Independence Realty Trust (IRT) 10-Q 8 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	7-May-15
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	IRT
Entity Registrant Name	INDEPENDENCE REALTY TRUST, INC
Entity Central Index Key	1466085
Current Fiscal Year End Date	-19
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		31,894,751

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Investments in real estate:
Investments in real estate at cost	$689,867	$689,112
Accumulated depreciation	-27,261	-23,376
Investments in real estate, net	662,606	665,736
Cash and cash equivalents	19,084	14,763
Restricted cash	6,228	5,206
Accounts receivable and other assets	1,818	2,270
Intangible assets, net of accumulated amortization of $4,177 and $4,346 respectively	1,342	3,251
Deferred costs, net of accumulated amortization of $665 and $505, respectively	2,954	2,924
Total Assets	694,032	694,150
LIABILITIES AND EQUITY:
Indebtedness	422,613	418,901
Accounts payable and accrued expenses	10,691	8,353
Accrued interest payable	31	49
Dividends payable	1,982	1,982
Other liabilities	1,860	1,831
Total Liabilities	437,177	431,116
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, 31,894,751 and 31,800,076 shares issued and outstanding, including 124,000 and 36,000 unvested restricted common share awards, respectively	318	318
Additional paid-in capital	267,695	267,683
Retained earnings (accumulated deficit)	-22,680	-16,728
Total stockholders' equity	245,333	251,273
Noncontrolling interests	11,522	11,761
Total Equity	256,855	263,034
Total Liabilities and Equity	$694,032	$694,150

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified
Intangible assets, accumulated amortization	$4,177	$4,346
Deferred costs, accumulated amortization	$665	$505
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	31,894,751	31,800,076
Common stock, shares outstanding	31,894,751	31,800,076
Unvested restricted common share awards	124,000	36,000

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
REVENUE:
Rental income	$19,443	$7,353
Tenant reimbursement income	950	366
Other income	1,307	416
Total revenue	21,700	8,135
EXPENSES:
Property operating expenses	10,138	3,988
General and administrative expenses	499	168
Asset management fees	1,212	146
Acquisition expenses	33	362
Depreciation and amortization expense	6,038	2,123
Total expenses	17,920	6,787
Operating income	3,780	1,348
Interest expense	-4,022	-1,299
Interest income	1	4
Gain (loss) on assets		2,882
Net income (loss):	-241	2,935
Income allocated to preferred shares	0	0
(Income) loss allocated to noncontrolling interest	8
Net income (loss) allocable to common shares	($233)	$2,935
Earnings (loss) per share:
Basic	($0.01)	$0.19
Diluted	($0.01)	$0.19
Weighted-average shares:
Basic	31,768,468	15,198,096
Diluted	31,768,468	15,213,951

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Equity (USD $)	Total	Common Shares	Additional Paid In Capital	Retained Earnings (Deficit)	Total Stockholders' Equity	Noncontrolling Interests
In Thousands, except Share data
Beginning Balance at Dec. 31, 2014	$263,034	$318	$267,683	($16,728)	$251,273	$11,761
Beginning Balance (in Shares) at Dec. 31, 2014	31,800,076	31,800,076
Net income (loss)	-241			-233	-233	-8
Common dividends declared	-5,719			-5,719	-5,719
Stock compensation expense	70		70		70
Common shares issued, net (in shares)		94,675
Common shares issued, net	-58		-58		-58
Distributions to noncontrolling interests	-231					-231
Ending Balance at Mar. 31, 2015	$256,855	$318	$267,695	($22,680)	$245,333	$11,522
Ending Balance (in shares) at Mar. 31, 2015	31,894,751	31,894,751

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income (loss)	($241)	$2,935
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Depreciation and amortization	6,038	2,123
Amortization of deferred financing costs and premium on indebtedness, net	-159	-23
Share based compensation	70	31
(Gain) loss on assets		-2,882
Changes in assets and liabilities:
Accounts receivable and other assets	452	-862
Accounts payable and accrued expenses	2,338	1,352
Accrued interest payable	-18	-31
Other liabilities	23	9
Cash flow from operating activities	8,503	2,652
Cash flows from investing activities:
Acquisition of real estate properties		-58,186
Capital expenditures	-993	-381
(Increase) decrease in restricted cash	-1,022	-1,683
Cash flow from investing activities	-2,015	-60,250
Cash flows from financing activities:
Debt borrowings	22,900	18,767
Debt repayments	-18,882	-213
Proceeds from issuance of common stock	-58	62,984
(Payments) reimbursements for deferred financing costs	-177
Distributions on common stock	-5,719	-2,639
Distributions to noncontrolling interests	-231
Cash flow from financing activities	-2,167	78,899
Net change in cash and cash equivalents	4,321	21,301
Cash and cash equivalents, beginning of period	14,763	3,334
Cash and cash equivalents, end of the period	19,084	24,635
Supplemental cash flow information:
Cash paid for interest	4,199	1,354
Mortgage debt assumed		$66,963

Organization

Organization	3 Months Ended
	Mar. 31, 2015
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	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies	NOTE 2: Summary of Significant Accounting Policies
	a. Basis of Presentation
	The accompanying unaudited interim consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. The unaudited interim consolidated financial statements should be read in conjunction with our audited financial statements as of and for the year ended December 31, 2014 included in our Annual Report on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations and cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year.
	b. Principles of Consolidation
	The consolidated financial statements reflect our accounts and the accounts of our operating partnership and other wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
	c. Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
	d. Investments in Real Estate
	Allocation of Purchase Price of Acquired Assets
	We account for acquisitions of properties that meet the definition of a business pursuant to FASB ASC Topic 805, “Business Combinations”. The fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and 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. During the three month period ended March 31, 2015, we did not make any adjustments to purchase price allocations.
	In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the lease term. We did not acquire any above-market or below-market in-place leases during the three-month period ending March 31, 2015.
	The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. The value assigned to this intangible asset is amortized over the assumed lease up period, typically six months. For the three-months ended March 31, 2015 and 2014 we recorded $1,909 and $729 of amortization expense for intangible assets, respectively. As of March 31, 2015, we expect to record additional amortization expense on current in-place lease intangible assets of $1,342 for the remainder of 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 Expense
	Depreciation expense for real estate assets is computed using a straight-line method based on a life of 40 years for buildings and improvements and five to ten years for equipment and fixtures. Expenditures for tenant improvements are capitalized and amortized over the initial term of each lease. For the three-months ended March 31, 2015 and 2014 we recorded $4,129 and $2,123 of depreciation expense, respectively.
	e. Fair Value of Financial Instruments
	In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows:
		•	Level 1: Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment.
		•	Level 2: Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
		•	Level 3: Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset.
	The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in level 3.
	Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3.
	Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities, including derivative contracts. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions.
	FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. The fair value of mortgage indebtedness is based on a discounted cash flow 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 March 31, 2015 was $422,613 and $439,571, respectively. The carrying value and fair value of mortgage indebtedness as of December 31, 2014 was $400,509 and $411,311, respectively. The fair value of our secured credit facility, cash and cash equivalents and restricted cash approximates cost due to the nature of these instruments.
	f. Recent Accounting Pronouncements
	On January 1, 2015, we adopted the 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. The adoption of this standard did not have a material effect on our consolidated financial statements.
	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 currently 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.
	In February 2015, the FASB issued an accounting standard classified under FASB ASC Topic 810, “Consolidation”. This accounting standard amends the consolidation analysis required under GAAP and requires management to reevaluate all previous consolidation conclusions. This standard considers limited partnerships as VIEs, unless the limited partners have either substantive kick-out or participating rights. The presumption that a general partner should consolidate a limited partnership has also been eliminated. The standard amends the effect that fees paid to a decision maker or service provider have on the consolidation analysis, as well as amends how variable interests held by a reporting entity’s related parties affect the consolidation conclusion. This standard also clarifies how to determine whether equity holders as a group have power over an entity. This standard is effective for interim and annual reporting periods beginning on or after December 15, 2015, with an early adoption permitted. Management is currently evaluating the impact that this standard may have on our consolidated financial statements.
	In April 2015, the FASB issued an accounting standard classified under FASB ASC Topic 835, “Interest”. This accounting standard amends existing guidance to change reporting requirements for debt issuance costs by requiring debt issuance costs to be presented on the balance sheet as a direct deduction from the debt liability. This standard is effective for interim and annual reporting periods beginning on or after December 15, 2015, with an early adoption permitted. Retrospective application to prior periods is required. Management is currently evaluating the impact that this standard may have on our consolidated financial statements.

Investments_in_Real_Estate

Investments in Real Estate	3 Months Ended
	Mar. 31, 2015
Investments in Real Estate	NOTE 3: Investments in Real Estate
	As of March 31, 2015, our investments in real estate consisted of 30 apartment properties with 8,819 units. The table below summarizes our investments in real estate:
		As of March 31,			As of December 31,			Depreciable Lives
		2015			2014			(In years)
	Land	$	112,600		$	112,600		—
	Building		570,475			570,475		40
	Furniture, fixtures and equipment		6,792			6,037		10-May
	Total investment in real estate		689,867			689,112
	Accumulated depreciation		(27,261	)		(23,376	)
	Investments in real estate, net	$	662,606		$	665,736
	On May 1, 2015, we acquired a 236-unit apartment residential community located in Indianapolis, Indiana. We acquired the property for an aggregate purchase price of $25,250 exclusive of closing costs.

Mortgage_Indebtedness

Mortgage Indebtedness	3 Months Ended
	Mar. 31, 2015
Mortgage Indebtedness	NOTE 4: Mortgage Indebtedness
	The following table contains summary information concerning the indebtedness that encumbered our properties as of March 31, 2015:
			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			17,520		17,520		3.7	%(2)	January 1, 2019
	Copper Mill Apartments			7,174		7,174		5.7	%	1-May-21
	Crestmont Apartments			6,589		6,589		5.7	%	1-May-21
	Cumberland Glen Apartments			6,735		6,735		5.7	%	1-May-21
	Heritage Trace Apartments			5,369		5,369		5.7	%	1-May-21
	Runaway Bay Apartments			9,983		9,983		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			44,672		45,897		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
	Iron Rock Ranch			22,900		22,900		3.4	%	1-Feb-25
	Total indebtedness/Weighted-Average		$	421,388	$	422,613		3.6	%
	-1	Floating rate at 225 basis points over 30-day LIBOR. As of March 31, 2015, 30-day LIBOR was 0.18%. 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 March 31, 2015 30-day LIBOR was 0.18%. Interest only payments are due monthly. As of March 31, 2015 we were in compliance with all financial covenants contained in the credit facility.
	-5	Contractual interest rate is 5.6%. The debt was assumed and recorded at a premium that will be amortized to interest expense over the remaining term. Principal and interest payments are required based on a 30-year amortization schedule.
	-6	Fixed rate. Interest only payments are due monthly. Beginning June 1, 2017, principal and interest payments are required based on a 30-year amortization schedule.
	As of March 31, 2015 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, 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 weighted average effective interest rate of our mortgage indebtedness was 3.6% as of March 31, 2015. As of March 31, 2015, RAIT held $38,075 of our mortgage debt while $383,313 was held by third parties. As of December 31, 2014, RAIT held $38,075 of our mortgage debt while $360,902 was held by third parties. During each of the three-month periods ended March 31, 2015 and 2014, we paid approximately $238, 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 April 13, 2015 we entered into a loan agreement for a $20,527 loan secured by a first mortgage on our Stonebridge at the Ranch property. The loan bears interest at a rate of 3.2% per annum, provides for monthly payments of interest only until the maturity date of May 1, 2025.

Shareholder_Equity_and_NonCont

Shareholder Equity and Non-Controlling Interests	3 Months Ended
	Mar. 31, 2015
Shareholder Equity and Non-Controlling Interests	NOTE 5: Shareholder Equity and Non-Controlling Interests
	Stockholder Equity
	Common Shares
	On January 19, 2015, our board of directors declared the following dividends:
	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 April 13, 2015, our board of directors declared the following dividends:
	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Apr-15	April 30, 2015	May 15, 2015	$	0.06
	May-15	May 29, 2015	June 15, 2015	$	0.06
	Jun-15	June 30, 2015	July 15, 2015	$	0.06

Equity_Compensation_Plans

Equity Compensation Plans	3 Months Ended
	Mar. 31, 2015
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 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 our advisor, including our executive officers. These awards generally vest over three-year periods.
	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	3 Months Ended
	Mar. 31, 2015
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 three-month periods ended March 31, 2015 and 2014 our advisor earned $1,001 and $146 of asset management fees, respectively.
		•	We pay our advisor an incentive fee based on our pre-incentive fee core funds from operations, or Core FFO, a non-GAAP measure, as defined in the advisory agreement. The incentive fee is computed at the end of each fiscal quarter as follows:
		•	no incentive fee in any fiscal quarter in which our pre-incentive fee Core FFO does not exceed the hurdle rate of 1.75% (7% annualized) of the cumulative gross amount of equity capital we have obtained; and
		•	20% of the amount of our pre-incentive fee Core FFO that exceeds 1.75% (7% annualized) of the cumulative gross proceeds from the issuance of equity securities we have obtained.
		•	For the three-month periods ended March 31, 2015 and 2014 our advisor earned $211, and $0 of incentive fees, respectively. These fees are included within asset management fees in our consolidated statements of operations.
	As of March 31, 2015 and December 31, 2014 we had liabilities payable to our advisor for asset management fees and incentive fees of $1,856 and $644, respectively, which is included in accounts payable and accrued expenses in the accompanying consolidated balance sheets.
	Property Management Fees Paid to Our Property Manager
	We have entered into property management agreements with RAIT Residential, or our property manager, which is majority owned by RAIT, with respect to each of our properties. Pursuant to the property management agreements, we pay our property manager property management and leasing fees on a monthly basis of an amount up to 4.0% of the gross revenues from the property for each month. Additionally, we may pay our property manager a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm’s length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area. Each management agreement has an initial one year term, subject to automatic one-year renewals unless either party gives prior notice of its desire to terminate the management agreement. For the three-month periods ended March 31, 2015 and 2014 our property manager earned $755 and $321, respectively, of property management and leasing fees. As of March 31, 2015 and December 31, 2014, we had liabilities payable to our property manager for property management and leasing fees of $263 and $205, respectively, which is included in accounts payable and accrued expenses in the accompanying consolidated balance sheets.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2015
Earnings (Loss) Per Share	NOTE 8: Earnings (Loss) Per Share
	The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three month periods ended March 31, 2015 and 2014:
		For the Three-Month
		Periods Ended March 31
		2015			2014
	Net Income (loss)	$	(241	)	$	2,935
	(Income) loss allocated to non-controlling interests		8			—
	Net Income (loss) allocable to common shares		(233	)		2,935
	Weighted-average shares outstanding—Basic		31,768,468			15,198,096
	Dilutive securities under the treasury stock method		—			15,855
	Weighted-average shares outstanding—Diluted		31,768,468			15,213,951
	Earnings (loss) per share—Basic	$	(0.01	)	$	0.19
	Earnings (loss) per share—Diluted	$	(0.01	)	$	0.19
	For the three-month period ended March 31, 2015, limited partnership units, SARS and unvested shares of 1,421,950, were excluded from the earnings (loss) per share computation because their effect would have been anti-dilutive. Earnings per share is computed in accordance with FASB ASC Topic 260, “Earnings per Share”, by dividing the Net Income (loss) allocable to common shares by the weighted average number of common shares outstanding during the respective periods.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies	NOTE 9: Commitments and Contingencies
	Litigation
	From time to time, we are party to various lawsuits, claims for negligence and other legal proceedings that arise in the ordinary course of our business. We are not currently a party, as plaintiff or defendant, to any legal proceedings which, individually or in the aggregate, would be expected to have a material effect on our business, financial condition, results of operations, or financial statements, taken as a whole, if determined adversely to us.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Basis of Presentation	a. Basis of Presentation
	The accompanying unaudited interim consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. The unaudited interim consolidated financial statements should be read in conjunction with our audited financial statements as of and for the year ended December 31, 2014 included in our Annual Report on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations and cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year.
Principles of Consolidation	b. Principles of Consolidation
	The consolidated financial statements reflect our accounts and the accounts of our operating partnership and other wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	c. Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Investments in Real Estate	d. Investments in Real Estate
	Allocation of Purchase Price of Acquired Assets
	We account for acquisitions of properties that meet the definition of a business pursuant to FASB ASC Topic 805, “Business Combinations”. The fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and 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. During the three month period ended March 31, 2015, we did not make any adjustments to purchase price allocations.
	In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the lease term. We did not acquire any above-market or below-market in-place leases during the three-month period ending March 31, 2015.
	The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. The value assigned to this intangible asset is amortized over the assumed lease up period, typically six months. For the three-months ended March 31, 2015 and 2014 we recorded $1,909 and $729 of amortization expense for intangible assets, respectively. As of March 31, 2015, we expect to record additional amortization expense on current in-place lease intangible assets of $1,342 for the remainder of 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 Expense
	Depreciation expense for real estate assets is computed using a straight-line method based on a life of 40 years for buildings and improvements and five to ten years for equipment and fixtures. Expenditures for tenant improvements are capitalized and amortized over the initial term of each lease. For the three-months ended March 31, 2015 and 2014 we recorded $4,129 and $2,123 of depreciation expense, respectively.
Fair Value of Financial Instruments	e. Fair Value of Financial Instruments
	In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows:
		•	Level 1: Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment.
		•	Level 2: Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
		•	Level 3: Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset.
	The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in level 3.
	Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3.
	Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities, including derivative contracts. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions.
	FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. The fair value of mortgage indebtedness is based on a discounted cash flow 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 March 31, 2015 was $422,613 and $439,571, respectively. The carrying value and fair value of mortgage indebtedness as of December 31, 2014 was $400,509 and $411,311, respectively. The fair value of our secured credit facility, cash and cash equivalents and restricted cash approximates cost due to the nature of these instruments.
Recent Accounting Pronouncements	f. Recent Accounting Pronouncements
	On January 1, 2015, we adopted the 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. The adoption of this standard did not have a material effect on our consolidated financial statements.
	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 currently 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.
	In February 2015, the FASB issued an accounting standard classified under FASB ASC Topic 810, “Consolidation”. This accounting standard amends the consolidation analysis required under GAAP and requires management to reevaluate all previous consolidation conclusions. This standard considers limited partnerships as VIEs, unless the limited partners have either substantive kick-out or participating rights. The presumption that a general partner should consolidate a limited partnership has also been eliminated. The standard amends the effect that fees paid to a decision maker or service provider have on the consolidation analysis, as well as amends how variable interests held by a reporting entity’s related parties affect the consolidation conclusion. This standard also clarifies how to determine whether equity holders as a group have power over an entity. This standard is effective for interim and annual reporting periods beginning on or after December 15, 2015, with an early adoption permitted. Management is currently evaluating the impact that this standard may have on our consolidated financial statements.
	In April 2015, the FASB issued an accounting standard classified under FASB ASC Topic 835, “Interest”. This accounting standard amends existing guidance to change reporting requirements for debt issuance costs by requiring debt issuance costs to be presented on the balance sheet as a direct deduction from the debt liability. This standard is effective for interim and annual reporting periods beginning on or after December 15, 2015, with an early adoption permitted. Retrospective application to prior periods is required. 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)	3 Months Ended
	Mar. 31, 2015
Summary of Investments in Real Estate	The table below summarizes our investments in real estate:
		As of March 31,			As of December 31,			Depreciable Lives
		2015			2014			(In years)
	Land	$	112,600		$	112,600		—
	Building		570,475			570,475		40
	Furniture, fixtures and equipment		6,792			6,037		10-May
	Total investment in real estate		689,867			689,112
	Accumulated depreciation		(27,261	)		(23,376	)
	Investments in real estate, net	$	662,606		$	665,736

Mortgage_Indebtedness_Tables

Mortgage Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2015
Summary of Information Concerning Indebtedness that Encumbered our Properties	The following table contains summary information concerning the indebtedness that encumbered our properties as of March 31, 2015:
			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			17,520		17,520		3.7	%(2)	January 1, 2019
	Copper Mill Apartments			7,174		7,174		5.7	%	1-May-21
	Crestmont Apartments			6,589		6,589		5.7	%	1-May-21
	Cumberland Glen Apartments			6,735		6,735		5.7	%	1-May-21
	Heritage Trace Apartments			5,369		5,369		5.7	%	1-May-21
	Runaway Bay Apartments			9,983		9,983		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			44,672		45,897		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
	Iron Rock Ranch			22,900		22,900		3.4	%	1-Feb-25
	Total indebtedness/Weighted-Average		$	421,388	$	422,613		3.6	%
	-1	Floating rate at 225 basis points over 30-day LIBOR. As of March 31, 2015, 30-day LIBOR was 0.18%. 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 March 31, 2015 30-day LIBOR was 0.18%. Interest only payments are due monthly. As of March 31, 2015 we were in compliance with all financial covenants contained in the credit facility.
	-5	Contractual interest rate is 5.6%. The debt was assumed and recorded at a premium that will be amortized to interest expense over the remaining term. Principal and interest payments are required based on a 30-year amortization schedule.
	-6	Fixed rate. Interest only payments are due monthly. Beginning June 1, 2017, principal and interest payments are required based on a 30-year amortization schedule.
	As of March 31, 2015 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, 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.

Shareholder_Equity_and_NonCont1

Shareholder Equity and Non-Controlling Interests (Tables)	3 Months Ended
	Mar. 31, 2015
Dividends Declared	On January 19, 2015, our board of directors declared the following dividends:
	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 April 13, 2015, our board of directors declared the following dividends:
	Month	Record Date	Payment Date	Dividend
				Declared
				Per Share
	Apr-15	April 30, 2015	May 15, 2015	$	0.06
	May-15	May 29, 2015	June 15, 2015	$	0.06
	Jun-15	June 30, 2015	July 15, 2015	$	0.06

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Reconciliation of Basic and Diluted Earnings (Loss) Per Share	The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three month periods ended March 31, 2015 and 2014:
		For the Three-Month
		Periods Ended March 31
		2015			2014
	Net Income (loss)	$	(241	)	$	2,935
	(Income) loss allocated to non-controlling interests		8			—
	Net Income (loss) allocable to common shares		(233	)		2,935
	Weighted-average shares outstanding—Basic		31,768,468			15,198,096
	Dilutive securities under the treasury stock method		—			15,855
	Weighted-average shares outstanding—Diluted		31,768,468			15,213,951
	Earnings (loss) per share—Basic	$	(0.01	)	$	0.19
	Earnings (loss) per share—Diluted	$	(0.01	)	$	0.19

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Significant Accounting Policies [Line Items]
Amortization expense for intangible assets	$1,909	$729
Amortization expense for intangible assets expected for remainder of 2015	1,342
Depreciation expense	4,129	2,123
Mortgage indebtedness, carrying amount	422,613		400,509
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
Mortgages
Significant Accounting Policies [Line Items]
Mortgage indebtedness, carrying amount	422,613		400,509
Indebtedness fair value	$439,571		$411,311

Investments_in_Real_Estate_Add

Investments in Real Estate - Additional Information (Detail) (USD $)	3 Months Ended	0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	1-May-15	Mar. 31, 2015
		Property	Property
Real Estate Properties [Line Items]
Number of multifamily property owned			30
Number of units located with multifamily properties			8,819
Acquisition of real estate properties	$58,186
Subsequent event
Real Estate Properties [Line Items]
Number of multifamily property acquired		236
Acquisition of real estate properties		$25,250

Summary_of_Investments_in_Real

Summary of Investments in Real Estate (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Land	112,600	$112,600
Building	570,475	570,475
Furniture, fixtures and equipment	6,792	6,037
Total investment in real estate	689,867	689,112
Accumulated depreciation	-27,261	-23,376
Investments in real estate, net	662,606	$665,736
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_Information_Concern

Summary of Information Concerning Indebtedness that Encumbered our Properties (Detail) (USD $)	3 Months Ended		12 Months Ended		0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014		Jan. 27, 2015
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	421,388		398,977
Mortgage indebtedness, carrying amount	422,613		400,509
Indebtedness, outstanding principal	421,388		417,369
Indebtedness, carrying amount	422,613		418,901
Indebtedness, effective interest rate	3.60%
Weighted Average
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, effective interest rate	3.60%		3.60%
Indebtedness, effective interest rate			3.60%
Belle Creek Apartments
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	10,575		10,575
Mortgage indebtedness, carrying amount	10,575		10,575
Mortgage indebtedness, effective interest rate	2.40%	[1]	2.40%	[2]
Mortgage indebtedness, maturity date	28-Apr-21		28-Apr-21
Berkshire Square Apartments
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	8,612		8,612
Mortgage indebtedness, carrying amount	8,612		8,612
Mortgage indebtedness, effective interest rate	4.40%	[3]	4.40%	[3]
Mortgage indebtedness, maturity date	1-Jan-21		1-Jan-21
Centrepoint Apartments
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	17,520		17,600
Mortgage indebtedness, carrying amount	17,520		17,600
Mortgage indebtedness, effective interest rate	3.70%	[4]	3.70%	[4]
Mortgage indebtedness, maturity date	1-Jan-19		1-Jan-19
Copper Mill Apartments
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	7,174		7,200
Mortgage indebtedness, carrying amount	7,174		7,200
Mortgage indebtedness, effective interest rate	5.70%		5.70%
Mortgage indebtedness, maturity date	1-May-21		1-May-21
Crestmont Apartments
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	6,589		6,612
Mortgage indebtedness, carrying amount	6,589		6,612
Mortgage indebtedness, effective interest rate	5.70%		5.70%
Mortgage indebtedness, maturity date	1-May-21		1-May-21
Cumberland Glen Apartments
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	6,735		6,759
Mortgage indebtedness, carrying amount	6,735		6,759
Mortgage indebtedness, effective interest rate	5.70%		5.70%
Mortgage indebtedness, maturity date	1-May-21		1-May-21
Heritage Trace Apartments
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	5,369		5,388
Mortgage indebtedness, carrying amount	5,369		5,388
Mortgage indebtedness, effective interest rate	5.70%		5.70%
Mortgage indebtedness, maturity date	1-May-21		1-May-21
Runaway Bay Apartments
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	9,983		10,033
Mortgage indebtedness, carrying amount	9,983		10,033
Mortgage indebtedness, effective interest rate	3.60%		3.60%
Mortgage indebtedness, maturity date	1-Nov-22		1-Nov-22
Tresa At Arrowhead
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	27,500		27,500
Mortgage indebtedness, carrying amount	27,500		27,500
Mortgage indebtedness, effective interest rate	2.40%	[1]	2.40%	[2]
Mortgage indebtedness, maturity date	28-Apr-21		28-Apr-21
Reserve at Eagle Ridge
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	18,850		18,850
Mortgage indebtedness, carrying amount	18,850		18,850
Mortgage indebtedness, effective interest rate	4.70%		4.70%
Mortgage indebtedness, maturity date	1-Mar-24		1-Mar-24
OKC Portfolio
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	44,672		44,939
Mortgage indebtedness, carrying amount	45,897		46,471
Mortgage indebtedness, effective interest rate	2.80%	[5]	2.80%	[5]
Mortgage indebtedness, maturity date	1-Apr-16		1-Apr-16
King's Landing
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	21,200		21,200
Mortgage indebtedness, carrying amount	21,200		21,200
Mortgage indebtedness, effective interest rate	4.00%	[6]	4.00%	[6]
Mortgage indebtedness, maturity date	1-Jun-22		1-Jun-22
Crossings
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	15,313		15,313
Mortgage indebtedness, carrying amount	15,313		15,313
Mortgage indebtedness, effective interest rate	3.90%		3.90%
Mortgage indebtedness, maturity date	1-Jun-24		1-Jun-24
Carrington Park
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	14,235		14,235
Mortgage indebtedness, carrying amount	14,235		14,235
Mortgage indebtedness, effective interest rate	4.00%		4.00%
Mortgage indebtedness, maturity date	1-Aug-24		1-Aug-24
Arbors at the Reservoir
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	13,150		13,150
Mortgage indebtedness, carrying amount	13,150		13,150
Mortgage indebtedness, effective interest rate	4.00%		4.00%
Mortgage indebtedness, maturity date	1-Aug-24		1-Aug-24
Walnut Hill
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	18,650		18,650
Mortgage indebtedness, carrying amount	18,650		18,650
Mortgage indebtedness, effective interest rate	3.40%		3.40%
Mortgage indebtedness, maturity date	1-Oct-21		1-Oct-21
Lenoxplace
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	15,991		15,991
Mortgage indebtedness, carrying amount	15,991		15,991
Mortgage indebtedness, effective interest rate	3.70%		3.70%
Mortgage indebtedness, maturity date	1-Nov-21		1-Nov-21
Bennington Pond
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	11,375		11,375
Mortgage indebtedness, carrying amount	11,375		11,375
Mortgage indebtedness, effective interest rate	3.70%		3.70%
Mortgage indebtedness, maturity date	1-Dec-24		1-Dec-24
Stonebridge Crossing
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	19,370		19,370
Mortgage indebtedness, carrying amount	19,370		19,370
Mortgage indebtedness, effective interest rate	3.40%		3.40%
Mortgage indebtedness, maturity date	1-Jan-22		1-Jan-22
Prospect Park
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	9,230		9,230
Mortgage indebtedness, carrying amount	9,230		9,230
Mortgage indebtedness, effective interest rate	3.60%		3.60%
Mortgage indebtedness, maturity date	1-Jan-25		1-Jan-25
Brookside
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	13,455		13,455
Mortgage indebtedness, carrying amount	13,455		13,455
Mortgage indebtedness, effective interest rate	3.60%		3.60%
Mortgage indebtedness, maturity date	1-Jan-25		1-Jan-25
Jamestown
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	22,880		22,880
Mortgage indebtedness, carrying amount	22,880		22,880
Mortgage indebtedness, effective interest rate	3.60%		3.60%
Mortgage indebtedness, maturity date	1-Jan-25		1-Jan-25
Meadows
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	24,245		24,245
Mortgage indebtedness, carrying amount	24,245		24,245
Mortgage indebtedness, effective interest rate	3.60%		3.60%
Mortgage indebtedness, maturity date	1-Jan-25		1-Jan-25
Oxmoor
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	35,815		35,815
Mortgage indebtedness, carrying amount	35,815		35,815
Mortgage indebtedness, effective interest rate	3.60%		3.60%
Mortgage indebtedness, maturity date	1-Jan-25		1-Jan-25
Iron Rock Ranch
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	22,900
Mortgage indebtedness, carrying amount	22,900				22,900
Mortgage indebtedness, effective interest rate	3.40%				3.40%
Mortgage indebtedness, maturity date	1-Feb-25				1-Feb-25
Secured Credit Facility
Mortgage Loans on Real Estate [Line Items]
Secured credit facility, outstanding principal			18,392
Secured credit facility, effective interest rate			2.70%	[7]
Secured credit facility, maturity date			25-Oct-16
[1]	Floating rate at 225 basis points over 30-day LIBOR. As of March 31, 2015, 30-day LIBOR was 0.18%. 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, 2014, 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.

Summary_of_Information_Concern1

Summary of Information Concerning Indebtedness that Encumbered our Properties (Parenthetical) (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 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	0.18%	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	0.18%	0.17%
OKC Portfolio
Mortgage Loans on Real Estate [Line Items]
Amortization schedule	30 years	30 years
Contractual interest rate	5.60%	5.60%
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%	2.50%
Secured Credit Facility | 30-Day LIBOR
Mortgage Loans on Real Estate [Line Items]
Debt instrument interest rate	0.18%	0.17%

Mortgage_Indebtedness_Addition

Mortgage Indebtedness - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended	0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Jan. 27, 2015	Apr. 13, 2015
Mortgage Loans on Real Estate [Line Items]
Cash paid for interest	$4,199	$1,354
Mortgage indebtedness, carrying amount	422,613		400,509
Sponsor
Mortgage Loans on Real Estate [Line Items]
Debt	38,075		38,075
Cash paid for interest			238
Third Parties
Mortgage Loans on Real Estate [Line Items]
Debt	383,313		360,902
Weighted Average
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, effective interest rate	3.60%		3.60%
Iron Rock Ranch
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, effective interest rate	3.40%			3.40%
Mortgage indebtedness, carrying amount	22,900			22,900
Mortgage indebtedness, maturity date	1-Feb-25			1-Feb-25
Subsequent event | Stonebridge At The Ranch
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, effective interest rate					3.20%
Mortgage indebtedness, carrying amount					$20,527
Mortgage indebtedness, maturity date					1-May-25

Dividends_Declared_Detail

Dividends Declared (Detail) (USD $)	0 Months Ended
	Apr. 13, 2015	Jan. 19, 2015
April 2015 | Subsequent event
Dividends Payable [Line Items]
Record Date	30-Apr-15
Payment Date	15-May-15
Dividend Declared Per Share	$0.06
May 2015 | Subsequent event
Dividends Payable [Line Items]
Record Date	29-May-15
Payment Date	15-Jun-15
Dividend Declared Per Share	$0.06
June 2015 | Subsequent event
Dividends Payable [Line Items]
Record Date	30-Jun-15
Payment Date	15-Jul-15
Dividend Declared Per Share	$0.06
Jan-15
Dividends Payable [Line Items]
Record Date		30-Jan-15
Payment Date		17-Feb-15
Dividend Declared Per Share		$0.06
Feb-15
Dividends Payable [Line Items]
Record Date		27-Feb-15
Payment Date		16-Mar-15
Dividend Declared Per Share		$0.06
Mar-15
Dividends Payable [Line Items]
Record Date		31-Mar-15
Payment Date		15-Apr-15
Dividend Declared Per Share		$0.06

Equity_Compensation_Plans_Addi

Equity Compensation Plans - Additional Information (Detail) (USD $)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Feb. 18, 2015	Dec. 31, 2014	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				3,000
Selling commissions	$0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock granted in period		100,000
Common stock grant date value		$935,000
Share price		$9.35
Awards vesting period		3 years
Amended and Restated Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized					800,000

Related_Party_Transactions_and1

Related Party Transactions and Arrangements - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended
In Thousands, unless otherwise specified	7-May-13	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
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		$1,001	$146
Number of properties excluded from computation of base management fee	8
Incentive fees incurred to advisor		211	0
Percentage of gross revenues from the property		4.00%
Property management and leasing fees		755	321
Incentive Fees
Related Party Transaction [Line Items]
Incentive fees payable to advisor		1,856		644
Other Liabilities
Related Party Transaction [Line Items]
Property management and leasing fees payable		$263	$205
if pre-incentive fee Core FFO does not exceed hurdle rate
Related Party Transaction [Line Items]
Advisor incentive fee	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%
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
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Net income (loss)	($241)	$2,935
(Income) loss allocated to non-controlling interests	8
Net income (loss) allocable to common shares	($233)	$2,935
Weighted-average shares outstanding-Basic	31,768,468	15,198,096
Dilutive securities under the treasury stock method		15,855
Weighted-average shares outstanding-Diluted	31,768,468	15,213,951
Earnings (loss) per share-Basic	($0.01)	$0.19
Earnings (loss) per share-Diluted	($0.01)	$0.19

Earning_Loss_Per_Share_Additio

Earning (Loss) Per Share - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (loss) per share, amount	1,421,950