Independence Realty Trust (IRT) 10-Q 7 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 06, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
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	'	25,801,540

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investments in real estate:	'	'
Investments in real estate at cost	$444,050	$190,096
Accumulated depreciation	-20,848	-15,775
Investments in real estate, net	423,202	174,321
Cash and cash equivalents	34,786	3,334
Restricted cash	4,870	1,122
Accounts receivable and other assets	2,748	1,731
Intangible assets, net of accumulated amortization of $3,495 and $569, respectively	1,327	517
Deferred costs, net of accumulated amortization of $386 and $151, respectively	2,090	846
Total Assets	469,023	181,871
LIABILITIES AND EQUITY:	'	'
Indebtedness	253,833	103,303
Accounts payable and accrued expenses	7,407	2,374
Accrued interest payable	30	63
Dividends payable	1,567	515
Other liabilities	1,205	708
Total Liabilities	264,042	106,963
Stockholders' equity:	'	'
Preferred stock, $0.01 par value; 50,000,000 shares authorized, 0 and 0 shares issued and outstanding, respectively	'	'
Common stock, $0.01 par value; 300,000,000 shares authorized, 25,801,540 and 9,652,540 shares issued and outstanding, including 40,000 unvested restricted common share awards, as of September 30, 2014	258	96
Additional paid-in capital	213,006	78,112
Retained earnings (accumulated deficit)	-11,560	-3,300
Total shareholders' equity	201,704	74,908
Noncontrolling interests	3,277	'
Total Equity	204,981	74,908
Total Liabilities and Equity	$469,023	$181,871

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Intangible assets, accumulated amortization	$3,495	$569
Deferred costs, accumulated amortization	$386	$151
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	25,801,540	9,652,540
Common stock, shares outstanding	25,801,540	9,652,540
Unvested restricted common share awards	40,000	'

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, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
REVENUE:	'	'	'	'
Rental income	$11,872	$4,259	$29,838	$12,655
Tenant reimbursement income	505	225	1,307	668
Other income	680	303	1,696	852
Total revenue	13,057	4,787	32,841	14,175
EXPENSES:	'	'	'	'
Property operating expenses	6,152	2,414	15,725	6,820
General and administrative expenses	248	103	794	374
Asset management fees	445	4	1,092	165
Acquisition expenses	687	50	1,201	50
Depreciation and amortization expense	3,309	1,008	8,664	3,107
Total expenses	10,841	3,579	27,476	10,516
Operating income	2,216	1,208	5,365	3,659
Interest expense	-2,281	-906	-5,510	-2,693
Interest income	7	'	12	'
Gain (loss) on assets	'	'	2,882	'
Net income (loss):	-58	302	2,749	966
Income allocated to preferred shares	'	-2	'	-10
(Income) loss allocated to noncontrolling interest	2	-45	2	-649
Net income (loss) allocable to common shares	($56)	$255	$2,751	$307
Earnings (loss) per share:	'	'	'	'
Basic	$0	$0.03	$0.14	$0.08
Diluted	$0	$0.03	$0.14	$0.08
Weighted-average shares:	'	'	'	'
Basic	24,011,540	7,643,540	19,004,591	3,875,331
Diluted	24,011,540	7,643,540	19,040,301	3,875,331

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Equity (USD $)	Total	Common Shares	Additional Paid In Capital	Retained Earnings (Deficit)	Total Shareholders' Equity	Noncontrolling Interests
In Thousands, except Share data
Beginning Balance at Dec. 31, 2013	$74,908	$96	$78,112	($3,300)	$74,908	'
Beginning Balance (in Shares) at Dec. 31, 2013	9,652,540	9,652,540	'	'	'	'
Net income (loss)	2,749	'	'	2,751	2,751	-2
Common dividends declared	-11,011	'	'	-11,011	-11,011	'
Stock compensation expense (in shares)	'	49,000	'	'	'	'
Stock compensation expense	175	1	174	'	175	'
Common shares issued, net (in shares)	'	16,100,000	'	'	'	'
Common shares issued, net	134,881	161	134,720	'	134,881	'
Issuance of noncontrolling interests	3,363	'	'	'	'	3,363
Distributions to noncontrolling interests	-84	'	'	'	'	-84
Ending Balance at Sep. 30, 2014	$204,981	$258	$213,006	($11,560)	$201,704	$3,277
Ending Balance (in shares) at Sep. 30, 2014	25,801,540	25,801,540	'	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net income (loss)	$2,749	$966
Adjustments to reconcile net income (loss) to cash flow from operating activities:	'	'
Depreciation and amortization	8,664	3,107
Amortization of deferred financing costs and debt premiums	-478	54
Share based compensation	175	'
(Gain) loss on assets	-2,882	'
Changes in assets and liabilities:	'	'
Accounts receivable and other assets	-78	-632
Accounts payable and accrued expenses	2,415	218
Accrued interest payable	-33	0
Other liabilities	-35	13
Net cash from operating activities	10,497	3,726
Cash flows from investing activities:	'	'
Acquisition of real estate properties	-178,158	-13,020
Capital expenditures	-2,522	-1,130
(Increase) decrease in restricted cash	-3,427	74
Net cash from investing activities	-184,107	-14,076
Cash flows from financing activities:	'	'
Debt borrowings	100,917	'
Debt repayments	-20,618	-129
Proceeds from issuance of common stock	134,881	31,461
(Payments) reimbursements for deferred financing costs	-75	-102
Redemption of preferred shares	'	-137
Redemption of noncontrolling interests	'	-3,500
Distributions on common stock	-9,981	-1,435
Distributions on preferred stock	'	-10
Distributions to noncontrolling interests	-62	-1,805
Net cash from financing activities	205,062	24,343
Net change in cash and cash equivalents	31,452	13,993
Cash and cash equivalents, beginning of period	3,334	2,533
Cash and cash equivalents, end of the period	34,786	16,526
Supplemental cash flow information:	'	'
Cash paid for interest	6,022	2,641
Non cash decrease in noncontrolling interest from conversion of common limited partnership units to share of common stock	'	43,585
Mortgage debt assumed	$66,963	'

Organization

Organization	9 Months Ended
	Sep. 30, 2014
Organization	'
	NOTE 1: Organization
	Independence Realty Trust, Inc. 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 own apartment properties in geographic submarkets that we believe support strong occupancy and have the potential for growth in rental rates. We seek to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation. We own substantially all of our assets and conduct our operations through our operating partnership, of which we are the sole general partner.
	As of September 30, 2014, we owned 22 properties with 6,470 units located in 12 states.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
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, 2013 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. Investments in Real Estate
	Allocation of Purchase Price of Acquired Assets
	We account for acquisitions of properties that meet the definition of a business pursuant to 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 financing of an acquisition are capitalized and amortized over the life of the loan.
	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. We did not make any adjustments to the purchase price allocation during the three and nine-month periods ended September 30, 2014.
	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. We did not acquire any above-market or below-market in-place leases during the three and nine-month periods ending September 30, 2014.
	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 assumed lease up period, typically six months For the three and nine-month periods ended September 30, 2014 we recorded $983 and $2,927 of amortization expense for intangible assets, respectively. For the three and nine-month periods ended September 30, 2013 we recorded $39 and $275 of amortization expense for intangible assets, respectively. As of September 30, 2014, we expect to record additional amortization expense on current in-place lease intangible assets of $805 and $522 for the remainder of 2014 and 2015, respectively.
	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 Expense
	Depreciation expense for real estate assets is 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. For the three and nine-month periods ended September 30, 2014 we recorded $2,326 and $5,737 of depreciation expense, respectively. For the three and nine-month periods ended September 30, 2013 we recorded $967 and $2,831 of depreciation expense, respectively.
	e. 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, 2014 was $248,833 and $254,503, respectively. The carrying value and fair value of mortgage indebtedness as of December 31, 2013 was $100,803 and $101,272, respectively. The fair value of secured credit facility, cash and cash equivalents and restricted cash approximates cost due to the nature of these instruments.
	f. Recent Accounting Pronouncements
	In April 2014, the FASB issued an accounting standard classified under FASB ASC Topic 205, “Presentation of Financial Statements”. This accounting standard amends existing guidance to change reporting requirements for discontinued operations by requiring the disposal of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on an entity’s operations and financial results. This standard is effective for interim and annual reporting periods beginning on or after December 15, 2014. Management does not anticipate that future disposals of real estate properties would qualify for discontinued operations under the new standard.
	In May 2014, the FASB issued an accounting standard classified under FASB ASC Topic 606, “Revenue from Contracts with Customers”. This accounting standard generally replaces existing guidance by requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard is effective for annual reporting periods beginning after December 15, 2016. Management is currently evaluating the impact that this standard may have on our consolidated financial statements.

Investments_in_Real_Estate

Investments in Real Estate	9 Months Ended
	Sep. 30, 2014
Investments in Real Estate	'
	NOTE 3: Investments in Real Estate
	As of September 30, 2014, our investments in real estate consisted of 22 apartment properties with 6,470 units. As of December 31, 2013, our investments in real estate consisted of 10 apartment properties with 2,790 units. The table below summarizes our investments in real estate:
			As of September 30,			As of December 31,			Depreciable Lives
			2014			2013			(In years)
	Land		$	88,585		$	37,418		—
	Building			350,585			149,657		40
	Furniture, fixtures and equipment			4,880			3,021		10-May
	Total investment in real estate			444,050			190,096
	Accumulated depreciation			(20,848	)		(15,775	)
	Investments in real estate, net		$	423,202		$	174,321
	Acquisitions
	On October 20, 2014, we entered into five purchase and sale agreements to acquire an apartment residential portfolio with a total of 1,549 units located in Louisville, KY. Pursuant to the terms and conditions of the purchase and sale agreements, the aggregate purchase price is $162,500. The closing is subject to customary terms and conditions and we may terminate any of the purchase agreements with or without cause prior to the expiration of the due diligence period.
	On September 15, 2014, we acquired a 500-unit apartment residential community located in Shelby County, TN, known as Stonebridge Crossing. We acquired the property for an aggregate purchase price of $29,800 exclusive of closing costs.
	On September 5, 2014, we acquired a 268-unit apartment residential community located in Garner, North Carolina, known as Lenoxplace at Garner Station. We acquired the property for an aggregate purchase price of $24,250 exclusive of closing costs.
	On August 28, 2014, we acquired a 360-unit apartment residential community located in Cordova, Tennessee, known as Walnut Hill. We acquired the property for an aggregate purchase price of $27,900 exclusive of closing costs. In connection with the acquisition, our operating partnership issued 137,361 limited partnership units valued at $1,377.
	On June 4, 2014, we acquired a 170-unit apartment residential community located in Ridgeland, Mississippi, known as Arbors at the Reservoir. We acquired the property for an aggregate purchase price of $20,250 exclusive of closing costs.
	On May 7, 2014, we acquired a 202-unit apartment residential community located in Little Rock, Arkansas, known as Carrington. We acquired the property for an aggregate purchase price of $21,500 exclusive of closing costs. In connection with the acquisition our operating partnership issued 222,062 limited partnership units valued at $1,986.
	On March 31, 2014, we acquired a 152-unit apartment residential community, known as King’s Landing, in Creve Coeur, Missouri. We acquired the property for an aggregate purchase price of $32,700 exclusive of closing costs. In connection with the acquisition we assumed an existing loan with an outstanding principal balance of $21,200 secured by the property, bearing interest at 4.0% per annum, and maturing on June 1, 2021.
	On February 28, 2014, we acquired a portfolio of five apartment properties with 1,658 units located in Oklahoma and referred to as the Oklahoma portfolio or, the “OKC Portfolio”. We acquired the property for an aggregate purchase price of $65,000 exclusive of closing costs. In connection with the acquisition we assumed an existing loan with an outstanding principal balance of $45,763 secured by the property, bearing interest at 5.6% per annum and maturing on April 1, 2016. The fair value of the properties acquired and debt assumed was $70,431 and $48,312, respectively, generating a net gain of $2,882.
	On January 31, 2014, we acquired a 370-unit apartment residential community located in Waukegan, Illinois, known as The Reserve at Eagle Ridge. We acquired the property for an aggregate purchase price of $29,000 exclusive of closing costs.
	The following table summarizes the aggregate fair value of the assets and liabilities associated with the properties acquired during the nine-month period ended September 30, 2014, on the date of each acquisition, for the real estate accounted for under FASB ASC Topic 805.
	Description		Fair Value
			of Assets Acquired
			During the
			Nine-Month Period Ended
			September 30,
			2014
	Assets acquired:
	Investments in real estate		$	252,095
	Restricted cash			320
	Other assets			1,747
	Deferred financing costs			548
	Intangible asset			3,736
	Total assets acquired		$	258,446
	Liabilities assumed:
	Loans payable on real estate		$	69,512
	Accounts payable and accrued expenses			2,630
	Other liabilities			518
	Total liabilities assumed			72,660
	Estimated fair value of net assets acquired		$	185,786
	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, 2013. 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
			Three-Month			Three-Month
			Period Ended			Period Ended
			September 30, 2014			September 30, 2013
	Total revenue from acquisitions, as reported		$	6,607		$	0
	Pro forma revenue			15,295			13,309
	Net income (loss) allocable to common shares from acquisitions, as reported			(155	)		0
	Pro forma net income (loss) allocable to common shares			252			1,099
	Earnings (loss) per share
	Basic-as reported		$	(0.01	)	$	0
	Diluted-as reported		$	(0.01	)	$	0
	Basic-pro forma		$	0.01		$	0.14
	Diluted-pro forma		$	0.01		$	0.14
	Description		For the			For the
			Nine-Month			Nine-Month
			Period Ended			Period Ended
			September 30, 2014			September 30, 2013
	Total revenue from acquisitions, as reported		$	13,525		$	0
	Pro forma revenue			45,189			39,258
	Net income (loss) allocable to common shares from acquisitions, as reported(1)			2,457			0
	Pro forma net income (loss) allocable to common shares			4,872			2,845
	Earnings (loss) per share
Basic-as reported		$	0.13		$	0
Diluted-as reported		$	0.13		$	0
Basic-pro forma		$	0.26		$	0.73
Diluted-pro forma		$	0.26		$	0.73
-1	The fair value of a property acquired exceeded the purchase price and a gain of $2,882 was recorded.
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. We did not make any adjustments to the purchase price allocation during the three and nine-month periods ended September 30, 2014.

Mortgage_Indebtedness

Mortgage Indebtedness	9 Months Ended
	Sep. 30, 2014
Mortgage Indebtedness	'
	NOTE 4: Mortgage Indebtedness
	The following table contains summary information concerning the indebtedness that encumbered our properties as of September 30, 2014:
			Outstanding Principal		Carrying Amount		Effective Interest Rate			Maturity Date
	Belle Creek Apartments		$	10,575	$	10,575		2.4	%(1)	April 28, 2021
	Berkshire Square Apartments			8,612		8,612		4.4	%(3)	January 1, 2021
	Centrepoint Apartments			17,600		17,600		3.7	%(2)	January 1, 2019
	Copper Mill Apartments			7,223		7,223		5.7	%	1-May-21
	Crestmont Apartments			6,633		6,633		5.7	%	1-May-21
	Cumberland Glen Apartments			6,781		6,781		5.7	%	1-May-21
	Heritage Trace Apartments			5,405		5,405		5.7	%	1-May-21
	Runaway Bay Apartments			10,081		10,081		3.6	%	November 1, 2022
	Tresa at Arrowhead			27,500		27,500		2.4	%(1)	28-Apr-21
	Reserve at Eagle Ridge			18,850		18,850		4.7	%	1-Mar-24
	OKC Portfolio			45,189		47,025		2.8	%(5)	1-Apr-16
	Kings’ Landing			21,200		21,200		4	%(6)	1-Jun-21
	Crossings			15,313		15,313		3.9	%	1-Jun-24
	Carrington Park			14,235		14,235		4	%	1-Aug-24
	Arbors at the Reservoir			13,150		13,150		4	%	1-Aug-24
	Walnut Hill			18,650		18,650		3.4	%	1-Oct-21
	Total mortgage debt/Weighted-Average		$	246,997	$	248,833		3.7	%
	Secured Credit Facility			5,000		5,000		2.7	%(4)	October 25, 2016
	Total indebtedness /Weighted-Average		$	251,997	$	253,833		3.7	%
	-1	Floating rate at 225 basis points over 30-day LIBOR. As of September 30, 2014, 30-day LIBOR was 0.15%. Interest only payments are due monthly. These mortgages are held by RAIT.
	-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 February 1, 2016, principal and interest payments are required based on a 30-year amortization schedule.
	-4	Floating rate at 250 basis points over 30-day LIBOR. As of September 30, 2014, 30-day LIBOR was 0.15%. Interest only payments are due monthly. As of September 30, 2014, we were in compliance with all financial covenants contained in the credit facility.
	-5	Contractual interest rate is 5.6%. The debt was assumed and recorded at a premium that will be amortized to interest expense over the remaining term. Principal and interest payments are required based on a 30-year amortization schedule.
	-6	Fixed Rate. Interest only payments are due monthly. Beginning June 1, 2017, principal and interest payments are required based on a 30-year amortization schedule.
	As of September 30,2014 we were in compliance with all financial covenants contained in our indebtedness.
	The following table contains summary information concerning the indebtedness that encumbered our properties as of December 31, 2013:
			Outstanding Principal		Carrying Amount		Effective			Maturity Date
							Interest Rate
	Belle Creek Apartments		$	10,575	$	10,575		2.4	%(1)	April 28, 2021
	Berkshire Square Apartments			8,612		8,612		4.4	%(3)	January 1, 2021
	Centrepoint Apartments			17,600		17,600		3.7	%(2)	January 1, 2019
	Copper Mill Apartments			7,293		7,293		5.7	%	1-May-21
	Crestmont Apartments			6,698		6,698		5.7	%	1-May-21
	Cumberland Glen Apartments			6,846		6,846		5.7	%	1-May-21
	Heritage Trace Apartments			5,457		5,457		5.7	%	1-May-21
	Runaway Bay Apartments			10,222		10,222		3.6	%	November 1, 2022
	Tresa at Arrowhead			27,500		27,500		2.4	%(1)	28-Apr-21
	Total mortgage debt/Weighted-Average		$	100,803	$	100,803		3.8	%
	Secured Credit Facility			2,500		2,500		2.9	%(4)	October 25, 2016
	Total indebtedness /Weighted-Average		$	103,303	$	103,303		3.8	%
	-1	Floating rate at 225 basis points over 30-day LIBOR. As of December 31, 2013, 30-day LIBOR was 0.17%. Interest only payments are due monthly. These mortgages are held by RAIT.
	-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 February 1, 2016, principal and interest payments are required based on a 30-year amortization schedule.
	-4	Floating rate at 275 basis points over 30-day LIBOR. As of December 31, 2013, 30-day LIBOR was 0.17%. Interest only payments are due monthly. As of June 30, 2014, we were in compliance with all financial covenants contained in the credit facility.
	The weighted average interest rate of our mortgage indebtedness was 3.7% as of September 30, 2014. As of September 30, 2014, RAIT held $38,075 of our mortgage indebtedness while $208,922 was held by third parties. As of December 31, 2013, RAIT held $38,075 of our mortgage indebtedness while $65,228 was held by third parties. For each of the three and nine-month periods ended September 30, 2014 we paid approximately $244 and $723 respectively, of interest to RAIT.
	On October 24, 2014 we entered into a loan agreement for a $15,991 loan secured by a first mortgage on our Lenoxplace property. The loan bears interest at a fixed rate of 3.7% per annum, provides for monthly payments of interest only until the maturity date of November 1, 2021 when the principal balance, accrued interest and all other amounts due under the loan become due.
	On September 15, 2014, we entered into a loan agreement for a $18,650 loan secured by a first mortgage on our Walnut Hill property. The loan bears interest at a fixed rate of 3.4% per annum, provides for monthly payments of interest only until the maturity date of October 1, 2021 when the principal balance, accrued interest and all other amounts due under the loan become due.
	On September 9, 2014 we amended our secured revolving credit agreement with the Huntington National Bank. The amendment increased the facility from $20,000 to $30,000 and bears interest at LIBOR plus 2.50%.
	On July 15, 2014, we entered into a loan agreement for a $13,150 loan secured by a first mortgage on our Arbors property. The loan bears interest at a fixed rate of 4.0% per annum, provides for monthly payments of interest only until the maturity date of August 1, 2024 when the principal balance, accrued interest and all other amounts due under the loan become due.
	On July 15, 2014, we entered into a loan agreement for a $14,235 loan secured by a first mortgage on our Carrington property. The loan bears interest at a fixed rate of 4.0% per annum, provides for monthly payments of interest only until the maturity date of August 1, 2024 when the principal balance, accrued interest and all other amounts due under the loan become due.
	On May 27, 2014, we entered into a loan agreement for a $15,313 loan secured by a first mortgage on our Crossings property. The loan bears interest at a fixed rate of 3.9% per annum, provides for monthly payments of interest only until the maturity date of June 1, 2024 when the principal balance, accrued interest and all other amounts due under the loan become due.
	On March 31, 2014, in connection with the acquisition of King’s Landing, we assumed $21,200 of an existing loan secured by the property. The loan bears interest at a fixed rate of 4.0% per annum, provides for monthly payments of interest only until June 1, 2017 when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures on June 1, 2021.
	On February 28, 2014, in connection with the acquisition of the OKC Portfolio we assumed $45,763 of an existing loan secured by the property. The Loan bears interest at a fixed rate of 5.6% per annum, provides for monthly payments of principal and interest based on a 30-year amortization schedule and matures on April 1, 2016. We recorded the debt assumed at its fair value of $48,312 based on a market rate of 2.8% for the remaining term. The resulting premium of $2,549 will be amortized to interest expense over the remaining term of the mortgage.
	On February 7, 2014, we entered into a loan agreement for an $18,850 loan secured by a first mortgage on our Reserve at Eagle Ridge property. The loan bears interest at a fixed rate of 4.7% per annum, provides for monthly payments of interest only until the maturity date of March 1, 2024 when the principal balance, accrued interest and all other amounts due under the loan become due.

Shareholder_Equity_and_NonCont

Shareholder Equity and Non-Controlling Interests	9 Months Ended
	Sep. 30, 2014
Shareholder Equity and Non-Controlling Interests	'
	NOTE 5: Shareholder Equity and Non-Controlling Interests
	Stockholder Equity
	Common Shares
	On July 21, 2014, we completed an underwritten public offering selling 8,050,000 shares of our common stock for $9.50 per share raising gross and net proceeds of $76,475 and $72,002, respectively.
	On January 29, 2014, we completed an underwritten public offering selling 8,050,000 shares of our common stock for $8.30 per share resulting in gross and net proceeds of $66,815 and $62,718, respectively.
	On January 15, 2014 our board of directors declared the following dividends:
	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Jan-14	January 31, 2014	February 14, 2014	$	0.06
	Feb-14	February 28, 2014	March 17, 2014	$	0.06
	Mar-14	March 31, 2014	April 15, 2014	$	0.06
	On April 17, 2014 our board of directors declared the following dividends:
	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Apr-14	April 30, 2014	May 15, 2014	$	0.06
	May-14	May 30, 2014	June 16, 2014	$	0.06
	Jun-14	June 30, 2014	July 15, 2014	$	0.06
	On July 10, 2014 our board of directors declared the following dividends:
	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Jul-14	July 31, 2014	August 15, 2014	$	0.06
	Aug-14	August 29, 2014	September 15, 2014	$	0.06
	Sep-14	September 30, 2014	October 15, 2014	$	0.06
	On October 16, 2014 our board of directors declared the following dividends:
	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Oct-14	October 31, 2014	November 17, 2014	$	0.06
	Nov-14	November 28, 2014	December 15, 2014	$	0.06
	Dec-14	December 31, 2014	January 15, 2015	$	0.06
	Noncontrolling Interest
	On August 28, 2014, our operating partnership issued 137,361 limited partnership units valued at $1,377 in connection with the Walnut Hill acquisition.
	On May 7, 2014, our operating partnership issued 222,062 limited partnership units valued at $1,986 in connection with the Carrington acquisition.
	On July 10, 2014 our board of directors declared the following distributions on our operating partnership’s LP units:
	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Jul-14	July 31, 2014	August 15, 2014	$	0.06
	Aug-14	August 29, 2014	September 15, 2014	$	0.06
	Sep-14	September 30, 2014	October 15, 2014	$	0.06
	On October 16, 2014 our board of directors declared the following distributions on our operating partnership’s LP units:
	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Oct-14	October 31, 2014	November 17, 2014	$	0.06
	Nov-14	November 28, 2014	December 15, 2014	$	0.06
	Dec-14	December 31, 2014	January 15, 2015	$	0.06

Equity_Compensation_Plans

Equity Compensation Plans	9 Months Ended
	Sep. 30, 2014
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 the 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 the director 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 cash 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 valued at $77 using our closing stock price of $8.60. These awards vested immediately. On May 14, 2014, our compensation committee made a stock grant under the director plan so that our independence directors received 9,000 shares of our common stock, in the aggregate valued at $81 using our closing stock price of $8.95. These awards vested immediately.
	On January 31, 2014, the compensation committee awarded 40,000 shares of restricted common stock, valued at $328 using our closing stock price of $8.20, to persons affiliated with our advisor, including our executive officers. These awards generally vest over three-year periods.
	On January 31, 2014, the compensation committee awarded 80,000 stock appreciation rights, or SARs, valued at $49 based on a Black-Scholes option pricing model at the date of grant, to persons affiliated with our advisor, including our executive officers. The SARs vest over a three-year period and may be exercised between the date of vesting and January 31, 2019, the expiration date of the SARs.
	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 August 2013 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, 2014
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:
		•	Quarterly base management fee of 0.1875% of average gross real estate assets as of the last day of such quarter. 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 and excluding the book values attributable to the eight properties that were acquired prior to August 16, 2013. We 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. For the three and nine-month periods ended September 30, 2014, our advisor earned $445 and $938 of asset management fees, respectively. For the three and nine-month periods ended September 30, 2013, our advisor earned $0 and $82 of asset management fees, respectively.
		•	We 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 proceeds from the issuance of equity securities we have obtained.
		•	For the three and nine-month periods ended September 30, 2014 our advisor earned $0 and $154 of incentive fees, respectively. For the three and nine-month periods ended September 30, 2013 our advisor earned $0 and $79 of incentive fees. These fees are included within asset management fees in our consolidated statements of operations.
	As of September 30, 2014 and December 31, 2013 we had liabilities payable to our advisor for asset management fees of $445 and $107, respectively.
	Property Management Fees Paid to Our Property Manager
	We have entered into property management agreements with RAIT Residential, 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, 2014 our property manager earned $471 and $1,203, respectively, of property management and leasing fees. For the three and nine-month periods ended September 30, 2013 our property manager earned $190 and $563, respectively, of property management and leasing fees. As of September 30, 2014 and December 31, 2013, we had liabilities payable to our property manager for property management and leasing fees of $175 and $83, respectively.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2014
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 and nine-month periods ended September 30, 2014 and 2013:
		For the Three-Month						For the Nine-Month
		Periods Ended September 30						Periods Ended September 30
		2014			2013			2014		2013
	Net Income (loss)	$	(58	)	$	302		$	2,749	$	966
	(Income) loss allocated to preferred shares		—			(2	)		—		(10	)
	(Income) loss allocated to non-controlling interests		2			(45	)		2		(649	)
	Net Income (loss) allocable to common shares		(56	)		255			2,751		307
	Weighted-average shares outstanding—Basic		24,011,540			7,643,540			19,004,591		3,875,331
	Dilutive securities under the treasury stock method		—			—			35,604		—
	Weighted-average shares outstanding—Diluted		24,011,540			7,643,540			19,040,301		3,875,331
	Earnings (loss) per share—Basic	$	(0.00	)	$	0.03		$	0.14	$	0.08
	Earnings (loss) per share—Diluted	$	(0.00	)	$	0.03		$	0.14	$	0.08
	For the three-month period ended September 30, 2014, SARS and unvested shares of 54,268, were excluded from the earnings (loss) per share computation because their effect would have been anti-dilutive.
	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.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies	'
	NOTE 9: Commitments and Contingencies
	Litigation
	From time to time, we are party to various lawsuits, claims for negligence and other legal proceedings that arise in the ordinary course of our business. We are not currently a party, as plaintiff or defendant, to any legal proceedings which, individually or in the aggregate, would be expected to have a material effect on our business, financial condition, results of operations, or financial statements, taken as a whole, if determined adversely to us.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
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, 2013 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.
Investments in Real Estate	'
	d. Investments in Real Estate
	Allocation of Purchase Price of Acquired Assets
	We account for acquisitions of properties that meet the definition of a business pursuant to 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 financing of an acquisition are capitalized and amortized over the life of the loan.
	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. We did not make any adjustments to the purchase price allocation during the three and nine-month periods ended September 30, 2014.
	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. We did not acquire any above-market or below-market in-place leases during the three and nine-month periods ending September 30, 2014.
	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 assumed lease up period, typically six months For the three and nine-month periods ended September 30, 2014 we recorded $983 and $2,927 of amortization expense for intangible assets, respectively. For the three and nine-month periods ended September 30, 2013 we recorded $39 and $275 of amortization expense for intangible assets, respectively. As of September 30, 2014, we expect to record additional amortization expense on current in-place lease intangible assets of $805 and $522 for the remainder of 2014 and 2015, respectively.
	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 Expense
	Depreciation expense for real estate assets is 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. For the three and nine-month periods ended September 30, 2014 we recorded $2,326 and $5,737 of depreciation expense, respectively. For the three and nine-month periods ended September 30, 2013 we recorded $967 and $2,831 of depreciation expense, respectively.
Fair Value of Financial Instruments	'
	e. 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, 2014 was $248,833 and $254,503, respectively. The carrying value and fair value of mortgage indebtedness as of December 31, 2013 was $100,803 and $101,272, respectively. The fair value of secured credit facility, cash and cash equivalents and restricted cash approximates cost due to the nature of these instruments.
Recent Accounting Pronouncements	'
	f. Recent Accounting Pronouncements
	In April 2014, the FASB issued an accounting standard classified under FASB ASC Topic 205, “Presentation of Financial Statements”. This accounting standard amends existing guidance to change reporting requirements for discontinued operations by requiring the disposal of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on an entity’s operations and financial results. This standard is effective for interim and annual reporting periods beginning on or after December 15, 2014. Management does not anticipate that future disposals of real estate properties would qualify for discontinued operations under the new standard.
	In May 2014, the FASB issued an accounting standard classified under FASB ASC Topic 606, “Revenue from Contracts with Customers”. This accounting standard generally replaces existing guidance by requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard is effective for annual reporting periods beginning after December 15, 2016. Management is currently evaluating the impact that this standard may have on our consolidated financial statements.

Investments_in_Real_Estate_Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2014
Summary of Investments in Real Estate	'
	The table below summarizes our investments in real estate:
			As of September 30,			As of December 31,			Depreciable Lives
			2014			2013			(In years)
	Land		$	88,585		$	37,418		—
	Building			350,585			149,657		40
	Furniture, fixtures and equipment			4,880			3,021		10-May
	Total investment in real estate			444,050			190,096
	Accumulated depreciation			(20,848	)		(15,775	)
	Investments in real estate, net		$	423,202		$	174,321
Summary of Aggregate Fair Value of Assets and Liabilities	'
	The following table summarizes the aggregate fair value of the assets and liabilities associated with the properties acquired during the nine-month period ended September 30, 2014, on the date of each acquisition, for the real estate accounted for under FASB ASC Topic 805.
	Description		Fair Value
			of Assets Acquired
			During the
			Nine-Month Period Ended
			September 30,
			2014
	Assets acquired:
	Investments in real estate		$	252,095
	Restricted cash			320
	Other assets			1,747
	Deferred financing costs			548
	Intangible asset			3,736
	Total assets acquired		$	258,446
	Liabilities assumed:
	Loans payable on real estate		$	69,512
	Accounts payable and accrued expenses			2,630
	Other liabilities			518
	Total liabilities assumed			72,660
	Estimated fair value of net assets acquired		$	185,786
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, 2013. 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
			Three-Month			Three-Month
			Period Ended			Period Ended
			September 30, 2014			September 30, 2013
	Total revenue from acquisitions, as reported		$	6,607		$	0
	Pro forma revenue			15,295			13,309
	Net income (loss) allocable to common shares from acquisitions, as reported			(155	)		0
	Pro forma net income (loss) allocable to common shares			252			1,099
	Earnings (loss) per share
	Basic-as reported		$	(0.01	)	$	0
	Diluted-as reported		$	(0.01	)	$	0
	Basic-pro forma		$	0.01		$	0.14
	Diluted-pro forma		$	0.01		$	0.14
	Description		For the			For the
			Nine-Month			Nine-Month
			Period Ended			Period Ended
			September 30, 2014			September 30, 2013
	Total revenue from acquisitions, as reported		$	13,525		$	0
	Pro forma revenue			45,189			39,258
	Net income (loss) allocable to common shares from acquisitions, as reported(1)			2,457			0
	Pro forma net income (loss) allocable to common shares			4,872			2,845
	Earnings (loss) per share
	Basic-as reported		$	0.13		$	0
	Diluted-as reported		$	0.13		$	0
	Basic-pro forma		$	0.26		$	0.73
	Diluted-pro forma		$	0.26		$	0.73
	-1	The fair value of a property acquired exceeded the purchase price and a gain of $2,882 was recorded.

Mortgage_Indebtedness_Tables

Mortgage Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2014
Summary of Information Concerning Indebtedness that Encumbered our Properties	'
	The following table contains summary information concerning the indebtedness that encumbered our properties as of September 30, 2014:
			Outstanding Principal		Carrying Amount		Effective Interest Rate			Maturity Date
	Belle Creek Apartments		$	10,575	$	10,575		2.4	%(1)	April 28, 2021
	Berkshire Square Apartments			8,612		8,612		4.4	%(3)	January 1, 2021
	Centrepoint Apartments			17,600		17,600		3.7	%(2)	January 1, 2019
	Copper Mill Apartments			7,223		7,223		5.7	%	1-May-21
	Crestmont Apartments			6,633		6,633		5.7	%	1-May-21
	Cumberland Glen Apartments			6,781		6,781		5.7	%	1-May-21
	Heritage Trace Apartments			5,405		5,405		5.7	%	1-May-21
	Runaway Bay Apartments			10,081		10,081		3.6	%	November 1, 2022
	Tresa at Arrowhead			27,500		27,500		2.4	%(1)	28-Apr-21
	Reserve at Eagle Ridge			18,850		18,850		4.7	%	1-Mar-24
	OKC Portfolio			45,189		47,025		2.8	%(5)	1-Apr-16
	Kings’ Landing			21,200		21,200		4	%(6)	1-Jun-21
	Crossings			15,313		15,313		3.9	%	1-Jun-24
	Carrington Park			14,235		14,235		4	%	1-Aug-24
	Arbors at the Reservoir			13,150		13,150		4	%	1-Aug-24
	Walnut Hill			18,650		18,650		3.4	%	1-Oct-21
	Total mortgage debt/Weighted-Average		$	246,997	$	248,833		3.7	%
	Secured Credit Facility			5,000		5,000		2.7	%(4)	October 25, 2016
	Total indebtedness /Weighted-Average		$	251,997	$	253,833		3.7	%
	-1	Floating rate at 225 basis points over 30-day LIBOR. As of September 30, 2014, 30-day LIBOR was 0.15%. Interest only payments are due monthly. These mortgages are held by RAIT.
	-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 February 1, 2016, principal and interest payments are required based on a 30-year amortization schedule.
	-4	Floating rate at 250 basis points over 30-day LIBOR. As of September 30, 2014, 30-day LIBOR was 0.15%. Interest only payments are due monthly. As of September 30, 2014, we were in compliance with all financial covenants contained in the credit facility.
	-5	Contractual interest rate is 5.6%. The debt was assumed and recorded at a premium that will be amortized to interest expense over the remaining term. Principal and interest payments are required based on a 30-year amortization schedule.
	-6	Fixed Rate. Interest only payments are due monthly. Beginning June 1, 2017, principal and interest payments are required based on a 30-year amortization schedule.
	As of September 30,2014 we were in compliance with all financial covenants contained in our indebtedness.
	The following table contains summary information concerning the indebtedness that encumbered our properties as of December 31, 2013:
			Outstanding Principal		Carrying Amount		Effective			Maturity Date
							Interest Rate
	Belle Creek Apartments		$	10,575	$	10,575		2.4	%(1)	April 28, 2021
	Berkshire Square Apartments			8,612		8,612		4.4	%(3)	January 1, 2021
	Centrepoint Apartments			17,600		17,600		3.7	%(2)	January 1, 2019
	Copper Mill Apartments			7,293		7,293		5.7	%	1-May-21
	Crestmont Apartments			6,698		6,698		5.7	%	1-May-21
	Cumberland Glen Apartments			6,846		6,846		5.7	%	1-May-21
	Heritage Trace Apartments			5,457		5,457		5.7	%	1-May-21
	Runaway Bay Apartments			10,222		10,222		3.6	%	November 1, 2022
	Tresa at Arrowhead			27,500		27,500		2.4	%(1)	28-Apr-21
	Total mortgage debt/Weighted-Average		$	100,803	$	100,803		3.8	%
	Secured Credit Facility			2,500		2,500		2.9	%(4)	October 25, 2016
	Total indebtedness /Weighted-Average		$	103,303	$	103,303		3.8	%
	-1	Floating rate at 225 basis points over 30-day LIBOR. As of December 31, 2013, 30-day LIBOR was 0.17%. Interest only payments are due monthly. These mortgages are held by RAIT.
	-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 February 1, 2016, principal and interest payments are required based on a 30-year amortization schedule.
	-4	Floating rate at 275 basis points over 30-day LIBOR. As of December 31, 2013, 30-day LIBOR was 0.17%. Interest only payments are due monthly. As of June 30, 2014, we were in compliance with all financial covenants contained in the credit facility.

Shareholder_Equity_and_NonCont1

Shareholder Equity and Non-Controlling Interests (Tables)	9 Months Ended
	Sep. 30, 2014
Dividends Declared	'
	On January 15, 2014 our board of directors declared the following dividends:
	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Jan-14	January 31, 2014	February 14, 2014	$	0.06
	Feb-14	February 28, 2014	March 17, 2014	$	0.06
	Mar-14	March 31, 2014	April 15, 2014	$	0.06
	On April 17, 2014 our board of directors declared the following dividends:
	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Apr-14	April 30, 2014	May 15, 2014	$	0.06
	May-14	May 30, 2014	June 16, 2014	$	0.06
	Jun-14	June 30, 2014	July 15, 2014	$	0.06
	On July 10, 2014 our board of directors declared the following dividends:
	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Jul-14	July 31, 2014	August 15, 2014	$	0.06
	Aug-14	August 29, 2014	September 15, 2014	$	0.06
	Sep-14	September 30, 2014	October 15, 2014	$	0.06
	On October 16, 2014 our board of directors declared the following dividends:
	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Oct-14	October 31, 2014	November 17, 2014	$	0.06
	Nov-14	November 28, 2014	December 15, 2014	$	0.06
	Dec-14	December 31, 2014	January 15, 2015	$	0.06
Noncontrolling Interest	'
Dividends Declared	'
	On July 10, 2014 our board of directors declared the following distributions on our operating partnership’s LP units:
	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Jul-14	July 31, 2014	August 15, 2014	$	0.06
	Aug-14	August 29, 2014	September 15, 2014	$	0.06
	Sep-14	September 30, 2014	October 15, 2014	$	0.06
	On October 16, 2014 our board of directors declared the following distributions on our operating partnership’s LP units:
	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Oct-14	October 31, 2014	November 17, 2014	$	0.06
	Nov-14	November 28, 2014	December 15, 2014	$	0.06
	Dec-14	December 31, 2014	January 15, 2015	$	0.06

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2014
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 and nine-month periods ended September 30, 2014 and 2013:
		For the Three-Month						For the Nine-Month
		Periods Ended September 30						Periods Ended September 30
		2014			2013			2014		2013
	Net Income (loss)	$	(58	)	$	302		$	2,749	$	966
	(Income) loss allocated to preferred shares		—			(2	)		—		(10	)
	(Income) loss allocated to non-controlling interests		2			(45	)		2		(649	)
	Net Income (loss) allocable to common shares		(56	)		255			2,751		307
	Weighted-average shares outstanding—Basic		24,011,540			7,643,540			19,004,591		3,875,331
	Dilutive securities under the treasury stock method		—			—			35,604		—
	Weighted-average shares outstanding—Diluted		24,011,540			7,643,540			19,040,301		3,875,331
	Earnings (loss) per share—Basic	$	(0.00	)	$	0.03		$	0.14	$	0.08
	Earnings (loss) per share—Diluted	$	(0.00	)	$	0.03		$	0.14	$	0.08

Organization_Additional_Inform

Organization - Additional Information (Detail)	Sep. 30, 2014	Dec. 31, 2013
	State	Property
	Property
Class of Stock [Line Items]	'	'
Number of multifamily property owned	22	10
Number of units located with multifamily properties	6,470	2,790
Number of states in which multifamily properties located	12	'

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
					Mortgages Debt	Mortgages Debt	Building and Building Improvements	Equipment and fixtures	Equipment and fixtures
								Minimum	Maximum
Significant Accounting Policies [Line Items]	'	'	'	'	'	'	'	'	'
Amortization expense for intangible assets	$983	$39	$2,927	$275	'	'	'	'	'
Amortization expense for intangible assets expected for remainder of 2014	805	'	805	'	'	'	'	'	'
Amortization expense for intangible assets expected for 2015	522	'	522	'	'	'	'	'	'
Intangible assets amortization period	'	'	'6 months	'	'	'	'	'	'
Useful life	'	'	'	'	'	'	'40 years	'5 years	'10 years
Depreciation expense	2,326	967	5,737	2,831	'	'	'	'	'
Mortgage indebtedness, carrying value	'	'	'	'	248,833	100,803	'	'	'
Mortgage indebtedness, fair value	'	'	'	'	$254,503	$101,272	'	'	'

Investments_in_Real_Estate_Add

Investments in Real Estate - Additional Information (Detail) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Jun. 04, 2014

Jun. 04, 2014

7-May-14

7-May-14

7-May-14

Mar. 31, 2014

Mar. 31, 2014

Feb. 28, 2014

Feb. 28, 2014

Jan. 31, 2014

Jan. 31, 2014

Sep. 15, 2014

Sep. 15, 2014

Sep. 05, 2014

Sep. 05, 2014

Aug. 28, 2014

Aug. 28, 2014

Aug. 28, 2014

Oct. 20, 2014

Oct. 20, 2014

In Thousands, except Share data, unless otherwise specified

Property

Property

Arbors at the Reservoir

Arbors at the Reservoir

Carrington

Carrington

Carrington

King's Landing

King's Landing

OKC Portfolio

OKC Portfolio

Reserve at Eagle Ridge

Reserve at Eagle Ridge

Stonebridge Crossing

Stonebridge Crossing

Lenoxplace

Lenoxplace

Walnut Hill

Walnut Hill

Walnut Hill

Louisville

Louisville

Property

Property

Noncontrolling Interest

Property

Property

Property

Property

Property

Property

Noncontrolling Interest

Subsequent event

Subsequent event

Agreement

Property

Property

Real Estate Properties [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of multifamily property owned

22

10

'

'

'

'

'

'

'

'

5

'

'

'

'

'

'

'

'

'

'

'

Number of units located with multifamily properties

6,470

2,790

'

170

'

202

'

'

152

'

1,658

'

370

'

500

'

268

'

360

'

'

1,549

Number of purchase and sales agreements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5

'

Purchased price of a property

'

'

$20,250

'

$21,500

'

'

$32,700

'

$65,000

'

$29,000

'

$29,800

'

$24,250

'

$27,900

'

'

$162,500

'

Number of limited units issued

'

'

'

'

'

'

222,062

'

'

'

'

'

'

'

'

'

'

'

'

137,361

'

'

Limited units issued value

'

'

'

'

'

'

1,986

'

'

'

'

'

'

'

'

'

'

'

'

1,377

'

'

Loans payable on real estate

69,512

'

'

'

'

'

'

'

21,200

'

45,763

'

'

'

'

'

'

'

'

'

'

'

Loan payable interest rate

'

'

'

'

'

'

'

4.00%

'

5.60%

'

'

'

'

'

'

'

'

'

'

'

'

Loan payable maturity date

'

'

'

'

'

'

'

1-Jun-21

'

1-Apr-16

'

'

'

'

'

'

'

'

'

'

'

'

Fair value of properties acquired

252,095

'

'

'

'

'

'

'

'

'

70,431

'

'

'

'

'

'

'

'

'

'

'

Fair value of debt assumed

72,660

'

'

'

'

'

'

'

'

'

48,312

'

'

'

'

'

'

'

'

'

'

'

Gain (loss) on assets

'

'

'

'

'

'

'

'

'

$2,882

'

'

'

'

'

'

'

'

'

'

'

'

Summary_of_Investments_in_Real

Summary of Investments in Real Estate (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
In Thousands, unless otherwise specified			Building	Furniture, fixtures and equipment	Furniture, fixtures and equipment
				Minimum	Maximum
Real Estate Properties [Line Items]	'	'	'	'	'
Land	$88,585	$37,418	'	'	'
Building	350,585	149,657	'	'	'
Furniture, fixtures and equipment	4,880	3,021	'	'	'
Total investment in real estate	444,050	190,096	'	'	'
Accumulated depreciation	-20,848	-15,775	'	'	'
Investments in real estate, net	$423,202	$174,321	'	'	'
Depreciable Lives	'	'	'40 years	'5 years	'10 years

Summary_of_Aggregate_Fair_Valu

Summary of Aggregate Fair Value of Assets (Detail) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Assets acquired:	'
Investments in real estate	$252,095
Restricted cash	320
Other assets	1,747
Deferred financing costs	548
Intangible asset	3,736
Total assets acquired	258,446
Liabilities assumed:	'
Loans payable on real estate	69,512
Accounts payable and accrued expenses	2,630
Other liabilities	518
Total liabilities assumed	72,660
Estimated fair value of net assets acquired	$185,786

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, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014		Sep. 30, 2013
Real Estate Properties [Line Items]	'	'	'		'
Total revenue from acquisitions, as reported	$6,607	$0	$13,525		$0
Pro forma revenue	15,295	13,309	45,189		39,258
Net income (loss) allocable to common shares from acquisitions, as reported	-155	0	2,457	[1]	0	[1]
Pro forma net income (loss) allocable to common shares	$252	$1,099	$4,872		$2,845
Earnings (loss) per share	'	'	'		'
Basic-as reported	$0	$0.03	$0.14		$0.08
Diluted-as reported	$0	$0.03	$0.14		$0.08
Basic-pro forma	$0.01	$0.14	$0.26		$0.73
Diluted-pro forma	$0.01	$0.14	$0.26		$0.73
As reported	'	'	'		'
Earnings (loss) per share	'	'	'		'
Basic-as reported	($0.01)	$0	$0.13		$0
Diluted-as reported	($0.01)	$0	$0.13		$0
[1]	The fair value of a property acquired exceeded the purchase price and a gain of $2,882 was recorded.

Pro_Forma_of_Financial_Informa1

Pro Forma of Financial Information Purport to Represent Results of Operations for Future Periods (Parenthetical) (Detail) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Real Estate Properties [Line Items]	'
Gain on property acquired	$2,882

Summary_of_Information_Concern

Summary of Information Concerning Indebtedness that Encumbered our Properties (Detail) (USD $)

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Feb. 07, 2014

Sep. 30, 2014

Feb. 07, 2014

Feb. 28, 2014

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

27-May-14

Sep. 30, 2014

Jul. 15, 2014

Sep. 30, 2014

Jul. 15, 2014

Sep. 30, 2014

Sep. 15, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Belle Creek Apartments

Belle Creek Apartments

Tresa At Arrowhead

Tresa At Arrowhead

Centrepoint Apartments

Centrepoint Apartments

Berkshire Square Apartments

Berkshire Square Apartments

Copper Mill Apartments

Copper Mill Apartments

Crestmont Apartments

Crestmont Apartments

Cumberland Glen Apartments

Cumberland Glen Apartments

Heritage Trace Apartments

Heritage Trace Apartments

Runaway Bay Apartments

Runaway Bay Apartments

Reserve at Eagle Ridge

Reserve at Eagle Ridge

Reserve at Eagle Ridge

OKC Portfolio

OKC Portfolio

King's Landing

King's Landing

Crossings

Crossings

Carrington

Carrington

Arbors at the Reservoir

Arbors at the Reservoir

Walnut Hill

Walnut Hill

Mortgages Debt

Mortgages Debt

Secured Credit Facility

Secured Credit Facility

Mortgage Loans on Real Estate [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding Principal

'

'

$10,575

$10,575

$27,500

$27,500

$17,600

$17,600

$8,612

$8,612

$7,223

$7,293

$6,633

$6,698

$6,781

$6,846

$5,405

$5,457

$10,081

$10,222

'

$18,850

'

'

$45,189

'

$21,200

$15,313

'

$14,235

'

$13,150

'

$18,650

'

$246,997

$100,803

'

'

Carrying Amount

'

'

10,575

10,575

27,500

27,500

17,600

17,600

8,612

8,612

7,223

7,293

6,633

6,698

6,781

6,846

5,405

5,457

10,081

10,222

'

18,850

'

'

47,025

'

21,200

15,313

'

14,235

'

13,150

'

18,650

'

248,833

100,803

'

'

Effective Interest Rate

'

'

2.40%

[1]

2.40%

[2]

2.40%

[1]

2.40%

[2]

3.70%

[3]

3.70%

[3]

4.40%

[4]

4.40%

[4]

5.70%

5.70%

5.70%

5.70%

5.70%

5.70%

5.70%

5.70%

3.60%

3.60%

'

4.70%

'

5.60%

2.80%

[5]

4.00%

4.00%

[6]

3.90%

'

4.00%

'

4.00%

'

3.40%

'

3.70%

3.80%

'

'

Maturity Date

'

'

28-Apr-21

28-Apr-21

28-Apr-21

28-Apr-21

1-Jan-19

1-Jan-19

1-Jan-21

1-Jan-21

1-May-21

1-May-21

1-May-21

1-May-21

1-May-21

1-May-21

1-May-21

1-May-21

1-Nov-22

1-Nov-22

'

1-Mar-24

'

1-Apr-16

1-Apr-16

1-Jun-21

1-Jun-21

1-Jun-24

'

1-Aug-24

'

1-Aug-24

'

1-Oct-21

'

'

'

'

'

Outstanding Principal

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,000

2,500

Effective Interest Rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.70%

[7]

2.90%

[8]

Maturity Date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25-Oct-16

25-Oct-16

Outstanding Principal

251,997

103,303

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carrying Amount

$253,833

$103,303

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$18,850

'

'

'

'

'

$15,313

'

$14,235

'

$13,150

'

$18,650

'

'

'

'

Effective Interest Rate

3.70%

3.80%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.70%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

Floating rate at 225 basis points over 30-day LIBOR. As of September 30, 2014, 30-day LIBOR was 0.15%. Interest only payments are due monthly. These mortgages are held by RAIT.

[2]

Floating rate at 225 basis points over 30-day LIBOR. As of December 31, 2013, 30-day LIBOR was 0.17%. Interest only payments are due monthly. These mortgages are held by RAIT.

[3]

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.

[4]

Fixed Rate. Interest only payments are due monthly. Beginning February 1, 2016, principal and interest payments are required based on a 30-year amortization schedule.

[5]

Contractual interest rate is 5.6%. The debt was assumed and recorded at a premium that will be amortized to interest expense over the remaining term. Principal and interest payments are required based on a 30-year amortization schedule.

[6]

Fixed Rate. Interest only payments are due monthly. Beginning June 1, 2017, principal and interest payments are required based on a 30-year amortization schedule.

[7]

Floating rate at 250 basis points over 30-day LIBOR. As of September 30, 2014, 30-day LIBOR was 0.15%. Interest only payments are due monthly. As of September 30, 2014, we were in compliance with all financial covenants contained in the credit facility.

[8]

Floating rate at 275 basis points over 30-day LIBOR. As of December 31, 2013, 30-day LIBOR was 0.17%. Interest only payments are due monthly. As of June 30, 2014, we were in compliance with all financial covenants contained in the credit facility.

Summary_of_Information_Concern1

Summary of Information Concerning Indebtedness that Encumbered our Properties (Parenthetical) (Detail)	9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended		0 Months Ended	9 Months Ended		12 Months Ended	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Mar. 31, 2014	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014
	Belle Creek Apartments	Belle Creek Apartments	Tresa At Arrowhead	Tresa At Arrowhead	Centrepoint Apartments	Berkshire Square Apartments	King's Landing	King's Landing	Secured Credit Facility	Secured Credit Facility	OKC Portfolio
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Floating rate	2.25%	2.25%	2.25%	2.25%	'	'	'	'	2.50%	2.75%	'
30-day LIBOR rate	0.15%	0.17%	0.15%	0.17%	'	'	'	'	0.15%	0.17%	'
Debt number of days of LIBOR against interest rate basis	'30 days	'30 days	'30 days	'30 days	'	'	'	'	'30 days	'30 days	'
Interest payment period	'	'	'	'	'Monthly	'Monthly	'Monthly	'Monthly	'	'	'
Principal date	'	'	'	'	1-Feb-15	1-Feb-16	1-Jun-17	1-Jun-17	'	'	'
Amortization schedule	'	'	'	'	'30 years	'30 years	'30 years	'30 years	'	'	'30 years
Contractual interest rate	'	'	'	'	'	'	'	'	'	'	5.60%

Mortgage_Indebtedness_Addition

Mortgage Indebtedness - Additional Information (Detail) (USD $)

9 Months Ended

12 Months Ended

0 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 09, 2014

Sep. 30, 2014

Dec. 31, 2013

Jul. 15, 2014

Sep. 30, 2014

Jul. 15, 2014

Jul. 15, 2014

Sep. 30, 2014

Jul. 15, 2014

27-May-14

Sep. 30, 2014

27-May-14

Mar. 31, 2014

Sep. 30, 2014

Mar. 31, 2014

Feb. 28, 2014

Sep. 30, 2014

Feb. 28, 2014

Feb. 07, 2014

Sep. 30, 2014

Feb. 07, 2014

Sep. 15, 2014

Sep. 30, 2014

Sep. 15, 2014

Oct. 24, 2014

Oct. 24, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 09, 2014

Sep. 09, 2014

Secured revolving credit facility

Mortgages Debt

Mortgages Debt

Arbors at the Reservoir

Arbors at the Reservoir

Arbors at the Reservoir

Carrington

Carrington

Carrington

Crossings

Crossings

Crossings

King's Landing

King's Landing

King's Landing

OKC Portfolio

OKC Portfolio

OKC Portfolio

Reserve at Eagle Ridge

Reserve at Eagle Ridge

Reserve at Eagle Ridge

Walnut Hill

Walnut Hill

Walnut Hill

Lenoxplace

Lenoxplace

Sponsor

Sponsor

Sponsor

Third Parties

Third Parties

Before Amendment

After Amendment

LIBOR

Subsequent event

Subsequent event

Secured revolving credit facility

Secured revolving credit facility

Mortgage Loans on Real Estate [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Current Interest Rate

'

'

'

'

3.70%

3.80%

'

4.00%

'

'

4.00%

'

'

3.90%

'

4.00%

4.00%

[1]

'

5.60%

2.80%

[2]

'

'

4.70%

'

'

3.40%

'

'

'

'

'

'

'

'

'

'

Debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$38,075

$38,075

$38,075

$208,922

$65,228

'

'

Interest paid

6,022

2,641

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

244

723

'

'

'

'

'

Loan agreement amount

253,833

'

103,303

'

'

'

'

'

13,150

'

'

14,235

'

'

15,313

'

'

'

'

'

'

'

'

18,850

'

'

18,650

'

15,991

'

'

'

'

'

'

'

Loan fixed interest rate

'

'

'

'

'

'

'

'

4.00%

'

'

4.00%

'

'

3.90%

'

'

'

'

'

'

'

'

'

'

'

3.40%

'

3.70%

'

'

'

'

'

'

'

Loan maturity date

'

'

'

'

'

'

1-Aug-24

'

'

1-Aug-24

'

'

1-Jun-24

'

'

'

'

'

'

'

'

'

'

'

1-Oct-21

'

'

1-Nov-21

'

'

'

'

'

'

'

'

Revolving credit facility borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,000

30,000

Debt instrument basis spread on LIBOR

'

'

'

2.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans payable on real estate

69,512

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

21,200

'

'

45,763

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maturity Date

'

'

'

'

'

'

'

1-Aug-24

'

'

1-Aug-24

'

'

1-Jun-24

'

1-Jun-21

1-Jun-21

'

1-Apr-16

1-Apr-16

'

'

1-Mar-24

'

'

1-Oct-21

'

'

'

'

'

'

'

'

'

'

Interest payment period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'Monthly

'Monthly

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1-Jun-17

1-Jun-17

'

'

'

'

1-Mar-24

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization schedule

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'30 years

'30 years

'

'30 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carrying Amount

72,660

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

48,312

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Market interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.80%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization of debt premium

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$2,549

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Current Interest Rate

3.70%

'

3.80%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.70%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

Fixed Rate. Interest only payments are due monthly. Beginning June 1, 2017, principal and interest payments are required based on a 30-year amortization schedule.

[2]

Contractual interest rate is 5.6%. The debt was assumed and recorded at a premium that will be amortized to interest expense over the remaining term. Principal and interest payments are required based on a 30-year amortization schedule.

Shareholder_Equity_and_Non_Con

Shareholder Equity and Non Controlling Interests - Additional Information (Detail) (USD $)	9 Months Ended				0 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	14-May-14	Oct. 29, 2013	Jul. 21, 2014	Jan. 29, 2014	Jul. 21, 2014	Jan. 29, 2014	7-May-14	Aug. 28, 2014
					Underwritten public offering	Underwritten public offering	Underwritten public offering	Underwritten public offering	Noncontrolling Interest	Noncontrolling Interest
									Carrington	Walnut Hill
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'	'
Public offering	'	'	'	'	8,050,000	8,050,000	'	'	'	'
Share price	'	'	$8.95	$8.60	'	'	$9.50	$8.30	'	'
Proceeds from issuance of common stock, gross	'	'	'	'	$76,475	$66,815	'	'	'	'
Proceeds from issuance of common stock, net	134,881	31,461	'	'	72,002	62,718	'	'	'	'
Number of limited units issued	'	'	'	'	'	'	'	'	222,062	137,361
Limited units issued value	'	'	'	'	'	'	'	'	$1,986	$1,377

Dividends_Declared_Detail

Dividends Declared (Detail) (USD $)

0 Months Ended

Jan. 15, 2014

Jan. 15, 2014

Jan. 15, 2014

Apr. 17, 2014

Apr. 17, 2014

Apr. 17, 2014

Jul. 10, 2014

Jul. 10, 2014

Jul. 10, 2014

Jul. 10, 2014

Jul. 10, 2014

Jul. 10, 2014

Oct. 16, 2014

Oct. 16, 2014

Oct. 16, 2014

Oct. 16, 2014

Oct. 16, 2014

Oct. 16, 2014

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Jul-14

Aug-14

Aug-14

Sep-14

Sep-14

Oct-14

Oct-14

Nov-14

Nov-14

Dec-14

Dec-14

Noncontrolling Interest

Noncontrolling Interest

Noncontrolling Interest

Subsequent event

Noncontrolling Interest

Subsequent event

Noncontrolling Interest

Subsequent event

Noncontrolling Interest

Subsequent event

Subsequent event

Subsequent event

Dividends Payable [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Record Date

31-Jan-14

28-Feb-14

31-Mar-14

30-Apr-14

30-May-14

30-Jun-14

31-Jul-14

31-Jul-14

29-Aug-14

29-Aug-14

30-Sep-14

30-Sep-14

31-Oct-14

31-Oct-14

28-Nov-14

28-Nov-14

31-Dec-14

31-Dec-14

Payment Date

14-Feb-14

17-Mar-14

15-Apr-14

15-May-14

16-Jun-14

15-Jul-14

15-Aug-14

15-Aug-14

15-Sep-14

15-Sep-14

15-Oct-14

15-Oct-14

17-Nov-14

17-Nov-14

15-Dec-14

15-Dec-14

15-Jan-15

15-Jan-15

Dividend Declared Per Share

$0.06

$0.06

$0.06

$0.06

$0.06

$0.06

$0.06

$0.06

$0.06

$0.06

$0.06

$0.06

$0.06

$0.06

$0.06

$0.06

$0.06

$0.06

Equity_Compensation_Plans_Addi

Equity Compensation Plans - Additional Information (Detail) (USD $)	0 Months Ended		9 Months Ended						0 Months Ended		0 Months Ended
	14-May-14	Oct. 29, 2013	Sep. 30, 2014	14-May-14	Dec. 31, 2013	Oct. 29, 2013	Apr. 05, 2011	Jul. 29, 2013	Jan. 31, 2014	Jan. 31, 2014	Jan. 31, 2014
								Amended and Restated Equity Incentive Plan	Restricted Stock	Restricted Stock	SARs
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Common stock, shares issuable	'	'	300,000,000	'	300,000,000	'	'	800,000	'	'	'
Shares issued to Directors	'	'	'	9,000	'	9,000	3,000	'	'	'	'
Shares issued to Directors, aggregate value	$81,000	$77,000	'	'	'	'	'	'	'	'	'
Closing stock price	'	'	'	$8.95	'	$8.60	'	'	'	$8.20	'
Common stock granted in period	'	'	'	'	'	'	'	'	40,000	'	'
Common stock grant date value	'	'	'	'	'	'	'	'	'	328,000	'
Awards vesting period	'	'	'	'	'	'	'	'	'3 years	'	'3 years
Options granted in period	'	'	'	'	'	'	'	'	'	'	80,000
Options grant date value	'	'	'	'	'	'	'	'	'	'	49,000
Selling commissions	'	'	$0	'	'	'	'	'	'	'	'

Related_Party_Transactions_and1

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

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

In Thousands, unless otherwise specified

7-May-13

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

7-May-13

7-May-13

7-May-13

7-May-13

Asset Management Fees

Asset Management Fees

Other Liabilities

Other Liabilities

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

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

if pre-incentive fee Core FFO exceeds hurdle rate

if pre-incentive fee Core FFO exceeds hurdle rate

Maximum

Minimum

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Quarterly management fee as percentage of average real estate assets

0.19%

'

'

'

'

'

'

'

'

'

'

'

'

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

0.19%

'

'

'

'

'

'

'

'

'

'

'

'

Asset management fees paid

'

$445

$0

$938

$82

'

'

'

'

'

'

'

'

Cumulative gross amount of equity capital, hurdle rate

'

'

'

'

'

'

'

'

'

'

1.75%

'

1.75%

Cumulative gross amount of equity capital, annual hurdle rate

'

'

'

'

'

'

'

'

'

'

7.00%

'

7.00%

Advisor incentive fee

'

'

'

'

'

'

'

'

'

0.00%

'

20.00%

'

Incentive fees paid to advisor

'

0

0

154

79

'

'

'

'

'

'

'

'

Asset management fees payable to advisor

'

'

'

'

'

445

107

'

'

'

'

'

'

Percentage of gross revenues from the property

'

'

'

4.00%

'

'

'

'

'

'

'

'

'

Property management and leasing fees

'

471

190

1,203

563

'

'

'

'

'

'

'

'

Property management and leasing fees payable

'

'

'

'

'

'

'

$175

$83

'

'

'

'

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, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net income (loss)	($58)	$302	$2,749	$966
(Income) loss allocated to preferred shares	'	-2	'	-10
(Income) loss allocated to non-controlling interests	2	-45	2	-649
Net Income (loss) allocable to common shares	($56)	$255	$2,751	$307
Weighted-average shares outstanding-Basic	24,011,540	7,643,540	19,004,591	3,875,331
Dilutive securities under the treasury stock method	'	'	35,604,000	'
Weighted-average shares outstanding-Diluted	24,011,540	7,643,540	19,040,301	3,875,331
Earnings (loss) per share-Basic	$0	$0.03	$0.14	$0.08
Earnings (loss) per share-Diluted	$0	$0.03	$0.14	$0.08

Earning_Loss_Per_Share_Additio

Earning (Loss) Per Share - Additional Information (Detail)	3 Months Ended
	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'
Antidilutive securities excluded from computation of earnings (loss) per share, amount	54,268