Independence Realty Trust (IRT) 10-K16 Mar 152014 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2014	Mar. 13, 2015	Jun. 30, 2014
Document Information [Line Items]
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	IRT
Entity Registrant Name	INDEPENDENCE REALTY TRUST, INC
Entity Central Index Key	1466085
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		31,894,593
Entity Public Float			$101,447,347

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Investments in real estate:
Investments in real estate at cost	$689,112	$190,096
Accumulated depreciation	-23,376	-15,775
Investments in real estate, net	665,736	174,321
Cash and cash equivalents	14,763	3,334
Restricted cash	5,206	1,122
Accounts receivable and other assets	2,270	1,731
Intangible assets, net of accumulated amortization of $4,346 and $569, respectively	3,251	517
Deferred costs, net of accumulated amortization of $505 and $151, respectively	2,924	846
Total Assets	694,150	181,871
LIABILITIES AND EQUITY:
Indebtedness	418,901	103,303
Accounts payable and accrued expenses	8,353	2,374
Accrued interest payable	49	63
Dividends payable	1,982	515
Other liabilities	1,831	708
Total Liabilities	431,116	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, 31,800,076 and 9,652,540 shares issued and outstanding, respectively	318	96
Additional paid-in capital	267,683	78,112
Retained earnings (accumulated deficit)	-16,728	-3,300
Total stockholders' equity	251,273	74,908
Non-controlling interest	11,761
Total Equity	263,034	74,908
Total Liabilities and Equity	$694,150	$181,871

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Intangible assets, accumulated amortization	$4,346	$569
Deferred costs, accumulated amortization	$505	$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	31,800,076	9,652,540
Common stock, shares outstanding	31,800,076	9,652,540

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenue:
Rental income	$44,834	$17,843	$14,849
Tenant reimbursement income	1,924	943	818
Other income	2,445	1,157	962
Total revenue	49,203	19,943	16,629
Expenses:
Property operating expenses	23,427	9,429	8,066
General and administrative expenses	1,137	648	968
Asset management fees	1,736	272	240
Acquisition expenses	1,842	248	157
Depreciation and amortization	12,520	4,413	3,466
Total expenses	40,662	15,010	12,897
Operating Income	8,541	4,933	3,732
Interest expense	-8,496	-3,659	-3,305
Gains (losses) on assets	2,882	0	0
Interest income	17	0	0
Net income (loss)	2,944	1,274	427
(Income) loss allocated to preferred shares	0	-10	-15
(Income) loss allocated to non-controlling interests	-4	-649	-535
Net income (loss) allocable to common shares	$2,940	$615	($123)
Earnings (loss) per share:
Basic	$0.14	$0.12	($0.45)
Diluted	$0.14	$0.12	($0.45)
Weighted-average shares:
Basic	21,315,928	5,330,814	275,384
Diluted	21,532,671	5,330,814	275,384

Consolidated_Statements_of_Equ

Consolidated Statements of Equity (USD $)	Total	Issuance Of Preferred Stock	Issuance Of Common Stock	Series B Preferred Units	Preferred Stock	Preferred Stock	Common Stock	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital	Additional Paid-In Capital	Retained Earnings (accumulated deficit)	Total Stockholder's Equity	Total Stockholder's Equity	Total Stockholder's Equity	Non-Controlling Interest	Non-Controlling Interest
In Thousands, except Share data	Total	Issuance Of Preferred Stock	Issuance Of Common Stock	Series B Preferred Units	Preferred Stock	Issuance Of Preferred Stock	Common Stock	Issuance Of Common Stock	Additional Paid-In Capital	Issuance Of Preferred Stock	Issuance Of Common Stock	Retained Earnings (accumulated deficit)	Total Stockholder's Equity	Issuance Of Preferred Stock	Issuance Of Common Stock	Non-Controlling Interest	Series B Preferred Units
Beginning Balance at Dec. 31, 2011	$47,058						$0		$200			($113)	$87			$46,971
Beginning Balance (in Shares) at Dec. 31, 2011							20,000
Net income	427											-108	-108			535
Distribution to non-controlling interest declared	-3,247															-3,247
Preferred dividends	-15											-15	-15
Common dividends declared	-165											-165	-165
Issuance of non-controlling interests	3,500															3,500
Issuance of shares (in shares)						125		325,063
Issuance of shares		100	3,193			0		3		100	3,190			100	3,193
Ending Balance at Dec. 31, 2012	50,851				0		3		3,490			-401	3,092			47,759
Beginning Balance (in Shares) at Dec. 31, 2012					125		345,063
Net income	1,274											625	625			649
Distribution to non-controlling interest declared	-1,323															-1,323
Preferred dividends	-10											-10	-10
Common dividends declared	-3,477											-3,477	-3,477
Redemption of preferred shares (in shares)					-125
Redemption of preferred shares	-137			-3,500	0				-100			-37	-137				-3,500
Issuance of shares (in shares)								4,023,577
Issuance of shares			31,153					40			31,113				31,153
Conversion of common units (in shares)							5,274,900
Conversion of common units							53		43,532				43,585			-43,585
Stock compensation expense (in shares)							9,000
Stock compensation expense	77						0		77				77
Ending Balance at Dec. 31, 2013	74,908						96		78,112			-3,300	74,908
Ending Balance (in shares) at Dec. 31, 2013	9,652,540						9,652,540
Net income	2,944											2,940	2,940			4
Distribution to non-controlling interest declared	-204															-204
Common dividends declared	-16,368											-16,368	-16,368
Issuance of non-controlling interests	11,961															11,961
Issuance of shares (in shares)							22,098,536
Issuance of shares	189,587						221		189,366				189,587
Stock compensation expense (in shares)							49,000
Stock compensation expense	206						1		205				206
Ending Balance at Dec. 31, 2014	$263,034						$318		$267,683			($16,728)	$251,273			$11,761
Ending Balance (in shares) at Dec. 31, 2014	31,800,076						31,800,076

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income (loss)	$2,944	$1,274	$427
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Depreciation and amortization	12,520	4,413	3,466
Amortization of deferred financing costs and premium on indebtedness, net	-660	83	121
Share based compensation	206	77
(Gain) loss on assets	-2,882	0	0
Changes in assets and liabilities:
Accounts receivable and other assets	764	-89	240
Accounts payable and accrued expenses	2,670	210	132
Accrued interest payable	-14	31	32
Other liabilities	176	19	66
Cash flow from operating activities	15,724	6,018	4,484
Cash flows from investing activities:
Acquisition of real estate properties	-299,881	-36,822	-15,781
Capital expenditures	-4,158	-1,445	-1,148
(Increase) decrease in restricted cash	-3,298	28	1
Cash flow from investing activities	-307,337	-38,239	-16,928
Cash flows from financing activities:
Proceeds from issuance of preferred stock			100
Proceeds from issuance of common stock	189,587	31,153	3,193
Proceeds from issuance of non-controlling interests			3,500
Proceeds from Secured Credit Facility and mortgage indebtedness	154,650	10,940	10,238
Secured Credit Facility and mortgage principal repayments	-26,001	-222
Redemption of preferred shares		-137
(Payments) reimbursements for deferred financing costs	-89	-418	7
Distributions on preferred stock		-10	-15
Distributions on common stock	-14,978	-2,979	-149
Distributions to non-controlling interests	-127	-1,805	-3,004
Cash flow from financing activities	303,042	33,022	13,870
Net change in cash and cash equivalents	11,429	801	1,426
Cash and cash equivalents at the beginning of the period	3,334	2,533	1,107
Cash and cash equivalents at the end of the period	14,763	3,334	2,533
Supplemental cash flow information:
Cash paid for interest	9,170	3,545	3,219
Non cash decrease in non-controlling interests from conversion of limited partnership units to shares of common stock		43,585
Value of limited partnership units issued in acquisitions	11,961
Mortgage debt assumed	66,963
Series B Preferred Units
Cash flows from financing activities:
Redemption of preferred shares		($3,500)

Organization

Organization	12 Months Ended
	Dec. 31, 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.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Summary of Significant Accounting Policies	NOTE 2: Summary of Significant Accounting Policies
	a. Basis of Presentation
	The consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. 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, equity and cash flows are included.
	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. Cash and Cash Equivalents
	Cash and cash equivalents include cash held in banks and highly liquid investments with maturities of three months or less when purchased. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250 per institution. We mitigate credit risk by placing cash and cash equivalents with major financial institutions. To date, we have not experienced any losses on cash and cash equivalents.
	e. Restricted Cash
	Restricted cash includes tenant escrows and our funds held by lenders to fund certain expenditures or to be released at our discretion upon the occurrence of certain pre-specified events. As of December 31, 2014 and 2013, we had $5,206 and $1,122, respectively, of restricted cash accounts.
	f. Accounts Receivable and Allowance for Bad Debts
	We make estimates of the collectability of our accounts receivable related to base rents, expense reimbursements and other revenue. We analyze accounts receivable and historical bad debt levels, tenant credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants experiencing financial difficulties are analyzed and estimates are made in connection with expected uncollectible receivables. Our reported operating results are directly affected by management’s estimate of the collectability of accounts receivable.

	g. 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 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 from prior periods to the purchase price allocation during the year ended December 31, 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 years ended December 31, 2014 and 2013.
	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 years ended December 31, 2014, 2013 and 2012 we recorded $3,777, $490 and $78 of amortization expense for intangible assets, respectively. As of December 31, 2014, we expect to record additional amortization expense on current in-place lease intangible assets of $3,251 during 2015.
	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 reviews its long-lived assets on an ongoing basis and evaluates the recoverability of the carrying value when there is an indicator of impairment. An impairment charge is recorded when it is determined that the carrying value of the asset exceeds the fair value. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on our plans for the respective assets and our views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective and/or comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in our plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial.
	Depreciation and Amortization
	Depreciation expense for real estate assets are computed using a straight-line method based on a life of 40 years for buildings and improvements and five to ten years for equipment and fixtures. Expenditures for improvements are capitalized and amortized over the initial term of each lease. For the years ended December 31, 2014, 2013 and 2012 we recorded $8,742, $3,923 and $3,388 of depreciation expense, respectively.

	h. Revenue Recognition
	Minimum rents are recognized on an accrual basis, over the terms of the related leases on a straight-line basis. Any above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the lease term. Recoveries from residential tenants for utility costs are recognized as revenue in the period that the applicable costs are incurred.
	i. 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 December 31, 2014 was $400,509 and $411,311, 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.

	j. Deferred Costs
	We capitalize initial direct costs upon the execution of a loan and amortize the deferred costs to interest expense over the term of the loan.
	k. Income Taxes
	We have elected to be taxed as a REIT beginning with the taxable year ended December 31, 2011. Accordingly, we recorded no income tax expense for the years ended December 31, 2014, 2013 and 2012.
	To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our ordinary taxable income to stockholders. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders; however, we believe that we are organized and operate in such a manner as to qualify and maintain treatment as a REIT and intend to operate in such a manner so that we will remain qualified as a REIT for federal income tax purposes.
	l. Share-Based Compensation
	We will account for stock-based compensation in accordance with FASB ASC Topic 718, “Compensation—Stock Compensation”. We do not have any employees and therefore account for share-based compensation as nonemployee awards. Stock-based compensation cost is measured at the grant date based on the fair value of the award and revalued at the end of each accounting period. The expense is recognized over the requisite service period, which is the vesting period. Stock-based compensation will be classified within general and administrative expense in the consolidated statements of operations.
	m. Non-controlling Interest
	The non-controlling interest represents limited partnership units of our operating partnership that were issued in connection with property acquisitions. We record limited partnership units issued in acquisitions at its fair value on the closing date of the acquisition. The holders of the limited partnership units have the right to redeem their limited partnership units for either shares of our common stock or for cash at our discretion. As the settlement of a redemption is in our sole discretion, we present non-controlling interest in our consolidated balance sheet within equity but separate from shareholders’ equity. Any non-controlling interests that fail to qualify as permanent equity will be presented as temporary equity and be carried at their redemption value. As of December 31, 2014, the value of the operating partnership units was $11,940 based on our closing stock price of $9.31 on December 31, 2014.
	n. 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	12 Months Ended
Investments in Real Estate	Dec. 31, 2014
Investments in Real Estate	NOTE 3: Investments in Real Estate

	As of December 31, 2014, our investments in real estate consisted of 30 apartment properties (unaudited). The table below summarizes our investments in real estate:



			2014				2013			Depreciable Lives
	Land		$	112,600			$	37,418		—
	Building			570,475				149,657		40
	Furniture, fixtures and equipment			6,037				3,021		10-May

	Total investment in real estate			689,112				190,096
	Accumulated depreciation			(23,376	)			(15,775	)

	Investments in real estate, net		$	665,736			$	174,321


	Acquisitions

	On December 30, 2014, we acquired an apartment residential community located in Austin, Texas, known as Iron Rock Ranch. We acquired the property for an aggregate purchase price of $35,250 exclusive of closing costs. In connection with the acquisition our operating partnership issued 918,098 limited partnership units valued at $8,550.

	On December 16, 2014, we acquired an apartment residential community located in Little Rock, Arkansas, known as Stonebridge at the Ranch. We acquired the property for an aggregate purchase price of $31,580 exclusive of closing costs.

	On December 8, 2014, we acquired an apartment residential portfolio located in Louisville, KY. The portfolio consists of five apartment communities known as Prospect Park, Brookside, Jamestown, Meadows and Oxmoor. We acquired the portfolio for an aggregate purchase price of $162,350 exclusive of closing costs.

	On November 24, 2014, we acquired an apartment residential community located in Groveport, OH, known as Bennington Pond. We acquired the property for an aggregate purchase price of $17,500 exclusive of closing costs. In connection with the acquisition our operating partnership issued 4,929 limited partnership units valued at $48.

	On September 15, 2014, we acquired an 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 an 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 an 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 an 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 an 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 an 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, 2022.

	On February 28, 2014, we acquired a portfolio of five apartment properties located in Oklahoma which we refer to as 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 an 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.

	On November 22, 2013, we acquired a fee simple interest in an apartment residential community located in Jackson, Mississippi, known as The Crossings at Ridgewood Apartments. We acquired the property for an aggregate purchase price of $23,000 exclusive of closing costs.

	On September 19, 2013, we acquired a fee simple interest in an apartment residential community located in Indianapolis, Indiana, known as Berkshire Square Apartments. We acquired the property through a wholly owned subsidiary of our operating partnership, from an unaffiliated third party. We acquired the property for an aggregate purchase price of $13,250 exclusive of closing costs.

	The following table summarizes the aggregate fair value of the assets and liabilities associated with the properties acquired during the year ended December 31, 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
			Year Ended
			December 31,
			2014
	Assets acquired:
	Investments in real estate		$	496,000
	Restricted cash			784
	Other assets			2,563
	Deferred financing costs			1,259
Intangible asset			6,511

Total assets acquired		$	507,117
Liabilities assumed:
Loans payable on real estate		$	186,512
Accounts payable and accrued expenses			3,312
Other liabilities			937

Total liabilities assumed			190,761

Estimated fair value of net assets acquired		$	316,356


The tables below present the revenue, net income and earnings per share effect of the acquired properties as reported in our consolidated financial statements and on a pro forma basis 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
		Year Ended				Year Ended
		December 31, 2014				December 31, 2013
		(unaudited)				(unaudited)
Total revenue from acquisitions, as reported		$	23,477			$	0
Net income (loss) allocable to common shares from acquisitions, as reported(1)			3,054				0
Earnings (loss) per share
Basic-as reported		$	0.16			$	0
Diluted-as reported		$	0.14			$	0

Pro forma revenue (unaudited)			60,002				58,954
Pro forma net income (loss) allocable to common shares (unaudited)			7,508				5,847
Earnings (loss) per share
Basic-pro forma (unaudited)		$	0.35			$	1.1
Diluted-pro forma (unaudited)		$	0.35			$	1.1


-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 for properties acquired during 2014. 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 of assets acquired prior to January 1, 2014 during the year ended December 31, 2014.

Indebtedness

Indebtedness	12 Months Ended
Indebtedness	Dec. 31, 2014
Indebtedness	NOTE 4: Indebtedness

	The following table contains summary information concerning the indebtedness that encumbered our properties as of December 31, 2014 (dollars in thousands):



			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			7,200			7,200		5.7	%		1-May-21
	Crestmont Apartments			6,612			6,612		5.7	%		1-May-21
	Cumberland Glen Apartments			6,759			6,759		5.7	%		1-May-21
	Heritage Trace Apartments			5,388			5,388		5.7	%		1-May-21
	Runaway Bay Apartments			10,033			10,033		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			44,939			46,471		2.8	%(5)		1-Apr-16
	Kings’ Landing			21,200			21,200		4	%(6)		1-Jun-22
	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
	Lenoxplace			15,991			15,991		3.7	%		1-Nov-21
	Bennington Pond			11,375			11,375		3.7	%		1-Dec-24
	Stonebridge Crossing			19,370			19,370		3.4	%		1-Jan-22
	Prospect Park			9,230			9,230		3.6	%		1-Jan-25
	Brookside			13,455			13,455		3.6	%		1-Jan-25
	Jamestown			22,880			22,880		3.6	%		1-Jan-25
	Meadows			24,245			24,245		3.6	%		1-Jan-25
	Oxmoor			35,815			35,815		3.6	%		1-Jan-25

	Total mortgage debt/Weighted-Average		$	398,977		$	400,509		3.6	%
	Secured Credit Facility			18,392			18,392		2.7	%(4)		October 25, 2016

	Total indebtedness /Weighted-Average		$	417,369		$	418,901		3.6	%



	-1	Floating rate at 225 basis points over 30-day LIBOR. As of December 31, 2014, 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 250 basis points over 30-day LIBOR. As of December 31, 2014, 30-day LIBOR was 0.17%. Interest only payments are due monthly.
	-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 December 31, 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 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			7,293			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.

The weighted average effective interest rate of our mortgage indebtedness was 3.6% as of December 31, 2014. As of December 31, 2014, RAIT held $38,075 of our debt while $360,902 was held by third parties. As of December 31, 2013, RAIT held $38,075 of our debt while $62,728 was held by third parties. For each of the years ended December 31, 2014 and 2013, we paid approximately $966 of interest to RAIT.

Mortgage Indebtedness

On January 27, 2015 we entered into a loan agreement for a $22,900 loan secured by a first mortgage on our Iron Rock Ranch property. The loan bears interest at a rate of 3.4% per annum, provides for monthly payments of interest only until the maturity date of February 1, 2025.

On December 29, 2014 we entered into a loan agreement for a $19,370 million loan secured by a first mortgage on our Stonebridge Crossing property. The loan bears interest at a rate of 3.4% per annum, provides for monthly payments of interest only until the maturity date of January 1, 2022 when the principal balance, accrued interest and all other amounts due under the loan become due.

On December 8, 2014 in connection with the acquisition of Prospect Park, we entered into a loan agreement for a $9,230 loan secured by a first mortgage on the property. The loan bears interest at a fixed rate of 3.6% per annum, provides for monthly payments of interest only until the maturity date of January 1, 2025 when the principal balance, accrued interest and all other amounts due under the loan become due.

On December 8, 2014 in connection with the acquisition of Brookside, we entered into a loan agreement for a $13,455 loan secured by a first mortgage on the property. The loan bears interest at a fixed rate of 3.6% per annum, provides for monthly payments of interest only until the maturity date of January 1, 2025 when the principal balance, accrued interest and all other amounts due under the loan become due.

On December 8, 2014 in connection with the acquisition of Jamestown, we entered into a loan agreement for a $22,880 loan secured by a first mortgage on the property. The loan bears interest at a fixed rate of 3.6% per annum, provides for monthly payments of interest only until the maturity date of January 1, 2025 when the principal balance, accrued interest and all other amounts due under the loan become due.



On December 8, 2014 in connection with the acquisition of Meadows, we entered into a loan agreement for a $24,245 loan secured by a first mortgage on the property. The loan bears interest at a fixed rate of 3.6% per annum, provides for monthly payments of interest only until the maturity date of January 1, 2025 when the principal balance, accrued interest and all other amounts due under the loan become due.

On December 8, 2014 in connection with the acquisition of Oxmoor, we entered into a loan agreement for a $35,815 loan secured by a first mortgage on the property. The loan bears interest at a fixed rate of 3.6% per annum, provides for monthly payments of interest only until the maturity date of January 1, 2025 when the principal balance, accrued interest and all other amounts due under the loan become due.

On November 24, 2014 in connection with the acquisition of Bennington Pond, we entered into a loan agreement for a $11,375 loan secured by a first mortgage on the 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 December 1, 2024 when the principal balance, accrued interest and all other amounts due under the loan become due.

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 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, 2022.

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.



On December 27, 2013, we entered into a loan agreement for an $8,612 loan secured by a first mortgage on our Berkshire Square property. We used a portion of the loan to repay an advance of approximately $7,950 made with respect to the property pursuant to our secured credit facility. The loan bears interest at a fixed rate of 4.42% per annum, provides for monthly payments of interest only until February 2016 and for payments of principal and interest thereafter. The loan matures on January 1, 2021. The loan cannot be prepaid or defeased until September 26, 2016. Thereafter, the loan may be defeased pursuant to the terms of the note and loan agreement. The loan may be prepaid in full without additional consideration during the last three months of the loan term.

Secured Credit Facility

On October 25, 2013, we entered into a $20,000 secured revolving credit agreement with The Huntington National Bank to be used to acquire properties, for capital expenditures and for general corporate purposes. On September 9, 2014 we amended this agreement increasing the facility to $30,000. The facility has a 3-year term, bears interest at LIBOR plus 2.50% and contains customary financial covenants for this type of revolving credit agreement. As of December 31, 2014, there was $11,608 of availability under this facility.

Maturity of Indebtedness

The following table displays the principal repayments on of our indebtedness by year:



2015		$	1,954
2016			44,940
2017			1,331
2018			17,809
2019			1,251
Thereafter			350,084

Total		$	417,369


As of December 31, 2014, the fair value of our fixed-rate indebtedness was $373,596. The fair value estimate of our fixed rate debt was estimated using a discounted cash flow analysis utilizing interest rates we would expect to pay for debt of a similar type and remaining maturity if the loans were originated at December 31, 2014.

Stockholder_Equity_and_NonCont

Stockholder Equity and Non-Controlling Interest	12 Months Ended
Stockholder Equity and Non-Controlling Interest	Dec. 31, 2014
Stockholder Equity and Non-Controlling Interest	NOTE 5: Stockholder Equity and Non-Controlling Interest
	Stockholder Equity
	Common Shares
	On November 25, 2014, we completed an underwritten public offering selling 6,000,000 shares of our common stock for $9.60 per share raising gross and estimated net proceeds of $57,600 and $54,704, respectively.
	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 August 13, 2013, we engaged in an underwritten public offering of 4,000,000 shares of our common stock for $8.50 per share for total gross and net proceeds of approximately $34,000 and $31,113, respectively.

	Our board of directors declared the following dividends for the months of January, February, March, April, May, June, July, August, September, October, November and December 2014:


	Month		Record Date		Payment Date		Dividend
							Declared
							Per Share
	January 2014		January 31, 2014		February 17, 2014		$	0.06
	February 2014		February 28, 2014		March 17, 2014		$	0.06
	March 2014		March 31, 2014		April 15, 2014		$	0.06
	April 2014		April 30, 2014		May 15, 2014		$	0.06
	May 2014		May 30, 2014		June 16, 2014		$	0.06
	June 2014		June 30, 2014		July 15, 2014		$	0.06
	July 2014		July 31, 2014		August 15, 2014		$	0.06
	August 2014		August 29, 2014		September 15, 2014		$	0.06
	September 2014		September 30, 2014		October 15, 2014		$	0.06
	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
	On January 19, 2015, our board of directors declared the following dividends for January, February and March 2015:


	Month		Record Date		Payment Date		Dividend
							Declared
							Per Share
	Jan-15		January 30, 2015		February 17, 2015		$	0.06
	Feb-15		February 27, 2015		March 16, 2015		$	0.06
	Mar-15		March 31, 2015		April 15, 2015		$	0.06
	On February 28, 2013, our board of directors authorized and declared distributions on our common stock for the months of January through June 2013. For the months of January through March 2013, the distributions were payable to the holders of our common stock at a rate of $0.00163934 per share per day. For the months of April through June 2013, our board of directors authorized and declared distributions on our common stock at a rate of $0.00171233 per share per day. The distributions for each month were aggregated and paid on or before the fifteenth day following the completion of each respective month. All distributions were paid in cash.
	Our board of directors declared the following dividends for the months of July, August, September, October, November and December 2013:


	Month		Record Date		Payment Date		Dividend
							Declared
							Per Share
	July 2013		August 5, 2013		August 15, 2013		$	0.05333
	August 2013		August 30, 2013		September 13, 2013		$	0.05333
	September 2013		September 30, 2013		October 15, 2013		$	0.05333
	Oct-13		October 31, 2013		November 15, 2013		$	0.05333
	Nov-13		November 29, 2013		December 16, 2013		$	0.05333
	Dec-13		December 31, 2013		January 15, 2014		$	0.05333
	Preferred Shares
	On February 28, 2013, our board of directors authorized and declared distributions on our Series A Preferred Stock for the period beginning on January 1, 2013, and ending on June 30, 2013. The distributions are payable to the holders of the Series A Preferred Stock of record at a rate of $0.34722222 per day, which is an amount that is equivalent to a 12.5% annualized distribution rate based on a share price of $1,000. The distributions were aggregated and paid in cash on June 28, 2013, pursuant to the requirements of our charter.

	On July 25, 2013, our board of directors authorized setting aside amounts sufficient to redeem our Series A Preferred Stock with the proceeds of our underwritten offering.
	On August 19, 2013, we redeemed 125 shares of our 12.5% Series A Cumulative Non-Voting Preferred Stock for an aggregate redemption price of approximately $140 inclusive of accrued interest. The redemption of the Series A Preferred Stock was funded with cash received from the August 2013 public offering of common stock. After the redemption date, there were no shares of Series A Preferred Stock outstanding, and all rights of the holders of such shares and units were terminated.
	Non-controlling Interest
	On December 30, 2014, our operating partnership issued 918,098 limited partnership units valued at $8,550 in connection with the Iron Rock Ranch acquisition.
	On November 24, 2014, our operating partnership issued 4,929 limited partnership units valued at $48 in connection with the Bennington Pond acquisition.
	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
On January 19, 2015, our board of directors declared the following dividends for January, February and March 2015:


Month		Record Date		Payment Date		Dividend
						Declared
						Per Share
Jan-15		January 30, 2015		February 17, 2015		$	0.06
Feb-15		February 27, 2015		March 16, 2015		$	0.06
Mar-15		March 31, 2015		April 15, 2015		$	0.06

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

Equity_Compensation_Plans

Equity Compensation Plans

12 Months Ended

Dec. 31, 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 February 18, 2015, the compensation committee of IRT awarded 100,000 shares of IRT restricted common stock, valued at $935 using IRT’s closing stock price of $9.35, to persons affiliated with IRT’s advisor, including their executive officers. These awards generally vest over three-year periods.

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.

A summary of the SARs activity of the Incentive Award Plan is presented below.

2014

SARs

Exercise Price

Outstanding, January 1,

—

Granted

80,000

8.2

Expired

—

Exercised

—

Forfeited

—

Outstanding, December 31,

80,000

8.2

SARs exercisable at December 31,

8,000

As of December 31, 2014, our closing common stock price was $9.31, which exceeded the exercise prices of the SARs. The total intrinsic value of these SARs outstanding and exercisable at December 31, 2014 was $9.

The following table summarizes information about the SARs outstanding and exercisable as of December 31, 2014:

SARs Outstanding

SARs Exercisable

Exercise Price

Number

Remaining

Exercise Price

Number

Weighted

Outstanding

Contractual

Exercisable

Average

Life

Remaining

Exercise Price

Contractual

Life

$8.20

80,000

3 years

8.2

8,000

3 years

8.2

As of December 31, 2014, the unearned compensation cost relating to unvested SAR awards was $33.

A summary of the restricted common share awards as of December 31, 2014 and 2013 of the Incentive Award Plan is presented below.

2014

Number of Shares

Grant Date Fair

Value Per Share

Balance, January 1,

—

Granted

40,000

8.2

Vested

(4,000

)

8.2

Forfeited

—

Balance, December 31,

36,000

8.2

As of December 31, 2014, the unearned compensation cost relating to unvested restricted common share awards was $219. The estimated fair value of restricted common share awards vested during 2014 was $37.

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	12 Months Ended
	Dec. 31, 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 is 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 years ended December 31, 2014, 2013 and 2012 our advisor earned $1,582, $128 and $240 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 years ended December 31, 2014, 2013 and 2012 our advisor earned $154, $144 and $0 of incentive fees, respectively. These fees are included within asset management fees in our consolidated statements of operations.
	As of December 31, 2014 and December 31, 2013 we had liabilities payable to our advisor for asset management fees of $644 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 years ended December 31, 2014, 2013 and 2012 our property manager earned $1,759, $785 and 655, respectively, of property management and leasing fees. As of December 31, 2014 and December 31, 2013, we had liabilities payable to our property manager for property management and leasing fees of $205 and $83, respectively.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	12 Months Ended
Earnings (Loss) Per Share	Dec. 31, 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 years ended December 31, 2014, 2013 and 2012:


		For the Years
		Ended December 31
		2014			2013			2012
	Net Income (loss)	$	2,944		$	1,274		$	427
	(Income) loss allocated to preferred shares		—			(10	)		(15	)
	(Income) loss allocated to non-controlling interests		(4	)		(649	)		(535	)

	Net Income (loss) allocable to common shares	$	2,940		$	615		$	(123	)

	Weighted-average shares outstanding—Basic		21,315,928			5,330,814			275,384
	Dilutive limited partnership units		1,282,449			—			—
	Weighted-average shares outstanding—Diluted		21,532,671			5,330,814			275,384

	Earnings (loss) per share—Basic	$	0.14		$	0.12		$	(0.45	)

	Earnings (loss) per share—Diluted	$	0.14		$	0.12		$	(0.45	)

	Earnings per share is computed in accordance with FASB ASC Topic 260, “Earnings per Share”, by dividing the Net Income (loss) allocable to common shares by the weighted average number of common shares outstanding during the respective periods. Earnings (loss) per share for the period beginning January 1, 2013 and ended May 7, 2013 and the years ended December 31, 2012 and 2011 excludes 5,274,900 limited partnership units that were exchanged for common stock on May 7, 2013 as their effect would be anti-dilutive.

Quarterly_Financial_Data_Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
Quarterly Financial Data (Unaudited)	Dec. 31, 2014
Quarterly Financial Data (Unaudited)	NOTE 9: Quarterly Financial Data (Unaudited)
	The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations:


			For the Three-Month Periods Ended
			March 31		June 30			September 30			December 31
	2014:00:00
	Total revenue		$	8,135	$	11,649		$	13,057		$	16,362
	Net income (loss)			2,935		(128	)		(58	)		195
	Net income (loss) allocable to common shares			2,935		(128	)		(56	)		189
	Total earnings (loss) per share—Basic (1)		$	0.19	$	(0.01	)	$	(0.00	)	$	0.01
	Total earnings (loss) per share—Diluted (1)		$	0.19	$	(0.01	)	$	(0.00	)	$	0.01
	2013:00:00
	Total revenue		$	4,688	$	4,700		$	4,787		$	5,768
	Net income (loss)			340		324			302			308
	Net income (loss) allocable to common shares			4		48			255			308
	Total earnings (loss) per share—Basic (1)		$	0.01	$	0.01		$	0.03		$	0.03
	Total earnings (loss) per share—Diluted (1)		$	0	$	0.01		$	0.03		$	0.03

	(1)	The summation of quarterly per share amounts do not equal the full year amounts.

Segment_Reporting

Segment Reporting	12 Months Ended
Segment Reporting	Dec. 31, 2014
Segment Reporting	NOTE 10: SEGMENT REPORTING
	Segments
	We have identified one operating segment and have determined that we have one reportable segment. As a group, our executive officers act as the Chief Operating Decision Maker or CODM. The CODM reviews operating results to make decisions about all investments and resources and to assess performance for the entire company. Our portfolio consists of one reportable segment, investments in real estate through the mechanism of lending and/or ownership. The CODM manages and reviews our operations as one unit. Resources are allocated without regard to the underlying structure of any investment, but rather after evaluating such economic characteristics as returns on investment, leverage ratios, current portfolio mix, degrees of risk, income tax consequences and opportunities for growth. We have no single customer that accounts for 10% or more of revenue.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2014
Commitments and Contingencies	NOTE 11: 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.

Schedule_III_Real_Estate_and_A

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
Schedule III - Real Estate and Accumulated Depreciation	Dec. 31, 2014
Schedule III - Real Estate and Accumulated Depreciation	Schedule III (Updated Next Draft)
	Real Estate and Accumulated Depreciation
	As of December 31, 2014
	(Dollars in thousands)


	Property								Initial Cost				Cost of				Gross Carrying			Accumulated			Encumbrances			Year of		Life of
	Name												Improvements,				Amount			Depreciation-			(Unpaid			Acquisition		Depreciation
													net of							Building			Principal)
													Retirements
			Description				Location		Land		Building		Land		Building		Land(1)		Building(1)
	Crestmont			Apartment			Marietta, GA		$	3,254	$	13,044	$	—	$	309	$	3,254	$13,353	$	(2,497	)	$	(6,612	)		2011		40
	Copper Mill			Apartment			Austin, TX			3,472		13,958		—		468		3,472	14,426		(2,746	)		(7,200	)		2011		40
	Cumberland			Apartment			Smyrna, GA			3,100		13,166		—		473		3,100	13,639		(2,581	)		(6,759	)		2011		40
	Heritage Trace			Apartment			Newport News, VA			2,673		10,761		—		454		2,673	11,215		(2,150	)		(5,388	)		2011		40
	Belle Creek Apartments			Apartment			Henderson, CO			1,890		7,596		—		455		1,890	8,051		(1,372	)		(10,575	)		2011		40
	Runaway Bay			Apartment			Indianapolis, IN			3,079		12,318		—		313		3,079	12,631		(732	)		(10,033	)		2012		40
	Tresa at Arrowhead			Apartment			Phoenix, AZ			7,080		28,500		—		476		7,080	28,976		(4,262	)		(27,500	)		2011		40
	The Crossings			Apartment			Phoenix, AZ			4,600		17,948		—		262		4,600	18,210		(505	)		(15,313	)		2013		40
	Berkshire Square			Apartment			Phoenix, AZ			2,650		10,319		—		203		2,650	10,522		(334	)		(8,612	)		2013		40
	Centrepoint Apartments			Apartment			Tucson, AZ			5,620		22,720		—		463		5,620	23,183		(2,920	)		(17,600	)		2011		40
	Reserve at Eagle Ridge			Apartment			Waukegan, IL			5,800		22,743		—		102		5,800	22,845		(528	)		(18,850	)		2014		40
	Windrush			Apartment			Edmond, OK			1,677		7,464		—		43		1,677	7,507		(155	)		(5,948	)		2014		40
	Heritage Park			Apartment			Oklahoma, OK			4,234		12,232		—		153		4,234	12,385		(284	)		(10,706	)		2014		40
	Raindance			Apartment			Oklahoma, OK			3,502		10,033		—		182		3,502	10,215		(234	)		(8,864	)		2014		40
	Augusta			Apartment			Oklahoma, OK			1,296		9,930		—		82		1,296	10,012		(193	)		(7,253	)		2014		40
	Invitational			Apartment			Oklahoma, OK			1,924		16,852		—		154		1,924	17,006		(321	)		(12,168	)		2014		40
	Kings Landing			Apartment			Creve Coeur, MO			2,513		29,873		—		17		2,513	29,890		(560	)		(21,200	)		2014		40
	Carrington			Apartment			Little Rock, AR			1,715		19,526		—		169		1,715	19,695		(301	)		(14,235	)		2014		40
	Arbors			Apartment			Ridgeland, MS			4,050		15,946		—		399		4,050	16,345		(167	)		(13,150	)		2014		40
	Walnut Hill			Apartment			Cordova, TN			2,230		25,251		—		37		2,230	25,288		(211	)		(18,650	)		2014		40
	Lenox Place			Apartment			Raleight, NC			3,480		20,482		—		124		3,480	20,606		(128	)		(15,991	)		2014		40
	Stonebridge Crossing			Apartment			Memphis, TN			3,100		26,223		—		30		3,100	26,253		(164	)		(19,370	)		2014		40
	Bennington Pond			Apartment			Groveport, OH			2,400		14,828		—		16		2,400	14,844		(31	)		(11,375	)		2014		40
	Prospect Park			Apartment			Louisville, KY			2,837		11,193		—		0		2,837	11,193		0			(9,230	)		2014		40
	Brookside			Apartment			Louisville, KY			3,947		16,502		—		0		3,942	16,502		0			(13,455	)		2014		40
	Jamestown			Apartment			Louisville, KY			7,034		27,730		—		0		7,034	27,730		0			(22,880	)		2014		40
	Meadows			Apartment			Louisville, KY			6,857		30,030		—		0		6,857	30,030		0			(24,245	)		2014		40
	Oxmoor			Apartment			Louisville, KY			7,411		47,095		—		0		7,411	47,095		0			(35,815	)		2014		40
	Stonebridge at the Ranch			Apartment			Little Rock, AR			3,315		27,954		—		0		3,315	27,954		0			0			2014		40
	Iron Rock Ranch			Apartment			Austin, TX			5,860		28,911		—		0		5,860	28,911		0			0			2014		40

									$	112,600	$	571,128	$	—	$	5,384	$	112,600	$576,512	$	(23,376	)	$	(398,977	)


	-1	The aggregate cost basis for federal income tax purposes of our investments in real estate approximates the carrying amount at December 31, 2014.


	Investments in Real Estate		For the				For the
			Year Ended				Year Ended
			December 31, 2014				December 31, 2013
	Balance, beginning of period		$	190,096			$	153,565
	Additions during period:
	Acquisitions			495,998				35,517
	Improvements to land and building			4,159				1,014
	Deductions during period:
	Dispositions of real estate			(1,141	)			—

	Balance, end of period:		$	689,112			$	190,096



	Accumulated Depreciation		For the				For the
			Year Ended				Year Ended
December 31, 2014			December 31, 2013
Balance, beginning of period			$	15,775			$	12,283
Depreciation expense			8,742				3,492
Dispositions of real estate			(1,141	)			—

Balance, end of period:		$	23,376			$	15,775

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Basis of Presentation	a. Basis of Presentation
	The consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. 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, equity and cash flows are included.
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.
Cash and Cash Equivalents	d. Cash and Cash Equivalents
	Cash and cash equivalents include cash held in banks and highly liquid investments with maturities of three months or less when purchased. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250 per institution. We mitigate credit risk by placing cash and cash equivalents with major financial institutions. To date, we have not experienced any losses on cash and cash equivalents.
Restricted Cash	e. Restricted Cash
	Restricted cash includes tenant escrows and our funds held by lenders to fund certain expenditures or to be released at our discretion upon the occurrence of certain pre-specified events. As of December 31, 2014 and 2013, we had $5,206 and $1,122, respectively, of restricted cash accounts.
Accounts Receivable and Allowance for Bad Debts	f. Accounts Receivable and Allowance for Bad Debts
	We make estimates of the collectability of our accounts receivable related to base rents, expense reimbursements and other revenue. We analyze accounts receivable and historical bad debt levels, tenant credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants experiencing financial difficulties are analyzed and estimates are made in connection with expected uncollectible receivables. Our reported operating results are directly affected by management’s estimate of the collectability of accounts receivable.
Investments in Real Estate	g. 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 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 from prior periods to the purchase price allocation during the year ended December 31, 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 years ended December 31, 2014 and 2013.
	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 years ended December 31, 2014, 2013 and 2012 we recorded $3,777, $490 and $78 of amortization expense for intangible assets, respectively. As of December 31, 2014, we expect to record additional amortization expense on current in-place lease intangible assets of $3,251 during 2015.
	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 reviews its long-lived assets on an ongoing basis and evaluates the recoverability of the carrying value when there is an indicator of impairment. An impairment charge is recorded when it is determined that the carrying value of the asset exceeds the fair value. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on our plans for the respective assets and our views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective and/or comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in our plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial.
	Depreciation and Amortization
	Depreciation expense for real estate assets are computed using a straight-line method based on a life of 40 years for buildings and improvements and five to ten years for equipment and fixtures. Expenditures for improvements are capitalized and amortized over the initial term of each lease. For the years ended December 31, 2014, 2013 and 2012 we recorded $8,742, $3,923 and $3,388 of depreciation expense, respectively.
Revenue Recognition	h. Revenue Recognition
	Minimum rents are recognized on an accrual basis, over the terms of the related leases on a straight-line basis. Any above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the lease term. Recoveries from residential tenants for utility costs are recognized as revenue in the period that the applicable costs are incurred.
Fair Value of Financial Instruments	i. 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 December 31, 2014 was $400,509 and $411,311, 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.
Deferred Costs	j. Deferred Costs
	We capitalize initial direct costs upon the execution of a loan and amortize the deferred costs to interest expense over the term of the loan.
Income Taxes	k. Income Taxes
	We have elected to be taxed as a REIT beginning with the taxable year ended December 31, 2011. Accordingly, we recorded no income tax expense for the years ended December 31, 2014, 2013 and 2012.
	To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our ordinary taxable income to stockholders. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders; however, we believe that we are organized and operate in such a manner as to qualify and maintain treatment as a REIT and intend to operate in such a manner so that we will remain qualified as a REIT for federal income tax purposes.
Share-Based Compensation	l. Share-Based Compensation
	We will account for stock-based compensation in accordance with FASB ASC Topic 718, “Compensation—Stock Compensation”. We do not have any employees and therefore account for share-based compensation as nonemployee awards. Stock-based compensation cost is measured at the grant date based on the fair value of the award and revalued at the end of each accounting period. The expense is recognized over the requisite service period, which is the vesting period. Stock-based compensation will be classified within general and administrative expense in the consolidated statements of operations.
Non-controlling Interest	m. Non-controlling Interest
	The non-controlling interest represents limited partnership units of our operating partnership that were issued in connection with property acquisitions. We record limited partnership units issued in acquisitions at its fair value on the closing date of the acquisition. The holders of the limited partnership units have the right to redeem their limited partnership units for either shares of our common stock or for cash at our discretion. As the settlement of a redemption is in our sole discretion, we present non-controlling interest in our consolidated balance sheet within equity but separate from shareholders’ equity. Any non-controlling interests that fail to qualify as permanent equity will be presented as temporary equity and be carried at their redemption value. As of December 31, 2014, the value of the operating partnership units was $11,940 based on our closing stock price of $9.31 on December 31, 2014.
Recent Accounting Pronouncements	n. 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)	12 Months Ended
Investments in Real Estate (Tables)	Dec. 31, 2014
Summary of Investments in Real Estate	The table below summarizes our investments in real estate:


			2014			2013			Depreciable Lives
	Land		$	112,600		$	37,418		—
	Building			570,475			149,657		40
	Furniture, fixtures and equipment			6,037			3,021		10-May

	Total investment in real estate			689,112			190,096
	Accumulated depreciation			(23,376	)		(15,775	)

	Investments in real estate, net		$	665,736		$	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 year ended December 31, 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
			Year Ended
			December 31,
			2014
	Assets acquired:
	Investments in real estate		$	496,000
	Restricted cash			784
	Other assets			2,563
	Deferred financing costs			1,259
	Intangible asset			6,511

	Total assets acquired		$	507,117
	Liabilities assumed:
	Loans payable on real estate		$	186,512
	Accounts payable and accrued expenses			3,312
	Other liabilities			937

	Total liabilities assumed			190,761

	Estimated fair value of net assets acquired		$	316,356

Pro Forma of Financial Information Purport to Represent Results of Operations for Future Periods	The tables below present the revenue, net income and earnings per share effect of the acquired properties as reported in our consolidated financial statements and on a pro forma basis 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
			Year Ended			Year Ended
			December 31, 2014			December 31, 2013
			(unaudited)			(unaudited)
	Total revenue from acquisitions, as reported		$	23,477		$	0
	Net income (loss) allocable to common shares from acquisitions, as reported(1)			3,054			0
	Earnings (loss) per share
	Basic-as reported		$	0.16		$	0
	Diluted-as reported		$	0.14		$	0

	Pro forma revenue (unaudited)			60,002			58,954
	Pro forma net income (loss) allocable to common shares (unaudited)			7,508			5,847
	Earnings (loss) per share
	Basic-pro forma (unaudited)		$	0.35		$	1.1
	Diluted-pro forma (unaudited)		$	0.35		$	1.1


	-1	The fair value of a property acquired exceeded the purchase price and a gain of $2,882 was recorded.

Indebtedness_Tables

Indebtedness (Tables)	12 Months Ended
Indebtedness (Tables)	Dec. 31, 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 December 31, 2014 (dollars in thousands):



			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			7,200			7,200		5.7	%		1-May-21
	Crestmont Apartments			6,612			6,612		5.7	%		1-May-21
	Cumberland Glen Apartments			6,759			6,759		5.7	%		1-May-21
	Heritage Trace Apartments			5,388			5,388		5.7	%		1-May-21
	Runaway Bay Apartments			10,033			10,033		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			44,939			46,471		2.8	%(5)		1-Apr-16
	Kings’ Landing			21,200			21,200		4	%(6)		1-Jun-22
	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
	Lenoxplace			15,991			15,991		3.7	%		1-Nov-21
	Bennington Pond			11,375			11,375		3.7	%		1-Dec-24
	Stonebridge Crossing			19,370			19,370		3.4	%		1-Jan-22
	Prospect Park			9,230			9,230		3.6	%		1-Jan-25
	Brookside			13,455			13,455		3.6	%		1-Jan-25
	Jamestown			22,880			22,880		3.6	%		1-Jan-25
	Meadows			24,245			24,245		3.6	%		1-Jan-25
	Oxmoor			35,815			35,815		3.6	%		1-Jan-25

	Total mortgage debt/Weighted-Average		$	398,977		$	400,509		3.6	%
	Secured Credit Facility			18,392			18,392		2.7	%(4)		October 25, 2016

	Total indebtedness /Weighted-Average		$	417,369		$	418,901		3.6	%



	-1	Floating rate at 225 basis points over 30-day LIBOR. As of December 31, 2014, 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 250 basis points over 30-day LIBOR. As of December 31, 2014, 30-day LIBOR was 0.17%. Interest only payments are due monthly.
	-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 December 31, 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 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			7,293			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.
Maturity of Indebtness	The following table displays the principal repayments on of our indebtedness by year:


	2015		$	1,954
	2016			44,940
	2017			1,331
	2018			17,809
	2019			1,251
	Thereafter			350,084

	Total		$	417,369

Stockholder_Equity_and_NonCont1

Stockholder Equity and Non-Controlling Interest (Tables)	12 Months Ended
Stockholder Equity and Non-Controlling Interest (Tables)	Dec. 31, 2014
Dividends Declared	Our board of directors declared the following dividends for the months of January, February, March, April, May, June, July, August, September, October, November and December 2014:


	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	January 2014	January 31, 2014	February 17, 2014	$	0.06
	February 2014	February 28, 2014	March 17, 2014	$	0.06
	March 2014	March 31, 2014	April 15, 2014	$	0.06
	April 2014	April 30, 2014	May 15, 2014	$	0.06
	May 2014	May 30, 2014	June 16, 2014	$	0.06
	June 2014	June 30, 2014	July 15, 2014	$	0.06
	July 2014	July 31, 2014	August 15, 2014	$	0.06
	August 2014	August 29, 2014	September 15, 2014	$	0.06
	September 2014	September 30, 2014	October 15, 2014	$	0.06
	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
	On January 19, 2015, our board of directors declared the following dividends for January, February and March 2015:


	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Jan-15	January 30, 2015	February 17, 2015	$	0.06
	Feb-15	February 27, 2015	March 16, 2015	$	0.06
	Mar-15	March 31, 2015	April 15, 2015	$	0.06

	Our board of directors declared the following dividends for the months of July, August, September, October, November and December 2013:


	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	July 2013	August 5, 2013	August 15, 2013	$	0.05333
	August 2013	August 30, 2013	September 13, 2013	$	0.05333
	September 2013	September 30, 2013	October 15, 2013	$	0.05333
	Oct-13	October 31, 2013	November 15, 2013	$	0.05333
	Nov-13	November 29, 2013	December 16, 2013	$	0.05333
	Dec-13	December 31, 2013	January 15, 2014	$	0.05333
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
	On January 19, 2015, our board of directors declared the following dividends for January, February and March 2015:


	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Jan-15	January 30, 2015	February 17, 2015	$	0.06
	Feb-15	February 27, 2015	March 16, 2015	$	0.06
	Mar-15	March 31, 2015	April 15, 2015	$	0.06

Equity_Compensation_Plans_Tabl

Equity Compensation Plans (Tables)	12 Months Ended
Equity Compensation Plans (Tables)	Dec. 31, 2014
Summary of SARs Activity of Incentive Award Plan	A summary of the SARs activity of the Incentive Award Plan is presented below.


		2014
		SARs			Exercise Price
	Outstanding, January 1,		—		$	—
	Granted		80,000			8.2
	Expired		—			—
	Exercised		—			—
	Forfeited		—			—

	Outstanding, December 31,		80,000		$	8.2

	SARs exercisable at December 31,		8,000

Information about SARs Outstanding and Exercisable	The following table summarizes information about the SARs outstanding and exercisable as of December 31, 2014:


		SARs Outstanding							SARs Exercisable
	Exercise Price	Number			Remaining		Exercise Price		Number		Weighted		Weighted
		Outstanding			Contractual				Exercisable		Average		Average
					Life						Remaining		Exercise Price
											Contractual
											Life
	$8.20		80,000		3 years		$	8.2		8,000		3 years	$	8.2
Restricted Stock
Summary of Restricted Common Share Awards of Incentive Award Plan	A summary of the restricted common share awards as of December 31, 2014 and 2013 of the Incentive Award Plan is presented below.


		2014
		Number of Shares			Grant Date Fair
		Number of Shares			Value Per Share
	Balance, January 1,		—		$	—
	Granted		40,000			8.2
	Vested		(4,000	)		8.2
	Forfeited		—			—

	Balance, December 31,		36,000		$	8.2

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	12 Months Ended
Earnings (Loss) Per Share (Tables)	Dec. 31, 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 years ended December 31, 2014, 2013 and 2012:


		For the Years
		Ended December 31
		2014			2013			2012
	Net Income (loss)	$	2,944		$	1,274		$	427
	(Income) loss allocated to preferred shares		—			(10	)		(15	)
	(Income) loss allocated to non-controlling interests		(4	)		(649	)		(535	)

	Net Income (loss) allocable to common shares	$	2,940		$	615		$	(123	)

	Weighted-average shares outstanding—Basic		21,315,928			5,330,814			275,384
	Dilutive limited partnership units		1,282,449			—			—
	Weighted-average shares outstanding—Diluted		21,532,671			5,330,814			275,384

	Earnings (loss) per share—Basic	$	0.14		$	0.12		$	(0.45	)

	Earnings (loss) per share—Diluted	$	0.14		$	0.12		$	(0.45	)

Quarterly_Financial_Data_Unaud1

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
Quarterly Financial Data (Unaudited) (Tables)	Dec. 31, 2014
Quarterly Financial Data	The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations:


			For the Three-Month Periods Ended
			March 31		June 30			September 30			December 31
	2014:00:00
	Total revenue		$	8,135	$	11,649		$	13,057		$	16,362
	Net income (loss)			2,935		(128	)		(58	)		195
	Net income (loss) allocable to common shares			2,935		(128	)		(56	)		189
	Total earnings (loss) per share—Basic (1)		$	0.19	$	(0.01	)	$	(0.00	)	$	0.01
	Total earnings (loss) per share—Diluted (1)		$	0.19	$	(0.01	)	$	(0.00	)	$	0.01
	2013:00:00
	Total revenue		$	4,688	$	4,700		$	4,787		$	5,768
	Net income (loss)			340		324			302			308
	Net income (loss) allocable to common shares			4		48			255			308
	Total earnings (loss) per share—Basic (1)		$	0.01	$	0.01		$	0.03		$	0.03
	Total earnings (loss) per share—Diluted (1)		$	0	$	0.01		$	0.03		$	0.03

	(1)	The summation of quarterly per share amounts do not equal the full year amounts.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	14-May-14	Oct. 29, 2013
Significant Accounting Policies [Line Items]
Federal Deposit Insurance Corporation deposit insurance limit per institution	$250,000
Restricted cash	5,206,000	1,122,000
Amortization expense for intangible assets	3,777,000	490,000	78,000
Amortization expense for intangible assets expected for 2015	3,251,000
Depreciation expense	8,742,000	3,923,000	3,388,000
Mortgage indebtedness, carrying value	400,509,000	100,803,000
Income tax expense	0	0	0
Taxable income distributable to stockholders	90.00%
Value of limited partnership units issued in acquisitions	11,940,000
Share price	$9.31			$8.95	$8.60
Mortgages Debt
Significant Accounting Policies [Line Items]
Mortgage indebtedness, carrying value	400,509,000	100,803,000
Indebtedness fair value	$411,311,000	$101,272,000
Maximum
Significant Accounting Policies [Line Items]
Cash and cash equivalents maturity period	3 months
Building and Building Improvements
Significant Accounting Policies [Line Items]
Depreciable Lives	40 years
Equipment and Fixtures \| Minimum
Significant Accounting Policies [Line Items]
Depreciable Lives	5 years
Equipment and Fixtures \| Maximum
Significant Accounting Policies [Line Items]
Depreciable Lives	10 years

Investments_in_Real_Estate_Add

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

0 Months Ended

12 Months Ended

0 Months Ended

In Thousands, except Share data, unless otherwise specified

Sep. 15, 2014

Aug. 28, 2014

Dec. 31, 2014

Nov. 22, 2013

Sep. 19, 2013

Dec. 30, 2014

Dec. 16, 2014

Dec. 08, 2014

Nov. 24, 2014

Sep. 05, 2014

Jun. 04, 2014

7-May-14

Mar. 31, 2014

Feb. 28, 2014

Jan. 31, 2014

Real Estate Properties [Line Items]

Number of multifamily property owned

Loans payable on real estate

186,512

Fair value of properties acquired

496,000

Investments in real estate

190,761

Walnut Hill

Real Estate Properties [Line Items]

Purchased price of a property

27,900

Effective interest rate

3.40%

Maturity date

1-Oct-21

Noncontrolling Interest | Walnut Hill

Real Estate Properties [Line Items]

Number of limited units issued

137,361

Limited units issued value

1,377

The Crossings at Ridgewood Apartments

Real Estate Properties [Line Items]

Purchased price of a property

23,000

Berkshire Square Apartments

Real Estate Properties [Line Items]

Purchased price of a property

13,250

Iron Rock Ranch

Real Estate Properties [Line Items]

Purchased price of a property

35,250

Iron Rock Ranch | Noncontrolling Interest

Real Estate Properties [Line Items]

Number of limited units issued

918,098

Limited units issued value

8,550

Stonebridge At The Ranch

Real Estate Properties [Line Items]

Purchased price of a property

31,580

Prospect Park Brookside Jamestown Meadows And Oxmoor

Real Estate Properties [Line Items]

Number of multifamily property owned

Purchased price of a property

162,350

Bennington Pond

Real Estate Properties [Line Items]

Purchased price of a property

17,500

Bennington Pond | Noncontrolling Interest

Real Estate Properties [Line Items]

Number of limited units issued

4,929

Limited units issued value

Stonebridge Crossing

Real Estate Properties [Line Items]

Purchased price of a property

29,800

Lenoxplace At Garner Station

Real Estate Properties [Line Items]

Purchased price of a property

24,250

Arbors at the Reservoir

Real Estate Properties [Line Items]

Purchased price of a property

20,250

Carrington

Real Estate Properties [Line Items]

Purchased price of a property

21,500

Carrington | Noncontrolling Interest

Real Estate Properties [Line Items]

Number of limited units issued

222,062

Limited units issued value

1,986

King's Landing

Real Estate Properties [Line Items]

Purchased price of a property

32,700

Loans payable on real estate

21,200

Effective interest rate

4.00%

OKC Portfolio

Real Estate Properties [Line Items]

Number of multifamily property owned

Purchased price of a property

65,000

Loans payable on real estate

45,763

Effective interest rate

5.60%

Maturity date

1-Apr-16

Fair value of properties acquired

70,431

Investments in real estate

48,312

Gain (loss) on assets

2,882

Reserve at Eagle Ridge

Real Estate Properties [Line Items]

Purchased price of a property

$29,000

Summary_of_Investments_in_Real

Summary of Investments in Real Estate (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]
Land	112,600	$37,418
Building	570,475	149,657
Furniture, fixtures and equipment	6,037	3,021
Total investment in real estate	689,112	190,096
Accumulated depreciation	-23,376	-15,775
Investments in real estate, net	665,736	$174,321
Building
Real Estate Properties [Line Items]
Depreciable Lives	40 years
Furniture, fixtures and equipment \| Minimum
Real Estate Properties [Line Items]
Depreciable Lives	5 years
Furniture, fixtures and equipment \| Maximum
Real Estate Properties [Line Items]
Depreciable Lives	10 years

Summary_of_Aggregate_Fair_Valu

Summary of Aggregate Fair Value of Assets and Liabilities (Detail) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified	Dec. 31, 2014
Assets acquired:
Investments in real estate	$496,000
Restricted cash	784
Other assets	2,563
Deferred financing costs	1,259
Intangible asset	6,511
Total assets acquired	507,117
Liabilities assumed:
Loans payable on real estate	186,512
Accounts payable and accrued expenses	3,312
Other liabilities	937
Total liabilities assumed	190,761
Estimated fair value of net assets acquired	$316,356

Pro_Forma_of_Financial_Informa

Pro Forma of Financial Information Purport to Represent Results of Operations for Future Periods (Detail) (USD $)	3 Months Ended																12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Real Estate Properties [Line Items]
Total revenue from acquisitions, as reported																	$23,477		$0
Net income (loss) allocable to common shares from acquisitions, as reported																	3,054	[1]	0	[1]
Earnings (loss) per share
Basic-as reported	$0.01	[2]	$0	[2]	($0.01)	[2]	$0.19	[2]	$0.03	[2]	$0.03	[2]	$0.01	[2]	$0.01	[2]	$0.14		$0.12		($0.45)
Diluted-as reported	$0.01	[2]	$0	[2]	($0.01)	[2]	$0.19	[2]	$0.03	[2]	$0.03	[2]	$0.01	[2]	$0	[2]	$0.14		$0.12		($0.45)
Pro forma revenue (unaudited)																	60,002		58,954
Pro forma net income (loss) allocable to common shares (unaudited)																	$7,508		$5,847
Basic-pro forma (unaudited)																	$0.35		$1.10
Diluted-pro forma (unaudited)																	$0.35		$1.10
As reported
Earnings (loss) per share
Basic-as reported																	$0.16		$0
Diluted-as reported																	$0.14		$0

[1]	The fair value of a property acquired exceeded the purchase price and a gain of $2,882 was recorded.
[2]	The summation of quarterly per share amounts do not equal the full year amounts.

Pro_Forma_of_Financial_Informa1

Pro Forma of Financial Information Purport to Represent Results of Operations for Future Periods (Parenthetical) (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate Properties [Line Items]
Gains (losses) on assets	$2,882	$0	$0

Summary_of_Information_Concern

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

12 Months Ended

0 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2014

Dec. 31, 2013

Dec. 27, 2013

Feb. 07, 2014

Feb. 28, 2014

Mar. 31, 2014

27-May-14

Sep. 15, 2014

Oct. 24, 2014

Nov. 24, 2014

Dec. 29, 2014

Dec. 08, 2014

Mortgage Loans on Real Estate [Line Items]

Carrying Amount

$400,509

$100,803

Outstanding Principal

417,369

103,303

Carrying amount

418,901

103,303

Effective Interest Rate

3.60%

3.80%

Belle Creek Apartments

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

10,575

Carrying Amount

10,575

Effective interest rate

2.40%

[1]

2.40%

[2]

Maturity date

28-Apr-21

Berkshire Square Apartments

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

8,612

Carrying Amount

8,612

Effective interest rate

4.40%

[3]

4.40%

[3]

Maturity date

1-Jan-21

Carrying amount

8,612

Effective Interest Rate

4.42%

Centrepoint Apartments

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

17,600

Carrying Amount

17,600

Effective interest rate

3.70%

[4]

3.70%

[4]

Maturity date

1-Jan-19

Copper Mill Apartments

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

7,200

7,293

Carrying Amount

7,200

7,293

Effective interest rate

5.70%

Maturity date

1-May-21

Crestmont Apartments

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

6,612

6,698

Carrying Amount

6,612

6,698

Effective interest rate

5.70%

Maturity date

1-May-21

Cumberland Glen Apartments

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

6,759

6,846

Carrying Amount

6,759

6,846

Effective interest rate

5.70%

Maturity date

1-May-21

Heritage Trace Apartments

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

5,388

5,457

Carrying Amount

5,388

5,457

Effective interest rate

5.70%

Maturity date

1-May-21

Runaway Bay Apartments

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

10,033

10,222

Carrying Amount

10,033

10,222

Effective interest rate

3.60%

Maturity date

1-Nov-22

Tresa At Arrowhead

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

27,500

Carrying Amount

27,500

Effective interest rate

2.40%

[1]

2.40%

[2]

Maturity date

28-Apr-21

Reserve at Eagle Ridge

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

18,850

Carrying Amount

18,850

Effective interest rate

4.70%

Maturity date

1-Mar-24

OKC Portfolio

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

44,939

Carrying Amount

46,471

Effective interest rate

2.80%

[5]

5.60%

Maturity date

1-Apr-16

King's Landing

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

21,200

Carrying Amount

21,200

Effective interest rate

4.00%

[6]

4.00%

Maturity date

1-Jun-22

Crossings

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

15,313

Carrying Amount

15,313

Effective interest rate

3.90%

Maturity date

1-Jun-24

Carrington Park

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

14,235

Carrying Amount

14,235

Effective interest rate

4.00%

Maturity date

1-Aug-24

Arbors at the Reservoir

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

13,150

Carrying Amount

13,150

Effective interest rate

4.00%

Maturity date

1-Aug-24

Walnut Hill

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

18,650

Carrying Amount

18,650

Effective interest rate

3.40%

Maturity date

1-Oct-21

Lenoxplace

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

15,991

Carrying Amount

15,991

Effective interest rate

3.70%

Maturity date

1-Nov-21

Bennington Pond

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

11,375

Carrying Amount

11,375

Effective interest rate

3.70%

Maturity date

1-Dec-24

Stonebridge Crossing

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

19,370

Carrying Amount

19,370

Effective interest rate

3.40%

Maturity date

1-Jan-22

Prospect Park

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

9,230

Carrying Amount

9,230

Effective interest rate

3.60%

Maturity date

1-Jan-25

Brookside

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

13,455

Carrying Amount

13,455

Effective interest rate

3.60%

Maturity date

1-Jan-25

Jamestown

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

22,880

Carrying Amount

22,880

Effective interest rate

3.60%

Maturity date

1-Jan-25

Meadows

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

24,245

Carrying Amount

24,245

Effective interest rate

3.60%

Maturity date

1-Jan-25

Oxmoor

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

35,815

Carrying Amount

35,815

Effective interest rate

3.60%

Maturity date

1-Jan-25

Mortgages Debt

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

398,977

100,803

Carrying Amount

400,509

100,803

Effective interest rate

3.60%

3.80%

Secured Credit Facility

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal

$18,392

$2,500

Effective Interest Rate

2.70%

[7]

2.90%

[8]

Maturity Date

25-Oct-16

[1]

Floating rate at 225 basis points over 30-day LIBOR. As of December 31, 2014, 30-day LIBOR was 0.17%. 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, 2016, 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, 2015, 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 December 31, 2014, 30-day LIBOR was 0.17%. Interest only payments are due monthly.

[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.

Summary_of_Information_Concern1

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

Indebtedness_Additional_Inform

Indebtedness - Additional Information (Detail) (USD $)	12 Months Ended					0 Months Ended
Indebtedness - Additional Information (Detail) (USD $)	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012	Sep. 09, 2014	Dec. 27, 2013	Oct. 25, 2013
Mortgage Loans on Real Estate [Line Items]
Debt	$417,369,000
Cash paid for interest	9,170,000		3,545,000		3,219,000
Carrying amount	418,901,000		103,303,000
Effective Interest Rate	3.60%		3.80%
Secured revolving credit facility
Mortgage Loans on Real Estate [Line Items]
Debt instrument, term						3 years
Revolving credit facility remaining capacity	11,608,000
Secured revolving credit facility \| 30-Day LIBOR
Mortgage Loans on Real Estate [Line Items]
Debt instrument interest rate						2.50%
Fixed Rate Mortgage Debt
Mortgage Loans on Real Estate [Line Items]
Indebtedness fair value	373,596,000
Mortgages Debt
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	3.60%		3.80%
Indebtedness fair value	411,311,000		101,272,000
Mortgages Debt \| Weighted Average on Indebtedness
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	3.60%
Berkshire Square Apartments
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	4.40%	[1]	4.40%	[1]
Carrying amount							8,612,000
Repayments of secured credit facility							7,950,000
Effective Interest Rate							4.42%
Maturity date	1-Jan-21		1-Jan-21				1-Jan-21
Debt instrument, term	30 years		30 years
Sponsor
Mortgage Loans on Real Estate [Line Items]
Debt	38,075,000		38,075,000
Cash paid for interest	966,000		966,000
Third Parties
Mortgage Loans on Real Estate [Line Items]
Debt	360,902,000		62,728,000
Before Amendment \| Secured revolving credit facility
Mortgage Loans on Real Estate [Line Items]
Revolving credit facility borrowing capacity								20,000,000
After Amendment \| Secured revolving credit facility
Mortgage Loans on Real Estate [Line Items]
Revolving credit facility borrowing capacity						30,000,000

[1]	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.

Mortgage_Indebtedness_Addition

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

0 Months Ended

12 Months Ended

0 Months Ended

In Thousands, unless otherwise specified

Jan. 27, 2015

Dec. 29, 2014

Dec. 31, 2014

Dec. 08, 2014

Nov. 24, 2014

Oct. 24, 2014

Sep. 15, 2014

Jul. 15, 2014

27-May-14

Mar. 31, 2014

Feb. 28, 2014

Feb. 07, 2014

Dec. 31, 2013

Mortgage Loans on Real Estate [Line Items]

Carrying Amount

$400,509

$100,803

Loans payable on real estate

186,512

Fair value of debt assumed

190,761

Iron Rock Ranch | Subsequent event

Mortgage Loans on Real Estate [Line Items]

Carrying Amount

22,900

Effective interest rate

3.40%

Loan maturity date

1-Feb-25

Stonebridge Crossing

Mortgage Loans on Real Estate [Line Items]

Carrying Amount

19,370

Effective interest rate

3.40%

Loan maturity date

1-Jan-22

Prospect Park

Mortgage Loans on Real Estate [Line Items]

Carrying Amount

9,230

Effective interest rate

3.60%

Loan maturity date

1-Jan-25

Brookside

Mortgage Loans on Real Estate [Line Items]

Carrying Amount

13,455

Effective interest rate

3.60%

Loan maturity date

1-Jan-25

Jamestown

Mortgage Loans on Real Estate [Line Items]

Carrying Amount

22,880

Effective interest rate

3.60%

Loan maturity date

1-Jan-25

Meadows

Mortgage Loans on Real Estate [Line Items]

Carrying Amount

24,245

Effective interest rate

3.60%

Loan maturity date

1-Jan-25

Oxmoor

Mortgage Loans on Real Estate [Line Items]

Carrying Amount

35,815

Effective interest rate

3.60%

Loan maturity date

1-Jan-25

Bennington Pond

Mortgage Loans on Real Estate [Line Items]

Carrying Amount

11,375

Effective interest rate

3.70%

Loan maturity date

1-Dec-24

Lenoxplace

Mortgage Loans on Real Estate [Line Items]

Carrying Amount

15,991

Effective interest rate

3.70%

Loan maturity date

1-Nov-21

Walnut Hill

Mortgage Loans on Real Estate [Line Items]

Carrying Amount

18,650

Effective interest rate

3.40%

Loan maturity date

1-Oct-21

Arbors

Mortgage Loans on Real Estate [Line Items]

Carrying Amount

13,150

Effective interest rate

4.00%

Loan maturity date

1-Aug-24

Carrington

Mortgage Loans on Real Estate [Line Items]

Carrying Amount

14,235

Effective interest rate

4.00%

Loan maturity date

1-Aug-24

Crossings

Mortgage Loans on Real Estate [Line Items]

Carrying Amount

15,313

Effective interest rate

3.90%

Loan maturity date

1-Jun-24

King's Landing

Mortgage Loans on Real Estate [Line Items]

Carrying Amount

21,200

Effective interest rate

4.00%

[1]

4.00%

Loan maturity date

1-Jun-22

Loans payable on real estate

21,200

Interest payment period

Monthly

Principal date

1-Jun-17

Amortization schedule

30 years

OKC Portfolio

Mortgage Loans on Real Estate [Line Items]

Carrying Amount

46,471

Effective interest rate

2.80%

[2]

5.60%

Loan maturity date

1-Apr-16

Loans payable on real estate

45,763

Amortization schedule

30 years

Fair value of debt assumed

48,312

Market interest rate

2.80%

Amortization of debt premium

2,549

Reserve at Eagle Ridge

Mortgage Loans on Real Estate [Line Items]

Carrying Amount

$18,850

Effective interest rate

4.70%

Loan maturity date

1-Mar-24

[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]

Maturity_of_Indebtedness_Detai

Maturity of Indebtedness (Detail) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
2015	$1,954
2016	44,940
2017	1,331
2018	17,809
2019	1,251
Thereafter	350,084
Total	$417,369

Stockholder_Equity_and_NonCont2

Stockholder Equity and Non-Controlling Interest - Additional Information (Detail) (USD $)

0 Months Ended

12 Months Ended

0 Months Ended

In Thousands, except Share data, unless otherwise specified

7-May-13

Feb. 28, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Nov. 25, 2014

Jul. 21, 2014

Jan. 29, 2014

Aug. 13, 2013

Oct. 10, 2013

Jul. 25, 2013

Aug. 19, 2013

14-May-14

Oct. 29, 2013

Dec. 30, 2014

Nov. 24, 2014

7-May-14

Aug. 28, 2014

Shareholders Equity [Line Items]

Share price

$9.31

$8.95

$8.60

Proceeds from issuance of common stock, net

$189,587

$31,153

$3,193

Preferred stock redemption price

137

Preferred stock, shares outstanding

Non-controlling interest distribution rate

$2.78

Preferred stock redemption price

Underwritten public offering

Shareholders Equity [Line Items]

Issuance of shares

6,000,000

8,050,000

Share price

$9.60

$9.50

$8.30

Proceeds from issuance of common stock, gross

57,600

76,475

66,815

34,000

Proceeds from issuance of common stock, net

54,704

72,002

62,718

31,113

Common stock sold

4,000,000

Common stock offering price

$8.50

Noncontrolling Interest | Iron Rock Ranch

Shareholders Equity [Line Items]

Number of limited units issued

918,098

Limited units issued value

8,550

Noncontrolling Interest | Bennington Pond

Shareholders Equity [Line Items]

Number of limited units issued

4,929

Limited units issued value

Noncontrolling Interest | Carrington

Shareholders Equity [Line Items]

Number of limited units issued

222,062

Limited units issued value

1,986

Subsidiaries

Shareholders Equity [Line Items]

Limited partnership interest received in exchange for issuance of common stock

5,274,900

Walnut Hill | Noncontrolling Interest

Shareholders Equity [Line Items]

Number of limited units issued

137,361

Limited units issued value

1,377

Distributions declared for the months of January through March 2013

Shareholders Equity [Line Items]

Non-controlling interest for months

January through March 2013

Non-controlling interest per unit per day

$0.00

Distributions declared for the months of January through March 2013 | Common Stock

Shareholders Equity [Line Items]

Common stock for months

January through June 2013

Dividend rate of common stock

$0.00

Distributions declared for the months of April through June 2013

Shareholders Equity [Line Items]

Non-controlling interest for months

April through June 2013

Non-controlling interest per unit per day

$0.00

Distributions declared for the months of April through June 2013 | Common Stock

Shareholders Equity [Line Items]

Common stock for months

April through June 2013

Dividend rate of common stock

$0.00

Distributions declared for the months of July through September 2013

Shareholders Equity [Line Items]

Non-controlling interest for months

July through September 2013

Series A Preferred Stock

Shareholders Equity [Line Items]

Share price

$1,000

Preferred stock rate

$0.35

Preferred sock, percentage of annualized distribution rate

12.50%

Preferred stock, distribution payment date

28-Jun-13

Preferred stock, shares redeemed

125

Preferred stock redemption price

140

Preferred stock, shares outstanding

Series B Preferred Units

Shareholders Equity [Line Items]

Preferred stock, shares redeemed

350

Preferred stock redemption price

3,500

Preferred stock, shares outstanding

Series B Preferred Units | Noncontrolling Interest

Shareholders Equity [Line Items]

Preferred stock redemption price

$3,500

Dividends_Declared_Detail

Dividends Declared (Detail) (USD $)	12 Months Ended	0 Months Ended
Dividends Declared (Detail) (USD $)	Dec. 31, 2014	Jan. 19, 2015	Jul. 10, 2014	Oct. 16, 2014
Jul-13
Dividends Payable [Line Items]
Record Date	5-Aug-13
Payment Date	15-Aug-13
Dividend Declared Per Share	$0.05
Aug-13
Dividends Payable [Line Items]
Record Date	30-Aug-13
Payment Date	13-Sep-13
Dividend Declared Per Share	$0.05
Sep-13
Dividends Payable [Line Items]
Record Date	30-Sep-13
Payment Date	15-Oct-13
Dividend Declared Per Share	$0.05
Oct-13
Dividends Payable [Line Items]
Record Date	31-Oct-13
Payment Date	15-Nov-13
Dividend Declared Per Share	$0.05
Nov-13
Dividends Payable [Line Items]
Record Date	29-Nov-13
Payment Date	16-Dec-13
Dividend Declared Per Share	$0.05
Dec-13
Dividends Payable [Line Items]
Record Date	31-Dec-13
Payment Date	15-Jan-14
Dividend Declared Per Share	$0.05
Jan-14
Dividends Payable [Line Items]
Record Date	31-Jan-14
Payment Date	17-Feb-14
Dividend Declared Per Share	$0.06
Feb-14
Dividends Payable [Line Items]
Record Date	28-Feb-14
Payment Date	17-Mar-14
Dividend Declared Per Share	$0.06
Mar-14
Dividends Payable [Line Items]
Record Date	31-Mar-14
Payment Date	15-Apr-14
Dividend Declared Per Share	$0.06
Apr-14
Dividends Payable [Line Items]
Record Date	30-Apr-14
Payment Date	15-May-14
Dividend Declared Per Share	$0.06
May-14
Dividends Payable [Line Items]
Record Date	30-May-14
Payment Date	16-Jun-14
Dividend Declared Per Share	$0.06
Jun-14
Dividends Payable [Line Items]
Record Date	30-Jun-14
Payment Date	15-Jul-14
Dividend Declared Per Share	$0.06
Jul-14
Dividends Payable [Line Items]
Record Date	31-Jul-14
Payment Date	15-Aug-14
Dividend Declared Per Share	$0.06
Aug-14
Dividends Payable [Line Items]
Record Date	29-Aug-14
Payment Date	15-Sep-14
Dividend Declared Per Share	$0.06
Sep-14
Dividends Payable [Line Items]
Record Date	30-Sep-14
Payment Date	15-Oct-14
Dividend Declared Per Share	$0.06
Oct-14
Dividends Payable [Line Items]
Record Date	31-Oct-14
Payment Date	17-Nov-14
Dividend Declared Per Share	$0.06
Nov-14
Dividends Payable [Line Items]
Record Date	28-Nov-14
Payment Date	15-Dec-14
Dividend Declared Per Share	$0.06
Dec-14
Dividends Payable [Line Items]
Record Date	31-Dec-14
Payment Date	15-Jan-15
Dividend Declared Per Share	$0.06
January 2015 \| Subsequent event
Dividends Payable [Line Items]
Record Date		30-Jan-15
Payment Date		17-Feb-15
Dividend Declared Per Share		$0.06
January 2015 \| Subsequent event \| Noncontrolling Interest
Dividends Payable [Line Items]
Record Date		30-Jan-15
Payment Date		17-Feb-15
Dividend Declared Per Share		$0.06
February 2015 \| Subsequent event
Dividends Payable [Line Items]
Record Date		27-Feb-15
Payment Date		16-Mar-15
Dividend Declared Per Share		$0.06
February 2015 \| Subsequent event \| Noncontrolling Interest
Dividends Payable [Line Items]
Record Date		27-Feb-15
Payment Date		16-Mar-15
Dividend Declared Per Share		$0.06
March 2015 \| Subsequent event
Dividends Payable [Line Items]
Record Date		31-Mar-15
Payment Date		15-Apr-15
Dividend Declared Per Share		$0.06
March 2015 \| Subsequent event \| Noncontrolling Interest
Dividends Payable [Line Items]
Record Date		31-Mar-15
Payment Date		15-Apr-15
Dividend Declared Per Share		$0.06
July 2014 \| Noncontrolling Interest
Dividends Payable [Line Items]
Record Date			31-Jul-14
Payment Date			15-Aug-14
Dividend Declared Per Share			$0.06
August 2014 \| Noncontrolling Interest
Dividends Payable [Line Items]
Record Date			29-Aug-14
Payment Date			15-Sep-14
Dividend Declared Per Share			$0.06
September 2014 \| Noncontrolling Interest
Dividends Payable [Line Items]
Record Date			30-Sep-14
Payment Date			15-Oct-14
Dividend Declared Per Share			$0.06
October 2014 \| Noncontrolling Interest
Dividends Payable [Line Items]
Record Date				31-Oct-14
Payment Date				17-Nov-14
Dividend Declared Per Share				$0.06
November 2014 \| Noncontrolling Interest
Dividends Payable [Line Items]
Record Date				28-Nov-14
Payment Date				15-Dec-14
Dividend Declared Per Share				$0.06
December 2014 \| Noncontrolling Interest
Dividends Payable [Line Items]
Record Date				31-Dec-14
Payment Date				15-Jan-15
Dividend Declared Per Share				$0.06

Equity_Compensation_Plans_Addi

Equity Compensation Plans - Additional Information (Detail) (USD $)	0 Months Ended		12 Months Ended	0 Months Ended
	14-May-14	Oct. 29, 2013	Dec. 31, 2014	Jan. 31, 2014	Feb. 18, 2015	Dec. 31, 2013	Apr. 05, 2011	Jul. 29, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized			300,000,000			300,000,000
Shares issued to Directors	9,000	9,000					3,000
Shares issued to Directors, aggregate value	$81,000	$77,000
Share price	$8.95	$8.60	$9.31
Selling commissions			0
Amended and Restated Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized								800,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price				$8.20
Common stock granted in period			40,000	40,000
Common stock grant date value			37,000	328,000
Awards vesting period				3 years
Unearned compensation cost			219,000
Restricted Stock \| Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price					$9.35
Common stock granted in period					100,000
Common stock grant date value					935,000
Awards vesting period					3 years
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period				3 years
Options granted			80,000	80,000
Options grant date value				49,000
Intrinsic value exercisable			9,000
Intrinsic value outstanding			9,000
Unearned compensation cost			$33,000

Summary_of_SARs_Activity_of_In

Summary of SARs Activity of Incentive Award Plan (Detail) (SARs, USD $)	0 Months Ended	12 Months Ended
	Jan. 31, 2014	Dec. 31, 2014
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted	80,000	80,000
Options expired		0
Options exercised		0
Options forfeited		0
Options outstanding, ending balance		80,000
Options exercisable at December 31		8,000
Weighted average exercise price, options granted		$8.20
Weighted average exercise price, options expired		$0
Weighted average exercise price, options exercised		$0
Weighted average exercise price, options forfeited		$0
Weighted average exercise price, options outstanding ending balance		$8.20

Information_about_SARs_Outstan

Information about SARs Outstanding and Exercisable (Detail) ($8.20, USD $)	12 Months Ended
	Dec. 31, 2014
$8.20
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items]
SARs Number Outstanding	80,000
SARs Outstanding Remaining Contractual Life	3 years
SARs Outstanding Exercise Price	$8.20
SRAs Number Exercisable	8,000
SARs Exercisable Weighted Average Remaining Contractual Life	3 years
SARs Exercisable Weighted Average Exercise Price	$8.20

Summary_of_Restricted_Common_S

Summary of Restricted Common Share Awards of Incentive Award Plan (Detail) (Restricted Stock, USD $)	0 Months Ended	12 Months Ended
	Jan. 31, 2014	Dec. 31, 2014
Restricted Stock
Number of Shares
Common stock, granted	40,000	40,000
Common stock, vested		-4,000
Common stock, forfeited		0
Common stock outstanding, ending balance		36,000
Weighted average fair value
Weighted average fair value, granted		$8.20
Weighted average fair value, vested		$8.20
Weighted average fair value, forfeited		$0
Weighted average fair value, Balance at end of period		$8.20

Related_Party_Transactions_and1

Related Party Transactions and Arrangements - Additional Information (Detail) (USD $)	0 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	7-May-13	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	7-May-13
	7-May-13	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Property
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 earned		$1,582	$128	$240
Number of properties excluded from computation of base management fee	8				8
Incentive fees incurred to advisor		154	144	0
Percentage of gross revenues from the property			4.00%
Property management and leasing fees		1,759	785	655
Incentive Fees
Related Party Transaction [Line Items]
Incentive fees payable to advisor		644	107
Other Liabilities
Related Party Transaction [Line Items]
Property management and leasing fees payable		$205	$83
if pre-incentive fee Core FFO does not exceed hurdle rate
Related Party Transaction [Line Items]
Advisor incentive fee	0.00%				0.00%
if pre-incentive fee Core FFO does not exceed hurdle rate \| Maximum
Related Party Transaction [Line Items]
Cumulative gross amount of equity capital, hurdle rate	1.75%
Cumulative gross amount of equity capital, annual hurdle rate	7.00%
if pre-incentive fee Core FFO exceeds hurdle rate
Related Party Transaction [Line Items]
Advisor incentive fee	20.00%				20.00%
if pre-incentive fee Core FFO exceeds hurdle rate \| Minimum
Related Party Transaction [Line Items]
Cumulative gross amount of equity capital, hurdle rate	1.75%
Cumulative gross amount of equity capital, annual hurdle rate	7.00%

Reconciliation_of_Basic_and_Di

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) (USD $)	3 Months Ended																12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net income (loss)	$195		($58)		($128)		$2,935		$308		$302		$324		$340		$2,944	$1,274	$427
(Income) loss allocated to preferred shares																	0	-10	-15
(Income) loss allocated to non-controlling interests																	-4	-649	-535
Net income (loss) allocable to common shares	$189		($56)		($128)		$2,935		$308		$255		$48		$4		$2,940	$615	($123)
Weighted-average shares outstanding-Basic																	21,315,928	5,330,814	275,384
Dilutive limited partnership units																	1,282,449
Weighted-average shares outstanding-Diluted																	21,532,671	5,330,814	275,384
Earnings (loss) per share-Basic	$0.01	[1]	$0	[1]	($0.01)	[1]	$0.19	[1]	$0.03	[1]	$0.03	[1]	$0.01	[1]	$0.01	[1]	$0.14	$0.12	($0.45)
Earnings (loss) per share-Diluted	$0.01	[1]	$0	[1]	($0.01)	[1]	$0.19	[1]	$0.03	[1]	$0.03	[1]	$0.01	[1]	$0	[1]	$0.14	$0.12	($0.45)

[1]	The summation of quarterly per share amounts do not equal the full year amounts.

Earning_Loss_Per_Share_Additio

Earning (Loss) Per Share - Additional Information (Detail)	4 Months Ended	12 Months Ended
Earning (Loss) Per Share - Additional Information (Detail)	7-May-13	Dec. 31, 2012	Dec. 31, 2011
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (loss) per share, amount	5,274,900	5,274,900	5,274,900

Quarterly_Financial_Data_Detai

Quarterly Financial Data (Detail) (USD $)	3 Months Ended																12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Information [Line Items]
Total revenue	$16,362		$13,057		$11,649		$8,135		$5,768		$4,787		$4,700		$4,688		$49,203	$19,943	$16,629
Net income (loss)	195		-58		-128		2,935		308		302		324		340		2,944	1,274	427
Net income (loss) allocable to common shares	$189		($56)		($128)		$2,935		$308		$255		$48		$4		$2,940	$615	($123)
Total earnings (loss) per share-Basic	$0.01	[1]	$0	[1]	($0.01)	[1]	$0.19	[1]	$0.03	[1]	$0.03	[1]	$0.01	[1]	$0.01	[1]	$0.14	$0.12	($0.45)
Total earnings (loss) per share-Diluted	$0.01	[1]	$0	[1]	($0.01)	[1]	$0.19	[1]	$0.03	[1]	$0.03	[1]	$0.01	[1]	$0	[1]	$0.14	$0.12	($0.45)

[1]	The summation of quarterly per share amounts do not equal the full year amounts.

Segment_Reporting_Additional_I

Segment Reporting - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2014
	Segment
Segment Reporting Information [Line Items]
Number of operating segments	1
Number of reportable segments	1

Schedule_III_Real_Estate_and_A1

Schedule III - Real Estate and Accumulated Depreciation (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	$112,600
Initial Cost, Building	571,128
Gross Carrying Amount, Land	112,600	[1]
Gross Carrying Amount, Building	576,512	[1]
Accumulated Depreciation- Building	-23,376
Encumbrances (Unpaid Principal)	-398,977
Balance, beginning of period	190,096		153,565
Additions during period:
Acquisitions	495,998		35,517
Improvements to land and building	4,159		1,014
Deductions during period:
Dispositions of real estate	-1,141
Balance, end of period	689,112		190,096
Balance, beginning of period	15,775		12,283
Depreciation expense	8,742		3,492
Dispositions of real estate	-1,141
Balance, end of period	23,376		15,775
Crestmont Apartments
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Marietta, GA
Initial Cost, Land	3,254
Initial Cost, Building	13,044
Gross Carrying Amount, Land	3,254	[1]
Gross Carrying Amount, Building	13,353	[1]
Accumulated Depreciation- Building	-2,497
Encumbrances (Unpaid Principal)	-6,612
Year of Acquisition	2011
Life of Depreciation	40 years
Copper Mill Apartments
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Austin, TX
Initial Cost, Land	3,472
Initial Cost, Building	13,958
Gross Carrying Amount, Land	3,472	[1]
Gross Carrying Amount, Building	14,426	[1]
Accumulated Depreciation- Building	-2,746
Encumbrances (Unpaid Principal)	-7,200
Year of Acquisition	2011
Life of Depreciation	40 years
Cumberland Glen Apartments
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Smyrna, GA
Initial Cost, Land	3,100
Initial Cost, Building	13,166
Gross Carrying Amount, Land	3,100	[1]
Gross Carrying Amount, Building	13,639	[1]
Accumulated Depreciation- Building	-2,581
Encumbrances (Unpaid Principal)	-6,759
Year of Acquisition	2011
Life of Depreciation	40 years
Heritage Trace Apartments
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Newport News, VA
Initial Cost, Land	2,673
Initial Cost, Building	10,761
Gross Carrying Amount, Land	2,673	[1]
Gross Carrying Amount, Building	11,215	[1]
Accumulated Depreciation- Building	-2,150
Encumbrances (Unpaid Principal)	-5,388
Year of Acquisition	2011
Life of Depreciation	40 years
Belle Creek Apartments
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Henderson, CO
Initial Cost, Land	1,890
Initial Cost, Building	7,596
Gross Carrying Amount, Land	1,890	[1]
Gross Carrying Amount, Building	8,051	[1]
Accumulated Depreciation- Building	-1,372
Encumbrances (Unpaid Principal)	-10,575
Year of Acquisition	2011
Life of Depreciation	40 years
Runaway Bay Apartments
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Indianapolis, IN
Initial Cost, Land	3,079
Initial Cost, Building	12,318
Gross Carrying Amount, Land	3,079	[1]
Gross Carrying Amount, Building	12,631	[1]
Accumulated Depreciation- Building	-732
Encumbrances (Unpaid Principal)	-10,033
Year of Acquisition	2012
Life of Depreciation	40 years
Tresa At Arrowhead
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Phoenix, AZ
Initial Cost, Land	7,080
Initial Cost, Building	28,500
Gross Carrying Amount, Land	7,080	[1]
Gross Carrying Amount, Building	28,976	[1]
Accumulated Depreciation- Building	-4,262
Encumbrances (Unpaid Principal)	-27,500
Year of Acquisition	2011
Life of Depreciation	40 years
The Crossings
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Phoenix, AZ
Initial Cost, Land	4,600
Initial Cost, Building	17,948
Gross Carrying Amount, Land	4,600	[1]
Gross Carrying Amount, Building	18,210	[1]
Accumulated Depreciation- Building	-505
Encumbrances (Unpaid Principal)	-15,313
Year of Acquisition	2013
Life of Depreciation	40 years
Berkshire Square Apartments
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Phoenix, AZ
Initial Cost, Land	2,650
Initial Cost, Building	10,319
Gross Carrying Amount, Land	2,650	[1]
Gross Carrying Amount, Building	10,522	[1]
Accumulated Depreciation- Building	-334
Encumbrances (Unpaid Principal)	-8,612
Year of Acquisition	2013
Life of Depreciation	40 years
Centrepoint Apartments
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Tucson, AZ
Initial Cost, Land	5,620
Initial Cost, Building	22,720
Gross Carrying Amount, Land	5,620	[1]
Gross Carrying Amount, Building	23,183	[1]
Accumulated Depreciation- Building	-2,920
Encumbrances (Unpaid Principal)	-17,600
Year of Acquisition	2011
Life of Depreciation	40 years
Reserve at Eagle Ridge
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Waukegan, IL
Initial Cost, Land	5,800
Initial Cost, Building	22,743
Gross Carrying Amount, Land	5,800	[1]
Gross Carrying Amount, Building	22,845	[1]
Accumulated Depreciation- Building	-528
Encumbrances (Unpaid Principal)	-18,850
Year of Acquisition	2014
Life of Depreciation	40 years
Windrush
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Edmond, OK
Initial Cost, Land	1,677
Initial Cost, Building	7,464
Gross Carrying Amount, Land	1,677	[1]
Gross Carrying Amount, Building	7,507	[1]
Accumulated Depreciation- Building	-155
Encumbrances (Unpaid Principal)	-5,948
Year of Acquisition	2014
Life of Depreciation	40 years
Heritage Park
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Oklahoma, OK
Initial Cost, Land	4,234
Initial Cost, Building	12,232
Gross Carrying Amount, Land	4,234	[1]
Gross Carrying Amount, Building	12,385	[1]
Accumulated Depreciation- Building	-284
Encumbrances (Unpaid Principal)	-10,706
Year of Acquisition	2014
Life of Depreciation	40 years
Raindance
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Oklahoma, OK
Initial Cost, Land	3,502
Initial Cost, Building	10,033
Gross Carrying Amount, Land	3,502	[1]
Gross Carrying Amount, Building	10,215	[1]
Accumulated Depreciation- Building	-234
Encumbrances (Unpaid Principal)	-8,864
Year of Acquisition	2014
Life of Depreciation	40 years
Augusta
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Oklahoma, OK
Initial Cost, Land	1,296
Initial Cost, Building	9,930
Gross Carrying Amount, Land	1,296	[1]
Gross Carrying Amount, Building	10,012	[1]
Accumulated Depreciation- Building	-193
Encumbrances (Unpaid Principal)	-7,253
Year of Acquisition	2014
Life of Depreciation	40 years
Invitational
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Oklahoma, OK
Initial Cost, Land	1,924
Initial Cost, Building	16,852
Gross Carrying Amount, Land	1,924	[1]
Gross Carrying Amount, Building	17,006	[1]
Accumulated Depreciation- Building	-321
Encumbrances (Unpaid Principal)	-12,168
Year of Acquisition	2014
Life of Depreciation	40 years
King's Landing
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Creve Coeur, MO
Initial Cost, Land	2,513
Initial Cost, Building	29,873
Gross Carrying Amount, Land	2,513	[1]
Gross Carrying Amount, Building	29,890	[1]
Accumulated Depreciation- Building	-560
Encumbrances (Unpaid Principal)	-21,200
Year of Acquisition	2014
Life of Depreciation	40 years
Carrington
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Little Rock, AR
Initial Cost, Land	1,715
Initial Cost, Building	19,526
Gross Carrying Amount, Land	1,715	[1]
Gross Carrying Amount, Building	19,695	[1]
Accumulated Depreciation- Building	-301
Encumbrances (Unpaid Principal)	-14,235
Year of Acquisition	2014
Life of Depreciation	40 years
Arbors at the Reservoir
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Ridgeland, MS
Initial Cost, Land	4,050
Initial Cost, Building	15,946
Gross Carrying Amount, Land	4,050	[1]
Gross Carrying Amount, Building	16,345	[1]
Accumulated Depreciation- Building	-167
Encumbrances (Unpaid Principal)	-13,150
Year of Acquisition	2014
Life of Depreciation	40 years
Walnut Hill
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Cordova, TN
Initial Cost, Land	2,230
Initial Cost, Building	25,251
Gross Carrying Amount, Land	2,230	[1]
Gross Carrying Amount, Building	25,288	[1]
Accumulated Depreciation- Building	-211
Encumbrances (Unpaid Principal)	-18,650
Year of Acquisition	2014
Life of Depreciation	40 years
Lenoxplace
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Raleight, NC
Initial Cost, Land	3,480
Initial Cost, Building	20,482
Gross Carrying Amount, Land	3,480	[1]
Gross Carrying Amount, Building	20,606	[1]
Accumulated Depreciation- Building	-128
Encumbrances (Unpaid Principal)	-15,991
Year of Acquisition	2014
Life of Depreciation	40 years
Stonebridge Crossing
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Memphis, TN
Initial Cost, Land	3,100
Initial Cost, Building	26,223
Gross Carrying Amount, Land	3,100	[1]
Gross Carrying Amount, Building	26,253	[1]
Accumulated Depreciation- Building	-164
Encumbrances (Unpaid Principal)	-19,370
Year of Acquisition	2014
Life of Depreciation	40 years
Bennington Pond
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Groveport, OH
Initial Cost, Land	2,400
Initial Cost, Building	14,828
Gross Carrying Amount, Land	2,400	[1]
Gross Carrying Amount, Building	14,844	[1]
Accumulated Depreciation- Building	-31
Encumbrances (Unpaid Principal)	-11,375
Year of Acquisition	2014
Life of Depreciation	40 years
Prospect Park
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Louisville, KY
Initial Cost, Land	2,837
Initial Cost, Building	11,193
Gross Carrying Amount, Land	2,837	[1]
Gross Carrying Amount, Building	11,193	[1]
Accumulated Depreciation- Building	0
Encumbrances (Unpaid Principal)	-9,230
Year of Acquisition	2014
Life of Depreciation	40 years
Brookside
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Louisville, KY
Initial Cost, Land	3,947
Initial Cost, Building	16,502
Gross Carrying Amount, Land	3,942	[1]
Gross Carrying Amount, Building	16,502	[1]
Accumulated Depreciation- Building	0
Encumbrances (Unpaid Principal)	-13,455
Year of Acquisition	2014
Life of Depreciation	40 years
Jamestown
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Louisville, KY
Initial Cost, Land	7,034
Initial Cost, Building	27,730
Gross Carrying Amount, Land	7,034	[1]
Gross Carrying Amount, Building	27,730	[1]
Accumulated Depreciation- Building	0
Encumbrances (Unpaid Principal)	-22,880
Year of Acquisition	2014
Life of Depreciation	40 years
Meadows
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Louisville, KY
Initial Cost, Land	6,857
Initial Cost, Building	30,030
Gross Carrying Amount, Land	6,857	[1]
Gross Carrying Amount, Building	30,030	[1]
Accumulated Depreciation- Building	0
Encumbrances (Unpaid Principal)	-24,245
Year of Acquisition	2014
Life of Depreciation	40 years
Oxmoor
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Louisville, KY
Initial Cost, Land	7,411
Initial Cost, Building	47,095
Gross Carrying Amount, Land	7,411	[1]
Gross Carrying Amount, Building	47,095	[1]
Accumulated Depreciation- Building	0
Encumbrances (Unpaid Principal)	-35,815
Year of Acquisition	2014
Life of Depreciation	40 years
Stonebridge At The Ranch
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Little Rock, AR
Initial Cost, Land	3,315
Initial Cost, Building	27,954
Gross Carrying Amount, Land	3,315	[1]
Gross Carrying Amount, Building	27,954	[1]
Accumulated Depreciation- Building	0
Encumbrances (Unpaid Principal)	0
Year of Acquisition	2014
Life of Depreciation	40 years
Iron Rock Ranch
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Austin, TX
Initial Cost, Land	5,860
Initial Cost, Building	28,911
Gross Carrying Amount, Land	5,860	[1]
Gross Carrying Amount, Building	28,911	[1]
Accumulated Depreciation- Building	0
Encumbrances (Unpaid Principal)	0
Year of Acquisition	2014
Life of Depreciation	40 years
Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	5,384
Building \| Crestmont Apartments
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	309
Building \| Copper Mill Apartments
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	468
Building \| Cumberland Glen Apartments
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	473
Building \| Heritage Trace Apartments
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	454
Building \| Belle Creek Apartments
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	455
Building \| Runaway Bay Apartments
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	313
Building \| Tresa At Arrowhead
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	476
Building \| The Crossings
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	262
Building \| Berkshire Square Apartments
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	203
Building \| Centrepoint Apartments
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	463
Building \| Reserve at Eagle Ridge
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	102
Building \| Windrush
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	43
Building \| Heritage Park
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	153
Building \| Raindance
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	182
Building \| Augusta
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	82
Building \| Invitational
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	154
Building \| King's Landing
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	17
Building \| Carrington
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	169
Building \| Arbors at the Reservoir
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	399
Building \| Walnut Hill
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	37
Building \| Lenoxplace
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	124
Building \| Stonebridge Crossing
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	30
Building \| Bennington Pond
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	16
Building \| Prospect Park
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	0
Building \| Brookside
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	0
Building \| Jamestown
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	0
Building \| Meadows
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	0
Building \| Oxmoor
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	0
Building \| Stonebridge At The Ranch
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	0
Building \| Iron Rock Ranch
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$0

[1]	The aggregate cost basis for federal income tax purposes of our investments in real estate approximates the carrying amount at December 31, 2014.