713 | -3,659,186 | -6,111,282 | 34,080,826 |
| Balance (in shares) at Dec. 31, 2013 | ' | 1,000 | 2,413,811 | 0 | 0 | 0 | ' | ' | ' | ' |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Reverse stock-split effect, net (in shares) | ' | ' | 2,413,811 | 353,630 | 353,630 | 353,629 | ' | ' | ' | ' |
| Reverse stock-split effect (Note 9) | 0 | ' | -24,138 | 3,536 | 3,536 | 3,536 | 13,530 | ' | ' | ' |
| Issuance of common stock for compensation | 13,750 | ' | ' | ' | ' | ' | 13,750 | ' | ' | ' |
| Issuance of convertible stock, net | 0 | -10 | ' | ' | ' | ' | 10 | ' | ' | ' |
| Issuance of convertible stock, net (in shares) | ' | -1,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Distributions declared | -273,028 | ' | ' | ' | ' | ' | ' | -273,028 | ' | ' |
| Distributions to noncontrolling interests | -3,955,782 | ' | ' | ' | ' | ' | ' | ' | ' | -3,955,782 |
| Net loss | -1,188,032 | ' | ' | ' | ' | ' | ' | ' | -1,046,746 | -141,286 |
| Balance at Mar. 31, 2014 | $40,679,127 | $0 | $0 | $3,536 | $3,536 | $3,536 | $21,775,003 | ($3,932,214) | ($7,158,028) | $29,983,758 |
| Balance (in shares) at Mar. 31, 2014 | ' | 0 | 0 | 353,630 | 353,630 | 353,629 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
| CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
| Mar. 31, 2014 | Mar. 31, 2013 | |
| Cash flows from operating activities: | ' | ' |
| Net loss | ($1,188,032) | ($1,751,003) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ' | ' |
| Depreciation and amortization | 1,291,606 | 1,879,551 |
| Amortization of fair value adjustment | -119,950 | -365,181 |
| Equity loss (income) of unconsolidated joint ventures | 5,851 | -33,250 |
| Gain on sale of joint venture interests | -1,006,359 | 0 |
| Distributions from unconsolidated real estate joint ventures | 31,894 | 124,879 |
| Share-based compensation attributable to directors' stock compensation plan | 13,750 | 18,750 |
| Changes in operating assets and liabilities: | ' | ' |
| Due to affiliates | 405,307 | -164,218 |
| Accounts receivable, prepaids and other assets | -1,613,662 | 58,052 |
| Accounts payable and other accrued liabilities | 1,000,043 | 322,306 |
| Net cash (used in) provided by operating activities | -1,179,552 | 89,886 |
| Cash flows from investing activities: | ' | ' |
| Restricted cash | 220,164 | 19,796 |
| Additions to consolidated real estate investments | -3,479,973 | -2,950,361 |
| Proceeds from sale of joint venture interests | 4,985,424 | 0 |
| Net cash provided by (used in) investing activities | 1,725,615 | -2,930,565 |
| Cash flows from financing activities: | ' | ' |
| Distributions on common stock | -416,491 | -236,739 |
| Distributions to noncontrolling interests | -3,955,784 | -179,848 |
| Noncontrolling equity interest additions to consolidated real estate investments | 0 | 816,340 |
| Borrowings (repayments) on mortgages payable | 3,974,609 | 123,941 |
| Borrowings from line of credit | 0 | 1,191,973 |
| Deferred financing fees | 0 | 15,464 |
| Issuance of common stock, net | 0 | 626,975 |
| Payments to redeem common stock | 0 | -23,125 |
| Net cash (used in) provided by financing activities | -397,666 | 2,334,981 |
| Net increase (decrease) in cash and cash equivalents | 148,397 | -505,698 |
| Cash and cash equivalents at beginning of period | 2,983,785 | 2,789,163 |
| Cash and cash equivalents at end of period | 3,132,182 | 2,283,465 |
| Supplemental Disclosure of Cash Flow Information b Cash Interest Paid | 186,688 | 241,407 |
| Supplemental Disclosure of Noncash Transactions: | ' | ' |
| Distributions payable | 0 | 137,780 |
| Redemptions payable | 0 | 100,000 |
| Accrued offering costs | 1,391,634 | 663,188 |
| Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan including none and $54,353 declared but not yet reinvested at March 31, 2014 and 2013, respectively | 0 | 153,226 |
| Receivable for common stock issuances pursuant to the distribution reinvestment plan | $0 | ($54,353) |
CONSOLIDATED_STATEMENTS_OF_CAS1
| CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] (USD $) | 3 Months Ended | |
| Mar. 31, 2014 | Mar. 31, 2013 | |
| Statement of Cash Flows [Abstract] | ' | ' |
| Distributions paid to common stockholders, declared but not yet reinvested | $0 | $54,353 |
Organization_and_Nature_of_Bus
| Organization and Nature of Business | 3 Months Ended |
| Mar. 31, 2014 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
| Organization and Nature of Business | ' |
| Organization and Nature of Business | |
| Bluerock Residential Growth REIT, Inc., or 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 well-located institutional-quality apartment properties in demographically attractive growth markets across the United States. The Company seeks to maximize returns through investments where it believes it can drive substantial growth in its funds from operations and net asset value through one or more of its Core-Plus, Value-Add, Opportunistic and Invest-to-Own investment strategies. | |
| The Company conducts its operations through Bluerock Residential Holdings, L.P., its operating partnership, or Operating Partnership, of which the Company is the sole general partner. The consolidated financial statements include the accounts of the Company and the Operating Partnership. The use of the words "we", "us" or "our" refers to Bluerock Residential Growth REIT, Inc. and the Operating Partnership, except where the context otherwise requires. Bluerock Real Estate L.L.C. or Bluerock, is our sponsor. | |
| The Company raised capital in a continuous registered offering, carried out in a manner consistent with offerings of non-listed REITs, from its inception until September 9, 2013, when it terminated the offering in connection with the Board of Directors’ consideration of strategic alternatives to maximize value to its stockholders. Through September 9, 2013, the Company had raised an aggregate of $22.6 million in gross proceeds through its continuous registered offering, including its distribution reinvestment plan. | |
| The Company subsequently determined to register shares of newly authorized Class A common stock that were to be offered in a firmly underwritten public offering by filing a registration statement on Form S-11 (File No. 333-192610) with the U.S. Securities and Exchange Commission, or the SEC, on November 27, 2013. On March 28, 2014, the SEC declared the registration statement effective and we announced the pricing of our public offering of 3,448,276 shares of Class A common stock at a public offering price of $14.50 per share for total gross proceeds of $50.0 million. The net proceeds of the offering are estimated to be approximately $44.4 million after deducting underwriting discounts and commissions and estimated offering proceeds. | |
| In connection with our firmly underwritten public offering, shares of our Class A common stock were listed on the NYSE MKT for trading under the symbol “BRG.” Pursuant to the second articles of amendment and restatement to our charter filed on March 26, 2014, or Second Charter Amendment, each share of our common stock outstanding immediately prior to the listing, including shares sold in our continuous registered offering, was changed into one-third of a share of each of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. Following the filing of the Second Charter Amendment, we effected a 2.264881-to-1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, we effected an additional 1.0045878-to-1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. | |
| As of March 31, 2014, the Company was externally managed by Bluerock Multifamily Advisor, LLC, an affiliate of Bluerock, or the Former Advisor, pursuant to an advisory agreement, or the Advisory Agreement. In connection with the completion of the firmly underwritten public offering on April 2, 2014, we engaged BRG Manager, LLC, also an affiliate of Bluerock, or the Manager, to provide external management services to us under a new management agreement, or the Management Agreement, and terminated the Advisory Agreement with the Former Advisor. | |
| As of March 31, 2014, the Company's portfolio consisted of interests in five properties (four operating properties and one development property), all acquired through joint ventures, located primarily in the Southeastern United States. These five properties are comprised of an aggregate of 1,326 units, including a 266-unit development property that began delivering units for move-ins in November 2013. Following completion of the firmly underwritten public offering on April 2, 2014 and in connection with certain contribution transactions, we acquired interests in four additional properties and an additional interest in an existing property, such that we owned an interest in a portfolio of nine apartment properties comprised of an aggregate of 2,620 units. As of March 31, 2014, these properties, exclusive of our development property, were approximately 94% occupied. |
Basis_of_Presentation_and_Summ
| Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
| Mar. 31, 2014 | |
| Accounting Policies [Abstract] | ' |
| Basis of Presentation and Summary of Significant Accounting Policies | ' |
| 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 our subsidiary and operating partnership, Bluerock Residential Holdings, L.P., a Delaware limited partnership, or its wholly owned subsidiaries, owns substantially all of the property interests acquired on its behalf. | |
| Because the Company is the sole general partner of its operating partnership and has unilateral control over its management and major operating decisions, the accounts of our operating partnership are consolidated in its consolidated financial statements. All significant intercompany accounts and transactions are eliminated in consolidation. The Company will consider future majority owned and controlled joint ventures for consolidation in accordance with the provisions required by the Topic 810 Consolidation of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). | |
| Certain amounts in prior year presentations have been reclassified to conform with the current period presentation. Balances and amounts associated with the Company's Enders Place at Baldwin Park property, which was classified as held for sale at December 31, 2013 in the consolidated balance sheet for that period have been reclassified to continuing operations, as the Company no longer has the intent to sell the property, in order to conform with current year presentation. Amounts associated with The Reserve at Creekside Village, a 192-unit garden-style apartment community located in Chattanooga, Tennessee, or the Creekside property, which was sold on March 28, 2014, for the statements of operations for the three months ended March 31, 2013 have been reclassified to discontinued operations to conform with current year presentation. See Note 3, “Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests” for further explanation. These reclassifications had no effect on previously reported results of operations. | |
| Interim Financial Information | |
| The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all of the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. | |
| The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements. For further information refer to the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2013 contained in the Annual Report on Form 10-K as filed with the SEC. | |
| Summary of Significant Accounting Policies | |
| There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2013. | |
| 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. At the property level, these estimates include such items as purchase price allocation of real estate acquisitions, impairment of long-lived assets, depreciation and amortization, and allowance for doubtful accounts. Actual results could differ from those estimates. | |
Real_Estate_Assets_Held_for_Sa
| Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests | 3 Months Ended | ||||||
| Mar. 31, 2014 | |||||||
| Real Estate Assets Held for Development and Sale [Abstract] | ' | ||||||
| Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests | ' | ||||||
| Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests | |||||||
| Real Estate Assets Held for Sale and Discontinued Operations | |||||||
| ASC Topic 360-10, Property, Plant and Equipment - Overall, requires a long-lived asset to be classified as “held for sale” in the period in which certain criteria are met. The Company classifies real estate assets as held for sale after the following conditions have been satisfied: (1) management, having the appropriate authority, commits to a plan to sell the asset, (2) the initiation of an active program to sell the asset, and (3) the asset is available for immediate sale and it is probable that the sale of the asset will be completed within one year. | |||||||
| The Company periodically classifies real estate assets as held for sale, and these assets and their liabilities are stated separately on the accompanying consolidated balance sheets. The Creekside property was classified as held for sale as of March 28, 2014, on which date the special purpose entity in which the Company holds a 24.706% indirect equity interest sold the Creekside property, as discussed below. As of March 31, 2014, the remaining assets and liabilities were classified as discontinued operations. Balances and amounts associated with the Enders Place at Baldwin Park property, which was classified as held for sale at December 31, 2013 in the consolidated balance sheet for that period have been reclassified to continuing operations, as the Company no longer has the intent to sell the property, in order to conform with current year presentation. | |||||||
| The real estate assets and liabilities related to discontinued operations, representative of the Creekside property, as of March 31, 2014, were as follows: | |||||||
| Assets Related to Discontinued Operations | |||||||
| 31-Mar-14 | |||||||
| Other assets | $ | 338,051 | |||||
| Assets related to discontinued operations | $ | 338,051 | |||||
| Liabilities Related to Discontinued Operations | |||||||
| 31-Mar-14 | |||||||
| Property indebtedness | $ | 677,048 | |||||
| Liabilities related to discontinued operations | $ | 677,048 | |||||
| The following is a summary of results of operations of the Creekside property classified as discontinued operations at March 31, 2014, for the three months ended March 31, 2014 and 2013: | |||||||
| For the Three Months Ended March 31, | |||||||
| 2014 | 2013 | ||||||
| Total revenues | $ | 508,334 | $ | 516,076 | |||
| Expenses | |||||||
| Property operating expenses | (115,545 | ) | (159,495 | ) | |||
| Management fees | (19,604 | ) | (20,988 | ) | |||
| Depreciation and amortization | (183,636 | ) | (163,675 | ) | |||
| Asset management and oversight fees to affiliates | (8,040 | ) | (8,308 | ) | |||
| Real estate taxes and insurance | (95,349 | ) | (89,451 | ) | |||
| Equity in operating earnings of unconsolidated joint ventures | — | (20,957 | ) | ||||
| Operating (Loss) Earnings | $ | 86,160 | $ | 53,202 | |||
| Gain on sale of joint venture interest | 1,006,359 | — | |||||
| Loss on early extinguishment of debt | (879,583 | ) | — | ||||
| Interest expense, net | (148,896 | ) | (122,185 | ) | |||
| Gain (loss) from discontinued operations | $ | 64,040 | $ | (68,983 | ) | ||
| Sale of Joint Venture Equity Interests | |||||||
| On March 28, 2014, BR Creekside, LLC, a special-purpose entity in which the Company holds a 24.706% indirect equity interest sold the Creekside property to SIR Creekside, LLC, which is an unaffiliated third party for $18,875,000, subject to certain prorations and adjustments typical in such real estate transaction. After deduction for payment of the existing mortgage indebtedness encumbering the Creekside property in the approximate amount of $13.5 million and payment of closing costs and fees, excluding disposition fees of approximately $69,946 deferred by the Former Advisor, the sale of the Creekside property generated net proceeds to the Company of approximately $1.2 million based on its proportionate ownership in the Creekside property. | |||||||
Consolidated_Investments
| Consolidated Investments | 3 Months Ended | ||||||||||||||||||||
| Mar. 31, 2014 | |||||||||||||||||||||
| Real Estate [Abstract] | ' | ||||||||||||||||||||
| Consolidated Investments | ' | ||||||||||||||||||||
| Consolidated Investments | |||||||||||||||||||||
| As of March 31, 2014, the major components of our consolidated real estate properties, Springhouse at Newport News, Enders Place at Baldwin Park, a mid-rise community in development known as 23Hundred @ Berry Hill located in Nashville, Tennessee, or the Berry Hill property, and MDA Apartments, were as follows: | |||||||||||||||||||||
| Property | Land | Building and | Construction in | Furniture, | Totals | ||||||||||||||||
| Improvements | Progress | Fixtures and | |||||||||||||||||||
| Equipment | |||||||||||||||||||||
| Springhouse | $ | 6,500,000 | $ | 27,696,588 | $ | — | $ | 1,120,121 | $ | 35,316,709 | |||||||||||
| Enders | 4,750,000 | 19,262,413 | — | 1,014,387 | 25,026,800 | ||||||||||||||||
| Berry Hill | 5,000,000 | 9,834,664 | 14,200,628 | 708,751 | 29,744,043 | ||||||||||||||||
| MDA | 9,500,000 | 51,543,300 | — | 630,620 | 61,673,920 | ||||||||||||||||
| $ | 25,750,000 | $ | 108,336,965 | $ | 14,200,628 | $ | 3,473,879 | $ | 151,761,472 | ||||||||||||
| Less: Accumulated Depreciation | — | (4,830,563 | ) | — | (720,962 | ) | (5,551,525 | ) | |||||||||||||
| Totals | $ | 25,750,000 | $ | 103,506,402 | $ | 14,200,628 | $ | 2,752,917 | $ | 146,209,947 | |||||||||||
| Depreciation expense was $1,219,223 and $1,063,767 for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||
| Costs of intangibles related to our consolidated investments in real estate consist of the value of in-place leases and deferred financing costs. In-place leases are amortized over the remaining term of the in-place leases, approximately a six-month term, and deferred financing costs are amortized over the life of the related loan. Amortization expense related to our in-place leases and deferred financing costs was $72,383 and $815,784 for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||
Equity_Method_Investments
| Equity Method Investments | 3 Months Ended | |||||||||
| Mar. 31, 2014 | ||||||||||
| Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||
| Equity Method Investments | ' | |||||||||
| Equity Method Investments | ||||||||||
| Following is a summary of the Company’s ownership interests, for investments we report under the equity method of accounting, representative of The Estates at Perimeter/Augusta, located in Augusta, Georgia, or The Estates at Perimeter/Augusta property, at March 31, 2014 and December 31, 2013. | ||||||||||
| Property | Joint Venture | Managing Member | Indirect Equity | |||||||
| Interest | LLC Interest | Interest in Property | ||||||||
| The Estates at Perimeter/Augusta | 50 | % | 50 | % | 25 | % | ||||
| The carrying amount of the Company’s investments in our Augusta unconsolidated joint venture was $1,175,110 and $1,212,456 as of March 31, 2014 and December 31, 2013 respectively. Summary unaudited financial information for The Estates at Perimeter/Augusta Balance Sheet as of March 31, 2014 and December 31, 2013 and Operating Statement for the three months ended March 31, 2014 and 2013, is as follows: | ||||||||||
| March 31, | December 31, | |||||||||
| 2014 | 2013 | |||||||||
| Balance Sheet: | ||||||||||
| Real estate, net of depreciation | $ | 22,020,088 | $ | 22,188,399 | ||||||
| Other assets | 413,943 | 394,866 | ||||||||
| Total assets | $ | 22,434,031 | $ | 22,583,265 | ||||||
| Mortgage payable | $ | 17,522,349 | $ | 17,600,839 | ||||||
| Other liabilities | 236,755 | 139,465 | ||||||||
| Total liabilities | $ | 17,759,104 | $ | 17,740,304 | ||||||
| Stockholders’ equity | 4,674,927 | 4,842,961 | ||||||||
| Total liabilities and stockholders’ equity | $ | 22,434,031 | $ | 22,583,265 | ||||||
| Three Months Ended March 31, | ||||||||||
| 2014 | 2013 | |||||||||
| Operating Statement: | ||||||||||
| Rental revenues | $ | 633,767 | $ | 650,909 | ||||||
| Operating expenses | (264,203 | ) | (190,299 | ) | ||||||
| Income before debt service, acquisition costs, and depreciation and amortization | 369,564 | 460,610 | ||||||||
| Mortgage interest | (186,255 | ) | (189,416 | ) | ||||||
| Depreciation and amortization | (199,771 | ) | (196,669 | ) | ||||||
| Net (loss) income | (16,462 | ) | 74,525 | |||||||
| Net income (loss) attributable to JV partners | 11,330 | (58,093 | ) | |||||||
| (5,132 | ) | 16,432 | ||||||||
| Amortization of deferred financing costs paid on behalf of joint ventures | (321 | ) | (321 | ) | ||||||
| Equity in (loss) earnings of unconsolidated joint ventures | $ | (5,453 | ) | $ | 16,111 | |||||
Line_of_Credit
| Line of Credit | 3 Months Ended |
| Mar. 31, 2014 | |
| Debt Disclosure [Abstract] | ' |
| Line of Credit | ' |
| Line of Credit | |
| At both March 31, 2014 and December 31, 2013, the outstanding balance on the Company's working capital line of credit, provided by Fund II and Fund III, both of which are affiliates of Bluerock, or the Fund LOC, was $7,571,223. On April 2, 2014, the Fund LOC was paid in full with the proceeds of our firmly underwritten public offering and extinguished. |
Fair_Value_of_Financial_Instru
| Fair Value of Financial Instruments | 3 Months Ended |
| Mar. 31, 2014 | |
| Fair Value Disclosures [Abstract] | ' |
| Fair Value of Financial Instruments | ' |
| Fair Value of Financial Instruments | |
| As of March 31, 2014 and December 31, 2013, the Company believes the carrying values of cash and cash equivalents and receivables and payables from affiliates, accounts payable, accrued liabilities, distribution payable and notes payable approximate their fair values based on their highly-liquid nature and/or short-term maturities, including prepayment options. As of March 31, 2014, the carrying value and approximate fair value of the mortgage payables, as presented on the balance sheet, were $100.3 million and $100.2 million respectively. The fair value of mortgage payables is estimated based on the Company’s current interest rates (Level 3 inputs) for similar types of borrowing arrangements. |
Related_Party_Transactions
| Related Party Transactions | 3 Months Ended | |||||||
| Mar. 31, 2014 | ||||||||
| Related Party Transactions [Abstract] | ' | |||||||
| Related Party Transactions | ' | |||||||
| Related Party Transactions | ||||||||
| In connection with the Company’s investments in the Enders Place at Baldwin Park, the Berry Hill and MDA Apartments properties, it entered into the Fund LOC with Fund II and Fund III. Cash payments by the Company on the Fund LOC for the three months ended March 31, 2014 were $186,688, including interest. At March 31, 2014, the outstanding balance on the Fund LOC was $7,571,223. On April 2, 2014, the Fund LOC was paid in full with the proceeds of our firmly underwritten public offering and extinguished. | ||||||||
| In connection with the initial closing of our firmly underwritten public offering, we entered into a new management agreement, or Management Agreement, with BRG Manager, LLC, an affiliate of Bluerock, or the Manager, on April 2, 2014. Concurrently with entering into the Management Agreement, we terminated our Advisory Agreement, with the Former Advisor. The disclosure below describes the terms and conditions of the Advisory Agreement, which were effective for the reported periods. For a description of the terms and conditions of the Management Agreement, see Note 12, "Subsequent Events" below. | ||||||||
| Prior to the entry by the Company into the Management Agreement upon the completion of our firmly underwritten public offering and the concurrent termination of the Advisory Agreement, the Former Advisor performed its duties and responsibilities as the Company’s fiduciary under the Advisory Agreement. The Advisory Agreement had a one-year term expiring October 14, 2014, and was renewable for an unlimited number of successive one-year periods upon the mutual consent of the Company and its Advisor. The Former Advisor conducted the Company’s operations and managed its portfolio of real estate investments under the terms of the Advisory Agreement. Certain of the Company’s affiliates will receive fees and compensation in connection with the acquisition, management and sale of its real estate investments. | ||||||||
| The Former Advisor was entitled to receive a monthly asset management fee for the services it provides pursuant to the Advisory Agreement. On September 26, 2012, the Company amended the Advisory Agreement to reduce the monthly asset management fee from one-twelfth of 1.0% of the higher of the cost or the value of each asset to one-twelfth of 0.65% of the higher of the cost or the value of each asset, where (A) cost equals the amount actually paid, excluding acquisition fees and expenses, to purchase each asset it acquires, including any debt attributable to the asset (including any debt encumbering the asset after acquisition), provided that, with respect to any properties the Company develops, constructs or improves, cost will include the amount expended by the Company for the development, construction or improvement, and (B) the value of an asset is the value established by the most recent independent valuation report, if available, without reduction for depreciation, bad debts or other non-cash reserves. The asset management fee was based only on the portion of the cost or value attributable to our investment in an asset if the Company did not own all of an asset. | ||||||||
| Pursuant to the Advisory Agreement, the Former Advisor was entitled to receive an acquisition fee for its services in connection with the investigation, selection, sourcing, due diligence and acquisition of a property or investment. On September 26, 2012, the Company amended its Advisory Agreement to increase the acquisition fee from 1.75% to 2.50% of the purchase price. The purchase price of a property or investment was equal to the amount paid or allocated to the purchase, development, construction or improvement of a property, inclusive of expenses related thereto, and the amount of debt associated with such real property or investment. The purchase price allocable for joint venture investments was equal to the product of (1) the purchase price of the underlying property and (2) the Company’s ownership percentage in the joint venture. Total acquisition and disposition fees of $819,060 and $77,556 were incurred during the three months ended March 31, 2014 and March 31, 2013, respectively, of which $69,946 and $77,556 were for the Former Advisor for the three months ended March 31, 2014 and 2013, respectively. | ||||||||
| The Former Advisor was also entitled to receive a financing fee for any loan or line of credit, made available to the Company. The Former Advisor was entitled to re-allow some or all of this fee to reimburse third parties with whom it subcontracted to procure such financing for the Company. On October 21, 2013, the Company amended its Advisory Agreement to decrease the financing fee from 1.0% to 0.25% of any loan made to the Company. In addition, to the extent the Former Advisor provided a substantial amount of services in connection with the disposition of one or more of our properties or investments (except for securities traded on a national securities exchange), the Former Advisor would receive fees equal to the lesser of (A) 1.5% of the sales price of each property or other investment sold or (B) 50% of the selling commission that would have been paid to a third-party broker in connection with such a disposition. In no event were disposition fees paid to the Former Advisor or its affiliates and unaffiliated third parties to exceed in the aggregate 6% of the contract sales price. On October 21, 2013, the Company amended its Advisory Agreement to change the disposition fee to only 1.5% of the sales price of each property or other investment sold, such that the disposition fee was no longer determined based on selling commissions payable to third-party sales brokers. | ||||||||
| In addition to the fees payable to the Former Advisor, the Company reimbursed the Former Advisor for all reasonable expenses incurred in connection with services provided to the Company, subject to the limitation that it would not reimburse any amount that would cause the Company’s total operating expenses at the end of the four preceding fiscal quarters to exceed the greater of 2% of our average invested assets or 25% of its net income determined (1) without reductions for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and (2) excluding any gain from the sale of our assets for the period. Notwithstanding the above, the Company was permitted to reimburse amounts in excess of the limitation if a majority of its independent directors determined such excess amount was justified based on unusual and non-recurring factors. If such excess expenses were not approved by a majority of the Company’s independent directors, the Former Advisor was required to reimburse us at the end of the four fiscal quarters the amount by which the aggregate expenses during the period paid or incurred by us exceeded the limitations provided above. The Company was not permitted to reimburse the Former Advisor for personnel costs in connection with services for which the Former Advisor received acquisition, asset management or disposition fees. Due to the limitation discussed above and because operating expenses incurred directly by the Company exceeded the 2% threshold, the Board of Directors, including all of its independent directors, reviewed the total operating expenses for the four fiscal quarters ended December 31, 2013 and the Company’s total operating expenses for the four fiscal quarters ended March 31, 2014 and unanimously determined the excess amounts to be justified because of the costs of operating a public company in its early stage of operation and the Company’s initial difficulties with raising capital, which are expected to be non-recurring. As the Board of Directors has previously approved such expenses, all operating expenses for the year ended 2013 and the three months ended March 31, 2014 have been expensed as incurred. | ||||||||
| The Company issued 1,000 shares of convertible stock, par value $0.01 per share, to the Former Advisor. Pursuant to the Advisory Agreement, upon completion of our firmly underwritten public offering, the convertible stock was convertible to shares of common stock if and when: (A) the Company has made total distributions on the then outstanding shares of its common stock equal to the original issue price of those shares plus an 8% cumulative, non-compounded, annual return on the original issue price of those shares or (B) subject to specified conditions, the Company listed its common stock for trading on a national securities exchange. We listed shares of our Class A common stock on the NYSE MKT on March 28, 2014. At that time, the terms for converting the convertible stock would not be achieved and we amended our charter on March 26, 2014 to remove the convertible stock as an authorized class of our capital stock. | ||||||||
| In general, the Company contracts property management services for certain properties directly to non-affiliated third parties, in which event it was to pay the Former Advisor an oversight fee equal to 1% of monthly gross revenues of such properties. | ||||||||
| All of the Company’s executive officers and some of its directors are also executive officers, managers and/or holders of a direct or indirect controlling interest in the Former Advisor and other Bluerock-affiliated entities. As a result, they owe fiduciary duties to each of these entities, their members and 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. | ||||||||
| Some of the material conflicts that the Former Advisor or its affiliates face are: 1) the determination of whether an investment opportunity should be recommended to us or another Bluerock-sponsored program or Bluerock-advised investor; 2) the allocation of the time of key executive officers, directors, and other real estate professionals among the Company, other Bluerock-sponsored programs and Bluerock-advised investors, and the activities in which they are involved; 3) the fees received by the Former Advisor and its affiliates in connection with transactions involving the purchase, management and sale of investments regardless of the quality of the asset acquired or the service provided us; and 4) the fees received by the Former Advisor and its affiliates. | ||||||||
| During the first quarter of 2014, the Company was reimbursed approximately $508,000 by our Former Advisor for certain organizational and offering costs related to the Company's continuous registered offering on Form S-11 (File No. 333-153135). | ||||||||
| Pursuant to the terms of the Advisory Agreement, summarized below are the related party amounts payable to our Former Advisor, as well as other affiliates, as of March 31, 2014 and December 31, 2013. | ||||||||
| March 31, | December 31, | |||||||
| 2014 | 2013 | |||||||
| Asset management and oversight fees | $ | 1,090,724 | $ | 966,396 | ||||
| Acquisition fees and disposition fees | 892,424 | 801,169 | ||||||
| Financing fees | 35,670 | 35,670 | ||||||
| Reimbursable operating expenses | — | 295,146 | ||||||
| Reimbursable offering costs | 161,796 | 193,112 | ||||||
| Reimbursable organizational costs | 49,931 | 49,931 | ||||||
| Other | 23,058 | 17,748 | ||||||
| Total related-party amounts payable | $ | 2,253,603 | $ | 2,359,172 | ||||
| As of March 31, 2014 and December 31, 2013, we had $5,743 and $8,960, respectively, in receivables due to us from related parties other than our Former Advisor. | ||||||||
Stockholders_Equity
| Stockholders' Equity | 3 Months Ended | |||||||
| Mar. 31, 2014 | ||||||||
| Stockholders' Equity Note [Abstract] | ' | |||||||
| Stockholders' Equity | ' | |||||||
| 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 shareholders, less dividends on restricted stock expected to vest plus gains on redemptions on common stock, 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 shareholders by the sum of the weighted average number of common shares outstanding and any potential dilutive shares for the period. Under the two-class method of computing earnings per share, net income (loss) attributable to common shareholders is computed by adjusting net income (loss) for the non-forfeitable dividends paid on non-vested restricted stock. | ||||||||
| The following table reconciles the components of basic and diluted net loss per common share: | ||||||||
| Three Months Ended March 31, | ||||||||
| 2014 | 2013 | |||||||
| Net loss from continuing operations attributable to common shareholders(3) | $ | (1,110,786 | ) | $ | (1,157,149 | ) | ||
| Dividends on restricted stock expected to vest(3) | (2,540 | ) | (2,799 | ) | ||||
| Gain on redemption of common stock(2) | — | 1,875 | ||||||
| Basic net loss from continuing operations attributable to common shareholders(3) | $ | (1,113,326 | ) | $ | (1,158,073 | ) | ||
| Basic net income (loss) from discontinued operations attributable to common shareholders(3) | $ | 64,040 | $ | (68,983 | ) | |||
| Weighted average common shares outstanding(3) | 1,060,889 | 995,154 | ||||||
| Potential dilutive shares(1) | — | — | ||||||
| Weighted average common shares outstanding and potential dilutive shares(3) | 1,060,889 | 995,154 | ||||||
| Basic loss from continuing operations per share(3) | $ | (1.05 | ) | $ | (1.16 | ) | ||
| Basic income (loss) from discontinued operations per share(3) | $ | 0.06 | $ | (0.07 | ) | |||
| Diluted loss from continued operations per share(3) | $ | (1.05 | ) | $ | (1.16 | ) | ||
| Diluted income (loss) from discontinued operations per share(3) | $ | 0.06 | $ | (0.07 | ) | |||
| The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits discussed below. | ||||||||
| (1) Excludes 6,468 and 7,128 shares for the three months ended March 31, 2014 and 2013, respectively, related to non-vested restricted stock, as the effect would be anti-dilutive. Also excludes any potential dilution related to the 1,000 shares of convertible stock outstanding as of March 31, 2013, as there would be no conversion into common shares. | ||||||||
| (2) Represents the difference between the fair value and carrying amount of the common stock upon redemption. | ||||||||
| (3) For 2014, amounts relate to Class B-1, B-2 and B-3 common shares outstanding. For 2013 amounts relate to common shares outstanding | ||||||||
| Common Stock | ||||||||
| The Company raised capital in a continuous registered offering, carried out in a manner consistent with offerings of non-listed REITs, from its inception until September 9, 2013, when it terminated the offering in connection with the Board of Directors’ consideration of strategic alternatives to maximize value to its stockholders. Through September 9, 2013, the Company had raised an aggregate of $22.6 million in gross proceeds through its continuous registered offering, including its distribution reinvestment plan. | ||||||||
| On January 23, 2014, the Company's stockholders approved the second articles of amendment and restatement to our charter, or Second Charter Amendment, that provided, among other things, for the designation of a new share class of Class A common stock, and for the change of each existing outstanding share of our common stock into: | ||||||||
| •1/3 of a share of our Class B-1 common stock; plus | ||||||||
| •1/3 of a share of our Class B-2 common stock; plus | ||||||||
| •1/3 of a share of our Class B-3 common stock. | ||||||||
| This transaction was effective upon filing the Second Charter Amendment with the State Department of Assessments and Taxation of the State of Maryland on March 26, 2014. Immediately following the filing of the Second Charter Amendment, we effectuated a 2.264881 to 1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, we effected an additional 1.0045878 to 1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. | ||||||||
| We refer to Class B-1 common stock, Class B-2 common stock and Class B-3 common stock collectively as "Class B" common stock. We listed our Class A common stock on the NYSE MKT on March 28, 2014. Our Class B common stock is identical to our Class A common stock, except that (i) we do not intend to list our Class B common stock on a national securities exchange, and (ii) shares of our Class B common stock will convert automatically into shares of Class A common stock at specified times, as follows: | ||||||||
| •March 23, 2015, in the case of our Class B-1 common stock; | ||||||||
| •September 19, 2015 in the case of our Class B-2 common stock; and | ||||||||
| •March 17, 2016, in the case of our Class B-3 common stock. | ||||||||
| Share Repurchase Plan and Redeemable Common Stock | ||||||||
| On June 27, 2013, following a meeting of its Board of Directors, the Company decided to explore strategic alternatives to enhance the growth of its portfolio. In anticipation of its review of strategic alternatives, the Board of Directors, including all of the Company’s independent directors, voted to suspend the Company’s share repurchase plan as of June 27, 2013 through the third quarter of 2013. In addition, the Company’s Board of Directors, including all of the Company’s independent directors, voted to suspend payment of pending repurchase requests under the share repurchase plan that were queued as of June 27, 2013 for repurchase. | ||||||||
| On August 23, 2013, the Company’s Board of Directors, including all of the Company’s independent directors, voted to terminate the Company’s Distribution Reinvestment Plan, or the (“DRP”). The termination of the DRP eliminated the source of proceeds for the repurchase of shares under the share repurchase plan and, therefore, the Company’s Board of Directors, including all of the Company’s independent directors, voted to terminate the share repurchase plan, effective as of September 9, 2013. | ||||||||
| The aggregate amount of any accrued redemptions and redeemable common stock were reclassified back to additional paid-in capital at that time. | ||||||||
| Stock-based Compensation for Independent Directors | ||||||||
| The Company’s independent directors received an automatic grant of 5,000 shares of restricted stock on the initial effective date of the continuous registered offering and will receive an automatic grant of 2,500 shares of restricted stock when such directors are reelected at each annual meeting of the Company’s stockholders thereafter. Each person who thereafter is elected or appointed as an independent director will receive an automatic grant of 5,000 shares of restricted stock on the date such person is first elected as an independent director and an automatic grant of 2,500 shares of restricted stock when such director is reelected at each annual meeting of our stockholders thereafter. To the extent allowed by applicable law, the independent directors will not be required to pay any purchase price for these grants of restricted stock. The restricted stock will vest 20% at the time of the grant and 20% on each anniversary thereafter over four years from the date of the grant. All restricted stock may receive distributions, whether vested or unvested. The value of the restricted stock to be granted is not determinable until the date of grant. | ||||||||
| A summary of the status of the Company’s non-vested shares as of March 31, 2014, and changes during the three months ended March 31, 2014, is as follows: | ||||||||
| Non Vested shares | Shares(1) | Weighted average grant-date | ||||||
| fair value(1) | ||||||||
| Balance at January 1, 2014 | 6,593 | $ | 150,000 | |||||
| Granted | — | — | ||||||
| Vested | (659 | ) | (15,000 | ) | ||||
| Forfeited | — | — | ||||||
| Balance at March 31, 2014 | 5,934 | $ | 135,000 | |||||
| (1) The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits discussed above. For 2014, amounts relate to Class B-1, B-2 and B-3 common shares outstanding. For 2013, amounts relate to common shares outstanding. | ||||||||
| At March 31, 2014, there was $105,000 of total unrecognized compensation cost related to unvested stock options granted under the independent director compensation plan. The original cost is expected to be recognized over a period of four years. The total fair value of shares vested during the three months ended March 31, 2014 was $15,000. | ||||||||
| The Company currently uses authorized and unissued shares to satisfy share award grants. | ||||||||
| Distributions | ||||||||
| On December 27, 2013, the Company's Board of Directors authorized and the Company declared distributions on its common stock, for the month of January 2014 at a rate of $0.05945211 per share to stockholders of record at the close of business on January 31, 2014. Distributions payable to each stockholder of record were paid in cash on February 3, 2014. | ||||||||
| On March 13, 2014, the Company's Board of Directors authorized and the Company declared distributions on its common stock, for the month of February 2014, at a rate of $0.05369868 per share for stockholders of record at the end of business on February 28, 2014. Distributions payable to each stockholder of record were paid in cash on or before the 15th day of the following month. | ||||||||
| Distributions for the three months ended March 31, 2014 were as follows: | ||||||||
| Distributions | ||||||||
| 2014 | Declared | Paid | ||||||
| First Quarter | $ | 273,028 | $ | 416,491 | ||||
Commitments_and_Contingencies
| Commitments and Contingencies | 3 Months Ended |
| Mar. 31, 2014 | |
| Commitments and Contingencies Disclosure [Abstract] | ' |
| Commitments and Contingencies | ' |
| Commitments and Contingencies | |
| The Company is subject to various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the consolidated financial position or results of operations or liquidity of the Company. |
Economic_Dependency
| Economic Dependency | 3 Months Ended |
| Mar. 31, 2014 | |
| Economic Dependency Disclosure [Abstract] | ' |
| Economic Dependency | ' |
| Economic Dependency | |
| As of March 31, 2014, the Company was externally managed by the Former Advisor pursuant to the Advisory Agreement. In connection with the completion of the Company's firmly underwritten public offering on April 2, 2014, we engaged BRG Manager, LLC, also an affiliate of Bluerock, or the Manager, to provide external management services to us under a new management agreement, or the Management Agreement, and terminated the Advisory Agreement with the Former Advisor. Prior to the termination of the Advisory Agreement, the Company was dependent on the Former Advisor, and now the Company is dependent on the Manager, for certain services that are essential to the Company, including the identification, evaluation, negotiation, purchase and disposition of properties and other investments; management of the daily operations of its real estate portfolio; and other general and administrative responsibilities. In the event that the Manager or its affiliates are unable to provide the respective services, the Company will be required to obtain such services from other sources. |
Subsequent_Events
| Subsequent Events | 3 Months Ended | ||||||||||||||
| Mar. 31, 2014 | |||||||||||||||
| Subsequent Events [Abstract] | ' | ||||||||||||||
| Subsequent Events | ' | ||||||||||||||
| Subsequent Events | |||||||||||||||
| The Company has performed an evaluation of subsequent events through the date the Company’s consolidated financial statements were issued. No material subsequent events, other than the items disclosed below, have occurred that required recognition or disclosure in these financial statements. | |||||||||||||||
| Initial Firmly Underwritten Public Offering | |||||||||||||||
| On April 2, 2014, the Company closed its initial firmly underwritten public offering, or IPO, of 3,448,276 shares of its Class A common stock, par value $0.01 per share, or the IPO Shares. The public offering price of the shares sold was $14.50 per share. The total gross proceeds to the Company were $50.0 million. The net proceeds of the offering are estimated to be approximately $44.4 million after deducting underwriting discounts and commissions and estimated offering proceeds. The IPO Shares were registered with the SEC, pursuant to a registration statement on Form S-11 (File No. 333-192610), as the same may be amended and/or supplemented, or the Registration Statement, under the Securities Act of 1933. | |||||||||||||||
| Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P. | |||||||||||||||
| On April 2, 2014, concurrently with the completion of the IPO, the Company entered into the Second Amended and Restated Agreement of Limited Partnership, or the Partnership Agreement Amendment, of its operating partnership, Bluerock Residential Holdings, L.P., or the Operating Partnership. Pursuant to the Partnership Agreement 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 limited partners of the Operating Partnership, which are also parties to the Partnership Agreement Amendment, are Bluerock REIT Holdings, LLC, BRG Manager, LLC, or our Manager, BR-NPT Springing Entity, LLC, or NPT, Bluerock Property Management, LLC, or BPM, and the Company’s former advisor, Bluerock Multifamily Advisor, LLC, or our Former Advisor, all of which are affiliates of the Company. | |||||||||||||||
| Prior to the completion of the IPO, the Company owned, directly and indirectly, 100% of the limited partnership units in the Operating Partnership. Effective as of the completion of the IPO, limited partners other than the Company now own approximately 9.87% of the Operating Partnership. | |||||||||||||||
| The Partnership Agreement Amendment provides, among other things, that the Operating Partnership initially has two classes of limited partnership interests, which are units of limited partnership interest, or OP Units, and the Operating Partnership’s long-term incentive plan units, or LTIP Units. In calculating the percentage interests of the partners of the Operating Partnership, holders of LTIP Units are treated as holders of OP Units and 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 liquidating distributions. However, the Partnership Agreement Amendment 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 the capital account per unit of LTIP unit holders is equal to the average capital account per-unit of the Company’s OP Units in the Operating Partnership. We expect that the Operating Partnership will issue OP Units to limited partners, including the Company, in exchange for capital contributions of cash or property, and will issue LTIP Units pursuant to the Company’s 2014 Equity Incentive Plan for Individuals and 2014 Equity Incentive Plan for Entities, or collectively the Incentive Plans, to persons who provide services to the Company, including the Company’s officers, directors and employees. | |||||||||||||||
| Pursuant to the Partnership Agreement Amendment, any holders of OP Units other than the Company or its subsidiaries, will receive redemption rights, which, subject to certain restrictions and limitations, will enable them to cause the Operating Partnership to redeem their OP Units in exchange for cash or, at the Company’s option, shares of the Company’s Class A common stock. The Company has agreed to file, not earlier than one year after the closing of the IPO, one or more registration statements registering the issuance or resale of shares of its Class A common stock issuable upon redemption of the OP Units issued upon conversion of LTIP Units, which include those issued to the Manager and the Former Advisor. Subject to certain exceptions, the Operating Partnership will pay all expenses in connection with the exercise of registration rights under the Partnership Agreement Amendment. | |||||||||||||||
| Management Agreement with the Manager | |||||||||||||||
| On April 2, 2014, concurrently with the completion of the IPO, the Company also entered into a Management Agreement with the Operating Partnership and the Manager, which is an affiliate of Bluerock, pursuant to which the Manager will provide for the day-to-day management of the Company’s operations. Upon the Company’s entry into the Management Agreement, the Company concurrently terminated its Advisory Agreement with the Former Advisor, as further described below. | |||||||||||||||
| The Management Agreement requires the Manager to manage the Company’s business affairs in conformity with the investment guidelines and other policies that are approved and monitored by the Company’s board of directors, or the Board. The Manager’s role as manager will be under the supervision and direction of the Board. Specifically, the Manager will be responsible for (1) the selection, purchase and sale of the Company’s portfolio investments, (2) the Company’s financing activities, and (3) providing the Company with advisory services. | |||||||||||||||
| Pursuant to the terms of the Management Agreement, the Manager will provide the Company with a management team, including a chief executive officer, president, chief accounting officer and chief operating officer, along with appropriate support personnel, to provide the management services to be provided by the Manager to the Company. None of the officers or employees of the Manager will be dedicated exclusively to the Company. | |||||||||||||||
| We will pay the Manager a base management fee in an amount equal to the sum of: (A) 0.25% of the Company’s stockholders’ existing and contributed equity, per annum, calculated quarterly based on the Company’s stockholders’ existing and contributed equity for the most recently completed calendar quarter and payable in quarterly installments in arrears in cash, and (B) 1.5% of the equity per annum of the Company’s stockholders who purchase shares of the Company’s Class A common stock, calculated quarterly based on their equity for the most recently completed calendar quarter and payable in quarterly installments in arrears. The base management fee is payable independent of the performance of the Company’s investments. | |||||||||||||||
| The Company will also pay the Manager an incentive fee with respect to each calendar quarter in arrears. The incentive fee will be an amount, not less than zero, equal to the difference between (1) the product of (x) 20% and (y) the difference between (i) the Company’s adjusted funds from operations, or AFFO, for the previous 12-month period, and (ii) the product of (A) the weighted average of the issue price of equity securities issued in the IPO and in future offerings and transactions, multiplied by the weighted average number of all shares of the Company’s Class A common stock outstanding on a fully-diluted basis (including any restricted stock units, any restricted shares of Class A common stock, LTIP Units, and other shares of common stock underlying awards granted under the Incentive Plans and OP Units) in the previous 12-month period, exclusive of equity securities issued prior to the IPO, and (B) 8%, and (2) the sum of any incentive fee paid to the Manager with respect to the first three calendar quarters of such previous 12-month period; provided, however, that no incentive fee is payable with respect to any calendar quarter unless AFFO is greater than zero for the four most recently completed calendar quarters, or the number of completed calendar quarters since the closing date of the IPO, whichever is less. For purposes of calculating the incentive fee during the first 12 months after completion of the IPO, AFFO will be determined by annualizing the applicable period following completion of the IPO. One half of each quarterly installment of the incentive fee will be payable in LTIP Units, calculated pursuant to the formula above. The remainder of the incentive fee will be payable in cash or in LTIP Units, at the election of the Board, in each case calculated pursuant to the formula above. | |||||||||||||||
| The Company will also be required to reimburse the Manager for certain expenses and pay all operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. | |||||||||||||||
| The initial term of the Management Agreement expires on the third anniversary of the closing of the IPO and will be automatically renewed for a one-year term on each anniversary date thereafter unless previously terminated in accordance with the terms of the Management Agreement. Following the initial term of the Management Agreement, the Management Agreement may be terminated annually upon the affirmative vote of at least two-thirds of the Company’s independent directors, based upon (1) unsatisfactory performance that is materially detrimental to the Company, or (2) the Company’s determination that the fees payable to the Manager are not fair, subject to the Manager’s right to prevent such termination due to unfair fees by accepting a reduction of the fees agreed to by at least two-thirds of the Company’s independent directors. The Company must provide 180 days’ prior notice of any such termination. Unless terminated for cause, as further described in the Management Agreement, the Manager will be paid a termination fee equal to three times the sum of the base management fee and incentive fee earned, in each case, by the Manager during the 12-month period immediately preceding such termination, calculated as of the end of the most recently completed fiscal quarter before the date of termination. The Company may also terminate the Management Agreement at any time, including during the initial term, without the payment of any termination fee, for cause with 30 days’ prior written notice from the Board. | |||||||||||||||
| During the initial three-year term of the Management Agreement, the Company may not terminate the Management Agreement except as described above and in the following circumstance: At the earlier of (i) three years following the completion of the IPO, and (ii) the date on which the value of the Company’s stockholders’ equity exceeds $250 million, the Board may, but is not obligated to, internalize the Company’s management. The Manager may terminate the Management Agreement if it becomes required to register as an investment company under the Investment Company Act, with such termination deemed to occur immediately before such event, in which case the Company would not be required to pay a termination fee. In addition, if the Company defaults in the performance of any material term of the Management Agreement and the default continues for a period of 30 days after written notice to the Company, the Manager may terminate the Management Agreement upon 60 days’ written notice. If the Management Agreement is terminated by the Manager upon a breach by the Company, the Company is required to pay the Manager the termination fee described above. | |||||||||||||||
| Grant of LTIP Units to Manager | |||||||||||||||
| On April 2, 2014, concurrently with the completion of the IPO, the Company granted to the Manager 179,562 LTIP Units, which will vest ratably on an annual basis over a three-year period which commences on April 30, 2014. Once vested, these awards of LTIP Units may convert to OP Units upon reaching capital account equivalency with the OP Units held by the Company, and may then be settled in shares of the Company’s Class A common stock. As a recipient of these initial awards of LTIP Units, the Manager will be entitled to receive “distribution equivalents” with respect to such LTIP Units, whether or not vested, at the same time as distributions are paid to the holders of the Company’s Class A common stock. | |||||||||||||||
| Investment Allocation Agreement with Bluerock and the Manager | |||||||||||||||
| On April 2, 2014, concurrently with the completion of the IPO, the Company also entered into an investment allocation agreement, or the Investment Allocation Agreement, with Bluerock, an affiliate of the Company, and the Manager, whereby none of Fund II, Fund III, or NPT (collectively referred to as the Bluerock Funds), all of which are affiliates of Bluerock, nor any of their affiliates, will acquire institutional-quality apartment properties in the Company’s target markets and within the Company’s investment strategies without providing the Company with the right (but not the obligation) to contribute, subject to the Company’s investment guidelines, its availability of capital and maintaining its qualification as a REIT for federal income tax purposes, and the Company and the Bluerock Funds’ exemption from registration under the Investment Company Act, at least 75% of the capital to be funded by such investment vehicles in Class A apartment properties in the Company’s target markets, subject to change if agreed upon by a majority of the Company’s independent directors. To the extent that the Bluerock Funds elect to invest less than the remaining 25% of the investment amount, the Company will have the right to invest an additional percentage of equity equal to the amount not so invested by the Bluerock Funds. To the extent that the Company does not have sufficient capital to contribute at least 75% of the capital required for any such proposed investment, the Investment Allocation Agreement provides for a fair and equitable allocation of investment opportunities among all such vehicles and the Company, in each case taking into account the suitability of each investment opportunity for the particular vehicle and the Company and the capital available for investment by each such vehicle and by the Company. The Investment Allocation Agreement will apply to any fund that is formed by Bluerock at a later date. | |||||||||||||||
| Acquisition of North Park Towers | |||||||||||||||
| On April 2, 2014, the Company, through BRG North Park Towers, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Operating Partnership, or BRG North Park Towers, acquired all of NPT’s right, title and interest in a 100% fee simple interest in a 313-unit multifamily property located in Southfield, Michigan, or the NPT Property, pursuant to a contribution agreement, or the NPT Contribution Agreement. As consideration for the 100% fee simple interest of NPT in the NPT Property, or the NPT Consideration, the Operating Partnership issued 282,759 OP Units with an approximate value of $4.1 million (net of assumed mortgages) to NPT, which, subsequent to the one-year anniversary after their receipt by NPT, will be redeemable for cash or exchangeable at the Company’s option for shares of the Company’s Class A common stock on a one-for-one basis, subject to certain adjustments. The NPT Consideration was subject to certain prorations and adjustments typical in a real estate transaction and was based on the value of the equity interest of NPT in the NPT Property, which equity valuation was based on an independent third party appraisal of the NPT Property. | |||||||||||||||
| As further consideration for the 100% fee simple interest of NPT in the NPT Property, on April 2, 2014, the Company and the Operating Partnership entered into that certain Joinder By and Agreement of New Indemnitor, or NPT Joinder Agreement, with U.S. Bank National Association, as trustee for the benefit of the holders of COMM 2014-CCRE14 Mortgage Trust Commercial Mortgage Pass-Through Certificates, or the NPT Lender, pursuant to which R. Ramin Kamfar, the Company’s Chairman of the Board and Chief Executive Officer, was released from his obligations under that certain Guaranty of Recourse Obligations dated as of December 24, 2013, and that certain Environmental Indemnity Agreement dated as of December 24, 2013, both of which are related to approximately $11.5 million of indebtedness encumbering the NPT Property, and the Company and the Operating Partnership will serve as replacement guarantors and indemnitors. | |||||||||||||||
| In conjunction with the consummation of the NPT Contribution Agreement and the purchase and sale of the NPT Property, BPM received a disposition fee of approximately $468,000, which disposition fee was paid in the form of 32,276 OP Units, which OP Units would have otherwise been paid to NPT. Additionally, the Former Advisor received an acquisition fee of approximately $390,000 under the Amended Advisory Agreement, which acquisition fee was paid in the form of 26,897 LTIP Units. | |||||||||||||||
| In conjunction with the consummation of the NPT Contribution Agreement, on April 2, 2014, NPT executed and delivered a Pledge Agreement, a Registration Rights Agreement and a Tax Protection Agreement, all as further described below. | |||||||||||||||
| Acquisition of Interest in Village Green of Ann Arbor | |||||||||||||||
| On April 2, 2014, the Company, through BRG Ann Arbor, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Operating Partnership, or BRG Ann Arbor, acquired all of Fund II’s right, title and interest in and to a 58.6084% limited liability company interest, or the Fund II VG Interest, in BR VG Ann Arbor JV Member, LLC, a Delaware limited liability company, or Ann Arbor JV Member, and all of Fund III’s right, title and interest in and to a 38.6084% limited liability company interest, or the Fund III VG Interest, in Ann Arbor JV Member, which is the owner and holder of a 50% limited liability company interest in Village Green of Ann Arbor Associates, LLC, a Michigan limited liability company, or VG Ann Arbor, which is the fee simple owner of a 520-unit multifamily property located in Ann Arbor, Michigan, or the Village Green Property. The acquisition of the Fund II VG Interest and the Fund III VG Interest, or collectively, the VG Interests, was made pursuant to a contribution agreement, or the VG Contribution Agreement. | |||||||||||||||
| As consideration for the Fund II VG Interest, the Company issued 293,042 unregistered shares of its Class A common stock with an approximate value of $4.2 million to Fund II, and as consideration for the Fund III VG Interest, the Company issued 193,042 unregistered shares of its Class A common stock with an approximate value of $2.8 million to Fund III, or collectively, the VG Consideration. The VG Consideration was subject to certain prorations and adjustments typical in a real estate transaction and was based on the value of the indirect equity interest of Fund II and Fund III in the Village Green Property, which indirect equity valuation was based on an independent third party appraisal of the Village Green Property. | |||||||||||||||
| As further consideration for the VG Interests, on April 2, 2014, the Company entered into that certain Consent Agreement with Deutsche Bank Trust Company Americas, as Trustee for the Registered Holders of Wells Fargo Commercial Mortgage Securities Inc. Multifamily Mortgage Pass-Through Certificates, Series 2013-K26, or the VG Lender, VG Ann Arbor, Fund II, Fund III, BRG Ann Arbor, the Operating Partnership and Jonathan Holtzman, which Consent Agreement released Fund II and Fund III from their obligations under that certain Guaranty entered into with the VG Lender, related to an approximate $43.2 million loan originally made by KeyCorp Real Estate Capital Markets, Inc., which loan encumbers the Village Green Property. | |||||||||||||||
| In conjunction with the consummation of the VG Contribution Agreement and the purchase and sale of the VG Interests, Fund II Manager received a disposition fee of approximately $300,000 under the management agreement for Fund II, which disposition fee was paid in the form of 23,322 unregistered shares of the Company’s Class A common stock, which shares of Class A common stock would otherwise have been issued to Fund II. Further in connection with the VG Contribution Agreement and the purchase and sale of the VG Interests, Fund III Manager received a disposition fee of approximately $200,000 under the management agreement for Fund III, which disposition fee was paid in the form of 11,523 unregistered shares of the Company’s Class A common stock, which shares of Class A common stock would otherwise have been issued to Fund III. Additionally, the Former Advisor received an acquisition fee of approximately $700,000 under the Amended Advisory Agreement, which was paid in the form of 48,357 LTIP Units. | |||||||||||||||
| In conjunction with the consummation of the VG Contribution Agreement, on April 2, 2014, Fund II and Fund III each executed and delivered a Pledge Agreement, and Fund II, Fund III, Fund II Manager and Fund III Manager entered into a Registration Rights Agreement, all as further described below. | |||||||||||||||
| Acquisition of Interest in Villas at Oak Crest | |||||||||||||||
| On April 2, 2014, the Company, through BRG Oak Crest, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Operating Partnership, acquired all of Fund II’s right, title and interest in and to a 93.432% limited liability company interest, or the Oak Crest Interest, in BR Oak Crest Villas, LLC, a Delaware limited liability company, which is the owner and holder of a 71.9% limited liability company interest in Oak Crest Villas JV, LLC, a Delaware limited liability company, which is the owner and holder of 100% of the limited liability company interests in Villas Partners, LLC, a Delaware limited liability company, which is the fee simple owner of a 209-unit multifamily property located in Chattanooga, Tennessee, or the Oak Crest Property. The acquisition of the Oak Crest Interest was made pursuant to a contribution agreement, or the Oak Crest Contribution Agreement. | |||||||||||||||
| As consideration for the Oak Crest Interest, the Company issued 200,143 unregistered shares of its Class A common stock, with an approximate value of $2.9 million, to Fund II, or the Oak Crest Consideration. The Oak Crest Consideration was subject to certain prorations and adjustments typical in a real estate transaction and was based on the value of the indirect equity interest of Fund II in the Oak Crest Property, which indirect equity valuation was based on an independent third party appraisal of the Oak Crest Property. | |||||||||||||||
| In conjunction with the consummation of the Oak Crest Contribution Agreement and the purchase and sale of the Oak Crest Interest, Fund II Manager received a disposition fee of approximately $200,000 under the management agreement for Fund II, which disposition fee was paid in the form of 15,474 unregistered shares of the Company’s Class A common stock, which shares of Class A common stock would otherwise have been issued to Fund II. Additionally, the Former Advisor received an acquisition fee of approximately $300,000 under the Amended Advisory Agreement, which acquisition fee was paid in the form of 19,343 LTIP Units. | |||||||||||||||
| In conjunction with the consummation of the Oak Crest Contribution Agreement, on April 2, 2014, Fund II executed and delivered a Pledge Agreement and entered into a Registration Rights Agreement, all as further described below. | |||||||||||||||
| Acquisition of Additional Interest in Springhouse at Newport News | |||||||||||||||
| On April 2, 2014, the Company acquired through BEMT Springhouse, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Operating Partnership, all of Bluerock Special Opportunity + Income Fund, LLC's, or Fund I’s, right, title and interest in and to a 49% limited liability company interest, or the Springhouse Interest, in BR Springhouse Managing Member, LLC, a Delaware limited liability company, which is the owner and holder of a 75% limited liability company interest in BR Hawthorne Springhouse JV, LLC, a Delaware limited liability company, which is the sole owner and holder of 100% of the limited liability company interests in BR Springhouse, LLC, a Delaware limited liability company, which is the fee simple owner of a 432-unit multifamily property located in Newport News, Virginia, or the Springhouse Property, in which the Company currently own a 38.25% indirect equity interest. The acquisition of the Springhouse Interest was made pursuant to a contribution agreement, or the Springhouse Contribution Agreement. | |||||||||||||||
| The Company purchased the Springhouse Interest from Fund I in exchange for approximately $3.5 million in cash, or the Springhouse Consideration. The Springhouse Consideration was subject to certain prorations and adjustments typical in a real estate transaction and was based on the value of the indirect equity interest of Fund I in the Springhouse Property, which indirect equity valuation was based on an independent third party appraisal of the Springhouse Property. | |||||||||||||||
| As further consideration for the Springhouse Interest, on April 2, 2014, the Company entered into that certain Indemnity Agreement with James G. Babb, III and R. Ramin Kamfar, pursuant to which, subject to certain exceptions, the Company agreed to indemnify and hold Mr. Babb and Mr. Kamfar, or collectively, the Guarantors, harmless from and against any loss, claim, liability or cost incurred by the Guarantors, or either of them, pursuant to the terms of those certain Guaranties provided by the Guarantors in conjunction with the indebtedness encumbering the Springhouse Property in the original principal amount of $23.4 million, or the Springhouse Loan, and the terms of that certain Backstop Agreement pursuant to which the Guarantors and other guarantors of the Springhouse Loan agreed to allocate amongst themselves liability which they might incur under the Guaranties or other guaranties provided in conjunction with the Springhouse Loan and to which the other guarantors are a party. | |||||||||||||||
| In conjunction with the consummation of the Springhouse Contribution Agreement and the purchase and sale of the Springhouse Interest, Bluerock received a disposition fee of approximately $350,000 under the management agreement for Fund I, which disposition fee was paid in cash and deducted from the Springhouse Consideration paid to Fund I. Additionally, the Former Advisor received an acquisition fee of approximately $300,000 under the Amended Advisory Agreement, which acquisition fee was paid in the form of 20,593 LTIP Units. | |||||||||||||||
| In conjunction with the consummation of the Springhouse Contribution Agreement, Fund I executed and delivered a Pledge Agreement, all as further described below. | |||||||||||||||
| Acquisition of Interest in Grove at Waterford | |||||||||||||||
| On April 2, 2014, the Company, through BRG Waterford, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Operating Partnership, acquired all of Fund I’s right, title and interest in and to a 10% limited liability company interest, or the Fund I Waterford Interest, in BR Waterford JV Member, LLC, a Delaware limited liability company, or Waterford JV Member, and all of Fund II’s right, title and interest in and to a 90% limited liability company interest, or the Fund II Waterford Interest, in Waterford JV Member, which is the owner and holder of a 60% limited liability company interest in Bell BR Waterford Crossing JV, LLC, a Delaware limited liability company, which is the fee simple owner of a 252-unit multifamily property located in Hendersonville, Tennessee, or the Waterford Property. The acquisition of the Fund I Waterford Interest and the Fund II Waterford Interest, or collectively, the Waterford Interests, was made pursuant to a contribution agreement, or the Waterford Contribution Agreement. | |||||||||||||||
| As consideration for the Fund I Waterford Interest, the Company paid approximately $600,000 in cash to Fund I, and as consideration for the Fund II Waterford Interest, the Company issued 361,241 unregistered shares of its Class A common stock with an approximate value of $5.2 million to Fund II, collectively, the Waterford Consideration. The Waterford Consideration was subject to certain prorations and adjustments typical in a real estate transaction and was based on the value of the indirect equity interest of Fund I and Fund II in the Waterford Property, which indirect equity valuation was based on an independent third party appraisal of the Waterford Property. | |||||||||||||||
| As further consideration for the Waterford Interests, the Company entered into that certain Assumption and Release Agreement, or the Release Agreement, related to approximately $20.1 million of indebtedness encumbering the Waterford Property, which Release Agreement provides for the assumption by the Company of the obligations of Fund I and Fund II under the terms of that certain Guaranty of Non-Recourse Obligations dated April 4, 2012, related to an approximate $20.1 million loan originally made by Walker & Dunlop, LLC, as subsequently assigned to Fannie Mae, which loan encumbers the Waterford Property. | |||||||||||||||
| In conjunction with the consummation of the Waterford Contribution Agreement and the purchase and sale of the Waterford Interests, Fund II Manager received a disposition fee of approximately $300,000 under the management agreement for Fund II, which disposition fee was paid in the form of 22,196 unregistered shares of the Company’s Class A common stock, which shares of Class A common stock would otherwise have been issued to Fund II. Further in connection with the Waterford Contribution Agreement and the purchase and sale of the Waterford Interests, Bluerock received a disposition fee of approximately $50,000 under the management agreement for Fund I, which disposition fee was paid in cash and deducted from the amount payable by the Company to Fund I. Additionally, the Former Advisor received an acquisition fee of approximately $450,000 under the Amended Advisory Agreement, which acquisition fee was paid in the form of 30,828 LTIP Units. | |||||||||||||||
| In conjunction with the consummation of the Waterford Contribution Agreement, Fund I and Fund II each delivered a Pledge Agreement and entered into a Registration Rights Agreement, all as further described above. | |||||||||||||||
| Pledge Agreements with Bluerock Special Opportunity + Income Fund, LLC and the Bluerock Funds | |||||||||||||||
| On April 2, 2014, in connection with the completion of the IPO and the consummation of certain additional real estate acquisitions, or the Contribution Transactions, from Fund I, and the Bluerock Funds, the Company entered into pledge agreements with Fund I and the Bluerock Funds, or the Pledge Agreements, which Pledge Agreements provide for limited representations and warranties by Fund I, the Bluerock Funds or their nominees regarding the equity interests and assets being contributed in the Contribution Transactions, and entitle the Company and its affiliates to indemnification for breaches of those representations and warranties by Fund I or the Bluerock Funds or their nominees, as applicable, as well as for any losses that the Company may incur related to its ownership of such contributed assets arising prior to the consummation of the Contribution Transactions or the failure of Fund I or the Bluerock Funds, as applicable, to perform under their respective contribution agreements for a one-year period after the closing of the Contribution Transactions. | |||||||||||||||
| As credit support for such potential indemnification claims, each of Fund I and the Bluerock Funds have given a lien and security interest to the Company in their shares of Class A common stock of the Company or OP Units, as applicable, having an aggregate value equal to 10% of the total consideration paid by the Company in the Contribution Transactions, based on the price per share of Class A common stock in the IPO for those Pledge Agreements which involve the pledging of shares of Class A common stock of the Company. The pledged collateral will be released on the six-month anniversary of the closing of the IPO to the extent that claims have not been made against the outstanding collateral, after which the Company will require minimum net worth guarantees from each of Fund I and the Bluerock Funds for an additional six months. If any claim for indemnification is made within the initial six-month period, all or a portion of the pledged collateral will be held until resolution of such claim, at which time any amounts not used to satisfy such claim will be returned to Fund I or the Bluerock Funds, as applicable. | |||||||||||||||
| Registration Rights Agreement with Fund II, Fund III, BR Fund II Manager, LLC and BR Fund III Manager, LLC | |||||||||||||||
| In connection with the completion of the IPO, on April 2, 2014, the Company also entered into a registration rights agreement, or the Fund Registration Rights Agreement, with Fund II and Fund III and their respective managers, BR SOIF II Manager, LLC, or Fund II Manager, and BR SOIF III Manager, LLC, or Fund III Manager, pursuant to which, subject to certain limitations set forth therein, (1) commencing six months after the date of the IPO and upon the one-time demand of such entities, the Company is obligated to file a registration statement for the resale of up to 50%, but not less than 20%, of the shares of Class A common stock held by Fund II, Fund III, Fund II Manager and Fund III Manager as a result of the Contribution Transactions, and (2) commencing not later than nine months after the date of the IPO, the Company is obligated to file a registration statement for the resale of any remaining shares held by Fund II, Fund III, Fund II Manager and Fund III Manager. Additionally, beginning six months after the date of the IPO and only in the event that a registration statement with respect to such securities is not on file and effective, Fund II, Fund III, Fund II Manager and Fund III Manager will also have piggyback registration rights to participate as selling stockholders in any follow-on public offering of at least $30.0 million, subject to customary underwriter cutbacks and conditions. The Company will pay all of the expenses relating to such securities registrations. | |||||||||||||||
| Registration Rights Agreement with NPT and BPM | |||||||||||||||
| In connection with the completion of the IPO, on April 2, 2014, the Company also entered into a registration rights agreement, or the NPT Registration Rights Agreement, with NPT and BPM, which is the property manager of the NPT Property, pursuant to which, subject to certain limitations set forth therein, commencing not later than one year after the date of the IPO, the Company is obligated to file a registration statement for the resale of its Class A common stock into which the OP Units held by NPT and BPM as a result of the Contribution Transactions are redeemable. Additionally, NPT and BPM will also have piggyback registration rights to participate as a selling stockholder in any follow-on public offering of at least $30.0 million, subject to customary underwriters’ cutbacks and conditions, if the Company fails to file or maintain the effectiveness of the registration statement. The Company will pay all of the expenses relating to such securities registrations. | |||||||||||||||
| Tax Protection Agreement with NPT | |||||||||||||||
| In connection with the completion of the IPO, on April 2, 2014, the Operating Partnership and the Company also entered into a tax protection agreement with NPT, or the Tax Protection Agreement, pursuant to which the Operating Partnership agreed to indemnify NPT against adverse tax consequences to certain members of NPT until the sixth anniversary of the closing date of the contribution of the NPT Property to the Operating Partnership in connection with the Operating Partnership’s failure to provide NPT the opportunity, to the extent necessary to achieve an allocation of at least $4.1 million of the Operating Partnership’s liabilities to NPT for federal income tax purposes, to guarantee a portion of the outstanding indebtedness of the Operating Partnership during such period, or following such period, the Operating Partnership’s failure to use commercially reasonable efforts to provide such opportunity; provided that, subject to certain exceptions and limitations, the indemnification rights described above will terminate for NPT if it sells, exchanges or otherwise disposes of more than 50% of its OP Units (other than to the then-current owners of NPT). As of April 2, 2014, it was determined that no guarantee was necessary to achieve the allocation described above. However, the Operating Partnership will be obligated to provide the opportunity to make a guarantee, as described above, should the need arise during the remaining term of the Tax Protection Agreement. The estimated amount of indebtedness the Operating Partnership would be required to maintain for this purpose will not exceed $20 million. | |||||||||||||||
| Amendment and Termination of Third Amended and Restated Advisory Agreement | |||||||||||||||
| On March 26, 2014, the Board, including its independent directors, approved the amendment of the Third Amended and Restated Advisory Agreement dated February 27, 2013, as amended by that certain First Amendment to Third Amended and Restated Advisory Agreement dated October 14, 2013, collectively, the Advisory Agreement, by and among the Company, the Former Advisor and the Operating Partnership. Pursuant to the Advisory Agreement, the Former Advisor is entitled to receive certain acquisition fees in connection with the closing of the Contribution Transactions, or the Acquisition Fees. | |||||||||||||||
| The Company, the Former Advisor and the Operating Partnership entered into a Second Amendment to Third Amended and Restated Advisory Agreement, effective March 26, 2014, or the Second Amendment, pursuant to which, in lieu of cash payment, the Acquisition Fees are to be paid to the Former Advisor in the form of LTIP Units in the Operating Partnership. The Board, including its independent directors, authorized and approved the entry by the Company into the Second Amendment and found the terms of the Second Amendment to be fair, competitive and commercially reasonable and no less favorable to the Company than similar agreements between unaffiliated parties under the same circumstances. Except as amended by the Second Amendment, the terms of the Advisory Agreement were identical to those of the Advisory Agreement that was previously in effect. | |||||||||||||||
| Pursuant to its terms, the Advisory Agreement, as amended by the Second Amendment, or the Amended Advisory Agreement, automatically terminated on April 2, 2014 upon the completion of the IPO. | |||||||||||||||
| Indemnification Agreements with Each of the Company’s Directors and Executive Officers | |||||||||||||||
| On April 2, 2014, the Company entered into an indemnification agreement, or each, an Indemnification Agreement, with each of its current directors and executive officers, or collectively, the Indemnitees. The Indemnification Agreements clarify and supplement indemnification provisions already contained in the Company’s Second Articles of Amendment and Restatement, as subsequently amended, or the Charter, and Second Amended and Restated Bylaws, or the Bylaws, and generally provide that the Company shall indemnify its directors and executive officers to the maximum extent permitted by the Charter, the Bylaws and Maryland law, subject to certain exceptions, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with their service as a director or executive officer and also provide for rights to advancement of expenses and contribution. | |||||||||||||||
| Effectiveness of Appointment of Director and Chairman of Investment Committee | |||||||||||||||
| Upon the closing of the IPO on April 2, 2014, the appointment of Gary T. Kachadurian as a member of the Board and as chairman of the investment committee of the Board, or the Investment Committee, became effective. Simultaneously, the resignation of James G. Babb, III as a director of the Company and as chairman of the Investment Committee became effective. The resignation of Mr. Babb as a director of the Company and as the chairman of the Investment Committee, and the appointment of Mr. Kachadurian as a director and as the new chairman of the Investment Committee were previously disclosed in that certain Current Report on Form 8-K filed with the SEC on December 3, 2013. Mr. Babb shall serve as Chief Investment Officer of the Manager and Chairman of its investment committee. | |||||||||||||||
| Mr. Kachadurian has over 30 years of real estate experience primarily investing in and developing apartment properties on behalf of institutional investors. Since 2007, Mr. Kachadurian has served as Chairman of Apartment Realty Advisors, the nation’s largest privately owned multihousing investment advisory company. From 1990 to 2005, Mr. Kachadurian served in various senior roles at Deutsche Bank Real Estate/RREEF, a leading pension fund advisor, including as a member of RREEF’s Investment Committee for 14 years, as a senior member of the Policy Committee of RREEF, as Senior Managing Director for Global Business Development responsible for raising institutional real estate funds in Japan, Germany, and other countries, and as head of RREEF’s National Acquisitions Group and Value-Added and Development lines of business where he had oversight in the acquisition and management of RREEF’s 24,000 unit apartment investment portfolio. Prior to Deutsche Bank/RREEF, Mr. Kachadurian served as the Midwest Regional Operating Partner for Lincoln Property Company, developing and managing apartment communities in Illinois, Indiana, Wisconsin, Kansas and Pennsylvania. Mr. Kachadurian also serves as President of The Kachadurian Group LLC, (f/k/a The Kach Group), which provides consulting on apartment acquisition and development transactions, including to Waypoint Residential. Mr. Kachadurian is a founding Board Member of the Chicago Apartment Association, and a former Chairman of the National Multi Housing Council. Mr. Kachadurian is Chairman of the Village Foundation of Children’s Memorial Hospital, is a Director of Pangea Real Estate, KBS Legacy Partners Apartment REIT, and Leaders Bank in Oak Brook, Illinois. Mr. Kachadurian received his B.S. in Accounting from the University of Illinois in 1974. | |||||||||||||||
| Declaration of Dividends | |||||||||||||||
| On April 8, 2014, the Company's Board of Directors declared monthly dividends for the second quarter of 2014 equal to a quarterly rate of $0.29 per share on the Company’s Class A common stock and $0.29 per share on the Company’s Class B common stock, payable to the stockholders of record as of April 25, 2014, May 25, 2014 and June 25, 2014, which will be paid in cash on May 5, 2014, June 5, 2014 and July 5, 2014, respectively. Holders of OP and LTIP units are entitled to receive "distribution equivalents" at the same time as dividends are paid to holders of the Company's Class A common stock. | |||||||||||||||
| The declared dividends equal a monthly dividend on the Class A common stock and the Class B common stock as follows: $0.096666 per share for the dividend paid to stockholders of record as of April 25, 2014, $0.096667 per share for the dividend paid to stockholders of record as of May 25, 2014, and $0.096667 per share for the dividend paid to stockholders of record as of June 25, 2014. A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate. | |||||||||||||||
| Distributions Paid | |||||||||||||||
| The following distributions were paid to the Company's holders of Class A, Class B-1, Class B-2 and B-3 common stock as well as holders of OP and LTIP units subsequent to March 31, 2014. | |||||||||||||||
| Shares | Declaration Date | Record Date | Date Paid | Distributions per Share | Total Distribution | ||||||||||
| Class A Common Stock | 8-Apr-14 | April 25, 2014 | May 5, 2014 | $ | 0.096666 | $ | 434,559 | ||||||||
| Class B-1 Common Stock | 8-Apr-14 | 25-Apr-14 | 5-May-14 | $ | 0.096666 | $ | 34,181 | ||||||||
| Class B-2 Common Stock | 8-Apr-14 | 25-Apr-14 | 5-May-14 | $ | 0.096666 | $ | 34,181 | ||||||||
| Class B-3 Common Stock | 8-Apr-14 | 25-Apr-14 | 5-May-14 | $ | 0.096666 | $ | 34,181 | ||||||||
| OP Units | 8-Apr-14 | 25-Apr-14 | 5-May-14 | $ | 0.096666 | $ | 27,333 | ||||||||
| LTIP Units | 8-Apr-14 | 25-Apr-14 | 5-May-14 | $ | 0.096666 | $ | 31,472 | ||||||||
| Total | $ | 595,907 | |||||||||||||
Basis_of_Presentation_and_Summ1
| Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
| Mar. 31, 2014 | |
| Accounting Policies [Abstract] | ' |
| Consolidation | ' |
| The Company operates as an umbrella partnership REIT in which our subsidiary and operating partnership, Bluerock Residential Holdings, L.P., a Delaware limited partnership, or its wholly owned subsidiaries, owns substantially all of the property interests acquired on its behalf. | |
| Because the Company is the sole general partner of its operating partnership and has unilateral control over its management and major operating decisions, the accounts of our operating partnership are consolidated in its consolidated financial statements. All significant intercompany accounts and transactions are eliminated in consolidation. The Company will consider future majority owned and controlled joint ventures for consolidation in accordance with the provisions required by the Topic 810 Consolidation of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). | |
| Certain amounts in prior year presentations have been reclassified to conform with the current period presentation. Balances and amounts associated with the Company's Enders Place at Baldwin Park property, which was classified as held for sale at December 31, 2013 in the consolidated balance sheet for that period have been reclassified to continuing operations, as the Company no longer has the intent to sell the property, in order to conform with current year presentation. Amounts associated with The Reserve at Creekside Village, a 192-unit garden-style apartment community located in Chattanooga, Tennessee, or the Creekside property, which was sold on March 28, 2014, for the statements of operations for the three months ended March 31, 2013 have been reclassified to discontinued operations to conform with current year presentation. See Note 3, “Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests” for further explanation. These reclassifications had no effect on previously reported results of operations. | |
| Basis of Accounting | ' |
| The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all of the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. | |
| The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements. For further information refer to the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2013 contained in the Annual Report on Form 10-K as filed with the SEC. | |
| 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. At the property level, these estimates include such items as purchase price allocation of real estate acquisitions, impairment of long-lived assets, depreciation and amortization, and allowance for doubtful accounts. Actual results could differ from those estimates. |
Real_Estate_Assets_Held_for_Sa1
| Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests (Tables) (The Reserve at Creekside Village [Member]) | 3 Months Ended | ||||||
| Mar. 31, 2014 | |||||||
| The Reserve at Creekside Village [Member] | ' | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ||||||
| Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | ||||||
| The real estate assets and liabilities related to discontinued operations, representative of the Creekside property, as of March 31, 2014, were as follows: | |||||||
| Assets Related to Discontinued Operations | |||||||
| 31-Mar-14 | |||||||
| Other assets | $ | 338,051 | |||||
| Assets related to discontinued operations | $ | 338,051 | |||||
| Liabilities Related to Discontinued Operations | |||||||
| 31-Mar-14 | |||||||
| Property indebtedness | $ | 677,048 | |||||
| Liabilities related to discontinued operations | $ | 677,048 | |||||
| The following is a summary of results of operations of the Creekside property classified as discontinued operations at March 31, 2014, for the three months ended March 31, 2014 and 2013: | |||||||
| For the Three Months Ended March 31, | |||||||
| 2014 | 2013 | ||||||
| Total revenues | $ | 508,334 | $ | 516,076 | |||
| Expenses | |||||||
| Property operating expenses | (115,545 | ) | (159,495 | ) | |||
| Management fees | (19,604 | ) | (20,988 | ) | |||
| Depreciation and amortization | (183,636 | ) | (163,675 | ) | |||
| Asset management and oversight fees to affiliates | (8,040 | ) | (8,308 | ) | |||
| Real estate taxes and insurance | (95,349 | ) | (89,451 | ) | |||
| Equity in operating earnings of unconsolidated joint ventures | — | (20,957 | ) | ||||
| Operating (Loss) Earnings | $ | 86,160 | $ | 53,202 | |||
| Gain on sale of joint venture interest | 1,006,359 | — | |||||
| Loss on early extinguishment of debt | (879,583 | ) | — | ||||
| Interest expense, net | (148,896 | ) | (122,185 | ) | |||
| Gain (loss) from discontinued operations | $ | 64,040 | $ | (68,983 | ) | ||
Consolidated_Investments_Table
| Consolidated Investments (Tables) | 3 Months Ended | ||||||||||||||||||||
| Mar. 31, 2014 | |||||||||||||||||||||
| Real Estate [Abstract] | ' | ||||||||||||||||||||
| Schedule of Real Estate Properties | ' | ||||||||||||||||||||
| As of March 31, 2014, the major components of our consolidated real estate properties, Springhouse at Newport News, Enders Place at Baldwin Park, a mid-rise community in development known as 23Hundred @ Berry Hill located in Nashville, Tennessee, or the Berry Hill property, and MDA Apartments, were as follows: | |||||||||||||||||||||
| Property | Land | Building and | Construction in | Furniture, | Totals | ||||||||||||||||
| Improvements | Progress | Fixtures and | |||||||||||||||||||
| Equipment | |||||||||||||||||||||
| Springhouse | $ | 6,500,000 | $ | 27,696,588 | $ | — | $ | 1,120,121 | $ | 35,316,709 | |||||||||||
| Enders | 4,750,000 | 19,262,413 | — | 1,014,387 | 25,026,800 | ||||||||||||||||
| Berry Hill | 5,000,000 | 9,834,664 | 14,200,628 | 708,751 | 29,744,043 | ||||||||||||||||
| MDA | 9,500,000 | 51,543,300 | — | 630,620 | 61,673,920 | ||||||||||||||||
| $ | 25,750,000 | $ | 108,336,965 | $ | 14,200,628 | $ | 3,473,879 | $ | 151,761,472 | ||||||||||||
| Less: Accumulated Depreciation | — | (4,830,563 | ) | — | (720,962 | ) | (5,551,525 | ) | |||||||||||||
| Totals | $ | 25,750,000 | $ | 103,506,402 | $ | 14,200,628 | $ | 2,752,917 | $ | 146,209,947 | |||||||||||
Equity_Method_Investments_Tabl
| Equity Method Investments (Tables) | 3 Months Ended | |||||||||
| Mar. 31, 2014 | ||||||||||
| Schedule of Equity Method Investments [Line Items] | ' | |||||||||
| Schedule of Other Ownership Interests | ' | |||||||||
| Following is a summary of the Company’s ownership interests, for investments we report under the equity method of accounting, representative of The Estates at Perimeter/Augusta, located in Augusta, Georgia, or The Estates at Perimeter/Augusta property, at March 31, 2014 and December 31, 2013. | ||||||||||
| Property | Joint Venture | Managing Member | Indirect Equity | |||||||
| Interest | LLC Interest | Interest in Property | ||||||||
| The Estates at Perimeter/Augusta | 50 | % | 50 | % | 25 | % | ||||
| Augusta [Member] | ' | |||||||||
| Schedule of Equity Method Investments [Line Items] | ' | |||||||||
| Schedule Of Condensed Financial Statements | ' | |||||||||
| Summary unaudited financial information for The Estates at Perimeter/Augusta Balance Sheet as of March 31, 2014 and December 31, 2013 and Operating Statement for the three months ended March 31, 2014 and 2013, is as follows: | ||||||||||
| March 31, | December 31, | |||||||||
| 2014 | 2013 | |||||||||
| Balance Sheet: | ||||||||||
| Real estate, net of depreciation | $ | 22,020,088 | $ | 22,188,399 | ||||||
| Other assets | 413,943 | 394,866 | ||||||||
| Total assets | $ | 22,434,031 | $ | 22,583,265 | ||||||
| Mortgage payable | $ | 17,522,349 | $ | 17,600,839 | ||||||
| Other liabilities | 236,755 | 139,465 | ||||||||
| Total liabilities | $ | 17,759,104 | $ | 17,740,304 | ||||||
| Stockholders’ equity | 4,674,927 | 4,842,961 | ||||||||
| Total liabilities and stockholders’ equity | $ | 22,434,031 | $ | 22,583,265 | ||||||
| Three Months Ended March 31, | ||||||||||
| 2014 | 2013 | |||||||||
| Operating Statement: | ||||||||||
| Rental revenues | $ | 633,767 | $ | 650,909 | ||||||
| Operating expenses | (264,203 | ) | (190,299 | ) | ||||||
| Income before debt service, acquisition costs, and depreciation and amortization | 369,564 | 460,610 | ||||||||
| Mortgage interest | (186,255 | ) | (189,416 | ) | ||||||
| Depreciation and amortization | (199,771 | ) | (196,669 | ) | ||||||
| Net (loss) income | (16,462 | ) | 74,525 | |||||||
| Net income (loss) attributable to JV partners | 11,330 | (58,093 | ) | |||||||
| (5,132 | ) | 16,432 | ||||||||
| Amortization of deferred financing costs paid on behalf of joint ventures | (321 | ) | (321 | ) | ||||||
| Equity in (loss) earnings of unconsolidated joint ventures | $ | (5,453 | ) | $ | 16,111 | |||||
Related_Party_Transactions_Tab
| Related Party Transactions (Tables) | 3 Months Ended | |||||||
| Mar. 31, 2014 | ||||||||
| Related Party Transactions [Abstract] | ' | |||||||
| Schedule Of Related Party Transactions | ' | |||||||
| Pursuant to the terms of the Advisory Agreement, summarized below are the related party amounts payable to our Former Advisor, as well as other affiliates, as of March 31, 2014 and December 31, 2013. | ||||||||
| March 31, | December 31, | |||||||
| 2014 | 2013 | |||||||
| Asset management and oversight fees | $ | 1,090,724 | $ | 966,396 | ||||
| Acquisition fees and disposition fees | 892,424 | 801,169 | ||||||
| Financing fees | 35,670 | 35,670 | ||||||
| Reimbursable operating expenses | — | 295,146 | ||||||
| Reimbursable offering costs | 161,796 | 193,112 | ||||||
| Reimbursable organizational costs | 49,931 | 49,931 | ||||||
| Other | 23,058 | 17,748 | ||||||
| Total related-party amounts payable | $ | 2,253,603 | $ | 2,359,172 | ||||
Stockholders_Equity_Tables
| Stockholders' Equity (Tables) | 3 Months Ended | |||||||
| Mar. 31, 2014 | ||||||||
| Stockholders' Equity Note [Abstract] | ' | |||||||
| Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||
| The following table reconciles the components of basic and diluted net loss per common share: | ||||||||
| Three Months Ended March 31, | ||||||||
| 2014 | 2013 | |||||||
| Net loss from continuing operations attributable to common shareholders(3) | $ | (1,110,786 | ) | $ | (1,157,149 | ) | ||
| Dividends on restricted stock expected to vest(3) | (2,540 | ) | (2,799 | ) | ||||
| Gain on redemption of common stock(2) | — | 1,875 | ||||||
| Basic net loss from continuing operations attributable to common shareholders(3) | $ | (1,113,326 | ) | $ | (1,158,073 | ) | ||
| Basic net income (loss) from discontinued operations attributable to common shareholders(3) | $ | 64,040 | $ | (68,983 | ) | |||
| Weighted average common shares outstanding(3) | 1,060,889 | 995,154 | ||||||
| Potential dilutive shares(1) | — | — | ||||||
| Weighted average common shares outstanding and potential dilutive shares(3) | 1,060,889 | 995,154 | ||||||
| Basic loss from continuing operations per share(3) | $ | (1.05 | ) | $ | (1.16 | ) | ||
| Basic income (loss) from discontinued operations per share(3) | $ | 0.06 | $ | (0.07 | ) | |||
| Diluted loss from continued operations per share(3) | $ | (1.05 | ) | $ | (1.16 | ) | ||
| Diluted income (loss) from discontinued operations per share(3) | $ | 0.06 | $ | (0.07 | ) | |||
| The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits discussed below. | ||||||||
| (1) Excludes 6,468 and 7,128 shares for the three months ended March 31, 2014 and 2013, respectively, related to non-vested restricted stock, as the effect would be anti-dilutive. Also excludes any potential dilution related to the 1,000 shares of convertible stock outstanding as of March 31, 2013, as there would be no conversion into common shares. | ||||||||
| (2) Represents the difference between the fair value and carrying amount of the common stock upon redemption. | ||||||||
| (3) For 2014, amounts relate to Class B-1, B-2 and B-3 common shares outstanding. For 2013 amounts relate to common shares outstanding | ||||||||
| Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||
| A summary of the status of the Company’s non-vested shares as of March 31, 2014, and changes during the three months ended March 31, 2014, is as follows: | ||||||||
| Non Vested shares | Shares(1) | Weighted average grant-date | ||||||
| fair value(1) | ||||||||
| Balance at January 1, 2014 | 6,593 | $ | 150,000 | |||||
| Granted | — | — | ||||||
| Vested | (659 | ) | (15,000 | ) | ||||
| Forfeited | — | — | ||||||
| Balance at March 31, 2014 | 5,934 | $ | 135,000 | |||||
| (1) The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits discussed above. For 2014, amounts relate to Class B-1, B-2 and B-3 common shares outstanding. For 2013, amounts relate to common shares outstanding. | ||||||||
| Schedule of Distributions Made to Members or Limited Partners, by Distribution | ' | |||||||
| Distributions for the three months ended March 31, 2014 were as follows: | ||||||||
| Distributions | ||||||||
| 2014 | Declared | Paid | ||||||
| First Quarter | $ | 273,028 | $ | 416,491 | ||||
Subsequent_Events_Tables
| Subsequent Events (Tables) | 3 Months Ended | ||||||||||||||
| Mar. 31, 2014 | |||||||||||||||
| Subsequent Events [Abstract] | ' | ||||||||||||||
| Schedule of Dividends Payable | ' | ||||||||||||||
| The following distributions were paid to the Company's holders of Class A, Class B-1, Class B-2 and B-3 common stock as well as holders of OP and LTIP units subsequent to March 31, 2014. | |||||||||||||||
| Shares | Declaration Date | Record Date | Date Paid | Distributions per Share | Total Distribution | ||||||||||
| Class A Common Stock | 8-Apr-14 | April 25, 2014 | May 5, 2014 | $ | 0.096666 | $ | 434,559 | ||||||||
| Class B-1 Common Stock | 8-Apr-14 | 25-Apr-14 | 5-May-14 | $ | 0.096666 | $ | 34,181 | ||||||||
| Class B-2 Common Stock | 8-Apr-14 | 25-Apr-14 | 5-May-14 | $ | 0.096666 | $ | 34,181 | ||||||||
| Class B-3 Common Stock | 8-Apr-14 | 25-Apr-14 | 5-May-14 | $ | 0.096666 | $ | 34,181 | ||||||||
| OP Units | 8-Apr-14 | 25-Apr-14 | 5-May-14 | $ | 0.096666 | $ | 27,333 | ||||||||
| LTIP Units | 8-Apr-14 | 25-Apr-14 | 5-May-14 | $ | 0.096666 | $ | 31,472 | ||||||||
| Total | $ | 595,907 | |||||||||||||
Organization_and_Nature_of_Bus1
| Organization and Nature of Business (Details) | 3 Months Ended |
| Mar. 31, 2014 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
| Entity incorporation, state name | 'Maryland |
| Entity incorporation, date of incorporation | 25-Jul-08 |
Organization_and_Nature_of_Bus2
| Organization and Nature of Business (Class A Common Stock) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 62 Months Ended | 0 Months Ended | |||||
| Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Sep. 09, 2013 | Jan. 23, 2014 | Jan. 23, 2014 | Jan. 23, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | |
| Common Class B-1 [Member] | Common Class B-2 [Member] | Common Class B-3 [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
| Common Class A [Member] | IPO [Member] | ||||||||
| Common Class A [Member] | |||||||||
| Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Proceeds from issuance of common stock | $0 | $626,975 | ' | $22,600,000 | ' | ' | ' | ' | ' |
| Issuance of common stock, net (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 3,448,276 |
| Share price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $14.50 |
| Issuance of common stock, net | ' | ' | 1,506,405 | ' | ' | ' | ' | ' | 50,000,000 |
| Proceeds from issuance of stock in IPO | ' | ' | ' | ' | ' | ' | ' | $44,400,000 | ' |
| Stock split, conversion ratio | ' | ' | ' | ' | 0.33 | 0.33 | 0.33 | ' | ' |
Organization_and_Nature_of_Bus3
| Organization and Nature of Business (Company Portfolio) (Details) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 02, 2014 |
| unit | Operating Property [Member] | Development Property [Member] | Subsequent Event [Member] | |
| property | property | unit | property | |
| property | unit | |||
| Real Estate Properties [Line Items] | ' | ' | ' | ' |
| Number of real estate properties | 5 | 4 | 1 | 9 |
| Number of units in real estate property | 1,326 | ' | 266 | 2,620 |
| Number of real estate properties acquired | ' | ' | ' | 4 |
| Percent of real estate properties occupied | ' | 94.00% | ' | ' |
Basis_of_Presentation_and_Summ2
| Basis of Presentation and Summary of Significant Accounting Policies (Details) | Mar. 31, 2014 | Mar. 28, 2014 |
| unit | The Reserve at Creekside Village [Member] | |
| unit | ||
| Real Estate Properties [Line Items] | ' | ' |
| Number of units in real estate property | 1,326 | 192 |
Real_Estate_Assets_Held_for_Sa2
| Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests (Details) (Equity Method Investee [Member], BR Creekside [Member], USD $) | 0 Months Ended |
| Mar. 28, 2014 | |
| Equity Method Investee [Member] | BR Creekside [Member] | ' |
| Real Estate Properties [Line Items] | ' |
| Ownership percentage | 24.71% |
| Proceeds from sale of real estate, gross | $18,875,000 |
| Payments for mortgage on real estate property sold | 13,500,000 |
| Disposition fees | 69,946 |
| Proceeds from sale of real estate, net | $1,200,000 |
Real_Estate_Assets_Held_for_Sa3
| Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests (Financial Statements) (Details) (USD $) | 3 Months Ended | |
| Mar. 31, 2014 | Mar. 31, 2013 | |
| Expenses | ' | ' |
| Loss on early extinguishment of debt | ($879,583) | $0 |
| BR Creekside [Member] | Equity Method Investee [Member] | The Reserve at Creekside Village [Member] | ' | ' |
| Assets Related to Discontinued Operations | ' | ' |
| Other assets | 338,051 | ' |
| Assets related to discontinued operations | 338,051 | ' |
| Liabilities Related to Discontinued Operations | ' | ' |
| Property indebtedness | 677,048 | ' |
| Liabilities related to discontinued operations | 677,048 | ' |
| Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' |
| Total revenues | 508,334 | 516,076 |
| Expenses | ' | ' |
| Property operating expenses | -115,545 | -159,495 |
| Management fees | -19,604 | -20,988 |
| Depreciation and amortization | -183,636 | -163,675 |
| Asset management and oversight fees to affiliates | -8,040 | -8,308 |
| Real estate taxes and insurance | -95,349 | -89,451 |
| Equity in operating earnings of unconsolidated joint ventures | 0 | -20,957 |
| Operating (Loss) Earnings | 86,160 | 53,202 |
| Gain on sale of joint venture interest | 1,006,359 | 0 |
| Loss on early extinguishment of debt | -879,583 | 0 |
| Interest expense, net | -148,896 | -122,185 |
| Gain (loss) from discontinued operations | $64,040 | ($68,983) |
Consolidated_Investments_Detai
| Consolidated Investments (Details) (USD $) | 3 Months Ended | ||
| Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | $151,761,472 | ' | $148,149,004 |
| Less: Accumulated Depreciation | -5,551,525 | ' | -4,515,937 |
| Total Net Operating Real Estate | 146,209,947 | ' | 143,633,067 |
| Depreciation | 1,219,223 | 1,063,767 | ' |
| Amortization of deferred leasing fees | 72,383 | 815,784 | ' |
| Springhouse [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 35,316,709 | ' | ' |
| Enders [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 25,026,800 | ' | ' |
| Berry Hill [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 29,744,043 | ' | ' |
| MDA [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 61,673,920 | ' | ' |
| Land [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 25,750,000 | ' | ' |
| Less: Accumulated Depreciation | 0 | ' | ' |
| Total Net Operating Real Estate | 25,750,000 | ' | ' |
| Land [Member] | Springhouse [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 6,500,000 | ' | ' |
| Land [Member] | Enders [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 4,750,000 | ' | ' |
| Land [Member] | Berry Hill [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 5,000,000 | ' | ' |
| Land [Member] | MDA [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 9,500,000 | ' | ' |
| Building and Improvements [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 108,336,965 | ' | ' |
| Less: Accumulated Depreciation | -4,830,563 | ' | ' |
| Total Net Operating Real Estate | 103,506,402 | ' | ' |
| Building and Improvements [Member] | Springhouse [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 27,696,588 | ' | ' |
| Building and Improvements [Member] | Enders [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 19,262,413 | ' | ' |
| Building and Improvements [Member] | Berry Hill [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 9,834,664 | ' | ' |
| Building and Improvements [Member] | MDA [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 51,543,300 | ' | ' |
| Construction in Progress [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 14,200,628 | ' | ' |
| Less: Accumulated Depreciation | 0 | ' | ' |
| Total Net Operating Real Estate | 14,200,628 | ' | ' |
| Construction in Progress [Member] | Springhouse [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 0 | ' | ' |
| Construction in Progress [Member] | Enders [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 0 | ' | ' |
| Construction in Progress [Member] | Berry Hill [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 14,200,628 | ' | ' |
| Construction in Progress [Member] | MDA [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 0 | ' | ' |
| Furniture, Fixtures and Equipment [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 3,473,879 | ' | ' |
| Less: Accumulated Depreciation | -720,962 | ' | ' |
| Total Net Operating Real Estate | 2,752,917 | ' | ' |
| Furniture, Fixtures and Equipment [Member] | Springhouse [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 1,120,121 | ' | ' |
| Furniture, Fixtures and Equipment [Member] | Enders [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 1,014,387 | ' | ' |
| Furniture, Fixtures and Equipment [Member] | Berry Hill [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | 708,751 | ' | ' |
| Furniture, Fixtures and Equipment [Member] | MDA [Member] | ' | ' | ' |
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
| Total Gross Operating Real Estate Investments | $630,620 | ' | ' |
Equity_Method_Investments_Owne
| Equity Method Investments (Ownership Interests) (Details) (Augusta [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
| Schedule of Equity Method Investments [Line Items] | ' | ' |
| Investments in unconsolidated real estate joint ventures | $1,175,110 | $1,212,456 |
| Joint Venture Interest [Member] | ' | ' |
| Schedule of Equity Method Investments [Line Items] | ' | ' |
| Ownership percentage | 50.00% | ' |
| Managing Member LLC Interest [Member] | ' | ' |
| Schedule of Equity Method Investments [Line Items] | ' | ' |
| Ownership percentage | 50.00% | ' |
| Indirect Equity Interest In Property [Member] | ' | ' |
| Schedule of Equity Method Investments [Line Items] | ' | ' |
| Ownership percentage | 25.00% | ' |
Equity_Method_Investments_Fina
| Equity Method Investments (Financial Statements) (Details) (Augusta [Member], USD $) | 3 Months Ended | ||
| Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
| Augusta [Member] | ' | ' | ' |
| Balance Sheet: | ' | ' | ' |
| Real estate, net of depreciation | $22,020,088 | ' | $22,188,399 |
| Other assets | 413,943 | ' | 394,866 |
| Total assets | 22,434,031 | ' | 22,583,265 |
| Mortgage payable | 17,522,349 | ' | 17,600,839 |
| Other liabilities | 236,755 | ' | 139,465 |
| Total liabilities | 17,759,104 | ' | 17,740,304 |
| Stockholdersb equity | 4,674,927 | ' | 4,842,961 |
| Total liabilities and stockholdersb equity | 22,434,031 | ' | 22,583,265 |
| Operating Statement: | ' | ' | ' |
| Rental revenues | 633,767 | 650,909 | ' |
| Operating expenses | -264,203 | -190,299 | ' |
| Income before debt service, acquisition costs, and depreciation and amortization | 369,564 | 460,610 | ' |
| Mortgage interest | -186,255 | -189,416 | ' |
| Depreciation and amortization | -199,771 | -196,669 | ' |
| Net (loss) income | -16,462 | 74,525 | ' |
| Net income (loss) attributable to JV partners | 11,330 | -58,093 | ' |
| Net income (loss) in equity method investments, total | -5,132 | 16,432 | ' |
| Amortization of deferred financing costs paid on behalf of joint ventures | -321 | -321 | ' |
| Equity in (loss) earnings of unconsolidated joint ventures | ($5,453) | $16,111 | ' |
Line_of_Credit_Details
| Line of Credit (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
| Debt Disclosure [Abstract] | ' | ' |
| Line of credit outstanding | $7,571,223 | $7,571,223 |
Fair_Value_of_Financial_Instru1
| Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2014 |
| In Millions, unless otherwise specified | |
| Fair Value Disclosures [Abstract] | ' |
| Mortgage payable, carrying value | $100.30 |
| Mortgage payable, fair value | $100.20 |
Related_Party_Transactions_Due
| Related Party Transactions (Due to Related Party) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
| Total related-party amounts payable | $2,253,603 | $2,359,172 |
| Asset management and oversight fees [Member] | ' | ' |
| Total related-party amounts payable | 1,090,724 | 966,396 |
| Acquisition fees and disposition fees [Member] | ' | ' |
| Total related-party amounts payable | 892,424 | 801,169 |
| Financing fees [Member] | ' | ' |
| Total related-party amounts payable | 35,670 | 35,670 |
| Reimbursable operating expenses [Member] | ' | ' |
| Total related-party amounts payable | 0 | 295,146 |
| Reimbursable offering costs [Member] | ' | ' |
| Total related-party amounts payable | 161,796 | 193,112 |
| Reimbursable organizational costs [Member] | ' | ' |
| Total related-party amounts payable | 49,931 | 49,931 |
| Other [Member] | ' | ' |
| Total related-party amounts payable | $23,058 | $17,748 |
Related_Party_Transactions_Det
| Related Party Transactions (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||
| Oct. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Sep. 26, 2012 | Sep. 25, 2012 | Oct. 31, 2013 | Sep. 26, 2012 | Oct. 31, 2013 | Sep. 26, 2012 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
| Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Nonvoting Convertible Stock [Member] | Nonvoting Convertible Stock [Member] | Nonvoting Convertible Stock [Member] | Fund LOC [Member] | Bluerock Multifamily Advisor, LLC [Member] | Bluerock Multifamily Advisor, LLC [Member] | |||||||
| Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Payments for related party transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $186,688 | ' | ' |
| Line of credit outstanding | ' | 7,571,223 | ' | 7,571,223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Advisory agreement, term | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Advisory agreement, expiry date | ' | 14-Oct-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Advisory agreement, renewable term | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Advisory agreement, management fee percentage | ' | ' | ' | ' | 0.05% | 0.08% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Acquisition fee percentage | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | 2.50% | ' | ' | ' | ' | ' | ' |
| Acquisition and disposition fees | ' | 819,060 | 77,556 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,946 | 77,556 |
| Percentage of financing fees receivable | ' | ' | ' | ' | ' | ' | 0.25% | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' |
| Sales price percentage | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Selling commission percentage | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Percentage exceed in contract sales price | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Percentage exceed relates to operating expenses | ' | 2.00% | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Percentage determined for net income | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Preferred stock, issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 0 | 1,000 | ' | ' | ' |
| Preferred stock, par value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' |
| Preferred stock, dividend rate, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' |
| Oversight fee percentage | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Reimbursed costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 508,000 | ' |
| Due from affiliates, excluding former advisor | ' | $5,743 | ' | $8,960 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Earnings_p
| Stockholders' Equity (Earnings per Share) (Details) (USD $) | 3 Months Ended | ||||||
| Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | |||
| Nonvoting Convertible Stock [Member] | Nonvoting Convertible Stock [Member] | Nonvoting Convertible Stock [Member] | |||||
| Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' | ||
| Net income (loss) from continuing operations attributable to common shareholders | ($1,110,786) | [1] | ($1,157,149) | [1] | ' | ' | ' |
| Dividends on restricted stock expected to vest | -2,540 | [1] | -2,799 | [1] | ' | ' | ' |
| Gain on redemption of common stock | 0 | [2] | 1,875 | [2] | ' | ' | ' |
| Basic net income (loss) from continuing operations attributable to common shareholders | -1,113,326 | -1,158,073 | ' | ' | ' | ||
| Basic net (loss) income from discontinued operations attributable to common shareholders | $64,040 | [1] | ($68,983) | [1] | ' | ' | ' |
| Weighted average common shares outstanding (in shares) | 1,060,889 | [1],[3] | 995,154 | [1],[3] | ' | ' | ' |
| Potential dilutive shares (in shares) | 0 | [4] | 0 | [4] | ' | ' | ' |
| Weighted average common shares outstanding and potential dilutive shares (in shares) | 1,060,889 | [1] | 995,154 | [1] | ' | ' | ' |
| Basic income (loss) from continuing operations per share (in dollar per share) | ($1.05) | [1] | ($1.16) | [1] | ' | ' | ' |
| Basic (loss) income from discontinued operations per share (in dollar per share) | $0.06 | [1],[3] | ($0.07) | [1],[3] | ' | ' | ' |
| Diluted income (loss) from continued operations per share (in dollars per share) | ($1.05) | [1] | ($1.16) | [1] | ' | ' | ' |
| Diluted (loss) income from discontinued operations per share (in dollars per share) | $0.06 | [1],[3] | ($0.07) | [1],[3] | ' | ' | ' |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,468 | 7,128 | ' | ' | ' | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ||
| Preferred Stock, Shares Issued | ' | ' | 0 | 1,000 | 1,000 | ||
| [1] | For 2014, amounts relate to Class B-1, B-2 and B-3 common shares outstanding. For 2013 amounts relate to common shares outstanding | ||||||
| [2] | Represents the difference between the fair value and carrying amount of the common stock upon redemption. | ||||||
| [3] | Share and per share amounts have been restated to reflect the effects of two reverse stock splits which occurred during the first quarter of 2014. See Note 1, "Organization and Nature of Business" and Note 9, "Stockholders' Equity" for further discussion. | ||||||
| [4] | Excludes 6,468 and 7,128 shares for the three months ended MarchB 31, 2014 and 2013, respectively, related to non-vested restricted stock, as the effect would be anti-dilutive. Also excludes any potential dilution related to the 1,000 shares of convertible stock outstanding as of March 31, 2013, as there would be no conversion into common shares. | ||||||
Stockholders_Equity_Nonvested_
| Stockholders' Equity (Non-vested Shares) (Details) (USD $) | 3 Months Ended | |
| Mar. 31, 2014 | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ' | |
| Non Vested shares, Balance (in shares) | 6,593 | [1] |
| Non Vested shares, Granted (in shares) | 0 | [1] |
| Non Vested shares, Vested (in shares) | -659 | [1] |
| Non Vested shares, Forfeited (in shares) | 0 | [1] |
| Non Vested shares, Balance (in shares) | 5,934 | [1] |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Amount [Roll Forward] | ' | |
| Weighted average grant-date fair value, Balance (in dollars) | $150,000 | [1] |
| Weighted average grant-date fair value, Granted (in dollars) | 0 | [1] |
| Weighted average grant date fair value, Vested (in dollars) | -15,000 | [1] |
| Weighted average grant-date fair value, Forfeited (in dollars) | 0 | [1] |
| Weighted average grant-date fair value, Balance (in dollars) | 135,000 | [1] |
| Unrecognized compensation costs, stock options | $105,000 | |
| Unrecognized compensation costs, period for recognition | '4 years | |
| [1] | The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits discussed above. For 2014, amounts relate to Class B-1, B-2 and B-3 common shares outstanding. For 2013, amounts relate to common shares outstanding. | |
Stockholders_Equity_Distributi
| Stockholders' Equity (Distributions) (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
| Mar. 13, 2014 | Dec. 27, 2013 | Mar. 31, 2014 | |
| Stockholders' Equity Note [Abstract] | ' | ' | ' |
| Dividends declared on common stock (in dollars per share) | $0.05 | $0.06 | ' |
| Distributions Declared | ' | ' | $273,028 |
| Distributions Paid | ' | ' | $416,491 |
Stockholders_Equity_Details
| Stockholders' Equity (Details) (USD $) | 3 Months Ended | 62 Months Ended | 3 Months Ended | 0 Months Ended | |||||
| Mar. 31, 2014 | Mar. 31, 2013 | Sep. 09, 2013 | Mar. 31, 2014 | Jan. 23, 2014 | Mar. 31, 2014 | Mar. 26, 2014 | Jan. 23, 2014 | Jan. 23, 2014 | |
| Independent Directors [Member] | Common Class B-1 [Member] | Common Class B-1, B-2, B-3 [Member] | Common Class B-1, B-2, B-3 [Member] | Common Class B-2 [Member] | Common Class B-3 [Member] | ||||
| Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Proceeds from issuance of common stock | $0 | $626,975 | $22,600,000 | ' | ' | ' | ' | ' | ' |
| Stock split, conversion ratio | ' | ' | ' | ' | 0.33 | 0.995433152 | 0.441524301 | 0.33 | 0.33 |
| Restricted stock issued to directors | 5,000 | ' | ' | 5,000 | ' | ' | ' | ' | ' |
| Restricted stock to be issued to re-elected directors | 2,500 | ' | ' | 2,500 | ' | ' | ' | ' | ' |
| Restricted stock vested percentage one | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' |
| Restricted stock vested percentage two | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent_Events_Initial_Firm
| Subsequent Events (Initial Firmly Underwritten Public Offering) (Details) (Common Class A [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 02, 2014 | Apr. 02, 2014 |
| In Millions, except Share data, unless otherwise specified | Subsequent Event [Member] | Subsequent Event [Member] | ||
| IPO [Member] | ||||
| Subsequent Event [Line Items] | ' | ' | ' | ' |
| Issuance of common stock, net (in shares) | ' | ' | ' | 3,448,276 |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ' | $0.01 |
| Share price (in dollars per share) | ' | ' | ' | $14.50 |
| Issuance of common stock, gross | ' | ' | ' | $50 |
| Proceeds from issuance of stock in IPO | ' | ' | $44.40 | ' |
Subsequent_Events_Second_Amend
| Subsequent Events (Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P.) (Details) | 3 Months Ended | 0 Months Ended |
| Mar. 31, 2014 | Apr. 02, 2014 | |
| Subsequent Event [Member] | ||
| Subsequent Event [Line Items] | ' | ' |
| Ownership interest | 100.00% | 9.87% |
Subsequent_Events_Management_A
| Subsequent Events (Management Agreement with the Manager) (Details) (Subsequent Event [Member], USD $) | Apr. 02, 2014 |
| calendar_quarter | |
| Subsequent Event [Line Items] | ' |
| Percent of stockholders' equity | 0.25% |
| Incentive fee, product percentage | 20.00% |
| Incentive fee, adjusted funds from operations term | '12 months |
| Incentive fee, weighted average issue price term | '12 months |
| Incentive fee, base percentage | 8.00% |
| Incentive fee, number of calendar quarters | 3 |
| Incentive fee, prior compensation period term | '12 months |
| Incentive fee, period after IPO | '12 months |
| Management agreement, term | '3 years |
| Management agreement, renewal period | '1 year |
| Management agreement, termination notification period | '180 days |
| Management agreement, termination fee ratio to base management fee and incentive fee earned | 3 |
| Management agreement, period prior to employee termination | '12 months |
| Management agreement, termination period with written notice from the board | '30 days |
| Management agreement, period after IPO | '3 years |
| Management agreement, required voting percentage to terminate agreement | 67.00% |
| Management agreement, agreement termination, minimum stockholders' equity | $250,000,000 |
| Management agreement, default period | '30 days |
| Management agreement, manager termination notice period | '60 days |
| Common Class A [Member] | ' |
| Subsequent Event [Line Items] | ' |
| Percent of stockholders' equity | 1.50% |
Subsequent_Events_Grant_of_LTI
| Subsequent Events (Grant of LTIP Units to Manager) (Details) (BRG Manager, LLC [Member], Long-term Incentive Plan Units [Member], Subsequent Event [Member]) | 0 Months Ended |
| Apr. 02, 2014 | |
| BRG Manager, LLC [Member] | Long-term Incentive Plan Units [Member] | Subsequent Event [Member] | ' |
| Subsequent Event [Line Items] | ' |
| Awards granted (in shares) | 179,562 |
| Awards granted, vesting period | '3 years |
Subsequent_Events_Investment_A
| Subsequent Events (Investment Allocation Agreement with Bluerock and the Manager) (Details) (Subsequent Event [Member]) | Apr. 02, 2014 |
| Subsequent Event [Member] | ' |
| Subsequent Event [Line Items] | ' |
| Minimum capital funding for tax exemption | 75.00% |
| Maximum investing percentage | 25.00% |
Subsequent_Events_Acquisitions
| Subsequent Events (Acquisitions) (Details) (USD $) | 3 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||||||
| Mar. 31, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | 13-May-14 | |
| unit | Subsequent Event [Member] | North Park Towers [Member] | Village Green of Ann Arbor [Member] | Villas at Oak Crest [Member] | Springhouse [Member] | Additional Interest in Springhouse at Newport News [Member] | Grove at Waterford [Member] | BR-NPT Springing Entity, LLC [Member] | Bluerock Multifamily Advisor, LLC [Member] | Bluerock Multifamily Advisor, LLC [Member] | Bluerock Multifamily Advisor, LLC [Member] | Bluerock Multifamily Advisor, LLC [Member] | Bluerock Multifamily Advisor, LLC [Member] | Fund II VG Interest, in BR VG Ann Arbor JV Member, LLC [Member] | Fund III VG Interest, in Ann Arbor JV [Member] | Village Green of Ann Arbor Associates, LLC [Member] | Fund II, Oak Crest Interest, in BR Oak Crest Villas, LLC [Member] | Oak Crest Villas JV, LLC [Member] | Villas Partners, LLC [Member] | Fund I, Springhouse Interest, in BR Springhouse Managing Member, LLC [Member] | BR Hawthorne Springhouse JV, LLC [Member] | BR Springhouse, LLC [Member] | Fund I Waterford Interest, in BR Waterford JV Member, LLC [Member] | Fund II Waterford Interest, in Waterford JV Member [Member] | Bell BR Waterford Crossing JV, LLC [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Operating Partnership Units [Member] | Long-term Incentive Plan Units [Member] | Long-term Incentive Plan Units [Member] | Long-term Incentive Plan Units [Member] | Long-term Incentive Plan Units [Member] | Long-term Incentive Plan Units [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
| unit | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | North Park Towers [Member] | North Park Towers [Member] | Village Green of Ann Arbor [Member] | Villas at Oak Crest [Member] | Additional Interest in Springhouse at Newport News [Member] | Grove at Waterford [Member] | Village Green of Ann Arbor [Member] | Village Green of Ann Arbor [Member] | Village Green of Ann Arbor [Member] | Villas at Oak Crest [Member] | Villas at Oak Crest [Member] | Villas at Oak Crest [Member] | Additional Interest in Springhouse at Newport News [Member] | Additional Interest in Springhouse at Newport News [Member] | Additional Interest in Springhouse at Newport News [Member] | Grove at Waterford [Member] | Grove at Waterford [Member] | Grove at Waterford [Member] | Villas at Oak Crest [Member] | Fund II VG Interest, in BR VG Ann Arbor JV Member, LLC [Member] | Fund III VG Interest, in Ann Arbor JV [Member] | Fund II, Oak Crest Interest, in BR Oak Crest Villas, LLC [Member] | Fund II Waterford Interest, in Waterford JV Member [Member] | North Park Towers [Member] | Bluerock Multifamily Advisor, LLC [Member] | Bluerock Multifamily Advisor, LLC [Member] | Bluerock Multifamily Advisor, LLC [Member] | Bluerock Multifamily Advisor, LLC [Member] | Bluerock Multifamily Advisor, LLC [Member] | Lansbrook Village [Member] | ||
| unit | unit | unit | unit | unit | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Village Green of Ann Arbor [Member] | Village Green of Ann Arbor [Member] | Villas at Oak Crest [Member] | Grove at Waterford [Member] | Subsequent Event [Member] | North Park Towers [Member] | Village Green of Ann Arbor [Member] | Villas at Oak Crest [Member] | Additional Interest in Springhouse at Newport News [Member] | Grove at Waterford [Member] | Subsequent Event [Member] | ||||
| Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||
| Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Ownership interest | 100.00% | 9.87% | 100.00% | ' | ' | 38.25% | ' | ' | ' | ' | ' | ' | ' | ' | 58.61% | 38.61% | 50.00% | 93.43% | 71.90% | 100.00% | 49.00% | 75.00% | 100.00% | 10.00% | 90.00% | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of units in real estate property, fee simple | ' | ' | 313 | 520 | 209 | ' | 432 | 252 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of units in real estate property | 1,326 | 2,620 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of Operating Partnership units issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 282,759 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Amount of Operating Partnership units issued | ' | ' | ' | ' | ' | ' | ' | ' | $4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Period after acquisition | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Unit conversion to common stock rate | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Debt obligations acquired | ' | ' | 11,500,000 | 43,200,000 | ' | 23,400,000 | ' | 20,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Disposition fee | ' | ' | 468,000 | ' | ' | ' | ' | ' | ' | 390,000 | 700,000 | 300,000 | 300,000 | 450,000 | ' | ' | ' | ' | ' | ' | 350,000 | ' | ' | 50,000 | 300,000 | ' | ' | 300,000 | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Disposition fee paid with units or shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,322 | 11,523 | 15,474 | 22,196 | 32,276 | 26,897 | 48,357 | 19,343 | 20,593 | 30,828 | ' |
| Shares issued for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 361,241 | ' | 200,143 | 293,042 | 193,042 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Shares issued for acquisition, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | ' | 2,900,000 | 4,200,000 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Payments to acquire real estate | ' | ' | ' | ' | ' | $3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Basis spread on variable rate, floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% |
| Basis spread on variable rate, extension fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% |
Subsequent_Events_Pledge_Agree
| Subsequent Events (Pledge Agreements with Bluerock Special Opportunity + Income Fund, LLC and the Bluerock Funds) (Details) (Subsequent Event [Member]) | Apr. 02, 2014 |
| Subsequent Event [Member] | ' |
| Subsequent Event [Line Items] | ' |
| Indemnification claims, security interest, percent of total consideration paid | 10.00% |
Subsequent_Events_Registration
| Subsequent Events (Registration Rights Agreement) (Details) (Subsequent Event [Member], USD $) | Apr. 02, 2014 |
| In Millions, unless otherwise specified | |
| Subsequent Event [Line Items] | ' |
| Registration rights agreement, follow-on public offering amount subject to customary underwriter cutbacks and conditions | $30 |
| Maximum [Member] | ' |
| Subsequent Event [Line Items] | ' |
| Registration rights agreement, share resale, percentage | 50.00% |
| Minimum [Member] | ' |
| Subsequent Event [Line Items] | ' |
| Registration rights agreement, share resale, percentage | 20.00% |
Subsequent_Events_Tax_Protecti
| Subsequent Events (Tax Protection Agreement with NPT) (Details) (Subsequent Event [Member], USD $) | Apr. 02, 2014 |
| Subsequent Event [Member] | ' |
| Subsequent Event [Line Items] | ' |
| Tax protection agreement, operating partnership, allocated liabilities | $4,100,000 |
| Tax protection agreement, required operating partnership units, percentage | 50.00% |
| Tax protection agreement, indebtedness required | $20,000,000 |
Subsequent_Events_Effectivenes
| Subsequent Events (Effectiveness of Appointment of Director and Chairman of Investment Committee) (Details) (Chairman of the Investment Committee [Member], Subsequent Event [Member]) | Apr. 02, 2014 |
| Subsequent Event [Line Items] | ' |
| Number of years of real estate experience | '30 years |
| RREEF Property Trust [Member] | ' |
| Subsequent Event [Line Items] | ' |
| Number of years of real estate experience | '14 years |
| Number of units in real estate property, fee simple | 24,000 |
Subsequent_Events_Declaration_
| Subsequent Events (Declaration of Dividends) (Details) (USD $) | 0 Months Ended | |||||||||
| Mar. 13, 2014 | Dec. 27, 2013 | Apr. 08, 2014 | Apr. 08, 2014 | Apr. 08, 2014 | Apr. 08, 2014 | Apr. 08, 2014 | Apr. 08, 2014 | Apr. 08, 2014 | Apr. 08, 2014 | |
| Common Class A [Member] | Common Class B [Member] | Monthly Dividend Paid to Shareholders in Period One [Member] | Monthly Dividend Paid to Shareholders in Period One [Member] | Monthly Dividend Paid to Shareholders in Period Two [Member] | Monthly Dividend Paid to Shareholders in Period Two [Member] | Monthly Dividend Paid to Shareholders in Period Three [Member] | Monthly Dividend Paid to Shareholders in Period Three [Member] | |||
| Subsequent Event [Member] | Subsequent Event [Member] | Common Class A [Member] | Common Class B [Member] | Common Class A [Member] | Common Class B [Member] | Common Class A [Member] | Common Class B [Member] | |||
| Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
| Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Dividends declared on common stock (in dollars per share) | $0.05 | $0.06 | $0.29 | $0.29 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 |
Subsequent_Events_Distribution
| Subsequent Events (Distributions Paid) (Details) (Subsequent Event [Member], USD $) | 1 Months Ended |
| 11-May-14 | |
| Dividends Payable [Line Items] | ' |
| Total Distribution | $595,907 |
| Common Class A [Member] | ' |
| Dividends Payable [Line Items] | ' |
| Distributions per Share (in dollars per share) | $0.10 |
| Total Distribution | 434,559 |
| Common Class B-1 [Member] | ' |
| Dividends Payable [Line Items] | ' |
| Distributions per Share (in dollars per share) | $0.10 |
| Total Distribution | 34,181 |
| Common Class B-2 [Member] | ' |
| Dividends Payable [Line Items] | ' |
| Distributions per Share (in dollars per share) | $0.10 |
| Total Distribution | 34,181 |
| Common Class B-3 [Member] | ' |
| Dividends Payable [Line Items] | ' |
| Distributions per Share (in dollars per share) | $0.10 |
| Total Distribution | 34,181 |
| Operating Partnership Units [Member] | ' |
| Dividends Payable [Line Items] | ' |
| Distributions per Share (in dollars per share) | $0.10 |
| Total Distribution | 27,333 |
| Long-term Incentive Plan Units [Member] | ' |
| Dividends Payable [Line Items] | ' |
| Distributions per Share (in dollars per share) | $0.10 |
| Total Distribution | $31,472 |