Independence Realty Trust (IRT) 10-K 22 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 20, 2019	Jun. 29, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		89,253,537
Entity Public Float			$ 901,228,223.11

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments in real estate:
Investments in real estate, at cost	$ 1,660,423	$ 1,504,156
Accumulated depreciation	(112,270)	(84,097)
Investments in real estate, net	1,548,153	1,420,059
Real estate held for sale (see Note 4)	77,285
Cash and cash equivalents	9,316	9,985
Restricted cash	6,729	4,634
Accounts receivable and other assets	8,802	7,556
Derivative assets	8,307	7,291
Intangible assets, net of accumulated amortization of $787 and $1,511, respectively	744	1,099
Total Assets	1,659,336	1,450,624
LIABILITIES AND EQUITY:
Indebtedness, net of unamortized deferred financing costs of $5,927 and $6,198, respectively	985,488	778,442
Accounts payable and accrued expenses	22,815	17,216
Accrued interest payable	719	249
Dividends payable	16,162	5,245
Other liabilities	4,107	3,353
Total Liabilities	1,029,291	804,505
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, 89,184,443 and 84,708,551 shares issued and outstanding, including 303,819 and 295,847 unvested restricted common share awards, respectively	892	846
Additional paid in capital	742,429	703,849
Accumulated other comprehensive income (loss)	2,016	4,626
Retained earnings (accumulated deficit)	(122,342)	(85,221)
Total stockholders’ equity	622,995	624,100
Noncontrolling interests	7,050	22,019
Total Equity	630,045	646,119
Total Liabilities and Equity	$ 1,659,336	$ 1,450,624

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Intangible assets, accumulated amortization	$ 787	$ 1,511
Indebtedness, unamortized deferred financing costs	$ 5,927	$ 6,198
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	89,184,443	84,708,551
Common stock, shares outstanding	89,184,443	84,708,551
Unvested restricted common share awards	303,819	295,847

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
REVENUE:
Rental income	$ 170,513	$ 143,473	$ 137,416
Property management and other income	520	719	29
Total revenue	191,232	161,216	153,388
EXPENSES:
Property operating expenses	$ 76,363	$ 64,716	$ 63,148
Type of Cost, Good or Service [Extensible List]	us-gaap:AssetManagement1Member	us-gaap:AssetManagement1Member	us-gaap:AssetManagement1Member
Property management expenses	$ 6,963	$ 6,006	$ 4,847
General and administrative expenses	10,817	9,526	10,864
Acquisition and integration expenses		1,342	43
Depreciation and amortization expense	45,221	34,201	34,824
Casualty related costs	46
Total expenses	139,410	115,791	113,726
Operating income	51,822	45,425	39,662
Interest expense	(36,006)	(28,702)	(35,535)
Other income (expense)	144	89	(4)
Net gains (losses) on sale of assets	10,650	18,825	31,776
Gain (loss) on extinguishment of debt		(572)	(1,210)
Acquisition related debt extinguishment expenses		(3,624)
Management internalization expense			(44,976)
Gains (losses) on TSRE merger and property acquisitions			732
Net income (loss):	26,610	31,441	(9,555)
(Income) loss allocated to noncontrolling interest	(322)	(1,235)	(246)
Net income (loss) allocable to common shares	$ 26,288	$ 30,206	$ (9,801)
Earnings (loss) per share:
Basic	$ 0.30	$ 0.41	$ (0.19)
Diluted	$ 0.30	$ 0.41	$ (0.19)
Weighted-average shares:
Basic	87,086,585	73,338,219	52,182,427
Diluted	87,376,991	73,599,869	52,182,427
Tenant reimbursement income
REVENUE:
Revenue	$ 6,549	$ 5,719	$ 5,587
Other property income
REVENUE:
Revenue	$ 13,650	$ 11,305	$ 10,356

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 26,610	$ 31,441	$ (9,555)
Other comprehensive income (loss):
Change in fair value of interest rate hedges	(1,382)	845	3,354
Realized (gains) losses on interest rate hedges reclassified to earnings	(1,372)	107	492
Total other comprehensive income	(2,754)	952	3,846
Comprehensive income (loss) before allocation to noncontrolling interests	23,856	32,393	(5,709)
Allocation to noncontrolling interests	(178)	(1,244)	(401)
Comprehensive income (loss) allocable to common shares	$ 23,678	$ 31,149	$ (6,110)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Shares	Additional Paid In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Total Stockholders' Equity	Noncontrolling Interests
Beginning Balance at Dec. 31, 2015	$ 390,030	$ 471	$ 378,187	$ (8)	$ (14,500)	$ 364,150	$ 25,880
Beginning Balance (in Shares) at Dec. 31, 2015		47,070,678,000
Net income (loss)	(9,555)				(9,801)	(9,801)	246
Common dividends declared	(37,880)				(37,880)	(37,880)
Other comprehensive income	3,846			3,691		3,691	155
Stock compensation expense	1,222	$ 2	1,220			1,222
Stock compensation expense (in Shares)		228,000,000
Common share activity related to equity compensation	(143)		(143)			(143)
Common share activity related to equity compensation(in Shares)		(28,869,000)
Conversion of noncontrolling interest to common shares		$ 2	2,288			2,290	(2,290)
Conversion of noncontrolling interest to common shares (in Shares)		245,980,000
Issuance of common shares, net	245,452	$ 288	245,164			245,452
Issuance of common shares, net (in Shares)		28,750,000,000
Repurchase of common shares	(62,156)	$ (73)	(62,083)			(62,156)
Repurchase of common shares (in Shares)		(7,269,719,000)
Distribution to noncontrolling interest declared	(2,125)						(2,125)
Ending Balance at Dec. 31, 2016	528,691	$ 690	564,633	3,683	(62,181)	506,825	21,866
Ending Balance (in shares) at Dec. 31, 2016		68,996,070,000
Net income (loss)	31,441				30,206	30,206	1,235
Common dividends declared	(53,246)				(53,246)	(53,246)
Other comprehensive income	952			943		943	9
Stock compensation expense	1,968	$ 1	1,967			1,968
Stock compensation expense (in Shares)		168,010,000
Repurchase of shares related to equity award tax withholding	(569)	$ (1)	(568)			(569)
Repurchase of shares related to equity award tax withholding (in shares)		(59,631,000)
Conversion of noncontrolling interest to common shares		$ 1	619			620	(620)
Conversion of noncontrolling interest to common shares (in Shares)		64,202
Issuance of common shares, net	137,353	$ 155	137,198			137,353
Issuance of common shares, net (in Shares)		15,539,900,000
Issuance of noncontrolling interests	1,654						1,654
Distribution to noncontrolling interest declared	(2,125)						(2,125)
Ending Balance at Dec. 31, 2017	$ 646,119	$ 846	703,849	4,626	(85,221)	624,100	22,019
Ending Balance (in shares) at Dec. 31, 2017	84,708,551	84,708,551,000
Beginning Balance (in Shares) at Dec. 31, 2017	0
Net income (loss)	$ 26,610				26,288	26,288	322
Common dividends declared	(63,409)				(63,409)	(63,409)
Other comprehensive income	(2,754)			(2,610)		(2,610)	(144)
Stock compensation expense	2,560	$ 2	2,558			2,560
Stock compensation expense (in Shares)		188,196,000
Repurchase of shares related to equity award tax withholding	(354)		(354)			(354)
Repurchase of shares related to equity award tax withholding (in shares)		(38,712,000)
Conversion of noncontrolling interest to common shares		$ 21	14,485			14,506	(14,506)
Conversion of noncontrolling interest to common shares (in Shares)		2,130,244
Issuance of common shares, net	21,914	$ 23	21,891			21,914
Issuance of common shares, net (in Shares)		2,196,164,000
Distribution to noncontrolling interest declared	(641)						(641)
Ending Balance at Dec. 31, 2018	$ 630,045	$ 892	$ 742,429	$ 2,016	$ (122,342)	$ 622,995	$ 7,050
Ending Balance (in shares) at Dec. 31, 2018	89,184,443	89,184,443,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Cash flows from operating activities:
Net income (loss)	$ 26,610	$ 31,441	$ (9,555)
Adjustments to reconcile net income to cash flow from operating activities:
Depreciation and amortization	45,221	34,201	34,824
Amortization of deferred financing costs, net	1,430	1,464	2,757
Stock compensation expense	2,524	1,968	1,222
Net (gains) losses on sale of assets	(10,650)	(18,825)	(31,776)
Net (gains) losses on extinguishment of debt		572	1,210
Change in fair value of derivative instruments	(40)
Acquisition related debt extinguishment expenses		3,624
(Gains) losses on TSRE merger and property acquisitions			(732)
Changes in assets and liabilities:
Accounts receivable and other assets	(514)	(1,267)	(477)
Accounts payable and accrued expenses	3,284	1,578	(4,328)
Accrued interest payable	469	(242)	(715)
Other liabilities	196	(190)	37
Net cash provided by (used in) operating activities	68,530	54,324	(7,533)
Cash flows from investing activities:
Acquisition of real estate properties	(215,833)	(221,813)	(1,000)
Disposition of real estate properties	26,802	44,474	39,690
Acquisition of advisory and management contracts			(143)
Capital expenditures	(40,426)	(14,370)	(10,663)
Cash flow provided by (used in) investing activities	(229,457)	(191,709)	27,884
Cash flows from financing activities:
Proceeds from issuance of common stock	21,914	137,353	245,309
Payments related to repurchase of common stock			(62,156)
Proceeds from unsecured credit facility and term loan	400,000	199,690	103,501
Credit facility repayments	(198,262)	(145,685)	(345,001)
Proceeds from mortgage			105,980
Mortgage principal repayments	(3,191)	(2,654)	(45,088)
Payments for deferred financing costs	(890)	(2,089)	(1,485)
Distributions on common stock	(52,476)	(52,304)	(36,575)
Distributions to noncontrolling interests	(658)	(2,119)	(2,140)
Payment for interest rate collars	(3,730)	(2,405)
Payments related to extinguishment of debt on acquisitions		(3,624)
Repurchase of shares related to equity award tax withholding	(354)	(569)
Net cash provided by (used in) financing activities	162,353	125,594	(37,655)
Net change in cash and cash equivalents, and restricted cash	1,426	(11,791)	(17,304)
Cash and cash equivalents, and restricted cash, beginning of period	14,619	26,410	43,714
Cash and cash equivalents, and restricted cash, end of the period	16,045	14,619	26,410
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheet
Cash and cash equivalents	9,316	9,985	20,892
Restricted cash	6,729	4,634	5,518
Supplemental cash flow information:
Cash paid for interest	35,532	27,368	33,034
Supplemental disclosure of noncash investing and financing activities:
Decrease in noncontrolling interest from conversion of common limited partnership units to shares of common stock	14,506	620	2,290
Distributions declared but not paid	16,162	5,245	$ 4,297
Value of limited partnership units issued in acquisitions		1,654
Mortgage debt assumed	54,756	$ 18,977
Capital expenditure accrual	$ 1,750

Organization

Organization	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Organization	NOTE 1: Organization Independence Realty Trust, Inc. (“IRT”), is a self-administered and self-managed Maryland real estate investment trust, or REIT, which was formed on March 26, 2009. Our primary purposes are to acquire, own, operate, improve and manage multifamily apartment communities in non-gateway markets. As of December 31, 2018, we owned and operated 58 multifamily apartment properties, totaling 15,880 units across non-gateway U.S markets, including Atlanta, Louisville, Memphis, and Raleigh. We own substantially all of our assets and conduct our operations through Independence Realty Operating Partnership, LP, which we refer to as IROP, of which we are the sole general partner. As used herein, the terms “we,” “our” and “us” refer to Independence Realty Trust, Inc. and, as required by context, IROP and their subsidiaries.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
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 generally accepted accounting principles in the United States (“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 and cash flows are included. b. Principles of Consolidation The consolidated financial statements reflect our accounts and the accounts of IROP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Pursuant to FASB Accounting Standards Codification Topic 810, “Consolidation”, IROP is considered a variable interest entity. As our significant asset is our investment in IROP, substantially all of our assets and liabilities represent the assets and liabilities of IROP. 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 original 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, 2018 and 2017, we had $6,729 and $4,634, 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, including internal 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 the 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 Effective January 1, 2018, FASB ASC Topic 805, “Business Combinations” was amended to clarify the definition of a business by more clearly outlining the requirements for an integrated set of assets and activities to be considered a business and by establishing a practical framework to determine when the integrated set of assets and activities is a business. Prior to January 1, 2018, the properties we acquired were generally considered businesses and were accounted for as business combinations. Subsequent to January 1, 2018, we expect the properties we acquire to generally not be considered businesses and, therefore, to be accounted for as asset acquisitions. Under business combination accounting, the fair value of the real estate acquired is allocated to the acquired tangible assets, generally consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based, in each case, on their fair values. Transaction costs and fees incurred related to the acquisition are expensed as incurred. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs related to the acquisition, are accumulated and then allocated to the individual assets and liabilities acquired based upon their relative fair value. Under both business combination and asset acquisition accounting, t We estimate the fair value of acquired tangible assets (consisting of land, building and improvements), 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. 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 year ended December 31, 2018 and 2017, we acquired in-place leases with a value of $3,074 and $2,515, respectively, related to our acquisitions that are discussed further in NOTE 3: Investments in Real Estate. The value assigned to these intangible assets is amortized over the assumed lease up period, typically six months. For the years ended December 31, 2018, 2017 and 2016 we recorded $3,429, $1,536 and $3,735 of amortization expense for intangible assets, respectively. For the years ended December 31, 2018, 2017, and 2016 we wrote-off fully amortized intangible assets of $4,153, $0, and $0, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $744 for 2019. 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 Depreciation expense for real estate assets is computed using a straight-line method based on a life of 40 years for buildings and improvements and five to ten years for equipment and fixtures. For the years ended December 31, 2018, 2017 and 2016 we recorded $41,792, $32,665 and $31,089 of depreciation expense, respectively. For the year ended December 31, 2018, we wrote-off fully depreciated fixed assets of $408. h. Revenue and Expenses Rental Income We apply FASB ASC Topic 840, “Leases” with respect to our accounting for rental income. We primarily lease apartments units under operating leases generally with terms of one year or less. Rental payments are generally due monthly and rental revenues are recognized on an accrual basis when earned. Our portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern United States. North Carolina, Tennessee, Georgia, Kentucky, South Carolina, Ohio, and Texas comprised 14.93%, 11.21%, 10.95%, 9.76%, 8.73%, 8.20%, and 7.87%, respectively, of our rental revenue for the year ended December 31, 2018. We have no single customer that accounts for 10% or more of revenue. Tenant Reimbursement and Other Property Income We apply FASB ASC Topic 606, “Revenue from Contracts with Customers” with respect to tenant reimbursement and other property income. Tenant reimbursement income represents reimbursement from tenants for utility charges, while other property income includes cable, parking, trash, late fees, application fees, and other miscellaneous property related income. The performance obligations of providing residents with these services are stipulated within the lease agreement and may be provided over time or at a point in time. The services provided over time include cable, parking, and trash services, which are generally provided over a monthly period for the term of the respective lease. The services provided at a point in time include late fees and application fees. Given the short period of time over which this revenue is then recognized and since payments with respect to tenant reimbursement and other property income are generally due monthly, no contract assets or liabilities have been recognized. For the year ended December 31, 2018 and 2017, we recognized revenues of $195 and $110, respectively, related to recoveries of lost rental revenue due to natural disasters and other insurable events from our insurance providers. Advertising Expenses For the years ended December 31, 2018, 2017 and 2016, we incurred $2,172, $1,806, and $1,749 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 our 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 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 or liability. 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. 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. Given that cash and cash equivalents and restricted cash are short term in nature with limited fair value volatility, the carrying amount is deemed to be a reasonable approximation of fair value and the fair value input is classified as a Level 1 fair value measurement. The fair value input for the derivatives is classified as a Level 2 fair value measurement within the fair value hierarchy. The fair value inputs for our unsecured credit facility and our former secured credit facility are classified as Level 2 fair value measurements within the fair value hierarchy. The fair value of mortgage indebtedness is based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. We determine appropriate credit spreads based on the type of debt and its maturity. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: December 31, 2018 December 31, 2017 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 9,316 $ 9,316 $ 9,985 $ 9,985 Restricted cash 6,729 6,729 4,634 4,634 Derivative assets 8,307 8,307 7,291 7,291 Liabilities Debt: Unsecured credit facility 153,983 155,743 101,629 104,005 Term loans 248,380 250,000 99,105 100,000 Mortgages 583,125 577,112 577,708 564,333 j. Deferred Financing Costs Costs incurred in connection with debt financing are deferred and classified within indebtedness and charged to interest expense over the terms of the related debt agreements, under 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, 2018, 2017 and 2016. 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, 2018, 37% of dividends were characterized as total capital gain distribution, 39% were characterized as ordinary income and 24% were characterized as return of capital. For the year ended December 31, 2017, 53% of dividends were characterized as total capital gain distribution, 36% were characterized as ordinary income and 11% were characterized as return of capital. For the year ended December 31, 2016, 93% of dividends were characterized as ordinary income and 7% 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 did not have any employees prior to the management internalization on December 20, 2016 and therefore accounted for stock-based compensation as non-employee awards. Stock-based compensation cost for non-employee awards is measured at the grant date based on the fair value of the award and is revalued at the end of each accounting period. The expense is recognized over the requisite service period, which is the vesting period. Any share-based compensation awards granted to employees are measured based on the grant-date fair value of the award and we record compensation expense for the entire award on a straight-line basis, over the related vesting period. For awards granted to nonemployees who subsequently became employees, the fair values of the awards were revalued on the date the employment status change occurred and the resulting compensation expense is recognized on a straight-line basis over the remaining vesting period, for the entire award. m. Noncontrolling Interest Our noncontrolling 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 noncontrolling interest in our consolidated balance sheet within equity but separate from stockholders’ equity. Any noncontrolling 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. While these instruments may impact our periodic cash flows, they benefit us by minimizing the risks and/or costs previously described. 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 each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income and changes in the ineffective portions of cash flow hedges, if any, are recognized in earnings. For derivatives not designated as hedges (or designated as fair value hedges), the changes in fair value of the derivative instrument are 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. o. Recent Accounting Pronouncements Below is a brief description of recent accounting pronouncements that could have a material effect on our financial statements. Adopted Within these 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 accounting standard applies to all contracts with customers, except those that are within the scope of other Topics in the FASB ASC. Subsequently, the FASB issued amendments to this accounting standard that provided further clarification. These standards amending FASB ASC Topic 606 were effective for annual reporting periods beginning after December 15, 2017. We adopted these accounting standard updates on January 1, 2018 using the modified retrospective approach. A majority of our revenue is derived from real estate lease contracts, which are specifically excluded from the scope of these standards. The portion of our revenue that was impacted by these standards included revenue recorded within the tenant reimbursement income, other property income, and property management and other income captions of our Consolidated Statements of Operations. The adoption of these standards did not have a material impact on our consolidated financial statements and no cumulative effect adjustment was recorded upon adoption. In August 2016, the FASB issued an accounting standard classified under FASB ASC Topic 230, “Statement of Cash Flows”. This accounting standard provides guidance on eight specific cash flow issues: (i) debt prepayment or debt extinguishment costs; (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (iii) contingent consideration payments made after a business combination; (iv) proceeds from the settlement of insurance claims; (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (vi) distributions received from equity method investees; (vii) beneficial interests in securitization transactions; and (viii) separately identifiable cash flows and application of the predominance principle. Subsequently, the FASB issued amendments to this accounting standard that required companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the statement of cash flows. The amendments were effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We adopted these standards as of January 1, 2018. The adoption of this accounting standard resulted in an increase (decrease) in net cash used in investing activities of $942, and ($105) for the years ended December 31, 2017, and 2016, respectively. In January 2017, the FASB issued an accounting standard update under FASB ASC Topic 805, “Business Combinations” that changed the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The new definition will be applied prospectively to any transactions occurring within the period of adoption. We adopted this standard on January 1, 2018. Management expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred, with these costs instead being capitalized as part of the acquired asset. In February 2017, the FASB issued an accounting standard update under FASB ASC Topic 610 “Other Income.” The amendments in this update provided guidance for partial sales of nonfinancial assets, including partial sales of real estate. Historically, GAAP contained several different accounting models to evaluate whether the transfer of certain assets qualified for sale treatment. This new standard reduces the number of potential accounting models that might apply and clarified which model does apply in various circumstances. Partial sales of nonfinancial assets are common in the real estate industry and include transactions in which the seller retains an equity interest in the entity that owns the assets or has an equity interest in the buyer. This update was effective for interim and annual periods beginning after December 15, 2017. We adopted this standard as of January 1, 2018. While this is common in the real estate industry, we have never participated in a transaction of this nature, therefore, the adoption of this accounting standard did not have any impact on our consolidated financial statements. In May 2017, the FASB issued an accounting standard update under FASB ASC Topic 718, “Compensation – Stock Compensation.” The amendments in this update provided guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. As a result, the accounting for share-based payment award transactions could be impacted. The updated standard was adopted by us on January 1, 2018. The new definition will be applied prospectively to an award modified on or after the adoption date. The adoption of this accounting standard did not have a material impact on our consolidated financial statements. In August 2017, the FASB issued an accounting standard update under FASB ASC Topic 815, “Derivatives and Hedging.” The amendments in this update provided guidance about the application of the hedge accounting guidance in current GAAP based on the feedback received from preparers, auditors, and other stakeholders. As a result, the accounting for derivatives and hedging transactions could be impacted. The updated standard is effective for us on January 1, 2019 with early adoption permitted. We early adopted this update on October 1, 2017. The adoption of this update did not have a material impact on our consolidated financial statements. In accordance with this accounting standard update, upon adoption, we revised our approach to recognizing interest expense for our interest rate swap that was designated as an off-market cash flow hedge. Rather than record interest expense based on the hypothetical derivative method with differences from actual net settlements reflected as ineffectiveness, we will record actual net settlements to interest expense adjusted for the straight-line amortization of the inception clean value of the hedging instrument over the hedge term. The result will be that no ineffectiveness will be recorded in future periods related to our off-market interest rate swap. Since we entered into the off-market hedging relationship in 2017, no transition entry was necessary upon adoption. Not Yet Adopted Within these Financial Statements In February 2016, the FASB issued an accounting standard classified under FASB ASC Topic 842, “Leases”. For lessees, this accounting standard amends lease accounting by requiring (1) the recognition of lease assets and lease liabilities for those leases classified as operating leases on the balance sheet and (2) additional disclosure about leasing arrangements. For lessors, the guidance under the new lease standard is substantially similar to legacy lease accounting standards. This standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. In July 2018, the FASB issued an amendment to the new standard, which provides a package of practical expedients that (1) allows lessors to not separate lease and non-lease components in a contract and allocate the consideration in the contract to the separate components if both (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease and (2) provides a transition option that permits entities to not recast the comparative periods presented when transitioning to the standard. Management expects to adopt the new standard on January 1, 2019 using the modified retrospective approach and the package of practical expedients. Therefore, a cumulative-effect adjustment will be recorded on the effective date and all prior comparative periods will be presented in accordance with legacy lease accounting standards. Management anticipates that our apartment leases, where we are lessor, will continue to be accounted for as operating leases under the new standard and, therefore, we do not expect significant changes in accounting for these leases. For various corporate office leases, where we are lessee, we expect to record a $308 right of use asset and a lease liability on our consolidated balance sheets upon adoption. In June 2018, the FASB issued an accounting standard classified under FASB ASC Topic 718, “Compensation – Stock Compensation.” The amendments in this update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. As a result, the accounting for share-based payment award transactions could be impacted. This standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this standard is permitted. Management does not expect this standard to have an impact on our consolidated financial statements as we have not issued share-based payments to non-employees since prior to our management internalization.

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2018
Banking And Thrift [Abstract]
Investments in Real Estate	NOTE 3: Investments in Real Estate As of December 31, 2018, our investments in real estate consisted of 58 apartment properties (unaudited). The table below summarizes our investments in real estate: 2018 2017 Depreciable (In years) Land $ 209,111 $ 193,026 - Building 1,384,810 1,279,777 40 Furniture, fixtures and equipment 66,502 31,353 5-10 Total investment in real estate $ 1,660,423 $ 1,504,156 Accumulated depreciation (112,270 ) (84,097 ) Investments in real estate, net $ 1,548,153 $ 1,420,059 As of December 31, 2018, we owned three properties that were classified as held for sale. The table below summarizes our held for sale properties. We did not have any properties classified as held for sale as of December 31, 2017. Property Name Market Units (unaudited) Net Carrying Value Reserve at Eagle Ridge Chicago, IL 370 $ 27,027 Carrington Park Little Rock, AR 202 20,619 Stonebridge at the Ranch Little Rock, AR 260 29,639 Total 832 $ 77,285 Acquisitions The below table summarizes the acquisitions for the year ended December 31, 2018: Property Name Date of Purchase Market Units (unaudited) Contract Price Creekside Corners (1) 01/03/2018 Atlanta, GA 444 $ 43,901 Hartshire Lakes (1) 01/03/2018 Indianapolis, IN 272 27,597 The Chelsea 01/04/2018 Columbus, OH 312 36,750 Avalon Oaks 02/27/2018 Columbus, OH 235 23,000 Bridgeview 07/11/2018 Tampa-St. Petersburg, FL 348 43,000 Collier Park 07/26/2018 Columbus, OH 232 21,200 Waterford 10/11/2018 Atlanta, GA 260 30,500 Lucerne 11/07/2018 Tampa-St. Petersburg, FL 276 47,000 Total 2,379 $ 272,948 (1) These properties were acquired as the last phase of our acquisition of a nine-community portfolio (the “HPI Portfolio”), totaling 2,352 units (unaudited), which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144. The following table summarizes the aggregate fair value of the assets and liabilities associated with the properties acquired during the year ended December 31, 2018, on the date of acquisition. Description Fair Value of Asset Acquired During the Year Ended December Assets acquired: Investments in real estate (a) $ 270,223 Accounts receivable and other assets 980 Intangible assets 3,074 Total assets acquired $ 274,277 Liabilities assumed: Indebtedness $ 54,756 Accounts payable and accrued expenses 1,338 Other liabilities 659 Total liabilities assumed $ 56,753 Estimated fair value of net assets acquired $ 217,524 (a) Includes $599 of property related acquisition costs capitalized during the year ended December 31, 2018. The below table summarizes the acquisitions for the year ended December 31, 2017: Property Name Date of Purchase Market Units (unaudited) Contract Price Lakes of Northdale 2/27/2017 Tampa, FL 216 $ 29,750 Haverford Place 5/24/2017 Lexington, KY 160 14,240 Village at Auburn (1) 6/30/2017 Durham, NC 328 42,950 Cherry Grove (2) 9/26/2017 North Myrtle Beach, SC 172 16,157 Riverchase (2) 9/26/2017 Indianapolis, IN 216 18,899 Kensington (2) 9/26/2017 Canal Winchester, OH 264 24,409 Schirm Farms (2) 9/26/2017 Canal Winchester, OH 264 23,749 Live Oak Trace (2) 10/25/2017 Baton Rouge, LA 264 28,501 Tides at Calabash (2) 11/14/2017 Wilmington, NC 168 14,269 Brunswick Point (2) 12/12/2017 Wilmington, NC 288 30,661 Total 2,340 $ 243,585 (1) This property was acquired from a joint venture of which our former advisor was a controlling member. See Note 8: Related Party Transactions and Arrangements. In conjunction with this acquisition, we issued IROP units to third parties that were members of the joint venture that owned the property. See Note 6: Stockholder Equity and Noncontrolling Interests. (2) These properties were acquired as a part of our acquisition of the HPI Portfolio, totaling 2,352 units (unaudited), which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144. In connection with the acquisition of these properties, we incurred defeasance costs totaling $ 3,624 Dispositions The below table summarizes the dispositions for the year ended December 31, 2018: Property Name Date of Sale Sale Price Gain (loss) on sale (1) Aventine Greenville 12/20/2018 $ 52,500 $ 6,119 Arbors at the Reservoir 12/27/2018 24,800 4,445 Total $ 77,300 $ 10,564 (1) The gain (loss) for these properties is net of $911 of debt prepayment premium costs. The below table summarizes the dispositions for the year ended December 31, 2017: Property Name Date of Sale Sale Price Gain (loss) on sale (1) Copper Mill 5/5/2017 $ 32,000 $ 15,595 Heritage Trace 6/1/2017 11,600 (1,256 ) Berkshire Square 6/9/2017 16,000 1,510 Crossings 11/28/2017 27,200 3,061 Total $ 86,800 $ 18,910 (1) The gain (loss) on sale for these properties is net of $4,251 of defeasance and debt prepayment premium costs. The below table summarizes the dispositions for the year ended December 31, 2016: Property Name Date of Sale Sale Price Gain (loss) on sale Cumberland Glen (1) 02/18/2016 $ 18,000 $ 2,452 Belle Creek 04/07/2016 23,000 14,191 Tresa 05/05/2016 47,000 15,142 Total $ 88,000 $ 31,785 (1) Gain (loss) on sale related to this property includes a defeasance premium of $1,343.

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Indebtedness	NOTE 4: Indebtedness The following tables contains summary information concerning our indebtedness as of December 31, 2018: Debt: Outstanding Unamortized Discount and Debt Issuance Costs Carrying Type Weighted Average Rate Weighted Average Maturity (in Unsecured credit facility (1) $ 155,743 $ (1,760 ) $ 153,983 Floating 3.9% 2.7 Unsecured term loans 250,000 (1,620 ) 248,380 Floating 4.0% 5.4 Mortgages 585,672 (2,547 ) 583,125 Fixed 3.8% 5.1 Total Debt $ 991,415 $ (5,927 ) $ 985,488 3.9% 4.8 (1) The unsecured credit facility total capacity is $300,000, of which $155,743 was outstanding as of December 31, 2018. Original maturities on or before December 31, Debt: 2019 2020 2021 2022 2023 Thereafter Unsecured credit facility $ - $ - $ 105,743 $ 50,000 $ - $ - Unsecured term loans $ - $ - $ - $ - $ - $ 250,000 Mortgages $ 4,950 $ 8,135 $ 76,033 $ 70,700 $ 107,203 $ 318,651 Total $ 4,950 $ 8,135 $ 181,776 $ 120,700 $ 107,203 $ 568,651 As of December 31, 2018 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, 2017: Debt: Outstanding Principal Unamortized Discount and Debt Issuance Costs Carrying Amount Type Weighted Average Rate Weighted Average Maturity (in years) Unsecured credit facility (1) $ 104,005 $ (2,376 ) $ 101,629 Floating 3.0% 3.8 Unsecured Term loans 100,000 (895 ) 99,105 Floating 3.2% 6.9 Mortgages 580,635 (2,927 ) 577,708 Fixed 3.7% 5.8 Total Debt $ 784,640 $ (6,198 ) $ 778,442 3.6% 5.7 (1) The secured credit facility total capacity was $300,000, of which $104,005 was outstanding as of December 31, 2017. Credit Facility On September 17, 2015, we entered into a credit agreement with KeyBank National Association (“KeyBank”) with respect to a $325,000 senior secured credit facility On December 21, 2016, we entered into an increase agreement with KeyBank which amended the terms of the previous Secured Credit Facility On May 1, 2017, we entered into a $300,000 unsecured credit facility (the “Unsecured Credit Facility), refinancing and terminating the previous Secured Credit Facility. The Unsecured Credit Facility is comprised of a $50,000 term loan and a revolving commitment of up to $250,000. Additionally, we have the right to increase the aggregate amount of the Unsecured Credit Facility to up to $500,000. We may prepay the Unsecured Credit Facility, in whole or in part, at any time without prepayment fee or penalty, subject to the payment of any breakage costs associated with LIBOR borrowings and certain other conditions as set forth in the loan agreement. At our option, borrowings under the Unsecured Credit Facility will bear interest at a rate equal to either (i) the 1-month LIBOR rate plus a margin of 130 to 220 basis points, or (ii) a base rate plus a margin of 30 to 120 basis points. The applicable margin is determined based upon our total consolidated leverage ratio. In addition, we pay a fee of either 15 basis points (if greater than or equal to 50% of the revolver is used) or 25 basis points (if less than 50% of the revolver is used) on the unused portion of the revolver. The Unsecured Credit Facility requires regular interest only payments. In addition to certain negative covenants, our Unsecured Credit Facility with KeyBank 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 (i) limit (a) the amount of distributions that IRT can make to a percentage of Funds from Operations (as such term is described in the debt agreement), (b) the amount of recourse indebtedness that may be incurred by us, and (c) the amount of unhedged variable rate indebtedness that may be incurred by us, and (ii) require us to maintain a pool of unencumbered properties with an occupancy level of not less than 85%. In January 2019, we drew down $14,000 on the Unsecured Credit Facility. Term Loans On September 17, 2015, we entered into a credit agreement with KeyBank with respect to a $120,000 senior interim term loan facility (“Interim Facility”). We incurred upfront deferred costs of $2,092 associated with this Interim Facility. On June 24, 2016, the Interim Facility was amended to replace the Interim Facility with a $40,000 senior secured term loan. Upon entering into the senior secured term loan, we borrowed $40,000, using $416 to pay closing costs and $33,512 to repay the remaining balance under the Interim Facility. The maturity date of the senior secured term loan was September 17, 2018, subject to acceleration in the event of customary events of default. The term loan required monthly interest only payments. The senior secured term loan was repaid in October 2016. On November 20, 2017, we entered into a loan agreement for a $100,000 unsecured term loan that will mature in November 2024. We incurred upfront deferred costs of $917 associated with this facility. The unsecured term loan requires monthly interest only payments. The interest rate on the unsecured term loan is LIBOR plus a spread of 1.60% - 2.50% based on our consolidated leverage ratio. The proceeds from this loan reduced borrowings then outstanding under the revolving portion of our Unsecured Credit Facility. On October 30, 2018, we entered into a five-year, $200,000 unsecured term loan agreement with KeyBank. The loan matures in January 2024 and bears interest at a spread over LIBOR, based on our overall leverage. At closing, the spread to LIBOR was 145 basis points. At closing, we drew $150,000 under the loan. The remaining $50,000 was drawn in February 2019. We applied proceeds of both draws to reduce outstanding borrowings under our Unsecured Credit Facility. We incurred upfront deferred costs of $821 associated with this facility. Mortgages On January 3, 2018, in connection with the acquisition of our Hartshire Lakes property, we assumed a $16,000 loan secured by a first mortgage on the property. The loan bears interest at a rate of 4.68% per annum, provides for monthly payments of interest only through January 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule. The loan matures January 2025. The loan was recorded at its fair value of $15,936 based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. On January 3, 2018, in connection with the acquisition of our Creekside Corners property, we assumed a $23,500 loan secured by a first mortgage on the property. The loan bears interest at a rate of 4.56% per annum, provides for monthly payments of interest only through January 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule. The loan matures January 2025. The loan was recorded at its fair value of $23,426 based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. On October 11, 2018, in connection with the acquisition of our Waterford Landing property, we assumed a $15,500 loan secured by a first mortgage on the property. The loan bears interest at a rate of 4.82% per annum, provides for monthly payments of interest only through January 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule. The loan matures January 2026. The loan was recorded at its fair value of $15,394 based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. During the year ended December 31, 2018, in connection with two property dispositions, we extinguished property mortgages and made partial paydowns totaling $46,772. On December 12, 2017, in connection with our acquisition of our Brunswick Point property, we assumed a $19,000 loan secured by a first mortgage on the property. The loan bears interest at a rate of 4.4% per annum, provides for monthly payments of interest only through May 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures May 2025. This loan was recorded at its fair value of $18,977 based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. During the year ended December 31, 2017, in connection with four property dispositions, we extinguished property mortgages totaling $35,901. In February of 2016, we repaid $6,659 of mortgage indebtedness as part of the disposition of our Cumberland property. In March of 2016, we repaid $43,694 of mortgage indebtedness related to the Oklahoma City portfolio of properties we acquired in 2014 through a refinancing whereby IROP drew down on the secured credit facility. On May 26, 2016, we entered into a loan agreement for a $25,050 loan secured by a first mortgage on our Aston property. The loan bears interest at a rate of 3.4% per annum, provides for monthly payments of interest only through December 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures June 2023. On May 17, 2016, we entered into a loan agreement for a $31,250 loan secured by a first mortgage on our Avenues at Craig Ranch property. The loan bears interest at a rate of 3.3% per annum, provides for monthly payments of interest only through May 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures June 2023. On May 20, 2016, we entered into a loan agreement for a $49,680 loan secured by a first mortgage on our Waterstone at Big Creek property. The loan bears interest at a rate of 3.7% per annum, provides for monthly payments of interest only through June 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures June 2026.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	NOTE 5: Derivative Financial Instruments We have and may in the future 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. While these instruments may impact our periodic cash flows, they benefit us by minimizing the risks and/or costs previously described. 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. The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Cash flow hedges: Interest rate swap $ 150,000 $ 4,751 $ — $ 150,000 $ 4,700 $ — Interest rate collars 250,000 3,556 — 50,000 1,297 — 400,000 8,307 — 200,000 5,997 — Freestanding derivatives: Interest rate collar — — — 50,000 1,294 — Total $ 400,000 $ 8,307 $ — $ 250,000 $ 7,291 $ — Interest rate swap On June 24, 2016, we entered into an interest rate swap contract with a notional value of $150,000, a strike rate of 1.145% and a maturity date of June 17, 2021. We designated this interest rate swap 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. We did not recognize any ineffectiveness associated with this cash flow hedge through April 2017. On April 17, 2017, in conjunction with the refinancing of our credit facility, we restructured our existing interest rate swap to remove the LIBOR floor. This resulted in a decrease in the strike rate to 1.1325%. The notional value and maturity date remained the same. We designated the restructured interest rate swap 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. Upon our early adoption of accounting standard updates to ASC Topic 815, “Derivatives and Hedging,” ineffectiveness is no longer measured or reported. Interest rate collar On October 17, 2018, we purchased an interest rate collar with an initial notional value of $100,000, a 2.50% cap and 2.25% floor, and a maturity date of January 17, 2024. The notional value was adjusted to $150,000 in November 2018. We designated this interest rate collar 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. On November 17, 2017, in connection with our new $100,000 unsecured term loan, we purchased an interest rate collar with a notional value of $100,000, a 2.00% cap and 1.25% floor, and a maturity date of November 17, 2024. We designated $50,000 of the interest rate collar 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. We concluded that this hedging relationship was and will continue to be highly effective using the hypothetical derivative method. The other $50,000 notional value interest rate collar was accounted for as a freestanding derivative from inception. During the year ended December 31, 2017, we recognized a $94 gain within other income (expense) in our consolidated statements of operations reflecting the change in fair value of the instrument from its inception date through December 31, 2017. On January 4, 2018, we designated this other $50,000 notional value interest rate collar as a cash flow hedge and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. We concluded that this hedging relationship was and will continue to be highly effective using the hypothetical derivative method. Effective interest rate swaps and collars are reported in accumulated other comprehensive income and the fair value of these hedge agreements is included in other assets or other liabilities. For interest rate swaps and collars that are considered effective hedges, we reclassified realized gains (losses) of $1,372, ($107) and ($492) to earnings within interest expense for the twelve months ended December 31, 2018, 2017 and 2016, respectively. For interest rate swaps that are considered effective hedges, we expect $2,004 to be reclassified out of accumulated other comprehensive income to earnings over the next 12 months.

Stockholder Equity and Noncontr

Stockholder Equity and Noncontrolling Interest	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Stockholder Equity and Noncontrolling Interest	NOTE 6: Stockholder Equity and Noncontrolling Interest Stockholder Equity On August 4, 2017, we entered into an At-the-Market Issuance Sales Agreement (the “ATM Sales Agreement”) with various sales agents. Pursuant to the ATM Sales Agreement, we may offer and sell shares of our common stock, $0.01 par value per share, having an aggregate offering price of up to $150,000, from time to time through the sales agents. The sales agents are entitled to compensation in an agreed amount not to exceed 2.0% of the gross sales price per share for any shares sold from time to time under the ATM Sales Agreement. We have no obligation to sell any of the shares under the ATM Sales Agreement and may at any time suspend solicitations and offers under the ATM Sales Agreement. During the year ended December 31, 2018, 2,196,164 shares were issued at an average price of $10.32 per share, resulting in $22,213 of net proceed, after deducting $453 of commissions. Pursuant to the Sales Agreement $115,241 remained available for issuance as of December 31, 2018. On September 11, 2017, we issued 12,500,000 shares of our common stock at a public offering price of $9.25 per share. We also closed on the underwriters’ option to purchase an additional 1,875,000 shares of common stock at the public offering price. As a result of the offering and exercise or the underwriters’ option, we received approximately $126,100 in net proceeds, after deducting the underwriting discount and offering expenses. Effective the first quarter of 2018, we transitioned to a quarterly distribution of cash dividends on our common stock. Prior to this, we paid monthly distributions of cash dividends on our common stock. Our board of directors declared the following dividends in 2018: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2018 March 13, 2018 April 4, 2018 April 20, 2018 $ 0.18 Second quarter 2018 June 13, 2018 July 7, 2018 July 20, 2018 $ 0.18 Third quarter 2018 September 17, 2018 October 5, 2018 October 19, 2018 $ 0.18 Fourth quarter 2018 December 13, 2017 December 27, 2018 January 24, 2019 $ 0.18 Our board of directors declared the following dividends in 2017: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2017 January 12, 2017 January 31, 2017 February 15, 2017 $ 0.06 February 2017 January 12, 2017 February 28, 2017 March 15, 2017 $ 0.06 March 2017 January 12, 2017 March 31, 2017 April 17, 2017 $ 0.06 April 2017 April 12, 2017 April 28, 2017 May 15, 2017 $ 0.06 May 2017 April 12, 2017 May 31, 2017 June 15, 2017 $ 0.06 June 2017 April 12, 2017 June 30, 2017 July 17, 2017 $ 0.06 July 2017 July 14, 2017 July 31, 2017 August 15, 2017 $ 0.06 August 2017 July 14, 2017 August 31, 2017 September 15, 2017 $ 0.06 September 2017 July 14, 2017 September 29, 2017 October 13, 2017 $ 0.06 October 2017 October 12, 2017 October 31, 2017 November 15, 2017 $ 0.06 November 2017 October 12, 2017 November 30, 2017 December 15, 2017 $ 0.06 December 2017 October 12, 2017 December 29, 2017 January 17, 2018 $ 0.06 Noncontrolling Interest During 2018, holders of IROP units exchanged 2,130,244 units for 2,130,244 shares of our common stock. During 2017, holders of IROP units exchanged 64,202 units for 64,202 shares of our common stock. In June 2017, we issued 166,604 IROP units in connection with our acquisition of Village at Auburn (formerly known as South Terrace). The IROP units were valued at $1,654 based on the price of our common stock. See Note 3: Investments in Real Estate for details on the property acquisition. As of December 31, 2018, 881,107 IROP units held by unaffiliated third parties remain outstanding with a redemption value of $8,089, based on IRT’s stock price of $9.18 as of December 31, 2018. Effective the first quarter of 2018, we transitioned to a quarterly distribution of cash dividends on our operating partnership’s LP units. Prior to this, we paid monthly distributions of cash dividends on our operating partnership’s LP units. Our board of directors declared the following distributions on our operating partnership’s LP units during 2018: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2018 March 13, 2018 April 4, 2018 April 20, 2018 $ 0.18 Second quarter 2018 June 13, 2018 July 7, 2018 July 20, 2018 $ 0.18 Third quarter 2018 September 17, 2018 October 5, 2018 October 19, 2018 $ 0.18 Fourth quarter 2018 December 13, 2017 December 27, 2018 January 24, 2019 $ 0.18 Our board of directors declared the following distributions on our operating partnership’s LP units during 2017: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2017 January 12, 2017 January 31, 2017 February 15, 2017 $ 0.06 February 2017 January 12, 2017 February 28, 2017 March 15, 2017 $ 0.06 March 2017 January 12, 2017 March 31, 2017 April 17, 2017 $ 0.06 April 2017 April 12, 2017 April 28, 2017 May 15, 2017 $ 0.06 May 2017 April 12, 2017 May 31, 2017 June 15, 2017 $ 0.06 June 2017 April 12, 2017 June 30, 2017 July 17, 2017 $ 0.06 July 2017 July 14, 2017 July 31, 2017 August 15, 2017 $ 0.06 August 2017 July 14, 2017 August 31, 2017 September 15, 2017 $ 0.06 September 2017 July 14, 2017 September 29, 2017 October 13, 2017 $ 0.06 October 2017 October 12, 2017 October 31, 2017 November 15, 2017 $ 0.06 November 2017 October 12, 2017 November 30, 2017 December 15, 2017 $ 0.06 December 2017 October 12, 2017 December 29, 2017 January 15, 2018 $ 0.06

Equity Compensation Plans

Equity Compensation Plans	12 Months Ended
	Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Compensation Plans	NOTE 7: Equity Compensation Plans Long Term Incentive Plan In May 2016, our shareholders approved and our board of directors adopted an amended and restated Long Term Incentive Plan (the “Incentive Plan”), which provides for the grants of awards to our directors, officers and full-time employees, full-time employees of our former advisor and its affiliates, full-time employees of entities that provide services to our former advisor, directors of our former advisor or of entities that provide services to it, certain of our consultants and certain consultants to our former advisor and its affiliates or to entities that provide services to our former advisor. The Incentive Plan authorizes the grant of restricted or unrestricted shares of our common stock, performance share units (“PSUs”), non-qualified and incentive stock options, restricted stock units, stock appreciation rights (“SARs”), dividend equivalents and other stock- or cash-based awards. In conjunction with the amendment, the number of shares of common stock issuable under the Incentive Plan was increased to 4,300,000 shares and the term of the incentive plan was extended to May 12, 2026. Under the incentive plan or predecessor incentive plans, we have granted restricted shares and stock appreciation rights (“SARs”), to employees and employees of our former advisor. These awards generally vested over a three or four year period. In addition, we have granted unrestricted shares to our directors. These awards generally vested immediately. For the years ended December 31, 2018, 2017 and 2016 we recognized $2,524, $1,968 and $1,222 of stock compensation expense, respectively. A summary of the restricted common share awards activity of the incentive plan is presented below. 2018 2017 2016 Number of Shares Weighted Average Grant Date Fair Value Per Share 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, 295,847 $ 7.84 281,005 $ 6.99 117,000 $ 9.13 Granted 233,706 8.64 168,010 9.17 228,000 6.33 Vested (175,555 ) 7.99 (142,748 ) 7.68 (60,661 ) 8.62 Forfeited (50,179 ) 8.45 (10,420 ) 8.56 (3,334 ) 7.47 Balance, December 31, 303,819 $ 8.22 295,847 $ 7.84 281,005 $ 6.99 As of December 31, 2018, the unearned compensation cost relating to unvested restricted common share awards was $1,948. The estimated fair value of restricted common share awards vested during 2018, 2017, and 2016 was $1,539, $1,319, and $427, respectively. A summary of the SARs activity of the incentive plan is presented below. 2018 2017 2016 SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price Outstanding, January 1, 250,000 $ 9.28 337,000 $ 9.15 351,000 $ 9.13 Granted — — — — — — Expired — — — — (2,000 ) 9.35 Exercised (55,000 ) 9.02 (84,000 ) 8.78 (8,000 ) 8.20 Forfeited — — (3,000 ) 9.35 (4,000 ) 9.35 Outstanding, December 31, 195,000 $ 9.35 250,000 $ 9.28 337,000 $ 9.15 SARs exercisable at December 31, 195,000 160,000 128,998 As of December 31, 2018, our closing common stock price was $9.18. The exercise price of all outstanding SARs was $9.35. Therefore, the total intrinsic value of SARs outstanding and exercisable at December 31, 2018 was $0. The weighted average contractual life of outstanding and exercisable SARs is 1.2 years. As of December 31, 2018, there was no unearned compensation cost relating to unvested SAR awards. The following table summarizes the PSUs granted for the year ended December 31, 2018: Grant Date Type of PSUs Granted Number of PSUs Granted Performance Period Commencement Date Performance Period End Date Grant Date Fair Value Number of PSUs Outstanding as of December 31, 2018 February 23, 2018 Relative 3-year TSR vs NAREIT Apartment Index 317,906 January 1, 2018 December 31, 2020 $ 4.19 317,906 February 23, 2018 Strategic Objectives 136,245 January 1, 2018 December 31, 2020 $ 8.67 136,245 Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows: For the year ended December 31, 2018 Dividend yield 8.2 % Volatility 28.0 % (a) Expected term 2.9 years (a) This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 19% to 41%. The following table summarizes the PSUs granted for the year ended December 31, 2017: Grant Date Type of PSUs Granted Number of PSUs Granted Performance Period Commencement Date Performance Period End Date Grant Date Fair Value Number of PSUs Outstanding as of December 31, 2018 February 28, 2017 Relative 3-year TSR vs NAREIT Apartment Index 135,881 January 1, 2017 December 31, 2019 4.83 135,881 February 28, 2017 Absolute 3-Year TSR 45,294 January 1, 2017 December 31, 2019 3.13 45,294 July 26, 2017 Strategic Objectives 45,294 January 1, 2017 December 31, 2019 9.87 45,294 Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows: For the year ended December 31, 2017 Dividend yield 8.1 % Volatility 27.0 % (a) Expected term 2.8 years (a) This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 19% to 28%. The Company estimates future expenses associated with PSUs outstanding at December 31, 2018 to be $1,948, which will be recognized over a weighted-average period of 2.2 years. On February 6, 2019, our compensation committee awarded 92,925 restricted stock awards, valued at $10.35 per share, or $962 in the aggregate to non-executive employees. These restricted stock awards vest over a three-year period.

2016 Management Internalization

2016 Management Internalization	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
2016 Management Internalization	NOTE 8: 2016 Management Internalization On December 20, 2016, we completed our management internalization, which consisted of two parts: (i) our acquisition of our external advisor, which was a subsidiary of RAIT, and (ii) our acquisition of substantially all of its assets and the assumption of certain liabilities relating to the multifamily property management business of RAIT, including property management contracts relating to apartment properties owned by us, RAIT and third parties. In accounting for the management internalization transaction, we first evaluated the net assets that were acquired. We also considered pre-existing relationships that were settled as part of the transaction, which included the advisory agreement and our properties’ property management agreements. In evaluating the amount by which these contracts were favorable or unfavorable to us, we compared the actual amounts historically paid and that would be owed under these agreements to a range of potential market arrangements and then applying a discount rate to the two sets of cash flows. The most significant difference between our agreements and the potential markets arrangements observed was our inability to terminate the advisory agreement until October 1, 2020 as well as the advisory agreement’s termination fee. The impact of this difference led to the conclusion that these agreements were unfavorable to us, on a present value basis, by more than $43,000, which was the purchase price for the management internalization. Accordingly, the difference between estimated fair value of the net assets acquired of $143 and the consideration transferred of $43,000 represents the settlement of pre-existing relationships between us and RAIT. Accordingly, the difference of $42,857 was recognized as a loss in our income statement as management internalization expense. As part of our management internalization, we incurred $2,119 of acquisition-related expenses. These acquisition-related expenses were recognized in earnings immediately and are included within management internalization expense.

Related Party Transactions and

Related Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	NOTE 9: Related Party Transactions and Arrangements Fees and Expenses Paid to Our Former Advisor For the years ended December 31, 2018, 2017 and 2016, our former advisor earned $0, $0, and $7,092 of asset management fees, respectively. These fees are included within general and administrative expenses in our consolidated statements of operations. For the years ended December 31, 2018, 2017 and 2016, our former advisor earned $0, $0 and $350 of incentive fees, respectively. These fees are included within general and administrative expenses in our consolidated statements of operations. For the years ended December 31, 2018, 2017 and 2016, we incurred costs of $0, $727 and $0, respectively, with respect to our shared services agreement with our former advisor, under which our former advisor provided us with certain back office support services. The term of the share services agreement was from December 21, 2016 to June 20, 2017, and the associated fees are included within general and administrative expenses in our consolidated statements of operations. Property Management Fees Paid to Our Former Property Manager and Earned from RAIT On December 20, 2016, in connection with our management internalization, we acquired property management agreements with respect to each of our properties from RAIT Residential, our former property manager, which is wholly owned by RAIT. Subsequent to this transaction, we earned $63, $257, and $0, respectively, of property management fees from RAIT for the years ended December 31, 2018, 2017, and 2016. For the years ended December 31, 2018, 2017 and 2016, our former property manager earned $0, $0, and $4,769, respectively, of property management and leasing fees. Dividends Paid to Affiliates of Our Former Advisor On October 5, 2016, we repurchased and retired all 7,269,719 shares of our common stock owned by subsidiaries of RAIT. Since October 5, 2016, RAIT has not owned any shares of our common stock. For the years ended December 31, 2018, 2017 and 2016, we declared and subsequently paid dividends of $0, $0 and $3,926, respectively, related to shares of common stock owned by subsidiaries of RAIT. RAIT Indebtedness In the second quarter of 2016, we repaid $38,075 of mortgage indebtedness with proceeds from two property dispositions. This indebtedness was held by RAIT. Total interest expense paid to RAIT for the years ended December 31, 2018, 2017 and 2016 was $0, $0 and $361, respectively. Village at Auburn Acquisition In June 2017, we acquired Village at Auburn, a 328-unit property in Durham, NC for $42,950 from a joint venture, of which a subsidiary of RAIT was a controlling member. For further information, see Note 3: Investment in Real Estate.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	NOTE 10: Earnings (Loss) Per Share The following table presents a reconciliation of basic and diluted earnings (loss) per share for the years ended December 31, 2018, 2017 and 2016: For the Years Ended December 31, 2018 2017 2016 Net Income (loss) $ 26,610 $ 31,441 $ (9,555 ) (Income) loss allocated to non-controlling interests (322 ) (1,235 ) (246 ) Net Income (loss) allocable to common shares 26,288 30,206 (9,801 ) Weighted-average shares outstanding—Basic 87,086,585 73,338,219 52,182,427 Dilutive securities 290,406 261,650 — Weighted-average shares outstanding—Diluted 87,376,991 73,599,869 52,182,427 Earnings (loss) per share—Basic $ 0.30 $ 0.41 $ (0.19 ) Earnings (loss) per share—Diluted $ 0.30 $ 0.41 $ (0.19 ) Certain IROP units and unvested shares totaling 881,107, 3,011,351, and 3,175,720 for the years ended December 31, 2018, 2017 and 2016, 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, 2018
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	NOTE 11: 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 2018 Total revenue $ 45,755 $ 46,889 $ 48,779 $ 49,809 Net income (loss) 3,500 3,545 4,836 14,729 Net income (loss) allocable to common shares 3,412 3,509 4,787 14,580 Total earnings (loss) per share—Basic (1) $ 0.04 $ 0.04 $ 0.05 $ 0.16 Total earnings (loss) per share—Diluted (1) $ 0.04 $ 0.04 $ 0.05 $ 0.16 2017 Total revenue $ 39,142 $ 39,561 $ 40,066 $ 42,447 Net income (loss) 4,245 19,521 1,156 6,519 Net income (loss) allocable to common shares 4,077 18,739 1,097 6,293 Total earnings (loss) per share—Basic (1) $ 0.06 $ 0.27 $ 0.02 $ 0.08 Total earnings (loss) per share—Diluted (1) $ 0.06 $ 0.27 $ 0.02 $ 0.08 (1) The summation of quarterly per share amounts may not equal the full year amounts due to rounding.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Segment Reporting	NOTE 12: 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.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 13: COMMITMENTS AND CONTINGENCIES Litigation We are subject to various 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 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. Lease Obligations We lease office space in Philadelphia, PA and Chicago, IL. As of December 31, 2018, the annual minimum rent due pursuant to these leases for each of the next five years and thereafter is estimated to be $248, $495, $369, $375, $382, and $2,358 respectively

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Independence Realty Trust As of December 31, 2018 (Dollars in thousands) Cost of Gross Carrying Accumulated Encumbrances Property Initial Cost Improvements, Amount Depreciation- (Unpaid Year of Name Location Land Building Land Building Land Building Building Principal) Acquisition Crestmont Marietta, GA $ 3,254 $ 13,017 $ - $ 4,714 $ 3,254 $ 17,731 $ (4,361 ) $ (6,218 ) 2011 Runaway Bay Indianapolis, IN 3,079 12,318 - 1,010 3,079 13,328 (2,293 ) (9,206 ) 2012 Reserve at Eagle Ridge (a) Waukegan, IL 5,800 22,743 - 1,346 5,800 24,089 (2,862 ) (18,850 ) 2014 Windrush Edmond, OK 1,677 7,464 - 649 1,677 8,113 (1,135 ) - 2014 Heritage Park Oklahoma, OK 4,234 12,232 - 2,111 4,234 14,343 (2,204 ) - 2014 Raindance Oklahoma, OK 3,503 10,051 - 1,746 3,503 11,797 (1,826 ) - 2014 Augusta Oklahoma, OK 1,296 9,930 - 953 1,296 10,883 (1,526 ) - 2014 Invitational Oklahoma, OK 1,924 16,852 - 1,161 1,924 18,013 (2,511 ) - 2014 Kings Landing Creve Coeur, MO 2,513 29,873 - 961 2,513 30,834 (3,797 ) (20,619 ) 2014 Carrington (a) Little Rock, AR 1,715 19,526 - 1,823 1,715 21,349 (2,445 ) (14,235 ) 2014 Walnut Hill Cordova, TN 2,230 25,251 - 1,285 2,230 26,536 (3,234 ) (18,650 ) 2014 Lenox Place Raleigh, NC 3,480 20,482 - 900 3,480 21,382 (2,544 ) (15,991 ) 2014 Stonebridge Crossing Memphis, TN 3,100 26,223 - 2,779 3,100 29,002 (3,454 ) (19,370 ) 2014 Bennington Pond Groveport, OH 2,400 14,828 - 1,044 2,400 15,872 (1,926 ) (11,375 ) 2014 Prospect Park Louisville, KY 2,837 11,193 - 540 2,837 11,733 (1,262 ) (9,230 ) 2014 Brookside Louisville, KY 3,947 16,502 - 887 3,947 17,389 (1,907 ) (13,455 ) 2014 Jamestown Louisville, KY 7,034 27,730 - 7,551 7,034 35,281 (3,960 ) (22,880 ) 2014 Oxmoor Louisville, KY 7,411 47,095 - 3,798 7,411 50,893 (5,370 ) (35,815 ) 2014 Meadows Louisville, KY 6,857 30,030 - 1,782 6,857 31,812 (3,513 ) (24,245 ) 2014 Stonebridge at the Ranch (a) Little Rock, AR 3,315 27,954 - 995 3,315 28,949 (2,625 ) (20,527 ) 2014 Iron Rock Ranch Austin, TX 5,860 28,911 - 1,163 5,860 30,074 (3,295 ) (22,900 ) 2014 Bayview Club Indianapolis, IN 2,525 22,506 - 1,372 2,525 23,878 (2,388 ) - 2015 Arbors River Oaks Memphis, TN 2,100 19,045 - 1,480 2,100 20,525 (1,896 ) - 2015 Aston Wake Forest, NC 3,450 34,333 - 424 3,450 34,757 (2,887 ) (25,050 ) 2015 Avenues at Craig Ranch McKinney, TX 5,500 42,054 - 566 5,500 42,620 (3,536 ) (31,250 ) 2015 Bridge Pointe Huntsville, AL 1,500 14,306 - 512 1,500 14,818 (1,293 ) - 2015 Creekstone at RTP Durham, NC 5,376 32,727 - 386 5,376 33,113 (2,766 ) (22,136 ) 2015 Fountains Southend Charlotte, NC 4,368 37,254 - 418 4,368 37,672 (3,089 ) (22,975 ) 2015 Fox Trails Plano, TX 5,700 21,944 - 1,452 5,700 23,396 (2,082 ) - 2015 Lakeshore on the Hill Chattanooga, TN 925 10,212 - 723 925 10,935 (968 ) - 2015 Millenia 700 Orlando, FL 5,500 41,752 - 921 5,500 42,673 (3,552 ) (28,746 ) 2015 Miller Creek at German Town Memphis, TN 3,300 53,504 - 364 3,300 53,868 (4,442 ) - 2015 Pointe at Canyon Ridge Atlanta, GA 11,100 36,995 - 5,314 11,100 42,309 (3,883 ) - 2015 St James at Goose Creek Goose Creek, SC 3,780 27,695 - 609 3,780 28,304 (2,450 ) - 2015 Talison Row at Daniel Island Daniel Island, SC 5,480 41,409 - 441 5,480 41,850 (3,500 ) (32,229 ) 2015 Trails at Signal Mountain Chattanooga, TN 1,200 12,895 - 715 1,200 13,610 (1,215 ) - 2015 Vue at Knoll Trail Dallas, TX 3,100 6,077 - 259 3,100 6,336 (570 ) - 2015 Waterstone at Brier Creek Raleigh, NC 4,200 34,651 - 320 4,200 34,971 (2,899 ) (16,040 ) 2015 Waterstone Big Creek Alpharetta, GA 7,600 61,971 - 325 7,600 62,296 (5,114 ) (49,680 ) 2015 Westmont Commons Asheville, NC 2,750 25,225 - 531 2,750 25,756 (2,207 ) - 2015 Lakes at Northdale Tampa, FL 3,898 25,543 - 708 3,898 26,251 (1,270 ) - 2017 Haverford Place Lexington, KY 3,927 10,100 - 1,010 3,927 11,110 (539 ) - 2017 South Terrace Durham, NC 5,621 36,923 - 4,615 5,621 41,538 (1,759 ) - 2017 Cherry Grove North Myrtle Beach, SC 550 15,369 - 710 550 16,079 (553 ) - 2017 Kensington Commons Canal Winchester, OH 3,400 20,703 - 732 3,400 21,435 (699 ) - 2017 Schirm Farms Canal Winchester, OH 3,960 19,488 - 972 3,960 20,460 (660 ) - 2017 Riverchase Indianapolis, IN 1,460 17,250 - 393 1,460 17,643 (563 ) - 2017 Live Oak Trace Baton Rouge, LA 1,060 27,362 - 188 1,060 27,550 (813 ) - 2017 Tides at Calabash Wilmington, NC 1,880 12,214 - 265 1,880 12,479 (352 ) - 2017 Brunswick Point Wilmington, NC 2,150 28,214 - 795 2,150 29,009 (749 ) (19,000 ) 2017 Creekside Corners Lithonia, GA 6,140 37,282 - 2,305 6,140 39,587 (965 ) (23,500 ) 2018 Hartshire Lakes Bargersville, IN 3,070 24,206 - 308 3,070 24,514 (575 ) (16,000 ) 2018 The Chelsea Columbus, OH 2,739 33,694 - 170 2,739 33,864 (779 ) - 2018 Avalon Oaks Columbus, OH 4,189 18,297 - 857 4,189 19,154 (397 ) - 2018 Bridgeview Tampa, FL 10,671 31,949 - 134 10,671 32,083 (336 ) - 2018 Collier Park Grove City, OH 2,325 18,676 - 109 2,325 18,785 (197 ) - 2018 Waterford Landing McDonough, GA 2,867 27,467 - 57 2,867 27,524 (114 ) (15,500 ) 2018 Lucerne Brandon, FL 3,114 43,537 - 7 3,114 43,544 (95 ) - 2018 Total Investment in Real Estate $ 219,941 $ 1,455,034 $ — $ 70,665 $ 219,941 $ 1,525,699 $ (120,202 ) $ (585,672 ) (a) This property was classified as held for sale as of December 31, 2018. For the year ended Investments in Real Estate December 31, December 31, December 31, Balance, beginning of period $ 1,504,156 $ 1,319,350 $ 1,372,015 Additions during period: Acquisitions 270,220 241,071 — Improvements to land and building 41,587 14,368 10,664 Deductions during period: Dispositions of real estate (69,915 ) (70,633 ) (63,329 ) Asset write-offs (408 ) — Balance, end of period: $ 1,745,640 $ 1,504,156 $ 1,319,350 For the year ended Accumulated Depreciation December 31, December 31, December 31, Balance, beginning of period $ 84,097 $ 60,719 $ 39,638 Depreciation expense 41,652 32,586 31,085 Dispositions of real estate (5,139 ) (9,208 ) (10,004 ) Asset write-off (408 ) — — Balance, end of period: $ 120,202 $ 84,097 $ 60,719 (a) Includes properties classified as held for sale as of December 31, 2018. (b) Includes properties classified as held for sale as of December 31, 2016.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	a. Basis of Presentation The consolidated financial statements have been prepared by management in accordance with generally accepted accounting principles in the United States (“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 and cash flows are included.
Principles of Consolidation	b. Principles of Consolidation The consolidated financial statements reflect our accounts and the accounts of IROP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Pursuant to FASB Accounting Standards Codification Topic 810, “Consolidation”, IROP is considered a variable interest entity. As our significant asset is our investment in IROP, substantially all of our assets and liabilities represent the assets and liabilities of IROP.
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 original 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, 2018 and 2017, we had $6,729 and $4,634, 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, including internal 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 the 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 Effective January 1, 2018, FASB ASC Topic 805, “Business Combinations” was amended to clarify the definition of a business by more clearly outlining the requirements for an integrated set of assets and activities to be considered a business and by establishing a practical framework to determine when the integrated set of assets and activities is a business. Prior to January 1, 2018, the properties we acquired were generally considered businesses and were accounted for as business combinations. Subsequent to January 1, 2018, we expect the properties we acquire to generally not be considered businesses and, therefore, to be accounted for as asset acquisitions. Under business combination accounting, the fair value of the real estate acquired is allocated to the acquired tangible assets, generally consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based, in each case, on their fair values. Transaction costs and fees incurred related to the acquisition are expensed as incurred. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs related to the acquisition, are accumulated and then allocated to the individual assets and liabilities acquired based upon their relative fair value. Under both business combination and asset acquisition accounting, t We estimate the fair value of acquired tangible assets (consisting of land, building and improvements), 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. 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 year ended December 31, 2018 and 2017, we acquired in-place leases with a value of $3,074 and $2,515, respectively, related to our acquisitions that are discussed further in NOTE 3: Investments in Real Estate. The value assigned to these intangible assets is amortized over the assumed lease up period, typically six months. For the years ended December 31, 2018, 2017 and 2016 we recorded $3,429, $1,536 and $3,735 of amortization expense for intangible assets, respectively. For the years ended December 31, 2018, 2017, and 2016 we wrote-off fully amortized intangible assets of $4,153, $0, and $0, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $744 for 2019. 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 Depreciation expense for real estate assets is computed using a straight-line method based on a life of 40 years for buildings and improvements and five to ten years for equipment and fixtures. For the years ended December 31, 2018, 2017 and 2016 we recorded $41,792, $32,665 and $31,089 of depreciation expense, respectively. For the year ended December 31, 2018, we wrote-off fully depreciated fixed assets of $408.
Revenue and Expenses	h. Revenue and Expenses Rental Income We apply FASB ASC Topic 840, “Leases” with respect to our accounting for rental income. We primarily lease apartments units under operating leases generally with terms of one year or less. Rental payments are generally due monthly and rental revenues are recognized on an accrual basis when earned. Our portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern United States. North Carolina, Tennessee, Georgia, Kentucky, South Carolina, Ohio, and Texas comprised 14.93%, 11.21%, 10.95%, 9.76%, 8.73%, 8.20%, and 7.87%, respectively, of our rental revenue for the year ended December 31, 2018. We have no single customer that accounts for 10% or more of revenue. Tenant Reimbursement and Other Property Income We apply FASB ASC Topic 606, “Revenue from Contracts with Customers” with respect to tenant reimbursement and other property income. Tenant reimbursement income represents reimbursement from tenants for utility charges, while other property income includes cable, parking, trash, late fees, application fees, and other miscellaneous property related income. The performance obligations of providing residents with these services are stipulated within the lease agreement and may be provided over time or at a point in time. The services provided over time include cable, parking, and trash services, which are generally provided over a monthly period for the term of the respective lease. The services provided at a point in time include late fees and application fees. Given the short period of time over which this revenue is then recognized and since payments with respect to tenant reimbursement and other property income are generally due monthly, no contract assets or liabilities have been recognized. For the year ended December 31, 2018 and 2017, we recognized revenues of $195 and $110, respectively, related to recoveries of lost rental revenue due to natural disasters and other insurable events from our insurance providers. Advertising Expenses For the years ended December 31, 2018, 2017 and 2016, we incurred $2,172, $1,806, and $1,749 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 our 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 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 or liability. 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. 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. Given that cash and cash equivalents and restricted cash are short term in nature with limited fair value volatility, the carrying amount is deemed to be a reasonable approximation of fair value and the fair value input is classified as a Level 1 fair value measurement. The fair value input for the derivatives is classified as a Level 2 fair value measurement within the fair value hierarchy. The fair value inputs for our unsecured credit facility and our former secured credit facility are classified as Level 2 fair value measurements within the fair value hierarchy. The fair value of mortgage indebtedness is based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. We determine appropriate credit spreads based on the type of debt and its maturity. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: December 31, 2018 December 31, 2017 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 9,316 $ 9,316 $ 9,985 $ 9,985 Restricted cash 6,729 6,729 4,634 4,634 Derivative assets 8,307 8,307 7,291 7,291 Liabilities Debt: Unsecured credit facility 153,983 155,743 101,629 104,005 Term loans 248,380 250,000 99,105 100,000 Mortgages 583,125 577,112 577,708 564,333
Deferred Financing Costs	j. Deferred Financing Costs Costs incurred in connection with debt financing are deferred and classified within indebtedness and charged to interest expense over the terms of the related debt agreements, under 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, 2018, 2017 and 2016. 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, 2018, 37% of dividends were characterized as total capital gain distribution, 39% were characterized as ordinary income and 24% were characterized as return of capital. For the year ended December 31, 2017, 53% of dividends were characterized as total capital gain distribution, 36% were characterized as ordinary income and 11% were characterized as return of capital. For the year ended December 31, 2016, 93% of dividends were characterized as ordinary income and 7% 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 did not have any employees prior to the management internalization on December 20, 2016 and therefore accounted for stock-based compensation as non-employee awards. Stock-based compensation cost for non-employee awards is measured at the grant date based on the fair value of the award and is revalued at the end of each accounting period. The expense is recognized over the requisite service period, which is the vesting period. Any share-based compensation awards granted to employees are measured based on the grant-date fair value of the award and we record compensation expense for the entire award on a straight-line basis, over the related vesting period. For awards granted to nonemployees who subsequently became employees, the fair values of the awards were revalued on the date the employment status change occurred and the resulting compensation expense is recognized on a straight-line basis over the remaining vesting period, for the entire award.
Noncontrolling Interest	m. Noncontrolling Interest Our noncontrolling 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 noncontrolling interest in our consolidated balance sheet within equity but separate from stockholders’ equity. Any noncontrolling 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. While these instruments may impact our periodic cash flows, they benefit us by minimizing the risks and/or costs previously described. 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 each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income and changes in the ineffective portions of cash flow hedges, if any, are recognized in earnings. For derivatives not designated as hedges (or designated as fair value hedges), the changes in fair value of the derivative instrument are 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.
Recent Accounting Pronouncements	o. Recent Accounting Pronouncements Below is a brief description of recent accounting pronouncements that could have a material effect on our financial statements. Adopted Within these 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 accounting standard applies to all contracts with customers, except those that are within the scope of other Topics in the FASB ASC. Subsequently, the FASB issued amendments to this accounting standard that provided further clarification. These standards amending FASB ASC Topic 606 were effective for annual reporting periods beginning after December 15, 2017. We adopted these accounting standard updates on January 1, 2018 using the modified retrospective approach. A majority of our revenue is derived from real estate lease contracts, which are specifically excluded from the scope of these standards. The portion of our revenue that was impacted by these standards included revenue recorded within the tenant reimbursement income, other property income, and property management and other income captions of our Consolidated Statements of Operations. The adoption of these standards did not have a material impact on our consolidated financial statements and no cumulative effect adjustment was recorded upon adoption. In August 2016, the FASB issued an accounting standard classified under FASB ASC Topic 230, “Statement of Cash Flows”. This accounting standard provides guidance on eight specific cash flow issues: (i) debt prepayment or debt extinguishment costs; (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (iii) contingent consideration payments made after a business combination; (iv) proceeds from the settlement of insurance claims; (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (vi) distributions received from equity method investees; (vii) beneficial interests in securitization transactions; and (viii) separately identifiable cash flows and application of the predominance principle. Subsequently, the FASB issued amendments to this accounting standard that required companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the statement of cash flows. The amendments were effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We adopted these standards as of January 1, 2018. The adoption of this accounting standard resulted in an increase (decrease) in net cash used in investing activities of $942, and ($105) for the years ended December 31, 2017, and 2016, respectively. In January 2017, the FASB issued an accounting standard update under FASB ASC Topic 805, “Business Combinations” that changed the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The new definition will be applied prospectively to any transactions occurring within the period of adoption. We adopted this standard on January 1, 2018. Management expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred, with these costs instead being capitalized as part of the acquired asset. In February 2017, the FASB issued an accounting standard update under FASB ASC Topic 610 “Other Income.” The amendments in this update provided guidance for partial sales of nonfinancial assets, including partial sales of real estate. Historically, GAAP contained several different accounting models to evaluate whether the transfer of certain assets qualified for sale treatment. This new standard reduces the number of potential accounting models that might apply and clarified which model does apply in various circumstances. Partial sales of nonfinancial assets are common in the real estate industry and include transactions in which the seller retains an equity interest in the entity that owns the assets or has an equity interest in the buyer. This update was effective for interim and annual periods beginning after December 15, 2017. We adopted this standard as of January 1, 2018. While this is common in the real estate industry, we have never participated in a transaction of this nature, therefore, the adoption of this accounting standard did not have any impact on our consolidated financial statements. In May 2017, the FASB issued an accounting standard update under FASB ASC Topic 718, “Compensation – Stock Compensation.” The amendments in this update provided guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. As a result, the accounting for share-based payment award transactions could be impacted. The updated standard was adopted by us on January 1, 2018. The new definition will be applied prospectively to an award modified on or after the adoption date. The adoption of this accounting standard did not have a material impact on our consolidated financial statements. In August 2017, the FASB issued an accounting standard update under FASB ASC Topic 815, “Derivatives and Hedging.” The amendments in this update provided guidance about the application of the hedge accounting guidance in current GAAP based on the feedback received from preparers, auditors, and other stakeholders. As a result, the accounting for derivatives and hedging transactions could be impacted. The updated standard is effective for us on January 1, 2019 with early adoption permitted. We early adopted this update on October 1, 2017. The adoption of this update did not have a material impact on our consolidated financial statements. In accordance with this accounting standard update, upon adoption, we revised our approach to recognizing interest expense for our interest rate swap that was designated as an off-market cash flow hedge. Rather than record interest expense based on the hypothetical derivative method with differences from actual net settlements reflected as ineffectiveness, we will record actual net settlements to interest expense adjusted for the straight-line amortization of the inception clean value of the hedging instrument over the hedge term. The result will be that no ineffectiveness will be recorded in future periods related to our off-market interest rate swap. Since we entered into the off-market hedging relationship in 2017, no transition entry was necessary upon adoption. Not Yet Adopted Within these Financial Statements In February 2016, the FASB issued an accounting standard classified under FASB ASC Topic 842, “Leases”. For lessees, this accounting standard amends lease accounting by requiring (1) the recognition of lease assets and lease liabilities for those leases classified as operating leases on the balance sheet and (2) additional disclosure about leasing arrangements. For lessors, the guidance under the new lease standard is substantially similar to legacy lease accounting standards. This standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. In July 2018, the FASB issued an amendment to the new standard, which provides a package of practical expedients that (1) allows lessors to not separate lease and non-lease components in a contract and allocate the consideration in the contract to the separate components if both (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease and (2) provides a transition option that permits entities to not recast the comparative periods presented when transitioning to the standard. Management expects to adopt the new standard on January 1, 2019 using the modified retrospective approach and the package of practical expedients. Therefore, a cumulative-effect adjustment will be recorded on the effective date and all prior comparative periods will be presented in accordance with legacy lease accounting standards. Management anticipates that our apartment leases, where we are lessor, will continue to be accounted for as operating leases under the new standard and, therefore, we do not expect significant changes in accounting for these leases. For various corporate office leases, where we are lessee, we expect to record a $308 right of use asset and a lease liability on our consolidated balance sheets upon adoption. In June 2018, the FASB issued an accounting standard classified under FASB ASC Topic 718, “Compensation – Stock Compensation.” The amendments in this update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. As a result, the accounting for share-based payment award transactions could be impacted. This standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this standard is permitted. Management does not expect this standard to have an impact on our consolidated financial statements as we have not issued share-based payments to non-employees since prior to our management internalization.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Schedule of Carrying Amount and Fair Value of Financial Instrument	. The fair value of mortgage indebtedness is based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. We determine appropriate credit spreads based on the type of debt and its maturity. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: December 31, 2018 December 31, 2017 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 9,316 $ 9,316 $ 9,985 $ 9,985 Restricted cash 6,729 6,729 4,634 4,634 Derivative assets 8,307 8,307 7,291 7,291 Liabilities Debt: Unsecured credit facility 153,983 155,743 101,629 104,005 Term loans 248,380 250,000 99,105 100,000 Mortgages 583,125 577,112 577,708 564,333

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2018
Banking And Thrift [Abstract]
Summary of Investments in Real Estate	The table below summarizes our investments in real estate 2018 2017 Depreciable (In years) Land $ 209,111 $ 193,026 - Building 1,384,810 1,279,777 40 Furniture, fixtures and equipment 66,502 31,353 5-10 Total investment in real estate $ 1,660,423 $ 1,504,156 Accumulated depreciation (112,270 ) (84,097 ) Investments in real estate, net $ 1,548,153 $ 1,420,059
Summary of Properties Classified as Held for Sale	As of December 31, 2018, we owned three properties that were classified as held for sale. The table below summarizes our held for sale properties. We did not have any properties classified as held for sale as of December 31, 2017. Property Name Market Units (unaudited) Net Carrying Value Reserve at Eagle Ridge Chicago, IL 370 $ 27,027 Carrington Park Little Rock, AR 202 20,619 Stonebridge at the Ranch Little Rock, AR 260 29,639 Total 832 $ 77,285
Summary of Acquisitions	The below table summarizes the acquisitions for the year ended December 31, 2018: Property Name Date of Purchase Market Units (unaudited) Contract Price Creekside Corners (1) 01/03/2018 Atlanta, GA 444 $ 43,901 Hartshire Lakes (1) 01/03/2018 Indianapolis, IN 272 27,597 The Chelsea 01/04/2018 Columbus, OH 312 36,750 Avalon Oaks 02/27/2018 Columbus, OH 235 23,000 Bridgeview 07/11/2018 Tampa-St. Petersburg, FL 348 43,000 Collier Park 07/26/2018 Columbus, OH 232 21,200 Waterford 10/11/2018 Atlanta, GA 260 30,500 Lucerne 11/07/2018 Tampa-St. Petersburg, FL 276 47,000 Total 2,379 $ 272,948 (1) These properties were acquired as the last phase of our acquisition of a nine-community portfolio (the “HPI Portfolio”), totaling 2,352 units (unaudited), which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144. The below table summarizes the acquisitions for the year ended December 31, 2017: Property Name Date of Purchase Market Units (unaudited) Contract Price Lakes of Northdale 2/27/2017 Tampa, FL 216 $ 29,750 Haverford Place 5/24/2017 Lexington, KY 160 14,240 Village at Auburn (1) 6/30/2017 Durham, NC 328 42,950 Cherry Grove (2) 9/26/2017 North Myrtle Beach, SC 172 16,157 Riverchase (2) 9/26/2017 Indianapolis, IN 216 18,899 Kensington (2) 9/26/2017 Canal Winchester, OH 264 24,409 Schirm Farms (2) 9/26/2017 Canal Winchester, OH 264 23,749 Live Oak Trace (2) 10/25/2017 Baton Rouge, LA 264 28,501 Tides at Calabash (2) 11/14/2017 Wilmington, NC 168 14,269 Brunswick Point (2) 12/12/2017 Wilmington, NC 288 30,661 Total 2,340 $ 243,585 (1) This property was acquired from a joint venture of which our former advisor was a controlling member. See Note 8: Related Party Transactions and Arrangements. In conjunction with this acquisition, we issued IROP units to third parties that were members of the joint venture that owned the property. See Note 6: Stockholder Equity and Noncontrolling Interests. (2) These properties were acquired as a part of our acquisition of the HPI Portfolio, totaling 2,352 units (unaudited), which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144. In connection with the acquisition of these properties, we incurred defeasance costs totaling $ 3,624
Summary of Fair Value of Assets and Liabilities	The following table summarizes the aggregate fair value of the assets and liabilities associated with the properties acquired during the year ended December 31, 2018, on the date of acquisition. Description Fair Value of Asset Acquired During the Year Ended December Assets acquired: Investments in real estate (a) $ 270,223 Accounts receivable and other assets 980 Intangible assets 3,074 Total assets acquired $ 274,277 Liabilities assumed: Indebtedness $ 54,756 Accounts payable and accrued expenses 1,338 Other liabilities 659 Total liabilities assumed $ 56,753 Estimated fair value of net assets acquired $ 217,524 (a) Includes $599 of property related acquisition costs capitalized during the year ended December 31, 2018.
Summary of Disposition of Property's	Dispositions The below table summarizes the dispositions for the year ended December 31, 2018: Property Name Date of Sale Sale Price Gain (loss) on sale (1) Aventine Greenville 12/20/2018 $ 52,500 $ 6,119 Arbors at the Reservoir 12/27/2018 24,800 4,445 Total $ 77,300 $ 10,564 (1) The gain (loss) for these properties is net of $911 of debt prepayment premium costs. The below table summarizes the dispositions for the year ended December 31, 2017: Property Name Date of Sale Sale Price Gain (loss) on sale (1) Copper Mill 5/5/2017 $ 32,000 $ 15,595 Heritage Trace 6/1/2017 11,600 (1,256 ) Berkshire Square 6/9/2017 16,000 1,510 Crossings 11/28/2017 27,200 3,061 Total $ 86,800 $ 18,910 (1) The gain (loss) on sale for these properties is net of $4,251 of defeasance and debt prepayment premium costs. The below table summarizes the dispositions for the year ended December 31, 2016: Property Name Date of Sale Sale Price Gain (loss) on sale Cumberland Glen (1) 02/18/2016 $ 18,000 $ 2,452 Belle Creek 04/07/2016 23,000 14,191 Tresa 05/05/2016 47,000 15,142 Total $ 88,000 $ 31,785 (1) Gain (loss) on sale related to this property includes a defeasance premium of $1,343.

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Summary Information Concerning Indebtedness	The following tables contains summary information concerning our indebtedness as of December 31, 2018: Debt: Outstanding Unamortized Discount and Debt Issuance Costs Carrying Type Weighted Average Rate Weighted Average Maturity (in Unsecured credit facility (1) $ 155,743 $ (1,760 ) $ 153,983 Floating 3.9% 2.7 Unsecured term loans 250,000 (1,620 ) 248,380 Floating 4.0% 5.4 Mortgages 585,672 (2,547 ) 583,125 Fixed 3.8% 5.1 Total Debt $ 991,415 $ (5,927 ) $ 985,488 3.9% 4.8 (1) The unsecured credit facility total capacity is $300,000, of which $155,743 was outstanding as of December 31, 2018. Original maturities on or before December 31, Debt: 2019 2020 2021 2022 2023 Thereafter Unsecured credit facility $ - $ - $ 105,743 $ 50,000 $ - $ - Unsecured term loans $ - $ - $ - $ - $ - $ 250,000 Mortgages $ 4,950 $ 8,135 $ 76,033 $ 70,700 $ 107,203 $ 318,651 Total $ 4,950 $ 8,135 $ 181,776 $ 120,700 $ 107,203 $ 568,651 As of December 31, 2018 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, 2017: Debt: Outstanding Principal Unamortized Discount and Debt Issuance Costs Carrying Amount Type Weighted Average Rate Weighted Average Maturity (in years) Unsecured credit facility (1) $ 104,005 $ (2,376 ) $ 101,629 Floating 3.0% 3.8 Unsecured Term loans 100,000 (895 ) 99,105 Floating 3.2% 6.9 Mortgages 580,635 (2,927 ) 577,708 Fixed 3.7% 5.8 Total Debt $ 784,640 $ (6,198 ) $ 778,442 3.6% 5.7 (1) The secured credit facility total capacity was $300,000, of which $104,005 was outstanding as of December 31, 2017.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Aggregate Amount and Estimated Net Fair Value of Our Derivative Instruments	The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Cash flow hedges: Interest rate swap $ 150,000 $ 4,751 $ — $ 150,000 $ 4,700 $ — Interest rate collars 250,000 3,556 — 50,000 1,297 — 400,000 8,307 — 200,000 5,997 — Freestanding derivatives: Interest rate collar — — — 50,000 1,294 — Total $ 400,000 $ 8,307 $ — $ 250,000 $ 7,291 $ —

Stockholder Equity and Noncon_2

Stockholder Equity and Noncontrolling Interest (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Dividends Declared	Our board of directors declared the following dividends in 2018: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2018 March 13, 2018 April 4, 2018 April 20, 2018 $ 0.18 Second quarter 2018 June 13, 2018 July 7, 2018 July 20, 2018 $ 0.18 Third quarter 2018 September 17, 2018 October 5, 2018 October 19, 2018 $ 0.18 Fourth quarter 2018 December 13, 2017 December 27, 2018 January 24, 2019 $ 0.18 Our board of directors declared the following dividends in 2017: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2017 January 12, 2017 January 31, 2017 February 15, 2017 $ 0.06 February 2017 January 12, 2017 February 28, 2017 March 15, 2017 $ 0.06 March 2017 January 12, 2017 March 31, 2017 April 17, 2017 $ 0.06 April 2017 April 12, 2017 April 28, 2017 May 15, 2017 $ 0.06 May 2017 April 12, 2017 May 31, 2017 June 15, 2017 $ 0.06 June 2017 April 12, 2017 June 30, 2017 July 17, 2017 $ 0.06 July 2017 July 14, 2017 July 31, 2017 August 15, 2017 $ 0.06 August 2017 July 14, 2017 August 31, 2017 September 15, 2017 $ 0.06 September 2017 July 14, 2017 September 29, 2017 October 13, 2017 $ 0.06 October 2017 October 12, 2017 October 31, 2017 November 15, 2017 $ 0.06 November 2017 October 12, 2017 November 30, 2017 December 15, 2017 $ 0.06 December 2017 October 12, 2017 December 29, 2017 January 17, 2018 $ 0.06 Our board of directors declared the following distributions on our operating partnership’s LP units during 2018: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2018 March 13, 2018 April 4, 2018 April 20, 2018 $ 0.18 Second quarter 2018 June 13, 2018 July 7, 2018 July 20, 2018 $ 0.18 Third quarter 2018 September 17, 2018 October 5, 2018 October 19, 2018 $ 0.18 Fourth quarter 2018 December 13, 2017 December 27, 2018 January 24, 2019 $ 0.18 Our board of directors declared the following distributions on our operating partnership’s LP units during 2017: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2017 January 12, 2017 January 31, 2017 February 15, 2017 $ 0.06 February 2017 January 12, 2017 February 28, 2017 March 15, 2017 $ 0.06 March 2017 January 12, 2017 March 31, 2017 April 17, 2017 $ 0.06 April 2017 April 12, 2017 April 28, 2017 May 15, 2017 $ 0.06 May 2017 April 12, 2017 May 31, 2017 June 15, 2017 $ 0.06 June 2017 April 12, 2017 June 30, 2017 July 17, 2017 $ 0.06 July 2017 July 14, 2017 July 31, 2017 August 15, 2017 $ 0.06 August 2017 July 14, 2017 August 31, 2017 September 15, 2017 $ 0.06 September 2017 July 14, 2017 September 29, 2017 October 13, 2017 $ 0.06 October 2017 October 12, 2017 October 31, 2017 November 15, 2017 $ 0.06 November 2017 October 12, 2017 November 30, 2017 December 15, 2017 $ 0.06 December 2017 October 12, 2017 December 29, 2017 January 15, 2018 $ 0.06

Equity Compensation Plans (Tabl

Equity Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2018
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Restricted Common Share Awards of Incentive Plan	A summary of the restricted common share awards activity of the incentive plan is presented below. 2018 2017 2016 Number of Shares Weighted Average Grant Date Fair Value Per Share 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, 295,847 $ 7.84 281,005 $ 6.99 117,000 $ 9.13 Granted 233,706 8.64 168,010 9.17 228,000 6.33 Vested (175,555 ) 7.99 (142,748 ) 7.68 (60,661 ) 8.62 Forfeited (50,179 ) 8.45 (10,420 ) 8.56 (3,334 ) 7.47 Balance, December 31, 303,819 $ 8.22 295,847 $ 7.84 281,005 $ 6.99
Summary of PSUs Granted	The following table summarizes the PSUs granted for the year ended December 31, 2018: Grant Date Type of PSUs Granted Number of PSUs Granted Performance Period Commencement Date Performance Period End Date Grant Date Fair Value Number of PSUs Outstanding as of December 31, 2018 February 23, 2018 Relative 3-year TSR vs NAREIT Apartment Index 317,906 January 1, 2018 December 31, 2020 $ 4.19 317,906 February 23, 2018 Strategic Objectives 136,245 January 1, 2018 December 31, 2020 $ 8.67 136,245 The following table summarizes the PSUs granted for the year ended December 31, 2017: Grant Date Type of PSUs Granted Number of PSUs Granted Performance Period Commencement Date Performance Period End Date Grant Date Fair Value Number of PSUs Outstanding as of December 31, 2018 February 28, 2017 Relative 3-year TSR vs NAREIT Apartment Index 135,881 January 1, 2017 December 31, 2019 4.83 135,881 February 28, 2017 Absolute 3-Year TSR 45,294 January 1, 2017 December 31, 2019 3.13 45,294 July 26, 2017 Strategic Objectives 45,294 January 1, 2017 December 31, 2019 9.87 45,294
SARs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of SARs Activity of the Incentive Plan	A summary of the SARs activity of the incentive plan is presented below. 2018 2017 2016 SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price Outstanding, January 1, 250,000 $ 9.28 337,000 $ 9.15 351,000 $ 9.13 Granted — — — — — — Expired — — — — (2,000 ) 9.35 Exercised (55,000 ) 9.02 (84,000 ) 8.78 (8,000 ) 8.20 Forfeited — — (3,000 ) 9.35 (4,000 ) 9.35 Outstanding, December 31, 195,000 $ 9.35 250,000 $ 9.28 337,000 $ 9.15 SARs exercisable at December 31, 195,000 160,000 128,998
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Schedule of Assumptions Used in Computing the Fair Value	Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows: For the year ended December 31, 2018 Dividend yield 8.2 % Volatility 28.0 % (a) Expected term 2.9 years (a) This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 19% to 41%. Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows: For the year ended December 31, 2017 Dividend yield 8.1 % Volatility 27.0 % (a) Expected term 2.8 years (a) This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 19% to 28%.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018, 2017 and 2016: For the Years Ended December 31, 2018 2017 2016 Net Income (loss) $ 26,610 $ 31,441 $ (9,555 ) (Income) loss allocated to non-controlling interests (322 ) (1,235 ) (246 ) Net Income (loss) allocable to common shares 26,288 30,206 (9,801 ) Weighted-average shares outstanding—Basic 87,086,585 73,338,219 52,182,427 Dilutive securities 290,406 261,650 — Weighted-average shares outstanding—Diluted 87,376,991 73,599,869 52,182,427 Earnings (loss) per share—Basic $ 0.30 $ 0.41 $ (0.19 ) Earnings (loss) per share—Diluted $ 0.30 $ 0.41 $ (0.19 )

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
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 2018 Total revenue $ 45,755 $ 46,889 $ 48,779 $ 49,809 Net income (loss) 3,500 3,545 4,836 14,729 Net income (loss) allocable to common shares 3,412 3,509 4,787 14,580 Total earnings (loss) per share—Basic (1) $ 0.04 $ 0.04 $ 0.05 $ 0.16 Total earnings (loss) per share—Diluted (1) $ 0.04 $ 0.04 $ 0.05 $ 0.16 2017 Total revenue $ 39,142 $ 39,561 $ 40,066 $ 42,447 Net income (loss) 4,245 19,521 1,156 6,519 Net income (loss) allocable to common shares 4,077 18,739 1,097 6,293 Total earnings (loss) per share—Basic (1) $ 0.06 $ 0.27 $ 0.02 $ 0.08 Total earnings (loss) per share—Diluted (1) $ 0.06 $ 0.27 $ 0.02 $ 0.08 (1) The summation of quarterly per share amounts may not equal the full year amounts due to rounding.

Organization - Additional Infor

Organization - Additional Information (Detail)	Dec. 31, 2018Property
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of multifamily properties owned	58
Number of units located with multifamily properties	15,880

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Significant Accounting Policies [Line Items]
Federal Deposit Insurance Corporation deposit insurance limit per institution	$ 250,000
Restricted cash	6,729,000	$ 4,634,000
Bad debt expense	644,000	870,000	$ 975,000
Amortization expense for intangible assets	3,429,000	1,536,000	3,735,000
Write-off of amortized intangible assets	4,153,000	0	0
Amortization expense for intangible assets expected for 2019	744,000
Depreciation expense	41,792,000	32,665,000	31,089,000
Write-off of fully depreciated fixed assets	408,000
Recognized contract assets	0
Recognized contract liabilities	0
Advertising expenses	2,172,000	1,806,000	1,749,000
Income tax expense	$ 0	$ 0	$ 0
Taxable income distributable to stockholders	90.00%
Dividends characterized as capital gain distribution	37.00%	53.00%
Dividends characterized as ordinary income percentage	39.00%	36.00%
Dividends characterized as return of capital	24.00%	11.00%	7.00%
Dividends characterized as ordinary taxable income			93.00%
ASC Topic 230
Significant Accounting Policies [Line Items]
Increase (decrease) in net cash used in investing activities due to new accounting standard adoption		$ 942,000	$ (105,000)
Natural Disasters and Other Insurable Events
Significant Accounting Policies [Line Items]
Rent revenue recognized	$ 195,000	110,000
North Carolina
Significant Accounting Policies [Line Items]
Percentage of rental revenue	14.93%
Tennessee
Significant Accounting Policies [Line Items]
Percentage of rental revenue	11.21%
Georgia
Significant Accounting Policies [Line Items]
Percentage of rental revenue	10.95%
Kentucky
Significant Accounting Policies [Line Items]
Percentage of rental revenue	9.76%
South Carolina
Significant Accounting Policies [Line Items]
Percentage of rental revenue	8.73%
Ohio
Significant Accounting Policies [Line Items]
Percentage of rental revenue	8.20%
Texas
Significant Accounting Policies [Line Items]
Percentage of rental revenue	7.87%
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	$ 3,074,000	$ 2,515,000
Minimum | Equipment and Fixtures
Significant Accounting Policies [Line Items]
Depreciable Lives	5 years
Maximum
Significant Accounting Policies [Line Items]
Cash and cash equivalents original maturity period	3 months
Maximum | Equipment and Fixtures
Significant Accounting Policies [Line Items]
Depreciable Lives	10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Carrying Amount and Fair Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Assets
Cash and cash equivalents, Carrying Amount	$ 9,316		$ 9,985		$ 20,892
Restricted cash, Carrying Amount	6,729		4,634
Derivative assets, Carrying Amount	8,307		7,291
Cash and cash equivalents, Estimated Fair Value	9,316		9,985
Restricted cash, Estimated Fair Value	6,729		4,634
Derivative assets, Estimated Fair Value	8,307		7,291
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs	985,488		778,442
Mortgages
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs	583,125		577,708
Indebtedness, net of unamortized discount and deferred financing costs, estimated fair value	577,112		564,333
Unsecured Credit Facility
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs	153,983	[1]	101,629	[2]
Indebtedness, net of unamortized discount and deferred financing costs, estimated fair value	155,743		104,005
Term Loan
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs	248,380		99,105
Indebtedness, net of unamortized discount and deferred financing costs, estimated fair value	$ 250,000		$ 100,000
[1]	The unsecured credit facility total capacity is $300,000, of which $155,743 was outstanding as of December 31, 2018.
[2]	The secured credit facility total capacity was $300,000, of which $104,005 was outstanding as of December 31, 2017.

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail)	Dec. 31, 2018USD ($)Property	Dec. 31, 2017USD ($)
Real Estate Properties [Line Items]
Number of multifamily properties owned | Property	58
Real estate properties held for sale | $	$ 77,285,000
Held-for-sale
Real Estate Properties [Line Items]
Number of multifamily properties owned | Property	3
Real estate properties held for sale | $	$ 77,285,000	$ 0

Summary of Investments in Real

Summary of Investments in Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Land	$ 209,111	$ 193,026
Building	1,384,810	1,279,777
Furniture, fixtures and equipment	66,502	31,353
Total investment in real estate	1,660,423	1,504,156
Accumulated depreciation	(112,270)	(84,097)
Investments in real estate, net	$ 1,548,153	$ 1,420,059
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 Properties Classifie

Summary of Properties Classified as Held for Sale (Detail)	12 Months Ended
	Dec. 31, 2018USD ($)Property	Dec. 31, 2017USD ($)
Real Estate Properties [Line Items]
Units (unaudited) | Property	15,880
Net Carrying Value | $	$ 77,285,000
Held-for-sale
Real Estate Properties [Line Items]
Units (unaudited) | Property	832
Net Carrying Value | $	$ 77,285,000	$ 0
Held-for-sale | Reserve At Eagle Ridge [Member]
Real Estate Properties [Line Items]
Market	Chicago, IL
Units (unaudited) | Property	370
Net Carrying Value | $	$ 27,027,000
Held-for-sale | Carrington Park [Member]
Real Estate Properties [Line Items]
Market	Little Rock, AR
Units (unaudited) | Property	202
Net Carrying Value | $	$ 20,619,000
Held-for-sale | Stonebridge At The Ranch [Member]
Real Estate Properties [Line Items]
Market	Little Rock, AR
Units (unaudited) | Property	260
Net Carrying Value | $	$ 29,639,000

Summary of Acquisitions (Detail

Summary of Acquisitions (Detail) $ in Thousands		12 Months Ended
		Dec. 31, 2018USD ($)Property	Dec. 31, 2017USD ($)Property
Business Acquisition [Line Items]
Units (unaudited) | Property		2,379	2,340
Contract Price | $		$ 272,948	$ 243,585
Creekside Corners | Atlanta, GA
Business Acquisition [Line Items]
Date of Purchase	[1]	Jan. 3, 2018
Units (unaudited) | Property	[1]	444
Contract Price | $	[1]	$ 43,901
Hartshire Lakes | Indianapolis, IN
Business Acquisition [Line Items]
Date of Purchase	[1]	Jan. 3, 2018
Units (unaudited) | Property	[1]	272
Contract Price | $	[1]	$ 27,597
The Chelsea | Columbus, OH
Business Acquisition [Line Items]
Date of Purchase		Jan. 4, 2018
Units (unaudited) | Property		312
Contract Price | $		$ 36,750
Avalon Oaks | Columbus, OH
Business Acquisition [Line Items]
Date of Purchase		Feb. 27, 2018
Units (unaudited) | Property		235
Contract Price | $		$ 23,000
Bridgeview | Tampa-St. Petersburg, FL
Business Acquisition [Line Items]
Date of Purchase		Jul. 11, 2018
Units (unaudited) | Property		348
Contract Price | $		$ 43,000
Collier Park | Columbus, OH
Business Acquisition [Line Items]
Date of Purchase		Jul. 26, 2018
Units (unaudited) | Property		232
Contract Price | $		$ 21,200
Waterford | Atlanta, GA
Business Acquisition [Line Items]
Date of Purchase		Oct. 11, 2018
Units (unaudited) | Property		260
Contract Price | $		$ 30,500
Lucerne | Tampa-St. Petersburg, FL
Business Acquisition [Line Items]
Date of Purchase		Nov. 7, 2018
Units (unaudited) | Property		276
Contract Price | $		$ 47,000
Lakes of Northdale | Tampa-St. Petersburg, FL
Business Acquisition [Line Items]
Date of Purchase			Feb. 27, 2017
Units (unaudited) | Property			216
Contract Price | $			$ 29,750
Haverford Place | Lexington, KY
Business Acquisition [Line Items]
Date of Purchase			May 24, 2017
Units (unaudited) | Property			160
Contract Price | $			$ 14,240
Village at Auburn | Durham, NC
Business Acquisition [Line Items]
Date of Purchase	[2]		Jun. 30, 2017
Units (unaudited) | Property	[2]		328
Contract Price | $	[2]		$ 42,950
Cherry Grove | North Myrtle Beach, SC
Business Acquisition [Line Items]
Date of Purchase	[3]		Sep. 26, 2017
Units (unaudited) | Property	[3]		172
Contract Price | $	[3]		$ 16,157
Riverchase | Indianapolis, IN
Business Acquisition [Line Items]
Date of Purchase	[3]		Sep. 26, 2017
Units (unaudited) | Property	[3]		216
Contract Price | $	[3]		$ 18,899
Kensington | Canal Winchester, OH
Business Acquisition [Line Items]
Date of Purchase	[3]		Sep. 26, 2017
Units (unaudited) | Property	[3]		264
Contract Price | $	[3]		$ 24,409
Schirm Farms | Canal Winchester, OH
Business Acquisition [Line Items]
Date of Purchase	[3]		Sep. 26, 2017
Units (unaudited) | Property	[3]		264
Contract Price | $	[3]		$ 23,749
Live Oak Trace | Baton Rouge, LA
Business Acquisition [Line Items]
Date of Purchase	[3]		Oct. 25, 2017
Units (unaudited) | Property	[3]		264
Contract Price | $	[3]		$ 28,501
Tides at Calabash | Wilmington, NC
Business Acquisition [Line Items]
Date of Purchase	[3]		Nov. 14, 2017
Units (unaudited) | Property	[3]		168
Contract Price | $	[3]		$ 14,269
Brunswick Point | Wilmington, NC
Business Acquisition [Line Items]
Date of Purchase	[3]		Dec. 12, 2017
Units (unaudited) | Property	[3]		288
Contract Price | $	[3]		$ 30,661
[1]	These properties were acquired as the last phase of our acquisition of a nine-community portfolio (the “HPI Portfolio”), totaling 2,352 units (unaudited), which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144.
[2]	This property was acquired from a joint venture of which our former advisor was a controlling member. See Note 8: Related Party Transactions and Arrangements. In conjunction with this acquisition, we issued IROP units to third parties that were members of the joint venture that owned the property. See Note 6: Stockholder Equity and Noncontrolling Interests.
[3]	These properties were acquired as a part of our acquisition of the HPI Portfolio, totaling 2,352 units (unaudited), which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144. In connection with the acquisition of these properties, we incurred defeasance costs totaling $3,624, which are included in Acquisition related debt extinguishment expenses within the Consolidated Statements of Operations.

Summary of Acquisitions (Parent

Summary of Acquisitions (Parenthetical) (Detail) $ in Thousands	Sep. 03, 2017USD ($)Property	Dec. 31, 2018USD ($)Property	Dec. 31, 2017USD ($)Property
Business Acquisition [Line Items]
Number of units in real estate properties acquired | Property		2,379	2,340
Purchase Price		$ 272,948	$ 243,585
Defeasance costs related to properties acquired	$ 3,624
Acquisition of Nine-Property Portfolio First Phase Acquisition (HPI Portfolio)
Business Acquisition [Line Items]
Number of units in real estate properties acquired | Property	2,352
Purchase Price	$ 228,144

Summary of Aggregate Fair Value

Summary of Aggregate Fair Value of Assets and Liabilities (Detail) $ in Thousands	Dec. 31, 2018USD ($)
Assets acquired:
Investments in real estate	$ 270,223	[1]
Accounts receivable and other assets	980
Intangible assets	3,074
Total assets acquired	274,277
Liabilities assumed:
Indebtedness	54,756
Accounts payable and accrued expenses	1,338
Other liabilities	659
Total liabilities assumed	56,753
Estimated fair value of net assets acquired	$ 217,524
[1]	Includes $599 of property related acquisition costs capitalized during the year ended December 31, 2018.

Summary of Aggregate Fair Val_2

Summary of Aggregate Fair Value of Assets and Liabilities (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Business Combinations [Abstract]
Acquisition costs related to property	$ 599

Summary of Disposition of Prope

Summary of Disposition of Property's (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Real Estate Properties [Line Items]
Sale Price		$ 77,300		$ 86,800		$ 88,000
Gain (loss) on sale		$ 10,564	[1]	$ 18,910	[2]	$ 31,785
Aventine Greenville
Real Estate Properties [Line Items]
Date of Sale		Dec. 20, 2018
Sale Price		$ 52,500
Gain (loss) on sale	[1]	$ 6,119
Arbors At The Reservoir
Real Estate Properties [Line Items]
Date of Sale		Dec. 27, 2018
Sale Price		$ 24,800
Gain (loss) on sale	[1]	$ 4,445
Copper Mill
Real Estate Properties [Line Items]
Date of Sale				May 5, 2017
Sale Price				$ 32,000
Gain (loss) on sale	[2]			$ 15,595
Heritage Trace
Real Estate Properties [Line Items]
Date of Sale				Jun. 1, 2017
Sale Price				$ 11,600
Gain (loss) on sale	[2]			$ (1,256)
Berkshire Square
Real Estate Properties [Line Items]
Date of Sale				Jun. 9, 2017
Sale Price				$ 16,000
Gain (loss) on sale	[2]			$ 1,510
Crossings
Real Estate Properties [Line Items]
Date of Sale				Nov. 28, 2017
Sale Price				$ 27,200
Gain (loss) on sale	[2]			$ 3,061
Cumberland Glen
Real Estate Properties [Line Items]
Date of Sale	[3]					Feb. 18, 2016
Sale Price	[3]					$ 18,000
Gain (loss) on sale	[3]					$ 2,452
Belle Creek
Real Estate Properties [Line Items]
Date of Sale						Apr. 7, 2016
Sale Price						$ 23,000
Gain (loss) on sale						$ 14,191
Tresa
Real Estate Properties [Line Items]
Date of Sale						May 5, 2016
Sale Price						$ 47,000
Gain (loss) on sale						$ 15,142
[1]	The gain (loss) for these properties is net of $911 of debt prepayment premium costs.
[2]	The gain (loss) on sale for these properties is net of $4,251 of defeasance and debt prepayment premium costs.
[3]	Gain (loss) on sale related to this property includes a defeasance premium of $1,343.

Summary of Disposition of Pro_2

Summary of Disposition of Property's (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Aventine Greenville
Real Estate Properties [Line Items]
Gain (loss) for properties, debt prepayment premium costs	$ 911
Copper Mill
Real Estate Properties [Line Items]
Gain (loss) on sale related to property includes defeasance costs		$ 4,251
Cumberland Glen
Real Estate Properties [Line Items]
Gain (loss) on sale related to property includes defeasance costs			$ 1,343

Summary Information Concerning

Summary Information Concerning Indebtedness (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018		Dec. 31, 2017
Debt Instrument [Line Items]
Outstanding Principal	$ 991,415		$ 784,640
Unamortized Discount and Debt Issuance Costs	(5,927)		(6,198)
Carrying Amount	$ 985,488		$ 778,442
Weighted Average Rate	3.90%		3.60%
Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)	4 years 9 months 18 days		5 years 8 months 12 days
Mortgages
Debt Instrument [Line Items]
Outstanding Principal	$ 585,672		$ 580,635
Unamortized Discount and Debt Issuance Costs	(2,547)		(2,927)
Carrying Amount	$ 583,125		$ 577,708
Type	Fixed		Fixed
Weighted Average Rate	3.80%		3.70%
Mortgages | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)	5 years 1 month 6 days		5 years 9 months 18 days
Unsecured Credit Facility
Debt Instrument [Line Items]
Outstanding Principal	$ 155,743	[1]	$ 104,005	[2]
Unamortized Discount and Debt Issuance Costs	(1,760)	[1]	(2,376)	[2]
Carrying Amount	$ 153,983	[1]	$ 101,629	[2]
Type	Floating	[1]	Floating	[2]
Weighted Average Rate	3.90%	[1]	3.00%	[2]
Unsecured Credit Facility | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)	2 years 8 months 12 days	[1]	3 years 9 months 18 days	[2]
Unsecured Term Loan
Debt Instrument [Line Items]
Outstanding Principal	$ 250,000		$ 100,000
Unamortized Discount and Debt Issuance Costs	(1,620)		(895)
Carrying Amount	$ 248,380		$ 99,105
Type	Floating		Floating
Weighted Average Rate	4.00%		3.20%
Unsecured Term Loan | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)	5 years 4 months 24 days		6 years 10 months 24 days
[1]	The unsecured credit facility total capacity is $300,000, of which $155,743 was outstanding as of December 31, 2018.
[2]	The secured credit facility total capacity was $300,000, of which $104,005 was outstanding as of December 31, 2017.

Summary Information Concernin_2

Summary Information Concerning Indebtedness (Parenthetical) (Detail) - USD ($)	Dec. 31, 2018		Dec. 31, 2017		May 01, 2017
Debt Instrument [Line Items]
Outstanding Principal	$ 991,415,000		$ 784,640,000
Unsecured Credit Facility
Debt Instrument [Line Items]
Credit facility borrowing capacity	300,000,000				$ 300,000,000
Outstanding Principal	$ 155,743,000	[1]	104,005,000	[2]
Secured Credit Facility
Debt Instrument [Line Items]
Credit facility borrowing capacity			300,000,000
Outstanding Principal			$ 104,005,000
[1]	The unsecured credit facility total capacity is $300,000, of which $155,743 was outstanding as of December 31, 2018.
[2]	The secured credit facility total capacity was $300,000, of which $104,005 was outstanding as of December 31, 2017.

Maturity of Indebtedness (Detai

Maturity of Indebtedness (Detail) $ in Thousands	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
2,019	$ 4,950
2,020	8,135
2,021	181,776
2,022	120,700
2,023	107,203
Thereafter	568,651
Mortgages
Debt Instrument [Line Items]
2,019	4,950
2,020	8,135
2,021	76,033
2,022	70,700
2,023	107,203
Thereafter	318,651
Unsecured Credit Facility
Debt Instrument [Line Items]
2,021	105,743
2,022	50,000
Unsecured Term Loan
Debt Instrument [Line Items]
Thereafter	$ 250,000

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail)

Oct. 30, 2018USD ($)

Oct. 11, 2018USD ($)

Jan. 03, 2018USD ($)

Dec. 12, 2017USD ($)

Nov. 20, 2017USD ($)

May 01, 2017USD ($)

Jun. 24, 2016USD ($)

May 26, 2016USD ($)

May 20, 2016USD ($)

May 17, 2016USD ($)

Feb. 22, 2019USD ($)

Jan. 31, 2019USD ($)

Mar. 31, 2016USD ($)

Feb. 29, 2016USD ($)

Dec. 31, 2018USD ($)Property

Dec. 31, 2017USD ($)Property

Dec. 31, 2016USD ($)

Nov. 17, 2017USD ($)

Dec. 21, 2016USD ($)

Sep. 17, 2015USD ($)

Debt Instrument [Line Items]

Loss on extinguishment of debt

$ 572,000

$ 572,000

$ 1,210,000

Outstanding Principal

$ 991,415,000

$ 784,640,000

Mortgages-Fixed Rate

Debt Instrument [Line Items]

Debt instrument repayment

$ 43,694,000

Number of property dispositions | Property

2

4

Mortgage loan related to property disposition

$ 46,772,000

$ 35,901,000

Repayment of term loan facility

$ 6,659,000

Mortgages-Fixed Rate | Brunswick Point

Debt Instrument [Line Items]

Debt instrument, term

30 years

Maturity date

May 31, 2025

Outstanding Principal

$ 19,000,000

Debt interest rate

4.40%

Interest payment period

Monthly

Outstanding Principal, fair value

$ 18,977,000

Mortgages-Fixed Rate | Aston

Debt Instrument [Line Items]

Debt instrument, term

30 years

Maturity date

Jun. 30, 2023

Outstanding Principal

$ 25,050,000

Debt interest rate

3.40%

Interest payment period

Monthly

Principal date

Dec. 31, 2019

Mortgages-Fixed Rate | Craig Ranch

Debt Instrument [Line Items]

Debt instrument, term

30 years

Maturity date

Jun. 30, 2023

Outstanding Principal

$ 31,250,000

Debt interest rate

3.30%

Interest payment period

Monthly

Principal date

May 31, 2019

Mortgages-Fixed Rate | Big Creek

Debt Instrument [Line Items]

Debt instrument, term

30 years

Maturity date

Jun. 30, 2026

Outstanding Principal

$ 49,680,000

Debt interest rate

3.70%

Interest payment period

Monthly

Principal date

Jun. 30, 2019

Hartshire Lakes

Debt Instrument [Line Items]

Maturity date

Jan. 31, 2025

Outstanding Principal

$ 16,000,000

Debt interest rate

4.68%

Interest payment period

monthly

Debt Instrument amortization period

30 years

Outstanding Principal, fair value

$ 15,936,000

Creekside Corners

Debt Instrument [Line Items]

Maturity date

Jan. 31, 2025

Outstanding Principal

$ 23,500,000

Debt interest rate

4.56%

Interest payment period

monthly

Debt Instrument amortization period

30 years

Outstanding Principal, fair value

$ 23,426,000

Waterford Landing | Mortgages-Fixed Rate

Debt Instrument [Line Items]

Maturity date

Jan. 31, 2026

Outstanding Principal

$ 15,500,000

Debt interest rate

4.82%

Interest payment period

monthly

Debt Instrument amortization period

30 years

Outstanding Principal, fair value

$ 15,394,000

Secured Credit Facility

Debt Instrument [Line Items]

Credit facility borrowing capacity

$ 300,000,000

Outstanding Principal

104,005,000

Revolving Commitment

Debt Instrument [Line Items]

Credit facility borrowing capacity

$ 250,000,000

Maturity date

May 1, 2021

Maturity date, option to extend the period

extend the revolving commitment for two additional 6-month periods

Term Loan

Debt Instrument [Line Items]

Credit facility borrowing capacity

$ 50,000,000

Maturity date

May 1, 2022

Unsecured Credit Facility

Debt Instrument [Line Items]

Credit facility borrowing capacity

$ 300,000,000

$ 300,000,000

Outstanding Principal

155,743,000

[1]

104,005,000

[2]

Unsecured Credit Facility | Subsequent Event

Debt Instrument [Line Items]

Amount drew down from credit facility

$ 14,000,000

Unsecured Credit Facility | If greater than or equal to 50% of the revolver is used

Debt Instrument [Line Items]

Percentage of fee on line of credit facility outstanding

0.15%

Unsecured Credit Facility | If less than 50% of the revolver is used

Debt Instrument [Line Items]

Percentage of fee on line of credit facility outstanding

0.25%

Unsecured Credit Facility | Maximum

Debt Instrument [Line Items]

Right to increase the credit facility

$ 500,000,000

Unsecured Credit Facility | Maximum | LIBOR

Debt Instrument [Line Items]

Debt interest rate

2.20%

Unsecured Credit Facility | Maximum | Base Rate

Debt Instrument [Line Items]

Debt interest rate

1.20%

Unsecured Credit Facility | Minimum | LIBOR

Debt Instrument [Line Items]

Debt interest rate

1.30%

Unsecured Credit Facility | Minimum | Base Rate

Debt Instrument [Line Items]

Debt interest rate

0.30%

Unsecured Term Loan

Debt Instrument [Line Items]

Credit facility borrowing capacity

$ 100,000,000

$ 100,000,000

Deferred financing costs

$ 917,000

Unsecured Term Loan | Maximum | LIBOR

Debt Instrument [Line Items]

Debt interest rate

2.50%

Unsecured Term Loan | Minimum | LIBOR

Debt Instrument [Line Items]

Debt interest rate

1.60%

Unsecured Term Loan

Debt Instrument [Line Items]

Outstanding Principal

$ 250,000,000

100,000,000

Key Bank Senior Facility | Secured Credit Facility

Debt Instrument [Line Items]

Credit facility borrowing capacity

$ 325,000,000

Deferred financing costs

4,722,000

Pool of unencumbered properties occupancy level

85.00%

Key Bank Senior Facility | Revolving Commitment

Debt Instrument [Line Items]

Credit facility borrowing capacity

$ 312,500,000

$ 172,500,000

125,000,000

Key Bank Senior Facility | Term Loan

Debt Instrument [Line Items]

Credit facility borrowing capacity

200,000,000

Key Bank Interim Facility | Senior Interim Term Loan

Debt Instrument [Line Items]

Credit facility borrowing capacity

120,000,000

Deferred financing costs

$ 2,092,000

Key Bank Interim Facility | Senior Term Loan Facility

Debt Instrument [Line Items]

Credit facility borrowing capacity

$ 40,000,000

Maturity date

Sep. 17, 2018

Proceeds from credit facility

$ 40,000,000

Debt instrument closing costs

416,000

Debt instrument repayment

$ 33,512,000

KeyBank | Unsecured Term Loan

Debt Instrument [Line Items]

Credit facility borrowing capacity

$ 200,000,000

Deferred financing costs

821,000

Proceeds from credit facility

$ 150,000,000

Debt instrument, term

5 years

Maturity date

Jan. 31, 2024

KeyBank | Unsecured Term Loan | Subsequent Event

Debt Instrument [Line Items]

Proceeds from credit facility

$ 50,000,000

KeyBank | Unsecured Term Loan | LIBOR

Debt Instrument [Line Items]

Debt interest rate

1.45%

[1]

The unsecured credit facility total capacity is $300,000, of which $155,743 was outstanding as of December 31, 2018.

[2]

The secured credit facility total capacity was $300,000, of which $104,005 was outstanding as of December 31, 2017.

Derivative Financial Instrume_3

Derivative Financial Instruments - Summary of Aggregate Amount and Estimated Net Fair Value of Derivative Instruments (Detail) - USD ($)	Dec. 31, 2018	Nov. 30, 2018	Oct. 17, 2018	Dec. 31, 2017	Nov. 17, 2017	Jun. 24, 2016
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	$ 400,000,000			$ 250,000,000
Fair Value of Assets	8,307,000			7,291,000
Fair Value of Assets				7,291,000
Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount						$ 150,000,000
Cash Flow Hedge
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	400,000,000			200,000,000
Fair Value of Assets	8,307,000			5,997,000
Cash Flow Hedge | Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	150,000,000			150,000,000
Fair Value of Assets	4,751,000			4,700,000
Cash Flow Hedge | Interest Rate Collar
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	250,000,000	$ 150,000,000	$ 100,000,000	50,000,000	$ 100,000,000
Fair Value of Assets	$ 3,556,000			1,297,000
Freestanding Derivatives | Interest Rate Collar
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount				50,000,000	$ 50,000,000
Fair Value of Assets				$ 1,294,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	Oct. 17, 2018	Nov. 17, 2017	Jun. 24, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Nov. 30, 2018	Jan. 04, 2018	Nov. 20, 2017	Apr. 17, 2017
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount					$ 400,000,000	$ 250,000,000
Derivative, strike rate for the interest rate swap contract			1.145%								1.1325%
Realized gains (losses) on interest rate hedges reclassified to earnings					(1,372,000)	107,000	$ (492,000)
Unsecured Term Loan
Derivative Instruments Gain Loss [Line Items]
Secured credit facility borrowing capacity		$ 100,000,000								$ 100,000,000
Cash Flow Hedge
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount					400,000,000	200,000,000
Freestanding Derivatives | Other Income (Expense)
Derivative Instruments Gain Loss [Line Items]
Recognition of hedge ineffectiveness						94,000
Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount			$ 150,000,000
Derivative, maturity date			Jun. 17, 2021
Recognition of hedge ineffectiveness					0
Interest Rate Swap | Cash Flow Hedge
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount					150,000,000	150,000,000
Interest Rate Collar | Cash Flow Hedge
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	$ 100,000,000	$ 100,000,000			$ 250,000,000	50,000,000		$ 150,000,000
Derivative, maturity date	Jan. 17, 2024	Nov. 17, 2024
Interest rate cap strike rate	2.50%	2.00%
Floor interest rate	2.25%	1.25%
Interest Rate Collar | Cash Flow Hedge | Designated
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount		$ 50,000,000
Interest Rate Collar | Freestanding Derivatives
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount		$ 50,000,000				$ 50,000,000
Interest Rate Collar | Freestanding Derivatives | Designated
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount									$ 50,000,000
Interest Rate Swaps and Caps | Cash Flow Hedge | Scenario, Forecast
Derivative Instruments Gain Loss [Line Items]
Reclassified out of accumulated other comprehensive income to earnings, amount				$ 2,004,000

Stockholder Equity and Noncon_3

Stockholder Equity and Noncontrolling Interest - Additional Information (Detail) - USD ($)	Sep. 11, 2017	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 04, 2017
Class Of Stock [Line Items]
At-the-market sales agreement, common stock par value per share						$ 0.01
At-the-market agreement to sell common shares, maximum offer price						$ 150,000,000
At-the-market agreement to sell common shares, compensation to sales agents						2.00%
At-the-market sales agreement, obligation to sell common shares						$ 0
At-the-market agreement to sell common shares, remaining offer price			$ 115,241,000
Net proceeds of public offering			$ 21,914,000	$ 137,353,000	$ 245,309,000
Limited partnership interest received in exchange for issuance of common stock			2,130,244	64,202
OP Units issued		166,604
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		$ 1,654,000
OP Units outstanding			881,107
OP Units redemption value			$ 8,089,000
Share price			$ 9.18
Common Shares
Class Of Stock [Line Items]
Common stock issued			2,196,164,000	15,539,900,000	28,750,000,000
Exchange of units to common stock			2,130,244	64,202	245,980,000
ATM Sales Agreement
Class Of Stock [Line Items]
Shares issued			2,196,164
Average price per share			$ 10.32
Net proceeds after deducting commissions			$ 22,213,000
Commissions			$ 453,000
Underwritten public offering
Class Of Stock [Line Items]
Common stock issued	12,500,000
Common stock, par value	$ 9.25
Public offering price per share	$ 1,875,000
Net proceeds of public offering	$ 126,100,000

Dividends Declared (Detail)

Dividends Declared (Detail) - Dividend Declared - $ / shares

1 Months Ended

3 Months Ended

Dec. 31, 2017

Nov. 30, 2017

Oct. 31, 2017

Sep. 30, 2017

Aug. 31, 2017

Jul. 31, 2017

Jun. 30, 2017

May 31, 2017

Apr. 30, 2017

Mar. 31, 2017

Feb. 28, 2017

Jan. 31, 2017

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dividends Payable [Line Items]

Declaration Date

Oct. 12, 2017

Oct. 12, 2017

Oct. 12, 2017

Jul. 14, 2017

Jul. 14, 2017

Jul. 14, 2017

Apr. 12, 2017

Apr. 12, 2017

Apr. 12, 2017

Jan. 12, 2017

Jan. 12, 2017

Jan. 12, 2017

Dec. 13, 2017

Sep. 17, 2018

Jun. 13, 2018

Mar. 13, 2018

Record Date

Dec. 29, 2017

Nov. 30, 2017

Oct. 31, 2017

Sep. 29, 2017

Aug. 31, 2017

Jul. 31, 2017

Jun. 30, 2017

May 31, 2017

Apr. 28, 2017

Mar. 31, 2017

Feb. 28, 2017

Jan. 31, 2017

Dec. 27, 2018

Oct. 5, 2018

Jul. 7, 2018

Apr. 4, 2018

Payment Date

Jan. 17, 2018

Dec. 15, 2017

Nov. 15, 2017

Oct. 13, 2017

Sep. 15, 2017

Aug. 15, 2017

Jul. 17, 2017

Jun. 15, 2017

May 15, 2017

Apr. 17, 2017

Mar. 15, 2017

Feb. 15, 2017

Jan. 24, 2019

Oct. 19, 2018

Jul. 20, 2018

Apr. 20, 2018

Dividend Declared Per Share

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.18

$ 0.18

$ 0.18

$ 0.18

Noncontrolling Interests

Dividends Payable [Line Items]

Declaration Date

Oct. 12, 2017

Oct. 12, 2017

Oct. 12, 2017

Jul. 14, 2017

Jul. 14, 2017

Jul. 14, 2017

Apr. 12, 2017

Apr. 12, 2017

Apr. 12, 2017

Jan. 12, 2017

Jan. 12, 2017

Jan. 12, 2017

Dec. 13, 2017

Sep. 17, 2018

Jun. 13, 2018

Mar. 13, 2018

Record Date

Dec. 29, 2017

Nov. 30, 2017

Oct. 31, 2017

Sep. 29, 2017

Aug. 31, 2017

Jul. 31, 2017

Jun. 30, 2017

May 31, 2017

Apr. 28, 2017

Mar. 31, 2017

Feb. 28, 2017

Jan. 31, 2017

Dec. 27, 2018

Oct. 5, 2018

Jul. 7, 2018

Apr. 4, 2018

Payment Date

Jan. 15, 2018

Dec. 15, 2017

Nov. 15, 2017

Oct. 13, 2017

Sep. 15, 2017

Aug. 15, 2017

Jul. 17, 2017

Jun. 15, 2017

May 15, 2017

Apr. 17, 2017

Mar. 15, 2017

Feb. 15, 2017

Jan. 24, 2019

Oct. 19, 2018

Jul. 20, 2018

Apr. 20, 2018

Dividend Declared Per Share

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.18

$ 0.18

$ 0.18

$ 0.18

Equity Compensation Plans - Add

Equity Compensation Plans - Additional Information (Detail) - USD ($)	Feb. 08, 2019	May 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares authorized		4,300,000	300,000,000	300,000,000
Expiration date of Incentive Plan					May 12, 2026
Stock compensation expense			$ 2,524,000	$ 1,968,000	$ 1,222,000
Share price			$ 9.18
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unearned compensation cost			$ 1,948,000
Estimated fair value of restricted common share awards vested			$ 1,539,000	$ 1,319,000	$ 427,000
Exercise price of outstanding SARs			$ 8.22	$ 7.84	$ 6.99	$ 9.13
Common Share awards, granted			233,706	168,010	228,000
Weighted average fair value, granted			$ 8.64	$ 9.17	$ 6.33
Restricted Stock | Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting period	3 years
Common Share awards, granted	92,925
Weighted average fair value, granted	$ 10.35
Grant date fair value	$ 962,000
SARs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unearned compensation cost			$ 0
Intrinsic value exercisable			0
Intrinsic value outstanding			$ 0
Exercise price of outstanding SARs			$ 9.35	$ 9.28	$ 9.15	$ 9.13
Weighted average contractual life of outstanding SARs			1 year 2 months 12 days
Weighted average contractual life of exercisable SARs			1 year 2 months 12 days
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock compensation expense			$ 1,948,000
Weighted average recognition period			2 years 2 months 12 days
Long Term Incentive Plan | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting period		3 years
Long Term Incentive Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting period		4 years

Summary of Restricted Common Sh

Summary of Restricted Common Share Awards of Incentive Plan (Detail) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Number of Shares
Number of Shares, beginning balance	295,847	281,005	117,000
Common Share awards, granted	233,706	168,010	228,000
Common Share awards, vested	(175,555)	(142,748)	(60,661)
Common Share awards, forfeited	(50,179)	(10,420)	(3,334)
Number of Shares, ending balance	303,819	295,847	281,005
Weighted Average Grant Date FairValue Per Share
Weighted average fair value, Balance at beginning of period	$ 7.84	$ 6.99	$ 9.13
Weighted average fair value, granted	8.64	9.17	6.33
Weighted average fair value, vested	7.99	7.68	8.62
Weighted average fair value, forfeited	8.45	8.56	7.47
Weighted average fair value, Balance at end of period	$ 8.22	$ 7.84	$ 6.99

Summary of SARs Activity of the

Summary of SARs Activity of the Incentive Plan (Detail) - SARs - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Number of Shares
Number of Shares, beginning balance	250,000	337,000	351,000
Expired			(2,000)
Exercised	(55,000)	(84,000)	(8,000)
Forfeited		(3,000)	(4,000)
Number of Shares, ending balance	195,000	250,000	337,000
SARs exercisable	195,000	160,000	128,998
Weighted Average Grant Date FairValue Per Share
Weighted average fair value, Balance at beginning of period	$ 9.28	$ 9.15	$ 9.13
Expired			9.35
Exercised	9.02	8.78	8.20
Forfeited		9.35	9.35
Weighted average fair value, Balance at end of period	$ 9.35	$ 9.28	$ 9.15

Summary of PSUs Granted (Detail

Summary of PSUs Granted (Detail) - Performance Share Units - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Relative 3-year TSR vs NAREIT Apartment Index
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant Date	Feb. 23, 2018	Feb. 28, 2017
Type of PSUs Granted	Relative 3-year TSR vs NAREIT Apartment Index	Relative 3-year TSR vs NAREIT Apartment Index
Number of PSUs Granted	317,906	135,881
Performance Period Commencement Date	Jan. 1, 2018	Jan. 1, 2017
Performance Period End Date	Dec. 31, 2020	Dec. 31, 2019
Grant Date Fair Value	$ 4.19	$ 4.83
Number of PSUs Outstanding as of December 31, 2018	317,906	135,881
Strategic Objectives
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant Date	Feb. 23, 2018	Jul. 26, 2017
Type of PSUs Granted	Strategic Objectives	Strategic Objectives
Number of PSUs Granted	136,245	45,294
Performance Period Commencement Date	Jan. 1, 2018	Jan. 1, 2017
Performance Period End Date	Dec. 31, 2020	Dec. 31, 2019
Grant Date Fair Value	$ 8.67	$ 9.87
Number of PSUs Outstanding as of December 31, 2018	136,245	45,294
Absolute 3-Year TSR
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant Date		Feb. 28, 2017
Type of PSUs Granted		Absolute 3-Year TSR
Number of PSUs Granted		45,294
Performance Period Commencement Date		Jan. 1, 2017
Performance Period End Date		Dec. 31, 2019
Grant Date Fair Value		$ 3.13
Number of PSUs Outstanding as of December 31, 2018		45,294

Summary of Assumptions Used in

Summary of Assumptions Used in Computing fair value of the PSUs (Detail)		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield			8.10%
Volatility	[1]		27.00%
Expected term			2 years 9 months 18 days
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield		8.20%
Volatility	[2]	28.00%
Expected term		2 years 10 months 24 days
[1]	This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 19% to 28%.
[2]	This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 19% to 41%.

Summary of Assumptions Used i_2

Summary of Assumptions Used in Computing fair value of the PSUs (Parenthetical) (Detail)		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility	[1]		27.00%
Dividend yield			8.10%
Expected term			2 years 9 months 18 days
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility	[2]	28.00%
Dividend yield		8.20%
Expected term		2 years 10 months 24 days
Minimum | Performance Share Units | Peer Group and NAREIT
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility		19.00%	19.00%
Maximum | Performance Share Units | Peer Group and NAREIT
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility		41.00%	28.00%
[1]	This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 19% to 28%.
[2]	This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 19% to 41%.

2016 Management Internalizati_2

2016 Management Internalization - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 20, 2016	Dec. 31, 2016	Dec. 31, 2018
Business Acquisition [Line Items]
Net assets acquired			$ 217,524
Management internalization expense	$ 2,119	$ 44,976
Management Internalization
Business Acquisition [Line Items]
Present value of unfavorable difference between actual and potential payment based on agreements.	43,000
Net assets acquired	143
Consideration transferred	43,000
Business acquisition loss recognized amount	$ 42,857

Related Party Transactions an_2

Related Party Transactions and Arrangements - Additional Information (Detail)	Oct. 05, 2016shares	Jun. 30, 2017USD ($)Property	Jun. 30, 2016USD ($)Property	Dec. 31, 2018USD ($)Propertyshares	Dec. 31, 2017USD ($)Propertyshares	Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
Asset management fees earned				$ 6,963,000	$ 6,006,000	$ 4,847,000
Dividends paid, common stock				$ 63,409,000	$ 53,246,000	37,880,000
Number of property acquired | Property				2,379	2,340
Acquisition of real estate properties				$ 215,833,000	$ 221,813,000	1,000,000
Common Shares
Related Party Transaction [Line Items]
Common stock repurchased and retired shares | shares				38,712,000	59,631,000
R A I T Financial Trust
Related Party Transaction [Line Items]
Dividends paid, common stock				$ 0	$ 0	3,926,000
Repayment of term loan facility			$ 38,075,000
Number of property dispositions | Property			2
R A I T Financial Trust | Common Shares
Related Party Transaction [Line Items]
Common stock repurchased and retired shares | shares	7,269,719
Management Expenses | R A I T Financial Trust
Related Party Transaction [Line Items]
Asset management fees earned				63,000	257,000	0
Former Advisor
Related Party Transaction [Line Items]
Incentive fee earned by the former advisor				0	0	350,000
Former Advisor | Shares Services Agreement
Related Party Transaction [Line Items]
Cost incurred for service provided				$ 0	727,000	0
Term of agreement				December 21, 2016 to June 20, 2017
Former Advisor | Management Expenses
Related Party Transaction [Line Items]
Asset management fees earned				$ 0	0	7,092,000
Property Manager
Related Party Transaction [Line Items]
Property management and leasing fees				0	0	4,769,000
Sponsor | R A I T Financial Trust
Related Party Transaction [Line Items]
Total interest expense paid				$ 0	$ 0	$ 361,000
R A I T Financial Trust | North Carolina
Related Party Transaction [Line Items]
Number of property acquired | Property		328
Acquisition of real estate properties		$ 42,950,000

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, 2018		Sep. 30, 2018		Jun. 30, 2018		Mar. 31, 2018		Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017		Mar. 31, 2017		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Net income (loss)	$ 14,729		$ 4,836		$ 3,545		$ 3,500		$ 6,519		$ 1,156		$ 19,521		$ 4,245		$ 26,610	$ 31,441	$ (9,555)
(Income) loss allocated to non-controlling interests																	(322)	(1,235)	(246)
Net income (loss) allocable to common shares																	$ 26,288	$ 30,206	$ (9,801)
Weighted-average shares outstanding—Basic																	87,086,585	73,338,219	52,182,427
Dilutive securities																	290,406	261,650
Weighted-average shares outstanding—Diluted																	87,376,991	73,599,869	52,182,427
Earnings (loss) per share—Basic	$ 0.16	[1]	$ 0.05	[1]	$ 0.04	[1]	$ 0.04	[1]	$ 0.08	[1]	$ 0.02	[1]	$ 0.27	[1]	$ 0.06	[1]	$ 0.30	$ 0.41	$ (0.19)
Earnings (loss) per share—Diluted	$ 0.16	[1]	$ 0.05	[1]	$ 0.04	[1]	$ 0.04	[1]	$ 0.08	[1]	$ 0.02	[1]	$ 0.27	[1]	$ 0.06	[1]	$ 0.30	$ 0.41	$ (0.19)
[1]	The summation of quarterly per share amounts may not equal the full year amounts due to rounding.

Earning (Loss) Per Share - Addi

Earning (Loss) Per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings (loss) per share, amount	881,107	3,011,351	3,175,720

Quarterly Financial Data (Detai

Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2018		Sep. 30, 2018		Jun. 30, 2018		Mar. 31, 2018		Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017		Mar. 31, 2017		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Total revenue	$ 49,809		$ 48,779		$ 46,889		$ 45,755		$ 42,447		$ 40,066		$ 39,561		$ 39,142		$ 191,232	$ 161,216	$ 153,388
Net income (loss)	14,729		4,836		3,545		3,500		6,519		1,156		19,521		4,245		$ 26,610	$ 31,441	$ (9,555)
Net income (loss) allocable to common shares	$ 14,580		$ 4,787		$ 3,509		$ 3,412		$ 6,293		$ 1,097		$ 18,739		$ 4,077
Total earnings (loss) per share—Basic	$ 0.16	[1]	$ 0.05	[1]	$ 0.04	[1]	$ 0.04	[1]	$ 0.08	[1]	$ 0.02	[1]	$ 0.27	[1]	$ 0.06	[1]	$ 0.30	$ 0.41	$ (0.19)
Total earnings (loss) per share—Diluted	$ 0.16	[1]	$ 0.05	[1]	$ 0.04	[1]	$ 0.04	[1]	$ 0.08	[1]	$ 0.02	[1]	$ 0.27	[1]	$ 0.06	[1]	$ 0.30	$ 0.41	$ (0.19)
[1]	The summation of quarterly per share amounts may not equal the full year amounts due to rounding.

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018Segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Dec. 31, 2018USD ($)
Commitments And Contingencies Disclosure [Abstract]
Estimated annual minimum rent due in next year	$ 248
Estimated annual minimum rent due in two years	495
Estimated annual minimum rent due in three years	369
Estimated annual minimum rent due in four years	375
Estimated annual minimum rent due in five years	382
Estimated annual minimum rent due thereafter	$ 2,358

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016	[2]
Real Estate And Accumulated Depreciation [Line Items]
Balance, beginning of period		$ 1,504,156	[1]	$ 1,319,350	[2]	$ 1,372,015
Additions during period:
Acquisitions		270,220	[1]	241,071
Improvements to land and building		41,587	[1]	14,368		10,664
Deductions during period:
Dispositions of real estate		(69,915)	[1]	(70,633)		(63,329)
Asset write-offs	[1]	(408)
Balance, end of period		1,745,640	[1]	1,504,156	[1]	1,319,350
Balance, beginning of period		84,097	[1]	60,719	[2]	39,638
Depreciation expense		41,652	[1]	32,586		31,085
Dispositions of real estate		(5,139)	[1]	(9,208)		(10,004)
Balance, end of period		120,202	[1]	$ 84,097	[1]	$ 60,719
Investment in Real Estate
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost, Land		219,941
Initial Cost, Building		1,455,034
Cost of Improvements, net of Retirements		70,665
Gross Carrying Amount, Land		219,941
Accumulated Depreciation- Building		(120,202)
Encumbrances (Unpaid Principal)		(585,672)
Investment in Real Estate | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 1,525,699
Investment in Real Estate | Crestmont Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location		Marietta, GA
Initial Cost, Land		$ 3,254
Initial Cost, Building		13,017
Cost of Improvements, net of Retirements		4,714
Gross Carrying Amount, Land		3,254
Accumulated Depreciation- Building		(4,361)
Encumbrances (Unpaid Principal)		$ (6,218)
Year of Acquisition		2,011
Investment in Real Estate | Crestmont Apartments | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 17,731
Investment in Real Estate | Runaway Bay Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location		Indianapolis, IN
Initial Cost, Land		$ 3,079
Initial Cost, Building		12,318
Cost of Improvements, net of Retirements		1,010
Gross Carrying Amount, Land		3,079
Accumulated Depreciation- Building		(2,293)
Encumbrances (Unpaid Principal)		$ (9,206)
Year of Acquisition		2,012
Investment in Real Estate | Runaway Bay Apartments | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 13,328
Investment in Real Estate | Reserve at Eagle Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	[3]	Waukegan, IL
Initial Cost, Land	[3]	$ 5,800
Initial Cost, Building	[3]	22,743
Cost of Improvements, net of Retirements	[3]	1,346
Gross Carrying Amount, Land	[3]	5,800
Accumulated Depreciation- Building	[3]	(2,862)
Encumbrances (Unpaid Principal)	[3]	$ (18,850)
Year of Acquisition	[3]	2,014
Investment in Real Estate | Reserve at Eagle Ridge | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[3]	$ 24,089
Investment in Real Estate | Windrush
Real Estate And Accumulated Depreciation [Line Items]
Location		Edmond, OK
Initial Cost, Land		$ 1,677
Initial Cost, Building		7,464
Cost of Improvements, net of Retirements		649
Gross Carrying Amount, Land		1,677
Accumulated Depreciation- Building		$ (1,135)
Year of Acquisition		2,014
Investment in Real Estate | Windrush | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 8,113
Investment in Real Estate | Heritage Park
Real Estate And Accumulated Depreciation [Line Items]
Location		Oklahoma, OK
Initial Cost, Land		$ 4,234
Initial Cost, Building		12,232
Cost of Improvements, net of Retirements		2,111
Gross Carrying Amount, Land		4,234
Accumulated Depreciation- Building		$ (2,204)
Year of Acquisition		2,014
Investment in Real Estate | Heritage Park | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 14,343
Investment in Real Estate | Raindance
Real Estate And Accumulated Depreciation [Line Items]
Location		Oklahoma, OK
Initial Cost, Land		$ 3,503
Initial Cost, Building		10,051
Cost of Improvements, net of Retirements		1,746
Gross Carrying Amount, Land		3,503
Accumulated Depreciation- Building		$ (1,826)
Year of Acquisition		2,014
Investment in Real Estate | Raindance | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 11,797
Investment in Real Estate | Augusta
Real Estate And Accumulated Depreciation [Line Items]
Location		Oklahoma, OK
Initial Cost, Land		$ 1,296
Initial Cost, Building		9,930
Cost of Improvements, net of Retirements		953
Gross Carrying Amount, Land		1,296
Accumulated Depreciation- Building		$ (1,526)
Year of Acquisition		2,014
Investment in Real Estate | Augusta | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 10,883
Investment in Real Estate | Invitational
Real Estate And Accumulated Depreciation [Line Items]
Location		Oklahoma, OK
Initial Cost, Land		$ 1,924
Initial Cost, Building		16,852
Cost of Improvements, net of Retirements		1,161
Gross Carrying Amount, Land		1,924
Accumulated Depreciation- Building		$ (2,511)
Year of Acquisition		2,014
Investment in Real Estate | Invitational | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 18,013
Investment in Real Estate | Kings Landing
Real Estate And Accumulated Depreciation [Line Items]
Location		Creve Coeur, MO
Initial Cost, Land		$ 2,513
Initial Cost, Building		29,873
Cost of Improvements, net of Retirements		961
Gross Carrying Amount, Land		2,513
Accumulated Depreciation- Building		(3,797)
Encumbrances (Unpaid Principal)		$ (20,619)
Year of Acquisition		2,014
Investment in Real Estate | Kings Landing | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 30,834
Investment in Real Estate | Carrington
Real Estate And Accumulated Depreciation [Line Items]
Location	[3]	Little Rock, AR
Initial Cost, Land	[3]	$ 1,715
Initial Cost, Building	[3]	19,526
Cost of Improvements, net of Retirements	[3]	1,823
Gross Carrying Amount, Land	[3]	1,715
Accumulated Depreciation- Building	[3]	(2,445)
Encumbrances (Unpaid Principal)	[3]	$ (14,235)
Year of Acquisition	[3]	2,014
Investment in Real Estate | Carrington | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[3]	$ 21,349
Investment in Real Estate | Walnut Hill
Real Estate And Accumulated Depreciation [Line Items]
Location		Cordova, TN
Initial Cost, Land		$ 2,230
Initial Cost, Building		25,251
Cost of Improvements, net of Retirements		1,285
Gross Carrying Amount, Land		2,230
Accumulated Depreciation- Building		(3,234)
Encumbrances (Unpaid Principal)		$ (18,650)
Year of Acquisition		2,014
Investment in Real Estate | Walnut Hill | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 26,536
Investment in Real Estate | Lenoxplace
Real Estate And Accumulated Depreciation [Line Items]
Location		Raleigh, NC
Initial Cost, Land		$ 3,480
Initial Cost, Building		20,482
Cost of Improvements, net of Retirements		900
Gross Carrying Amount, Land		3,480
Accumulated Depreciation- Building		(2,544)
Encumbrances (Unpaid Principal)		$ (15,991)
Year of Acquisition		2,014
Investment in Real Estate | Lenoxplace | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 21,382
Investment in Real Estate | Stonebridge Crossing
Real Estate And Accumulated Depreciation [Line Items]
Location		Memphis, TN
Initial Cost, Land		$ 3,100
Initial Cost, Building		26,223
Cost of Improvements, net of Retirements		2,779
Gross Carrying Amount, Land		3,100
Accumulated Depreciation- Building		(3,454)
Encumbrances (Unpaid Principal)		$ (19,370)
Year of Acquisition		2,014
Investment in Real Estate | Stonebridge Crossing | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 29,002
Investment in Real Estate | Bennington Pond
Real Estate And Accumulated Depreciation [Line Items]
Location		Groveport, OH
Initial Cost, Land		$ 2,400
Initial Cost, Building		14,828
Cost of Improvements, net of Retirements		1,044
Gross Carrying Amount, Land		2,400
Accumulated Depreciation- Building		(1,926)
Encumbrances (Unpaid Principal)		$ (11,375)
Year of Acquisition		2,014
Investment in Real Estate | Bennington Pond | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 15,872
Investment in Real Estate | Prospect Park
Real Estate And Accumulated Depreciation [Line Items]
Location		Louisville, KY
Initial Cost, Land		$ 2,837
Initial Cost, Building		11,193
Cost of Improvements, net of Retirements		540
Gross Carrying Amount, Land		2,837
Accumulated Depreciation- Building		(1,262)
Encumbrances (Unpaid Principal)		$ (9,230)
Year of Acquisition		2,014
Investment in Real Estate | Prospect Park | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 11,733
Investment in Real Estate | Brookside
Real Estate And Accumulated Depreciation [Line Items]
Location		Louisville, KY
Initial Cost, Land		$ 3,947
Initial Cost, Building		16,502
Cost of Improvements, net of Retirements		887
Gross Carrying Amount, Land		3,947
Accumulated Depreciation- Building		(1,907)
Encumbrances (Unpaid Principal)		$ (13,455)
Year of Acquisition		2,014
Investment in Real Estate | Brookside | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 17,389
Investment in Real Estate | Jamestown
Real Estate And Accumulated Depreciation [Line Items]
Location		Louisville, KY
Initial Cost, Land		$ 7,034
Initial Cost, Building		27,730
Cost of Improvements, net of Retirements		7,551
Gross Carrying Amount, Land		7,034
Accumulated Depreciation- Building		(3,960)
Encumbrances (Unpaid Principal)		$ (22,880)
Year of Acquisition		2,014
Investment in Real Estate | Jamestown | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 35,281
Investment in Real Estate | Oxmoor
Real Estate And Accumulated Depreciation [Line Items]
Location		Louisville, KY
Initial Cost, Land		$ 7,411
Initial Cost, Building		47,095
Cost of Improvements, net of Retirements		3,798
Gross Carrying Amount, Land		7,411
Accumulated Depreciation- Building		(5,370)
Encumbrances (Unpaid Principal)		$ (35,815)
Year of Acquisition		2,014
Investment in Real Estate | Oxmoor | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 50,893
Investment in Real Estate | Meadows
Real Estate And Accumulated Depreciation [Line Items]
Location		Louisville, KY
Initial Cost, Land		$ 6,857
Initial Cost, Building		30,030
Cost of Improvements, net of Retirements		1,782
Gross Carrying Amount, Land		6,857
Accumulated Depreciation- Building		(3,513)
Encumbrances (Unpaid Principal)		$ (24,245)
Year of Acquisition		2,014
Investment in Real Estate | Meadows | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 31,812
Investment in Real Estate | Stonebridge At The Ranch
Real Estate And Accumulated Depreciation [Line Items]
Location	[3]	Little Rock, AR
Initial Cost, Land	[3]	$ 3,315
Initial Cost, Building	[3]	27,954
Cost of Improvements, net of Retirements	[3]	995
Gross Carrying Amount, Land	[3]	3,315
Accumulated Depreciation- Building	[3]	(2,625)
Encumbrances (Unpaid Principal)	[3]	$ (20,527)
Year of Acquisition	[3]	2,014
Investment in Real Estate | Stonebridge At The Ranch | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[3]	$ 28,949
Investment in Real Estate | Iron Rock Ranch
Real Estate And Accumulated Depreciation [Line Items]
Location		Austin, TX
Initial Cost, Land		$ 5,860
Initial Cost, Building		28,911
Cost of Improvements, net of Retirements		1,163
Gross Carrying Amount, Land		5,860
Accumulated Depreciation- Building		(3,295)
Encumbrances (Unpaid Principal)		$ (22,900)
Year of Acquisition		2,014
Investment in Real Estate | Iron Rock Ranch | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 30,074
Investment in Real Estate | Bayview Club
Real Estate And Accumulated Depreciation [Line Items]
Location		Indianapolis, IN
Initial Cost, Land		$ 2,525
Initial Cost, Building		22,506
Cost of Improvements, net of Retirements		1,372
Gross Carrying Amount, Land		2,525
Accumulated Depreciation- Building		$ (2,388)
Year of Acquisition		2,015
Investment in Real Estate | Bayview Club | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 23,878
Investment in Real Estate | Arbors River Oaks
Real Estate And Accumulated Depreciation [Line Items]
Location		Memphis, TN
Initial Cost, Land		$ 2,100
Initial Cost, Building		19,045
Cost of Improvements, net of Retirements		1,480
Gross Carrying Amount, Land		2,100
Accumulated Depreciation- Building		$ (1,896)
Year of Acquisition		2,015
Investment in Real Estate | Arbors River Oaks | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 20,525
Investment in Real Estate | Aston
Real Estate And Accumulated Depreciation [Line Items]
Location		Wake Forest, NC
Initial Cost, Land		$ 3,450
Initial Cost, Building		34,333
Cost of Improvements, net of Retirements		424
Gross Carrying Amount, Land		3,450
Accumulated Depreciation- Building		(2,887)
Encumbrances (Unpaid Principal)		$ (25,050)
Year of Acquisition		2,015
Investment in Real Estate | Aston | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 34,757
Investment in Real Estate | Avenues At Craig Ranch
Real Estate And Accumulated Depreciation [Line Items]
Location		McKinney, TX
Initial Cost, Land		$ 5,500
Initial Cost, Building		42,054
Cost of Improvements, net of Retirements		566
Gross Carrying Amount, Land		5,500
Accumulated Depreciation- Building		(3,536)
Encumbrances (Unpaid Principal)		$ (31,250)
Year of Acquisition		2,015
Investment in Real Estate | Avenues At Craig Ranch | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 42,620
Investment in Real Estate | Bridge Pointe
Real Estate And Accumulated Depreciation [Line Items]
Location		Huntsville, AL
Initial Cost, Land		$ 1,500
Initial Cost, Building		14,306
Cost of Improvements, net of Retirements		512
Gross Carrying Amount, Land		1,500
Accumulated Depreciation- Building		$ (1,293)
Year of Acquisition		2,015
Investment in Real Estate | Bridge Pointe | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 14,818
Investment in Real Estate | Creekstone At R T P
Real Estate And Accumulated Depreciation [Line Items]
Location		Durham, NC
Initial Cost, Land		$ 5,376
Initial Cost, Building		32,727
Cost of Improvements, net of Retirements		386
Gross Carrying Amount, Land		5,376
Accumulated Depreciation- Building		(2,766)
Encumbrances (Unpaid Principal)		$ (22,136)
Year of Acquisition		2,015
Investment in Real Estate | Creekstone At R T P | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 33,113
Investment in Real Estate | Fountains Southend
Real Estate And Accumulated Depreciation [Line Items]
Location		Charlotte, NC
Initial Cost, Land		$ 4,368
Initial Cost, Building		37,254
Cost of Improvements, net of Retirements		418
Gross Carrying Amount, Land		4,368
Accumulated Depreciation- Building		(3,089)
Encumbrances (Unpaid Principal)		$ (22,975)
Year of Acquisition		2,015
Investment in Real Estate | Fountains Southend | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 37,672
Investment in Real Estate | Fox Trails
Real Estate And Accumulated Depreciation [Line Items]
Location		Plano, TX
Initial Cost, Land		$ 5,700
Initial Cost, Building		21,944
Cost of Improvements, net of Retirements		1,452
Gross Carrying Amount, Land		5,700
Accumulated Depreciation- Building		$ (2,082)
Year of Acquisition		2,015
Investment in Real Estate | Fox Trails | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 23,396
Investment in Real Estate | Lakeshore on the Hill
Real Estate And Accumulated Depreciation [Line Items]
Location		Chattanooga, TN
Initial Cost, Land		$ 925
Initial Cost, Building		10,212
Cost of Improvements, net of Retirements		723
Gross Carrying Amount, Land		925
Accumulated Depreciation- Building		$ (968)
Year of Acquisition		2,015
Investment in Real Estate | Lakeshore on the Hill | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 10,935
Investment in Real Estate | Millenia 700
Real Estate And Accumulated Depreciation [Line Items]
Location		Orlando, FL
Initial Cost, Land		$ 5,500
Initial Cost, Building		41,752
Cost of Improvements, net of Retirements		921
Gross Carrying Amount, Land		5,500
Accumulated Depreciation- Building		(3,552)
Encumbrances (Unpaid Principal)		$ (28,746)
Year of Acquisition		2,015
Investment in Real Estate | Millenia 700 | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 42,673
Investment in Real Estate | Miller Creek At German Town
Real Estate And Accumulated Depreciation [Line Items]
Location		Memphis, TN
Initial Cost, Land		$ 3,300
Initial Cost, Building		53,504
Cost of Improvements, net of Retirements		364
Gross Carrying Amount, Land		3,300
Accumulated Depreciation- Building		$ (4,442)
Year of Acquisition		2,015
Investment in Real Estate | Miller Creek At German Town | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 53,868
Investment in Real Estate | Pointe At Canyon Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location		Atlanta, GA
Initial Cost, Land		$ 11,100
Initial Cost, Building		36,995
Cost of Improvements, net of Retirements		5,314
Gross Carrying Amount, Land		11,100
Accumulated Depreciation- Building		$ (3,883)
Year of Acquisition		2,015
Investment in Real Estate | Pointe At Canyon Ridge | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 42,309
Investment in Real Estate | St James At Goose Creek
Real Estate And Accumulated Depreciation [Line Items]
Location		Goose Creek, SC
Initial Cost, Land		$ 3,780
Initial Cost, Building		27,695
Cost of Improvements, net of Retirements		609
Gross Carrying Amount, Land		3,780
Accumulated Depreciation- Building		$ (2,450)
Year of Acquisition		2,015
Investment in Real Estate | St James At Goose Creek | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 28,304
Investment in Real Estate | Talison Row At Daniel Island
Real Estate And Accumulated Depreciation [Line Items]
Location		Daniel Island, SC
Initial Cost, Land		$ 5,480
Initial Cost, Building		41,409
Cost of Improvements, net of Retirements		441
Gross Carrying Amount, Land		5,480
Accumulated Depreciation- Building		(3,500)
Encumbrances (Unpaid Principal)		$ (32,229)
Year of Acquisition		2,015
Investment in Real Estate | Talison Row At Daniel Island | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 41,850
Investment in Real Estate | Trails At Signal Mountain
Real Estate And Accumulated Depreciation [Line Items]
Location		Chattanooga, TN
Initial Cost, Land		$ 1,200
Initial Cost, Building		12,895
Cost of Improvements, net of Retirements		715
Gross Carrying Amount, Land		1,200
Accumulated Depreciation- Building		$ (1,215)
Year of Acquisition		2,015
Investment in Real Estate | Trails At Signal Mountain | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 13,610
Investment in Real Estate | Vue At Knoll Trail
Real Estate And Accumulated Depreciation [Line Items]
Location		Dallas, TX
Initial Cost, Land		$ 3,100
Initial Cost, Building		6,077
Cost of Improvements, net of Retirements		259
Gross Carrying Amount, Land		3,100
Accumulated Depreciation- Building		$ (570)
Year of Acquisition		2,015
Investment in Real Estate | Vue At Knoll Trail | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 6,336
Investment in Real Estate | Waterstone at Brier Creek
Real Estate And Accumulated Depreciation [Line Items]
Location		Raleigh, NC
Initial Cost, Land		$ 4,200
Initial Cost, Building		34,651
Cost of Improvements, net of Retirements		320
Gross Carrying Amount, Land		4,200
Accumulated Depreciation- Building		(2,899)
Encumbrances (Unpaid Principal)		$ (16,040)
Year of Acquisition		2,015
Investment in Real Estate | Waterstone at Brier Creek | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 34,971
Investment in Real Estate | Waterstone Big Creek
Real Estate And Accumulated Depreciation [Line Items]
Location		Alpharetta, GA
Initial Cost, Land		$ 7,600
Initial Cost, Building		61,971
Cost of Improvements, net of Retirements		325
Gross Carrying Amount, Land		7,600
Accumulated Depreciation- Building		(5,114)
Encumbrances (Unpaid Principal)		$ (49,680)
Year of Acquisition		2,015
Investment in Real Estate | Waterstone Big Creek | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 62,296
Investment in Real Estate | Westmont Commons
Real Estate And Accumulated Depreciation [Line Items]
Location		Asheville, NC
Initial Cost, Land		$ 2,750
Initial Cost, Building		25,225
Cost of Improvements, net of Retirements		531
Gross Carrying Amount, Land		2,750
Accumulated Depreciation- Building		$ (2,207)
Year of Acquisition		2,015
Investment in Real Estate | Westmont Commons | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 25,756
Investment in Real Estate | Lakes at Northdale
Real Estate And Accumulated Depreciation [Line Items]
Location		Tampa, FL
Initial Cost, Land		$ 3,898
Initial Cost, Building		25,543
Cost of Improvements, net of Retirements		708
Gross Carrying Amount, Land		3,898
Accumulated Depreciation- Building		$ (1,270)
Year of Acquisition		2,017
Investment in Real Estate | Lakes at Northdale | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 26,251
Investment in Real Estate | Haverford Place
Real Estate And Accumulated Depreciation [Line Items]
Location		Lexington, KY
Initial Cost, Land		$ 3,927
Initial Cost, Building		10,100
Cost of Improvements, net of Retirements		1,010
Gross Carrying Amount, Land		3,927
Accumulated Depreciation- Building		$ (539)
Year of Acquisition		2,017
Investment in Real Estate | Haverford Place | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 11,110
Investment in Real Estate | South Terrace
Real Estate And Accumulated Depreciation [Line Items]
Location		Durham, NC
Initial Cost, Land		$ 5,621
Initial Cost, Building		36,923
Cost of Improvements, net of Retirements		4,615
Gross Carrying Amount, Land		5,621
Accumulated Depreciation- Building		$ (1,759)
Year of Acquisition		2,017
Investment in Real Estate | South Terrace | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 41,538
Investment in Real Estate | Cherry Grove
Real Estate And Accumulated Depreciation [Line Items]
Location		North Myrtle Beach, SC
Initial Cost, Land		$ 550
Initial Cost, Building		15,369
Cost of Improvements, net of Retirements		710
Gross Carrying Amount, Land		550
Accumulated Depreciation- Building		$ (553)
Year of Acquisition		2,017
Investment in Real Estate | Cherry Grove | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 16,079
Investment in Real Estate | Kensington Commons
Real Estate And Accumulated Depreciation [Line Items]
Location		Canal Winchester, OH
Initial Cost, Land		$ 3,400
Initial Cost, Building		20,703
Cost of Improvements, net of Retirements		732
Gross Carrying Amount, Land		3,400
Accumulated Depreciation- Building		$ (699)
Year of Acquisition		2,017
Investment in Real Estate | Kensington Commons | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 21,435
Investment in Real Estate | Schirm Farms
Real Estate And Accumulated Depreciation [Line Items]
Location		Canal Winchester, OH
Initial Cost, Land		$ 3,960
Initial Cost, Building		19,488
Cost of Improvements, net of Retirements		972
Gross Carrying Amount, Land		3,960
Accumulated Depreciation- Building		$ (660)
Year of Acquisition		2,017
Investment in Real Estate | Schirm Farms | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 20,460
Investment in Real Estate | Riverchase
Real Estate And Accumulated Depreciation [Line Items]
Location		Indianapolis, IN
Initial Cost, Land		$ 1,460
Initial Cost, Building		17,250
Cost of Improvements, net of Retirements		393
Gross Carrying Amount, Land		1,460
Accumulated Depreciation- Building		$ (563)
Year of Acquisition		2,017
Investment in Real Estate | Riverchase | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 17,643
Investment in Real Estate | Live Oak Trace
Real Estate And Accumulated Depreciation [Line Items]
Location		Baton Rouge, LA
Initial Cost, Land		$ 1,060
Initial Cost, Building		27,362
Cost of Improvements, net of Retirements		188
Gross Carrying Amount, Land		1,060
Accumulated Depreciation- Building		$ (813)
Year of Acquisition		2,017
Investment in Real Estate | Live Oak Trace | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 27,550
Investment in Real Estate | Tides at Calabash
Real Estate And Accumulated Depreciation [Line Items]
Location		Wilmington, NC
Initial Cost, Land		$ 1,880
Initial Cost, Building		12,214
Cost of Improvements, net of Retirements		265
Gross Carrying Amount, Land		1,880
Accumulated Depreciation- Building		$ (352)
Year of Acquisition		2,017
Investment in Real Estate | Tides at Calabash | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 12,479
Investment in Real Estate | Creekside Corners
Real Estate And Accumulated Depreciation [Line Items]
Location		Lithonia, GA
Initial Cost, Land		$ 6,140
Initial Cost, Building		37,282
Cost of Improvements, net of Retirements		2,305
Gross Carrying Amount, Land		6,140
Accumulated Depreciation- Building		(965)
Encumbrances (Unpaid Principal)		$ (23,500)
Year of Acquisition		2,018
Investment in Real Estate | Creekside Corners | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 39,587
Investment in Real Estate | Brunswick Point
Real Estate And Accumulated Depreciation [Line Items]
Location		Wilmington, NC
Initial Cost, Land		$ 2,150
Initial Cost, Building		28,214
Cost of Improvements, net of Retirements		795
Gross Carrying Amount, Land		2,150
Accumulated Depreciation- Building		(749)
Encumbrances (Unpaid Principal)		$ (19,000)
Year of Acquisition		2,017
Investment in Real Estate | Brunswick Point | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 29,009
Investment in Real Estate | Hartshire Lakes
Real Estate And Accumulated Depreciation [Line Items]
Location		Bargersville, IN
Initial Cost, Land		$ 3,070
Initial Cost, Building		24,206
Cost of Improvements, net of Retirements		308
Gross Carrying Amount, Land		3,070
Accumulated Depreciation- Building		(575)
Encumbrances (Unpaid Principal)		$ (16,000)
Year of Acquisition		2,018
Investment in Real Estate | Hartshire Lakes | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 24,514
Investment in Real Estate | The Chelsea
Real Estate And Accumulated Depreciation [Line Items]
Location		Columbus, OH
Initial Cost, Land		$ 2,739
Initial Cost, Building		33,694
Cost of Improvements, net of Retirements		170
Gross Carrying Amount, Land		2,739
Accumulated Depreciation- Building		$ (779)
Year of Acquisition		2,018
Investment in Real Estate | The Chelsea | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 33,864
Investment in Real Estate | Avalon Oaks
Real Estate And Accumulated Depreciation [Line Items]
Location		Columbus, OH
Initial Cost, Land		$ 4,189
Initial Cost, Building		18,297
Cost of Improvements, net of Retirements		857
Gross Carrying Amount, Land		4,189
Accumulated Depreciation- Building		$ (397)
Year of Acquisition		2,018
Investment in Real Estate | Avalon Oaks | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 19,154
Investment in Real Estate | Bridgeview
Real Estate And Accumulated Depreciation [Line Items]
Location		Tampa, FL
Initial Cost, Land		$ 10,671
Initial Cost, Building		31,949
Cost of Improvements, net of Retirements		134
Gross Carrying Amount, Land		10,671
Accumulated Depreciation- Building		$ (336)
Year of Acquisition		2,018
Investment in Real Estate | Bridgeview | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 32,083
Investment in Real Estate | Collier Park
Real Estate And Accumulated Depreciation [Line Items]
Location		Grove City, OH
Initial Cost, Land		$ 2,325
Initial Cost, Building		18,676
Cost of Improvements, net of Retirements		109
Gross Carrying Amount, Land		2,325
Accumulated Depreciation- Building		$ (197)
Year of Acquisition		2,018
Investment in Real Estate | Collier Park | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 18,785
Investment in Real Estate | Waterford Landing
Real Estate And Accumulated Depreciation [Line Items]
Location		McDonough, GA
Initial Cost, Land		$ 2,867
Initial Cost, Building		27,467
Cost of Improvements, net of Retirements		57
Gross Carrying Amount, Land		2,867
Accumulated Depreciation- Building		(114)
Encumbrances (Unpaid Principal)		$ (15,500)
Year of Acquisition		2,018
Investment in Real Estate | Waterford Landing | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 27,524
Investment in Real Estate | Lucerne
Real Estate And Accumulated Depreciation [Line Items]
Location		Brandon, FL
Initial Cost, Land		$ 3,114
Initial Cost, Building		43,537
Cost of Improvements, net of Retirements		7
Gross Carrying Amount, Land		3,114
Accumulated Depreciation- Building		$ (95)
Year of Acquisition		2,018
Investment in Real Estate | Lucerne | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building		$ 43,544
[1]	Includes properties classified as held for sale as of December 31, 2018.
[2]	Includes properties classified as held for sale as of December 31, 2016.
[3]	This property was classified as held for sale as of December 31, 2018.