Independence Realty Trust (IRT) 10-K 11 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 29, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	IRT
Entity Registrant Name	INDEPENDENCE REALTY TRUST, INC
Entity Central Index Key	1,466,085
Current Fiscal Year End Date	--12-31
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		47,469,446
Entity Public Float			$ 184,711,305

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investments in real estate:
Investments in real estate, at cost	$ 1,372,015	$ 689,112
Accumulated depreciation	(39,638)	(23,376)
Investments in real estate, net	1,332,377	665,736
Cash and cash equivalents	38,301	14,763
Restricted cash	5,413	5,206
Accounts receivable and other assets	3,362	2,270
Intangible assets, net of accumulated amortization of $11,551 and $4,346, respectively	3,735	3,251
Deferred costs, net of accumulated amortization of $1,726 and $505, respectively	9,226	2,924
Total Assets	1,392,414	694,150
LIABILITIES AND EQUITY:
Indebtedness	975,837	418,901
Accounts payable and accrued expenses	19,304	8,353
Accrued interest payable	1,239	49
Dividends payable	3,006	1,982
Other liabilities	2,998	1,831
Total Liabilities	$ 1,002,384	$ 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, 47,070,678 and 31,800,076 shares issued and outstanding, including 124,000 and 36,000 unvested restricted common share awards, respectively	$ 471	$ 318
Additional paid-in capital	378,187	267,683
Accumulated other comprehensive income (loss)	(8)
Retained earnings (accumulated deficit)	(14,500)	(16,728)
Total stockholders’ equity	364,150	251,273
Noncontrolling interests	25,880	11,761
Total Equity	390,030	263,034
Total Liabilities and Equity	$ 1,392,414	$ 694,150

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Intangible assets, accumulated amortization	$ 11,551	$ 4,346
Deferred costs, accumulated amortization	$ 1,726	$ 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	47,070,678	31,800,076
Common stock, shares outstanding	47,070,678	31,800,076
Unvested restricted common share awards	117,000	36,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
REVENUE:
Rental income	$ 98,216	$ 44,834	$ 17,843
Tenant reimbursement income	4,401	1,924	943
Other income	6,959	2,413	1,157
Total revenue	109,576	49,171	19,943
EXPENSES:
Property operating expenses	49,955	23,395	9,429
General and administrative expenses	2,177	1,137	648
Asset management fees	5,613	1,736	272
Acquisition and integration expenses	13,555	1,842	248
Depreciation and amortization expense	28,094	12,520	4,413
Total expenses	99,394	40,630	15,010
Operating income	10,182	8,541	4,933
Interest expense	(23,553)	(8,496)	(3,659)
Interest income	19	17
Net gains (losses) on sale of assets	6,412
TSRE financing extinguishment and employee separation expenses	(27,508)
Gains (losses) on TSRE merger and property acquisitions	64,604	2,882
Net income (loss):	30,156	2,944	1,274
(Income) loss allocated to preferred shares			(10)
(Income) loss allocated to noncontrolling interest	(1,914)	(4)	(649)
Net income (loss) allocable to common shares	$ 28,242	$ 2,940	$ 615
Earnings (loss) per share:
Basic	$ 0.78	$ 0.14	$ 0.12
Diluted	$ 0.78	$ 0.14	$ 0.12
Weighted-average shares:
Basic	36,153,673	21,315,928	5,330,814
Diluted	36,160,274	21,532,671	5,330,814

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 30,156	$ 2,944	$ 1,274
Other comprehensive income (loss):
Change in fair value of interest rate hedges	(8)
Total other comprehensive income	(8)
Comprehensive income (loss) before allocation to noncontrolling interests	30,148	2,944	1,274
Allocation to preferred shares			(10)
Allocation to noncontrolling interests	(1,914)	(4)	(649)
Comprehensive income (loss)	$ 28,234	$ 2,940	$ 615

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Series B Preferred Units	Preferred Shares	Common Shares	Additional Paid In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Total Stockholders' Equity	Noncontrolling Interests	Noncontrolling InterestsSeries B Preferred Units
Beginning Balance at Dec. 31, 2012	$ 50,851			$ 3	$ 3,490		$ (401)	$ 3,092	$ 47,759
Beginning Balance (in shares) at Dec. 31, 2012			125	345,063
Net income (loss)	1,274						625	625	649
Distribution to noncontrolling interest declared	(1,323)								(1,323)
Distribution to noncontrolling interest declared (in shares)			0
Preferred dividends	(10)						(10)	(10)
Common dividends declared	(3,477)						(3,477)	(3,477)
Redemption of preferred shares	(137)	$ (3,500)			(100)		(37)	(137)		$ (3,500)
Redemption of preferred shares (in shares)			(125)
Conversion of common units				$ 53	43,532			43,585	(43,585)
Conversion of common units (in shares)				5,274,900
Issuance of common shares, net	31,153			$ 40	31,113			31,153
Issuance of common shares, net (in shares)				4,023,577
Stock compensation expense	77				77			77
Stock compensation expense (in shares)				9,000
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
Net income (loss)	2,944						2,940	2,940	4
Distribution to noncontrolling interest declared	(204)								(204)
Common dividends declared	(16,368)						(16,368)	(16,368)
Issuance of noncontrolling interests	11,961								11,961
Issuance of common shares, net	189,587			$ 221	189,366			189,587
Issuance of common shares, net (in shares)				22,098,536
Stock compensation expense	206			$ 1	205			206
Stock compensation expense (in shares)				49,000
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
Net income (loss)	$ 30,156						28,242	28,242	1,914
Distribution to noncontrolling interest declared	(1,300)								(1,300)
Common dividends declared	(26,014)						(26,014)	(26,014)
Other comprehensive income	(8)					$ (8)		(8)
Issuance of noncontrolling interests	13,998								13,998
Conversion of common units					493			493	(493)
Conversion of common units (in shares)				52,933
Issuance of common shares, net	109,668			$ 152	109,516			109,668
Issuance of common shares, net (in shares)				15,105,669
Stock compensation expense	496			$ 1	495			496
Stock compensation expense (in shares)				112,000
Ending Balance at Dec. 31, 2015	$ 390,030			$ 471	$ 378,187	$ (8)	$ (14,500)	$ 364,150	$ 25,880
Ending Balance (in shares) at Dec. 31, 2015	47,070,678			47,070,678

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$ 30,156	$ 2,944	$ 1,274
Adjustments to reconcile net income to cash flow from operating activities:
Depreciation and amortization	28,094	12,520	4,413
Amortization of deferred financing costs and premium on indebtedness, net	389	(660)	83
Stock compensation expense	495	206	77
Net (gains) losses on sale of assets	(6,412)
TSRE financing extinguishment expenses	23,219
(Gains) losses on TSRE merger and property acquisitions	(64,604)	(2,882)
Changes in assets and liabilities:
Accounts receivable and other assets	5,570	764	(89)
Accounts payable and accrued expenses	3,362	2,670	210
Accrued interest payable	1,060	(14)	31
Other liabilities	(2,604)	176	19
Net cash provided by operating activities	18,725	15,724	6,018
Cash flows from investing activities:
Acquisition of real estate properties	(24,746)	(299,881)	(36,822)
Disposition of real estate properties	17,524
TSRE merger, net of cash acquired	(137,096)
Capital expenditures	(8,941)	(4,158)	(1,445)
(Increase) decrease in restricted cash	(207)	(3,298)	28
Cash flow used in investing activities	(153,466)	(307,337)	(38,239)
Cash flows from financing activities:
(Payments related to) proceeds from issuance of common stock	(188)	189,587	31,153
TSRE financing extinguishment expenses	(23,219)
Proceeds from Secured Credit Facility and mortgage indebtedness	488,725	154,650	10,940
Secured Credit Facility and mortgage principal repayments	(272,751)	(26,001)	(222)
Redemption of preferred shares			(137)
Payments for deferred financing costs	(7,998)	(89)	(418)
Distributions on preferred stock			(10)
Distributions on common stock	(25,103)	(14,978)	(2,979)
Distributions to noncontrolling interests	(1,187)	(127)	(1,805)
Net cash from financing activities	158,279	303,042	33,022
Net change in cash and cash equivalents	23,538	11,429	801
Cash and cash equivalents, beginning of period	14,763	3,334	2,533
Cash and cash equivalents, end of the period	38,301	14,763	3,334
Supplemental cash flow information:
Cash paid for interest	22,105	9,170	3,545
Non-cash decrease in noncontrolling interest from conversion of common limited partnership units to shares of common stock	493		43,585
Value of common stock issued	109,857
Value of limited partnership units issued in acquisitions	13,998	11,961
Mortgage debt assumed	$ 121,885	$ 66,963
Series B Preferred Units
Cash flows from financing activities:
Redemption of preferred shares			$ (3,500)

Organization

Organization	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
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” (referred to as our Advisor). 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 IROP, and their subsidiaries. We own apartment properties in geographic non-gateway markets 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 IROP, of which we are the sole general partner. On September 17, 2015, we completed a merger, or the TSRE merger, with Trade Street Residential, Inc., or TSRE, whereby we acquired TSRE. We acquired TSRE in order to increase our portfolio of real estate assets and generate attractive risk adjusted returns for our shareholders. Pursuant to the TSRE merger, (i) a subsidiary of IROP merged into the operating partnership subsidiary of TSRE, or the TSR OP, with TSR OP continuing as the surviving entity, and (ii) TSRE merged into an IRT subsidiary, with our subsidiary continuing as the surviving entity and a wholly-owned subsidiary of IRT.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
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. Certain prior period amounts have been reclassified to conform to the current period presentation. 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, 2015 and 2014, we had $5,413 and $5,206, respectively, of restricted cash. 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 affected by management’s estimate of the collectability of accounts receivable. g. Investments in Real Estate Investments in real estate are recorded at cost less accumulated depreciation. Costs that both add value and appreciably extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Investments in real estate are classified as held for sale in period in which certain criteria are met including when the sale of the asset is probable and actions required to complete the plan of sale indicate that it is unlikely that significant changes to the plan of sale will be made or the plan of sale will be withdrawn. Allocation of Purchase Price of Acquired Assets We account for acquisitions of properties that meet the definition of a business pursuant to Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 805, “Business Combinations”. The fair value of the real estate acquired is allocated to the acquired tangible assets, generally consisting of land and building, and identified intangible assets, generally consisting of acquired in-place leases, 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 related financing. Upon the acquisition of properties, we estimate the fair value of acquired tangible assets (consisting of land, building and improvements) and identified intangible assets (consisting of in-place leases), 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 for any acquisitions during the year ended December 31, 2015. See NOTE 3: TSRE Merger for details on adjustments made in 2015 related to the TSRE merger. The aggregate value of in-place leases is determined by evaluating various factors, including the terms of the leases that are in place and assumed lease-up periods. During the twelve month period ended December 31, 2015, we acquired in-place leases with a value of $7,690 related to our acquisitions that are discussed further in NOTE 3: TSRE Merger and NOTE 4: Investments in Real Estate. The value assigned to this intangible asset is amortized over the assumed lease up period, typically six months. For the years ended December 31, 2015, 2014 and 2013 we recorded $7,206, $3,778 and $490 of amortization expense for intangible assets, respectively. As of December 31, 2015, we expect to record additional amortization expense on current in-place lease intangible assets of $3,735 during 2016. 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. For the years ended December 31, 2015, 2014 and 2013 we recorded $20,888, $8,742 and $3,923 of depreciation expense, respectively. h. Revenue and Expenses 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. Our portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern United States. Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee and Texas comprised 0.48%, 1.21%, 6.66%, 7.02%, 3.47%, 10.24%, and 9.43%, respectively, of our rental revenue for the year ended December 31, 2015. For the year ended December 31, 2015, we recognized revenues of $322 related to recoveries of lost rental revenue due to natural disasters and other insurable events from our insurance providers. For the years ended December 31, 2015, 2014 and 2013, we incurred $1,399, $675, and $336 of advertising expenses, respectively. 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. As this technique utilizes current credit spreads for various maturities and types of loans, which are generally unobservable, this is classified as a level 3 fair vale measurement within the fair value hierarchy. The carrying value and fair value of our mortgage indebtedness as of December 31, 2015 was $584,337 and $589,320, respectively. The carrying value and fair value of our mortgage indebtedness as of December 31, 2014 was $400,509 and $411,311, respectively. The fair value of our secured credit facility, bridge term loan, cash and cash equivalents and restricted cash as of December 31, 2015 approximated cost due to the nature of these instruments and were $271,500, $120,000, $38,301, and $5,413, respectively. The fair value of our secured credit facility, cash and cash equivalents and restricted cash as of December 31, 2014 approximated cost due to the nature of these instruments and were $18,392, $14,763, and $5,206, respectively. j. Deferred Costs We capitalize initial direct costs upon the issuance of debt and amortize the deferred costs to interest expense over the term of the debt using the effective interest method. 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, 2015, 2014 and 2013. 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. For the year ended December 31, 2015, 17% of dividends were characterized as total capital gain distribution and 83% were characterized as return of capital. For the year ended December 31, 2014, 35% of dividends were characterized as ordinary taxable income and 65% were characterized as return of capital. l. Share-Based Compensation We account for stock-based compensation in accordance with FASB ASC Subtopic 505-50, “Equity – Equity Payments to Non-Employees” and 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 is classified within general and administrative expense in the consolidated statements of operations. m. Noncontrolling Interest Our non-controlling interest represents limited partnership units of our operating partnership that were issued in connection with certain property acquisitions. We record limited partnership units issued in an acquisition at their 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 the greater of historical cost or their redemption value. n. Derivative Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure as well as to hedge specific anticipated transactions. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure our derivative instruments at fair value. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portion of the derivative is reported in other comprehensive income and changes in the ineffective portion, if any, is recognized in earnings. For derivatives not designated as hedges (or designated as fair value hedges), the change in fair value of the derivative instrument is recognized in earnings. Any derivatives that we designate in hedge relationships are done so at inception. At inception, we determine whether or not the derivative is highly effective in offsetting changes in the designated interest rate risk associated with the identified indebtedness using regression analysis. At each reporting period, we update our regression analysis and use the hypothetical derivative method to measure any ineffectiveness. On September 30, 2015, we entered into an interest rate cap contract with a notional value of $200,000, a strike rate of 3.0% based on 1-month LIBOR and a maturity date of October 17, 2017 to hedge our interest rate exposure on floating rate indebtedness. We designated this interest rate cap as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. As of December 31, 2015, this derivative had a fair value of $24 and we concluded that this hedging relationship was and will continue to be highly effective, and using the hypothetical derivative method, did not recognize any ineffectiveness. As of December 31, 2015, $8 was reported in accumulated other comprehensive income. During the twelve-month period ended December 31, 2015 no amounts have been reclassified out of accumulated other comprehensive income to earnings. During 2016, we expect to reclassify $2 out of accumulated other comprehensive income to earnings. o. 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, 2017. There is an option to use the retrospective or cumulative effect transition method. 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 also amends the effect that fees paid to a decision maker or service provider have on the consolidation analysis, as well as 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 after December 15, 2015, with an early adoption permitted. The adoption of this accounting standard will not have an impact 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 after December 15, 2015, with an early adoption permitted. Retrospective application to prior periods is required. The adoption of this accounting standard will require $9,226 of deferred costs, net of $1,726 of accumulated amortization, to be reclassified to total indebtedness on our consolidated balance sheet. In September 2015, the FASB issued an accounting standard classified under FASB ASC Topic 805, “Business Combinations”. This accounting standard amends existing guidance related to measurement period adjustments by requiring the adjustments to be recognized prospectively with disclosure of the impact of the adjustments had they been applied previously. This standard is effective for interim and annual reporting beginning after December 15, 2015, with early adoption permitted. As this standard only applies to measurement period adjustments that occur after the effective date, the adoption of this accounting standard will not have a material impact on our consolidated financial statements.

TSRE Merger

TSRE Merger	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
TSRE Merger	NOTE 3: TSRE Merger As previously discussed in Note 1, the TSRE merger closed on September 17, 2015. During the fourth quarter of 2015, we received additional information regarding estimates we had made for certain receivables and other assets and accrued expenses. This information led to an increase in fair value of the net assets we acquired of $592. The estimated fair value of the assets and liabilities acquired on acquired on September 17, 2015 was as follows: Investments in real estate $ 682,237 Cash assumed 2,685 Accounts receivable and other assets 6,513 Intangible assets 7,471 Indebtedness (359,495 ) Accounts payable and accrued expenses (7,379 ) Accrued interest payable (130 ) Other liabilities (3,662 ) Net assets acquired $ 328,240 The fair value of the consideration transferred on September 17, 2015 was as follows: Cash consideration for TSRE merger $ 139,781 Equity consideration for TSRE merger 123,855 Total $ 263,636 The fair value of the equity consideration transferred was comprised of $109,857 of common shares and $13,998 of IRT OP units. The fair value was based on the price of our common shares upon completion of the merger. As the fair value of the net assets acquired exceeded the fair value of the consideration transferred, we recognized a gain from a bargain purchase of $64,604. In determining whether a gain from a bargain purchase was appropriate, we reassessed whether we correctly identified all of the assets acquired and all of the liabilities assumed from TSRE. We determined that we correctly identified all of the assets acquired and all of the liabilities assumed from TSRE and, as a result, a gain from a bargain purchase was appropriate. The gain from a bargain purchase was a result of the following: (i) the fair value of IRT’s common stock at closing was lower than the negotiated price pursuant to the TSRE merger Agreement (resulting in approximately $34 million of the gain), and (ii), the fair value of the 19 TSRE properties acquired, which was supported by appraisals and broker opinions of value received, was higher than the expectation that served as a basis for the negotiated purchase price (resulting in approximately $31 million of the gain, primarily due to the use of current, market-based capitalization rates). The $359,495 of indebtedness acquired was comprised of $237,610 of indebtedness that we paid off at the closing of the TSRE merger and $121,885 of indebtedness that remained on our balance sheet, which was recognized at its fair value. As part of the TSRE merger, we have incurred $12,906 of acquisition expenses, which were recognized in earnings immediately. During the fourth quarter of 2015, we received additional information regarding estimates we had made for certain expenses, which led to an increase in our TSRE acquisition expenses of $376. We also incurred $23,219 of expenses associated with extinguishing financing arrangements and $4,289 of expenses associated with employee separations. The initial purchase accounting is based on our preliminary assessment, which may differ when final information becomes available. Items where we may receive final information that differs from our current estimates may include certain receivables and other assets and accrued expenses. We believe that the information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed. We have received appraisals or broker opinions of value for all of the properties acquired and have performed fair value analyses for the liabilities assumed. We expect to complete the purchase accounting process as soon as practicable, but no later than one year from the date of acquisition. As of December 31, 2015, we were awaiting the outcome of certain real estate tax appeals that TSRE initiated. Unaudited pro forma financial information relating to the 19 TSRE properties acquired on September 17, 2015 has been included in Note 4: Investments in Real Estate.

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2015
Banking And Thrift [Abstract]
Investments in Real Estate	NOTE 4: Investments in Real Estate As of December 31, 2015, our investments in real estate consisted of 49 apartment properties (unaudited). The table below summarizes our investments in real estate: 2015 2014 Depreciable (In years) Land $ 190,585 $ 112,600 - Building 1,168,453 570,475 40 Furniture, fixtures and equipment 12,977 6,037 5-10 Total investment in real estate $ 1,372,015 $ 689,112 Accumulated depreciation (39,638 ) (23,376 ) Investments in real estate, net $ 1,332,377 $ 665,736 Acquisitions As previously discussed, we completed the TSRE merger on September 17, 2015. As part of the TSRE merger we acquired 19 properties containing 4,989 units (unaudited). See Note 3: TSRE Merger for details on the assets acquired, liabilities assumed and consideration paid as part of the TSRE merger. On May 1, 2015, we acquired a 236-unit (unaudited) residential apartment community located in Indianapolis, Indiana, known as Bayview Club. We acquired the property for an aggregate purchase price of $25,250 exclusive of closing costs. As part of this acquisition we incurred $270 of acquisition expenses, which was recognized in earnings immediately. Upon acquisition, we recorded the investment in real estate, including any related working capital and intangible assets, at fair value of $25,250. Description Fair Value of Assets Acquired During the Year Ended December 31, 2015 Assets acquired: Investments in real estate $ 707,268 Cash and cash equivalents 2,685 Accounts receivable and other assets 6,600 Intangible assets 7,690 Total assets acquired $ 724,243 Liabilities assumed: Indebtedness $ 359,495 Accounts payable and accrued expenses 7,867 Accrued interest payable 130 Other liabilities 3,764 Total liabilities assumed $ 371,256 Estimated fair value of net assets acquired $ 352,987 The table below presents the revenue and net income (loss) for the properties acquired during the year ended December 31, 2015 as reported in our consolidated financial statements. For the Year Ended December 31, 2015 Property Total revenue Net income (loss) allocable to common shares TSRE portfolio $ 19,617 $ 2,840 Bayview Club 1,736 40 Total $ 21,353 $ 2,880 The table below presents the revenue, net income and earnings per share effect of the acquired properties on a pro forma basis as if the acquisitions occurred on January 1, 2014. These pro forma results are not necessarily indicative of the results which actually would have occurred if the acquisition had 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 Year Ended December For the Year Ended December Pro forma total revenue (unaudited) 156,418 110,519 Pro forma net income (loss) allocable to common shares (unaudited) 39,887 14,262 Earnings (loss) per share attributable to common shareholders: Basic-pro forma (unaudited) $ 1.10 $ 0.67 Diluted-pro forma (unaudited) $ 1.10 $ 0.66 On December 30, 2014, we acquired a residential apartment 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 a residential apartment 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 a residential apartment 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 a residential apartment 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 a residential apartment community located in Shelby County, TN, known as Stonebridge Crossing. We acquired the property for an aggregate purchase price of $29,800 exclusive of closing costs. On September 5, 2014, we acquired a residential apartment community located in Garner, North Carolina, known as Lenoxplace at Garner Station. We acquired the property for an aggregate purchase price of $24,250 exclusive of closing costs. On August 28, 2014, we acquired a residential apartment community located in Cordova, Tennessee, known as Walnut Hill. We acquired the property for an aggregate purchase price of $27,900 exclusive of closing costs. In connection with the acquisition, our operating partnership issued 137,361 limited partnership units valued at $1,377. On June 4, 2014, we acquired a residential apartment community located in Ridgeland, Mississippi, known as Arbors at the Reservoir. We acquired the property for an aggregate purchase price of $20,250 exclusive of closing costs. On May 7, 2014, we acquired a residential apartment community located in Little Rock, Arkansas, known as Carrington. We acquired the property for an aggregate purchase price of $21,500 exclusive of closing costs. In connection with the acquisition our operating partnership issued 222,062 limited partnership units valued at $1,986. On March 31, 2014, we acquired a residential apartment 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 a residential apartment 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. Dispositions On February 18, 2016, we disposed of one multi-family real estate property for a total sale price of $18,000. On December 22, 2015, we disposed of one multi-family real estate property for a total sale price of $33,600. We recorded a gain on the sale of this asset of $6,420. On October 15, 2015, we sold a parcel of land acquired in the TSRE merger for $3,350. After considering actual closing costs, we recognized a loss on the sale of this asset of $8.

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Indebtedness	NOTE 5: Indebtedness The following tables contains summary information concerning our indebtedness as of December 31, 2015: Debt: Outstanding Carrying Type Weighted Average Rate Weighted Average Maturity (in Secured credit facility (1) $ 271,500 $ 271,500 Floating 2.9% 2.7 Bridge term loan (2) 120,000 120,000 Floating 5.4% 0.7 Mortgages-Fixed rate 545,956 546,262 Fixed 3.8% 6.9 Mortgages-Floating rate 38,075 38,075 Floating 2.8% 5.4 Total Debt $ 975,531 $ 975,837 3.7% 4.9 (1) The total capacity of the secured credit facility is $325.0 million, of which $271.5 million was outstanding as of December 31, 2015. (2) The bridge term loan may be extended by 6 months at our option. If extended, the maturity date would be March 2017. Original maturities on or before December 31, Debt: 2016 2017 2018 2019 2020 Thereafter Secured credit facility $ - $ - $ 271,500 $ - $ - $ - Bridge term loan (1) 120,000 - - - - - Mortgages-Fixed rate 45,064 2,956 3,687 3,982 6,076 484,191 Mortgages-Floating rate - - - - - 38,075 Total $ 165,064 $ 2,956 $ 275,187 $ 3,982 $ 6,076 $ 522,266 (1) The bridge term loan may be extended by 6 months at our option. If extended, the maturity date would be March 2017. As of December 31, 2015 we were in compliance with all financial covenants contained in our indebtedness. The following tables contains summary information concerning our indebtedness as of December 31, 2014: Debt: Outstanding Carrying Type Rate Weighted Average Maturity (in Secured credit facility (1) $ 18,392 $ 18,392 Floating 2.7% 1.8 Mortgages-Fixed rate 360,902 362,434 Fixed 3.8% 7.5 Mortgages-Floating rate 38,075 38,075 Floating 2.4% 6.3 Total Debt $ 417,369 $ 418,901 3.6% 7.1 (1) The secured credit facility total capacity was $30.0 million, of which $18.4 million was outstanding as of December 31, 2014. As of December 31, 2015 and December 31, 2014, RAIT held $38,075 of our mortgage indebtedness related to two of our properties, with an average interest rate of 2.8% and 2.4%, respectively. For the years ended December 31, 2015 and 2014, we paid approximately $965 and $966 respectively, of interest to RAIT. There was no accrued interest payable outstanding as of December 31, 2015. 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. On September 17, 2015, in connection with the TSRE Merger, we acquired Creekstone at RTP and assumed an existing loan secured by the property with a fair value of $23,250. The loan bears interest at a fixed rate of 3.9% per annum, provides for monthly payments of interest only through June 10, 2016 when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures on June 10, 2023. On September 17, 2015, in connection with the TSRE Merger, we acquired Fountains Southend and assumed an existing loan secured by the property with a fair value of $23,750. The loan bears interest at a fixed rate of 4.3% per annum, provides for monthly payments of interest only through February 5, 2017 when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures on February 5, 2024. On September 17, 2015, in connection with the TSRE Merger, we acquired IRT Millenia and assumed an existing loan secured by the property with a fair value of $25,000. The loan bears interest at a fixed rate of 3.8% per annum, provides for monthly payments of interest only through April 5, 2018 when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures on March 5, 2021. In connection with our acquisition of IRT Millenia, we also entered into a supplemental loan agreement for a $4,175 loan secured by the property. The supplemental loan bears interest at a fixed rate of 4.3% per annum, provides for monthly payments of interest only through May 5, 2018 when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures on March 5, 2021. On September 17, 2015, in connection with the TSRE Merger, we acquired Talison Row and assumed an existing loan secured by the property with a fair value of $33,635. The loan bears interest at a fixed rate of 4.1% per annum, provides for monthly payments of interest only through September 10, 2016. Beginning September 11, 2016 principal and interest payments are required monthly based on a 30 year amortization schedule until the maturity date of September 10, 2023. On September 17, 2015, in connection with the TSRE Merger, we acquired Aventine Greenville and entered into a loan agreement for $30,600 secured by the property. The loan bears interest at a fixed rate of 3.2% per annum, provides for monthly payments of interest only through November 4, 2016. Beginning November 5, 2016 principal and interest payments are required monthly based on a 30 year amortization schedule until the maturity date of March 5, 2021. On September 17, 2015, in connection with the TSRE Merger, we acquired Waterstone at Brier Creek and assumed an existing loan secured by the property with a fair value of $16,250. The loan bears interest at a fixed rate of 3.7% per annum, provides for monthly payments of interest only through the maturity date of April 5, 2022. In connection with our acquisition of Waterstone at Brier Creek, we also entered into a supplemental loan agreement for a $4,175 loan secured by the property. The supplemental loan bears interest at a fixed rate of 4.2% per annum, provides for monthly payments of interest only until the maturity date of April 5, 2022. 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. Secured Credit Facility As of September 17, 2015, the HNB facility was terminated and repaid in full. The facility, which was originally entered into on October 25, 2013 had a 3-year term, bore interest at LIBOR plus 2.50% and contained customary financial covenants for this type of revolving credit agreement. On September 17, 2015, IROP entered into a credit agreement with KeyBank with respect to a $325 million senior secured credit facility On September 17, 2015, IROP entered into a credit agreement with KeyBank with respect to a $120 million interim term loan facility, or the KeyBank interim facility. IROP incurred upfront deferred costs of $2,092 associated with this facility. The KeyBank interim facility is structured as a 364-day secured term loan facility (with a maturity extension option for an additional six months under certain circumstances) available in a single draw. IROP may prepay the KeyBank interim facility, in whole or in part, at any time without prepayment fee or penalty (other than as provided in a separate fee letter with the lenders), except for breakage costs associated with LIBOR borrowings. The KeyBank interim facility is secured by pledges of certain of the equity interests of IROP’s current and future subsidiaries and joint ventures (on a best-available basis to the extent such equity interests can be pledged pursuant to IRT’s existing debt agreements) and a pledge of the proceeds of all equity issuances by IRT and IROP. At IROP’s option, borrowings under the KeyBank interim facility will bear interest at a rate equal to either (i) the 1-month LIBOR rate plus a margin of 500 basis points, or (ii) a base rate plus a margin of 400 basis points. If IROP elects to extend its maturity, at IROP’s option, the KeyBank interim facility will bear interest at a rate equal to either (i) the 1-month LIBOR rate plus a margin of 650 basis points, or (ii) a base rate plus a margin of 550 basis points. The KeyBank interim facility requires monthly payments of interest only. IROP is required to reduce the principal amount outstanding under the KeyBank interim facility to no greater than $100.0 million within six months of closing and must apply 100% of all net proceeds from equity issuances, sales of assets, or refinancing of assets towards repaying the KeyBank interim facility. At December 31, 2015, the KeyBank interim facility bears interest at 500 basis points over 1-month LIBOR and there was $0 of availability under the KeyBank interim facility. In January of 2016, we repaid $14,100 of the KeyBank interim facility subsequent to a property disposition. In February of 2016, we repaid $9,684 of the KeyBank interim facility subsequent to a property disposition. In addition to certain negative covenants, our lending facility with Key Bank has financial covenants that require us to (i) maintain a consolidated leverage ratio below thresholds described in the debt agreement, (ii) maintain a minimum consolidated fixed charge coverage ratio, (iii) maintain a minimum consolidated tangible net worth, and (iv) maintain a minimum liquidity amount. Additionally, the covenants limit (i) the amount of distributions that IRT can make to a percentage of Funds from Operations (as such term is described in the debt agreement), (ii) the amount of recourse indebtedness that may be incurred by us, (iii) the amount of unhedged variable rate indebtedness that may be incurred, and requires us to maintain a pledge of collateral base of properties with an occupancy level of not less than 85% as security for the facility.

Stockholder Equity and NonContr

Stockholder Equity and NonControlling Interests	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Stockholder Equity and NonControlling Interests	NOTE 6: Stockholder Equity and Non-Controlling Interest Stockholder Equity Common Shares On September 17, 2015, IRT completed the TSRE merger. As a result of the Merger, each outstanding share of TSRE common stock was converted automatically into the right to receive (a) $3.80 in cash and (b) 0.4108 shares of IRT Common Stock, plus cash in lieu of fractional shares. IRT issued 15,110,994 shares of IRT common stock as equity consideration in the merger. 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 completed an underwritten public offering selling 4,000,000 shares of our common stock for $8.50 per share for total gross proceeds of approximately $34.0 million. Our board of directors declared the following dividends in 2015: Month Record Date Payment Date Dividend Declared Per Share January 2015 January 30, 2015 February 17, 2015 $ 0.06 February 2015 February 27, 2015 March 16, 2015 $ 0.06 March 2015 March 31, 2015 April 15, 2015 $ 0.06 April 2015 April 30, 2015 May 15, 2015 $ 0.06 May 2015 May 29, 2015 June 15, 2015 $ 0.06 June 2015 June 30, 2015 July 15, 2015 $ 0.06 July 2015 July 31, 2015 August 17, 2015 $ 0.06 August 2015 August 31, 2015 September 15, 2015 $ 0.06 September 2015 September 15, 2015 October 15, 2015 $ 0.034 September 2015 September 30, 2015 October 15, 2015 $ 0.026 October 2015 October 30, 2015 November 16, 2015 $ 0.06 November 2015 November 30, 2015 December 15, 2015 $ 0.06 December 2015 December 31, 2015 January 15, 2016 $ 0.06 On January 14, 2016, our board of directors declared the following dividends during 2016: Month Record Date Payment Date Dividend Declared Per Share January 2016 January 29, 2016 February 16, 2016 $ 0.06 February 2016 February 29, 2016 March 15, 2016 $ 0.06 March 2016 March 31, 2016 April 15, 2016 $ 0.06 Our board of directors declared the following dividends during 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 October 2014 October 31, 2014 November 17, 2014 $ 0.06 November 2014 November 28, 2014 December 15, 2014 $ 0.06 December 2014 December 31, 2014 January 15, 2015 $ 0.06 On February 28, 2013, our board of directors authorized and declared distributions on our common stock for months of January through June 2013. The distributions were payable to the holders of our common stock at a rate of $0.00163934 per share per day and $0.00171233 per share per day for the months of January through March and April through June, respectively. The distributions were paid by the fifteenth day of the subsequent month. Our board of directors also declared the following dividends during 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 October 2013 October 31, 2013 November 15, 2013 $ 0.05333 November 2013 November 29, 2013 December 16, 2013 $ 0.05333 December 2013 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 were 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. Noncontrolling Interest During 2015, IROP exchanged 52,937 units for 52,933 shares of our common stock with fractional units being settled in cash. On September 17, 2015, immediately prior to the TSRE merger, the sole third party holder of units of TSR OP units contributed all of their TSR OP units to IROP in exchange for 1,925,419 of IROP units, plus cash in lieu of fractional IROP units, valued at $13,998. As of December 31, 2015, there were 3,154,931 IROP Units outstanding with a redemption value of $23,694, based on IRT’s stock price of $7.51 as of December 31, 2015. On February 1, 2016 IROP exchanged an additional 204,115 units for 204,113 shares of our common stock with fractional units being settled in cash 2,950,816 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. Our board of directors declared the following distributions on our operating partnership’s LP units during 2015: Month Record Date Payment Date Dividend Declared Per Share January 2015 January 30, 2015 February 17, 2015 $ 0.06 February 2015 February 27, 2015 March 16, 2015 $ 0.06 March 2015 March 31, 2015 April 15, 2015 $ 0.06 April 2015 April 30, 2015 May 15, 2015 $ 0.06 May 2015 May 29, 2015 June 15, 2015 $ 0.06 June 2015 June 30, 2015 July 15, 2015 $ 0.06 July 2015 July 31, 2015 August 17, 2015 $ 0.06 August 2015 August 31, 2015 September 15, 2015 $ 0.06 September 2015 September 15, 2015 October 15, 2015 $ 0.06 October 2015 October 30, 2015 November 16, 2015 $ 0.06 November 2015 November 30, 2015 December 15, 2015 $ 0.06 December 2015 December 31, 2015 January 15, 2016 $ 0.06 On January 14, 2016, our board of directors declared the following distributions on our operating partnership’s LP units during 2016: Month Record Date Payment Date Dividend Declared Per Share January 2016 January 29, 2016 February 16, 2016 $ 0.06 February 2016 February 29, 2016 March 15, 2016 $ 0.06 March 2016 March 31, 2016 April 15, 2016 $ 0.06 Our board of directors declared the following distributions on our operating partnership’s LP units during 2014: Month Record Date Payment Date Dividend Declared Per Share 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 October 2014 October 31, 2014 November 17, 2014 $ 0.06 November 2014 November 28, 2014 December 15, 2014 $ 0.06 December 2014 December 31, 2014 January 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, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Compensation Plans	NOTE 7: 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 May 14, 2015, our compensation committee made a stock grant under the director plan so that our independent directors received 12,000 shares of our common stock, in the aggregate valued at $107 using our closing stock price of $8.89. These awards vested immediately. On May 14, 2014, our compensation committee made a stock grant under the director plan so that our independent 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 12, 2016, our compensation committee awarded 210,000 restricted stock awards, valued at $6.22 per share, or $1,306 in the aggregate. The awards vest over a three-year period. On February 18, 2015, our compensation committee awarded 100,000 shares of restricted common stock, valued at $935 using IRT’s closing stock price of $9.35, and awarded 300,000 stock appreciation rights, or SARs, valued at $219 based on the Black-Scholes option pricing model at the date of grant, to persons affiliated with our advisor, including our executive officers. These awards generally vest over three-year periods. The SARs may be exercised between the date of vesting and February 18, 2020, the expiration date of the SARs. On January 31, 2014, our compensation committee awarded 40,000 shares of restricted common stock, valued at $328 using our closing stock price of $8.20, and awarded 80,000 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. These awards generally vest over three-year periods. The SARs 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 Long Term Incentive Plan is presented below. 2015 2014 SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price Outstanding, January 1, 72,000 $ 8.20 - $ - Granted 300,000 9.35 80,000 8.20 Expired - - - - Exercised (2,000 ) 8.20 - - Forfeited (19,000 ) 9.11 (8,000 ) - Outstanding, December 31, 351,000 $ 9.13 72,000 $ 8.20 SARs exercisable at December 31, 22,000 - As of December 31, 2015, our closing common stock price was $7.51, which does not exceed the exercise prices of the SARs. The total intrinsic value of SARs outstanding and exercisable at December 31, 2015 was $0. The following table summarizes information about the SARs outstanding and exercisable as of December 31, 2015: SARs Outstanding SARs Exercisable Exercise Price Number Outstanding Weighted Average Remaining Contractual Life Number Exercisable Weighted Average Remaining Contractual Life $8.20 - 9.35 351,000 3.9 22,000 3.1 As of December 31, 2015, the unearned compensation cost relating to unvested SAR awards was $121. Our assumptions used in computing the fair value of the SARs issued during the years ended December 31, 2015 and 2014, using the Black-Scholes Option Pricing Model, were as follows: As of December 31 2015 2014 Stock Price $ 7.51 $ 9.31 Strike Price $ 8.20-9.35 $ 8.20 Risk-free interest rate 1.1 - 1.2% 1.1 % Dividend yield 9.6 % 7.7 % Volatility 34 % 21 % Expected term 1.7 - 2.5 years 2.5 years A summary of the restricted common share awards as of December 31, 2015 and 2014 of the Incentive Award Plan is presented below. 2015 2014 Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Balance, January 1, 36,000 $ 8.20 - $ - Granted 112,000 9.30 49,000 8.34 Vested (24,000 ) 8.55 (13,000 ) 8.72 Forfeited (7,000 ) 9.02 - - Balance, December 31, 117,000 $ 9.13 36,000 $ 8.20 As of December 31, 2015, the unearned compensation cost relating to unvested restricted common share awards was $558. The estimated fair value of restricted common share awards vested during 2015 was $221. For the years ended December 31, 2015 and December 31, 2014 we recognized $495 and $206 of stock compensation expense, respectively.

Related Party Transactions and

Related Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	NOTE 8: Related Party Transactions and Arrangements Fees and Expenses Paid to Our Advisor As of September 25, 2015 we entered into the Second Amendment to the Second Amended and Restated Advisory Agreement. The Second Amendment amends the advisory agreement to extend its term to October 1, 2020, and so that, for periods subsequent to October 1, 2015, our Advisor is compensated as follows: · Quarterly base management fee of 0.375% of our cumulative equity raised; and · Quarterly incentive fee equal to 20% of our Core FFO in excess of $0.20 per share. Prior to the Second Amendment, the Second Amended and Restated Advisory Agreement, which was effective as of May 7, 2013 through September 30, 2015, provided that our Advisor was 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 computed 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 calculated the fee. · An incentive fee based on our pre-incentive fee core FFO, a non-GAAP measure, as defined in the advisory agreement. The incentive fee was 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 our equity capital; and · 20% of the amount of our pre-incentive fee Core FFO that exceeds 1.75% (7% annualized) of the cumulative gross proceeds from our issuance of equity securities. For the years ended December 31, 2015, 2014 and 2013 our Advisor earned $4,984, $1,582, and $128 of asset management fees, respectively. For the years ended December 31, 2015, 2014 and 2013 our Advisor earned $629, $154 and $144 of incentive fees, respectively. These fees are included within asset management fees in our consolidated statements of operations. As of December 31, 2015 and December 31, 2014 we had liabilities payable to our Advisor for asset management fees and incentive fees of $1,854 and $644, respectively. These liabilities are presented within accounts payable and accrued expenses. Property Management Fees Paid to Our Property Manager We have entered into property management agreements with RAIT Residential, or our property manager, which is wholly 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 up to 4.0% of the gross revenues from a 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, 2015, 2014 and 2013 our property manager earned $3,675, $1,759, and $785, respectively, of property management and leasing fees. As of December 31, 2015 and December 31, 2014, we had liabilities payable to our property manager for property management and leasing fees of $440 and $205, respectively. These liabilities are presented within accounts payable and accrued expenses. Dividends Paid to Affiliates of our Advisor As of December 31, 2015 and 2014, RAIT owned 15.5%, and 22.9% of the outstanding shares of our common stock, respectively. For the years ended December 31, 2015, 2014 and 2013, we declared and subsequently paid dividends of $5,234, $5,126 and $3,533 related to shares of common stock owned by RAIT.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	NOTE 9: Earnings (Loss) Per Share The following table presents a reconciliation of basic and diluted earnings (loss) per share for the years ended December 31, 2015, 2014 and 2013: For the Years Ended December 31 2015 2014 2013 Net Income (loss) $ 30,156 $ 2,944 $ 1,274 (Income) loss allocated to preferred shares $ - - (10 ) (Income) loss allocated to non-controlling interests (1,914 ) (4 ) (649 ) Net Income (loss) allocable to common shares 28,242 2,940 615 Weighted-average shares outstanding—Basic 36,153,673 21,315,928 5,330,814 Dilutive securities 6,601 216,743 - Weighted-average shares outstanding—Diluted 36,160,274 21,532,671 5,330,814 Earnings (loss) per share—Basic $ 0.78 $ 0.14 $ 0.12 Earnings (loss) per share—Diluted $ 0.78 $ 0.14 $ 0.12 Certain IROP units, stock appreciation rights, or SARs, and unvested shares totaling 3,156,184, 1,282,450, and 0 for the years ended December 31, 2015, 2014 and 2013, respectively, were excluded from the earnings (loss) per share computation because their effect would have been anti-dilutive.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	NOTE 10: 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 2015: Total revenue $ 21,657 $ 22,718 $ 25,492 $ 39,709 Net income (loss) (241 ) 353 25,636 4,408 Net income (loss) allocable to common shares (233 ) 337 24,015 4,123 Total earnings (loss) per share—Basic (1) $ (0.01 ) $ 0.01 $ 0.71 $ 0.09 Total earnings (loss) per share—Diluted (1) $ (0.01 ) $ 0.01 $ 0.71 $ 0.09 2014: Total revenue $ 8,132 $ 11,641 $ 13,049 $ 16,349 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 (1) The summation of quarterly per share amounts do not equal the full year amounts.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Reporting	NOTE 11: 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 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
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 12: 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. On June 11, 2015, three purported stockholders filed a complaint in the Circuit Court of Maryland for Baltimore City on behalf of a putative class of TSRE stockholders and naming as defendants TSRE’s Board of Directors, or the individual defendants, and TSRE. The case is captioned Tony Blank Family Trust et al. v. Trade Street Residential, Inc. et al. The amended complaint generally alleges that, in connection with the acquisition of TSRE by IRT, the individual defendants breached their fiduciary duties by approving an acquisition that was financially unfair to TSRE’s stockholders and by conducting a sale process in which the individual defendants had conflicts of interest. The amended complaint also alleges that the shareholder defendants aided and abetted the individual defendants’ alleged breaches of their fiduciary duties and were unjustly enriched by the TSRE merger. The amended complaint seeks, among other things, compensatory damages, pre- and post-judgment interest, an order requiring that the individual defendants affiliated with the shareholder defendants disgorge all profits, compensation and other benefits obtained by them as a result of their conduct in connection with the TSRE merger, and an award of the plaintiffs’ costs and disbursements of this action, including attorney’s fees. On September 25, 2015 the defendants moved to dismiss the amended complaint. On November 6, 2015, plaintiffs in the Blank Action amended their complaint for a second time in response to certain arguments raised by defendants in their motions to dismiss. The second amended complaint adds a claim against the shareholder defendants for breach of fiduciary duty as controlling stockholders of TSRE. The defendants have moved to dismiss the second amended complaint and the motions are currently pending. IRT, as successor by the TSRE merger to TSRE, and the individual defendants intend to vigorously defend against the claim. No assurance can be given that the matter will be resolved favorably to us. We have included in our loss contingency an estimate of probable loss relating to our legal defense costs in connection with this matter, but currently cannot reasonably estimate any further possible loss, or any range of reasonably possible loss, in connection with this matter. In addition, we are subject to various other legal proceedings and claims that arise in the ordinary course of our business operations. Matters which arise out of allegations of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these other matters cannot be predicted with certainty, we currently believe the final outcome of such matters will not have a material adverse effect on our financial position, results of operations or cash flows. Other Matters To the extent that a natural disaster or similar event occurs with more than a remote risk of having a material impact on the consolidated financial statements, we will disclose the estimated range of possible outcomes, and, if an outcome is probable, accrue an appropriate liability.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Schedule III Real Estate and Accumulated Depreciation As of December 31, 2015 (Dollars in thousands) Cost of Improvements, net of Gross Carrying Accumulated Encumbrances Property Initial Cost Retirements Amount Depreciation- (Unpaid Year of Life of Name Description Location Land Building Land Building Land (1) Building Building Principal) Acquisition Depreciation Crestmont Apartment Marietta, GA $ 3,254 $ 13,017 $ - $ 507 $ 3,254 $ 13,524 $ (2,883 ) $ (6,522 ) 2011 40 Copper Mill Apartment Austin, TX 3,472 13,888 - 763 3,472 14,651 (3,185 ) (7,101 ) 2011 40 Cumberland Apartment Smyrna, GA 3,100 13,114 - 710 3,100 13,824 (3,007 ) (6,667 ) 2011 40 Heritage Trace Apartment Newport News, 2,673 10,691 - 747 2,673 11,438 (2,515 ) (5,314 ) 2011 40 Belle Creek Apartments Apartment Henderson, CO 1,890 7,562 - 552 1,890 8,114 (1,635 ) (10,575 ) 2011 40 Runaway Bay Apartment Indianapolis, IN 3,079 12,318 - 489 3,079 12,807 (1,117 ) (9,837 ) 2012 40 Tresa at Arrowhead Apartment Phoenix, AZ 7,080 28,320 - 891 7,080 29,211 (5,085 ) (27,500 ) 2011 40 The Crossings Apartment Jackson, MS 4,600 17,948 - 541 4,600 18,489 (1,013 ) (15,313 ) 2013 40 Berkshire Apartment Indianapolis, IN 2,650 10,319 - 453 2,650 10,772 (647 ) (8,612 ) 2013 40 Reserve at Eagle Ridge Apartment Waukegan, IL 5,800 22,743 - 270 5,800 23,013 (1,128 ) (18,850 ) 2014 40 Windrush Apartment Edmond, OK 1,677 7,464 - 149 1,677 7,613 (364 ) (5,808 ) 2014 40 Heritage Park Apartment Oklahoma, OK 4,234 12,232 - 402 4,234 12,634 (621 ) (10,454 ) 2014 40 Raindance Apartment Oklahoma, OK 3,503 10,051 - 410 3,503 10,461 (521 ) (8,655 ) 2014 40 Augusta Apartment Oklahoma, OK 1,296 9,930 - 250 1,296 10,180 (492 ) (7,083 ) 2014 40 Invitational Apartment Oklahoma, OK 1,924 16,852 - 380 1,924 17,232 (833 ) (11,882 ) 2014 40 Kings Landing Apartment Creve Coeur, MO 2,513 29,873 - 106 2,513 29,979 (1,316 ) (21,200 ) 2014 40 Carrington Apartment Little Rock, AR 1,715 19,526 - 333 1,715 19,859 (827 ) (14,235 ) 2014 40 Arbors Apartment Ridgeland, MS 4,050 15,946 - 559 4,050 16,505 (692 ) (13,150 ) 2014 40 Walnut Hill Apartment Cordova, TN 2,230 25,251 - 420 2,230 25,671 (888 ) (18,650 ) 2014 40 Lenox Place Apartment Raleight, NC 3,480 20,482 - 275 3,480 20,757 (679 ) (15,991 ) 2014 40 Stonebridge Crossing Apartment Memphis, TN 3,100 26,223 - 419 3,100 26,642 (854 ) (19,370 ) 2014 40 Bennington Pond Apartment Groveport, OH 2,400 14,828 - 245 2,400 15,073 (420 ) (11,375 ) 2014 40 Prospect Park Apartment Louisville, KY 2,837 11,193 - 67 2,837 11,260 (285 ) (9,230 ) 2014 40 Brookside Apartment Louisville, KY 3,947 16,502 - 369 3,947 16,871 (423 ) (13,455 ) 2014 40 Jamestown Apartment Louisville, KY 7,034 27,730 - 399 7,034 28,129 (716 ) (22,880 ) 2014 40 Meadows Apartment Louisville, KY 6,857 30,030 - 757 6,857 30,787 (767 ) (24,245 ) 2014 40 Oxmoor Apartment Louisville, KY 7,411 47,095 - 375 7,411 47,470 (1,193 ) (35,815 ) 2014 40 Stonebridge at the Ranch Apartment Little Rock, AR 3,315 27,954 - 88 3,315 28,042 (703 ) (20,527 ) 2014 40 Iron Rock Ranch Apartment Austin, TX 5,860 28,911 - 254 5,860 29,165 (743 ) (22,900 ) 2014 40 Bayview Club Apartment Indianapolis, IN 2,525 22,506 - 336 2,525 22,842 (343 ) - 2015 40 Arbors River Oaks Apartment Memphis, TN 2,100 19,045 - 63 2,100 19,108 (119 ) - 2015 40 Aston Apartment Wake Forest, NC 3,450 34,333 - 3 3,450 34,336 (215 ) - 2015 40 Avenues at Craig Ranch Apartment McKinneuy, TX 5,500 42,054 - 13 5,500 42,067 (263 ) - 2015 40 Bridge Pointe Apartment Huntsville, AL 1,500 14,306 - 14 1,500 14,320 (90 ) - 2015 40 Creekstone at RTP Apartment Durham, NC 5,376 32,727 - 10 5,376 32,737 (205 ) (23,250 ) 2015 40 Fountains Southend Apartment Charlotte, NC 4,368 37,254 - 4 4,368 37,258 (233 ) (23,750 ) 2015 40 Fox Trails Apartment Plano, TX 5,700 21,944 - 23 5,700 21,967 (137 ) - 2015 40 Lakeshore on the Hill Apartment Chattanooga, TN 925 10,212 - 19 925 10,231 (64 ) - 2015 40 Millenia 700 Apartment Orlando, FL 5,500 41,752 - 21 5,500 41,773 (261 ) (29,175 ) 2015 40 Miller Creek at German Town Apartment Memphis, TN 3,300 53,504 - 14 3,300 53,518 (335 ) - 2015 40 Pointe at Canyon Ridge Apartment Atlanta, GA 11,100 36,995 - 76 11,100 37,071 (231 ) - 2015 40 St James at Goose Creek Apartment Goose Creek, SC 3,780 27,695 - 109 3,780 27,804 (176 ) - 2015 40 Talison Row at Daniel Island Apartment Daniel Island, SC 5,480 41,409 - 26 5,480 41,435 (259 ) (33,635 ) 2015 40 The Aventine Greenville Apartment Greenville, SC 4,150 43,905 - 1 4,150 43,906 (274 ) (30,600 ) 2015 40 Trails at Signal Mountain Apartment Chattanooga, TN 1,200 12,895 - 21 1,200 12,916 (81 ) - 2015 40 Vue at Knoll Trail Apartment Dallas, TX 3,100 6,077 - 7 3,100 6,084 (38 ) - 2015 40 Waterstone at Brier Creek Apartment Raleigh, NC 4,200 34,651 - 10 4,200 34,661 (217 ) (20,425 ) 2015 40 Waterstone Big Creek Apartment Alpharetta, GA 7,600 61,971 - 7 7,600 61,978 (387 ) - 2015 40 Westmont Commons Apartment Asheville, NC 2,750 25,225 - 20 2,750 25,245 (158 ) - 2015 40 $ 190,585 $ 1,168,453 $ - $ 12,977 $ 190,585 $ 1,181,430 $ (39,638 ) $ (584,031 ) Investments in Real Estate For the Year Ended December 31, For the Year Ended December 31, Balance, beginning of period $ 689,112 $ 190,096 Additions during period: Acquisitions 707,268 495,998 Improvements to land and building 8,941 4,159 Deductions during period: Dispositions of real estate (33,306 ) (1,141 ) Balance, end of period: $ 1,372,015 $ 689,112 Accumulated Depreciation For the Year Ended December For the Year Ended December Balance, beginning of period $ 23,376 $ 15,775 Depreciation expense 20,888 8,742 Dispositions of real estate (4,626 ) (1,141 ) Balance, end of period: $ 39,638 $ 23,376 1

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
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. Certain prior period amounts have been reclassified to conform to the current period presentation.
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, 2015 and 2014, we had $5,413 and $5,206, respectively, of restricted cash.
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 affected by management’s estimate of the collectability of accounts receivable.
Investments in Real Estate	g. Investments in Real Estate Investments in real estate are recorded at cost less accumulated depreciation. Costs that both add value and appreciably extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Investments in real estate are classified as held for sale in period in which certain criteria are met including when the sale of the asset is probable and actions required to complete the plan of sale indicate that it is unlikely that significant changes to the plan of sale will be made or the plan of sale will be withdrawn. Allocation of Purchase Price of Acquired Assets We account for acquisitions of properties that meet the definition of a business pursuant to Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 805, “Business Combinations”. The fair value of the real estate acquired is allocated to the acquired tangible assets, generally consisting of land and building, and identified intangible assets, generally consisting of acquired in-place leases, 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 related financing. Upon the acquisition of properties, we estimate the fair value of acquired tangible assets (consisting of land, building and improvements) and identified intangible assets (consisting of in-place leases), 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 for any acquisitions during the year ended December 31, 2015. See NOTE 3: TSRE Merger for details on adjustments made in 2015 related to the TSRE merger. The aggregate value of in-place leases is determined by evaluating various factors, including the terms of the leases that are in place and assumed lease-up periods. During the twelve month period ended December 31, 2015, we acquired in-place leases with a value of $7,690 related to our acquisitions that are discussed further in NOTE 3: TSRE Merger and NOTE 4: Investments in Real Estate. The value assigned to this intangible asset is amortized over the assumed lease up period, typically six months. For the years ended December 31, 2015, 2014 and 2013 we recorded $7,206, $3,778 and $490 of amortization expense for intangible assets, respectively. As of December 31, 2015, we expect to record additional amortization expense on current in-place lease intangible assets of $3,735 during 2016. 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. For the years ended December 31, 2015, 2014 and 2013 we recorded $20,888, $8,742 and $3,923 of depreciation expense, respectively.
Revenue and Expenses	h. Revenue and Expenses 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. Our portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern United States. Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee and Texas comprised 0.48%, 1.21%, 6.66%, 7.02%, 3.47%, 10.24%, and 9.43%, respectively, of our rental revenue for the year ended December 31, 2015. For the year ended December 31, 2015, we recognized revenues of $322 related to recoveries of lost rental revenue due to natural disasters and other insurable events from our insurance providers. For the years ended December 31, 2015, 2014 and 2013, we incurred $1,399, $675, and $336 of advertising expenses, respectively.
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. As this technique utilizes current credit spreads for various maturities and types of loans, which are generally unobservable, this is classified as a level 3 fair vale measurement within the fair value hierarchy. The carrying value and fair value of our mortgage indebtedness as of December 31, 2015 was $584,337 and $589,320, respectively. The carrying value and fair value of our mortgage indebtedness as of December 31, 2014 was $400,509 and $411,311, respectively. The fair value of our secured credit facility, bridge term loan, cash and cash equivalents and restricted cash as of December 31, 2015 approximated cost due to the nature of these instruments and were $271,500, $120,000, $38,301, and $5,413, respectively. The fair value of our secured credit facility, cash and cash equivalents and restricted cash as of December 31, 2014 approximated cost due to the nature of these instruments and were $18,392, $14,763, and $5,206, respectively.
Deferred Costs	j. Deferred Costs We capitalize initial direct costs upon the issuance of debt and amortize the deferred costs to interest expense over the term of the debt using the effective interest method.
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, 2015, 2014 and 2013. 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. For the year ended December 31, 2015, 17% of dividends were characterized as total capital gain distribution and 83% were characterized as return of capital. For the year ended December 31, 2014, 35% of dividends were characterized as ordinary taxable income and 65% were characterized as return of capital.
Share-Based Compensation	l. Share-Based Compensation We account for stock-based compensation in accordance with FASB ASC Subtopic 505-50, “Equity – Equity Payments to Non-Employees” and 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 is classified within general and administrative expense in the consolidated statements of operations.
Noncontrolling Interest	m. Noncontrolling Interest Our non-controlling interest represents limited partnership units of our operating partnership that were issued in connection with certain property acquisitions. We record limited partnership units issued in an acquisition at their 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 the greater of historical cost or their redemption value.
Derivative Instruments	n. Derivative Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure as well as to hedge specific anticipated transactions. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure our derivative instruments at fair value. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portion of the derivative is reported in other comprehensive income and changes in the ineffective portion, if any, is recognized in earnings. For derivatives not designated as hedges (or designated as fair value hedges), the change in fair value of the derivative instrument is recognized in earnings. Any derivatives that we designate in hedge relationships are done so at inception. At inception, we determine whether or not the derivative is highly effective in offsetting changes in the designated interest rate risk associated with the identified indebtedness using regression analysis. At each reporting period, we update our regression analysis and use the hypothetical derivative method to measure any ineffectiveness. On September 30, 2015, we entered into an interest rate cap contract with a notional value of $200,000, a strike rate of 3.0% based on 1-month LIBOR and a maturity date of October 17, 2017 to hedge our interest rate exposure on floating rate indebtedness. We designated this interest rate cap as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. As of December 31, 2015, this derivative had a fair value of $24 and we concluded that this hedging relationship was and will continue to be highly effective, and using the hypothetical derivative method, did not recognize any ineffectiveness. As of December 31, 2015, $8 was reported in accumulated other comprehensive income. During the twelve-month period ended December 31, 2015 no amounts have been reclassified out of accumulated other comprehensive income to earnings. During 2016, we expect to reclassify $2 out of accumulated other comprehensive income to earnings.
Recent Accounting Pronouncements	o. 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, 2017. There is an option to use the retrospective or cumulative effect transition method. 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 also amends the effect that fees paid to a decision maker or service provider have on the consolidation analysis, as well as 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 after December 15, 2015, with an early adoption permitted. The adoption of this accounting standard will not have an impact 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 after December 15, 2015, with an early adoption permitted. Retrospective application to prior periods is required. The adoption of this accounting standard will require $9,226 of deferred costs, net of $1,726 of accumulated amortization, to be reclassified to total indebtedness on our consolidated balance sheet. In September 2015, the FASB issued an accounting standard classified under FASB ASC Topic 805, “Business Combinations”. This accounting standard amends existing guidance related to measurement period adjustments by requiring the adjustments to be recognized prospectively with disclosure of the impact of the adjustments had they been applied previously. This standard is effective for interim and annual reporting beginning after December 15, 2015, with early adoption permitted. As this standard only applies to measurement period adjustments that occur after the effective date, the adoption of this accounting standard will not have a material impact on our consolidated financial statements.

TSRE Merger (Tables)

TSRE Merger (Tables)	12 Months Ended
	Dec. 31, 2015
Summary of Fair Value of Assets and Liabilities	Description Fair Value of Assets Acquired During the Year Ended December 31, 2015 Assets acquired: Investments in real estate $ 707,268 Cash and cash equivalents 2,685 Accounts receivable and other assets 6,600 Intangible assets 7,690 Total assets acquired $ 724,243 Liabilities assumed: Indebtedness $ 359,495 Accounts payable and accrued expenses 7,867 Accrued interest payable 130 Other liabilities 3,764 Total liabilities assumed $ 371,256 Estimated fair value of net assets acquired $ 352,987
Schedule of Fair Value of Consideration Transferred	The fair value of the consideration transferred on September 17, 2015 was as follows: Cash consideration for TSRE merger $ 139,781 Equity consideration for TSRE merger 123,855 Total $ 263,636
Trade Street Residential, Inc.
Summary of Fair Value of Assets and Liabilities	The estimated fair value of the assets and liabilities acquired on acquired on September 17, 2015 was as follows: Investments in real estate $ 682,237 Cash assumed 2,685 Accounts receivable and other assets 6,513 Intangible assets 7,471 Indebtedness (359,495 ) Accounts payable and accrued expenses (7,379 ) Accrued interest payable (130 ) Other liabilities (3,662 ) Net assets acquired $ 328,240

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2015
Banking And Thrift [Abstract]
Summary of Investments in Real Estate	The table below summarizes our investments in real estate: 2015 2014 Depreciable (In years) Land $ 190,585 $ 112,600 - Building 1,168,453 570,475 40 Furniture, fixtures and equipment 12,977 6,037 5-10 Total investment in real estate $ 1,372,015 $ 689,112 Accumulated depreciation (39,638 ) (23,376 ) Investments in real estate, net $ 1,332,377 $ 665,736
Summary of Fair Value of Assets and Liabilities	Description Fair Value of Assets Acquired During the Year Ended December 31, 2015 Assets acquired: Investments in real estate $ 707,268 Cash and cash equivalents 2,685 Accounts receivable and other assets 6,600 Intangible assets 7,690 Total assets acquired $ 724,243 Liabilities assumed: Indebtedness $ 359,495 Accounts payable and accrued expenses 7,867 Accrued interest payable 130 Other liabilities 3,764 Total liabilities assumed $ 371,256 Estimated fair value of net assets acquired $ 352,987
Schedule Of Revenues And Net Income Loss Of Properties Acquired	The table below presents the revenue and net income (loss) for the properties acquired during the year ended December 31, 2015 as reported in our consolidated financial statements. For the Year Ended December 31, 2015 Property Total revenue Net income (loss) allocable to common shares TSRE portfolio $ 19,617 $ 2,840 Bayview Club 1,736 40 Total $ 21,353 $ 2,880
Pro Forma of Financial Information Purport to Represent Results of Operations for Future Periods	The table below presents the revenue, net income and earnings per share effect of the acquired properties on a pro forma basis as if the acquisitions occurred on January 1, 2014. These pro forma results are not necessarily indicative of the results which actually would have occurred if the acquisition had 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 Year Ended December For the Year Ended December Pro forma total revenue (unaudited) 156,418 110,519 Pro forma net income (loss) allocable to common shares (unaudited) 39,887 14,262 Earnings (loss) per share attributable to common shareholders: Basic-pro forma (unaudited) $ 1.10 $ 0.67 Diluted-pro forma (unaudited) $ 1.10 $ 0.66

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Summary of Information Concerning Indebtedness that Encumbered our Properties	The following tables contains summary information concerning our indebtedness as of December 31, 2015: Debt: Outstanding Carrying Type Weighted Average Rate Weighted Average Maturity (in Secured credit facility (1) $ 271,500 $ 271,500 Floating 2.9% 2.7 Bridge term loan (2) 120,000 120,000 Floating 5.4% 0.7 Mortgages-Fixed rate 545,956 546,262 Fixed 3.8% 6.9 Mortgages-Floating rate 38,075 38,075 Floating 2.8% 5.4 Total Debt $ 975,531 $ 975,837 3.7% 4.9 (1) The total capacity of the secured credit facility is $325.0 million, of which $271.5 million was outstanding as of December 31, 2015. (2) The bridge term loan may be extended by 6 months at our option. If extended, the maturity date would be March 2017. Original maturities on or before December 31, Debt: 2016 2017 2018 2019 2020 Thereafter Secured credit facility $ - $ - $ 271,500 $ - $ - $ - Bridge term loan (1) 120,000 - - - - - Mortgages-Fixed rate 45,064 2,956 3,687 3,982 6,076 484,191 Mortgages-Floating rate - - - - - 38,075 Total $ 165,064 $ 2,956 $ 275,187 $ 3,982 $ 6,076 $ 522,266 (1) The bridge term loan may be extended by 6 months at our option. If extended, the maturity date would be March 2017. As of December 31, 2015 we were in compliance with all financial covenants contained in our indebtedness. The following tables contains summary information concerning our indebtedness as of December 31, 2014: Debt: Outstanding Carrying Type Rate Weighted Average Maturity (in Secured credit facility (1) $ 18,392 $ 18,392 Floating 2.7% 1.8 Mortgages-Fixed rate 360,902 362,434 Fixed 3.8% 7.5 Mortgages-Floating rate 38,075 38,075 Floating 2.4% 6.3 Total Debt $ 417,369 $ 418,901 3.6% 7.1 (1) The secured credit facility total capacity was $30.0 million, of which $18.4 million was outstanding as of December 31, 2014.

Stockholder Equity and NonCon25

Stockholder Equity and NonControlling Interests (Tables)	12 Months Ended
	Dec. 31, 2015
Dividends Declared	Our board of directors declared the following dividends in 2015: Month Record Date Payment Date Dividend Declared Per Share January 2015 January 30, 2015 February 17, 2015 $ 0.06 February 2015 February 27, 2015 March 16, 2015 $ 0.06 March 2015 March 31, 2015 April 15, 2015 $ 0.06 April 2015 April 30, 2015 May 15, 2015 $ 0.06 May 2015 May 29, 2015 June 15, 2015 $ 0.06 June 2015 June 30, 2015 July 15, 2015 $ 0.06 July 2015 July 31, 2015 August 17, 2015 $ 0.06 August 2015 August 31, 2015 September 15, 2015 $ 0.06 September 2015 September 15, 2015 October 15, 2015 $ 0.034 September 2015 September 30, 2015 October 15, 2015 $ 0.026 October 2015 October 30, 2015 November 16, 2015 $ 0.06 November 2015 November 30, 2015 December 15, 2015 $ 0.06 December 2015 December 31, 2015 January 15, 2016 $ 0.06 On January 14, 2016, our board of directors declared the following dividends during 2016: Month Record Date Payment Date Dividend Declared Per Share January 2016 January 29, 2016 February 16, 2016 $ 0.06 February 2016 February 29, 2016 March 15, 2016 $ 0.06 March 2016 March 31, 2016 April 15, 2016 $ 0.06 Our board of directors declared the following dividends during 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 October 2014 October 31, 2014 November 17, 2014 $ 0.06 November 2014 November 28, 2014 December 15, 2014 $ 0.06 December 2014 December 31, 2014 January 15, 2015 $ 0.06 Our board of directors also declared the following dividends during 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 October 2013 October 31, 2013 November 15, 2013 $ 0.05333 November 2013 November 29, 2013 December 16, 2013 $ 0.05333 December 2013 December 31, 2013 January 15, 2014 $ 0.05333
Noncontrolling Interests
Dividends Declared	Our board of directors declared the following distributions on our operating partnership’s LP units during 2015: Month Record Date Payment Date Dividend Declared Per Share January 2015 January 30, 2015 February 17, 2015 $ 0.06 February 2015 February 27, 2015 March 16, 2015 $ 0.06 March 2015 March 31, 2015 April 15, 2015 $ 0.06 April 2015 April 30, 2015 May 15, 2015 $ 0.06 May 2015 May 29, 2015 June 15, 2015 $ 0.06 June 2015 June 30, 2015 July 15, 2015 $ 0.06 July 2015 July 31, 2015 August 17, 2015 $ 0.06 August 2015 August 31, 2015 September 15, 2015 $ 0.06 September 2015 September 15, 2015 October 15, 2015 $ 0.06 October 2015 October 30, 2015 November 16, 2015 $ 0.06 November 2015 November 30, 2015 December 15, 2015 $ 0.06 December 2015 December 31, 2015 January 15, 2016 $ 0.06 On January 14, 2016, our board of directors declared the following distributions on our operating partnership’s LP units during 2016: Month Record Date Payment Date Dividend Declared Per Share January 2016 January 29, 2016 February 16, 2016 $ 0.06 February 2016 February 29, 2016 March 15, 2016 $ 0.06 March 2016 March 31, 2016 April 15, 2016 $ 0.06 Our board of directors declared the following distributions on our operating partnership’s LP units during 2014: Month Record Date Payment Date Dividend Declared Per Share 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 October 2014 October 31, 2014 November 17, 2014 $ 0.06 November 2014 November 28, 2014 December 15, 2014 $ 0.06 December 2014 December 31, 2014 January 15, 2015 $ 0.06

Equity Compensation Plans (Tabl

Equity Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Summary of SARs Activity of the Long Term Incentive Plan	A summary of the SARs activity of the Long Term Incentive Plan is presented below. 2015 2014 SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price Outstanding, January 1, 72,000 $ 8.20 - $ - Granted 300,000 9.35 80,000 8.20 Expired - - - - Exercised (2,000 ) 8.20 - - Forfeited (19,000 ) 9.11 (8,000 ) - Outstanding, December 31, 351,000 $ 9.13 72,000 $ 8.20 SARs exercisable at December 31, 22,000 -
Schedule of Assumptions Used in Computing the Fair Value of the SARs Issued Under Black-Scholes Option Pricing Model	Our assumptions used in computing the fair value of the SARs issued during the years ended December 31, 2015 and 2014, using the Black-Scholes Option Pricing Model, were as follows: As of December 31 2015 2014 Stock Price $ 7.51 $ 9.31 Strike Price $ 8.20-9.35 $ 8.20 Risk-free interest rate 1.1 - 1.2% 1.1 % Dividend yield 9.6 % 7.7 % Volatility 34 % 21 % Expected term 1.7 - 2.5 years 2.5 years
SARs
Schedule Of Stock Options Outstanding And Exercisable	The following table summarizes information about the SARs outstanding and exercisable as of December 31, 2015: SARs Outstanding SARs Exercisable Exercise Price Number Outstanding Weighted Average Remaining Contractual Life Number Exercisable Weighted Average Remaining Contractual Life $8.20 - 9.35 351,000 3.9 22,000 3.1
Restricted Stock
Summary of Restricted Common Share Awards of Incentive Award Plan	A summary of the restricted common share awards as of December 31, 2015 and 2014 of the Incentive Award Plan is presented below. 2015 2014 Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Balance, January 1, 36,000 $ 8.20 - $ - Granted 112,000 9.30 49,000 8.34 Vested (24,000 ) 8.55 (13,000 ) 8.72 Forfeited (7,000 ) 9.02 - - Balance, December 31, 117,000 $ 9.13 36,000 $ 8.20

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
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, 2015, 2014 and 2013: For the Years Ended December 31 2015 2014 2013 Net Income (loss) $ 30,156 $ 2,944 $ 1,274 (Income) loss allocated to preferred shares $ - - (10 ) (Income) loss allocated to non-controlling interests (1,914 ) (4 ) (649 ) Net Income (loss) allocable to common shares 28,242 2,940 615 Weighted-average shares outstanding—Basic 36,153,673 21,315,928 5,330,814 Dilutive securities 6,601 216,743 - Weighted-average shares outstanding—Diluted 36,160,274 21,532,671 5,330,814 Earnings (loss) per share—Basic $ 0.78 $ 0.14 $ 0.12 Earnings (loss) per share—Diluted $ 0.78 $ 0.14 $ 0.12

Quarterly Financial Data (Una28

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
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 2015: Total revenue $ 21,657 $ 22,718 $ 25,492 $ 39,709 Net income (loss) (241 ) 353 25,636 4,408 Net income (loss) allocable to common shares (233 ) 337 24,015 4,123 Total earnings (loss) per share—Basic (1) $ (0.01 ) $ 0.01 $ 0.71 $ 0.09 Total earnings (loss) per share—Diluted (1) $ (0.01 ) $ 0.01 $ 0.71 $ 0.09 2014: Total revenue $ 8,132 $ 11,641 $ 13,049 $ 16,349 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 (1) The summation of quarterly per share amounts do not equal the full year amounts.

Organization - Additional Infor

Organization - Additional Information (Detail) $ / shares in Units, $ in Billions	Sep. 17, 2015USD ($)$ / sharesshares	Dec. 31, 2015Property
Class Of Stock [Line Items]
Number of units located with multifamily properties | Property		13,724
Number of multifamily properties owned | Property		49
Trade Street Residential, Inc.
Class Of Stock [Line Items]
Common stock shares converted into right to receive cash | $ / shares	$ 3.80
Common stock shares converted into right to receive shares of IRT	0.4108
Shares issued to acquire entity	15,110,994
Trade Street Residential, Inc. | Limited Partner
Class Of Stock [Line Items]
Operating partnership units exchanged in merger	1,925,419
Minimum
Class Of Stock [Line Items]
Expected total capitalization after merger | $	$ 1.4

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012
Significant Accounting Policies [Line Items]
Federal Deposit Insurance Corporation deposit insurance limit per institution			$ 250,000
Restricted cash			5,413,000		$ 5,206,000
Amortization expense for intangible assets			7,206,000		3,778,000		$ 490,000
Amortization expense for intangible assets expected for 2016			3,735,000
Depreciation expense			20,888,000		8,742,000		3,923,000
Advertising expenses			1,399,000		675,000		336,000
Mortgage indebtedness, carrying amount			584,337,000		400,509,000
Mortgage indebtedness, outstanding principal			975,531,000		417,369,000
Cash and cash equivalents			38,301,000		14,763,000		3,334,000	$ 2,533,000
Income tax expense			$ 0		$ 0		$ 0
Taxable income distributable to stockholders			90.00%
Dividends characterized as capital gain distribution			17.00%
Dividends characterized as return of capital			83.00%		65.00%
Dividends characterized as ordinary taxable income					35.00%
Accumulated other comprehensive income			$ (8,000)
Deferred costs			9,226,000		$ 2,924,000
Deferred costs, accumulated amortization			1,726,000		505,000
Cash Flow Hedge | Interest Rate Cap
Significant Accounting Policies [Line Items]
Derivative, notional amount			$ 200,000,000
Derivative, maturity date			Oct. 17, 2017
Derivative, fair value			$ 24,000
Accumulated other comprehensive income			(8,000)
Reclassified out of accumulated other comprehensive income to earnings, amount			$ 0
Cash Flow Hedge | 1-month LIBOR
Significant Accounting Policies [Line Items]
Interest rate cap strike rate			3.00%
Scenario Forecast | Cash Flow Hedge | Interest Rate Cap
Significant Accounting Policies [Line Items]
Reclassified out of accumulated other comprehensive income to earnings, amount		$ 2,000
Mortgages
Significant Accounting Policies [Line Items]
Indebtedness fair value			$ 589,320,000		411,311,000
Bridge Term Loan
Significant Accounting Policies [Line Items]
Mortgage indebtedness, outstanding principal	[1]		120,000,000
Secured Credit Facility
Significant Accounting Policies [Line Items]
Mortgage indebtedness, outstanding principal			271,500,000	[2]	$ 18,392,000	[3]
Natural Disasters and Other Insurable Events
Significant Accounting Policies [Line Items]
Rent revenue recognized			$ 322,000
Alabama
Significant Accounting Policies [Line Items]
Percentage of rental revenue			0.48%
Florida
Significant Accounting Policies [Line Items]
Percentage of rental revenue			1.21%
Georgia
Significant Accounting Policies [Line Items]
Percentage of rental revenue			6.66%
North Carolina
Significant Accounting Policies [Line Items]
Percentage of rental revenue			7.02%
South Carolina
Significant Accounting Policies [Line Items]
Percentage of rental revenue			3.47%
Tennessee
Significant Accounting Policies [Line Items]
Percentage of rental revenue			10.24%
Texas
Significant Accounting Policies [Line Items]
Percentage of rental revenue			9.43%
Building and Building Improvements
Significant Accounting Policies [Line Items]
Depreciable Lives			40 years
Leases Acquired In Place
Significant Accounting Policies [Line Items]
Acquisition of above-market in-place leases			$ 7,690,000
Maximum
Significant Accounting Policies [Line Items]
Cash and cash equivalents maturity period			3 months
Maximum | Equipment and Fixtures
Significant Accounting Policies [Line Items]
Depreciable Lives			10 years
Minimum | Equipment and Fixtures
Significant Accounting Policies [Line Items]
Depreciable Lives			5 years
[1]	The bridge term loan may be extended by 6 months at our option. If extended, the maturity date would be March 2017
[2]	The total capacity of the secured credit facility is $325.0 million, of which $271.5 million was outstanding as of December 31, 2015.
[3]	The secured credit facility total capacity was $30.0 million, of which $18.4 million was outstanding as of December 31, 2014

TSRE Merger - Additional Inform

TSRE Merger - Additional Information (Detail) $ in Thousands	Sep. 17, 2015USD ($)Property	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Increase in fair value of net assets acquired		$ 592
Gains (losses) on TSRE merger and property acquisitions	$ 64,604		$ 64,604	$ 2,882
Indebtedness		359,495	359,495
Trade Street Residential, Inc.
Business Acquisition [Line Items]
Fair value of equity consideration transferred	123,855
Indebtedness	359,495	121,885	$ 121,885
Paid indebtedness	237,610
Acquisition expenses	12,906
Expenses associated with extinguishing financing arrangement	23,219
Increase in acquisition expenses		$ 376
Expenses associated with employee separation	$ 4,289
Number of properties acquired | Property	19
Trade Street Residential, Inc. | TSRE Properties
Business Acquisition [Line Items]
Gains (losses) on TSRE merger and property acquisitions	$ 31,000
Common Shares | Trade Street Residential, Inc.
Business Acquisition [Line Items]
Fair value of equity consideration transferred	109,857
Gains (losses) on TSRE merger and property acquisitions	34,000
Limited Partner | Trade Street Residential, Inc.
Business Acquisition [Line Items]
Fair value of equity consideration transferred	$ 13,998

Schedule of Estimated Fair Valu

Schedule of Estimated Fair Value of Assets and Liabilities Acquired (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 17, 2015
Business Acquisition [Line Items]
Investments in real estate	$ 707,268
Cash assumed	2,685
Accounts receivable and other assets	6,600
Intangible assets	7,690
Indebtedness	(359,495)
Accounts payable and accrued expenses	(7,867)
Accrued interest payable	(130)
Other liabilities	(3,764)
Net assets acquired	352,987
Trade Street Residential, Inc.
Business Acquisition [Line Items]
Investments in real estate		$ 682,237
Cash assumed		2,685
Accounts receivable and other assets		6,513
Intangible assets		7,471
Indebtedness	$ (121,885)	(359,495)
Accounts payable and accrued expenses		(7,379)
Accrued interest payable		(130)
Other liabilities		(3,662)
Net assets acquired		$ 328,240

Schedule of Fair Value of Consi

Schedule of Fair Value of Consideration Transferred (Detail) - Trade Street Residential, Inc. $ in Thousands	Sep. 17, 2015USD ($)
Business Acquisition [Line Items]
Cash consideration for TSRE merger	$ 139,781
Equity consideration for TSRE merger	123,855
Total	$ 263,636

Investments in Real Estate - Ad

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

Feb. 18, 2016USD ($)Property

Dec. 22, 2015USD ($)Property

Oct. 15, 2015USD ($)

Sep. 17, 2015USD ($)Property

May. 01, 2015USD ($)Property

Dec. 30, 2014USD ($)shares

Dec. 16, 2014USD ($)

Dec. 08, 2014USD ($)Property

Nov. 24, 2014USD ($)shares

Sep. 15, 2014USD ($)

Sep. 05, 2014USD ($)

Aug. 28, 2014USD ($)shares

Jun. 04, 2014USD ($)

May. 07, 2014USD ($)shares

Mar. 31, 2014USD ($)

Feb. 28, 2014USD ($)

Jan. 31, 2014USD ($)

Dec. 31, 2015USD ($)Property

Dec. 31, 2015USD ($)Property

Dec. 31, 2014USD ($)shares

Dec. 31, 2013USD ($)

Real Estate Properties [Line Items]

Number of multifamily properties owned | Property

49

49

Acquisition of real estate properties

$ 24,746

$ 299,881

$ 36,822

Investments in real estate

$ 707,268

707,268

Indebtedness

359,495

$ 359,495

Effective interest rate

3.70%

3.60%

Fair value of debt assumed

371,256

$ 371,256

Gain (loss) on assets

$ 64,604

64,604

$ 2,882

Number of Multifamily Property Disposed | Property

1

Sale Price of Real Estate Property

$ 33,600

Gain (loss) on sale of assets

$ 6,420

$ 8

Parcel of land sold

$ 3,350

Subsequent Event

Real Estate Properties [Line Items]

Number of Multifamily Property Disposed | Property

1

Sale Price of Real Estate Property

$ 18,000

Walnut Hill

Real Estate Properties [Line Items]

Acquisition of real estate properties

$ 27,900

Number of limited units issued | shares

137,361

Limited units issued value

$ 1,377

Effective interest rate

3.40%

Maturity date

Oct. 1, 2021

Noncontrolling Interests | Walnut Hill

Real Estate Properties [Line Items]

Number of limited units issued | shares

137,361

Limited units issued value

$ 1,377

TSRE Properties

Real Estate Properties [Line Items]

Fair value of net assets acquired

592

Indianapolis Indiana

Real Estate Properties [Line Items]

Number of multifamily property acquired | Property

236

Acquisition of real estate properties

$ 25,250

Acquisition expenses

270

Indianapolis Indiana | Real Estate Investment

Real Estate Properties [Line Items]

Investments in real estate

$ 25,250

Iron Rock Ranch

Real Estate Properties [Line Items]

Acquisition of real estate properties

$ 35,250

Iron Rock Ranch | Noncontrolling Interests

Real Estate Properties [Line Items]

Number of limited units issued | shares

918,098

918,098

Limited units issued value

$ 8,550

$ 8,550

Stonebridge At The Ranch

Real Estate Properties [Line Items]

Acquisition of real estate properties

$ 31,580

Prospect Park Brookside Jamestown Meadows And Oxmoor

Real Estate Properties [Line Items]

Number of multifamily properties owned | Property

5

Acquisition of real estate properties

$ 162,350

Bennington Pond

Real Estate Properties [Line Items]

Acquisition of real estate properties

$ 17,500

Number of limited units issued | shares

4,929

Limited units issued value

$ 48

Bennington Pond | Noncontrolling Interests

Real Estate Properties [Line Items]

Number of limited units issued | shares

4,929

Limited units issued value

$ 48

Stonebridge Crossing

Real Estate Properties [Line Items]

Acquisition of real estate properties

$ 29,800

Lenoxplace At Garner Station

Real Estate Properties [Line Items]

Acquisition of real estate properties

$ 24,250

Arbors at the Reservoir

Real Estate Properties [Line Items]

Acquisition of real estate properties

$ 20,250

Carrington

Real Estate Properties [Line Items]

Acquisition of real estate properties

$ 21,500

Number of limited units issued | shares

222,062

Limited units issued value

$ 1,986

Carrington | Noncontrolling Interests

Real Estate Properties [Line Items]

Number of limited units issued | shares

222,062

Limited units issued value

$ 1,986

King's Landing

Real Estate Properties [Line Items]

Acquisition of real estate properties

$ 32,700

Indebtedness

$ 21,200

Effective interest rate

4.00%

OKC Portfolio

Real Estate Properties [Line Items]

Acquisition of real estate properties

$ 65,000

Investments in real estate

70,431

Indebtedness

$ 45,763

Effective interest rate

5.60%

Maturity date

Apr. 1, 2016

Fair value of debt assumed

$ 48,312

Gain (loss) on assets

$ 2,882

Reserve at Eagle Ridge

Real Estate Properties [Line Items]

Acquisition of real estate properties

$ 29,000

Trade Street Residential, Inc.

Real Estate Properties [Line Items]

Number of multifamily property acquired | Property

4,989

Number of properties acquired | Property

19

Acquisition expenses

$ 12,906

Investments in real estate

682,237

Indebtedness

359,495

$ 121,885

$ 121,885

Trade Street Residential, Inc. | TSRE Properties

Real Estate Properties [Line Items]

Gain (loss) on assets

$ 31,000

Summary of Investments in Real

Summary of Investments in Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Land	$ 190,585	$ 112,600
Building	1,168,453	570,475
Furniture, fixtures and equipment	12,977	6,037
Total investment in real estate	1,372,015	689,112
Accumulated depreciation	(39,638)	(23,376)
Investments in real estate, net	$ 1,332,377	$ 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 Aggregate Fair Value

Summary of Aggregate Fair Value of Assets and Liabilities (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Assets acquired:
Investments in real estate	$ 707,268
Cash and cash equivalents	2,685
Accounts receivable and other assets	6,600
Intangible assets	7,690
Total assets acquired	724,243
Liabilities assumed:
Indebtedness	359,495
Accounts payable and accrued expenses	7,867
Accrued interest payable	130
Other liabilities	3,764
Total liabilities assumed	371,256
Net assets acquired	$ 352,987

Schedule of Revenue and Net Inc

Schedule of Revenue and Net Income (Loss) of Properties Acquired (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Real Estate Properties [Line Items]
Total revenue	$ 21,353
Net income (loss) allocable to common shares	2,880
Trade Street Residential, Inc.
Real Estate Properties [Line Items]
Total revenue	19,617
Net income (loss) allocable to common shares	2,840
Bayview Club
Real Estate Properties [Line Items]
Total revenue	1,736
Net income (loss) allocable to common shares	$ 40

Pro Forma of Financial Informat

Pro Forma of Financial Information Purport to Represent Result of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Real Estate Properties Base Purchase Price [Abstract]
Pro forma total revenue (unaudited)	$ 156,418	$ 110,519
Pro forma net income (loss) allocable to common shares (unaudited)	$ 39,887	$ 14,262
Earnings (loss) per share attributable to common shareholders:
Basic-pro forma (unaudited)	$ 1.10	$ 0.67
Diluted-pro forma (unaudited)	$ 1.10	$ 0.66

Summary of Information Concerni

Summary of Information Concerning Indebtedness that Encumbered our Properties (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness, outstanding principal		$ 975,531		$ 417,369
Mortgage indebtedness, carrying amount		$ 975,837		$ 418,901
Mortgage indebtedness, weighted average interest rate		3.70%		3.60%
Bridge Term Loan
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	[1]	$ 120,000
Mortgage indebtedness, carrying amount	[1]	$ 120,000
Mortgage indebtedness Type	[1]	Floating for 2014 and 2015
Mortgage indebtedness, weighted average interest rate	[1]	5.40%
Mortgages-Fixed Rate
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness, outstanding principal		$ 545,956		$ 360,902
Mortgage indebtedness, carrying amount		$ 546,262		$ 362,434
Mortgage indebtedness Type		Fixed for 2014 and 2015
Mortgage indebtedness, weighted average interest rate		3.80%		3.80%
Mortgages-Floating Rate
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness, outstanding principal		$ 38,075		$ 38,075
Mortgage indebtedness, carrying amount		$ 38,075		$ 38,075
Mortgage indebtedness Type		Floating for 2014 and 2015
Mortgage indebtedness, weighted average interest rate		2.80%		2.40%
Weighted Average
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness maturity (in years)		4 years 10 months 24 days		7 years 1 month 6 days
Weighted Average | Bridge Term Loan
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness maturity (in years)	[1]	8 months 12 days
Weighted Average | Mortgages-Fixed Rate
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness maturity (in years)		6 years 10 months 24 days		7 years 6 months
Weighted Average | Mortgages-Floating Rate
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness, weighted average interest rate		2.80%		2.40%
Mortgage indebtedness maturity (in years)		5 years 4 months 24 days		6 years 3 months 18 days
Secured Credit Facility
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness, outstanding principal		$ 271,500	[2]	$ 18,392	[3]
Mortgage indebtedness, carrying amount		$ 271,500	[2]	$ 18,392	[3]
Mortgage indebtedness Type	[2],[3]	Floating for 2014 and 2015
Mortgage indebtedness, weighted average interest rate		2.90%	[2]	2.70%	[3]
Secured Credit Facility | Weighted Average
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness maturity (in years)		2 years 8 months 12 days	[2]	1 year 9 months 18 days	[3]
[1]	The bridge term loan may be extended by 6 months at our option. If extended, the maturity date would be March 2017
[2]	The total capacity of the secured credit facility is $325.0 million, of which $271.5 million was outstanding as of December 31, 2015.
[3]	The secured credit facility total capacity was $30.0 million, of which $18.4 million was outstanding as of December 31, 2014

Summary of Information Concer40

Summary of Information Concerning Indebtedness that Encumbered our Properties (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Mortgage Loans On Real Estate [Line Items]
Secured credit facility borrowing capacity	$ 325	$ 30
Credit facility outstanding	$ 271.5	$ 18.4
Bridge Term Loan
Mortgage Loans On Real Estate [Line Items]
Debt instrument, maturity date	Mar. 31, 2017
Bridge Term Loan | Extended Maturity
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness maturity (in years)	6 months

Maturity of Indebtedness (Detai

Maturity of Indebtedness (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Mortgage Loans On Real Estate [Line Items]
2,016	$ 165,064
2,017	2,956
2,018	275,187
2,019	3,982
2,020	6,076
Thereafter	522,266
Bridge Term Loan
Mortgage Loans On Real Estate [Line Items]
2,016	120,000
Mortgages-Fixed Rate
Mortgage Loans On Real Estate [Line Items]
2,016	45,064
2,017	2,956
2,018	3,687
2,019	3,982
2,020	6,076
Thereafter	484,191
Mortgages-Floating Rate
Mortgage Loans On Real Estate [Line Items]
Thereafter	38,075
Secured Credit Facility
Mortgage Loans On Real Estate [Line Items]
2,018	$ 271,500	[1]
[1]	The bridge term loan may be extended by 6 months at our option. If extended, the maturity date would be March 2017

Maturity of Indebtedness (Paren

Maturity of Indebtedness (Parenthetical) (Detail) - Bridge Term Loan	12 Months Ended
	Dec. 31, 2015
Mortgage Loans On Real Estate [Line Items]
Debt instrument, maturity date	Mar. 31, 2017
Extended Maturity
Mortgage Loans On Real Estate [Line Items]
Bridge loan extended (in months)	6 months

Mortgage Indebtedness - Additio

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

Sep. 17, 2015

Apr. 13, 2015

Jan. 27, 2015

Dec. 29, 2014

Dec. 08, 2014

Nov. 24, 2014

Oct. 24, 2014

Sep. 15, 2014

Jul. 15, 2014

May. 27, 2014

Mar. 31, 2014

Feb. 28, 2014

Feb. 07, 2014

Oct. 25, 2013

Feb. 29, 2016

Jan. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

3.70%

3.60%

Mortgage indebtedness, outstanding principal

$ 975,531,000

$ 417,369,000

Cash paid for interest

22,105,000

9,170,000

$ 3,545,000

Accrued interest payable outstanding

0

Mortgage indebtedness, carrying amount

584,337,000

400,509,000

Loans payable on real estate

359,495,000

Fair value of debt assumed

371,256,000

Secured credit facility borrowing capacity

$ 325,000,000

$ 30,000,000

Key Bank Senior Facility

Mortgage Loans On Real Estate [Line Items]

Pledge of collateral security for credit facility

85.00%

Key Bank Senior Facility | Subsequent Event

Mortgage Loans On Real Estate [Line Items]

Repayments Of Lines Of Credit

$ 9,684,000

$ 14,100,000

Key Bank Senior Facility | Limited Partner | If greater than or equal to 50% of the revolver is used

Mortgage Loans On Real Estate [Line Items]

Percentage of fee on line of credit facility outstanding

0.20%

Key Bank Senior Facility | Limited Partner | If less than 50% of the revolver is used

Mortgage Loans On Real Estate [Line Items]

Percentage of fee on line of credit facility outstanding

0.25%

Revolving credit agreement | Key Bank Senior Facility

Mortgage Loans On Real Estate [Line Items]

Secured credit facility borrowing capacity

$ 125,000,000

Percentage of secured credit facility available for swingline loans

10.00%

Percentage of secured credit facility available for issuance of letters of credit

10.00%

Revolving credit agreement | 1-month LIBOR

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

2.50%

Secured Credit Facility

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

2.90%

[1]

2.70%

[2]

Mortgage indebtedness, outstanding principal

$ 271,500,000

[1]

$ 18,392,000

[2]

Secured Credit Facility | Key Bank Senior Facility

Mortgage Loans On Real Estate [Line Items]

Secured credit facility borrowing capacity

$ 325,000,000

Deferred financing costs

$ 4,722,000

Secured credit facility, remaining borrowing capacity

$ 53,500,000

Secured Credit Facility | Key Bank Senior Facility | Limited Partner

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness maturity (in years)

3 years

Increase in maximum borrowing capacity

$ 450,000,000

Secured credit facility, maturity date

Sep. 17, 2018

Secured Credit Facility | 1-month LIBOR | Key Bank Senior Facility

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

2.45%

Term Loan | Key Bank Senior Facility

Mortgage Loans On Real Estate [Line Items]

Secured credit facility borrowing capacity

$ 200,000,000

Secured credit facility, remaining borrowing capacity

$ 0

Senior Interim Term Loan | Key Bank Interim Facility

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness maturity (in years)

364 days

Secured credit facility borrowing capacity

$ 120,000,000

Deferred financing costs

$ 2,092,000

Secured credit facility, remaining borrowing capacity

$ 0

Senior Interim Term Loan | Key Bank Interim Facility | Limited Partner

Mortgage Loans On Real Estate [Line Items]

Percentage of net proceeds from equity issuances, sales of assets, refinancing of assets

100.00%

Senior Interim Term Loan | 1-month LIBOR | Key Bank Interim Facility

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

5.00%

Senior Interim Term Loan | 1-month LIBOR | Key Bank Interim Facility | Limited Partner

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

5.00%

Senior Interim Term Loan | 1-month LIBOR | Key Bank Interim Facility | Limited Partner | If IROP elects to extend its maturity

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

6.50%

Senior Interim Term Loan | Base Rate | Key Bank Interim Facility | Limited Partner

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

4.00%

Senior Interim Term Loan | Base Rate | Key Bank Interim Facility | Limited Partner | If IROP elects to extend its maturity

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

5.50%

Iron Rock Ranch

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

3.40%

Mortgage indebtedness, carrying amount

$ 22,900,000

Interest payment period

Monthly

Maturity date

Feb. 1, 2025

Stonebridge At The Ranch

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

3.20%

Mortgage indebtedness, carrying amount

$ 20,527,000

Interest payment period

Monthly

Maturity date

May 1, 2025

Creekstone At R T P

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

3.90%

Mortgage indebtedness, carrying amount

$ 23,250,000

Interest payment period

Monthly

Maturity date

Jun. 10, 2023

Principal date

Jun. 10, 2016

Mortgage indebtedness maturity (in years)

30 years

Fountains Southend

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

4.30%

Mortgage indebtedness, carrying amount

$ 23,750,000

Interest payment period

Monthly

Maturity date

Feb. 5, 2024

Principal date

Feb. 5, 2017

Mortgage indebtedness maturity (in years)

30 years

I R T Millenia

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

3.80%

Mortgage indebtedness, carrying amount

$ 25,000,000

Interest payment period

Monthly

Maturity date

Mar. 5, 2021

Principal date

Apr. 5, 2018

Mortgage indebtedness maturity (in years)

30 years

I R T Millenia | Supplemental Loan Agreement

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

4.30%

Mortgage indebtedness, carrying amount

$ 4,175,000

Interest payment period

Monthly

Maturity date

Mar. 5, 2021

Principal date

May 5, 2018

Mortgage indebtedness maturity (in years)

30 years

Talison Row

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

4.10%

Mortgage indebtedness, carrying amount

$ 33,635,000

Interest payment period

Monthly

Maturity date

Sep. 10, 2023

Principal date

Sep. 10, 2016

Mortgage indebtedness maturity (in years)

30 years

Aventine Greenville

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

3.20%

Mortgage indebtedness, carrying amount

$ 30,600,000

Interest payment period

Monthly

Maturity date

Mar. 5, 2021

Principal date

Nov. 4, 2016

Mortgage indebtedness maturity (in years)

30 years

Waterstone at Brier Creek

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

3.70%

Mortgage indebtedness, carrying amount

$ 16,250,000

Interest payment period

Monthly

Maturity date

Apr. 5, 2022

Waterstone at Brier Creek | Supplemental Loan Agreement

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

4.20%

Mortgage indebtedness, carrying amount

$ 4,175,000

Interest payment period

Monthly

Maturity date

Apr. 5, 2022

Stonebridge Crossing

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

3.40%

Mortgage indebtedness, carrying amount

$ 19,370,000,000

Interest payment period

monthly

Maturity date

Jan. 1, 2022

Prospect Park

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

3.60%

Mortgage indebtedness, carrying amount

$ 9,230,000

Interest payment period

monthly

Maturity date

Jan. 1, 2025

Brookside

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

3.60%

Mortgage indebtedness, carrying amount

$ 13,455,000

Interest payment period

monthly

Maturity date

Jan. 1, 2025

Jamestown

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

3.60%

Mortgage indebtedness, carrying amount

$ 22,880,000

Interest payment period

monthly

Maturity date

Jan. 1, 2025

Meadows

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

3.60%

Mortgage indebtedness, carrying amount

$ 24,245,000

Interest payment period

monthly

Maturity date

Jan. 1, 2025

Oxmoor

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

3.60%

Mortgage indebtedness, carrying amount

$ 35,815,000

Interest payment period

monthly

Maturity date

Jan. 1, 2025

Bennington Pond

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

3.70%

Mortgage indebtedness, carrying amount

$ 11,375,000

Interest payment period

monthly

Maturity date

Dec. 1, 2024

Lenoxplace

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

3.70%

Mortgage indebtedness, carrying amount

$ 15,991,000

Interest payment period

monthly

Maturity date

Nov. 1, 2021

Walnut Hill

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

3.40%

Mortgage indebtedness, carrying amount

$ 18,650,000

Interest payment period

monthly

Maturity date

Oct. 1, 2021

Arbors

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

4.00%

Mortgage indebtedness, carrying amount

$ 13,150,000

Interest payment period

monthly

Maturity date

Aug. 1, 2024

Carrington

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

4.00%

Mortgage indebtedness, carrying amount

$ 14,235,000

Interest payment period

monthly

Maturity date

Aug. 1, 2024

The Crossings

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

3.90%

Mortgage indebtedness, carrying amount

$ 15,313,000

Interest payment period

monthly

Maturity date

Jun. 1, 2024

King's Landing

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

4.00%

Mortgage indebtedness, carrying amount

$ 21,200,000

Interest payment period

monthly

Maturity date

Jun. 1, 2022

Principal date

Jun. 1, 2017

Mortgage indebtedness maturity (in years)

30 years

OKC Portfolio

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

5.60%

Interest payment period

monthly

Maturity date

Apr. 1, 2016

Loans payable on real estate

$ 45,763,000

Fair value of debt assumed

$ 48,312,000

Market interest rate

2.80%

Amortization of debt premium

$ 2,549,000

Reserve at Eagle Ridge

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

4.70%

Mortgage indebtedness, carrying amount

$ 18,850,000

Interest payment period

monthly

Maturity date

Mar. 1, 2024

Weighted Average

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness maturity (in years)

4 years 10 months 24 days

7 years 1 month 6 days

Weighted Average | Secured Credit Facility

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness maturity (in years)

2 years 8 months 12 days

[1]

1 year 9 months 18 days

[2]

Minimum | Secured Credit Facility | 1-month LIBOR | Key Bank Senior Facility | Limited Partner

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

1.65%

Minimum | Secured Credit Facility | Base Rate | Key Bank Senior Facility | Limited Partner

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

0.65%

Maximum | Secured Credit Facility | 1-month LIBOR | Key Bank Senior Facility | Limited Partner

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

2.45%

Maximum | Secured Credit Facility | Base Rate | Key Bank Senior Facility | Limited Partner

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

1.45%

Maximum | Senior Interim Term Loan | Key Bank Interim Facility | Limited Partner

Mortgage Loans On Real Estate [Line Items]

Principal amount outstanding

$ 100,000,000

Sponsor

Mortgage Loans On Real Estate [Line Items]

Cash paid for interest

$ 965,000

$ 966,000

Mortgages-Floating Rate

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

2.80%

2.40%

Mortgage indebtedness, outstanding principal

$ 38,075,000

$ 38,075,000

Mortgages-Floating Rate | Weighted Average

Mortgage Loans On Real Estate [Line Items]

Effective interest rate

2.80%

2.40%

Mortgage indebtedness maturity (in years)

5 years 4 months 24 days

6 years 3 months 18 days

[1]

The total capacity of the secured credit facility is $325.0 million, of which $271.5 million was outstanding as of December 31, 2015.

[2]

The secured credit facility total capacity was $30.0 million, of which $18.4 million was outstanding as of December 31, 2014

Stockholder Equity and Non-Cont

Stockholder Equity and Non-Controlling Interest - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands

Feb. 01, 2016

Sep. 17, 2015

Nov. 25, 2014

Jul. 21, 2014

Jan. 29, 2014

Aug. 19, 2013

Aug. 13, 2013

May. 07, 2013

Feb. 28, 2013

Jun. 30, 2013

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Mar. 10, 2016

Dec. 30, 2014

Nov. 24, 2014

Aug. 28, 2014

May. 07, 2014

Jul. 25, 2013

Class Of Stock [Line Items]

Share price

$ 7.51

$ 9.31

Preferred stock redemption price

$ 137

Preferred stock, shares outstanding

0

0

Limited partnership interest received in exchange for issuance of common stock

52,937

Non-controlling interest distribution rate

$ 2.78

$ 2.78

Preferred stock redemption price

$ 10

Subsidiaries

Class Of Stock [Line Items]

Limited partnership interest received in exchange for issuance of common stock

5,274,900

Walnut Hill

Class Of Stock [Line Items]

Number of limited units issued

137,361

Limited units issued value

$ 1,377

Bennington Pond

Class Of Stock [Line Items]

Number of limited units issued

4,929

Limited units issued value

$ 48

Carrington

Class Of Stock [Line Items]

Number of limited units issued

222,062

Limited units issued value

$ 1,986

Subsequent Event

Class Of Stock [Line Items]

Limited partnership interest received in exchange for issuance of common stock

204,115

Exchange of units to common stock

204,113

OP Units outstanding

2,950,816

Series A Preferred Stock

Class Of Stock [Line Items]

Share price

1,000

Preferred stock rate

$ 0.34722222

Preferred sock, percentage of annualized distribution rate

12.50%

12.50%

Preferred stock, distribution payment date

Jun. 28, 2013

Preferred stock, shares redeemed

125

Preferred stock redemption price

$ 140

Preferred stock, shares outstanding

0

Series B Preferred Units

Class Of Stock [Line Items]

Preferred stock, shares redeemed

350

Preferred stock redemption price

$ 3,500

$ 3,500

Preferred stock, shares outstanding

0

Common Shares

Class Of Stock [Line Items]

Issuance of shares

15,105,669

22,098,536

4,023,577

Exchange of units to common stock

52,933

5,274,900

Noncontrolling Interests | Walnut Hill

Class Of Stock [Line Items]

Number of limited units issued

137,361

Limited units issued value

$ 1,377

Noncontrolling Interests | Iron Rock Ranch

Class Of Stock [Line Items]

Number of limited units issued

918,098

918,098

Limited units issued value

$ 8,550

$ 8,550

Noncontrolling Interests | Bennington Pond

Class Of Stock [Line Items]

Number of limited units issued

4,929

Limited units issued value

$ 48

Noncontrolling Interests | Carrington

Class Of Stock [Line Items]

Number of limited units issued

222,062

Limited units issued value

$ 1,986

Noncontrolling Interests | Series B Preferred Units

Class Of Stock [Line Items]

Preferred stock redemption price

$ 3,500

Distributions declared for the months of January through March 2013

Class Of Stock [Line Items]

Non-controlling interest for months

January through March 2013

Non-controlling interest per unit per day

$ 0.00163934

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

Class Of Stock [Line Items]

Common stock for months

January through June 2013

Dividend rate of common stock

0.00163934

Distributions declared for the months of April through June 2013

Class Of Stock [Line Items]

Non-controlling interest for months

April through June 2013

Non-controlling interest per unit per day

0.00171233

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

Class Of Stock [Line Items]

Common stock for months

April through June 2013

Dividend rate of common stock

$ 0.00171233

If IROP elects to extend its maturity

Class Of Stock [Line Items]

Non-controlling interest for months

July through September 2013

Underwritten Public Offering

Class Of Stock [Line Items]

Issuance of shares

6,000,000

8,050,000

8,050,000

4,000,000

Share price

$ 9.60

$ 9.50

$ 8.30

$ 8.50

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

Trade Street Residential, Inc.

Class Of Stock [Line Items]

Merger completion date

Sep. 17, 2015

Common stock shares converted into right to receive cash

$ 3.80

Common stock shares converted into right to receive shares of IRT

0.4108

Shares issued to acquire entity

15,110,994

Share price

$ 7.51

OP Units outstanding

3,154,931

OP Units redemption value

$ 23,694

Trade Street Residential, Inc. | Limited Partner

Class Of Stock [Line Items]

Operating partnership units exchanged in merger

1,925,419

OP Units value, exchanged in merger

$ 13,998

Dividends Declared (Detail)

Dividends Declared (Detail) - Dividend Declared - $ / shares	Jan. 14, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
January
Dividends Payable [Line Items]
Record Date		Jan. 30, 2015	Jan. 31, 2014
Payment Date		Feb. 17, 2015	Feb. 17, 2014
Dividend Declared Per Share		$ 0.06	$ 0.06
January | Noncontrolling Interests
Dividends Payable [Line Items]
Record Date		Jan. 30, 2015
Payment Date		Feb. 17, 2015
Dividend Declared Per Share		$ 0.06
January | Subsequent Event
Dividends Payable [Line Items]
Record Date	Jan. 29, 2016
Payment Date	Feb. 16, 2016
Dividend Declared Per Share	$ 0.06
January | Subsequent Event | Noncontrolling Interests
Dividends Payable [Line Items]
Record Date	Jan. 29, 2016
Payment Date	Feb. 16, 2016
Dividend Declared Per Share	$ 0.06
February
Dividends Payable [Line Items]
Record Date		Feb. 27, 2015	Feb. 28, 2014
Payment Date		Mar. 16, 2015	Mar. 17, 2014
Dividend Declared Per Share		$ 0.06	$ 0.06
February | Noncontrolling Interests
Dividends Payable [Line Items]
Record Date		Feb. 27, 2015
Payment Date		Mar. 16, 2015
Dividend Declared Per Share		$ 0.06
February | Subsequent Event
Dividends Payable [Line Items]
Record Date	Feb. 29, 2016
Payment Date	Mar. 15, 2016
Dividend Declared Per Share	$ 0.06
February | Subsequent Event | Noncontrolling Interests
Dividends Payable [Line Items]
Record Date	Feb. 29, 2016
Payment Date	Mar. 15, 2016
Dividend Declared Per Share	$ 0.06
March
Dividends Payable [Line Items]
Record Date		Mar. 31, 2015	Mar. 31, 2014
Payment Date		Apr. 15, 2015	Apr. 15, 2014
Dividend Declared Per Share		$ 0.06	$ 0.06
March | Noncontrolling Interests
Dividends Payable [Line Items]
Record Date		Mar. 31, 2015
Payment Date		Apr. 15, 2015
Dividend Declared Per Share		$ 0.06
March | Subsequent Event
Dividends Payable [Line Items]
Record Date	Mar. 31, 2016
Payment Date	Apr. 15, 2016
Dividend Declared Per Share	$ 0.06
March | Subsequent Event | Noncontrolling Interests
Dividends Payable [Line Items]
Record Date	Mar. 31, 2016
Payment Date	Apr. 15, 2016
Dividend Declared Per Share	$ 0.06
April
Dividends Payable [Line Items]
Record Date		Apr. 30, 2015	Apr. 30, 2014
Payment Date		May 15, 2015	May 15, 2014
Dividend Declared Per Share		$ 0.06	$ 0.06
April | Noncontrolling Interests
Dividends Payable [Line Items]
Record Date		Apr. 30, 2015
Payment Date		May 15, 2015
Dividend Declared Per Share		$ 0.06
May
Dividends Payable [Line Items]
Record Date		May 29, 2015	May 30, 2014
Payment Date		Jun. 15, 2015	Jun. 16, 2014
Dividend Declared Per Share		$ 0.06	$ 0.06
May | Noncontrolling Interests
Dividends Payable [Line Items]
Record Date		May 29, 2015
Payment Date		Jun. 15, 2015
Dividend Declared Per Share		$ 0.06
June
Dividends Payable [Line Items]
Record Date		Jun. 30, 2015	Jun. 30, 2014
Payment Date		Jul. 15, 2015	Jul. 15, 2014
Dividend Declared Per Share		$ 0.06	$ 0.06
June | Noncontrolling Interests
Dividends Payable [Line Items]
Record Date		Jun. 30, 2015
Payment Date		Jul. 15, 2015
Dividend Declared Per Share		$ 0.06
July
Dividends Payable [Line Items]
Record Date		Jul. 31, 2015	Jul. 31, 2014	Aug. 5, 2013
Payment Date		Aug. 17, 2015	Aug. 15, 2014	Aug. 15, 2013
Dividend Declared Per Share		$ 0.06	$ 0.06	$ 0.05333
July | Noncontrolling Interests
Dividends Payable [Line Items]
Record Date		Jul. 31, 2015	Jul. 31, 2014
Payment Date		Aug. 17, 2015	Aug. 15, 2014
Dividend Declared Per Share		$ 0.06	$ 0.06
August
Dividends Payable [Line Items]
Record Date		Aug. 31, 2015	Aug. 29, 2014	Aug. 30, 2013
Payment Date		Sep. 15, 2015	Sep. 15, 2014	Sep. 13, 2013
Dividend Declared Per Share		$ 0.06	$ 0.06	$ 0.05333
August | Noncontrolling Interests
Dividends Payable [Line Items]
Record Date		Aug. 31, 2015	Aug. 29, 2014
Payment Date		Sep. 15, 2015	Sep. 15, 2014
Dividend Declared Per Share		$ 0.06	$ 0.06
September
Dividends Payable [Line Items]
Record Date		Sep. 15, 2015	Sep. 30, 2014	Sep. 30, 2013
Payment Date		Oct. 15, 2015	Oct. 15, 2014	Oct. 15, 2013
Dividend Declared Per Share		$ 0.034	$ 0.06	$ 0.05333
September | Noncontrolling Interests
Dividends Payable [Line Items]
Record Date		Sep. 15, 2015	Sep. 30, 2014
Payment Date		Oct. 15, 2015	Oct. 15, 2014
Dividend Declared Per Share		$ 0.06	$ 0.06
September
Dividends Payable [Line Items]
Record Date		Sep. 30, 2015
Payment Date		Oct. 15, 2015
Dividend Declared Per Share		$ 0.026
October
Dividends Payable [Line Items]
Record Date		Oct. 30, 2015	Oct. 31, 2014	Oct. 31, 2013
Payment Date		Nov. 16, 2015	Nov. 17, 2014	Nov. 15, 2013
Dividend Declared Per Share		$ 0.06	$ 0.06	$ 0.05333
October | Noncontrolling Interests
Dividends Payable [Line Items]
Record Date		Oct. 30, 2015	Oct. 31, 2014
Payment Date		Nov. 16, 2015	Nov. 17, 2014
Dividend Declared Per Share		$ 0.06	$ 0.06
November
Dividends Payable [Line Items]
Record Date		Nov. 30, 2015	Nov. 28, 2014	Nov. 29, 2013
Payment Date		Dec. 15, 2015	Dec. 15, 2014	Dec. 16, 2013
Dividend Declared Per Share		$ 0.06	$ 0.06	$ 0.05333
November | Noncontrolling Interests
Dividends Payable [Line Items]
Record Date		Nov. 30, 2015	Nov. 28, 2014
Payment Date		Dec. 15, 2015	Dec. 15, 2014
Dividend Declared Per Share		$ 0.06	$ 0.06
December
Dividends Payable [Line Items]
Record Date		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Payment Date		Jan. 15, 2016	Jan. 15, 2015	Jan. 15, 2014
Dividend Declared Per Share		$ 0.06	$ 0.06	$ 0.05333
December | Noncontrolling Interests
Dividends Payable [Line Items]
Record Date		Dec. 31, 2015	Dec. 31, 2014
Payment Date		Jan. 15, 2016	Jan. 15, 2015
Dividend Declared Per Share		$ 0.06	$ 0.06

Equity Compensation Plans - Add

Equity Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Feb. 12, 2016	May. 14, 2015	Feb. 18, 2015	May. 14, 2014	Jan. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Jul. 29, 2013	Apr. 05, 2011
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
Share price						$ 7.51	$ 9.31
Stock compensation expense						$ 495	$ 206
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock granted in period			100,000		40,000	112,000	49,000
Share price			$ 9.35		$ 8.20
Options grant date value			$ 935		$ 328	$ 221
Awards vesting period			3 years		3 years
Unearned compensation cost						558
Restricted Stock | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock granted in period	210,000
Share price	$ 6.22
Options grant date value	$ 1,306
Awards vesting period	3 years
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted			300,000		80,000
Options grant date value			$ 219		$ 49
Stock appreciation rights (SAR,s) expiration date					Feb. 18, 2020
Intrinsic value exercisable						0
Intrinsic value outstanding						0
Unearned compensation cost						$ 121
Directors Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted, shares		12,000		9,000
Stock granted, value		$ 107		$ 81
Stock granted, stock price		$ 8.89		$ 8.95
Amended and Restated Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized								800,000

Summary of SARs Activity of the

Summary of SARs Activity of the long Term Incentive Plan (Detail) - SARs - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, beginning balance	72,000
Options granted	300,000	80,000
Options exercised	(2,000)
Options forfeited	(19,000)	(8,000)
Options outstanding, ending balance	351,000	72,000
SARs exercisable	22,000
Weighted average exercise price, options outstanding beginning balance	$ 8.20
Weighted average exercise price, options granted	9.35	$ 8.20
Weighted average exercise price, options exercised	8.20
Weighted average exercise price, options forfeited	9.11
Weighted average exercise price, options outstanding ending balance	$ 9.13	$ 8.20

Information about SARs Outstand

Information about SARs Outstanding and Exercisable (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
8.20 - 9.35
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items]
Exercise price range, lower limit	$ 8.20
Exercise price range, upper limit	$ 9.35
SARs
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items]
SARs Number Outstanding	351,000	72,000
SARs Outstanding Weighted Average Remaining Contractual Life	3 years 10 months 24 days
SARs exercisable	22,000
SARs Exercisable Weighted Average Remaining Contractual Life	3 years 1 month 6 days

Summary of Assumptions Used in

Summary of Assumptions Used in Computing fair value of the SARs (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price	$ 7.51	$ 9.31
Strike Price		$ 8.20
Risk-free interest rate		1.10%
Risk-free interest rate minimum	1.10%
Risk-free interest rate maximum	1.20%
Dividend yield	9.60%	7.70%
Volatility	34.00%	21.00%
Expected term		2 years 6 months
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Strike Price	$ 8.20
Expected term	1 year 8 months 12 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Strike Price	$ 9.35
Expected term	2 years 6 months

Summary of Restricted Common Sh

Summary of Restricted Common Share Awards of Incentive Award Plan (Detail) - Restricted Stock - $ / shares	Feb. 18, 2015	Jan. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Number of Shares
Number of Shares, beginning balance			36,000
Common Share awards, granted	100,000	40,000	112,000	49,000
Common Share awards, vested			(24,000)	(13,000)
Common Share awards, forfeited			(7,000)
Number of Shares, ending balance			117,000	36,000
Weighted Average Grant Date Fair Value Per Share
Weighted average fair value, Balance at beginning of period			$ 8.20
Weighted average fair value, granted			9.30	$ 8.34
Weighted average fair value, vested			8.55	8.72
Weighted average fair value, forfeited			9.02
Weighted average fair value, Balance at end of period			$ 9.13	$ 8.20

Related Party Transactions an51

Related Party Transactions and Arrangements - Additional Information (Detail) $ / shares in Units, $ in Thousands	May. 07, 2013Property	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Related Party Transaction [Line Items]
Management fee of our cumulative equity raised		0.375%
Advisor incentive fee		20.00%
Internal return per share | $ / shares		$ 0.20
Dividends paid, common stock		$ 26,014	$ 16,368	$ 3,477
RAIT
Related Party Transaction [Line Items]
Ownership percentage		15.50%	22.90%
Dividends paid, common stock		$ 5,234	$ 5,126	3,533
Advisor
Related Party Transaction [Line Items]
Quarterly management fee as percentage of average real estate assets	0.1875%
Number of properties excluded from computation of base management fee | Property	8
Asset management fees earned		4,984	1,582	128
Incentive fees expense for advisor		629	154	144
Advisor | Incentive Fees
Related Party Transaction [Line Items]
Incentive fees payable to advisor		$ 1,854	644
Advisor | If IROP elects to extend its maturity
Related Party Transaction [Line Items]
Advisor incentive fee	0.00%
Advisor | If IROP elects to extend its maturity | 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%
Advisor | if pre-incentive fee Core FFO exceeds hurdle rate
Related Party Transaction [Line Items]
Advisor incentive fee	20.00%
Advisor | 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%
Property Manager
Related Party Transaction [Line Items]
Percentage of gross revenues from the property		4.00%
Property management and leasing fees		$ 3,675	1,759	$ 785
Property Manager | Accounts Payable and Accrued Expenses
Related Party Transaction [Line Items]
Property management and leasing fees payable		$ 440	$ 205

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Basic And Diluted Earnings Per Share [Abstract]
Net income (loss)	$ 4,408		$ 25,636		$ 353		$ (241)		$ 195		$ (58)		$ (128)		$ 2,935		$ 30,156	$ 2,944	$ 1,274
(Income) loss allocated to preferred shares																			(10)
(Income) loss allocated to non-controlling interests																	(1,914)	(4)	(649)
Net income (loss) allocable to common shares																	$ 28,242	$ 2,940	$ 615
Weighted-average shares outstanding—Basic																	36,153,673	21,315,928	5,330,814
Dilutive securities																	6,601	216,743
Weighted-average shares outstanding—Diluted																	36,160,274	21,532,671	5,330,814
Basic	$ 0.09	[1]	$ 0.71	[1]	$ 0.01	[1]	$ (0.01)	[1]	$ 0.01	[1]	$ 0	[1]	$ (0.01)	[1]	$ 0.19	[1]	$ 0.78	$ 0.14	$ 0.12
Diluted	$ 0.09	[1]	$ 0.71	[1]	$ 0.01	[1]	$ (0.01)	[1]	$ 0.01	[1]	$ 0	[1]	$ (0.01)	[1]	$ 0.19	[1]	$ 0.78	$ 0.14	$ 0.12
[1]	The summation of quarterly per share amounts do not equal the full year amounts.

Earning (Loss) Per Share - Addi

Earning (Loss) Per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings (loss) per share, amount	3,156,184	1,282,450	0

Quarterly Financial Data (Detai

Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Total revenue	$ 39,709		$ 25,492		$ 22,718		$ 21,657		$ 16,349		$ 13,049		$ 11,641		$ 8,132		$ 109,576	$ 49,171	$ 19,943
Net income (loss)	4,408		25,636		353		(241)		195		(58)		(128)		2,935		$ 30,156	$ 2,944	$ 1,274
Net income (loss) allocable to common shares	$ 4,123		$ 24,015		$ 337		$ (233)		$ 189		$ (56)		$ (128)		$ 2,935
Total earnings (loss) per share—Basic	$ 0.09	[1]	$ 0.71	[1]	$ 0.01	[1]	$ (0.01)	[1]	$ 0.01	[1]	$ 0	[1]	$ (0.01)	[1]	$ 0.19	[1]	$ 0.78	$ 0.14	$ 0.12
Total earnings (loss) per share—Diluted	$ 0.09	[1]	$ 0.71	[1]	$ 0.01	[1]	$ (0.01)	[1]	$ 0.01	[1]	$ 0	[1]	$ (0.01)	[1]	$ 0.19	[1]	$ 0.78	$ 0.14	$ 0.12
[1]	The summation of quarterly per share amounts do not equal the full year amounts.

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015Segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Schedule III - Real Estate an56

Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	$ 190,585
Initial Cost, Building	1,168,453
Gross Carrying Amount, Land	190,585
Gross Carrying Amount, Building	1,181,430
Accumulated Depreciation- Building	(39,638)
Encumbrances (Unpaid Principal)	(584,031)
Balance, beginning of period	689,112	$ 190,096
Additions during period:
Acquisitions	707,268	495,998
Improvements to land and building	8,941	4,159
Deductions during period:
Dispositions of real estate	(33,306)	(1,141)
Balance, end of period	1,372,015	689,112
Balance, beginning of period	23,376	15,775
Depreciation expense	20,888	8,742
Dispositions of real estate	(4,626)	(1,141)
Balance, end of period	39,638	$ 23,376
Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 12,977
Crestmont Apartments
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Marietta, GA
Initial Cost, Land	$ 3,254
Initial Cost, Building	13,017
Gross Carrying Amount, Land	3,254
Gross Carrying Amount, Building	13,524
Accumulated Depreciation- Building	(2,883)
Encumbrances (Unpaid Principal)	$ (6,522)
Year of Acquisition	2,011
Life of Depreciation	40 years
Crestmont Apartments | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 507
Copper Mill Apartments
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Austin, TX
Initial Cost, Land	$ 3,472
Initial Cost, Building	13,888
Gross Carrying Amount, Land	3,472
Gross Carrying Amount, Building	14,651
Accumulated Depreciation- Building	(3,185)
Encumbrances (Unpaid Principal)	$ (7,101)
Year of Acquisition	2,011
Life of Depreciation	40 years
Copper Mill Apartments | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 763
Cumberland Glen Apartments
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Smyrna, GA
Initial Cost, Land	$ 3,100
Initial Cost, Building	13,114
Gross Carrying Amount, Land	3,100
Gross Carrying Amount, Building	13,824
Accumulated Depreciation- Building	(3,007)
Encumbrances (Unpaid Principal)	$ (6,667)
Year of Acquisition	2,011
Life of Depreciation	40 years
Cumberland Glen Apartments | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 710
Heritage Trace Apartments
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Newport News, VA
Initial Cost, Land	$ 2,673
Initial Cost, Building	10,691
Gross Carrying Amount, Land	2,673
Gross Carrying Amount, Building	11,438
Accumulated Depreciation- Building	(2,515)
Encumbrances (Unpaid Principal)	$ (5,314)
Year of Acquisition	2,011
Life of Depreciation	40 years
Heritage Trace Apartments | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 747
Belle Creek Apartments
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Henderson, CO
Initial Cost, Land	$ 1,890
Initial Cost, Building	7,562
Gross Carrying Amount, Land	1,890
Gross Carrying Amount, Building	8,114
Accumulated Depreciation- Building	(1,635)
Encumbrances (Unpaid Principal)	$ (10,575)
Year of Acquisition	2,011
Life of Depreciation	40 years
Belle Creek Apartments | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 552
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
Gross Carrying Amount, Building	12,807
Accumulated Depreciation- Building	(1,117)
Encumbrances (Unpaid Principal)	$ (9,837)
Year of Acquisition	2,012
Life of Depreciation	40 years
Runaway Bay Apartments | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 489
Tresa At Arrowhead
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Phoenix, AZ
Initial Cost, Land	$ 7,080
Initial Cost, Building	28,320
Gross Carrying Amount, Land	7,080
Gross Carrying Amount, Building	29,211
Accumulated Depreciation- Building	(5,085)
Encumbrances (Unpaid Principal)	$ (27,500)
Year of Acquisition	2,011
Life of Depreciation	40 years
Tresa At Arrowhead | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 891
The Crossings
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Jackson, MS
Initial Cost, Land	$ 4,600
Initial Cost, Building	17,948
Gross Carrying Amount, Land	4,600
Gross Carrying Amount, Building	18,489
Accumulated Depreciation- Building	(1,013)
Encumbrances (Unpaid Principal)	$ (15,313)
Year of Acquisition	2,013
Life of Depreciation	40 years
The Crossings | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 541
Berkshire
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Indianapolis, IN
Initial Cost, Land	$ 2,650
Initial Cost, Building	10,319
Gross Carrying Amount, Land	2,650
Gross Carrying Amount, Building	10,772
Accumulated Depreciation- Building	(647)
Encumbrances (Unpaid Principal)	$ (8,612)
Year of Acquisition	2,013
Life of Depreciation	40 years
Berkshire | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 453
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
Gross Carrying Amount, Building	23,013
Accumulated Depreciation- Building	(1,128)
Encumbrances (Unpaid Principal)	$ (18,850)
Year of Acquisition	2,014
Life of Depreciation	40 years
Reserve at Eagle Ridge | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 270
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
Gross Carrying Amount, Building	7,613
Accumulated Depreciation- Building	(364)
Encumbrances (Unpaid Principal)	$ (5,808)
Year of Acquisition	2,014
Life of Depreciation	40 years
Windrush | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 149
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
Gross Carrying Amount, Building	12,634
Accumulated Depreciation- Building	(621)
Encumbrances (Unpaid Principal)	$ (10,454)
Year of Acquisition	2,014
Life of Depreciation	40 years
Heritage Park | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 402
Raindance
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Oklahoma, OK
Initial Cost, Land	$ 3,503
Initial Cost, Building	10,051
Gross Carrying Amount, Land	3,503
Gross Carrying Amount, Building	10,461
Accumulated Depreciation- Building	(521)
Encumbrances (Unpaid Principal)	$ (8,655)
Year of Acquisition	2,014
Life of Depreciation	40 years
Raindance | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 410
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
Gross Carrying Amount, Building	10,180
Accumulated Depreciation- Building	(492)
Encumbrances (Unpaid Principal)	$ (7,083)
Year of Acquisition	2,014
Life of Depreciation	40 years
Augusta | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 250
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
Gross Carrying Amount, Building	17,232
Accumulated Depreciation- Building	(833)
Encumbrances (Unpaid Principal)	$ (11,882)
Year of Acquisition	2,014
Life of Depreciation	40 years
Invitational | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 380
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
Gross Carrying Amount, Building	29,979
Accumulated Depreciation- Building	(1,316)
Encumbrances (Unpaid Principal)	$ (21,200)
Year of Acquisition	2,014
Life of Depreciation	40 years
King's Landing | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 106
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
Gross Carrying Amount, Building	19,859
Accumulated Depreciation- Building	(827)
Encumbrances (Unpaid Principal)	$ (14,235)
Year of Acquisition	2,014
Life of Depreciation	40 years
Carrington | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 333
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
Gross Carrying Amount, Building	16,505
Accumulated Depreciation- Building	(692)
Encumbrances (Unpaid Principal)	$ (13,150)
Year of Acquisition	2,014
Life of Depreciation	40 years
Arbors at the Reservoir | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 559
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
Gross Carrying Amount, Building	25,671
Accumulated Depreciation- Building	(888)
Encumbrances (Unpaid Principal)	$ (18,650)
Year of Acquisition	2,014
Life of Depreciation	40 years
Walnut Hill | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 420
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
Gross Carrying Amount, Building	20,757
Accumulated Depreciation- Building	(679)
Encumbrances (Unpaid Principal)	$ (15,991)
Year of Acquisition	2,014
Life of Depreciation	40 years
Lenoxplace | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 275
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
Gross Carrying Amount, Building	26,642
Accumulated Depreciation- Building	(854)
Encumbrances (Unpaid Principal)	$ (19,370)
Year of Acquisition	2,014
Life of Depreciation	40 years
Stonebridge Crossing | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 419
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
Gross Carrying Amount, Building	15,073
Accumulated Depreciation- Building	(420)
Encumbrances (Unpaid Principal)	$ (11,375)
Year of Acquisition	2,014
Life of Depreciation	40 years
Bennington Pond | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 245
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
Gross Carrying Amount, Building	11,260
Accumulated Depreciation- Building	(285)
Encumbrances (Unpaid Principal)	$ (9,230)
Year of Acquisition	2,014
Life of Depreciation	40 years
Prospect Park | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 67
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	3,947
Gross Carrying Amount, Building	16,871
Accumulated Depreciation- Building	(423)
Encumbrances (Unpaid Principal)	$ (13,455)
Year of Acquisition	2,014
Life of Depreciation	40 years
Brookside | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 369
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
Gross Carrying Amount, Building	28,129
Accumulated Depreciation- Building	(716)
Encumbrances (Unpaid Principal)	$ (22,880)
Year of Acquisition	2,014
Life of Depreciation	40 years
Jamestown | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 399
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
Gross Carrying Amount, Building	30,787
Accumulated Depreciation- Building	(767)
Encumbrances (Unpaid Principal)	$ (24,245)
Year of Acquisition	2,014
Life of Depreciation	40 years
Meadows | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 757
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
Gross Carrying Amount, Building	47,470
Accumulated Depreciation- Building	(1,193)
Encumbrances (Unpaid Principal)	$ (35,815)
Year of Acquisition	2,014
Life of Depreciation	40 years
Oxmoor | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 375
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
Gross Carrying Amount, Building	28,042
Accumulated Depreciation- Building	(703)
Encumbrances (Unpaid Principal)	$ (20,527)
Year of Acquisition	2,014
Life of Depreciation	40 years
Stonebridge At The Ranch | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 88
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
Gross Carrying Amount, Building	29,165
Accumulated Depreciation- Building	(743)
Encumbrances (Unpaid Principal)	$ (22,900)
Year of Acquisition	2,014
Life of Depreciation	40 years
Iron Rock Ranch | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 254
Bayview Club
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Indianapolis, IN
Initial Cost, Land	$ 2,525
Initial Cost, Building	22,506
Gross Carrying Amount, Land	2,525
Gross Carrying Amount, Building	22,842
Accumulated Depreciation- Building	$ (343)
Year of Acquisition	2,015
Life of Depreciation	40 years
Bayview Club | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 336
Arbors River Oaks
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Memphis, TN
Initial Cost, Land	$ 2,100
Initial Cost, Building	19,045
Gross Carrying Amount, Land	2,100
Gross Carrying Amount, Building	19,108
Accumulated Depreciation- Building	$ (119)
Year of Acquisition	2,015
Life of Depreciation	40 years
Arbors River Oaks | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 63
Aston
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Wake Forest, NC
Initial Cost, Land	$ 3,450
Initial Cost, Building	34,333
Gross Carrying Amount, Land	3,450
Gross Carrying Amount, Building	34,336
Accumulated Depreciation- Building	$ (215)
Year of Acquisition	2,015
Life of Depreciation	40 years
Aston | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 3
Avenues At Craig Ranch
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	McKinneuy, TX
Initial Cost, Land	$ 5,500
Initial Cost, Building	42,054
Gross Carrying Amount, Land	5,500
Gross Carrying Amount, Building	42,067
Accumulated Depreciation- Building	$ (263)
Year of Acquisition	2,015
Life of Depreciation	40 years
Avenues At Craig Ranch | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 13
Bridge Pointe
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Huntsville, AL
Initial Cost, Land	$ 1,500
Initial Cost, Building	14,306
Gross Carrying Amount, Land	1,500
Gross Carrying Amount, Building	14,320
Accumulated Depreciation- Building	$ (90)
Year of Acquisition	2,015
Life of Depreciation	40 years
Bridge Pointe | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 14
Creekstone At R T P
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Durham, NC
Initial Cost, Land	$ 5,376
Initial Cost, Building	32,727
Gross Carrying Amount, Land	5,376
Gross Carrying Amount, Building	32,737
Accumulated Depreciation- Building	(205)
Encumbrances (Unpaid Principal)	$ (23,250)
Year of Acquisition	2,015
Life of Depreciation	40 years
Creekstone At R T P | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 10
Fountains Southend
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Charlotte, NC
Initial Cost, Land	$ 4,368
Initial Cost, Building	37,254
Gross Carrying Amount, Land	4,368
Gross Carrying Amount, Building	37,258
Accumulated Depreciation- Building	(233)
Encumbrances (Unpaid Principal)	$ (23,750)
Year of Acquisition	2,015
Life of Depreciation	40 years
Fountains Southend | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 4
Fox Trails
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Plano, TX
Initial Cost, Land	$ 5,700
Initial Cost, Building	21,944
Gross Carrying Amount, Land	5,700
Gross Carrying Amount, Building	21,967
Accumulated Depreciation- Building	$ (137)
Year of Acquisition	2,015
Life of Depreciation	40 years
Fox Trails | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 23
Lakeshore on the Hill
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Chattanooga, TN
Initial Cost, Land	$ 925
Initial Cost, Building	10,212
Gross Carrying Amount, Land	925
Gross Carrying Amount, Building	10,231
Accumulated Depreciation- Building	$ (64)
Year of Acquisition	2,015
Life of Depreciation	40 years
Lakeshore on the Hill | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 19
Millenia 700
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Orlando, FL
Initial Cost, Land	$ 5,500
Initial Cost, Building	41,752
Gross Carrying Amount, Land	5,500
Gross Carrying Amount, Building	41,773
Accumulated Depreciation- Building	(261)
Encumbrances (Unpaid Principal)	$ (29,175)
Year of Acquisition	2,015
Life of Depreciation	40 years
Millenia 700 | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 21
Miller Creek At German Town
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Memphis, TN
Initial Cost, Land	$ 3,300
Initial Cost, Building	53,504
Gross Carrying Amount, Land	3,300
Gross Carrying Amount, Building	53,518
Accumulated Depreciation- Building	$ (335)
Year of Acquisition	2,015
Life of Depreciation	40 years
Miller Creek At German Town | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 14
Pointe At Canyon Ridge
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Atlanta, GA
Initial Cost, Land	$ 11,100
Initial Cost, Building	36,995
Gross Carrying Amount, Land	11,100
Gross Carrying Amount, Building	37,071
Accumulated Depreciation- Building	$ (231)
Year of Acquisition	2,015
Life of Depreciation	40 years
Pointe At Canyon Ridge | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 76
St James At Goose Creek
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Goose Creek, SC
Initial Cost, Land	$ 3,780
Initial Cost, Building	27,695
Gross Carrying Amount, Land	3,780
Gross Carrying Amount, Building	27,804
Accumulated Depreciation- Building	$ (176)
Year of Acquisition	2,015
Life of Depreciation	40 years
St James At Goose Creek | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 109
Talison Row At Daniel Island
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Daniel Island, SC
Initial Cost, Land	$ 5,480
Initial Cost, Building	41,409
Gross Carrying Amount, Land	5,480
Gross Carrying Amount, Building	41,435
Accumulated Depreciation- Building	(259)
Encumbrances (Unpaid Principal)	$ (33,635)
Year of Acquisition	2,015
Life of Depreciation	40 years
Talison Row At Daniel Island | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 26
The Aventine Greenville
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Greenville, SC
Initial Cost, Land	$ 4,150
Initial Cost, Building	43,905
Gross Carrying Amount, Land	4,150
Gross Carrying Amount, Building	43,906
Accumulated Depreciation- Building	(274)
Encumbrances (Unpaid Principal)	$ (30,600)
Year of Acquisition	2,015
Life of Depreciation	40 years
The Aventine Greenville | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 1
Trails At Signal Mountain
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Chattanooga, TN
Initial Cost, Land	$ 1,200
Initial Cost, Building	12,895
Gross Carrying Amount, Land	1,200
Gross Carrying Amount, Building	12,916
Accumulated Depreciation- Building	$ (81)
Year of Acquisition	2,015
Life of Depreciation	40 years
Trails At Signal Mountain | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 21
Vue At Knoll Trail
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Dallas, TX
Initial Cost, Land	$ 3,100
Initial Cost, Building	6,077
Gross Carrying Amount, Land	3,100
Gross Carrying Amount, Building	6,084
Accumulated Depreciation- Building	$ (38)
Year of Acquisition	2,015
Life of Depreciation	40 years
Vue At Knoll Trail | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 7
Waterstone at Brier Creek
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Raleigh, NC
Initial Cost, Land	$ 4,200
Initial Cost, Building	34,651
Gross Carrying Amount, Land	4,200
Gross Carrying Amount, Building	34,661
Accumulated Depreciation- Building	(217)
Encumbrances (Unpaid Principal)	$ (20,425)
Year of Acquisition	2,015
Life of Depreciation	40 years
Waterstone at Brier Creek | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 10
Waterstone Big Creek
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Alpharetta, GA
Initial Cost, Land	$ 7,600
Initial Cost, Building	61,971
Gross Carrying Amount, Land	7,600
Gross Carrying Amount, Building	61,978
Accumulated Depreciation- Building	$ (387)
Year of Acquisition	2,015
Life of Depreciation	40 years
Waterstone Big Creek | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 7
Westmont Commons
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Asheville, NC
Initial Cost, Land	$ 2,750
Initial Cost, Building	25,225
Gross Carrying Amount, Land	2,750
Gross Carrying Amount, Building	25,245
Accumulated Depreciation- Building	$ (158)
Year of Acquisition	2,015
Life of Depreciation	40 years
Westmont Commons | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 20