Independence Realty Trust (IRT) 10-Q6 Nov 132013 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2013	Nov. 04, 2013
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'
Trading Symbol	'IRT	'
Entity Registrant Name	'INDEPENDENCE REALTY TRUST, INC	'
Entity Central Index Key	'0001466085	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	9,652,540

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Investments in real estate:	'	'
Investments in real estate at cost	$166,665	$153,565
Accumulated depreciation	-14,805	-12,283
Investments in real estate, net	151,860	141,282
Cash and cash equivalents	16,526	2,533
Restricted cash	1,076	1,150
Accounts receivable and other assets	1,035	345
Deferred costs and Intangible assets, net of accumulated amortization of $475 and $147, respectively	1,528	887
Total Assets	172,025	146,197
LIABILITIES AND EQUITY:	'	'
Mortgage indebtedness	92,284	92,413
Accounts payable and accrued expenses	2,329	1,986
Accrued interest payable	31	32
Dividends payable	514	499
Other liabilities	652	416
Total Liabilities	95,810	95,346
Stockholders' equity:	'	'
Preferred stock, $0.01 par value; 50,000,000 shares authorized, 0 and 125 shares issued and outstanding, respectively	'	'
Common stock, $0.01 par value; 300,000,000 shares authorized, 9,643,540 and 345,063 shares issued and outstanding, respectively	96	3
Additional paid-in capital	78,182	3,490
Retained earnings (accumulated deficit)	-2,063	-401
Total stockholders' equity	76,215	3,092
Non-controlling interests	'	47,759
Total Equity	76,215	50,851
Total Liabilities and Equity	$172,025	$146,197

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Deferred costs and intangible assets, accumulated amortization	$475	$147
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	125
Preferred Stock, shares outstanding	0	125
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	9,643,540	345,063
Common stock, shares outstanding	9,643,540	345,063

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
REVENUE:	'	'	'	'
Rental income	$4,259	$3,609	$12,655	$10,827
Tenant reimbursement and other property income	225	202	668	596
Other income	303	230	852	694
Total revenue	4,787	4,041	14,175	12,117
EXPENSES:	'	'	'	'
Property operating expenses	2,414	2,099	6,820	5,908
General and administrative expenses	103	201	374	700
Asset management fees	4	54	165	160
Acquisition expenses	50	52	50	92
Depreciation and amortization	1,008	840	3,107	2,471
Total expenses	3,579	3,246	10,516	9,331
Operating income	1,208	795	3,659	2,786
Interest expense	-906	-809	-2,693	-2,408
Net income (loss):	302	-14	966	378
(Income) loss allocated to preferred shares	-2	-4	-10	-12
(Income) loss allocated to non-controlling interests	-45	-10	-649	-434
Net Income (loss) allocable to common shares	$255	($28)	$307	($68)
Earnings (loss) per share:	'	'	'	'
Basic	$0.03	($0.09)	$0.08	($0.26)
Diluted	$0.03	($0.09)	$0.08	($0.26)
Weighted-average shares:	'	'	'	'
Basic	7,643,540	324,359	3,875,331	256,883
Diluted	7,643,540	324,359	3,875,331	256,883
Dividends declared per common share	$0.16	$0.15	$0.47	$0.45

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:	'	'
Net income (loss)	$966	$378
Depreciation and amortization	3,107	2,471
Amortization of deferred financing costs	54	104
Changes in assets and liabilities:	'	'
Accounts receivable and other assets	-632	-338
Accounts payable and accrued expenses	218	237
Other liabilities	13	-11
Net cash from operating activities	3,726	2,841
Cash flows from investing activities:	'	'
Capital expenditures	-1,130	-870
Acquisition of real estate properties	-13,020	'
(Increase) decrease in restricted cash	74	-122
Net cash from investing activities	-14,076	-992
Cash flows from financing activities:	'	'
Proceeds from issuance of preferred stock	'	100
Proceeds from issuance of common stock	31,461	3,015
(Payments) reimbursements for deferred financing costs	-102	7
Debt repayments	-129	'
Redemption of preferred shares	-137	'
Redemption of non-controlling interests	-3,500	'
Distributions on common stock	-1,435	-101
Distributions on preferred stock	-10	-8
Distributions to non-controlling interests	-1,805	-2,351
Net cash from financing activities	24,343	662
Net change in cash and cash equivalents	13,993	2,511
Cash and cash equivalents, beginning of period	2,533	1,107
Cash and cash equivalents, end of the period	16,526	3,618
Supplemental cash flow information:	'	'
Cash paid for interest	2,641	2,371
Non cash decrease in non-controlling interests from conversion of limited partnership units to shares of common stock	$43,585	'

Organization

Organization	9 Months Ended
Organization	Sep. 30, 2013
Organization	'
	NOTE 1: Organization
	Independence Realty Trust, Inc., or the Company, was formed on March 26, 2009 as a Maryland corporation that has elected to be taxed as a real estate investment trust, or REIT, commencing with the taxable year ended December 31, 2011. We are externally managed by a subsidiary of RAIT Financial Trust, or RAIT, a publicly traded Maryland REIT whose common shares are listed on the New York Stock Exchange under the symbol “RAS.” As used herein, the terms “we,” “our” and “us” refer to Independence Realty Trust, Inc. and, as required by context, Independence Realty Operating Partnership, LP, which we refer to as our operating partnership, and their subsidiaries. We currently hold a portfolio of apartment properties and intend to invest the net proceeds of our public offering described below in a diversified portfolio of apartment properties that have the potential to generate attractive returns. We own substantially all of our assets and conduct our operations through our operating partnership, of which we are the sole general partner.
	On June 10, 2011, our Registration Statement on Form S-11 (File No. 333-173391), or the prior registration statement, was declared effective under the Securities Act of 1933, as amended, or the Securities Act for a continuous offering of a minimum of 250,000 shares and a maximum of 100,000,000 shares of common stock for sale to the public at a price of $10.00 per share (subject to certain discounts) in the primary offering and $9.50 per share pursuant to our distribution reinvestment plan, which we refer to collectively as our continuous offering. During the quarter ended March 31, 2012, we satisfied the minimum offering amount of our offering as a result of our sale of 300,000 shares of our common stock for $10.00 per share for total gross proceeds of $3,000 to RAIT NTR Holdings, LLC, or RAIT NTR, an indirect wholly-owned subsidiary of RAIT. Through April 8, 2013, we sold common stock pursuant to this registered continuous offering carried out in a manner consistent with offerings of non-listed REITs. Subsequently, we decided to sell shares of common stock in an underwritten public offering and terminate our continuous offering. Accordingly, we amended the prior registration statement on April 26, 2013 to terminate our continuous offering and describe the anticipated underwritten public offering, or the underwritten offering.
	We subsequently determined to register the shares of common stock that were to be offered in the underwritten public offering by filing a Registration Statement on Form S-11 (File No. 333-188577), or the registration statement, with the Securities and Exchange Commission, or SEC, on May 14, 2013. On August 13, 2013, the SEC declared the registration statement effective and we announced the pricing of our public offering of 4,000,000 shares of common stock at a public offering price of $8.50 per share for total gross proceeds of approximately $34.0 million. We also granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of common stock at the public offering price, less underwriting discounts and commissions, solely to cover overallotments, if any. The net proceeds of the offering were $31.1 million after deducting underwriting discounts and commissions and offering expenses, prior to any exercise of the underwriters’ overallotment option. We have used and intend to continue to use the net proceeds from the offering to acquire additional properties, redeem all of our and our operating partnership’s outstanding preferred securities and for general corporate purposes.
	As of September 30, 2013, we owned nine apartment properties with 2,358 units located in six states.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Summary of Significant Accounting Policies	'
	NOTE 2: Summary of Significant Accounting Policies
	a. Basis of Presentation
	The accompanying unaudited interim consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. The unaudited interim consolidated financial statements should be read in conjunction with our audited financial statements as of and for the year ended December 31, 2012 included in our Annual Report on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations and cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year.
	b. Principles of Consolidation
	The consolidated financial statements reflect our accounts and the accounts of our operating partnership and other wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
	c. Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
	d. Revenue Recognition
	Minimum rents are recognized on an accrual basis, over the terms of the related leases on a straight-line basis. Any above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the lease term. Recoveries from residential tenants for utility costs are recognized as revenue in the period that the applicable costs are incurred.
	e. Accounts Receivable and Allowance for Bad Debts
	We make estimates of the collectability of our accounts receivable related to base rents, expense reimbursements and other revenue. We analyze accounts receivable and historical bad debt levels, tenant credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants experiencing financial difficulties are analyzed and estimates are made in connection with expected uncollectible receivables. Our reported operating results are directly affected by management’s estimate of the collectability of accounts receivable.
	f. Investments in Real Estate
	Allocation of Purchase Price of Acquired Assets
	We account for acquisitions of properties in accordance with FASB ASC Topic 805, “Business Combinations”. The fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their fair values. Purchase accounting is applied to assets and liabilities associated with the real estate acquired. Transaction costs and fees incurred related to acquisitions are expensed as incurred. Transaction costs and fees incurred related to the acquisition of a joint venture interest, accounted for under the equity method of accounting, are capitalized as part of the cost of the investment.
	Upon the acquisition of properties, we estimate the fair value of acquired tangible assets (consisting of land, building and improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. Based on these estimates, we allocate the initial purchase price to the applicable assets and liabilities. As final information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments will be made to the purchase price allocation, in no case later than twelve months of the acquisition date.

	In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the lease term.
	The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. The value assigned to this intangible asset is amortized over the remaining lease terms.
	Impairment of Long-Lived Assets
	Management evaluates the recoverability of its investment in real estate assets, including related identifiable intangible assets, in accordance with FASB ASC Topic 360, “Property, Plant and Equipment”. This statement requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that recoverability of the assets is not assured.
	Management evaluates the long-lived assets on an ongoing basis and records an impairment charge when there is an indicator of impairment. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on our plans for the respective assets and our views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective and/or comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in our plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial.
	Depreciation and Amortization
	Depreciation expense for real estate assets are computed using a straight-line method based on a life of 40 years for buildings and improvements and five to ten years for equipment and fixtures. Expenditures for tenant improvements are capitalized and amortized over the initial term of each lease.
	g. Fair Value of Financial Instruments
	In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows:

		•	Level 1: Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment.

		•	Level 2: Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

		•	Level 3: Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset.
	The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in level 3.

	Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3.
	Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities, including derivative contracts. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions.
	FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. The fair value of mortgage indebtedness is based on a discounted cash flows valuation technique, which classifies this as a level 3 liability within the fair value hierarchy. The carrying value and fair value of mortgage indebtedness as of September 30, 2013 is $92,284 and $92,386, respectively. The carrying value and fair value of mortgage indebtedness as of December 31, 2012 was $92,413 and $95,827, respectively. The fair value of cash and cash equivalents and restricted cash approximates cost due to the nature of these instruments.
	h. Deferred Costs
	We capitalize initial direct costs in accordance with FASB ASC Topic 310, “Receivables”. The costs are capitalized upon the execution of the loan or lease and amortized over the initial term of the corresponding loan or lease. Deferred loan costs are amortized to interest expense over the term of the loan. Deferred leasing costs are amortized to amortization expense over the initial term of the lease.
	i. Income Taxes
	We have elected to be taxed as a REIT beginning with the taxable year ended December 31, 2011. Accordingly, we recorded no income tax expense for the three and nine months ended September 30, 2013 and 2012.
	To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our ordinary taxable income to stockholders. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders; however, we believe that we are organized and operate in such a manner as to qualify and maintain treatment as a REIT and intend to operate in such a manner so that we will remain qualified as a REIT for federal income tax purposes.
	j. Recent Accounting Pronouncements
	In December 2011, the FASB issued an accounting standard classified under FASB ASC Topic 360, “Property, Plant, and Equipment”. This accounting standard amends existing guidance to resolve the diversity in practice about whether the guidance for real estate sales applies to a parent that ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary’s nonrecourse debt. This accounting standard is effective for fiscal years, and interim periods with those years, beginning on or after June 15, 2012. This standard did not have a material impact on our consolidated financial statements.
	In June 2011, the FASB issued an accounting standard classified under FASB ASC Topic 222, “Comprehensive Income”. This accounting standard amends existing guidance to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income by requiring entities to present the total of comprehensive income, the components of net income, and the components of other comprehensive income in either a single continuous statement of comprehensive income or in two separate but consecutive statements. In addition, the entity is required to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) where the components of net income and the components of other comprehensive income are presented. In December 2011, the FASB issued an accounting standard that deferred the new presentation requirements about reclassification adjustments. Both of these accounting standards are effective for fiscal years, and interim periods with those years, beginning after December 15, 2011. The adoption of these standards did not have a material effect on our consolidated financial statements.

Investments_in_Real_Estate

Investments in Real Estate	9 Months Ended
Investments in Real Estate	Sep. 30, 2013
Investments in Real Estate	'
	NOTE 3: Investments in Real Estate
	As of September 30, 2013, our investments in real estate consisted of nine apartment properties with 2,358 units. The table below summarizes our investments in real estate as of September 30, 2013 and December 31, 2012:


		As of			As of
		September 30,			December 31,
		2013			2012
	Land	$	32,624		$	30,168
	Building		131,215			121,390
	Furniture, fixtures and equipment		2,826			2,007

	Total investment in real estate		166,665			153,565
	Accumulated depreciation		(14,805	)		(12,283	)

	Investments in real estate, net	$	151,860		$	141,282

	On October 11, 2012, we acquired a fee simple interest in a 192-unit multifamily residential community located in Indianapolis, Indiana, known as Runaway Bay Apartments. We acquired the property through a wholly owned subsidiary of our operating partnership, from an unaffiliated third party. We acquired the property for an aggregate purchase price of $15,750 exclusive of closing costs. We paid the purchase price with a combination of a $10,238 first mortgage loan and $5,512 in cash.
	On September 19, 2013, we acquired a fee simple interest in a 354-unit multifamily residential community located in Indianapolis, Indiana, known as Berkshire Square Apartments. We acquired the property through a wholly owned subsidiary of our operating partnership, from an unaffiliated third party. We acquired the property for an aggregate purchase price of $13,250 exclusive of closing costs.
	The following table summarizes the aggregate carrying value of the assets and liabilities associated with the properties acquired during the year ended December 31, 2012 and the three-month period ended September 30, 2013, on the respective date of each acquisition, for the real estate accounted for under FASB ASC Topic 805.


	Description	Carrying Amount			Carrying Amount
		of Assets Acquired			of Assets Acquired
		During the			During the three-
		Year Ended			months Ended
		December 31,			September 30,
		2012			2013
	Assets acquired:
	Investments in real estate	$	15,397		$	12,281
	Intangible asset		353			969
	Liabilities assumed:
	Mortgage indebtedness		(10,238	)		—

	Carrying amount of net assets acquired	$	5,512		$	13,250


	Our consolidated unaudited pro forma information, after including the acquisition of real estate properties, is presented below as if the acquisitions occurred on January 1, 2012. These pro forma results are not necessarily indicative of the results which actually would have occurred if the acquisition occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods:


	Description	For the			For the
		Nine-Month			Nine-Month
		Period Ended			Period Ended
		September 30, 2013			September 30, 2012
	Total revenue, as reported	$	14,175		$	12,117
	Pro forma revenue		16,017			15,290
	Net income (loss) allocable to common shares, as reported		307			(68	)
	Pro forma net income (loss) allocable to common shares		836			(1	)
	We have not yet completed the process of estimating the fair value of assets acquired and liabilities assumed. Accordingly, our preliminary estimates and the allocation of the purchase price to the assets acquired and liabilities assumed may change as we complete the process. In accordance with FASB ASC Topic 805, changes, if any, to the preliminary estimates and allocation will be reported in our financial statements retrospectively.

Mortgage_Indebtedness

Mortgage Indebtedness	9 Months Ended
Mortgage Indebtedness	Sep. 30, 2013
Mortgage Indebtedness	'
	NOTE 4: Mortgage Indebtedness
	Each of our properties is encumbered by a first mortgage. A summary of each mortgage, as of September 30, 2013 and December 31, 2012, is as follows:


			Outstanding Principal
	Property		As of		As of		Current			Maturity Date
	Property		September 30, 2013		December 31, 2012		Interest Rate			Maturity Date
	Belle Creek Apartments			10,575		10,575		2.4	(1)	April 28, 2021
	Centrepoint Apartments			17,600		17,600		3.7	(2)	January 1, 2019
	Copper Mill Apartments			7,314		7,350		5.7	(3)	1-May-21
	Crestmont Apartments			6,717		6,750		5.7	(3)	1-May-21
	Cumberland Glen Apartments			6,867		6,900		5.7	(3)	1-May-21
	Heritage Trace Apartments			5,473		5,500		5.7	(3)	1-May-21
	Runaway Bay Apartments			10,238		10,238		3.6	(4)	November 1, 2022
	Tresa at Arrowhead			27,500		27,500		2.4	(1)	28-Apr-21

	Total /Weighted-Average		$	92,284	$	92,413		3.7	%


	-1	Floating rate at 225 basis points over 30-day LIBOR. As of September 30, 2013, 30-day LIBOR was 0.18%. Interest only payments are due monthly.
	-2	Fixed rate. Interest only payments are due monthly. Beginning February 1, 2015, principal and interest payments are required based on a 30-year amortization schedule.
	-3	Fixed rate. Interest only payments are due monthly. Beginning May 1, 2013, principal and interest payments are required based on a 30-year amortization schedule.
	-4	Fixed Rate. Interest only payments are due monthly. Beginning December 1, 2013, principal and interest payments are required based on a 30-year amortization schedule.
	As of September 30, 2013 RAIT holds $38,075 of our debt while $54,209 is held by third parties. As of December 31, 2012, RAIT held $38,075 of our debt while $54,338 was held by third parties. For the three and nine months ended September 30, 2013, we paid $243 and $722 of interest to RAIT, respectively. For the three and nine months ended September 30, 2012, we paid $243 and $724 of interest to RAIT, respectively.
	On October 25, 2013, we entered into a $20,000 secured revolving credit agreement with The Huntington National Bank to be used to acquire properties, capital expenditures and for general corporate purposes. The facility has a 3-year term, bears interest at LIBOR plus 2.75% and contains customary financial covenants for this type of revolving credit agreement.

Shareholder_Equity_and_NonCont

Shareholder Equity and Non-Controlling Interests	9 Months Ended
	Sep. 30, 2013
Shareholder Equity and Non-Controlling Interests	'
	NOTE 5: Shareholder Equity and Non-Controlling Interests
	Stockholder Equity
	Preferred Shares
	On February 28, 2013, our board of directors authorized and declared distributions on our Series A Preferred Stock for the period beginning on January 1, 2013, and ending on June 30, 2013. The distributions are payable to the holders of the Series A Preferred Stock of record at a rate of $0.34722222 per day, which is an amount that is equivalent to a 12.5% annualized distribution rate based on a share price of $1,000. The distributions were aggregated and paid in cash on June 28, 2013, pursuant to the requirements of our charter.
	On July 25, 2013, our board of directors authorized setting aside amounts sufficient to redeem our Series A Preferred Stock with the proceeds of our underwritten offering.
	On August 19, 2013, we redeemed 125 shares of our 12.5% Series A Cumulative Non-Voting Preferred Stock for an aggregate redemption price of approximately $140. The redemption of the Series A Preferred Stock was funded with cash received from the August 2013 public offering of common stock. After the redemption date, there were no shares of Series A Preferred Stock outstanding, and all rights of the holders of such shares and units were terminated.
	Common Shares
	On February 28, 2013, our board of directors authorized and declared distributions on our common stock for the months of January through June 2013. For the months of January through March 2013, the distributions were payable to the holders of our common stock at a rate of $0.00163934 per share per day. For the months of April through June 2013, our board of directors authorized and declared distributions on our common stock at a rate of $0.00171233 per share per day. The distributions for each month were aggregated and paid on or before the fifteenth day following the completion of each respective month. All distributions were paid in cash.
	On July 25, 2013, our board of directors declared the following dividends for July, August and September 2013:

	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Jul-13	5-Aug-13	15-Aug-13	$0.05
	Aug-13	30-Aug-13	13-Sep-13	$0.05
	Sep-13	30-Sep-13	15-Oct-13	$0.05
	On October 10, 2013, our board of directors declared the following dividends for October, November and December 2013:

	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Oct-13	31-Oct-13	15-Nov-13	$0.05
	Nov-13	29-Nov-13	16-Dec-13	$0.05
	Dec-13	31-Dec-13	15-Jan-14	$0.05
	Non-controlling Interest
	On February 28, 2013, our board of directors, in our capacity as the general partner of the operating partnership, authorized and declared distributions on our operating partnership’s common partnership units for the months of January through June 2013. For the months of January through March 2013, the distributions were paid to the holders of our common operating partnership units at a rate of $0.00163934 per unit per day. For the months of April through June 2013, our board of directors authorized and declared distributions on our operating partnership’s common units at a rate of $0.00171233 per share per day. The distributions for each month were aggregated and paid on or before the fifteenth day following the completion of each respective month. On July 25, 2013, our board of directors, in our capacity as the general partner of the operating partnership, declared distributions on our operating partnership’s common partnership units for the months of July through September 2013 with record dates, payment dates and the amounts of the dividend declared per unit corresponding to the dividends on our common stock set forth above. On October 10, 2013, our board of directors, in our capacity as the general partner of the operating partnership, declared distributions on our operating partnership’s common partnership units for the months of July through September 2013 with record dates, payment dates and the amounts of the dividend declared per unit corresponding to the dividends on our common stock set forth above. On May 7, 2013, RAIT elected to convert 5,274,900 of its common limited partnership units to shares of our common stock according to the terms of the Agreement of Limited Partnership. The shares of our common stock issued were issued in reliance on an exemption from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended.
	On February 28, 2013, our board of directors, in our capacity as the general partner of the operating partnership, authorized and declared distributions on our operating partnership’s Series B Preferred Units for the period of January, February and March 2013. The distributions will be paid to holders of our Series B Preferred Units of record at a rate of $2.78 per unit per day. On May 7, 2013, our board of directors, in our capacity as the general partner of the operating partnership, authorized and declared distributions on our operating partnership’s Series B Preferred Units for the period of April, May and June 2013. The distributions were paid to holders of our Series B Preferred Units of record at a rate of $2.78 per unit per day. On July 25, 2013, our board of directors, in our capacity as the general partner of the operating partnership, authorized setting aside amounts sufficient to redeem our operating partnership’s Series B Preferred Units with the proceeds of our underwritten
	offering. Our operating partnership, had the right to redeem the Series B Preferred Units, in whole or in part, at any time or from time to time for a redemption price equal to $10 plus all accrued and unpaid distributions thereon to and including the date fixed for redemption.
	On August 19, 2013, our operating partnership redeemed 350 of its Series B Units, all of which were owned by a wholly-owned subsidiary of RAIT Financial Trust, an affiliate of the Company, for an aggregate redemption price of approximately $3,500. The redemption of the Series B Units was funded with cash received from the August 2013 public offering of the common stock. After the redemption date, there were no Series B Units outstanding and all rights of the holders of such units were terminated.

Equity_Compensation_Plans

Equity Compensation Plans	9 Months Ended
Equity Compensation Plans	Sep. 30, 2013
Equity Compensation Plans	'
	NOTE 6: Equity Compensation Plans
	Long Term Incentive Plan
	On April 5, 2011, our board of directors approved and adopted the Long Term Incentive Plan, or our incentive plan, and the Independent Directors Compensation Plan, or the director plan. Our incentive plan provides for the grants of awards to our directors, officers and full-time employees (in the event we ever have employees), full-time employees of our advisor and its affiliates, full-time employees of entities that provide services to our advisor, directors of our advisor or of entities that provide services to it, certain of our consultants and certain consultants to our advisor and its affiliates or to entities that provide services to our advisor. The incentive plan authorizes the grant of restricted or unrestricted shares of our common stock, non-qualified and incentive stock options, restricted stock units, stock appreciation rights, dividend equivalents and other stock- or cash-based awards. On July 29, 2013, our board of directors and stockholders approved the amendment and restatement of our incentive plan to reduce the number of shares of common stock issuable thereunder to 800,000 shares.
	Under our Independent Directors Compensation Plan, which operates as a sub-plan of our incentive plan, each of our independent directors will receive 3,000 shares of common stock annually. In addition, our independent directors may elect to receive their annual fee in the form of our common shares or a combination of common shares and cash. On October 29, 2013, our compensation committee made the initial stock grant under the director plan so that our independent directors received 9,000 shares of our common stock, in the aggregate. These awards vested immediately.
	We will account for stock-based compensation in accordance with FASB ASC Topic 718, “Compensation—Stock Compensation”. Under the fair value recognition provisions of this statement, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense of the requisite service period, which is the vesting period. We have not granted any stock-based compensation to date. Stock-based compensation will be classified within general and administrative expense in the consolidated statements of operations. As stock-based compensation expense recognized in the consolidated statement of operations will be based on awards ultimately expected to vest, the amount of expense will be reduced for estimated forfeitures. Forfeitures will be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures will be estimated on experience of other companies in the same industry until entity-specific information is available.
	Distribution Reinvestment Program
	We had adopted a distribution reinvestment program, or the DRP, through which our stockholders could elect to reinvest an amount equal to the distributions declared on their shares of common stock in additional shares in lieu of receiving cash distributions. The common stock available under the DRP was reallocated to the underwritten offering when the amended registration statement was filed and the DRP was subsequently terminated. No selling commissions or dealer manager fees were paid on shares sold under the DRP.

Related_Party_Transactions_and

Related Party Transactions and Arrangements	9 Months Ended
	Sep. 30, 2013
Related Party Transactions and Arrangements	'
	NOTE 7: Related Party Transactions and Arrangements
	Fees and Expenses Paid to Our Advisor
	Effective as of May 7, 2013, we entered into the Second Amended and Restated Advisory Agreement, or the amended and restated advisory agreement. The amended and restated advisory agreement was adopted primarily to adjust the advisor’s compensation and modify its duties to us.

	Pursuant to the terms of the amended advisory agreement, our advisor will be compensated as follows:

		•	Annual base management fee of 0.75% of average gross real estate assets. Average gross real estate assets means the average of the aggregate book value of our real estate assets before reserves for depreciation or other similar noncash reserves. We will compute average gross real estate assets by taking the average of these book values at the end of each month during the quarter for which we are calculating the fee. The fee is payable quarterly in an amount equal to 0.1875% of average gross real estate assets as of the last day of such quarter. In July 2013, our advisor agreed to an amendment to our advisory agreement, which provides that the gross assets attributable to the initial eight properties in our existing portfolio are excluded from the computation of the base management fee payable to the advisor, which amendment is retroactive to April 1, 2013. This agreement will have the effect of increasing our net income, or reducing our net loss, in future periods from what they otherwise would be. For the three and nine-month periods ended September 30, 2013 our advisor waived $0 and $494 of asset management fees, respectively. For the three and nine-month periods ended September 30, 2012 our advisor waived $205 and $615, respectively.

		•	Beginning with the second quarter of 2013, we will pay our advisor an incentive fee based on our pre-incentive fee core funds from operations, or Core FFO, a non-GAAP measure as defined in the advisory agreement. The incentive fee is computed at the end of each fiscal quarter as follows:

		•	no incentive fee in any fiscal quarter in which our pre-incentive fee Core FFO does not exceed the hurdle rate of 1.75% (7% annualized) of the cumulative gross amount of equity capital we have obtained; and

		•	20% of the amount of our pre-incentive fee Core FFO that exceeds 1.75% (7% annualized) of the cumulative gross amount of equity capital we have obtained.
	For the three and nine-month periods ended September 30, 2013 we paid $79 of incentive fees to our advisor.
	Our advisor generally has responsibility for our day-to-day operations. Pursuant to the terms of the advisory agreement, we paid our advisor the fees described below.

		•	We paid to our advisor an asset management fee that is payable quarterly in an amount equal to 0.1875% of the average invested assets as of the last day of the quarter, which equates to an annualized rate of 0.75% per annum. Average invested assets means the average of the aggregate book value of our assets invested in interests in, and loans secured by, real estate before reserves for depreciation or bad debt or other similar non-cash reserves. For the three and nine-month periods ended September 30, 2013, we paid $0 and $82 of asset management fees to our advisor, respectively. For the three and nine-month periods ended September 30, 2012, we paid $53 and $115 of asset management fees to our advisor, respectively. As of September 30, 2013 and December 31, 2012 we had liabilities payable to our advisor for asset management fees of $4 and $80, respectively.

		•	If our advisor provided services in connection with the financing of any third party debt that we obtain, we would pay the advisor a financing coordination fee equal to 1.0% of the amount available and/or outstanding under such financing, subject to certain limitations. We do not pay financing coordination fees in connection with debt provided by RAIT. The services our advisor may perform include, without limitation, searching for lenders in connection with a proposed refinancing and negotiating the terms of any proposed refinancing with such lenders. Our advisor may reallow some or all of this fee to reimburse third parties that it retains to procure any such refinancing. For the three and nine-month periods ended September 30, 2013, we paid $0 and $102 of financing coordination fees to our advisor, respectively. For the three and nine-month periods ended September 30, 2012, we did not pay any financing coordination fees to our advisor. As of September 30, 2013 and December 31, 2012, we had liabilities payable to our advisor for financing coordination fees of $0 and $102, respectively.

		•	We may pay our advisor a disposition fee upon the sale of one or more of our properties in an amount equal to the lesser of (a) one-half of the commission that would be reasonable, customary and competitive in light of the size, type and location of the asset or (b) 1% of the sale price of the asset. Payment of such fee may be made only if the advisor provides a substantial amount of services in connection with the sale of the asset. In addition, the amount paid when added to all other commissions paid to unaffiliated parties in connection with such sale shall not exceed the lesser of the commission that would be reasonable, customary and competitive in light of the size, type and location of the asset or an amount equal to 6% of the sale price of such asset. For the three and nine-month periods ended September 30, 2013 and 2012, we did not pay any disposition fees to our advisor.
	In addition to the fees we pay to our advisor pursuant to the advisory agreement prior to May 7, 2013, we also reimbursed our advisor and its affiliates for the costs and expenses, subject to the limitations described below under the heading “2%/25% Guidelines.” We did not reimburse the advisor or its affiliates for services for which the advisor or its affiliates are entitled to compensation in the form of a separate fee. If the advisor or its affiliates perform services that are outside of the scope of the advisory agreement, we will compensate them at rates and in amounts agreed upon by the advisor and the independent directors. We reimburse
	our advisor for acquisition expenses up to a maximum amount which, collectively with all acquisition fees and expenses, will not exceed, in the aggregate, 6% of the gross offering proceeds from our continuous offering.

		•	We may reimburse our advisor for certain costs it incurs in connection with the services it provides to us including, but not limited to: (i) organization and offering costs in an amount up to 1% of gross offering proceeds, which include actual legal, accounting, printing and expenses attributable to preparing the SEC registration statement, qualification of the shares for sale in the states and filing fees incurred by the advisor, as well as reimbursements for salaries and direct expenses of its employees, including, without limitation, employee benefits, while engaged in registering the shares and other organization costs, other than selling commissions and the dealer manager fee; (ii) advertising expenses, expense reimbursements, and legal and accounting fees; (iii) the actual cost of goods and materials used by us and obtained from entities not affiliated with the advisor; (iv) administrative services (including personnel costs; provided, however, that no reimbursement shall be made for costs of personnel to the extent that such personnel perform services in transactions for which the advisor receives a separate fee); and (v) rent, leasehold improvement costs, utilities or other administrative items generally constituting our advisor’s overhead. We will not reimburse the advisor for any services for which we will pay the advisor a separate fee. For the three and nine-month period ended September 30, 2013, our advisor incurred $0 and $288 of organization and offering costs, respectively. For the three and nine-month periods ended September 30, 2012, our advisor incurred $79 and $622 of organization and offering costs, respectively. During the three and nine-months ended September 30, 2013, we reimbursed our advisor for $0 and $3, respectively, of organization and offering costs.

		•	We reimburse our advisor for expenses it incurs in connection with our purchase of an asset. The acquisition fees and expenses for any particular asset, including amounts payable to affiliates, will not exceed, in the aggregate, 6% of the contract purchase price (including any mortgage assumed) of the asset. Our advisor will be paid acquisition expenses and we will reimburse our advisor for acquisition expenses only to the extent that acquisition fees and acquisition expenses collectively do not exceed 6% of the contract price of our assets. For the three and nine-month period ended September 30, 2013 and 2012, we did not reimburse our advisor for any acquisition expenses.

		•	During the nine-month period ended September 30, 2013, our advisor reimbursed us for $134 of transfer agent costs we incurred from January 2013 through May 2013 in connection with the continuous offering.
	2%/25% Guidelines
	Our charter was amended on May 7, 2013. The amendments included removing the 2%/25% Guidelines.
	Commencing on the fourth fiscal quarter following the quarter ended June 30, 2011 through May 7, 2013 our advisor was required to reimburse us for the amounts, if any, by which our total REIT operating expenses paid during the previous fiscal year exceed the greater of:

		•	2% of our average invested assets for that fiscal year; or

		•	25% of our net income for that fiscal year;
	provided, however, that only so much of the excess specified above was required to be reimbursed as the board of directors, including a majority of the independent directors, determined should justifiably be reimbursed in light of any unanticipated, unusual or non-recurring factors. Within 60 days after the end of the quarter for which the excess occurred, we were required to send to the stockholders a written disclosure and explanation of the factors the independent directors considered in arriving at the conclusion that the higher total operating expenses were justified. Operating expenses were defined for this purpose as all expenses paid or incurred by us, as determined under GAAP, that were in any way related to our operation, including advisory fees, but excluding (i) the expenses of raising capital such as organization and offering expenses, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and stock exchange listing of our stock; (ii) interest payments; (iii) taxes; (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves; (v) reasonable incentive fees based on the gain from the sale of our assets; and (vi) acquisition fees and expenses (including expenses relating to potential investments that we did not close), disposition fees on the resale of property and other expenses connected with the acquisition, disposition and ownership of real estate interests, loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property).
	Selling Commissions and Fees Paid to our Dealer Manager
	The dealer manager for our continuous offering of common stock was IR Securities, an indirect wholly owned subsidiary of RAIT. IR Securities is a licensed broker-dealer registered with FINRA. IR Securities did not participate in the underwritten offering and our agreement with IR Securities was terminated when we terminated our continuous offering. IR Securities was entitled to certain selling commissions, dealer manager fees and reimbursements relating to raising capital in connection with the continuous offering. Our agreement with IR Securities provided for the following compensation relating to the continuous offering:

		•	We paid IR Securities selling commissions of up to 7.0% of the gross proceeds from our continuous offering. IR Securities reallowed all or a portion of commissions earned for those transactions that involve participating broker-dealers. For the three and nine-month periods ended September 30, 2013, we did not pay any selling commissions to IR Securities.

		•	We paid IR Securities a dealer manager fee of 3.0% of the gross proceeds from our continuous offering. IR Securities, in its sole discretion, could reallow a portion of its dealer manager fee of up to 1.5% of the gross offering proceeds to be paid to such participating broker-dealers. For the three and nine-month periods ended September 30, 2013, we paid $0 and $4 of dealer manager fees to IR Securities, respectively. For the three and nine-month periods ended September 30, 2012, we did not pay any dealer manager fees to IR Securities.

		•	We reimbursed IR Securities for its reasonable bona fide due diligence expenses and reimbursed it for reimbursements it could make to broker-dealers for reasonable bona fide due diligence expenses which are included in a detailed and itemized invoice. Reimbursement of these amounts, combined with the reimbursement of all other organizational and offering costs, was not to exceed 15% of the gross proceeds raised in our continuous offering. For the three and nine-month periods ended September 30, 2013 and 2012, IR Securities did not incur any reimbursable due diligence expenses.
	Property Management Fees Paid to Our Property Manager
	We have entered into property management agreements with Jupiter Communities, LLC, or our property manager, which is majority owned by RAIT, with respect to each of our properties. Pursuant to the property management agreements, we pay our property manager property management and leasing fees on a monthly basis of an amount up to 4.0% of the gross revenues from the property for each month. Additionally, we may pay our property manager a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm’s length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area. Each management agreement has an initial one year term, subject to automatic one-year renewals unless either party gives prior notice of its desire to terminate the management agreement. For the three and nine-month periods ended September 30, 2013, we paid $187 and $559, respectively, of property management and leasing fees to our property manager. For the three and nine-month periods ended September 30, 2012, we paid $164 and $473 of property management and leasing fees to our property manager, respectively. As of September 30, 2013 and December 31, 2012, we had liabilities payable to our property manager for property management and leasing fees of $63 and $59, respectively.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	9 Months Ended
Earnings (Loss) Per Share	Sep. 30, 2013
Earnings (Loss) Per Share	'
	NOTE 8: Earnings (Loss) Per Share
	The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three-month and nine-month periods ended September 30, 2013 and 2012:


		For the Three-Month						For the Nine-Month
		Periods Ended September 30						Periods Ended September 30
		2013			2012			2013			2012
	Net Income (loss)	$	302		$	(14	)	$	966		$	378
	(Income) loss allocated to preferred shares		(2	)		(4	)		(10	)		(12	)
	(Income) loss allocated to non-controlling interests		(45	)		(10	)		(649	)		(434	)

	Net Income (loss) allocable to common shares		255			(28	)		307			(68	)

	Weighted-average shares outstanding—Basic		7,643,540			324,359			3,875,331			256,883
	Weighted-average shares outstanding—Diluted		7,643,540			324,359			3,875,331			256,883

	Earnings (loss) per share—Basic	$	0.03		$	(0.09	)	$	0.08		$	(0.26	)

	Earnings (loss) per share—Diluted	$	0.03		$	(0.09	)	$	0.08		$	(0.26	)

	Earnings per share is computed in accordance with FASB ASC Topic 260, “Earnings per Share”, by dividing the Net Income (loss) allocable to common shares by the weighted average number of common shares outstanding during the respective periods. Earnings (loss) per share for the three and nine-month periods ended September 30, 2013 and 2012 excludes 5,274,900 limited partnership units were exchanged for common stock on May 7, 2013 as their effect would be anti-dilutive.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Basis of Presentation	'
	a. Basis of Presentation
	The accompanying unaudited interim consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. The unaudited interim consolidated financial statements should be read in conjunction with our audited financial statements as of and for the year ended December 31, 2012 included in our Annual Report on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations and cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year.
Principles of Consolidation	'
	b. Principles of Consolidation
	The consolidated financial statements reflect our accounts and the accounts of our operating partnership and other wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	'
	c. Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Revenue Recognition	'
	d. Revenue Recognition
	Minimum rents are recognized on an accrual basis, over the terms of the related leases on a straight-line basis. Any above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the lease term. Recoveries from residential tenants for utility costs are recognized as revenue in the period that the applicable costs are incurred.
Accounts Receivable and Allowance for Bad Debts	'
	e. Accounts Receivable and Allowance for Bad Debts
	We make estimates of the collectability of our accounts receivable related to base rents, expense reimbursements and other revenue. We analyze accounts receivable and historical bad debt levels, tenant credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants experiencing financial difficulties are analyzed and estimates are made in connection with expected uncollectible receivables. Our reported operating results are directly affected by management’s estimate of the collectability of accounts receivable.
Investments in Real Estate	'
	f. Investments in Real Estate
	Allocation of Purchase Price of Acquired Assets
	We account for acquisitions of properties in accordance with FASB ASC Topic 805, “Business Combinations”. The fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their fair values. Purchase accounting is applied to assets and liabilities associated with the real estate acquired. Transaction costs and fees incurred related to acquisitions are expensed as incurred. Transaction costs and fees incurred related to the acquisition of a joint venture interest, accounted for under the equity method of accounting, are capitalized as part of the cost of the investment.
	Upon the acquisition of properties, we estimate the fair value of acquired tangible assets (consisting of land, building and improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. Based on these estimates, we allocate the initial purchase price to the applicable assets and liabilities. As final information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments will be made to the purchase price allocation, in no case later than twelve months of the acquisition date.

	In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the lease term.
	The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. The value assigned to this intangible asset is amortized over the remaining lease terms.
	Impairment of Long-Lived Assets
	Management evaluates the recoverability of its investment in real estate assets, including related identifiable intangible assets, in accordance with FASB ASC Topic 360, “Property, Plant and Equipment”. This statement requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that recoverability of the assets is not assured.
	Management evaluates the long-lived assets on an ongoing basis and records an impairment charge when there is an indicator of impairment. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on our plans for the respective assets and our views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective and/or comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in our plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial.
	Depreciation and Amortization
	Depreciation expense for real estate assets are computed using a straight-line method based on a life of 40 years for buildings and improvements and five to ten years for equipment and fixtures. Expenditures for tenant improvements are capitalized and amortized over the initial term of each lease.
Fair Value of Financial Instruments	'
	g. Fair Value of Financial Instruments
	In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows:

		•	Level 1: Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment.

		•	Level 2: Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

		•	Level 3: Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset.
	The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in level 3.

	Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3.
	Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities, including derivative contracts. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions.
	FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. The fair value of mortgage indebtedness is based on a discounted cash flows valuation technique, which classifies this as a level 3 liability within the fair value hierarchy. The carrying value and fair value of mortgage indebtedness as of September 30, 2013 is $92,284 and $92,386, respectively. The carrying value and fair value of mortgage indebtedness as of December 31, 2012 was $92,413 and $95,827, respectively. The fair value of cash and cash equivalents and restricted cash approximates cost due to the nature of these instruments.
Deferred Costs	'
	h. Deferred Costs
	We capitalize initial direct costs in accordance with FASB ASC Topic 310, “Receivables”. The costs are capitalized upon the execution of the loan or lease and amortized over the initial term of the corresponding loan or lease. Deferred loan costs are amortized to interest expense over the term of the loan. Deferred leasing costs are amortized to amortization expense over the initial term of the lease.
Income Taxes	'
	i. Income Taxes
	We have elected to be taxed as a REIT beginning with the taxable year ended December 31, 2011. Accordingly, we recorded no income tax expense for the three and nine months ended September 30, 2013 and 2012.
	To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our ordinary taxable income to stockholders. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders; however, we believe that we are organized and operate in such a manner as to qualify and maintain treatment as a REIT and intend to operate in such a manner so that we will remain qualified as a REIT for federal income tax purposes.
Recent Accounting Pronouncements	'
	j. Recent Accounting Pronouncements
	In December 2011, the FASB issued an accounting standard classified under FASB ASC Topic 360, “Property, Plant, and Equipment”. This accounting standard amends existing guidance to resolve the diversity in practice about whether the guidance for real estate sales applies to a parent that ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary’s nonrecourse debt. This accounting standard is effective for fiscal years, and interim periods with those years, beginning on or after June 15, 2012. This standard did not have a material impact on our consolidated financial statements.
	In June 2011, the FASB issued an accounting standard classified under FASB ASC Topic 222, “Comprehensive Income”. This accounting standard amends existing guidance to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income by requiring entities to present the total of comprehensive income, the components of net income, and the components of other comprehensive income in either a single continuous statement of comprehensive income or in two separate but consecutive statements. In addition, the entity is required to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) where the components of net income and the components of other comprehensive income are presented. In December 2011, the FASB issued an accounting standard that deferred the new presentation requirements about reclassification adjustments. Both of these accounting standards are effective for fiscal years, and interim periods with those years, beginning after December 15, 2011. The adoption of these standards did not have a material effect on our consolidated financial statements.

Investments_in_Real_Estate_Tab

Investments in Real Estate (Tables)	9 Months Ended
Investments in Real Estate (Tables)	Sep. 30, 2013
Summary of Investments in Real Estate	'
	The table below summarizes our investments in real estate as of September 30, 2013 and December 31, 2012:


		As of			As of
		September 30,			December 31,
		2013			2012
	Land	$	32,624		$	30,168
	Building		131,215			121,390
	Furniture, fixtures and equipment		2,826			2,007

	Total investment in real estate		166,665			153,565
	Accumulated depreciation		(14,805	)		(12,283	)

	Investments in real estate, net	$	151,860		$	141,282

Summary of Aggregate Carrying Value of Assets and Liabilities	'
	The following table summarizes the aggregate carrying value of the assets and liabilities associated with the properties acquired during the year ended December 31, 2012 and the three-month period ended September 30, 2013, on the respective date of each acquisition, for the real estate accounted for under FASB ASC Topic 805.


	Description	Carrying Amount			Carrying Amount
		of Assets Acquired			of Assets Acquired
		During the			During the three-
		Year Ended			months Ended
		December 31,			September 30,
		2012			2013
	Assets acquired:
	Investments in real estate	$	15,397		$	12,281
	Intangible asset		353			969
	Liabilities assumed:
	Mortgage indebtedness		(10,238	)		—

	Carrying amount of net assets acquired	$	5,512		$	13,250

Pro Forma of Financial Information Purport to Represent Results of Operations for Future Periods	'
	Our consolidated unaudited pro forma information, after including the acquisition of real estate properties, is presented below as if the acquisitions occurred on January 1, 2012. These pro forma results are not necessarily indicative of the results which actually would have occurred if the acquisition occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods:


	Description	For the			For the
		Nine-Month			Nine-Month
		Period Ended			Period Ended
		September 30, 2013			September 30, 2012
	Total revenue, as reported	$	14,175		$	12,117
	Pro forma revenue		16,017			15,290
	Net income (loss) allocable to common shares, as reported		307			(68	)
	Pro forma net income (loss) allocable to common shares		836			(1	)

Mortgage_Indebtedness_Tables

Mortgage Indebtedness (Tables)	9 Months Ended
Mortgage Indebtedness (Tables)	Sep. 30, 2013
Summary of Each Mortgage	'
	Each of our properties is encumbered by a first mortgage. A summary of each mortgage, as of September 30, 2013 and December 31, 2012, is as follows:


			Outstanding Principal
	Property		As of		As of		Current			Maturity Date
	Property		September 30, 2013		December 31, 2012		Interest Rate			Maturity Date
	Belle Creek Apartments			10,575		10,575		2.4	(1)	April 28, 2021
	Centrepoint Apartments			17,600		17,600		3.7	(2)	January 1, 2019
	Copper Mill Apartments			7,314		7,350		5.7	(3)	1-May-21
	Crestmont Apartments			6,717		6,750		5.7	(3)	1-May-21
	Cumberland Glen Apartments			6,867		6,900		5.7	(3)	1-May-21
	Heritage Trace Apartments			5,473		5,500		5.7	(3)	1-May-21
	Runaway Bay Apartments			10,238		10,238		3.6	(4)	November 1, 2022
	Tresa at Arrowhead			27,500		27,500		2.4	(1)	28-Apr-21

	Total /Weighted-Average		$	92,284	$	92,413		3.7	%


	-1	Floating rate at 225 basis points over 30-day LIBOR. As of September 30, 2013, 30-day LIBOR was 0.18%. Interest only payments are due monthly.
	-2	Fixed rate. Interest only payments are due monthly. Beginning February 1, 2015, principal and interest payments are required based on a 30-year amortization schedule.
	-3	Fixed rate. Interest only payments are due monthly. Beginning May 1, 2013, principal and interest payments are required based on a 30-year amortization schedule.
	-4	Fixed Rate. Interest only payments are due monthly. Beginning December 1, 2013, principal and interest payments are required based on a 30-year amortization schedule.

Shareholder_Equity_and_NonCont1

Shareholder Equity and Non-Controlling Interests (Tables)	9 Months Ended
Shareholder Equity and Non-Controlling Interests (Tables)	Sep. 30, 2013
Dividends Declared	'
	On July 25, 2013, our board of directors declared the following dividends for July, August and September 2013:


	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	July 2013	August 5, 2013	August 15, 2013	$0.05
	August 2013	August 30, 2013	September 13, 2013	$0.05
	September 2013	September 30, 2013	October 15, 2013	$0.05
	On October 10, 2013, our board of directors declared the following dividends for October, November and December 2013:


	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Oct-13	October 31, 2013	November 15, 2013	$0.05
	Nov-13	November 29, 2013	December 16, 2013	$0.05
	Dec-13	December 31, 2013	January 15, 2014	$0.05

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	9 Months Ended
Earnings (Loss) Per Share (Tables)	Sep. 30, 2013
Reconciliation of Basic and Diluted Earnings (Loss) Per Share	'
	The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three-month and nine-month periods ended September 30, 2013 and 2012:


		For the Three-Month						For the Nine-Month
		Periods Ended September 30						Periods Ended September 30
		2013			2012			2013			2012
	Net Income (loss)	$	302		$	(14	)	$	966		$	378
	(Income) loss allocated to preferred shares		(2	)		(4	)		(10	)		(12	)
	(Income) loss allocated to non-controlling interests		(45	)		(10	)		(649	)		(434	)

	Net Income (loss) allocable to common shares		255			(28	)		307			(68	)

	Weighted-average shares outstanding—Basic		7,643,540			324,359			3,875,331			256,883
	Weighted-average shares outstanding—Diluted		7,643,540			324,359			3,875,331			256,883

	Earnings (loss) per share—Basic	$	0.03		$	(0.09	)	$	0.08		$	(0.26	)

	Earnings (loss) per share—Diluted	$	0.03		$	(0.09	)	$	0.08		$	(0.26	)

Organization_Additional_Inform

Organization - Additional Information (Detail) (USD $)	1 Months Ended	3 Months Ended	9 Months Ended		1 Months Ended
	Jun. 30, 2011	Mar. 31, 2012	Sep. 30, 2013	Sep. 30, 2012	Aug. 13, 2013	Jun. 10, 2011	Jun. 10, 2011
			Property		Public Offering	Minimum	Maximum
			State
Class of Stock [Line Items]	'	'	'	'	'	'	'
Common stock, shares authorized	'	'	'	'	'	250,000	'
Common stock, shares authorized in offering	'	'	'	'	4,000,000	'	100,000,000
Common stock for sale to public per share subject to discounts	$10	'	'	'	'	'	'
Common stock for sale to public per share pursuant to distribution reinvestment plan	$9.50	'	'	'	'	'	'
Number of shares issued to RAIT NTR Holdings, LLC	'	300,000	'	'	'	'	'
Gross Proceeds from offering	'	$3,000,000	$31,461,000	$3,015,000	$34,000,000	'	'
Common stock offering price	'	'	'	'	$8.50	'	'
Additional shares	'	'	'	'	600,000	'	'
Net Proceeds from offering	'	'	'	'	$31,100,000	'	'
Number of multifamily property owned	'	'	9	'	'	'	'
Number of units located with multifamily properties	'	'	2,358	'	'	'	'
Number of states in which multifamily properties located	'	'	6	'	'	'	'

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Significant Accounting Policies [Line Items]	'	'
Mortgage indebtedness, carrying value	$92,284	$92,413
Taxable income distributable to stockholders	90.00%	'
Building and Building Improvements	'	'
Significant Accounting Policies [Line Items]	'	'
Useful life	'40 years	'
Equipment and fixtures \| Minimum	'	'
Significant Accounting Policies [Line Items]	'	'
Useful life	'5 years	'
Equipment and fixtures \| Maximum	'	'
Significant Accounting Policies [Line Items]	'	'
Useful life	'10 years	'
Mortgages	'	'
Significant Accounting Policies [Line Items]	'	'
Mortgage indebtedness, fair value	$92,386	$95,827

Investments_in_Real_Estate_Add

Investments in Real Estate - Additional Information (Detail) (USD $)	Sep. 30, 2013	Oct. 11, 2012	Sep. 19, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified	Property	Runaway Bay Apartments	Berkshire Square Apartments	Real Estate Investment
		Property	Property	Property
Real Estate Properties [Line Items]	'	'	'	'
Number of multifamily property owned	9	'	'	9
Number of units located with multifamily properties	2,358	192	354	2,358
Purchased price of a property	'	$15,750	$13,250	'
Mortgage amount obtained	'	10,238	'	'
Cash paid for purchase of property	'	$5,512	'	'

Summary_of_Investments_in_Real

Summary of Investments in Real Estate (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Real Estate Properties [Line Items]	'	'
Land	$32,624	$30,168
Building	131,215	121,390
Furniture, fixtures and equipment	2,826	2,007
Total investment in real estate	166,665	153,565
Accumulated depreciation	-14,805	-12,283
Investments in real estate, net	$151,860	$141,282

Summary_of_Aggregate_Carrying_

Summary of Aggregate Carrying Value of Assets and Liabilities (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Assets acquired:	'	'
Investments in real estate	$12,281	$15,397
Intangible asset	969	353
Liabilities assumed:	'	'
Mortgage indebtedness	'	-10,238
Carrying amount of net assets acquired	$13,250	$5,512

Pro_Forma_of_Financial_Informa

Pro Forma of Financial Information Purport to Represent Results of Operations for Future Periods (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Real Estate Properties [Line Items]	'	'	'	'
Total revenue, as reported	$4,787	$4,041	$14,175	$12,117
Net income (loss) allocable to common shares, as reported	255	-28	307	-68
Pro Forma	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'
Total revenue, as reported	'	'	14,175	12,117
Pro forma revenue	'	'	16,017	15,290
Net income (loss) allocable to common shares, as reported	'	'	307	-68
Pro forma net income (loss) allocable to common shares	'	'	$836	($1)

Summary_of_Each_Mortgage_Detai

Summary of Each Mortgage (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
Mortgage Loans on Real Estate [Line Items]	'		'
Outstanding Principal	$92,284		$92,413
Current Interest Rate	3.70%		'
Belle Creek Apartments	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Outstanding Principal	10,575		10,575
Current Interest Rate	2.40%	[1]	'
Maturity Date	28-Apr-21		'
Centrepoint Apartments	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Outstanding Principal	17,600		17,600
Current Interest Rate	3.70%	[2]	'
Maturity Date	1-Jan-19		'
Copper Mill Apartments	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Outstanding Principal	7,314		7,350
Current Interest Rate	5.70%	[3]	'
Maturity Date	1-May-21		'
Crestmont Apartments	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Outstanding Principal	6,717		6,750
Current Interest Rate	5.70%	[3]	'
Maturity Date	1-May-21		'
Cumberland Glen Apartments	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Outstanding Principal	6,867		6,900
Current Interest Rate	5.70%	[3]	'
Maturity Date	1-May-21		'
Heritage Trace Apartments	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Outstanding Principal	5,473		5,500
Current Interest Rate	5.70%	[3]	'
Maturity Date	1-May-21		'
Runaway Bay Apartments	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Outstanding Principal	10,238		10,238
Current Interest Rate	3.60%	[4]	'
Maturity Date	1-Nov-22		'
Tresa At Arrowhead	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Outstanding Principal	$27,500		$27,500
Current Interest Rate	2.40%	[1]	'
Maturity Date	28-Apr-21		'

[1]	Floating rate at 225 basis points over 30-day LIBOR. As of September 30, 2013, 30-day LIBOR was 0.18%. Interest only payments are due monthly.
[2]	Fixed rate. Interest only payments are due monthly. Beginning February 1, 2015, principal and interest payments are required based on a 30-year amortization schedule.
[3]	Fixed rate. Interest only payments are due monthly. Beginning May 1, 2013, principal and interest payments are required based on a 30-year amortization schedule.
[4]	Fixed Rate. Interest only payments are due monthly. Beginning December 1, 2013, principal and interest payments are required based on a 30-year amortization schedule.

Summary_of_Each_Mortgage_Paren

Summary of Each Mortgage (Parenthetical) (Detail)	9 Months Ended
Summary of Each Mortgage (Parenthetical) (Detail)	Sep. 30, 2013
Belle Creek Apartments	'
Mortgage Loans on Real Estate [Line Items]	'
Floating rate	2.25%
30-day LIBOR rate	0.18%
Debt number of days of LIBOR against interest rate basis	'30-day LIBOR
Centrepoint Apartments	'
Mortgage Loans on Real Estate [Line Items]	'
Interest payment period	'Monthly
Principal date	1-Feb-15
Amortization schedule	'30-year amortization schedule
Copper Mill Apartments	'
Mortgage Loans on Real Estate [Line Items]	'
Interest payment period	'Monthly
Principal date	1-May-13
Amortization schedule	'30-year amortization schedule
Crestmont Apartments	'
Mortgage Loans on Real Estate [Line Items]	'
Interest payment period	'Monthly
Principal date	1-May-13
Amortization schedule	'30-year amortization schedule
Cumberland Glen Apartments	'
Mortgage Loans on Real Estate [Line Items]	'
Interest payment period	'Monthly
Principal date	1-May-13
Amortization schedule	'30-year amortization schedule
Heritage Trace Apartments	'
Mortgage Loans on Real Estate [Line Items]	'
Interest payment period	'Monthly
Principal date	1-May-13
Amortization schedule	'30-year amortization schedule
Runaway Bay Apartments	'
Mortgage Loans on Real Estate [Line Items]	'
Interest payment period	'Monthly
Principal date	1-Dec-13
Amortization schedule	'30-year amortization schedule
Tresa At Arrowhead	'
Mortgage Loans on Real Estate [Line Items]	'
Floating rate	2.25%
30-day LIBOR rate	0.18%
Debt number of days of LIBOR against interest rate basis	'30-day LIBOR

Mortgage_Indebtedness_Addition

Mortgage Indebtedness - Additional Information (Detail) (USD $)	9 Months Ended		1 Months Ended		3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Oct. 25, 2013	Oct. 25, 2013	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012
			Subsequent event	Subsequent event	Sponsor	Sponsor	Sponsor	Sponsor	Sponsor	Third Parties	Third Parties
			Secured revolving credit facility	Secured revolving credit facility
				LIBOR
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Debt	'	'	'	'	$38,075	'	$38,075	'	$38,075	$54,209	$54,338
Interest paid	2,641	2,371	'	'	243	243	722	724	'	'	'
Revolving credit facility borrowing capacity	'	'	$20,000	'	'	'	'	'	'	'	'
Debt instrument basis spread on LIBOR	'	'	'	2.75%	'	'	'	'	'	'	'
Debt instrument, term	'	'	'3 years	'	'	'	'	'	'	'	'

Shareholder_Equity_and_Non_Con

Shareholder Equity and Non Controlling Interests - Additional Information (Detail) (USD $)

1 Months Ended

9 Months Ended

1 Months Ended

In Thousands, except Share data, unless otherwise specified

7-May-13

Sep. 30, 2013

Jul. 25, 2013

Dec. 31, 2012

Feb. 28, 2013

Jul. 25, 2013

Oct. 10, 2013

7-May-13

Aug. 19, 2013

Feb. 28, 2013

Aug. 19, 2013

Distributions declared for the months of January through March 2013

Distributions declared for the months of April through June 2013

Distributions declared for the months of July through September 2013

Subsidiaries

Series A Preferred Stock

Common Stock

Series B Units

Subsequent event

Distributions declared for the months of January through March 2013

Distributions declared for the months of April through June 2013

Class of Stock [Line Items]

Preferred stock rate

$0.35

Preferred Stock, percentage of annualized distribution rate

12.50%

Share Price

$1,000

Preferred stock, distribution payment date

28-Jun-13

Preferred stock, shares redeemed

125

350

Preferred Stock redemption price

$140

$3,500

Preferred Stock, shares outstanding

125

Common stock for months

'January through June 2013

'April through June 2013

Dividend rate of common stock

$0.00

Non-controlling Interest for months

'January through June 2013

'April through June 2013

'July through September 2013

Non-controlling Interest per unit per day

$0.00

Limited partnership interest received in exchange for issuance of common stock

5,274,900

Non-controlling Interest distribution rate

$2.78

Preferred stock redemption price

$10

Dividends_Declared_Detail

Dividends Declared (Detail) (USD $)	3 Months Ended		9 Months Ended		1 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Jul. 25, 2013	Jul. 25, 2013	Jul. 25, 2013	Oct. 10, 2013	Oct. 10, 2013	Oct. 10, 2013
					Jul-13	Aug-13	Sep-13	Subsequent event	Subsequent event	Subsequent event
								Oct-13	Nov-13	Dec-13
Dividends Payable [Line Items]	'	'	'	'	'	'	'	'	'	'
Record Date	'	'	'	'	5-Aug-13	30-Aug-13	30-Sep-13	31-Oct-13	29-Nov-13	31-Dec-13
Payment Date	'	'	'	'	15-Aug-13	13-Sep-13	15-Oct-13	15-Nov-13	16-Dec-13	15-Jan-14
Dividend Declared Per Share	$0.16	$0.15	$0.47	$0.45	$0.05	$0.05	$0.05	$0.05	$0.05	$0.05

Equity_Compensation_Plans_Addi

Equity Compensation Plans - Additional Information (Detail) (USD $)	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012	Apr. 05, 2011	Oct. 29, 2013	Jul. 29, 2013
	Sep. 30, 2013	Dec. 31, 2012	Apr. 05, 2011	Subsequent event	Amended and Restated Equity Incentive Plan
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]	'	'	'	'	'
Common stock, shares issuable	300,000,000	300,000,000	'	'	800,000
Shares issued to Directors	'	'	3,000	9,000	'
Selling commissions	$0	'	'	'	'

Related_Party_Transactions_and1

Related Party Transactions and Arrangements - Additional Information (Detail) (USD $)

1 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

12 Months Ended

1 Months Ended

In Thousands, unless otherwise specified

7-May-13

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

7-May-13

Sep. 30, 2013

Dec. 31, 2012

7-May-13

Amendments to remove 2%/25% guidelines

Other Liabilities

if pre-incentive fee Core FFO does not exceed hurdle rate

if pre-incentive fee Core FFO exceeds hurdle rate

Maximum

Minimum

Related Party Transaction [Line Items]

Annual Management fee as percentage of average real estate assets

0.75%

Quarterly management fee payment rate as percentage of average real estate assets

0.19%

Asset management fee waived

$205

$494

$615

Cumulative gross amount of equity capital, hurdle rate

1.75%

Cumulative gross amount of equity capital, annual hurdle rate

7.00%

Advisor incentive fee

0.00%

20.00%

Incentive fees paid to advisor

Asset management fee payable to advisor

0.19%

Annualized asset management fees

0.75%

Asset management fees paid

115

Asset management fee

165

160

Financing coordination fees

1.00%

Financing coordination fees to advisor

102

Financing coordination fees

102

Sale price of asset

1.00%

Disposition fees upon sale of properties

'(a) one-half of the commission that would be reasonable, customary and competitive in light of the size, type and location of the asset or (b) 1% of the sale price of the asset.

Percentage of sale price of asset

6.00%

Disposition fees to advisor

Gross offering proceeds percentage

6.00%

Organization and offering costs

1.00%

Reimbursement for services provided

'We will not reimburse the advisor for any services for which we will pay the advisor a separate fee.

Advisor expense

288

622

Advisor expense reimburse

Contract purchase price

6.00%

Reimburse advisor acquisition expenses

Transfer agent costs reimbursed in connection with offering

134

Average invested assets percentage

2.00%

Net income percentage

25.00%

Dealer manager selling commissions percentage

7.00%

Selling commissions paid to IR securities

Dealer manager fees, percentage on gross proceeds from public offering

3.00%

Reallocation portion of dealer manager fee

1.50%

Dealer manager fees paid to dealer manager

Gross proceeds raised in our public offering

15.00%

Reimbursable due diligence expenses

Percentage of gross revenues from the property

4.00%

Property management and leasing fees

187

164

559

473

Property management and leasing fees payable

$63

$59

Reconciliation_of_Basic_and_Di

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net income (loss)	$302	($14)	$966	$378
(Income) loss allocated to preferred shares	-2	-4	-10	-12
(Income) loss allocated to non-controlling interests	-45	-10	-649	-434
Net Income (loss) allocable to common shares	$255	($28)	$307	($68)
Weighted-average shares outstanding-Basic	7,643,540	324,359	3,875,331	256,883
Weighted-average shares outstanding-Diluted	7,643,540	324,359	3,875,331	256,883
Earnings (loss) per share-Basic	$0.03	($0.09)	$0.08	($0.26)
Earnings (loss) per share-Diluted	$0.03	($0.09)	$0.08	($0.26)

Earnings_Loss_Per_Share_Additi

Earnings (Loss) Per Share - Additional Information (Detail)	3 Months Ended		9 Months Ended
Earnings (Loss) Per Share - Additional Information (Detail)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Anti-dilutive shares outstanding	5,274,900	5,274,900	5,274,900	5,274,900