Steadfast Income REIT 10-K 27 Mar 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document (USD $)	12 Months Ended
	Dec. 31, 2013	Mar. 21, 2014	Jun. 30, 2013
Entity Information [Line Items]	'	'	'
Entity Registrant Name	'Steadfast Income REIT, Inc.	'	'
Entity Central Index Key	'0001468010	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Filer Category	'Smaller Reporting Company	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'
Amendment Flag	'false	'	'
Entity Common Stock, Shares Outstanding	'	74,664,182	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Public Float	'	'	$0

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2013		Dec. 31, 2012
Real Estate:	'		'
Land	$164,206,122		$52,128,526
Building and improvements	1,337,362,574		512,420,903
Tenant origination and absorption costs	15,670,519		13,496,020
Other intangible assets	2,644,263		0
Total real estate, cost	1,519,883,478		578,045,449
Less accumulated depreciation and amortization	-48,920,319		-18,073,362
Total real estate, net	1,470,963,159		559,972,087
Cash and cash equivalents	19,552,205		9,528,664
Restricted cash	25,243,316		5,467,219
Rents and other receivables	28,555,764		1,414,875
Deferred financing costs and other assets, net	17,575,410		6,203,711
Total assets	1,561,889,854		582,586,556
Liabilities:	'		'
Accounts payable and accrued liabilities	30,952,792		8,536,953
Below-market leases, net	163,237		301,349
Notes payable:	'		'
Mortgage notes payable, net	987,329,800		408,802,388
Revolving credit facility	0		5,000,000
Total notes payable, net	987,329,800	[1]	413,802,388
Distributions payable	4,058,452		1,343,399
Due to affiliates, net	9,322,038		3,471,796
Total liabilities	1,031,826,319		427,455,885
Commitments and contingencies	'		'
Redeemable common stock	12,945,007		3,049,521
Stockholders’ Equity:	'		'
Preferred stock, $0.01 par value per share; 100,000,000 shares authorized, no shares issued and outstanding	0		0
Additional paid-in capital	640,181,521		191,130,977
Cumulative distributions and net losses	-123,804,541		-39,278,923
Total stockholders’ equity	517,118,528		152,081,150
Total liabilities and stockholders’ equity	1,561,889,854		582,586,556
Common stock $0.01 par value per share; 999,999,000 shares authorized, 74,153,580 and 22,908,859 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively	'		'
Stockholders’ Equity:	'		'
Common stock	741,538		229,086
Convertible stock, $0.01 par value per share; 1,000 shares issued and outstanding as of December 31, 2013 and December 31, 2012, respectively	'		'
Stockholders’ Equity:	'		'
Common stock	$10		$10
[1]	Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements.

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parentheticals) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Stockholders’ Equity:	'	'
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares outstanding	0	0
Preferred stock, shares issued	0	0
Common Stock	'	'
Stockholders’ Equity:	'	'
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	999,999,000	999,999,000
Common stock, shares issued	74,153,580	22,908,859
Common stock, shares outstanding	74,153,580	22,908,859
Convertible Stock	'	'
Stockholders’ Equity:	'	'
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	1,000	1,000
Common stock, shares issued	1,000	1,000
Common stock, shares outstanding	1,000	1,000

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues:	'	'	'
Rental income	$98,018,275	$27,955,977	$5,162,314
Tenant reimbursements and other	11,083,242	2,630,955	547,859
Total revenues	109,101,517	30,586,932	5,710,173
Expenses:	'	'	'
Operating, maintenance and management	28,957,567	8,687,480	2,055,544
Real estate taxes and insurance	17,499,798	3,721,952	756,403
Fees to affiliates	30,713,737	13,127,558	1,519,026
Depreciation and amortization	48,454,178	14,957,857	2,577,462
Interest expense	24,308,402	6,291,193	1,186,938
General and administrative expenses	6,857,240	3,085,470	782,665
Acquisition costs	8,169,451	3,275,349	881,145
Total expenses	164,960,373	53,146,859	9,759,183
Loss on sale of real estate	-21,001	0	0
Net loss	-55,879,857	-22,559,927	-4,049,010
Net loss per common share — basic and diluted (in dollars per share)	($1.39)	($1.84)	($1.72)
Weighted average number of common shares outstanding — basic and diluted	40,169,940	12,238,094	2,358,867
Distributions declared	$28,645,761	$8,636,158	$1,640,845

Consolidated_Statements_of_Equ

Consolidated Statements of Equity (USD $)	Total	Total Stockholders’ Equity	Common Stock	Convertible Stock	Additional Paid- In Capital	Cumulative Distributions & Net Losses
Beginning Balance at Dec. 31, 2010	'	$7,186,878	$11,843	$10	$9,568,008	($2,392,983)
Beginning Balance, shares at Dec. 31, 2010	'	'	1,184,283	1,000	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'
Issuance of common stock	'	34,252,256	34,544	'	34,217,712	'
Issuance of common stock, shares	'	'	3,454,416	'	'	'
Commissions on sales of common stock and related dealer manager fees to affiliates	'	-3,198,703	'	'	-3,198,703	'
Transfers to redeemable common stock	'	-539,220	'	'	-539,220	'
Other offering costs to affiliates	'	-1,849,905	'	'	-1,849,905	'
Distributions declared	-1,640,845	-1,640,845	'	'	'	-1,640,845
Amortization of stock-based compensation	'	62,167	'	'	62,167	'
Net loss	-4,049,010	-4,049,010	'	'	'	-4,049,010
Ending Balance at Dec. 31, 2011	'	30,223,618	46,387	10	38,260,059	-8,082,838
Ending Balance, shares at Dec. 31, 2011	'	'	4,638,699	1,000	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'
Issuance of common stock	'	183,074,241	183,139	'	182,891,102	'
Issuance of common stock, shares	'	'	18,314,135	'	'	'
Commissions on sales of common stock and related dealer manager fees to affiliates	'	-17,154,479	'	'	-17,154,479	'
Transfers to redeemable common stock	-2,722,156	-2,722,156	'	'	-2,722,156	'
Redemption of common stock, shares	'	'	-43,975	'	'	'
Redemption of common stock	'	-417,733	-440	'	-417,293	'
Other offering costs to affiliates	'	-9,820,681	'	'	-9,820,681	'
Distributions declared	-8,636,158	-8,636,158	'	'	'	-8,636,158
Amortization of stock-based compensation	'	94,425	'	'	94,425	'
Net loss	-22,559,927	-22,559,927	'	'	'	-22,559,927
Ending Balance at Dec. 31, 2012	'	152,081,150	229,086	10	191,130,977	-39,278,923
Ending Balance, shares at Dec. 31, 2012	'	'	22,908,859	1,000	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'
Issuance of common stock	'	523,068,720	513,743	'	522,554,977	'
Issuance of common stock, shares	'	'	51,373,960	'	'	'
Commissions on sales of common stock and related dealer manager fees to affiliates	'	-49,014,259	'	'	-49,014,259	'
Transfers to redeemable common stock	-10,078,483	-10,078,483	'	'	-10,078,483	'
Redemption of common stock, shares	-129,239	'	-129,239	'	'	'
Redemption of common stock	'	-1,246,300	-1,291	'	-1,245,009	'
Other offering costs to affiliates	'	-13,271,892	'	'	-13,271,892	'
Distributions declared	-28,645,761	-28,645,761	'	'	'	-28,645,761
Amortization of stock-based compensation	'	105,210	'	'	105,210	'
Net loss	-55,879,857	-55,879,857	'	'	'	-55,879,857
Ending Balance at Dec. 31, 2013	'	$517,118,528	$741,538	$10	$640,181,521	($123,804,541)
Ending Balance, shares at Dec. 31, 2013	'	'	74,153,580	1,000	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash Flows from Operating Activities:	'	'	'
Net loss attributable to common stockholders	($55,879,857)	($22,559,927)	($4,049,010)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'	'
Depreciation and amortization	48,454,178	14,957,857	2,577,462
Accretion of below-market leases	-1,108,789	-138,703	0
Amortization of deferred financing costs	976,198	225,614	32,964
Amortization of stock-based compensation	105,210	94,425	94,667
Amortization of loan premiums/(discounts)	-987,970	-332,348	0
Change in fair value of interest rate cap agreements	448,984	162,761	0
Loss on sale of real estate	21,001	0	0
Changes in operating assets and liabilities:	'	'	'
Restricted cash for operating activities	-15,809,338	-4,062,793	-195,574
Rents and other receivables	-1,182,658	-720,767	-77,567
Other assets	-3,042,967	-1,070,522	-90,273
Accounts payable and accrued liabilities	22,898,966	6,816,685	586,390
Due to affiliates, net	2,857,909	2,064,522	919,668
Net cash used in operating activities	-2,249,133	-4,563,196	-201,273
Cash Flows from Investing Activities:	'	'	'
Acquisition of real estate investments	-818,138,356	-378,132,177	-51,910,000
Addition to real estate investments	-9,125,416	-3,116,467	-406,886
Escrow deposits for pending real estate acquisitions	-12,189,020	-374,900	-893,871
Restricted cash for investing activities	-3,966,759	-586,078	-622,774
Purchase of interest rate caps	-5,778,436	-295,870	0
Proceeds from sale of real estate	68,999	0	0
Net cash used in investing activities	-849,128,988	-382,505,492	-53,833,531
Cash Flows from Financing Activities:	'	'	'
Proceeds from issuance of mortgage notes payable	476,799,000	249,104,000	36,415,000
Principal payments on mortgage notes payable	-16,690,976	-14,432,386	-91,951
Borrowings from credit facility	62,500,000	5,000,000	0
Principal payments on credit facility	-67,500,000	'	0
Proceeds from issuance of common stock	485,786,997	179,849,886	33,244,982
Payments of commissions on sales of common stock and related dealer manager fees to affiliates	-49,014,259	-17,154,479	-3,198,703
Reimbursement of other offering costs to affiliates	-10,279,559	-9,799,471	-1,765,418
Payment of deferred financing costs	-4,650,578	-3,377,941	-339,150
Distributions paid to common stockholders	-14,302,663	-4,375,205	-887,472
Redemptions of common stock	-1,246,300	-417,733	0
Net cash provided by financing activities	861,401,662	384,396,671	63,377,288
Net increase in cash and cash equivalents	10,023,541	-2,672,017	9,342,484
Cash and cash equivalents, beginning of period	9,528,664	12,200,681	2,858,197
Cash and cash equivalents, end of period	19,552,205	9,528,664	12,200,681
Supplemental Disclosure of Cash Flow Information:	'	'	'
Interest paid	22,183,329	5,518,378	1,051,907
Supplemental Disclosure of Noncash Transactions:	'	'	'
Increase in distributions payable	2,715,053	1,088,807	191,026
Assumption of mortgage notes payable to acquire real estate	115,535,815	124,215,072	0
Application of escrow deposits to acquire real estate	12,864,120	'	0
Premiums/(discounts) on assumed mortgage notes payable	3,871,543	3,370,366	0
Issuance of mortgage notes payable to acquire real estate	0	2,275,000	0
Increase in amounts receivable from transfer agent	-25,958,231	'	-412,426
Increase (decrease) in amounts payable to affiliates for other offering costs	2,992,333	21,210	84,487
Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan	$11,628,045	$3,172,149	$562,347

Organization_and_Business

Organization and Business	12 Months Ended
	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization and Business	'
	Organization and Business
	Steadfast Income REIT, Inc. (the “Company”) was formed on May 4, 2009, as a Maryland corporation that has elected to qualify as a real estate investment trust (“REIT”). On June 12, 2009, the Company was initially capitalized pursuant to the sale of 22,223 shares of common stock to Steadfast REIT Investments, LLC (the “Sponsor”) at a purchase price of $9.00 per share for an aggregate purchase price of $200,007. On July 10, 2009, Steadfast Income Advisor, LLC (the “Advisor”), a Delaware limited liability company formed on May 1, 2009, invested $1,000 in the Company in exchange for 1,000 shares of convertible stock (the “Convertible Stock”) as described in Note 6.
	Substantially all of the Company’s business is conducted through Steadfast Income REIT Operating Partnership, L.P., a Delaware limited partnership formed on July 6, 2009 (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership. The Company and Advisor entered into an Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Partnership Agreement”) on September 28, 2009.
	As of December 31, 2013, the Company owned 63 multifamily properties comprising a total of 15,859 apartment homes and 30,125 square feet of rentable commercial space. For more information on the Company’s real estate portfolio, see Note 3.
	Private Offering
	On October 13, 2009, the Company commenced a private offering of up to $94,000,000 in shares of the Company’s common stock at a purchase price of $9.40 per share (with discounts available for certain categories of purchasers) (the “Private Offering”). The Company offered its shares of common stock for sale in the Private Offering pursuant to a confidential private placement memorandum and only to persons that were “accredited investors,” as that term is defined under the Securities Act of 1933, as amended, and Regulation D promulgated thereunder. On July 9, 2010, the Company terminated the Private Offering and on July 19, 2010, the Company commenced its registered public offering described below. The Company sold 637,279 shares of common stock in the Private Offering for gross offering proceeds of $5,844,325.
	Public Offering
	On July 23, 2009, the Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to offer a maximum of 150,000,000 shares of common stock for sale to the public at an initial price of $10.00 per share (with discounts available for certain categories of purchasers) (the “Primary Offering”). The Company also registered up to 15,789,474 shares of common stock for sale pursuant to the Company’s distribution reinvestment plan (the “DRP,” and together with the Primary Offering, the “Public Offering ”) at an initial price of $9.50 per share. The SEC declared the Company’s registration statement effective on July 9, 2010. The Company commenced the Public Offering on July 19, 2010.
	On July 12, 2012, the Company’s board of directors determined an estimated value per share of the Company’s common stock as of March 31, 2012 of $10.24. As a result of the determination of the estimated value per share of the Company’s common stock as of March 31, 2012, effective September 10, 2012, the offering price of the Company’s common stock to the public in the Primary Offering increased from the previous price of $10.00 per share to $10.24 per share. Additionally, effective September 10, 2012, the price of shares of the Company’s common stock issued pursuant to the DRP increased from a price of $9.50 per share to a price of $9.73 per share, or 95% of the new Primary Offering price of $10.24 per share. Effective September 10, 2012, the Company’s board of directors increased the amount of distributions paid on each share of the Company’s common stock from $0.001917 per share per day to $0.001964 per share per day, which, if paid each day over a 365-day period, is equivalent to a 7.0% annualized distribution rate based on the new offering price of $10.24 per share. The Company’s board of directors may again, in its sole discretion, change the price at which the Company offers shares of common stock to its stockholders pursuant to the DRP to reflect future changes in the Company’s estimated value per share and other factors that the Company’s board of directors deems relevant.
	The Company terminated its Primary Offering on December 20, 2013, but continues to offer shares of common stock pursuant to the DRP. The Company sold 73,608,337 shares of common stock in the Public Offering for gross proceeds of $745,389,748, including 1,588,289 shares of common stock issued pursuant to the DRP for gross offering proceeds of $15,397,232.
	The business of the Company is externally managed by the Advisor, pursuant to the Advisory Agreement (as amended, the “Advisory Agreement”), which is subject to annual renewal by the Company’s board of directors. The current term of the Advisory Agreement expires on May 4, 2015. Subject to certain restrictions and limitations, the Advisor manages the Company’s day-to-day operations, manages the Company’s portfolio of properties and real estate-related assets, sources and presents investment opportunities to the Company’s board of directors and provides investment management services on the Company’s behalf. Steadfast Capital Markets Group, LLC (the “Dealer Manager”), an affiliate of the Company, served as the dealer manager for the Public Offering. The Dealer Manager was responsible for marketing the Company’s shares of common stock being offered pursuant to the Public Offering. The Advisor, along with the Dealer Manager, also provides offering services, marketing, investor relations and other administrative services on the Company’s behalf.
	The Partnership Agreement provides that the Operating Partnership is operated in a manner that will enable the Company to (1) satisfy the requirements for being classified as a REIT for tax purposes, (2) avoid any federal income or excise tax liability and (3) ensure that the Operating Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), which classification could result in the Operating Partnership being taxed as a corporation, rather than as a partnership. In addition to the administrative and operating costs and expenses incurred by the Operating Partnership in acquiring and operating real properties, the Operating Partnership will pay all of the Company’s administrative costs and expenses, and such expenses will be treated as expenses of the Operating Partnership.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Summary of Significant Accounting Policies
	Principles of Consolidation and Basis of Presentation
	The consolidated financial statements include the accounts of the Company, the Operating Partnership and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company.
	The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC.
	Square footage, occupancy and other measures used to describe real estate included in the notes to the consolidated financial statements are presented on an unaudited basis.
	Use of Estimates
	The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
	Real Estate Assets
	Depreciation and Amortization
	Real estate costs related to the development, construction and improvement of properties are capitalized. Acquisition costs related to business combinations are expensed as incurred. Acquisition costs related to asset acquisitions are capitalized. Repair and maintenance and tenant turnover costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows:
	Buildings		25-40 years
	Building improvements		5-25 years
	Tenant improvements		Shorter of lease term or expected useful life
	Tenant origination and absorption costs		Remaining term of related lease
	Furniture, fixtures, and equipment		5-10 years
	Real Estate Purchase Price Allocation
	The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. Acquisition costs are generally expensed as incurred.
	The Company assesses the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant.
	Intangible assets include the value of in-place leases, which represents the estimated value of the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up.
	The Company estimates the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, the Company estimates the amount of lost rentals using market rates during the expected lease-up periods.
	The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases. Should a tenant terminate its lease, the unamortized portion of the in-place lease value and customer relationship intangibles would be charged to expense in that period.
	The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) the Company’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as a reduction or increase to rental income over the remaining non-cancelable terms of the respective leases.
	The total amount of other lease-related intangible assets acquired will be further allocated to in-place lease values and customer relationship intangible values based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with that respective tenant. Characteristics that the Company considers in allocating these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, and the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors.
	The total amount of non-lease-related intangible assets, including amenity access agreements, tax abatement agreements or other contract rights assumed as part of the acquisition of certain properties, will be allocated to other intangible assets based on the present value of the difference between contractual amounts to be paid pursuant to the contracts assumed and the Company's estimate of the fair market contract rates for corresponding contracts measured over a period equal to the remaining non-cancelable term of the contracts assumed. Other intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related contracts.
	Estimates of the fair values of the tangible assets, identifiable intangible assets and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss).
	Sale of Real Estate Assets
	Property sales or dispositions are recorded when title transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with GAAP.
	The Company classifies real estate assets as real estate held for sale when it is certain a property will be sold.
	Impairment of Real Estate Assets
	The Company will continually monitor events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets and liabilities may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company records an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets and liabilities. If any assumptions, projections or estimates regarding an asset changes in the future, the Company may have to record an impairment to reduce the net book value of such individual asset. The Company did not record any impairment loss on its real estate assets during the years ended December 31, 2013, 2012 and 2011.
	Rents and Other Receivables
	The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Due to the short-term nature of the operating leases, The Company does not maintain an allowance for deferred rent receivable related to the straight-lining of rents.
	Revenue Recognition
	The Company leases apartment and condominium units under operating leases with terms generally of one year or less. Generally, credit investigations are performed for prospective residents and security deposits are obtained. The Company will recognize minimum rent, including rental abatements, concessions and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease and amounts expected to be received in later years will be recorded as deferred rents. The Company records property operating expense reimbursements due from tenants for common area maintenance, real estate taxes, and other recoverable costs in the period the related expenses are incurred.
	The Company recognizes gains on sales of real estate either in total or deferred for a period of time, depending on whether a sale has been consummated, the extent of the buyer’s investment in the property being sold, whether the receivable is subject to future subordination, and the degree of the Company’s continuing involvement with the property after the sale. If the criteria for profit recognition under the full-accrual method are not met, the Company will defer gain recognition and account for the continued operations of the property by applying the percentage-of-completion, reduced profit, deposit, installment or cost recovery method, as appropriate, until the appropriate criteria are met.
	Cash and Cash Equivalents
	The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. As of December 31, 2013 and 2012, the Company had amounts in excess of federally insured limits in deposit accounts with a financial institution. The Company limits such deposits to financial institutions with high credit standing.
	Restricted Cash
	Restricted cash represents those cash accounts for which the use of funds is restricted by loan covenants. As of December 31, 2013 and 2012, the Company had a restricted cash balance of $25,243,316 and $5,467,219, respectively, which represents amounts set aside as impounds for future property tax payments, property insurance payments and tenant improvement payments as required by agreements with the Company’s lenders.
	Deferred Financing Costs
	The Company capitalizes deferred financing costs such as commitment fees, legal fees and other third party costs associated with obtaining commitments for financing that result in a closing of such financing. The Company amortizes these costs over the terms of the respective financing agreements using the interest method. The Company expenses unamortized deferred financing costs when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close.
	Derivative Financial Instruments
	The Company’s objective in using derivatives is to add stability to interest expense and to manage the Company’s exposure to interest rate movements or other identified risks. To accomplish these objectives, the Company may use various types of derivative instruments to manage fluctuations in cash flows resulting from interest rate risk attributable to changes in the benchmark interest rate of LIBOR or other applicable benchmark rates. As of December 31, 2013, the Company’s derivative instruments include an interest rate cap based on the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index.
	The Company measures its derivative instruments and hedging activities at fair value and records them as an asset or liability, depending on its rights or obligations under the applicable derivative contract. For derivatives designated as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged items are recorded in earnings. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portions of changes in fair value of the derivatives are reported in other comprehensive income (loss) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedges and ineffective portions of hedges are recognized in earnings in the affected period. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction.
	As of December 31, 2013, the Company did not have any derivatives designated as cash flow or fair value hedges, nor are derivatives being used for trading or speculative purposes.
	Fair Value Measurements
	Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories:
	•	Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;
	•	Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and
	•	Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.
	When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources.
	The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified.
	Interest rate caps - The Company has entered into certain interest rate cap agreements. These derivatives did not qualify as fair value hedges. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the caps. Therefore, the Company’s interest rate caps were classified within Level 2 of the fair value hierarchy.
	The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets:
			December 31, 2013
			Fair Value Measurements Using
			Level 1		Level 2		Level 3
	Assets:
	Interest rate caps		$	—	$	5,462,561	$	—
	Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument.
	Fair Value of Financial Instruments
	The accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities, due to affiliates and notes payable.
	The Company considers the carrying value of cash and cash equivalents, restricted cash, rents and other receivables and accounts payable and accrued liabilities and the revolving line of credit to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts.
The fair value of the mortgage notes payable is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities. As of December 31, 2013 and 2012, the fair value of the mortgage notes payable was $965,681,419 and $410,709,202, respectively, compared to the carrying value of $987,329,800 and $408,802,388, respectively. The Company has determined that its notes payable are classified as Level 3 within the fair value hierarchy.
Accounting for Stock-Based Compensation
The Company amortizes the fair value of stock-based compensation awards to expense over the vesting period and records any dividend equivalents earned as dividends for financial reporting purposes. Stock-based compensation awards are valued at the fair value on the date of grant and amortized as an expense over the vesting period.
Distribution Policy
The Company has elected to be taxed as a REIT and to operate as a REIT beginning with its taxable year ending December 31, 2010. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). For the period from January 1, 2012 to September 9, 2012, distributions were based on daily record dates and calculated at a rate of $0.001917 per share per day and $0.001964 per share per day beginning September 10, 2012. Each day during the period from January 1, 2013 through December 31, 2013 was a record date for distributions.
Distributions to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements and annual distribution requirements in order for the Company to qualify as a REIT under the Internal Revenue Code.
Organization and Offering Costs
Organization and offering expenses include all expenses (other than sales commissions and related dealer manager fees) to be paid by the Company in connection with the Public Offering and the Private Offering, including legal, accounting, printing, mailing and filing fees, charges of the Company’s transfer agent, expenses of organizing the Company, data processing fees, advertising and sales literature costs, transfer agent costs, bona fide out-of-pocket due diligence costs and amounts to reimburse the Advisor or its affiliates for the salaries of its employees and other costs in connection with preparing supplemental sales materials and providing other administrative services.
The Company may also reimburse costs of bona fide training and education meetings held by the Company (primarily travel, meal and lodging costs of registered representatives of broker-dealers), attendance and sponsorship fees and cost reimbursement of employees of the Company’s affiliates to attend seminars conducted by broker-dealers and, in certain cases, reimbursement to participating broker-dealers for technology costs associated with the Public Offering, costs and expenses related to such technology costs, and costs and expenses associated with the facilitation of the marketing of the Company’s shares of common stock and the ownership of the Company’s shares of common stock by such broker-dealers’ customers; provided, however, that the Company will not pay any of the foregoing costs to the extent that such payment would cause total underwriting compensation for the Public Offering to exceed 10% of the gross proceeds of the Public Offering, as required by the rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”).
Pursuant to the Advisory Agreement and the dealer manager agreement by and among the Company, the Operating Partnership and the Dealer Manager (the “Dealer Manager Agreement”), the Company is obligated to reimburse the Advisor, the Dealer Manager, or their affiliates, as applicable, for organization and offering costs paid by them on behalf of the Company, provided that, within 60 days of the end of the month in which the Public Offering terminates, the Advisor is obligated to reimburse the Company to the extent selling commissions, dealer manager fees and organization and offering costs incurred by the Company in the completed Public Offering exceed 15% of gross offering proceeds of the completed Public Offering. Any reimbursement of expenses paid to the Advisor will not exceed actual expenses incurred by the Advisor.
Reimbursements to the Advisor, the Dealer Manager, or their affiliates for offering costs paid by them on behalf of the Company with respect to the Private Offering are not limited to 15% of the gross offering proceeds of the Private Offering. However, the Company had previously deferred the reimbursements of offering costs in excess of 15% of the gross offering proceeds of the Private Offering until approval was obtained from the Company’s independent directors. On November 19, 2013, the independent directors approved the reimbursement of such excess costs from the Private Offering. Accordingly, during the year ended December 31, 2013, the Company reimbursed the Advisor $1,425,070 of previously deferred organization and offering costs of the Private Offering in excess of 15% of the gross offering proceeds raised in the Private Offering.
Operating Expenses
Pursuant to the Advisory Agreement, the Company is limited in the amount of certain operating expenses it may record on a rolling four-quarter basis to the greater of 2% of average invested assets and 25% of net income. Operating expenses include all costs and expenses incurred by the Company, as determined under GAAP, that in any way are related to the operation of the Company, excluding expenses of raising capital, interest payments, taxes, property operating expenses, non-cash expenditures, incentive fees, acquisition fees and expenses and investment management fees. During the four quarters ended December 31, 2013, the Company recorded operating expenses of $3,561,399, which is included in general and administrative expenses in the accompanying statement of operations. Operating expenses of $7,676 remain payable and are included in due to affiliates in the accompanying balance sheet as of December 31, 2013.
Income Taxes
The Company has elected to be taxed as a REIT under the Internal Revenue Code beginning with the tax year ending December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including the requirement to distribute at least 90% of the Company’s annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year after the taxable year in which the Company initially elects to be taxed as a REIT, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes it is organized and operates in such a manner as to qualify for treatment as a REIT.
The Company follows the Income Taxes Topic of the ASC to recognize, measure, present and disclose in its accompanying consolidated financial statements uncertain tax positions that the Company has taken or expects to take on a tax return. As of December 31, 2013 and 2012, the Company had no liabilities for uncertain tax positions that it believes should be recognized in its accompanying consolidated financial statements. The Company has not been assessed interest or penalties by any major tax jurisdictions. The Company’s evaluation was performed for the tax years ended December 31, 2013 and 2012. As of December 31, 2013, the Company’s tax returns for calendar years 2012, 2011 and 2010 remain subject to examination by major tax jurisdictions.
Per Share Data
Basic earnings (loss) per share attributable for all periods presented are computed by dividing net income (loss) attributable to controlling interest by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share are computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assumes each share was issued and outstanding each day during the period. Nonvested shares of the Company’s restricted common stock give rise to potentially dilutive shares of the Company’s common stock but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during the period.
Segment Disclosure
The Company has determined that it has one reportable segment with activities related to investing in multifamily properties. The Company’s investments in real estate are in different geographic regions, and management evaluates operating performance on an individual asset level. However, as each of the Company’s assets has similar economic characteristics, tenants and products and services, its assets have been aggregated into one reportable segment.

Real_Estate

Real Estate	12 Months Ended
	Dec. 31, 2013
Real Estate [Abstract]	'
Real Estate	'
	Real Estate
	As of December 31, 2013, the Company owned 63 multifamily properties. The following table provides summary information regarding the Company’s property portfolio:
		Property Name		Location			Purchase Date		Number		Contract Purchase Price				Mortgage Debt Outstanding at December 31, 2013				Average Occupancy as of						Average Monthly Rent as of
									of Units										Dec 31, 2013			Dec 31, 2012			Dec 31, 2013		Dec 31, 2012
	1	Lincoln Tower Apartments		Springfield, IL			8/11/10		190		$	9,500,000			$	8,434,054			93.7	%		96.8	%		$	893	$	848
	2	Park Place Condominiums		Des Moines, IA			12/22/10		151		8,323,400				4,938,136				92.7	%		88.6	%		891		859
	3	Arbor Pointe Apartments(1)		Louisville, KY			5/5/11		130		6,500,000				5,006,199				93.1	%		95.4	%		733		775
	4	Clarion Park Apartments(1)		Olathe, KS			6/28/11		220		11,215,000				8,632,301				97.3	%		95.5	%		721		697
	5	Cooper Creek Village		Louisville, KY			8/24/11		123		10,420,000				6,624,725				91.9	%		95.1	%		945		938
	6	Truman Farm Villas(2)		Grandview, MO			12/22/11		200		9,100,000				5,818,457				94.5	%		96.5	%		676		654
	7	Prairie Walk Apartments		Kansas City, MO			12/22/11		128		6,100,000				3,899,807				95.3	%		95.3	%		634		615
	8	EBT Lofts		Kansas City, MO			12/30/11		102		8,575,000				5,499,432				98	%		98	%		900		876
	9	Windsor on the River Apartments		Cedar Rapids, IA			1/26/12		424		33,000,000				23,500,000				92	%		88	%		704		728
	10	Renaissance St. Andrews Apartments		Louisville, KY			2/17/12		216		12,500,000				9,084,000				93.5	%		93.5	%		684		699
	11	Spring Creek Apartments		Edmond, OK			3/9/12		252		19,350,000				13,912,669				96.4	%		92.9	%		872		850
	12	Montclair Parc Apartments		Oklahoma City, OK			4/26/12		360		35,750,000				24,305,671				88.6	%		88.6	%		937		926
	13	Sonoma Grande Apartments		Tulsa, OK			5/24/12		336		32,200,000				22,540,000				91.4	%		91.4	%		956		945
	14	Estancia Apartments		Tulsa, OK			6/29/12		294		27,900,000				21,844,621				90.5	%		95.2	%		964		950
	15	Montelena Apartments		Round Rock, TX			7/13/12		232		18,350,000				12,614,683				89.7	%		94	%		949		869
	16	Valley Farms Apartments		Louisville, KY			8/30/12		160		15,100,000				10,244,494				93.8	%		94.4	%		874		883
	17	Hilliard Park Apartments		Columbus, OH			9/11/12		201		19,800,000				13,818,616				94	%		92	%		999		992
	18	Sycamore Terrace Apartments		Terre Haute, IN			9/20/12		178		16,500,000				—				96.6	%		95.5	%		1,038		1,015
	19	Hilliard Summit Apartments		Columbus, OH			9/28/12		208		24,100,000				16,749,262				92.3	%		93.8	%		1,106		1,063
	20	Springmarc Apartments		San Marcos, TX			10/19/12		240		21,850,000				15,446,452				96.7	%		88.8	%		894		974
	21	Renaissance at St. Andrews Condominiums		Louisville, KY			10/31/12		29		1,375,000				—				96.6	%		58.6	%		677		704
		Property Name		Location			Purchase Date		Number		Contract Purchase Price				Mortgage Debt Outstanding at December 31, 2013				Average Occupancy as of						Average Monthly Rent as of
									of Units										Dec 31, 2013			Dec 31, 2012			Dec 31, 2013		Dec 31, 2012
	22	Ashley Oaks Apartments		San Antonio, TX			11/29/12		462		$	30,790,000			$	21,680,010			80.7	%		91.1	%		$	792	$	745
	23	Arrowhead Apartments		Palatine, IL			11/30/12		200		16,750,000				12,562,000				91.5	%		96.5	%		1,023		997
	24	The Moorings Apartments		Roselle, IL			11/30/12		216		20,250,000				15,187,000				94.4	%		97.7	%		1,036		1,010
	25	Forty-57 Apartments		Lexington, KY			12/20/12		436		52,500,000				38,500,000				95.2	%		87.2	%		867		866
	26	Keystone Farms Apartments		Nashville, TN			12/28/12		90		8,400,000				6,200,000				98.9	%		97.8	%		997		952
	27	Riverford Crossing Apartments		Frankfort, KY			12/28/12		300		30,000,000				21,900,000				90	%		92.7	%		839		861
	28	South Pointe at Valley Farms		Louisville, KY			12/28/12		32		5,275,000				—				100	%		93.8	%		1,018		969
	29	Montecito Apartments		Austin, TX			12/31/12		268		19,000,000				14,250,000				98.1	%		91.8	%		827		752
	30	Hilliard Grand Apartments		Dublin, OH			12/31/12		314		40,500,000				29,050,224				88.5	%		92	%		1,245		1,190
	31	The Hills at Fair Oaks		Fair Oaks Ranch, TX	1		1/31/13		288		34,560,000				24,767,000				90.6	%		—	%		979		—
	32	Library Lofts East		Kansas City, MO	1		2/28/13		118		12,750,000				9,113,640				97.5	%		—	%		915		—
	33	The Trails at Buda Ranch		Buda, TX	1		3/28/13		264		23,000,000				17,030,000				89.8	%		—	%		906		—
	34	Deep Deuce at Bricktown		Oklahoma City, OK	1		3/28/13		294		38,220,000				27,382,987				84.7	%		—	%		1,227		—
	35	Deer Valley Apartments		Lake Bluff, IL	1		4/30/13		224		28,600,000				20,875,000				91.1	%		—	%		1,243		—
	36	Grayson Ridge		North Richland Hills, TX	1		5/31/13		240		14,300,000				10,725,000				95.8	%		—	%		712		—
	37	Rosemont at Olmos Park		San Antonio, TX	1		5/31/13		144		22,050,000				15,100,000				87.5	%		—	%		1,325		—
	38	Retreat at Quail North		Oklahoma City, OK	1		6/12/13		240		25,250,000				17,190,827				90	%		—	%		994		—
	39	The Lodge at Trails Edge		Indianapolis, IN	1		6/18/13		268		18,400,000				12,901,587				97.8	%		—	%		705		—
	40	Arbors at Carrollton		Carrollton, TX	1		7/3/13		131		8,800,000				6,382,095				94.7	%		—	%		817		—
	41	Waterford on the Meadow		Plano, TX	1		7/3/13		350		23,100,000				16,916,185				91.7	%		—	%		808		—
	42	The Belmont		Grand Prairie, TX	1		7/26/13		260		12,100,000				9,498,460				93.1	%		—	%		715		—
	43	Meritage at Steiner Ranch		Austin, TX	1		8/6/13		502		80,000,000				55,500,000				84.5	%		—	%		1,396		—
	44	Tapestry Park Apartments		Birmingham, AL	1		8/13/13		223		32,400,000				23,100,000				97.8	%		—	%		1,213		—
	45	Dawntree Apartments		Carrollton, TX	1		8/15/13		400		24,000,000				16,022,763				96.3	%		—	%		752		—
	46	Stuart Hall Lofts		Kansas City, MO	1		8/27/13		115		16,850,000				12,407,000				93.9	%		—	%		1,188		—
	47	BriceGrove Park Apartments		Canal Winchester, OH	1		8/29/13		240		20,100,000				14,985,000				90	%		—	%		855		—
	48	Retreat at Hamburg Place		Lexington, KY	1		9/5/13		150		16,300,000				—				94	%		—	%		978		—
		Property Name		Location			Purchase Date		Number		Contract Purchase Price				Mortgage Debt Outstanding at December 31, 2013				Average Occupancy as of						Average Monthly Rent as of
									of Units										Dec 31, 2013			Dec 31, 2012			Dec 31, 2013		Dec 31, 2012
	49	Cantare at Indian Lake Village		Hendersonville, TN	1		9/24/13		206		$	29,000,000			$	—			96.6	%		—	%		$	1,058	$	—
	50	Landing at Mansfield		Mansfield, TX	1		9/27/13		336		30,900,000				22,750,000				93.8	%		—	%		895		—
	51	The Heights Apartments		Houston, TX	1		9/30/13		504		37,000,000				29,014,000				94.4	%		—	%		894		—
	52	Villas at Huffmeister		Houston, TX	1		10/10/13		294		37,600,000				25,963,000				95.2	%		—	%		1,135		—
	53	Villas at Kingwood		Kingwood, TX	1		10/10/13		330		40,150,000				28,105,000				91.2	%		—	%		1,140		—
	54	Waterford Place at Riata Ranch		Cypress, TX	1		10/10/13		228		23,400,000				16,340,000				94.3	%		—	%		1,047		—
	55	Carrington Place		Houston, TX	1		11/7/13		324		32,900,000				22,376,000				91.7	%		—	%		1,005		—
56	Carrington at Champion Forest		Houston, TX	1		11/7/13		284		33,000,000				22,959,000				93	%		—	%		1,025		—
57	Carrington Park		Cypress, TX	1		11/7/13		232		25,150,000				17,717,000				91.8	%		—	%		1,078		—
58	Willow Crossing		Elk Grove, IL	1		11/20/13		579		58,000,000				43,500,000				95.5	%		—	%		951		—
59	Echo at Katy Ranch(3)		Katy, TX	1		12/19/13		260		35,100,000				—				(3)			—	%		1,349		—
60	Heritage Grand at Sienna Plantation		Missouri City, TX	1		12/20/13		240		27,000,000				16,845,443				93.8	%		—	%		1,175		—
61	Audubon Park		Nashville, TN	1		12/27/13		256		16,750,000				11,760,000				92.2	%		—	%		823		—
62	Mallard Crossing		Cincinnati, OH	1		12/27/13		350		39,800,000				27,860,000				87.4	%		—	%		1,016		—
63	Renaissance at Carol Stream		Carol Stream, IL	1		12/31/13		293		29,150,000				—				95.9	%		—	%		966		—
								15,859		$	1,516,653,400			$	987,329,800			92.4	%		92.4	%		$	952	$	873
________________
-1	100% of the units are required to be rented to tenants earning no more than 60% of the median income in the local area.
-2	Approximately 74% of the units are required to be rented to tenants earning no more than 60% of the median income in the local area.
-3	The property was constructed in 2013 and is currently in the lease-up phase of operations. As of December 31, 2013, the property was 65.8% occupied; however, such occupancy is not reflective of the stabilized occupancy. Accordingly, the occupancy for this property was excluded from the total average occupancy disclosed in the preceding table.
The purchase price for the Company’s acquisitions during the year ended December 31, 2013 was allocated as follows as of the respective closing dates of each acquisition:
Property Name		Purchase Date		Land				Building and				Tenant				Below-Market Leases				(Premium) Discount on Assumed Liabilities(1)				Other Intangible Assets		Other Receivables		Total Purchase
								Improvements				Origination and																Price
												Absorption Costs
The Hills at Fair Oaks		1/31/13		$	3,008,363			$	31,074,847			$	625,792			$	(149,002	)		$	—			$	—	$	—	$	34,560,000
Library Lofts East		2/28/13		1,669,405				9,617,271				205,967				—				—				1,257,357		—		12,750,000
The Trails at Buda Ranch		3/28/13		2,504,114				19,989,816				506,070				—				—				—		—		23,000,000
Deep Deuce at Bricktown		3/28/13		2,529,318				36,591,572				675,076				—				(1,575,966		)		—		—		38,220,000
Deer Valley Apartments		4/30/13		2,494,142				25,576,950				528,908				—				—				—		—		28,600,000
Grayson Ridge		5/31/13		1,594,099				12,352,127				353,774				—				—				—		—		14,300,000
Rosemont at Olmos Park		5/31/13		2,064,447				19,562,430				423,123				—				—				—		—		22,050,000
Retreat at Quail North		6/12/13		1,700,810				23,536,900				488,643				—				(476,353		)		—		—		25,250,000
The Lodge at Trails Edge		6/18/13		2,389,613				15,742,487				385,620				—				(117,720		)		—		—		18,400,000
Arbors at Carrollton		7/3/13		1,424,432				7,336,337				224,190				—				(184,959		)		—		—		8,800,000
Waterford on the Meadow		7/3/13		2,625,024				20,283,965				565,166				—				(374,155		)		—		—		23,100,000
The Belmont		7/26/13		1,550,028				10,901,867				362,643				—				(714,538		)		—		—		12,100,000
Meritage at Steiner Ranch		8/6/13		7,353,620				71,905,590				1,450,783				(709,993		)		—				—		—		80,000,000
Tapestry Park Apartments		8/13/13		1,844,031				30,045,327				622,323				(111,681		)		—				—		—		32,400,000
Dawntree Apartments		8/15/13		3,135,425				21,151,008				602,461				—				(888,894		)		—		—		24,000,000
Stuart Hall Lofts		8/27/13		1,585,035				13,593,300				284,759				—				—				1,386,906		—		16,850,000
BriceGrove Park Apartments		8/29/13		1,596,212				18,052,968				450,820				—				—				—		—		20,100,000
Retreat at Hamburg Place		9/5/13		1,605,839				14,366,246				327,915				—				—				—		—		16,300,000
Cantare at Indian Lake Village		9/24/13		2,489,757				26,048,742				461,501				—				—				—		—		29,000,000
Landing at Mansfield		9/27/13		3,375,831				26,891,705				632,464				—				—				—		—		30,900,000
The Heights Apartments		9/30/13		9,869,925				25,768,344				1,361,731				—				—				—		—		37,000,000
Villas at Huffmeister		10/10/13		5,858,663				31,020,921				720,416				—				—				—		—		37,600,000
Villas at Kingwood		10/10/13		6,512,468				32,848,710				788,822				—				—				—		—		40,150,000
Waterford Place at Riata Ranch		10/10/13		3,184,857				19,715,153				499,990				—				—				—		—		23,400,000
Carrington Place		11/7/13		5,450,417				26,755,422				694,161				—				—				—		—		32,900,000
Carrington at Champion Forest		11/7/13		3,760,329				28,623,776				615,895				—				—				—		—		33,000,000
Carrington Park		11/7/13		3,241,747				21,383,908				524,345				—				—				—		—		25,150,000
Willow Crossing		11/20/13		8,091,870				48,193,223				1,714,907				—				—				—		—		58,000,000
Echo at Katy Ranch(2)		12/19/13		4,402,862				29,946,133				473,720				—				—				—		277,285		35,100,000
Property Name		Purchase Date		Land				Building and				Tenant				Below-Market Leases				(Premium) Discount on Assumed Liabilities(1)				Other Intangible Assets		Other Receivables		Total Purchase
								Improvements				Origination and																Price
												Absorption Costs
Heritage Grand at Sienna Plantation		12/20/13		$	3,776,547			$	22,216,270			$	546,141			$	—			$	461,042			$	—	$	—	$	27,000,000
Audubon Park		12/27/13		2,489,428				13,841,479				419,093				—				—				—		—		16,750,000
Mallard Crossing		12/27/13		2,383,256				36,746,171				670,573				—				—				—		—		39,800,000
Renaissance at Carol Stream		12/31/13		4,605,682				23,970,390				573,928				—				—				—		—		29,150,000
				$	112,167,596			$	815,651,355			$	19,781,720			$	(970,676	)		$	(3,871,543	)		$	2,644,263	$	277,285	$	945,680,000
________________
-1	Loan premiums and discounts are amortized to interest expense over the remaining term of the assumed loan.
-2	In connection with the acquisition of the property, the sellers agreed to guarantee minimum net monthly collections of $316,257 for six months from the date of purchase up to a maximum of $565,051. The Company estimated the acquisition date fair value of $277,285 based on projected increases in occupancy during the term of the guarantee. As of December 31, 2013, the receivable balance was $237,792.
As of December 31, 2013 and 2012, accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows:
		December 31, 2013
		Assets																				Liabilities
		Land				Building and Improvements				Tenant Origination and Absorption				Other Intangible Assets				Total Real Estate				Below-Market Leases
Investments in real estate		$	164,206,122			$	1,337,362,574			$	15,670,519			$	2,644,263			$	1,519,883,478			$	(1,410,728	)
Less: Accumulated depreciation and amortization		—				(41,619,747		)		(7,214,044		)		(86,528		)		(48,920,319		)		1,247,491
Net investments in real estate and related lease intangibles		$	164,206,122			$	1,295,742,827			$	8,456,475			$	2,557,735			$	1,470,963,159			$	(163,237	)
		December 31, 2012
		Assets																				Liabilities
		Land				Building and Improvements				Tenant Origination and Absorption				Other Intangible Assets				Total Real Estate				Below-Market Leases
Investments in real estate		$	52,128,526			$	512,420,903			$	13,496,020			$	—			$	578,045,449			$	(440,052	)
Less: Accumulated depreciation and amortization		—				(9,515,773		)		(8,557,589		)		—				(18,073,362		)		138,703
Net investments in real estate and related lease intangibles		$	52,128,526			$	502,905,130			$	4,938,431			$	—			$	559,972,087			$	(301,349	)
Depreciation and amortization expense was $48,454,178, $14,957,857 and $2,577,462 for the years ended December 31, 2013, 2012 and 2011, respectively.
The increase in net loss as a result of amortization of the Company’s tenant origination and absorption costs for the years ended December 31, 2013, 2012 and 2011 was $16,263,676, $6,743,018 and $1,423,927, respectively. Tenant origination and absorption costs had a weighted-average amortization period as of the date of acquisition of less than one year.
The increase in rental income as a result of the accretion of the Company’s below-market lease intangible liabilities for the years ended December 31, 2013, 2012 and 2011 was $1,108,789, $138,703 and $0. The Company’s below-market lease intangible liabilities had a weighted-average accretion period as of the date of acquisition of less than one year.
The future amortization of the Company’s acquired other intangible assets as of December 31, 2013 and thereafter is as follows:
2014	$	153,168
2015	153,168
2016	153,168
2017	153,168
2018	153,168
Thereafter	1,791,896
	$	2,557,736
Operating Leases
As of December 31, 2013, the Company’s real estate portfolio comprised 15,859 residential apartment homes and was 94.7% leased by a diverse group of residents. For the year ended December 31, 2013, the Company’s real estate portfolio earned approximately 99% and 1% of its rental income from residential tenants and commercial office tenants, respectively. For the year ended December 31, 2012, the Company’s real estate portfolio earned approximately 99% and 1% of its rental income from residential tenants and commercial office tenants, respectively. The residential tenant lease terms consist of lease durations equal to 12 months or less. The commercial office tenant leases consist of lease durations varying from one to four years.
Some residential and commercial leases contain provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit and/or a letter of credit for commercial tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to tenant leases are included in accounts payables and accrued liabilities in the accompanying consolidated balance sheets and totaled $3,560,623 and $1,809,508 as of December 31, 2013 and 2012, respectively.
The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of December 31, 2013 and thereafter is as follows:
2014	$	332,429
2015	251,066
2016	224,012
2017	224,312
2018	37,597
Thereafter	—
	$	1,069,416
As of December 31, 2013 and 2012, no tenant represented over 10% of the Company’s annualized base rent and there were no significant industry concentrations with respect to its commercial leases.

Deferred_Financing_Costs_and_O

Deferred Financing Costs and Other Assets	12 Months Ended
	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'
Deferred Financing Costs and Other Assets	'
	Deferred Financing Costs and Other Assets
	As of December 31, 2013 and 2012, deferred financing costs and other assets, net of accumulated amortization, consisted of:
		December 31,			December 31, 2012
		2013
	Deferred financing costs	$	8,440,169		$	3,789,591
	Less: accumulated amortization	(1,235,886		)	(259,688		)
		7,204,283			3,529,903
	Prepaid expenses	3,142,924			975,843
	Interest rate caps (Note 10)	5,462,561			133,109
	Escrow deposits for pending real estate acquisitions	500,000			1,175,100
	Deposits	1,265,642			389,756
		$	17,575,410		$	6,203,711

Debt

Debt	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Debt	'
	Debt
	Notes Payable
	The following is a summary of notes payable secured by real property as of December 31, 2013 and 2012:
										Principal Outstanding at
		Property Name		Payment		Maturity		Interest		December 31, 2013			December 31, 2012
				Type		Date		Rate(1)
	1	Lincoln Tower		Principal and interest		May 1, 2019		3.66%		$	8,434,054		$	8,652,963
	2	Park Place(2)		Interest only		July 1, 2018		3.50%		4,938,136			5,000,000
	3	Arbor Pointe		Principal and interest		June 1, 2018		4.86%		5,006,199			5,087,013
	4	Clarion Park		Principal and interest		July 1, 2018		4.58%		8,632,301			8,778,412
	5	Cooper Creek		Principal and interest(3)		September 1, 2018		3.89%		6,624,725			6,743,782
	6	Truman Farm Villas		Principal and interest(3)		January 1, 2019		3.78%		5,818,457			5,915,000
	7	Prairie Walk		Principal and interest(3)		January 1, 2019		3.74%		3,899,807			3,965,000
	8	EBT Lofts		Principal and interest(3)		January 1, 2019		3.82%		5,499,432			5,590,000
	9	Windsor on the River(11)		Interest only		May 1, 2042		Variable(4)(11)		23,500,000			23,500,000
	10	Renaissance(5)		Principal and interest(3)		January 1, 2023		3.85%		9,084,000			9,084,000
	11	Spring Creek(10)		Principal and interest		February 1, 2018		4.88%		13,912,669			14,236,229
	12	Montclair Parc		Principal and interest		May 1, 2019		3.70%		24,305,671			24,766,709
	13	Sonoma Grande		Principal and interest(6)		June 1, 2019		3.31%		22,540,000			22,540,000
	14	Estancia(10)		Interest only		October 1, 2017(7)		5.94%		21,844,621			22,203,718
	15	Montelena(10)		Principal and interest(8)		August 1, 2018		4.82%		12,614,683			12,817,796
	16	Valley Farms		Principal and interest		January 1, 2020		4.25%		10,244,494			10,400,000
	17	Hilliard Park		Principal and interest(3)		October 1, 2022		3.62%		13,818,616			13,860,000
	18	Sycamore Terrace		Principal and interest		December 1, 2019		1-Mo LIBOR + 3.44%		—			11,550,000
	19	Hilliard Summit		Principal and interest(3)		October 1, 2022		3.56%		16,749,262			16,800,000
	20	Springmarc		Principal and interest(3)		November 1, 2019		3.69%		15,446,452			15,470,000
	21	Ashley Oaks(11)		Principal and interest(3)		November 1, 2021		1-Mo LIBOR + 2.35%		21,680,010			$	21,712,000
										Principal Outstanding at
		Property Name		Payment		Maturity		Interest		December 31, 2013			December 31, 2012
				Type		Date		Rate(1)
	22	Arrowhead		Principal and interest(3)		December 1, 2019		3.38%		$	12,562,000		$	12,562,000
	23	The Moorings		Principal and interest(3)		December 1, 2019		3.37%		15,187,000			15,187,000
	24	Forty-57		Principal and interest(9)		January 1, 2023		3.73%		38,500,000			38,500,000
	25	Keystone Farms		Principal and interest(3)		January 1, 2023		3.86%		6,200,000			6,200,000
	26	Riverford Crossing		Principal and interest(9)		January 1, 2023		3.78%		21,900,000			21,900,000
	27	South Pointe		Interest only		June 3, 2013		6.00%		—			2,275,000
	28	Montecito		Principal and interest(3)		January 1, 2020		3.47%		14,250,000			14,250,000
	29	Hilliard Grand		Principal and interest		August 1, 2052		5.59%		29,050,224			29,255,766
	30	The Hills at Fair Oaks		Principal and interest(9)		February 1, 2023		4.02%		24,767,000			—
	31	Library Lofts		Principal and Interest		April 1, 2020		3.66%		9,113,640			—
	32	Trails at Buda Ranch(11)		Principal and interest(3)		April 1, 2023		1-Mo LIBOR + 2.42%		17,030,000			—
	33	Deep Deuce at Bricktown Apartments(10)		Principal and interest		April 1, 2018		5.04%		24,603,299			—
	34	Deep Deuce at Bricktown — Supplemental Loan		Principal and interest		April 1, 2018		4.73%		2,779,688			—
	35	Deer Valley(11)		Principal and interest(3)		May 1, 2023		1-Mo LIBOR + 2.40%		20,875,000			—
	36	Grayson Ridge(11)		Principal and interest(3)		July 1, 2020		1-Mo LIBOR + 2.63%		10,725,000			—
	37	Rosemont at Olmos Park(11)		Principal and interest(9)		July 1, 2020		1-Mo LIBOR + 2.65%		15,100,000			—
	38	Retreat at Quail North(10)		Principal and interest		January 1, 2053		4.80%		17,190,827			—
	39	The Lodge at Trails Edge(10)		Principal and interest		November 1, 2020		4.47%		10,965,388			—
	40	The Lodge at Trails Edge — Supplemental Loan		Principal and interest		November 1, 2020		5.75%		1,936,199			—
	41	Arbors of Carrollton(10)		Principal and interest		December 1, 2020		4.83%		5,395,471			—
	42	Arbors of Carrollton — Supplemental Loan		Principal and interest		December 1, 2020		4.83%		986,624			—
	43	Waterford on the Meadow(10)		Principal and interest		December 1, 2020		4.70%		14,154,991			—
	44	Waterford on the Meadow — Supplemental Loan		Principal and interest		December 1, 2020		4.78%		2,761,194			—
	45	The Belmont(10)		Principal and interest		March 1, 2021		5.91%		9,498,460			—
										Principal Outstanding at
		Property Name		Payment		Maturity		Interest		31-Dec-13			31-Dec-12
				Type		Date		Rate(1)
	46	Meritage at Steiner Ranch(11)		Principal and interest(3)		September 1, 2020		1-Mo LIBOR + 2.47%		$	55,500,000		$	—
	47	Tapestry Park(11)		Principal and interest(3)		October 1, 2020		1-Mo LIBOR + 2.44%		23,100,000			—
	48	Dawntree(10)		Principal and interest(12)		August 6, 2021		5.48%		16,022,763			—
	49	Stuart Hall(11)		Principal and interest(3)		September 1, 2020		1-Mo LIBOR + 2.75%		12,407,000			—
	50	BriceGrove Park(11)		Principal and interest(3)		October 1, 2020		1-Mo LIBOR + 2.58%		14,985,000			—
	51	Landing at Mansfield(11)		Principal and interest(3)		October 1, 2020		1-Mo LIBOR + 2.69%		22,750,000			—
52	The Heights(11)		Principal and interest(3)		October 1, 2020		1-Mo LIBOR + 2.60%		29,014,000			—
53	Villas at Huffmeister(11)		Principal and interest(3)		November 1, 2020		1-Mo LIBOR + 2.68%		25,963,000			—
54	Villas at Kingwood(11)		Principal and interest(3)		November 1, 2020		1-Mo LIBOR + 2.68%		28,105,000			—
55	Waterford Place at Riata Ranch(11)		Principal and interest(3)		November 1, 2020		1-Mo LIBOR + 2.64%		16,340,000			—
56	Carrington Place(11)		Principal and interest(9)		December 1, 2023		1-Mo LIBOR + 2.16%		22,376,000			—
57	Carrington at Champion Forest(11)		Principal and interest(9)		December 1, 2023		1-Mo LIBOR + 2.16%		22,959,000			—
58	Carrington Park(11)		Principal and interest(9)		December 1, 2023		1-Mo LIBOR + 2.16%		17,717,000			—
59	Willow Crossing(11)		Principal and interest(9)		December 1, 2023		1-Mo LIBOR + 2.20%		43,500,000			—
60	Heritage Grand at Sienna Plantation(10)		Principal and interest		January 1, 2053		4.65%		16,845,443			—
61	Audubon Park(11)		Principal and interest(9)		January 1, 2024		1-Mo LIBOR + 2.41%		11,760,000			—
62	Mallard Crossing(11)		Principal and interest(3)		January 1, 2021		1-Mo LIBOR + 2.57%		27,860,000			—
									$	987,329,800		$	408,802,388
_______________
-1	Except as otherwise noted, interest on the notes accrues at a fixed rate per annum. At December 31, 2013, the weighted-average interest rate of our fixed rate debt and variable rate debt was 4.29% and 2.62%, respectively. The weighted-average interest rate of our blended fixed and variable rates was 3.48% as of December 31, 2013.
-2	On June 18, 2013, the loan was modified to extend the maturity date to July 1, 2018 and the interest rate was reduced to a fixed rate per annum of 3.50%.
-3	A monthly payment of interest only is due and payable for twelve months from the loan date, after which, a monthly payment of principal and interest is due and payable until the maturity date.
-4	The loan was originally funded with proceeds from the issuance of Iowa Finance Authority Variable Rate Demand Multifamily Housing Revenue Bonds (Windsor on the River, LLC Project), Series 2007A in the original aggregate principal amount of $24,000,000 (the “Bonds”) pursuant to an Indenture of Trust dated May 1, 2007 (the “Indenture”) by and between the issuer and The Bank of New York Mellon Trust Company, N.A. (the “Bond Trustee”), as trustee for the holders of the Bonds. The Company is required to pay, or cause to be paid, to the Bond Trustee on each date on which any payment of the principal of, premium, if any, or interest on the Bonds is due (whether on an interest payment date, at maturity or upon redemption or acceleration), an amount which, together with the funds held by the Bond Trustee in a bond fund, will be sufficient to enable the Bond Trustee to pay the principal of, premium, if any, and interest on the Bonds due on such date. The loan will bear interest at a rate equal to the interest rate borne from time to time by the Bonds, calculated on the same basis and to be paid by the Company at the same time as interest on the Bonds is calculated and paid from time to time. Interest on the Bonds is calculated by the remarketing agent and is equal to the interest rate per annum, which in the professional judgment of the remarketing agent having due regard for prevailing market conditions, would be the minimum interest rate necessary to cause the sale of the Bonds on the first day of an interest period at a price equal to 100% of the principal amount of the Bonds plus accrued interest. The Bonds currently bear interest at a weekly rate.
-5	On December 27, 2012, the Company refinanced the existing mortgage loan secured by the Renaissance St. Andrews Property with the proceeds of a new mortgage loan in the aggregate principal amount of $9,084,000. A portion of the proceeds from the new loan were used to retire $7,000,000 of principal and accrued interest outstanding on the existing mortgage loan.
-6	A monthly payment of interest only is due and payable through June 1, 2014, after which, a monthly payment of principal and interest is due and payable until the maturity date.
-7	The Company has the option to extend the maturity date to October 1, 2018, subject to customary and market rate extension provisions.
-8	A monthly payment of interest only was due and payable through August 1, 2013, after which, a monthly payment of principal and interest is due and payable until the maturity date.
-9	A monthly payment of interest only is due and payable for 24 months from the loan date, after which, a monthly payment of principal and interest is due and payable until the maturity date.
-10	The following table summarizes the debt premiums and discounts as of December 31, 2013, including the unamortized portion included in the principal balance as well as amounts amortized as an offset to interest expense in the accompanying consolidated statements of operations:
Property Name		Unamortized Portion of Debt Premium (Discount) as of December 31, 2013				Amortization of Debt Premium (Discount) During the Year Ended December 31,
						2013				2012			2011
Spring Creek		$	415,076			$	101,428			$	82,342		$	—
Estancia		1,344,621				359,096				181,544			—
Montelena		671,428				146,368				68,462			—
Deep Deuce at Bricktown		1,336,182				239,784				—			—
Retreat at Quail North		469,968				6,385				—			—
The Lodge at Trails Edge		109,034				8,686				—			—
Arbors of Carrollton		172,490				12,469				—			—
Waterford on the Meadow		348,931				25,224				—			—
The Belmont		673,758				40,780				—			—
Dawntree		840,763				48,131				—			—
Heritage Grand at Sienna Plantation		(460,661		)		(381		)		—			—
		$	5,921,590			$	987,970			$	332,348		$	—
-11	See Note 10 for a discussion of the interest rate caps used to manage the exposure to interest rate movement on the Company's variable rate loans.
-12	A monthly payment of interest only is due and payable through August 6, 2014, after which, a monthly payment of principal and interest is due and payable until the maturity date.
Revolving Credit Facility
On October 22, 2012, the Company entered into an unsecured revolving line of credit with PNC Bank, N.A. to borrow up to $5,000,000. On April 25, 2013, the Company amended the credit facility to increase the borrowing capacity to $20,000,000. Each advance under the credit facility is due within 180 days from the date of the advance and all unpaid principal and interest is due and payable in full on April 25, 2014.
For each advance, the Company has the option to select the interest rate from the following options: (1) 2.0% plus the highest of (A) the Prime Rate (as defined in the credit agreement), (B) the sum of the Federal Funds Rate (as defined in the credit agreement) plus 0.50%, and (C) LIBOR plus 1.0% or (2) LIBOR plus 3.0%. For each advance wherein one of the LIBOR options is selected by the Company, the Company may select either the one-month LIBOR, three-month LIBOR or six-month LIBOR. As of December 31, 2013, $0 was outstanding. As of December 31, 2012, $5,000,000 was outstanding bearing interest at one-month LIBOR plus 3.0%.
The following is a summary of the Company’s aggregate maturities as of December 31, 2013:
						Maturities During the Years Ending December 31,
Contractual Obligation		Total				2014				2015			2016		2017		2018		Thereafter
Principal payments on outstanding debt obligations(1)		$	987,329,800			$	9,735,536			$	15,647,538		$	17,631,267	$	38,825,629	$	87,601,544	$	817,888,286
________________
-1	Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements.
The Company’s notes payable contain customary financial and non-financial debt covenants. As of December 31, 2013 and 2012, the Company was in compliance with all financial and non-financial debt covenants.
For the years ended December 31, 2013, 2012 and 2011, the Company incurred interest expense of $24,308,402, $6,291,193 and $1,186,938, respectively. Interest expense for the years ended December 31, 2013, 2012 and 2011 includes amortization of deferred financing costs of $976,198, $225,614 and $32,964, amortization of loan premiums of $987,970, $332,348 and $0, and net unrealized losses from the change in fair value of interest rate caps of $448,984, $162,761 and $0, respectively. Interest expense of $2,539,966 and $852,105 was payable as of December 31, 2013 and 2012, respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.
As of December 31, 2013, the Company’s weighted-average interest rate on its outstanding debt was 3.48%.
Letter of Credit
In connection with the acquisition of the Windsor on the River Apartments, PNC Bank, National Association (the “Credit Provider”) issued a Letter of Credit to the Bond Trustee up to an aggregate of $23,789,727. The purpose of the Letter of Credit is to provide the Bond Trustee with funds for the payment of principal and interest on the Bonds and the purchase price of the Bonds that have been tendered pursuant to the tender provisions of the Indenture to the extent remarketing proceeds or other funds are not available for such purposes. The Letter of Credit will expire on January 25, 2017. Pursuant to a Reimbursement and Credit Agreement (the “Reimbursement Agreement”) by and between the Company, the Credit Provider and the Bond Trustee, the Company will reimburse the Credit Provider for all amounts paid by the Credit Provider to the Bond Trustee pursuant to a draw on the Letter of Credit on the day that the Credit Provider pays such amounts to the Bond Trustee. Interest on any amounts due under the Reimbursement Agreement will accrue from the date such amounts become due and payable until paid in full at a rate per annum equal to a fluctuating rate established by the Reimbursement Agreement plus 3.00%, subject to certain exceptions.
The Company paid a nonrefundable fee in connection with the origination of the Letter of Credit in the amount of $118,950. In addition, the Company will pay the Credit Provider an annual fee based upon a fixed percentage of the Letter of Credit Amount (the “Facility Fee”). The Facility Fee is: (1) for the period commencing on the closing date and ending on the day immediately preceding the first anniversary of the closing date (which occurred on January 26, 2013), 2.00% per annum; (2) for the period commencing on the first anniversary of the closing date and ending on the day immediately preceding the third anniversary of the closing date, 2.25% per annum; and (3) for the period commencing on the third anniversary of the closing date and thereafter, 2.50% per annum.
On March 26, 2013, the Reimbursement Agreement was amended to, among other things, modify certain financial covenants. In connection with the amendment, the Company agreed to deposit $50,000 each month into a principal reserve account beginning on March 26, 2013 and continuing on the first day of each month until the termination of the Reimbursement Agreement. As of December 31, 2013, the total balance of the principal reserve account was $500,000 and is included in restricted cash in the accompanying consolidated balance sheet.

Stockholders_Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2013
Equity [Abstract]	'
Stockholders' Equity	'
	Stockholders’ Equity
	General
	Under the Company’s Second Articles of Amendment and Restatement (the “Charter”), the total number of shares of capital stock authorized for issuance is 1,100,000,000 shares, consisting of 999,999,000 shares of common stock with a par value of $0.01 per share, 1,000 shares of convertible stock with a par value of $0.01 per share and 100,000,000 shares designated as preferred stock with a par value of $0.01 per share.
	Common Stock
	The shares of the Company’s common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive dividends and other distributions as authorized by the Company’s board of directors in accordance with the Maryland General Corporation Law and to all rights of a stockholder pursuant to the Maryland General Corporation Law. The common stock has no preferences or preemptive, conversion or exchange rights.
	During 2009, the Company issued 22,223 shares of common stock to the Sponsor for $200,007. From inception through December 31, 2013, the Company had issued 74,245,616 shares of common stock in its Private Offering and Public Offering for offering proceeds of $655,388,605, including 1,588,289 shares of common stock pursuant to the DRP, for total proceeds of $15,397,232, net of offering costs of $95,845,468. The offering costs primarily consist of selling commissions and dealer manager fees. Offering proceeds include $26,549,087 and $590,856 of amounts receivable from the Company’s transfer agent as of December 31, 2013 and 2012, respectively, which are included in rents and other receivables in the accompanying consolidated balance sheets.
	The Company granted the following shares of restricted stock to its independent directors as compensation for services in connection with their initial election or re-election to the board of directors at the Company’s annual meeting:
	Grant Year		Total Shares Granted	Weighted Average Fair Value
	2010		15,000	$	8.55
	2011		12,500	9.1
	2012		17,500	9.23
	2013		10,000	10.24
			55,000	$	9.2
	The shares of restricted common stock vest and become non-forfeitable in four equal annual installments beginning on the date of grant and ending on the third anniversary of the date of grant and will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability, or (2) a change in control of the Company.
	Included in general and administrative expenses is $105,210, $94,425 and $62,167 for the years ended December 31, 2013, 2012 and 2011, respectively, for compensation expense related to the issuance of restricted common stock. The weighted average remaining vesting term of the restricted common stock is 1.32 years as of December 31, 2013.
	Convertible Stock
	The Company issued 1,000 shares of Convertible Stock to the Advisor for $1,000. The Convertible Stock will convert into shares of the Company’s common stock if and when: (A) the Company has made total distributions on the then outstanding shares of common stock equal to the original issue price of those shares plus an 8.0% cumulative, non-compounded, annual return on the original issue price of those shares, (B) subject to specified conditions, the Company lists the common stock for trading on a national securities exchange or (C) the Advisory Agreement is terminated or not renewed by the Company (other than for “cause” as defined in the Advisory Agreement). A “listing” will also be deemed to have occurred on the effective date of any merger of the Company in which the consideration received by the holders of the Company’s common stock is the securities of another issuer that are listed on a national securities exchange. Upon conversion, each share of Convertible Stock will convert into a number of shares of common stock equal to 1/1000 of the quotient of (A) 10% of the amount, if any, by which (1) the Company’s “enterprise value” (as defined in the Charter) plus the aggregate value of distributions paid to date on the outstanding shares of common stock exceeds (2) the aggregate purchase price paid by the stockholders for those shares plus an 8.0% cumulative, non-compounded, annual return on the original issue price of those shares, divided by (B) the Company’s enterprise value divided by the number of outstanding shares of common stock, in each case calculated as of the date of the conversion. In the event of a termination or non-renewal of the Advisory Agreement by the Company for cause, the Convertible Stock will be redeemed by the Company for $1.00.
	Preferred Stock
	The Charter also provides the Company’s board of directors with the authority to issue one or more classes or series of preferred stock, and prior to the issuance of such shares of preferred stock, the board of directors shall have the power from time to time to classify or reclassify, in one or more series, any unissued shares and designate the preferences, rights and privileges of such shares of preferred stock. The Company’s board of directors is authorized to amend the Charter, without the approval of the stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. As of December 31, 2013 and 2012, no shares of the Company’s preferred stock were issued and outstanding.
	Distribution Reinvestment Plan
	The Company’s board of directors has approved the DRP through which common stockholders may elect to reinvest an amount equal to the distributions declared on their shares of common stock in additional shares of the Company’s common stock in lieu of receiving cash distributions. The initial purchase price per share under the DRP was $9.50. Effective September 10, 2012, shares of the Company’s common stock are issued pursuant to the DRP at a price of $9.73 per share. The Company’s board of directors may, in its sole discretion, from time to time, change this price based upon changes in the Company’s estimated value per share and other factors that the Company’s board of directors deems relevant.
	No sales commissions or dealer manager fees are payable on shares sold through the DRP. The Company’s board of directors may terminate the DRP at its discretion at any time upon ten days notice to the Company’s stockholders. Following any termination of the DRP, all subsequent distributions to stockholders will be made in cash.
	Share Repurchase Plan and Redeemable Common Stock
	The Company’s repurchase plan may provide an opportunity for stockholders to have their shares of common stock repurchased by the Company, subject to certain restrictions and limitations. No shares can be repurchased under the Company’s share repurchase plan until after the first anniversary of the date of purchase of such shares; provided, however, that this holding period shall not apply to repurchases requested within two years after the death or disability of a stockholder.
	The purchase price for shares repurchased under the Company’s share repurchase plan will be as follows:
	Share Purchase Anniversary		Repurchase Price
			on Repurchase Date(1)
	Less than 1 year		No Repurchase Allowed
	1 year		92.5% of Estimated Value per Share(4)
	2 years		95.0% of Estimated Value per Share(4)
	3 years		97.5% of Estimated Value per Share(4)
	4 years		100.0% of Estimated Value per Share(4)
	In the event of a stockholder’s death or disability(2)		Average Issue Price for Shares(3)
	________________
	-1	As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock.
	-2	The required one year holding period to be eligible to redeem shares under the Company’s share repurchase plan does not apply in the event of death or disability of a stockholder. For purposes of the Company’s share repurchase plan a “disability” means (a) the stockholder has received a determination of disability based upon a physical or mental condition or impairment arising after the date the stockholder acquired the shares to be redeemed, and (b) the determination of such disability was made by the governmental agency responsible for reviewing and awarding the disability retirement benefits that the stockholder could be eligible to receive, which the Company refers to as the “applicable governmental agency.” The applicable governmental agencies are limited to the following: (i) the Social Security Administration; (ii) the U.S. Office of Personnel Management with respect to disability benefits under the Civil Service Retirement System (“CSRS”); or (iii) the Veteran’s Administration; and in each case, the agency charged with administering disability benefits at that time on behalf of one of the applicable governmental agencies. Disability determinations by governmental agencies other than those listed above, including, but not limited to, worker’s compensation insurance or the administration or enforcement of the Rehabilitation Act of 1973, as amended, or the Americans with Disabilities Act, will not entitle a stockholder to the terms available for the repurchase of shares. Repurchase requests following an award by the applicable governmental agency of disability Social Security Administration Notice of Award, a U.S. Office of Personnel Management determination of disability under CSRS, a Veteran’s Administration record of disability-related discharge, as the case may be, or such other documentation issued by the applicable governmental agency that the Company deems acceptable and demonstrates an award of the disability benefits. As the following disabilities generally do not entitle a worker to Social Security or related disability benefits, they will not qualify as a “disability” for purposes of our share repurchase plan: (a) disabilities occurring after the legal retirement age; (b) temporary disabilities; and (c) disabilities that do not render a worker incapable of performing substantial gainful activity. However, where a stockholder requests the repurchase of shares due to a disability and the stockholder does not have a disability that meets the definition described above, but is subject to similar circumstances, the Company’s board of directors may repurchase the stockholder’s shares, in its sole discretion.
	-3	The purchase price per share for shares redeemed upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares.
	-4	For purposes of the share repurchase plan, the “Estimated Value per Share” will equal the purchase price until the day the Company publicly discloses, subsequent to completion of the Offering Stage, a new Estimated Value per Share. Thereafter, the Estimated Value per Share is determined by the board of directors, based on periodic valuations by independent third-party appraisers and qualified independent valuation experts selected by the Advisor. The Company considered the Company’s Offering Stage complete upon the termination of the Public Offering on December 20, 2013.
	The purchase price per share for shares repurchased pursuant to the share repurchase plan will be further reduced by the aggregate amount of net proceeds per share, if any, distributed to the Company’s stockholders prior to the repurchase date as a result of the sale of one or more of the Company’s assets that constitutes a return of capital distribution as a result of such sales.
	Repurchases of shares of the Company’s common stock will be made quarterly upon written request to the Company at least 15 days prior to the end of the applicable quarter. Repurchase requests will be honored approximately 30 days following the end of the applicable quarter (the “Repurchase Date”). Stockholders may withdraw their repurchase request at any time up to three business days prior the Repurchase Date. During the year ended December 31, 2013, the Company redeemed a total of 129,239 shares with a total redemption value of $1,246,300 and received requests for the redemption of 155,522 shares with a total redemption value of $1,478,885. During the year ended December 31, 2012, the Company redeemed a total of 44,019 shares with a total redemption value of $418,147 and received requests for the redemption of 49,943 shares with a total redemption value of $475,830.
	As of December 31, 2013, the Company had 46,099 shares of outstanding and unfulfilled redemption requests and recorded $448,478 in accounts payable and accrued liabilities on the accompanying consolidated balance sheet related to these unfulfilled redemption requests. The Company redeemed the outstanding redemption requests as of December 31, 2013 of $448,478 on the January 31, 2014 redemption date.
	The Company cannot guarantee that the funds set aside for the share repurchase plan will be sufficient to accommodate all repurchase requests made in any quarter. In the event that the Company does not have sufficient funds available to repurchase all of the shares of the Company’s common stock for which repurchase requests have been submitted in any quarter, priority will be given to redemption requests in the case of the death or disability of a stockholder. If the Company repurchases less than all of the shares subject to a repurchase request in any quarter, with respect to any shares which have not been repurchased, the requesting stockholder may (1) withdraw the request for repurchase or (2) ask that the Company honor the request in a future quarter, if any, when such repurchases can be made pursuant to the limitations of the share repurchase plan and when sufficient funds are available. Such pending requests will be honored among all requests for redemptions in any given redemption period as follows: first, pro rata as to redemptions sought upon a stockholder’s death or disability; and, next, pro rata as to other redemption requests.
	The Company is not obligated to repurchase shares of the Company’s common stock under the share repurchase plan. The Company presently intends to limit the number of shares to be repurchased in any calendar year to those that could be funded from the net proceeds from the sale of shares pursuant to the DRP and in no event shall redemptions under the share repurchase plan exceed 5% of the weighted average number of shares of the Company’s common stock outstanding during the prior calendar year. There is no fee in connection with a repurchase of shares of the Company’s common stock.
	The aggregate amount of repurchases under the Company’s share repurchase plan is not expected to exceed the aggregate proceeds received from the sale of shares pursuant to the DRP. However, if this amount is not sufficient to fund repurchase requests, subject to the 5% limitation outlined above, the Company’s board of directors may, in its sole discretion, choose to use other sources of funds to repurchase shares of the Company’s common stock. Such sources of funds could include cash on hand, cash available from borrowings and cash from liquidations of securities investments as of the end of the applicable month, to the extent that such funds are not otherwise dedicated to a particular use, such as working capital, cash distributions to stockholders or purchases of real estate assets.
	In addition, the Company’s board of directors may, in its sole discretion, amend, suspend, or terminate the share repurchase plan at any time upon 30 days notice to the Company’s stockholders if it determines that the funds available to fund the share repurchase plan are needed for other business or operational purposes or that amendment, suspension or termination of the share repurchase plan is in the best interest of the Company’s stockholders. Therefore, stockholders may not have the opportunity to make a repurchase request prior to any potential termination of the Company’s share repurchase plan.
	Pursuant to the share repurchase plan, for the years ended December 31, 2013 and 2012, the Company reclassified $10,078,483 and $2,722,156, net of $1,246,300 and $418,147 of fulfilled redemption requests, respectively, from permanent equity to temporary equity, which is included as redeemable common stock on the accompanying consolidated balance sheets. The redeemable common stock balance at any given time will consist of (1) DRP proceeds from the prior year plus (2) DRP proceeds from the current year through the current period less (3) actual current year redemptions paid or pending redemption.
	Distributions
	The Company’s long-term policy is to pay distributions from cash flow from operations. However, in order to provide additional available funds to pay distributions, the Company’s obligation to pay up to $5,000,000 of fees due to the Advisor pursuant to the Advisory Agreement was deferred. If, during any calendar quarter during the Offering Stage, the distributions paid by the Company exceeded funds from operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts, plus (1) any acquisition expenses and acquisition fees expensed that are related to any property, loan or other investment acquired or expected to be acquired, and (2) any non-operating, non-cash charges incurred, such as impairments of property or loans, any other than temporary impairments of marketable securities, or other similar charges, for the quarter, which is defined in the Advisory Agreement as “Adjusted Funds From Operations,” the payment of fees the Company was obligated to pay the Advisor were deferred in an amount equal to the amount by which distributions paid to stockholders for the quarter exceeded Adjusted Funds From Operations for such quarter up to an amount equal to a 7.0% cumulative non-compounded annual return on stockholders’ invested capital, pro-rated for such quarter. As of December 31, 2013 and 2012, $5,000,000 and $2,399,153, respectively, of fees had been deferred pursuant to the Advisory Agreement.
	The Company is only obligated to pay the Advisor its deferred fees if and to the extent that cumulative Adjusted Funds From Operations (as defined in the Advisory Agreement) for the period beginning on the date of the commencement of the Private Offering through the date of any such payment exceed the lesser of (1) the cumulative amount of any distributions paid to stockholders as of the date of such payment or (2) distributions (including the value of shares issued pursuant to the DRP) equal to a 7.0% cumulative, non-compounded, annual return on invested capital for the period from the commencement of the Public Offering through the date of such payment. The Company’s obligation to pay the deferred fees will survive the termination of the Advisory Agreement and will continue to be subject to the repayment conditions above. The Company will not pay interest on the deferred fees if and when such fees are paid to the Advisor.
	Distributions Declared
	Distributions declared to date (1) accrue daily to stockholders of record as of the close of business on each day, (2) are payable in cumulative amounts on or before the third day of each calendar month with respect to the prior month and (3) are calculated at a rate of $0.001964 per share per day, which if paid each day over a 365-day period is equivalent to a 7.0% annualized distribution rate based on a purchase price of $10.24 per share of common stock. Prior to September 10, 2012, distributions were calculated at a rate of $0.001917 per share of common stock per day, which was equivalent to a 7.0% annualized distribution rate based on a purchase price of $10.00 per share of common stock. Stockholders may elect to receive cash distributions or purchase additional shares through the DRP.
	Distributions declared for the years ended December 31, 2013 and 2012 were $28,645,761 and $8,636,158, including $13,024,776 and $3,637,548, or 1,338,620 shares and 378,390 shares, respectively, of common stock issued pursuant to the DRP.
	As of December 31, 2013 and 2012, $4,058,452 and $1,343,399 distributions declared were payable, which included $1,963,570 and $566,840 of distributions reinvested pursuant to the DRP, respectively.
	Distributions Paid
	For the years ended December 31, 2013 and 2012, the Company paid cash distributions of $14,302,663 and $4,375,205, which related to distributions declared for each day in the period from December 1, 2012 through November 30, 2013 and December 1, 2011 through November 30, 2012, respectively. Additionally, for the years ended December 31, 2013 and 2012, 1,195,071 and 330,688 shares of common stock were issued pursuant to the DRP for gross offering proceeds of $11,628,045 and $3,172,149, respectively. For the years ended December 31, 2013 and 2012, the Company paid total distributions of $25,930,708 and $7,547,354.

Related_Party_Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
Related Party Arrangements	'
	Related Party Arrangements
	The Company has entered into the Advisory Agreement with the Advisor. Pursuant to the Advisory Agreement, the Company is obligated to pay the Advisor specified fees upon the provision of certain services related to the Public Offering, the investment of funds in real estate and real estate-related investments and the management of the Company’s investments and for other services (including, but not limited to, the disposition of investments). The Company had also entered into a Dealer Manager Agreement with the Dealer Manager pursuant to which the Company paid certain fees and expenses to the Dealer Manager in connection with the Public Offering, which terminated on December 20, 2013. Subject to the limitations described below, the Company is also obligated to reimburse the Advisor and its affiliates for organization and offering costs incurred by the Advisor and its affiliates on behalf of the Company, and the Company is obligated to reimburse the Advisor and its affiliates for acquisition and origination expenses and certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company. As discussed in Note 6, in certain circumstances, the Company’s obligation to pay $5,000,000 of the fees due to the Advisor pursuant to the Advisory Agreement has been deferred.
	Amounts attributable to the Advisor and its affiliates incurred for the years ended December 31, 2013, 2012 and 2011 are as follows:
		Incurred For the Year Ended December 31,
		2013			2012		2011
	Consolidated Statements of Operations:
	Expensed
	Investment management fees(1)	$	7,409,393		$	1,887,866	$	258,987
	Acquisition fees(1)	19,148,107			10,131,220		1,060,073
	Acquisition expenses(2)	4,433,861			1,033,301		371,104
	Property management
	Fees(1)	3,226,878			960,968		199,966
	Reimbursement of onsite personnel(3)	9,343,021			3,004,041		654,544
	Other fees(1)	929,359			147,504		—
	Other operating expenses(4)	3,561,399			1,427,993		189,065
	Consolidated Balance Sheets:
	Capitalized to real estate
	Construction management fees	421,776			—		—
	Additional paid-in-capital
	Other offering costs reimbursement	13,271,892			9,820,681		1,849,905
	Selling commissions	31,187,852			10,895,367		2,026,361
	Dealer management fees	17,826,407			6,259,112		1,172,342
		$	110,759,945		$	45,568,053	$	7,782,347
	________________
	-1	Included in fees to affiliates in the accompanying consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011.
	-2	Included in acquisition costs in the accompanying consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011.
	-3	Included in operating, maintenance and management in the accompanying consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011.
	-4	Included in general and administrative expenses in the accompanying consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011.
	Amounts attributable to the Advisor and its affiliates incurred and paid for the years ended December 31, 2013, 2012 and 2011 are as follows:
		Paid (Received) For the Year Ended December 31,
		2013			2012		2011
	Consolidated Statements of Operations:
	Expensed
	Investment management fees	$	4,630,082		$	383,359	$	44,604
	Acquisition fees	19,436,769			9,876,075		735,771
	Acquisition expenses	4,577,909			997,180		294,732
	Property management
	Fees	2,960,930			834,537		182,778
	Reimbursement of onsite personnel	8,976,013			2,848,511		608,231
	Other fees	899,579			132,064		—
	Other operating expenses	3,712,827			1,456,646		1,308
	Consolidated Balance Sheets:
	Capitalized to real estate
	Construction management fees	421,776			—		—
	Additional paid-in-capital
	Other offering costs reimbursement	10,279,559			9,799,471		1,765,418
	Selling commissions	31,187,852			10,895,367		2,026,361
	Dealer management fees	17,826,407			6,259,112		1,172,342
	Due from Advisor	—			—		(53,353		)
		$	104,909,703		$	43,482,322	$	6,778,192
	Amounts attributable to the Advisor and its affiliates that are payable as of December 31, 2013 and 2012 are as follows:
		Payable as of
		December 31, 2013			December 31, 2012
	Consolidated Statements of Operations:
	Expensed
	Investment management fees(1)	$	4,530,042		$	1,750,731
	Acquisition fees(2)	648,422			937,084
	Acquisition expenses	—			144,048
	Property management
	Fees	416,581			150,633
	Reimbursement of onsite personnel	568,851			201,843
	Other fees	45,220			15,440
	Other operating expenses	7,676			159,104
Consolidated Balance Sheets:
Additional paid-in-capital
Other offering costs reimbursement	3,105,246			112,913
Due to affiliates, net	$	9,322,038		$	3,471,796
________________
-1	Investment management fees earned by the Advisor totaling $4,351,578 and $1,750,731 were deferred as of December 31, 2013 and 2012, respectively, pursuant to the terms of the Advisory Agreement.
-2	Acquisition fees earned by the Advisor totaling $648,422 and $648,422 were deferred as of December 31, 2013 and 2012, respectively, pursuant to the terms of the Advisory Agreement. The remaining acquisition fees of $0 and $288,662 were due and payable and are included in due to affiliates in the accompanying consolidated balance sheets at December 31, 2013 and 2012, respectively.
Organization and Offering Costs
Organization and offering costs (other than selling commissions and dealer manager fees) of the Company were initially paid by the Advisor or its affiliates on behalf of the Company. These organization and other offering costs include all expenses to be paid by the Company in connection with the Public Offering and Private Offering, including legal, accounting, printing, mailing and filing fees, charges of the Company’s transfer agent, expenses of organizing the Company, data processing fees, advertising and sales literature costs, transfer agent costs, bona fide out-of-pocket due diligence costs and amounts to reimburse the Advisor or its affiliates for the salaries of its employees and other costs in connection with preparing supplemental sales materials and providing other administrative services in connection with the Public Offering and the Private Offering. Any reimbursement of expenses paid to the Advisor will not exceed actual expenses incurred by the Advisor. Organization costs include all expenses incurred by the Company in connection with the formation of the Company, including, but not limited to, legal fees and other costs to incorporate the Company.
Included in organization and offering costs are payments made to Crossroads Capital Advisors, LLC (“Crossroads”), an affiliate of the Sponsor, for certain specified services provided to the Company on behalf of the Advisor, including, without limitation, establishing operational and administrative processes; engaging and negotiating with vendors; providing recommendations and advice for the development of marketing materials and ongoing communications with investors; and assisting in public relations activities and the administration of our distribution reinvestment plan and share redemption plan.
Pursuant to the Advisory Agreement, the Company is obligated to reimburse the Advisor or its affiliates, as applicable, for organization and offering costs paid by them on behalf of the Company in connection with the Public Offering, provided that the Advisor is obligated to reimburse the Company to the extent selling commissions, dealer manager fees and organization and offering costs incurred by the Company in the Public Offering exceed 15% of gross offering proceeds raised in the completed Public Offering.
Reimbursements to the Advisor or its affiliates for offering costs paid by them on behalf of the Company with respect to the Private Offering is not limited to 15% of the gross offering proceeds of the Private Offering. However, the Company elected not to make reimbursements of organization and offering costs in excess of 15% of the gross offering proceeds of the Private Offering unless approval was obtained from the independent directors of the Company. On November 19, 2013, the independent directors approved the reimbursement of the organization and offering costs in excess of 15% of the gross offering proceeds of the Private Offering. Accordingly, the Company reimbursed the Advisor $1,425,070 for such organization and offering costs in 2013. From inception through December 31, 2013, the total offering costs incurred by the Advisor or its affiliates and reimbursed by the Company with respect to the Private Offering was $2,301,719.
The amount of reimbursable organization and offering (“O&O”) costs related to the Public Offering that have been paid or recognized from inception through December 31, 2013 is as follows:
	Amount			Percentage of Gross Public Offering Proceeds
Gross offering proceeds from Public Offering (excluding DRP):	$	729,992,516		100	%
O&O limitation	15		%
Total O&O costs available to be paid/reimbursed	$	109,498,877		15	%
O&O expenses recorded
Sales commissions paid	$	44,413,086		6.08	%
Broker dealer fees paid	25,428,455			3.48	%
Public offering cost reimbursements	20,596,961			2.82	%
Public offering cost reimbursements accrual	3,105,247			0.43	%
Organizational cost reimbursements	100,738			0.01	%
Total O&O costs reimbursements recorded by the company	$	93,644,487		12.83	%
The Company also reimbursed certain costs of bona fide training and education meetings (primarily the travel, meal and lodging costs of registered representatives of broker-dealers), attendance and sponsorship fees and cost reimbursement of employees of the Company’s affiliates to attend seminars conducted by broker-dealers and, in special cases, reimbursement to participating broker-dealers for technology costs associated with the Public Offering, costs and expenses related to such technology costs, and costs and expenses associated with the facilitation of the marketing of the Company’s shares and the ownership of the Company’s shares by such broker-dealers’ customers; provided, however, that the Company did not pay any of the foregoing costs to the extent that such payment would cause total underwriting compensation to exceed 10% of the gross proceeds of the Public Offering, as required by the rules of FINRA.
Organization costs are expensed as incurred. From inception through December 31, 2013, the Company incurred $100,738 of organizational costs on the Company’s behalf, of which $100,738 was reimbursed to the Advisor. No organizational costs were incurred or recognized during the years ended December 31, 2013, 2012 and 2011.
Offering costs, including selling commissions and dealer manager fees, are deferred and charged to stockholders’ equity as such amounts are reimbursed to the Advisor, the Dealer Manager or their affiliates from gross offering proceeds. For each of the years ended December 31, 2013, 2012 and 2011, the Advisor did not incur any costs related to the Private Offering, however, during the quarter ended December 31, 2013, the Company reimbursed the Advisor for $1,425,070 of previously deferred offering costs related to the Private Offering. From inception through December 31, 2013, the Advisor had incurred total offering costs related to the Private Offering of $2,301,719.
For the years ended December 31, 2013, 2012 and 2011, the Company reimbursed the Advisor $60,861,080, $26,987,107 and $5,048,608, respectively, of offering costs related to the Public Offering, including $3,203,872, $1,458,000 and $851,000 of amounts paid to Crossroads for certain offering services provided to the Company.
The Company has reimbursed the Advisor $95,946,206 for organization and offering costs incurred from inception through December 31, 2013, including reimbursements of organization costs of $100,738, reimbursements of Private Offering costs of $2,301,719 and reimbursements of Public Offering costs of $93,543,749. The Company accrued $3,105,246 and $112,913 for the reimbursement of offering costs in the financial statements as of December 31, 2013 and 2012, respectively.
Investment Management Fee
The Company pays the Advisor a monthly investment management fee equal to one-twelfth of 0.80% of (1) the cost of real properties and real estate-related assets acquired directly by the Company or (2) the Company’s allocable cost of each real property or real estate-related asset acquired through a joint venture. Such fee will be calculated including acquisition fees, acquisition expenses and any debt attributable to such investments, or the Company’s proportionate share thereof in the case of investments made through joint ventures. During the years ended December 31, 2013 and 2012, the distributions the Company paid exceeded the Company’s Adjusted Funds From Operations for each period; therefore, in accordance with the Advisory Agreement, $4,351,578 and $1,750,731 of investment management fees the Company was obligated to pay the Advisor have been deferred as of December 31, 2013 and 2012, respectively.
Acquisition Fees and Expenses
The Company pays the Advisor an acquisition fee equal to 2.0% of (1) the purchase price in connection with the acquisition or origination of any type of real property or real estate-related asset acquired directly by the Company or (2) the Company’s allocable portion of the purchase price in connection with the acquisition or origination of any type of real property or real estate-related asset acquired through a joint venture, including any acquisition and origination expenses and any debt attributable to such investments. During the years ended December 31, 2013, 2012 and 2011, the Company incurred acquisition fees of $19,148,107, $10,131,220 and $1,060,073, of which $19,436,769, $9,876,075 and $735,771 was paid to the Advisor. Acquisition fees of $0 and $288,662 were due and payable and included in due to affiliates in the accompanying balance sheets at December 31, 2013 and 2012, respectively. During the years ended December 31, 2013 and 2012, the distributions the Company paid exceeded the Company’s Adjusted Funds From Operations for each period; therefore, in accordance with the Advisory Agreement, $648,422 and $648,422 of acquisition fees the Company was obligated to pay the Advisor had been deferred as of December 31, 2013 and 2012, respectively.
In addition to acquisition fees, the Company reimburses the Advisor for amounts directly incurred by the Advisor and amounts the Advisor pays to third parties in connection with the selection, acquisition or development of a property or acquisition of real estate-related assets, whether or not the Company ultimately acquires the property or the real estate-related assets. For the year ended December 31, 2013, the Advisor incurred $4,433,861 of direct acquisition costs and the Company paid $3,735,590 of acquisition costs to third parties. No amounts were incurred or paid during the years ended December 31, 2012 and 2011.
The Charter limits the Company’s ability to pay acquisition fees if the total of all acquisition fees and expenses relating to the purchase would exceed 6% of the contract purchase price. Under the Charter, a majority of the Company’s board of directors, including a majority of the independent directors, is required to approve any acquisition fees (or portion thereof) that would cause the total of all acquisition fees and expenses relating to an acquisition to exceed 6% of the contract purchase price. In connection with the purchase of securities, the acquisition fee may be paid to an affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable FINRA rules would prohibit the payment of the acquisition fee to a firm that is not a registered broker-dealer.
Property Management Fees and Expenses
The Company has entered into Property Management Agreements with Steadfast Management Company, Inc., an affiliate of the Sponsor (the “Property Manager”), in connection with the acquisition of each of the Company’s properties except for EBT Lofts, Library Lofts and Stuart Hall Lofts, which are managed by an unaffiliated third-party management company. The property management fee payable with respect to each property under the Property Management Agreements (each a “Property Management Agreement”) ranges from 2.5% to 3.5% of the annual gross revenue collected which is usual and customary for comparable property management services rendered to similar properties in similar geographic markets, as determined by the Advisor and approved by a majority of the Company’s board of directors, including a majority of the independent directors. Generally, each Property Management Agreement has an initial one year term and will continue thereafter on a month-to-month basis unless either party gives a 60 day prior notice of its desire to terminate the Property Management Agreement, provided that the Company may terminate the Property Management Agreement upon an uncured breach of the Property Management Agreement upon 30 days prior written notice to the Property Manager. For the years ended December 31, 2013, 2012 and 2011, the Company incurred $3,226,878, $960,968 and $199,966, respectively, of property management fees, of which $2,960,930, $834,537 and $182,778 was paid to the Property Manager. Property management fees totaling $416,581 and $150,633 were payable to the Property Manager at December 31, 2013 and 2012, respectively.
In addition to the property management fee, the Property Management Agreements also specify certain other fees payable to the Property Manager for benefit administration and training services. For the years ended December 31, 2013 and 2012, the Company incurred $929,359 and $147,504 of other fees, of which $899,579 and $132,064 was paid to the Property Manager. The Company did not incur other fees in connection with the Property Management Agreements during the year ended December 31, 2011. Other fees totaling $45,220 and $15,440 were payable to the Property Manager at December 31, 2013 and 2012, respectively.
In addition, the Company reimburses the Property Manager for the salaries and related benefits of on-site property management employees. For the years ended December 31, 2013, 2012 and 2011, the Company incurred $9,343,021, $3,004,041 and $654,544 of salaries and related benefits of on-site property management employees, of which $8,976,013, $2,848,511 and $608,231 was paid to the Property Manager. Property management expenses totaling $568,851 and $201,843 were payable to the Property Manager at December 31, 2013 and 2012, respectively.
Construction Management Fees
The Company has entered into Construction Management Agreements with Pacific Coast Land and Construction, Inc., an affiliate of the Sponsor (the “Construction Manager”), in connection with the planned renovation for certain of the Company's properties. The construction management fee payable with respect to each property under the Construction Management Agreements (each a “Construction Management Agreement”) ranges from 8.0% to 12.0% of the costs of the improvements for which the Construction Manager has oversight authority. Generally, each Construction Management Agreement has a term equal to the planned renovation timeline unless either party gives a 30 day prior notice of its desire to terminate the Construction Management Agreement. For the year ended December 31, 2013, the Company incurred $421,776 of construction management fees, of which $421,776 was paid to the Construction Manager. No construction management fees were incurred for the years ended December 31, 2012 and 2011. No construction management fees were payable to the Construction Manager at December 31, 2013 and December 31, 2012.
Other Operating Expense Reimbursement
In addition to the various fees paid to the Advisor, the Company is obligated to pay directly or reimburse all expenses incurred in providing services to the Company, including the Company’s allocable share of the Advisor’s overhead, such as rent, employee costs, utilities and information technology costs. The Company will not reimburse the Advisor for employee costs in connection with services for which the Advisor or its affiliates receive acquisition fees or disposition fees or for the salaries the Advisor pays to the Company’s executive officers.
The Charter limits the Company’s total operating expenses during any four fiscal quarters to the greater of 2% of the Company’s average invested assets or 25% of the Company’s net income for the same period (the “2% 25% Limitation”). The Company may reimburse the Advisor, at the end of each fiscal quarter, for operating expenses incurred by the Advisor; provided, however, that the Company shall not reimburse the Advisor at the end of any fiscal quarter for operating expenses that exceed the 2%/25% Limitation unless the independent directors have determined that such excess expenses were justified based on unusual and non-recurring factors. The Advisor must reimburse the Company for the amount by which the Company’s operating expenses for the preceding four fiscal quarters then ended exceed the 2%/25% Limitation. For purposes of determining the 2%/25% Limitation amount, “Average invested assets” means the average monthly book value of the Company’s assets invested directly or indirectly in equity interests and loans secured by real estate during the 12-month period before deducting depreciation, bad debts or other non-cash reserves. “Total operating expenses” means all expenses paid or incurred by the Company that are in any way related to the Company’s operation, including the Company’s allocable share of Advisor overhead and investment management fees, but excluding (a) the expenses of raising capital such as organization and offering expenses, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, listing and registration of shares of the Company’s common stock; (b) interest payments; (c) taxes; (d) non-cash expenditures such as depreciation, amortization and bad debt reserves; (e) reasonable incentive fees based on the gain in the sale of the Company’s assets; (f) acquisition fees and acquisition expenses (including expenses relating to potential acquisitions that the Company does not close); (g) real estate commissions on the resale of investments; and (h) other expenses connected with the acquisition, disposition, management and ownership of investments (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of real property).
For the year ended December 31, 2013, the Advisor and its affiliates incurred $3,561,399 of the Company’s operating expenses, including the allocable share of Advisor’s overhead expenses of $3,561,399, none of which were in excess of the 2%/25% Limitation, and $2,571,910 of previously deferred operating expenses, all of which are included in the $6,857,240 of general and administrative expenses recognized by the Company. As of December 31, 2013, the Company's total operating expenses were 0.4% of its average invested assets and 6.4% of its net loss.
For the year ended December 31, 2012, the Advisor and its affiliates incurred $1,427,993 of the Company’s operating expenses, including the allocable share of Advisor's overhead expenses of $930,187, none of which were in excess of the 2%/25% Limitation and are included in the $3,085,470 of general and administrative expenses recognized by the Company.
For the year ended December 31, 2011, the Advisor and its affiliates incurred $1,975,549 of the Company’s operating expenses in excess of the 2%/25% Limitation, consisting of general and administrative expenses of $1,123,107 and the Company's allocable share of the Advisor's overhead of $852,442, none of which was included in the $782,665 of general and administrative expenses recognized by the Company.
From inception through December 31, 2013, the Advisor and its affiliates incurred operating expenses in excess of the 2%/25% Limitation on behalf of the Company of $2,571,910 consisting of $1,123,107 of general and administrative expenses and $1,448,803 of the Company’s allocable share of the Advisor’s overhead expenses. These excess amounts were recognized by the Company during the quarter ended December 31, 2013 upon approval of the independent directors on November 19, 2013.
Disposition Fee
If the Advisor or its affiliates provides a substantial amount of services, as determined by the Company’s independent directors, in connection with the sale of a property or real estate-related asset, the Company will pay the Advisor or its affiliates 1.5% of the sales price of each property or real estate-related asset sold. To the extent the disposition fee is paid upon the sale of any assets other than real property, it will be included as an operating expense for purposes of the 2%/25% Limitation. In connection with the sale of securities, the disposition fee may be paid to an affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable FINRA rules would prohibit the payment of the disposition fee to a firm that is not a registered broker-dealer. The Charter limits the maximum amount of disposition fees payable to the Advisor for the sale of any real property to the lesser of one-half of the brokerage commission paid or 3% of the contract sales price, but in no event shall the total real estate commissions paid, including any disposition fees payable to the Advisor, exceed 6% of the contract sales price. On November 27, 2013, the Company sold the parking lot associated with the Park Place property to an unaffiliated third-party for $75,000. However, no disposition fee was paid to the Advisor because such fee would have caused the total commissions to exceed the 6% limitation. As of December 31, 2013, the Company had not incurred any disposition fees.
Selling Commissions and Dealer Manager Fees
The Company paid the Dealer Manager up to 6.5% and 3.5% of the gross offering proceeds from the Primary Offering as selling commissions and dealer manager fees, respectively. No sales commission or dealer manager fee is paid with respect to shares of common stock issued pursuant to the DRP. For the years ended December 31, 2013, 2012 and 2011, the Company paid selling commissions of $31,187,852, $10,895,367 and $2,026,361 and dealer manager fees of $17,826,407, $6,259,112 and $1,172,342, respectively.

Incentive_Award_Plan_and_Indep

Incentive Award Plan and Independent Director Compensation	12 Months Ended
	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Incentive Award Plan and Independent Director Compensation	'
	Incentive Award Plan and Independent Director Compensation
	The Company has adopted an incentive plan (the “Incentive Award Plan”) that provides for the grant of equity awards to its employees, directors and consultants and those of the Company’s affiliates. The Incentive Award Plan authorizes the grant of non-qualified and incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and other stock-based awards or cash-based awards. No awards have been granted under the Incentive Award Plan as of December 31, 2013 and 2012, except those awards granted to the independent directors as described below.
	Under the Company’s independent directors’ compensation plan, which is a sub-plan of the Incentive Award Plan, each of the Company’s independent directors was entitled to receive 5,000 shares of restricted common stock in connection with the initial meeting of the Company’s full board of directors. The Company’s board of directors, and each of the independent directors, agreed to delay the initial grant of restricted stock until the Company raised $2,000,000 in gross offering proceeds in the Private Offering. In addition, on the date following an independent director’s re-election to the Company’s board of directors, he or she receives 2,500 shares of restricted common stock. One-fourth of the shares of restricted common stock generally vest and become non-forfeitable upon issuance and the remaining portion will vest in three equal annual installments beginning on the date of grant and ending on the third anniversary of the date of grant; provided, however, that the restricted stock will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability, or (2) a change in control of the Company.
	On April 15, 2010, after raising $2,000,000 in gross offering proceeds in the Private Offering, the Company granted each of the then three independent directors 5,000 shares of restricted common stock. On August 11, 2011, the Company granted each of the then three independent directors 2,500 shares of restricted common stock upon re-election to the Company’s board of directors. On October 23, 2011, one of the independent directors resigned from the Company’s board of directors and, by so doing, forfeited 4,375 shares of unvested restricted common stock. On October 24, 2011, the Company granted a newly elected independent director 5,000 shares of restricted common stock. On August 8, 2012, the Company granted each of the three then independent directors 2,500 shares of restricted stock upon re-election to the Company’s board of directors. On October 1, 2012, the Company granted 5,000 shares of restricted common stock to each of its two new independent directors. On August 7, 2013, the Company granted each of the four independent directors 2,500 shares of restricted stock upon re-election to the Company’s board of directors. In addition to the shares granted under the independent directors’ compensation plan, one of the independent directors elected to receive 50% of director compensation in stock through December 31, 2011. The Company recorded stock-based compensation expense of $105,210 and $94,425 for the years ended December 31, 2013 and December 31, 2012, respectively.
	On November 15, 2012, the Company entered into a Stock Purchase Plan (the “Plan”) with Ella Shaw Neyland, the Company's President and a member of the Company's board of directors, whereby Ms. Neyland agreed to invest $5,530 for 600 shares of common stock pursuant to the Company’s Public Offering on the first day of each fiscal quarter. The shares were purchased pursuant to the Plan at a price of $9.2160 per share, reflecting the elimination of selling commissions and the dealer manager fee in connection with such sales.The Plan terminated on November 15, 2013. As of December 31, 2013, Ms. Neyland purchased 2,400 shares for $22,118 pursuant to the Plan.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	Economic Dependency
	The Company is dependent on the Advisor and its affiliates for certain services that are essential to the Company, including the sale of the Company’s shares of common and preferred stock available for issue; the identification, evaluation, negotiation, purchase, and disposition of real estate and real estate-related investments; management of the daily operations of the Company’s real estate and real estate-related investment portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, the Company will be required to obtain such services from other sources.
	Concentration of Credit Risk
	The geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the Houston, Texas and Austin, Texas apartment markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, relocations of businesses, increased competition from other apartment communities, decrease in demand for apartments or any other changes, could adversely affect the Company’s operating results and its ability to make distributions to stockholders.
	Environmental
	As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities.
	Legal Matters
	From time to time, the Company is subject, or party, to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on the Company’s results of operations or financial condition nor is the Company aware of any such legal proceedings contemplated by government agencies.

Derivative_Financial_Instrumen

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Financial Instruments	'
	Derivative Financial Instruments
	The Company uses interest rate derivatives with the objective of managing exposure to interest rate movements thereby minimizing the effect of interest rate changes and the effect they could have on future cash flows. Interest rate caps are used to accomplish this objective. As of December 31, 2013, the Company had 21 interest rate caps with notional amounts totaling $483,278,000. The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at December 31, 2013:
				Effective Date	Maturity Date		Notional Amount			Variable Rate		Cap Rate			Fair Value as of December 31,
	Property	Type	Purpose						Based on						2013		2012
	Windsor on the River	Cap	Cap Floating Rate	2/9/12	2/1/17	/	$	23,500,000	SIFMA Municipal Swap Index	0.06	%	3	%	/	$	121,310	$	113,481
					2/1/19							5	%
	Ashley Oaks	Cap	Cap Floating Rate	10/24/11	11/1/16		21,712,000		One-Month LIBOR	0.17	%	5	%		19,729		19,628
	Trails at Buda Ranch	Cap	Cap Floating Rate	3/28/13	4/1/18		17,030,000		One-Month LIBOR	0.17	%	2	%		335,483		—
	Deer Valley	Cap	Cap Floating Rate	4/30/13	5/1/18		20,875,000		One-Month LIBOR	0.17	%	2	%		439,064		—
	Grayson Ridge	Cap	Cap Floating Rate	6/26/13	7/1/17		10,725,000		One-Month LIBOR	0.17	%	2	%		115,262		—
	Rosemont at Olmos Park	Cap	Cap Floating Rate	6/20/13	7/1/17		15,100,000		One-Month LIBOR	0.17	%	2	%		164,538		—
	Meritage at Steiner Ranch	Cap	Cap Floating Rate	8/6/13	9/1/17		55,500,000		One-Month LIBOR	0.17	%	2	%		715,411		—
	Tapestry Park	Cap	Cap Floating Rate	9/23/13	10/1/17		23,100,000		One-Month LIBOR	0.17	%	3.56	%		154,735		—
	Stuart Hall	Cap	Cap Floating Rate	8/27/13	9/1/17		12,407,000		One-Month LIBOR	0.17	%	3.5	%		62,083		—
	BriceGrove Park	Cap	Cap Floating Rate	9/24/13	10/1/17		14,985,000		One-Month LIBOR	0.17	%	3.42	%		110,612		—
	Landing at Mansfield	Cap	Cap Floating Rate	9/27/13	10/1/17		22,750,000		One-Month LIBOR	0.17	%	2.5	%		251,548		—
	The Heights	Cap	Cap Floating Rate	9/30/13	10/1/17		29,014,000		One-Month LIBOR	0.17	%	2.5	%		312,618		—
	Villas at Huffmeister	Cap	Cap Floating Rate	10/10/13	11/1/17		25,963,000		One-Month LIBOR	0.17	%	2.5	%		303,798		—
	Villas at Kingwood	Cap	Cap Floating Rate	10/10/13	11/1/17		28,105,000		One-Month LIBOR	0.17	%	2.5	%		328,862		—
	Waterford Place at Riata Ranch	Cap	Cap Floating Rate	10/10/13	11/1/17		16,340,000		One-Month LIBOR	0.17	%	2.5	%		191,198		—
				Effective Date	Maturity Date		Notional Amount			Variable Rate		Cap Rate			Fair Value as of December 31,
	Property	Type	Purpose						Based on						2013		2012
	Carrington Place	Cap	Cap Floating Rate	11/7/13	11/30/14	/	$	22,376,000	One-Month LIBOR	0.17	%	2	%	/	$	302,878	$	—
					11/30/15	/						2.5	%	/
					11/30/16	/						3.25	%	/
					12/1/18							4.1	%
	Carrington at Champion Forest	Cap	Cap Floating Rate	11/7/13	11/30/14	/	22,959,000		One-Month LIBOR	0.17	%	2	%	/	310,770		—
					11/30/15	/						2.5	%	/
					11/30/16	/						3.25	%	/
					12/1/18							4.1	%
	Carrington Park	Cap	Cap Floating Rate	11/7/13	11/30/14	/	17,717,000		One-Month LIBOR	0.17	%	2	%	/	239,815		—
					11/30/15	/						2.5	%	/
					11/30/16	/						3.25	%	/
					12/1/18							4.1	%
	Willow Crossing	Cap	Cap Floating Rate	11/20/13	11/30/14	/	43,500,000		One-Month LIBOR	0.17	%	2	%	/	448,006		—
					11/30/15	/						2.5	%	/
					11/30/16	/						3.25	%	/
					12/1/18							4.65	%
	Audubon Park	Cap	Cap Floating Rate	12/27/13	12/31/14	/	11,760,000		One-Month LIBOR	0.17	%	2	%	/	184,362		—
					12/31/15	/						2.75	%	/
					12/31/16	/						3.5	%	/
					12/31/17	/						4.25	%	/
					1/1/19							4.75	%
	Mallard Crossing	Cap	Cap Floating Rate	12/27/13	12/31/14	/	27,860,000		One-Month LIBOR	0.17	%	2	%	/	350,479		—
					12/31/15	/						2.5	%	/
					12/31/16	/						3	%	/
					1/1/18							3.4	%
							$	483,278,000							$	5,462,561	$	133,109
	The interest rate caps are not designated, nor do they qualify as, cash flow hedges. Accordingly, the Company records any changes in the fair value of the interest rate caps in interest expense. The change in the fair value of the interest rate cap agreements for the years ended December 31, 2013 and 2012 resulted in an unrealized loss of $448,984 and $162,761, which are included in interest expense in the accompanying consolidated statements of operations. The fair value of interest rate caps of $5,462,561 and $133,109 are included in deferred financing costs and other assets on the accompanying balance sheets as of December 31, 2013 and 2012, respectively.

Pro_Forma_Information_unaudite

Pro Forma Information (unaudited)	12 Months Ended
	Dec. 31, 2013
Business Combinations [Abstract]	'
Pro Forma Information	'
	Pro Forma Information (unaudited)
	The following table summarizes, on an unaudited basis, the consolidated pro forma results of operations of the Company for the years ended December 31, 2013 and 2012. The Company acquired 33 properties during the year ended December 31, 2013. These properties contributed $37,248,646 of revenues and $14,880,907 of net loss, including $22,666,159 of depreciation and amortization, to the Company’s results of operations from the date of acquisition to December 31, 2013. The following unaudited pro forma information for the years ended December 31, 2013 and 2012 has been provided to give effect to the acquisitions of the properties as if they had occurred on January 1, 2012. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had these acquisitions occurred on this date, nor does it purport to predict the results of operations for future periods.
		Year Ended December 31,
		2013		2012
	Revenues	$	184,841,590	$	183,817,788
	Net income (loss)	$	3,046,108	$	(56,799,212	)
	Basic and diluted net loss per common share	$	0.04	$	(0.77	)
	Weighted-average number of common shares outstanding, basic and diluted	74,153,580		74,153,580
	The pro forma information reflects adjustments for actual revenues and expenses of the properties acquired during the year ended December 31, 2013 for the respective period prior to acquisition by the Company. Net loss has been adjusted as follows: (1) interest expense has been adjusted to reflect the additional interest expense that would have been charged had the Company acquired the properties on January 1, 2012 under the same financing arrangements as existed as of the acquisition date; (2) depreciation and amortization has been adjusted based on the Company’s basis in the properties; and (3) transaction costs have been adjusted for the acquisition of the properties.

Quarterly_Results

Quarterly Results	12 Months Ended
	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]	'
Quarterly Results	'
	Selected Quarterly Results (unaudited)
	Presented below is a summary of the Company’s unaudited quarterly financial information for the year ended December 31, 2013:
		First			Second			Third			Fourth			Total
		Quarter			Quarter			Quarter			Quarter
	2013:00:00
	Revenues	$	18,590,756		$	22,370,453		$	28,761,843		$	39,378,465		$	109,101,517
	Net loss	(8,591,901		)	(7,746,115		)	(14,707,104		)	(24,834,737		)	(55,879,857		)
	Loss per common share, basic and diluted	(0.34		)	(0.24		)	(0.34		)	(0.42		)	(1.39		)
	Distributions declared per common share	0.177			0.179			0.181			0.181			0.718
	2012:00:00
	Revenues	$	3,892,820		$	5,954,635		$	8,617,549		$	12,121,928		$	30,586,932
	Net loss	(3,273,591		)	(4,899,516		)	(4,963,149		)	(9,423,671		)	(22,559,927		)
	Loss per common share, basic and diluted	(0.56		)	(0.57		)	(0.36		)	(0.46		)	(1.84		)
	Distributions declared per common share	0.174			0.174			0.177			0.181			0.706

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2013
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	Distributions Paid
	On January 2, 2014, the Company paid distributions of $4,058,452, which related to distributions declared for each day in the period from December 1, 2013 through December 31, 2013 and consisted of cash distributions paid in the amount of $2,094,882 and $1,963,570 in shares issued pursuant to the DRP.
	On February 1, 2014, the Company paid distributions of $4,526,544, which related to distributions declared for each day in the period from January 1, 2014 through January 31, 2014 and consisted of cash distributions paid in the amount of $2,294,079 and $2,232,465 in shares issued pursuant to the DRP.
	On March 1, 2014, the Company paid distributions of $4,098,020, which related to distributions declared for each day in the period from February 1, 2014 through February 28, 2014 and consisted of cash distributions paid in the amount of $2,069,864 and $2,028,156 in shares issued pursuant to the DRP.
	Share Redemption
	On January 31, 2014, the Company redeemed 48,460 shares of the Company's common stock for a total redemption value of $464,161, or $9.58 per share, pursuant to the Company's share repurchase plan.
	Distribution Reinvestment Plan
	On January 3, 2014, the Company filed a Form S-3 with the SEC to offer up to 12,000,000 shares of common stock to existing shareholders pursuant to the DRP. From January 3, 2014 through March 21, 2014, the Company had sold 438,161 shares of its common stock pursuant to the DRP for gross offering proceeds of $4,263,304.
	Acquisition of Multifamily Property
	On March 5, 2014 (the “Closing Date”), Steadfast Income REIT, Inc. (the “Company”), through SIR Sycamore Terrace, LLC (“SIR Sycamore Terrace”), an indirect, wholly-owned subsidiary of the Company, acquired from a third party seller a fee simple interest in a 72-unit multifamily residential community located in Terre Haute, Indiana, commonly known as Watermark at Sycamore Terrace Phase II (the “Property”). SIR Sycamore Terrace acquired the Property for an aggregate purchase price of $6,674,157, excluding closing costs. SIR Sycamore Terrace funded the payment of the purchase price for the Property with proceeds from the Company’s continuous public offering, which terminated on December 20, 2013.
	On September 20, 2012, the Company acquired 178 apartment homes, commonly known as Sycamore Terrace Apartments, immediately adjacent to the Property (“Phase I”). On the Closing Date, the Property, together with Phase I, will be commonly referred to as Sycamore Terrace Apartments.
	Renewal of the Advisory Agreement
	On March 11, 2014, the Company entered into Amendment No. 5 to the Advisory Agreement in order to renew the term of the Advisory Agreement, effective May 4, 2014, for an additional one year term ending on May 4, 2015.

SCHEDULE_III_Real_Estate_Asset

SCHEDULE III b Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]	'
Real Estate and Accumulated Depreciation	'
	Description		Location		Owner-ship Percent	Encumbrances(2)		Initial Cost of Company							Cost Capitalized Subsequent to Acquisition		Gross Amount at which Carried at						Accumulated Depreciation and Amortization			Original Date of Construction	Date Acquired
																	Close of Period
								Land			Building and Improvements(1)		Total				Land		Building and Improvements(1)		Total(2)
	Lincoln Tower Apartments		Springfield, IL		100%	$	8,434,054	$	258,600		$	9,241,400	$	9,500,000	$	544,269	$	258,600	$	9,367,777	$	9,626,377	$	(1,392,164	)	1968	8/11/10
	Park Place Condominiums		Des Moines, IA		100%	4,938,136		500,000			7,823,400		8,323,400		784,773		410,000		7,883,793		8,293,793		(997,529		)	1986	12/22/10
	Arbor Pointe Apartments		Louisville, KY		100%	5,006,199		886,124			5,613,876		6,500,000		441,593		886,124		5,877,782		6,763,906		(662,871		)	1995	5/5/11
	Clarion Park Apartments		Olathe, KS		100%	8,632,301		1,470,991			9,744,009		11,215,000		314,422		1,470,991		9,776,516		11,247,507		(988,166		)	1994	6/28/11
	Cooper Creek Village		Louisville, KY		100%	6,624,725		593,610			9,826,390		10,420,000		244,622		593,610		9,886,802		10,480,412		(925,016		)	1997	8/24/11
	Truman Farm Villas		Grandview, MO		100%	3,899,807		842,987			8,257,013		9,100,000		552,339		842,987		8,568,723		9,411,710		(748,062		)	2008	12/22/11
	Prairie Walk Apartments		Kansas City, MO		100%	5,818,457		635,887			5,464,113		6,100,000		341,100		635,887		5,590,296		6,226,183		(488,769		)	1983	12/22/11
	EBT Lofts		Kansas City, MO		100%	5,499,432		460,362			8,114,638		8,575,000		68,226		460,362		7,840,546		8,300,908		(612,599		)	1899	12/30/11
	Windsor on the River Apartments		Cedar Rapids, IA		100%	23,500,000		3,381,946			29,618,054		33,000,000		452,621		3,381,946		28,877,746		32,259,692		(2,194,169		)	1982	1/26/12
	Renaissance St. Andrews Apartments		Louisville, KY		100%	9,084,000		838,685			11,661,315		12,500,000		381,167		838,685		11,800,078		12,638,763		(903,226		)	2001	2/17/12
	Spring Creek of Edmond		Edmond, OK		100%	13,912,669		2,346,503			17,602,343		19,948,846		274,144		2,346,503		17,471,095		19,817,598		(1,305,967		)	1974	3/9/12
	Montclair Parc Apartments		Oklahoma City, OK		100%	24,305,671		3,325,556			32,424,444		35,750,000		382,596		3,325,556		31,621,445		34,947,001		(2,040,925		)	1999	4/26/12
	Sonoma Grande Apartments		Tulsa, OK		100%	22,540,000		2,737,794			29,462,206		32,200,000		166,647		2,737,794		29,079,240		31,817,034		(1,877,743		)	2009	5/24/12
	Estancia Apartments		Tulsa, OK		100%	21,844,621		2,544,634			27,240,628		29,785,262		200,582		2,544,634		26,919,646		29,464,280		(1,611,457		)	2006	6/29/12
	Montelena Apartments		Round Rock, TX		100%	12,614,683		1,860,351			17,375,907		19,236,258		410,185		1,860,351		17,330,932		19,191,283		(991,542		)	1998	7/13/12
	Valley Farms Apartments		Louisville, KY		100%	10,244,494		724,771			14,375,229		15,100,000		131,885		724,771		14,246,525		14,971,296		(739,347		)	2007	8/30/12
	Hilliard Park Apartments		Columbus, OH		100%	13,818,616		1,413,437			18,484,692		19,898,129		224,574		1,413,437		18,303,945		19,717,382		(906,456		)	2000	9/11/12
	Sycamore Terrace Apartments		Terre Haute, IN		100%	—		939,537			15,560,463		16,500,000		62,019		939,537		15,278,467		16,218,004		(800,236		)	2011	9/20/12
	Hilliard Summit Apartments		Columbus, OH		100%	16,749,262		1,536,795			22,639,028		24,175,823		52,484		1,536,795		22,242,860		23,779,655		(1,081,388		)	2012	9/28/12
	Springmarc Apartments		San Marcos, TX		100%	15,446,452		1,917,909			20,027,929		21,945,838		37,284		1,917,909		19,633,335		21,551,244		(946,475		)	2008	10/19/12
	Renaissance at St. Andrews Condominiums		Louisville, KY		100%	—		92,255			1,282,745		1,375,000		94,699		92,255		1,350,779		1,443,034		(64,694		)	2001	10/31/12
	Description		Location		Owner-ship Percent	Encumbrances(2)		Initial Cost of Company							Cost Capitalized Subsequent to Acquisition		Gross Amount at which Carried at						Accumulated Depreciation and Amortization			Original Date of Construction	Date Acquired
																	Close of Period
								Land			Building and Improvements(1)		Total				Land		Building and Improvements(1)		Total(2)
	Ashley Oaks Apartments		San Antonio, TX		100%	$	21,680,010	$	3,819,796		$	26,970,204	$	30,790,000	$	895,962	$	3,819,796	$	27,130,384	$	30,950,180	$	(1,206,074	)	1985	11/29/12
	Arrowhead Apartments		Palatine, IL		100%	12,562,000		2,094,728			14,655,272		16,750,000		136,505		2,094,728		14,389,178		16,483,906		(617,919		)	1976	11/30/12
	The Moorings Apartments		Roselle, IL		100%	15,187,000		2,250,208			17,999,792		20,250,000		103,812		2,250,208		17,682,138		19,932,346		(747,296		)	1976	11/30/12
	Forty 57 Apartments		Lexington, KY		100%	38,500,000		3,055,614			49,444,386		52,500,000		463,977		3,055,614		49,146,478		52,202,092		(1,980,844		)	2008	12/20/12
	Keystone Farms Apartments		Nashville, TN		100%	6,200,000		1,052,401			7,347,599		8,400,000		77,101		1,052,401		7,244,841		8,297,242		(297,528		)	1998	12/28/12
	Riverford Crossing Apartments		Frankfort, KY		100%	21,900,000		2,595,387			27,404,613		30,000,000		159,269		2,595,387		27,021,848		29,617,235		(1,106,547		)	2011	12/28/12
	South Pointe at Valley Farms		Louisville, KY		100%	—		2,212,402			3,062,598		5,275,000		20,854		2,212,402		3,017,416		5,229,818		(126,192		)	2010	12/28/12
	Montecito Apartments		Austin, TX		100%	14,250,000		3,081,522			15,918,478		19,000,000		475,113		3,081,522		15,959,395		19,040,917		(651,469		)	1984	12/31/12
	Hilliard Grand Apartments		Dublin, OH		100%	29,050,224		2,657,734			38,012,528		40,670,262		65,689		2,657,734		37,261,550		39,919,284		(1,434,463		)	2010	12/31/12
	The Hills at Fair Oaks		Fair Oaks Ranch, TX		100%	24,767,000		3,008,363			31,700,639		34,709,002		44,346		3,008,363		31,119,194		34,127,557		(1,158,960		)	2012	1/31/13
	Library Lofts East		Kansas City, MO		100%	9,113,640		1,669,405			11,080,595		12,750,000		37,375		1,669,405		10,912,003		12,581,408		(373,955		)	1906/1923	2/28/13
	The Trails at Buda Ranch		Buda, TX		100%	17,030,000		2,504,114			20,495,886		23,000,000		91,965		2,504,114		20,081,781		22,585,895		(596,781		)	2009	3/28/13
	Deep Deuce at Bricktown		Oklahoma City, OK		100%	27,382,987		2,529,318			37,266,648		39,795,966		1,850,915		2,529,318		38,442,487		40,971,805		(1,133,300		)	2001	3/28/13
	Deer Valley Apartments		Lake Bluff, IL		100%	20,875,000		2,494,142			26,105,858		28,600,000		388,634		2,494,142		25,965,584		28,459,726		(680,693		)	1991	4/30/13
	Grayson Ridge		North Richland Hills, TX		100%	10,725,000		1,594,099			12,705,901		14,300,000		275,752		1,594,099		12,627,879		14,221,978		(301,475		)	1988	5/31/13
	Rosemont at Olmos Park		San Antonio, TX		100%	15,100,000		2,064,447			19,985,553		22,050,000		117,220		2,064,447		19,679,650		21,744,097		(442,931		)	1995	5/31/13
	Retreat at Quail North		Oklahoma City, OK		100%	17,190,827		1,700,810			24,025,543		25,726,353		15,047		1,700,810		23,551,947		25,252,757		(536,243		)	2012	6/12/13
	The Lodge at Trails Edge		Indianapolis, IN		100%	12,901,587		2,389,613			16,128,107		18,517,720		67,645		2,389,613		15,810,132		18,199,745		(335,681		)	1981	6/18/13
	Arbors at Carrollton		Carrollton, TX		100%	6,382,095		1,424,432			7,560,527		8,984,959		73,125		1,424,432		7,633,652		9,058,084		(380,758		)	1984	7/3/13
	Waterford on the Meadow		Plano, TX		100%	16,916,185		2,625,024			20,849,131		23,474,155		192,246		2,625,024		21,041,377		23,666,401		(943,659		)	1984	7/3/13
	The Belmont		Grand Prairie, TX		100%	9,498,460		1,550,028			11,264,510		12,814,538		51,818		1,550,028		11,316,328		12,866,356		(497,733		)	1983	7/26/13
	Meritage at Steiner Ranch		Austin, TX		100%	55,500,000		7,353,620			73,356,373		80,709,993		363,653		7,353,620		73,720,026		81,073,646		(2,259,527		)	2001	8/6/13
	Description		Location		Owner-ship Percent	Encumbrances(2)		Initial Cost of Company							Cost Capitalized Subsequent to Acquisition		Gross Amount at which Carried at						Accumulated Depreciation and Amortization			Original Date of Construction	Date Acquired
																	Close of Period
								Land			Building and Improvements(1)		Total				Land		Building and Improvements(1)		Total(2)
	Tapestry Park Apartments		Birmingham, AL		100%	$	23,100,000	$	1,844,031		$	30,667,650	$	32,511,681	$	5,998	$	1,844,031	$	30,673,648	$	32,517,679	$	(1,023,539	)	2012	8/13/13
	Dawntree Apartments		Carrollton, TX		100%	16,022,763		3,135,425			21,753,469		24,888,894		76,085		3,135,425		21,829,554		24,964,979		(782,836		)	1982	8/15/13
	Stuart Hall Lofts		Kansas City, MO		100%	12,407,000		1,585,035			15,264,965		16,850,000		11,712		1,585,035		15,276,677		16,861,712		(409,450		)	1910	8/27/13
	BriceGrove Park Apartments		Canal Winchester, OH		100%	14,985,000		1,596,212			18,503,788		20,100,000		65,981		1,596,212		18,569,769		20,165,981		(562,432		)	2002	8/29/13
	Retreat at Hamburg Place		Lexington, KY		100%	—		1,605,839			14,694,161		16,300,000		22,455		1,605,839		14,716,616		16,322,455		(404,218		)	2013	9/5/13
	Cantare at Indian Lake Village		Hendersonville, TN		100%	—		2,489,757			26,510,243		29,000,000		12,857		2,489,757		26,523,100		29,012,857		(534,643		)	2013	9/24/13
	Landing at Mansfield		Mansfield, TX		100%	22,750,000		3,375,831			27,524,169		30,900,000		23,131		3,375,831		27,547,300		30,923,131		(610,640		)	2006	9/27/13
	The Heights Apartments		Houston, TX		100%	29,014,000		9,869,925			27,130,075		37,000,000		148,112		9,869,925		27,278,187		37,148,112		(968,404		)	1977	9/30/13
	Villas at Huffmeister		Houston, TX		100%	25,963,000		5,858,663			31,741,337		37,600,000		6,361		5,858,663		31,747,698		37,606,361		(614,766		)	2007	10/10/13
	Villas at Kingwood		Kingwood, TX		100%	28,105,000		6,512,468			33,637,532		40,150,000		12,854		6,512,468		33,650,386		40,162,854		(664,199		)	2008	10/10/13
	Waterford Place at Riata Ranch		Cypress, TX		100%	16,340,000		3,184,857			20,215,143		23,400,000		4,733		3,184,857		20,219,876		23,404,733		(413,774		)	2008	10/10/13
Carrington Place		Houston, TX		100%	22,376,000		5,450,417			27,449,583		32,900,000		—		5,450,417		27,449,583		32,900,000		(371,874		)	2004	11/7/13
Carrington at Champion Forest		Houston, TX		100%	22,959,000		3,760,329			29,239,671		33,000,000		699		3,760,329		29,240,370		33,000,699		(360,897		)	2008	11/7/13
Carrington Park		Cypress, TX		100%	17,717,000		3,241,747			21,908,253		25,150,000		3,745		3,241,747		21,911,998		25,153,745		(291,565		)	2008	11/7/13
Willow Crossing		Elk Grove, IL		100%	43,500,000		8,091,870			49,908,130		58,000,000		2,970		8,091,870		49,911,100		58,002,970		(614,267		)	1977-81	11/20/13
Echo at Katy Ranch		Katy, TX		100%	—		4,402,862			30,419,853		34,822,715		—		4,402,862		30,419,853		34,822,715		(76,655		)	2013	12/19/13
Heritage Grand at Sienna Plantation		Missouri City, TX		100%	16,845,443		3,776,547			22,762,411		26,538,958		—		3,776,547		22,762,411		26,538,958		(65,634		)	2012	12/20/13
Audubon Park		Nashville, TN		100%	11,760,000		2,489,428			14,260,572		16,750,000		24,000		2,489,428		14,284,572		16,774,000		(18,495		)	1968	12/27/13
Mallard Crossing		Cincinnati, OH		100%	27,860,000		2,383,256			37,416,744		39,800,000		—		2,383,256		37,416,744		39,800,000		(37,592		)	1997	12/27/13
Renaissance at Carol Stream		Carol Stream, IL		100%	—		4,605,682			24,544,318		29,150,000		—		4,605,682		24,544,318		29,150,000		(5,610		)	1972	12/31/13
					$	987,329,800	$	164,296,122		$	1,360,732,630	$	1,525,028,752	$	12,551,947	$	164,206,122	$	1,355,677,356	$	1,519,883,478	$	(48,920,319	)
________________
-1	Building and improvements include tenant origination and absorption costs and other intangible assets.
-2	Encumbrences include the unamortized portion of loan premiums (discounts) on assumed debt allocated to individual assets in the aggregate amount of $5.9 million as of December 31, 2013.
-3	The aggregate cost of real estate for federal income tax purposes was $1.52 billion as of December 31, 2013.
A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2013, 2012 and 2011:
		2013			2012		2011
Real estate:
Balance at the beginning of the year		$	578,045,449		$	69,866,681	$	17,552,324
Acquisitions		950,409,834			505,158,918		51,910,000
Improvements		9,125,416			3,019,850		406,886
Cost of real estate sold		(90,000		)	—		—
Write-off of fully depreciated and fully amortized assets		(17,607,221		)	—		(2,529		)
Balance at the end of the year		$	1,519,883,478		$	578,045,449	$	69,866,681
Accumulated depreciation:
Balance at the beginning of the year		$	18,073,362		$	3,115,505	$	540,572
Depreciation expense		48,454,178			14,957,857		2,577,462
Write-off of fully depreciated and fully amortized assets		(17,607,221		)	—		(2,529		)
Balance at the end of the year		$	48,920,319		$	18,073,362	$	3,115,505

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Principles of Consolidation	'
	The consolidated financial statements include the accounts of the Company, the Operating Partnership and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company.
Basis of Presentation	'
	The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC.
Use of Estimates	'
	Use of Estimates
	The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Real Estate Assets	'
	Real Estate Assets
	Depreciation and Amortization
	Real estate costs related to the development, construction and improvement of properties are capitalized. Acquisition costs related to business combinations are expensed as incurred. Acquisition costs related to asset acquisitions are capitalized. Repair and maintenance and tenant turnover costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows:
	Buildings		25-40 years
	Building improvements		5-25 years
	Tenant improvements		Shorter of lease term or expected useful life
	Tenant origination and absorption costs		Remaining term of related lease
	Furniture, fixtures, and equipment		5-10 years
	Real Estate Purchase Price Allocation
	The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. Acquisition costs are generally expensed as incurred.
	The Company assesses the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant.
	Intangible assets include the value of in-place leases, which represents the estimated value of the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up.
	The Company estimates the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, the Company estimates the amount of lost rentals using market rates during the expected lease-up periods.
	The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases. Should a tenant terminate its lease, the unamortized portion of the in-place lease value and customer relationship intangibles would be charged to expense in that period.
	The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) the Company’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as a reduction or increase to rental income over the remaining non-cancelable terms of the respective leases.
	The total amount of other lease-related intangible assets acquired will be further allocated to in-place lease values and customer relationship intangible values based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with that respective tenant. Characteristics that the Company considers in allocating these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, and the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors.
	The total amount of non-lease-related intangible assets, including amenity access agreements, tax abatement agreements or other contract rights assumed as part of the acquisition of certain properties, will be allocated to other intangible assets based on the present value of the difference between contractual amounts to be paid pursuant to the contracts assumed and the Company's estimate of the fair market contract rates for corresponding contracts measured over a period equal to the remaining non-cancelable term of the contracts assumed. Other intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related contracts.
	Estimates of the fair values of the tangible assets, identifiable intangible assets and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss).
	Sale of Real Estate Assets
	Property sales or dispositions are recorded when title transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with GAAP.
	The Company classifies real estate assets as real estate held for sale when it is certain a property will be sold.
	Impairment of Real Estate Assets
	The Company will continually monitor events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets and liabilities may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company records an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets and liabilities. If any assumptions, projections or estimates regarding an asset changes in the future, the Company may have to record an impairment to reduce the net book value of such individual asset. The Company did not record any impairment loss on its real estate assets during the years ended December 31, 2013, 2012 and 2011.
Rents and Other Receivables	'
	Rents and Other Receivables
	The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Due to the short-term nature of the operating leases, The Company does not maintain an allowance for deferred rent receivable related to the straight-lining of rents.
Revenue Recognition	'
	Revenue Recognition
	The Company leases apartment and condominium units under operating leases with terms generally of one year or less. Generally, credit investigations are performed for prospective residents and security deposits are obtained. The Company will recognize minimum rent, including rental abatements, concessions and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease and amounts expected to be received in later years will be recorded as deferred rents. The Company records property operating expense reimbursements due from tenants for common area maintenance, real estate taxes, and other recoverable costs in the period the related expenses are incurred.
	The Company recognizes gains on sales of real estate either in total or deferred for a period of time, depending on whether a sale has been consummated, the extent of the buyer’s investment in the property being sold, whether the receivable is subject to future subordination, and the degree of the Company’s continuing involvement with the property after the sale. If the criteria for profit recognition under the full-accrual method are not met, the Company will defer gain recognition and account for the continued operations of the property by applying the percentage-of-completion, reduced profit, deposit, installment or cost recovery method, as appropriate, until the appropriate criteria are met.
Cash and Cash Equivalents and Restricted Cash	'
	Cash and Cash Equivalents
	The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. As of December 31, 2013 and 2012, the Company had amounts in excess of federally insured limits in deposit accounts with a financial institution. The Company limits such deposits to financial institutions with high credit standing.
	Restricted Cash
	Restricted cash represents those cash accounts for which the use of funds is restricted by loan covenants. As of December 31, 2013 and 2012, the Company had a restricted cash balance of $25,243,316 and $5,467,219, respectively, which represents amounts set aside as impounds for future property tax payments, property insurance payments and tenant improvement payments as required by agreements with the Company’s lenders.
Deferred Financing Costs	'
	Deferred Financing Costs
	The Company capitalizes deferred financing costs such as commitment fees, legal fees and other third party costs associated with obtaining commitments for financing that result in a closing of such financing. The Company amortizes these costs over the terms of the respective financing agreements using the interest method. The Company expenses unamortized deferred financing costs when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close.
Derivatives Financial Instruments	'
	Derivative Financial Instruments
	The Company’s objective in using derivatives is to add stability to interest expense and to manage the Company’s exposure to interest rate movements or other identified risks. To accomplish these objectives, the Company may use various types of derivative instruments to manage fluctuations in cash flows resulting from interest rate risk attributable to changes in the benchmark interest rate of LIBOR or other applicable benchmark rates. As of December 31, 2013, the Company’s derivative instruments include an interest rate cap based on the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index.
	The Company measures its derivative instruments and hedging activities at fair value and records them as an asset or liability, depending on its rights or obligations under the applicable derivative contract. For derivatives designated as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged items are recorded in earnings. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portions of changes in fair value of the derivatives are reported in other comprehensive income (loss) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedges and ineffective portions of hedges are recognized in earnings in the affected period. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction.
	As of December 31, 2013, the Company did not have any derivatives designated as cash flow or fair value hedges, nor are derivatives being used for trading or speculative purposes.
Fair Value Measurements and Fair Value of Financial Instruments	'
	Fair Value Measurements
	Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories:
	•	Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;
	•	Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and
	•	Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.
	When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources.
	The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified.
	Interest rate caps - The Company has entered into certain interest rate cap agreements. These derivatives did not qualify as fair value hedges. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the caps. Therefore, the Company’s interest rate caps were classified within Level 2 of the fair value hierarchy.
	The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets:
			December 31, 2013
			Fair Value Measurements Using
			Level 1		Level 2		Level 3
	Assets:
	Interest rate caps		$	—	$	5,462,561	$	—
	Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument.
	Fair Value of Financial Instruments
	The accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities, due to affiliates and notes payable.
	The Company considers the carrying value of cash and cash equivalents, restricted cash, rents and other receivables and accounts payable and accrued liabilities and the revolving line of credit to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts.
	The fair value of the mortgage notes payable is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities. As of December 31, 2013 and 2012, the fair value of the mortgage notes payable was $965,681,419 and $410,709,202, respectively, compared to the carrying value of $987,329,800 and $408,802,388, respectively. The Company has determined that its notes payable are classified as Level 3 within the fair value hierarchy.
Accounting for Stock-Based Compensation	'
	Accounting for Stock-Based Compensation
	The Company amortizes the fair value of stock-based compensation awards to expense over the vesting period and records any dividend equivalents earned as dividends for financial reporting purposes. Stock-based compensation awards are valued at the fair value on the date of grant and amortized as an expense over the vesting period.
Distribution Policy	'
	Distribution Policy
	The Company has elected to be taxed as a REIT and to operate as a REIT beginning with its taxable year ending December 31, 2010. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). For the period from January 1, 2012 to September 9, 2012, distributions were based on daily record dates and calculated at a rate of $0.001917 per share per day and $0.001964 per share per day beginning September 10, 2012. Each day during the period from January 1, 2013 through December 31, 2013 was a record date for distributions.
	Distributions to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements and annual distribution requirements in order for the Company to qualify as a REIT under the Internal Revenue Code.
Organization and Offering Costs	'
	Organization and Offering Costs
	Organization and offering expenses include all expenses (other than sales commissions and related dealer manager fees) to be paid by the Company in connection with the Public Offering and the Private Offering, including legal, accounting, printing, mailing and filing fees, charges of the Company’s transfer agent, expenses of organizing the Company, data processing fees, advertising and sales literature costs, transfer agent costs, bona fide out-of-pocket due diligence costs and amounts to reimburse the Advisor or its affiliates for the salaries of its employees and other costs in connection with preparing supplemental sales materials and providing other administrative services.
	The Company may also reimburse costs of bona fide training and education meetings held by the Company (primarily travel, meal and lodging costs of registered representatives of broker-dealers), attendance and sponsorship fees and cost reimbursement of employees of the Company’s affiliates to attend seminars conducted by broker-dealers and, in certain cases, reimbursement to participating broker-dealers for technology costs associated with the Public Offering, costs and expenses related to such technology costs, and costs and expenses associated with the facilitation of the marketing of the Company’s shares of common stock and the ownership of the Company’s shares of common stock by such broker-dealers’ customers; provided, however, that the Company will not pay any of the foregoing costs to the extent that such payment would cause total underwriting compensation for the Public Offering to exceed 10% of the gross proceeds of the Public Offering, as required by the rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”).
	Pursuant to the Advisory Agreement and the dealer manager agreement by and among the Company, the Operating Partnership and the Dealer Manager (the “Dealer Manager Agreement”), the Company is obligated to reimburse the Advisor, the Dealer Manager, or their affiliates, as applicable, for organization and offering costs paid by them on behalf of the Company, provided that, within 60 days of the end of the month in which the Public Offering terminates, the Advisor is obligated to reimburse the Company to the extent selling commissions, dealer manager fees and organization and offering costs incurred by the Company in the completed Public Offering exceed 15% of gross offering proceeds of the completed Public Offering. Any reimbursement of expenses paid to the Advisor will not exceed actual expenses incurred by the Advisor.
	Reimbursements to the Advisor, the Dealer Manager, or their affiliates for offering costs paid by them on behalf of the Company with respect to the Private Offering are not limited to 15% of the gross offering proceeds of the Private Offering. However, the Company had previously deferred the reimbursements of offering costs in excess of 15% of the gross offering proceeds of the Private Offering until approval was obtained from the Company’s independent directors. On November 19, 2013, the independent directors approved the reimbursement of such excess costs from the Private Offering. Accordingly, during the year ended December 31, 2013, the Company reimbursed the Advisor $1,425,070 of previously deferred organization and offering costs of the Private Offering in excess of 15% of the gross offering proceeds raised in the Private Offering.
Operating Expenses	'
	Operating Expenses
	Pursuant to the Advisory Agreement, the Company is limited in the amount of certain operating expenses it may record on a rolling four-quarter basis to the greater of 2% of average invested assets and 25% of net income. Operating expenses include all costs and expenses incurred by the Company, as determined under GAAP, that in any way are related to the operation of the Company, excluding expenses of raising capital, interest payments, taxes, property operating expenses, non-cash expenditures, incentive fees, acquisition fees and expenses and investment management fees.
Income Taxes	'
	Income Taxes
	The Company has elected to be taxed as a REIT under the Internal Revenue Code beginning with the tax year ending December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including the requirement to distribute at least 90% of the Company’s annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year after the taxable year in which the Company initially elects to be taxed as a REIT, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes it is organized and operates in such a manner as to qualify for treatment as a REIT.
	The Company follows the Income Taxes Topic of the ASC to recognize, measure, present and disclose in its accompanying consolidated financial statements uncertain tax positions that the Company has taken or expects to take on a tax return. As of December 31, 2013 and 2012, the Company had no liabilities for uncertain tax positions that it believes should be recognized in its accompanying consolidated financial statements. The Company has not been assessed interest or penalties by any major tax jurisdictions. The Company’s evaluation was performed for the tax years ended December 31, 2013 and 2012. As of December 31, 2013, the Company’s tax returns for calendar years 2012, 2011 and 2010 remain subject to examination by major tax jurisdictions.
Per Share Data	'
	Per Share Data
	Basic earnings (loss) per share attributable for all periods presented are computed by dividing net income (loss) attributable to controlling interest by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share are computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assumes each share was issued and outstanding each day during the period. Nonvested shares of the Company’s restricted common stock give rise to potentially dilutive shares of the Company’s common stock but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during the period.
Segment Disclosure	'
	Segment Disclosure
	The Company has determined that it has one reportable segment with activities related to investing in multifamily properties. The Company’s investments in real estate are in different geographic regions, and management evaluates operating performance on an individual asset level. However, as each of the Company’s assets has similar economic characteristics, tenants and products and services, its assets have been aggregated into one reportable segment.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Property, Plant and Equipment	'
	The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows:
	Buildings	25-40 years
	Building improvements	5-25 years
	Tenant improvements	Shorter of lease term or expected useful life
	Tenant origination and absorption costs	Remaining term of related lease
	Furniture, fixtures, and equipment	5-10 years
Fair Value, Assets Measured on Recurring Basis	'
	The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets:
		December 31, 2013
		Fair Value Measurements Using
		Level 1		Level 2		Level 3
	Assets:
	Interest rate caps	$	—	$	5,462,561	$	—

Real_Estate_Tables

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2013																														Dec. 31, 2012
Real Estate [Abstract]	'																														'
Schedule of Real Estate Properties	'																														'
	The following table provides summary information regarding the Company’s property portfolio:
		Property Name		Location			Purchase Date		Number		Contract Purchase Price				Mortgage Debt Outstanding at December 31, 2013				Average Occupancy as of						Average Monthly Rent as of
									of Units										Dec 31, 2013			Dec 31, 2012			Dec 31, 2013		Dec 31, 2012
	1	Lincoln Tower Apartments		Springfield, IL			8/11/10		190		$	9,500,000			$	8,434,054			93.7	%		96.8	%		$	893	$	848
	2	Park Place Condominiums		Des Moines, IA			12/22/10		151		8,323,400				4,938,136				92.7	%		88.6	%		891		859
	3	Arbor Pointe Apartments(1)		Louisville, KY			5/5/11		130		6,500,000				5,006,199				93.1	%		95.4	%		733		775
	4	Clarion Park Apartments(1)		Olathe, KS			6/28/11		220		11,215,000				8,632,301				97.3	%		95.5	%		721		697
	5	Cooper Creek Village		Louisville, KY			8/24/11		123		10,420,000				6,624,725				91.9	%		95.1	%		945		938
	6	Truman Farm Villas(2)		Grandview, MO			12/22/11		200		9,100,000				5,818,457				94.5	%		96.5	%		676		654
	7	Prairie Walk Apartments		Kansas City, MO			12/22/11		128		6,100,000				3,899,807				95.3	%		95.3	%		634		615
	8	EBT Lofts		Kansas City, MO			12/30/11		102		8,575,000				5,499,432				98	%		98	%		900		876
	9	Windsor on the River Apartments		Cedar Rapids, IA			1/26/12		424		33,000,000				23,500,000				92	%		88	%		704		728
	10	Renaissance St. Andrews Apartments		Louisville, KY			2/17/12		216		12,500,000				9,084,000				93.5	%		93.5	%		684		699
	11	Spring Creek Apartments		Edmond, OK			3/9/12		252		19,350,000				13,912,669				96.4	%		92.9	%		872		850
	12	Montclair Parc Apartments		Oklahoma City, OK			4/26/12		360		35,750,000				24,305,671				88.6	%		88.6	%		937		926
	13	Sonoma Grande Apartments		Tulsa, OK			5/24/12		336		32,200,000				22,540,000				91.4	%		91.4	%		956		945
	14	Estancia Apartments		Tulsa, OK			6/29/12		294		27,900,000				21,844,621				90.5	%		95.2	%		964		950
	15	Montelena Apartments		Round Rock, TX			7/13/12		232		18,350,000				12,614,683				89.7	%		94	%		949		869
	16	Valley Farms Apartments		Louisville, KY			8/30/12		160		15,100,000				10,244,494				93.8	%		94.4	%		874		883
	17	Hilliard Park Apartments		Columbus, OH			9/11/12		201		19,800,000				13,818,616				94	%		92	%		999		992
	18	Sycamore Terrace Apartments		Terre Haute, IN			9/20/12		178		16,500,000				—				96.6	%		95.5	%		1,038		1,015
	19	Hilliard Summit Apartments		Columbus, OH			9/28/12		208		24,100,000				16,749,262				92.3	%		93.8	%		1,106		1,063
	20	Springmarc Apartments		San Marcos, TX			10/19/12		240		21,850,000				15,446,452				96.7	%		88.8	%		894		974
	21	Renaissance at St. Andrews Condominiums		Louisville, KY			10/31/12		29		1,375,000				—				96.6	%		58.6	%		677		704
		Property Name		Location			Purchase Date		Number		Contract Purchase Price				Mortgage Debt Outstanding at December 31, 2013				Average Occupancy as of						Average Monthly Rent as of
									of Units										Dec 31, 2013			Dec 31, 2012			Dec 31, 2013		Dec 31, 2012
	22	Ashley Oaks Apartments		San Antonio, TX			11/29/12		462		$	30,790,000			$	21,680,010			80.7	%		91.1	%		$	792	$	745
	23	Arrowhead Apartments		Palatine, IL			11/30/12		200		16,750,000				12,562,000				91.5	%		96.5	%		1,023		997
	24	The Moorings Apartments		Roselle, IL			11/30/12		216		20,250,000				15,187,000				94.4	%		97.7	%		1,036		1,010
	25	Forty-57 Apartments		Lexington, KY			12/20/12		436		52,500,000				38,500,000				95.2	%		87.2	%		867		866
	26	Keystone Farms Apartments		Nashville, TN			12/28/12		90		8,400,000				6,200,000				98.9	%		97.8	%		997		952
	27	Riverford Crossing Apartments		Frankfort, KY			12/28/12		300		30,000,000				21,900,000				90	%		92.7	%		839		861
	28	South Pointe at Valley Farms		Louisville, KY			12/28/12		32		5,275,000				—				100	%		93.8	%		1,018		969
	29	Montecito Apartments		Austin, TX			12/31/12		268		19,000,000				14,250,000				98.1	%		91.8	%		827		752
	30	Hilliard Grand Apartments		Dublin, OH			12/31/12		314		40,500,000				29,050,224				88.5	%		92	%		1,245		1,190
	31	The Hills at Fair Oaks		Fair Oaks Ranch, TX	1		1/31/13		288		34,560,000				24,767,000				90.6	%		—	%		979		—
	32	Library Lofts East		Kansas City, MO	1		2/28/13		118		12,750,000				9,113,640				97.5	%		—	%		915		—
	33	The Trails at Buda Ranch		Buda, TX	1		3/28/13		264		23,000,000				17,030,000				89.8	%		—	%		906		—
	34	Deep Deuce at Bricktown		Oklahoma City, OK	1		3/28/13		294		38,220,000				27,382,987				84.7	%		—	%		1,227		—
	35	Deer Valley Apartments		Lake Bluff, IL	1		4/30/13		224		28,600,000				20,875,000				91.1	%		—	%		1,243		—
	36	Grayson Ridge		North Richland Hills, TX	1		5/31/13		240		14,300,000				10,725,000				95.8	%		—	%		712		—
	37	Rosemont at Olmos Park		San Antonio, TX	1		5/31/13		144		22,050,000				15,100,000				87.5	%		—	%		1,325		—
	38	Retreat at Quail North		Oklahoma City, OK	1		6/12/13		240		25,250,000				17,190,827				90	%		—	%		994		—
	39	The Lodge at Trails Edge		Indianapolis, IN	1		6/18/13		268		18,400,000				12,901,587				97.8	%		—	%		705		—
	40	Arbors at Carrollton		Carrollton, TX	1		7/3/13		131		8,800,000				6,382,095				94.7	%		—	%		817		—
	41	Waterford on the Meadow		Plano, TX	1		7/3/13		350		23,100,000				16,916,185				91.7	%		—	%		808		—
	42	The Belmont		Grand Prairie, TX	1		7/26/13		260		12,100,000				9,498,460				93.1	%		—	%		715		—
	43	Meritage at Steiner Ranch		Austin, TX	1		8/6/13		502		80,000,000				55,500,000				84.5	%		—	%		1,396		—
	44	Tapestry Park Apartments		Birmingham, AL	1		8/13/13		223		32,400,000				23,100,000				97.8	%		—	%		1,213		—
	45	Dawntree Apartments		Carrollton, TX	1		8/15/13		400		24,000,000				16,022,763				96.3	%		—	%		752		—
	46	Stuart Hall Lofts		Kansas City, MO	1		8/27/13		115		16,850,000				12,407,000				93.9	%		—	%		1,188		—
	47	BriceGrove Park Apartments		Canal Winchester, OH	1		8/29/13		240		20,100,000				14,985,000				90	%		—	%		855		—
	48	Retreat at Hamburg Place		Lexington, KY	1		9/5/13		150		16,300,000				—				94	%		—	%		978		—
		Property Name		Location			Purchase Date		Number		Contract Purchase Price				Mortgage Debt Outstanding at December 31, 2013				Average Occupancy as of						Average Monthly Rent as of
									of Units										Dec 31, 2013			Dec 31, 2012			Dec 31, 2013		Dec 31, 2012
	49	Cantare at Indian Lake Village		Hendersonville, TN	1		9/24/13		206		$	29,000,000			$	—			96.6	%		—	%		$	1,058	$	—
	50	Landing at Mansfield		Mansfield, TX	1		9/27/13		336		30,900,000				22,750,000				93.8	%		—	%		895		—
	51	The Heights Apartments		Houston, TX	1		9/30/13		504		37,000,000				29,014,000				94.4	%		—	%		894		—
	52	Villas at Huffmeister		Houston, TX	1		10/10/13		294		37,600,000				25,963,000				95.2	%		—	%		1,135		—
	53	Villas at Kingwood		Kingwood, TX	1		10/10/13		330		40,150,000				28,105,000				91.2	%		—	%		1,140		—
	54	Waterford Place at Riata Ranch		Cypress, TX	1		10/10/13		228		23,400,000				16,340,000				94.3	%		—	%		1,047		—
	55	Carrington Place		Houston, TX	1		11/7/13		324		32,900,000				22,376,000				91.7	%		—	%		1,005		—
	56	Carrington at Champion Forest		Houston, TX	1		11/7/13		284		33,000,000				22,959,000				93	%		—	%		1,025		—
57	Carrington Park		Cypress, TX	1		11/7/13		232		25,150,000				17,717,000				91.8	%		—	%		1,078		—
58	Willow Crossing		Elk Grove, IL	1		11/20/13		579		58,000,000				43,500,000				95.5	%		—	%		951		—
59	Echo at Katy Ranch(3)		Katy, TX	1		12/19/13		260		35,100,000				—				(3)			—	%		1,349		—
60	Heritage Grand at Sienna Plantation		Missouri City, TX	1		12/20/13		240		27,000,000				16,845,443				93.8	%		—	%		1,175		—
61	Audubon Park		Nashville, TN	1		12/27/13		256		16,750,000				11,760,000				92.2	%		—	%		823		—
62	Mallard Crossing		Cincinnati, OH	1		12/27/13		350		39,800,000				27,860,000				87.4	%		—	%		1,016		—
63	Renaissance at Carol Stream		Carol Stream, IL	1		12/31/13		293		29,150,000				—				95.9	%		—	%		966		—
								15,859		$	1,516,653,400			$	987,329,800			92.4	%		92.4	%		$	952	$	873
________________
-1	100% of the units are required to be rented to tenants earning no more than 60% of the median income in the local area.
-2	Approximately 74% of the units are required to be rented to tenants earning no more than 60% of the median income in the local area.
-3	The property was constructed in 2013 and is currently in the lease-up phase of operations. As of December 31, 2013, the property was 65.8% occupied; however, such occupancy is not reflective of the stabilized occupancy. Accordingly, the occupancy for this property was excluded from the total average occupancy disclosed in the preceding table.
Schedule of Purchase Price Allocation	'																														'
	The purchase price for the Company’s acquisitions during the year ended December 31, 2013 was allocated as follows as of the respective closing dates of each acquisition:
	Property Name		Purchase Date		Land				Building and				Tenant				Below-Market Leases				(Premium) Discount on Assumed Liabilities(1)				Other Intangible Assets		Other Receivables		Total Purchase
									Improvements				Origination and																Price
													Absorption Costs
	The Hills at Fair Oaks		1/31/13		$	3,008,363			$	31,074,847			$	625,792			$	(149,002	)		$	—			$	—	$	—	$	34,560,000
	Library Lofts East		2/28/13		1,669,405				9,617,271				205,967				—				—				1,257,357		—		12,750,000
	The Trails at Buda Ranch		3/28/13		2,504,114				19,989,816				506,070				—				—				—		—		23,000,000
	Deep Deuce at Bricktown		3/28/13		2,529,318				36,591,572				675,076				—				(1,575,966		)		—		—		38,220,000
	Deer Valley Apartments		4/30/13		2,494,142				25,576,950				528,908				—				—				—		—		28,600,000
	Grayson Ridge		5/31/13		1,594,099				12,352,127				353,774				—				—				—		—		14,300,000
	Rosemont at Olmos Park		5/31/13		2,064,447				19,562,430				423,123				—				—				—		—		22,050,000
	Retreat at Quail North		6/12/13		1,700,810				23,536,900				488,643				—				(476,353		)		—		—		25,250,000
	The Lodge at Trails Edge		6/18/13		2,389,613				15,742,487				385,620				—				(117,720		)		—		—		18,400,000
	Arbors at Carrollton		7/3/13		1,424,432				7,336,337				224,190				—				(184,959		)		—		—		8,800,000
	Waterford on the Meadow		7/3/13		2,625,024				20,283,965				565,166				—				(374,155		)		—		—		23,100,000
	The Belmont		7/26/13		1,550,028				10,901,867				362,643				—				(714,538		)		—		—		12,100,000
	Meritage at Steiner Ranch		8/6/13		7,353,620				71,905,590				1,450,783				(709,993		)		—				—		—		80,000,000
	Tapestry Park Apartments		8/13/13		1,844,031				30,045,327				622,323				(111,681		)		—				—		—		32,400,000
	Dawntree Apartments		8/15/13		3,135,425				21,151,008				602,461				—				(888,894		)		—		—		24,000,000
	Stuart Hall Lofts		8/27/13		1,585,035				13,593,300				284,759				—				—				1,386,906		—		16,850,000
	BriceGrove Park Apartments		8/29/13		1,596,212				18,052,968				450,820				—				—				—		—		20,100,000
	Retreat at Hamburg Place		9/5/13		1,605,839				14,366,246				327,915				—				—				—		—		16,300,000
	Cantare at Indian Lake Village		9/24/13		2,489,757				26,048,742				461,501				—				—				—		—		29,000,000
	Landing at Mansfield		9/27/13		3,375,831				26,891,705				632,464				—				—				—		—		30,900,000
	The Heights Apartments		9/30/13		9,869,925				25,768,344				1,361,731				—				—				—		—		37,000,000
	Villas at Huffmeister		10/10/13		5,858,663				31,020,921				720,416				—				—				—		—		37,600,000
	Villas at Kingwood		10/10/13		6,512,468				32,848,710				788,822				—				—				—		—		40,150,000
	Waterford Place at Riata Ranch		10/10/13		3,184,857				19,715,153				499,990				—				—				—		—		23,400,000
	Carrington Place		11/7/13		5,450,417				26,755,422				694,161				—				—				—		—		32,900,000
	Carrington at Champion Forest		11/7/13		3,760,329				28,623,776				615,895				—				—				—		—		33,000,000
	Carrington Park		11/7/13		3,241,747				21,383,908				524,345				—				—				—		—		25,150,000
	Willow Crossing		11/20/13		8,091,870				48,193,223				1,714,907				—				—				—		—		58,000,000
	Echo at Katy Ranch(2)		12/19/13		4,402,862				29,946,133				473,720				—				—				—		277,285		35,100,000
	Property Name		Purchase Date		Land				Building and				Tenant				Below-Market Leases				(Premium) Discount on Assumed Liabilities(1)				Other Intangible Assets		Other Receivables		Total Purchase
									Improvements				Origination and																Price
													Absorption Costs
	Heritage Grand at Sienna Plantation		12/20/13		$	3,776,547			$	22,216,270			$	546,141			$	—			$	461,042			$	—	$	—	$	27,000,000
	Audubon Park		12/27/13		2,489,428				13,841,479				419,093				—				—				—		—		16,750,000
	Mallard Crossing		12/27/13		2,383,256				36,746,171				670,573				—				—				—		—		39,800,000
	Renaissance at Carol Stream		12/31/13		4,605,682				23,970,390				573,928				—				—				—		—		29,150,000
					$	112,167,596			$	815,651,355			$	19,781,720			$	(970,676	)		$	(3,871,543	)		$	2,644,263	$	277,285	$	945,680,000
	________________
	-1	Loan premiums and discounts are amortized to interest expense over the remaining term of the assumed loan.
Real Estate and Related Intangibles and Accumulated Depreciation and Amortization	'																														'
	As of December 31, 2013 and 2012, accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows:
			December 31, 2013
			Assets																				Liabilities
			Land				Building and Improvements				Tenant Origination and Absorption				Other Intangible Assets				Total Real Estate				Below-Market Leases
	Investments in real estate		$	164,206,122			$	1,337,362,574			$	15,670,519			$	2,644,263			$	1,519,883,478			$	(1,410,728	)
	Less: Accumulated depreciation and amortization		—				(41,619,747		)		(7,214,044		)		(86,528		)		(48,920,319		)		1,247,491
	Net investments in real estate and related lease intangibles		$	164,206,122			$	1,295,742,827			$	8,456,475			$	2,557,735			$	1,470,963,159			$	(163,237	)
			December 31, 2012
			Assets																				Liabilities
			Land				Building and Improvements				Tenant Origination and Absorption				Other Intangible Assets				Total Real Estate				Below-Market Leases
	Investments in real estate		$	52,128,526			$	512,420,903			$	13,496,020			$	—			$	578,045,449			$	(440,052	)
	Less: Accumulated depreciation and amortization		—				(9,515,773		)		(8,557,589		)		—				(18,073,362		)		138,703
	Net investments in real estate and related lease intangibles		$	52,128,526			$	502,905,130			$	4,938,431			$	—			$	559,972,087			$	(301,349	)
Schedule of Future Minimum Rental Payments for Operating Leases	'																														'
																															The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of December 31, 2013 and thereafter is as follows:
																															2014	$	332,429
																															2015	251,066
																															2016	224,012
																															2017	224,312
																															2018	37,597
																															Thereafter	—
																																$	1,069,416

Deferred_Financing_Costs_and_O1

Deferred Financing Costs and Other Assets (Tables)	12 Months Ended
	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'
Schedule of Other Assets	'
	As of December 31, 2013 and 2012, deferred financing costs and other assets, net of accumulated amortization, consisted of:
		December 31,			December 31, 2012
		2013
	Deferred financing costs	$	8,440,169		$	3,789,591
	Less: accumulated amortization	(1,235,886		)	(259,688		)
		7,204,283			3,529,903
	Prepaid expenses	3,142,924			975,843
	Interest rate caps (Note 10)	5,462,561			133,109
	Escrow deposits for pending real estate acquisitions	500,000			1,175,100
	Deposits	1,265,642			389,756
		$	17,575,410		$	6,203,711

Debt_Tables

Debt (Tables)	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Schedule of Long-term Debt Instruments	'
	The following is a summary of notes payable secured by real property as of December 31, 2013 and 2012:
										Principal Outstanding at
		Property Name		Payment		Maturity		Interest		December 31, 2013				December 31, 2012
				Type		Date		Rate(1)
	1	Lincoln Tower		Principal and interest		May 1, 2019		3.66%		$	8,434,054			$	8,652,963
	2	Park Place(2)		Interest only		July 1, 2018		3.50%		4,938,136				5,000,000
	3	Arbor Pointe		Principal and interest		June 1, 2018		4.86%		5,006,199				5,087,013
	4	Clarion Park		Principal and interest		July 1, 2018		4.58%		8,632,301				8,778,412
	5	Cooper Creek		Principal and interest(3)		September 1, 2018		3.89%		6,624,725				6,743,782
	6	Truman Farm Villas		Principal and interest(3)		January 1, 2019		3.78%		5,818,457				5,915,000
	7	Prairie Walk		Principal and interest(3)		January 1, 2019		3.74%		3,899,807				3,965,000
	8	EBT Lofts		Principal and interest(3)		January 1, 2019		3.82%		5,499,432				5,590,000
	9	Windsor on the River(11)		Interest only		May 1, 2042		Variable(4)(11)		23,500,000				23,500,000
	10	Renaissance(5)		Principal and interest(3)		January 1, 2023		3.85%		9,084,000				9,084,000
	11	Spring Creek(10)		Principal and interest		February 1, 2018		4.88%		13,912,669				14,236,229
	12	Montclair Parc		Principal and interest		May 1, 2019		3.70%		24,305,671				24,766,709
	13	Sonoma Grande		Principal and interest(6)		June 1, 2019		3.31%		22,540,000				22,540,000
	14	Estancia(10)		Interest only		October 1, 2017(7)		5.94%		21,844,621				22,203,718
	15	Montelena(10)		Principal and interest(8)		August 1, 2018		4.82%		12,614,683				12,817,796
	16	Valley Farms		Principal and interest		January 1, 2020		4.25%		10,244,494				10,400,000
	17	Hilliard Park		Principal and interest(3)		October 1, 2022		3.62%		13,818,616				13,860,000
	18	Sycamore Terrace		Principal and interest		December 1, 2019		1-Mo LIBOR + 3.44%		—				11,550,000
	19	Hilliard Summit		Principal and interest(3)		October 1, 2022		3.56%		16,749,262				16,800,000
	20	Springmarc		Principal and interest(3)		November 1, 2019		3.69%		15,446,452				15,470,000
	21	Ashley Oaks(11)		Principal and interest(3)		November 1, 2021		1-Mo LIBOR + 2.35%		21,680,010				$	21,712,000
										Principal Outstanding at
		Property Name		Payment		Maturity		Interest		December 31, 2013				December 31, 2012
				Type		Date		Rate(1)
	22	Arrowhead		Principal and interest(3)		December 1, 2019		3.38%		$	12,562,000			$	12,562,000
	23	The Moorings		Principal and interest(3)		December 1, 2019		3.37%		15,187,000				15,187,000
	24	Forty-57		Principal and interest(9)		January 1, 2023		3.73%		38,500,000				38,500,000
	25	Keystone Farms		Principal and interest(3)		January 1, 2023		3.86%		6,200,000				6,200,000
	26	Riverford Crossing		Principal and interest(9)		January 1, 2023		3.78%		21,900,000				21,900,000
	27	South Pointe		Interest only		June 3, 2013		6.00%		—				2,275,000
	28	Montecito		Principal and interest(3)		January 1, 2020		3.47%		14,250,000				14,250,000
	29	Hilliard Grand		Principal and interest		August 1, 2052		5.59%		29,050,224				29,255,766
	30	The Hills at Fair Oaks		Principal and interest(9)		February 1, 2023		4.02%		24,767,000				—
	31	Library Lofts		Principal and Interest		April 1, 2020		3.66%		9,113,640				—
	32	Trails at Buda Ranch(11)		Principal and interest(3)		April 1, 2023		1-Mo LIBOR + 2.42%		17,030,000				—
	33	Deep Deuce at Bricktown Apartments(10)		Principal and interest		April 1, 2018		5.04%		24,603,299				—
	34	Deep Deuce at Bricktown — Supplemental Loan		Principal and interest		April 1, 2018		4.73%		2,779,688				—
	35	Deer Valley(11)		Principal and interest(3)		May 1, 2023		1-Mo LIBOR + 2.40%		20,875,000				—
	36	Grayson Ridge(11)		Principal and interest(3)		July 1, 2020		1-Mo LIBOR + 2.63%		10,725,000				—
	37	Rosemont at Olmos Park(11)		Principal and interest(9)		July 1, 2020		1-Mo LIBOR + 2.65%		15,100,000				—
	38	Retreat at Quail North(10)		Principal and interest		January 1, 2053		4.80%		17,190,827				—
	39	The Lodge at Trails Edge(10)		Principal and interest		November 1, 2020		4.47%		10,965,388				—
	40	The Lodge at Trails Edge — Supplemental Loan		Principal and interest		November 1, 2020		5.75%		1,936,199				—
	41	Arbors of Carrollton(10)		Principal and interest		December 1, 2020		4.83%		5,395,471				—
	42	Arbors of Carrollton — Supplemental Loan		Principal and interest		December 1, 2020		4.83%		986,624				—
	43	Waterford on the Meadow(10)		Principal and interest		December 1, 2020		4.70%		14,154,991				—
	44	Waterford on the Meadow — Supplemental Loan		Principal and interest		December 1, 2020		4.78%		2,761,194				—
	45	The Belmont(10)		Principal and interest		March 1, 2021		5.91%		9,498,460				—
										Principal Outstanding at
		Property Name		Payment		Maturity		Interest		31-Dec-13				31-Dec-12
				Type		Date		Rate(1)
	46	Meritage at Steiner Ranch(11)		Principal and interest(3)		September 1, 2020		1-Mo LIBOR + 2.47%		$	55,500,000			$	—
	47	Tapestry Park(11)		Principal and interest(3)		October 1, 2020		1-Mo LIBOR + 2.44%		23,100,000				—
	48	Dawntree(10)		Principal and interest(12)		August 6, 2021		5.48%		16,022,763				—
	49	Stuart Hall(11)		Principal and interest(3)		September 1, 2020		1-Mo LIBOR + 2.75%		12,407,000				—
	50	BriceGrove Park(11)		Principal and interest(3)		October 1, 2020		1-Mo LIBOR + 2.58%		14,985,000				—
	51	Landing at Mansfield(11)		Principal and interest(3)		October 1, 2020		1-Mo LIBOR + 2.69%		22,750,000				—
	52	The Heights(11)		Principal and interest(3)		October 1, 2020		1-Mo LIBOR + 2.60%		29,014,000				—
	53	Villas at Huffmeister(11)		Principal and interest(3)		November 1, 2020		1-Mo LIBOR + 2.68%		25,963,000				—
54	Villas at Kingwood(11)		Principal and interest(3)		November 1, 2020		1-Mo LIBOR + 2.68%		28,105,000				—
55	Waterford Place at Riata Ranch(11)		Principal and interest(3)		November 1, 2020		1-Mo LIBOR + 2.64%		16,340,000				—
56	Carrington Place(11)		Principal and interest(9)		December 1, 2023		1-Mo LIBOR + 2.16%		22,376,000				—
57	Carrington at Champion Forest(11)		Principal and interest(9)		December 1, 2023		1-Mo LIBOR + 2.16%		22,959,000				—
58	Carrington Park(11)		Principal and interest(9)		December 1, 2023		1-Mo LIBOR + 2.16%		17,717,000				—
59	Willow Crossing(11)		Principal and interest(9)		December 1, 2023		1-Mo LIBOR + 2.20%		43,500,000				—
60	Heritage Grand at Sienna Plantation(10)		Principal and interest		January 1, 2053		4.65%		16,845,443				—
61	Audubon Park(11)		Principal and interest(9)		January 1, 2024		1-Mo LIBOR + 2.41%		11,760,000				—
62	Mallard Crossing(11)		Principal and interest(3)		January 1, 2021		1-Mo LIBOR + 2.57%		27,860,000				—
									$	987,329,800			$	408,802,388
_______________
-1	Except as otherwise noted, interest on the notes accrues at a fixed rate per annum. At December 31, 2013, the weighted-average interest rate of our fixed rate debt and variable rate debt was 4.29% and 2.62%, respectively. The weighted-average interest rate of our blended fixed and variable rates was 3.48% as of December 31, 2013.
-2	On June 18, 2013, the loan was modified to extend the maturity date to July 1, 2018 and the interest rate was reduced to a fixed rate per annum of 3.50%.
-3	A monthly payment of interest only is due and payable for twelve months from the loan date, after which, a monthly payment of principal and interest is due and payable until the maturity date.
-4	The loan was originally funded with proceeds from the issuance of Iowa Finance Authority Variable Rate Demand Multifamily Housing Revenue Bonds (Windsor on the River, LLC Project), Series 2007A in the original aggregate principal amount of $24,000,000 (the “Bonds”) pursuant to an Indenture of Trust dated May 1, 2007 (the “Indenture”) by and between the issuer and The Bank of New York Mellon Trust Company, N.A. (the “Bond Trustee”), as trustee for the holders of the Bonds. The Company is required to pay, or cause to be paid, to the Bond Trustee on each date on which any payment of the principal of, premium, if any, or interest on the Bonds is due (whether on an interest payment date, at maturity or upon redemption or acceleration), an amount which, together with the funds held by the Bond Trustee in a bond fund, will be sufficient to enable the Bond Trustee to pay the principal of, premium, if any, and interest on the Bonds due on such date. The loan will bear interest at a rate equal to the interest rate borne from time to time by the Bonds, calculated on the same basis and to be paid by the Company at the same time as interest on the Bonds is calculated and paid from time to time. Interest on the Bonds is calculated by the remarketing agent and is equal to the interest rate per annum, which in the professional judgment of the remarketing agent having due regard for prevailing market conditions, would be the minimum interest rate necessary to cause the sale of the Bonds on the first day of an interest period at a price equal to 100% of the principal amount of the Bonds plus accrued interest. The Bonds currently bear interest at a weekly rate.
-5	On December 27, 2012, the Company refinanced the existing mortgage loan secured by the Renaissance St. Andrews Property with the proceeds of a new mortgage loan in the aggregate principal amount of $9,084,000. A portion of the proceeds from the new loan were used to retire $7,000,000 of principal and accrued interest outstanding on the existing mortgage loan.
-6	A monthly payment of interest only is due and payable through June 1, 2014, after which, a monthly payment of principal and interest is due and payable until the maturity date.
-7	The Company has the option to extend the maturity date to October 1, 2018, subject to customary and market rate extension provisions.
-8	A monthly payment of interest only was due and payable through August 1, 2013, after which, a monthly payment of principal and interest is due and payable until the maturity date.
-9	A monthly payment of interest only is due and payable for 24 months from the loan date, after which, a monthly payment of principal and interest is due and payable until the maturity date.
-10	The following table summarizes the debt premiums and discounts as of December 31, 2013, including the unamortized portion included in the principal balance as well as amounts amortized as an offset to interest expense in the accompanying consolidated statements of operations:
Property Name		Unamortized Portion of Debt Premium (Discount) as of December 31, 2013				Amortization of Debt Premium (Discount) During the Year Ended December 31,
						2013				2012				2011
Spring Creek		$	415,076			$	101,428			$	82,342			$	—
Estancia		1,344,621				359,096				181,544				—
Montelena		671,428				146,368				68,462				—
Deep Deuce at Bricktown		1,336,182				239,784				—				—
Retreat at Quail North		469,968				6,385				—				—
The Lodge at Trails Edge		109,034				8,686				—				—
Arbors of Carrollton		172,490				12,469				—				—
Waterford on the Meadow		348,931				25,224				—				—
The Belmont		673,758				40,780				—				—
Dawntree		840,763				48,131				—				—
Heritage Grand at Sienna Plantation		(460,661		)		(381		)		—				—
		$	5,921,590			$	987,970			$	332,348			$	—
-11	See Note 10 for a discussion of the interest rate caps used to manage the exposure to interest rate movement on the Company's variable rate loans.
-12	A monthly payment of interest only is due and payable through August 6, 2014, after which, a monthly payment of principal and interest is due and payable until the maturity date.
Schedule of Debt Premium (Discount)	'
	The following table summarizes the debt premiums and discounts as of December 31, 2013, including the unamortized portion included in the principal balance as well as amounts amortized as an offset to interest expense in the accompanying consolidated statements of operations:
	Property Name		Unamortized Portion of Debt Premium (Discount) as of December 31, 2013				Amortization of Debt Premium (Discount) During the Year Ended December 31,
							2013				2012				2011
	Spring Creek		$	415,076			$	101,428			$	82,342			$	—
	Estancia		1,344,621				359,096				181,544				—
	Montelena		671,428				146,368				68,462				—
	Deep Deuce at Bricktown		1,336,182				239,784				—				—
	Retreat at Quail North		469,968				6,385				—				—
	The Lodge at Trails Edge		109,034				8,686				—				—
	Arbors of Carrollton		172,490				12,469				—				—
	Waterford on the Meadow		348,931				25,224				—				—
	The Belmont		673,758				40,780				—				—
	Dawntree		840,763				48,131				—				—
	Heritage Grand at Sienna Plantation		(460,661		)		(381		)		—				—
			$	5,921,590			$	987,970			$	332,348			$	—
Schedule of Interest Rate Derivatives	'
	used to manage the exposure to interest rate movement on the Company's variable rate loans.
	The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at December 31, 2013:
							Effective Date		Maturity Date			Notional Amount					Variable Rate			Cap Rate				Fair Value as of December 31,
	Property		Type		Purpose											Based on								2013				2012
	Windsor on the River		Cap		Cap Floating Rate		2/9/12		2/1/17	/		$	23,500,000			SIFMA Municipal Swap Index	0.06	%		3	%	/		$	121,310			$	113,481
									2/1/19											5	%
	Ashley Oaks		Cap		Cap Floating Rate		10/24/11		11/1/16			21,712,000				One-Month LIBOR	0.17	%		5	%			19,729				19,628
	Trails at Buda Ranch		Cap		Cap Floating Rate		3/28/13		4/1/18			17,030,000				One-Month LIBOR	0.17	%		2	%			335,483				—
	Deer Valley		Cap		Cap Floating Rate		4/30/13		5/1/18			20,875,000				One-Month LIBOR	0.17	%		2	%			439,064				—
	Grayson Ridge		Cap		Cap Floating Rate		6/26/13		7/1/17			10,725,000				One-Month LIBOR	0.17	%		2	%			115,262				—
	Rosemont at Olmos Park		Cap		Cap Floating Rate		6/20/13		7/1/17			15,100,000				One-Month LIBOR	0.17	%		2	%			164,538				—
	Meritage at Steiner Ranch		Cap		Cap Floating Rate		8/6/13		9/1/17			55,500,000				One-Month LIBOR	0.17	%		2	%			715,411				—
	Tapestry Park		Cap		Cap Floating Rate		9/23/13		10/1/17			23,100,000				One-Month LIBOR	0.17	%		3.56	%			154,735				—
	Stuart Hall		Cap		Cap Floating Rate		8/27/13		9/1/17			12,407,000				One-Month LIBOR	0.17	%		3.5	%			62,083				—
	BriceGrove Park		Cap		Cap Floating Rate		9/24/13		10/1/17			14,985,000				One-Month LIBOR	0.17	%		3.42	%			110,612				—
	Landing at Mansfield		Cap		Cap Floating Rate		9/27/13		10/1/17			22,750,000				One-Month LIBOR	0.17	%		2.5	%			251,548				—
	The Heights		Cap		Cap Floating Rate		9/30/13		10/1/17			29,014,000				One-Month LIBOR	0.17	%		2.5	%			312,618				—
	Villas at Huffmeister		Cap		Cap Floating Rate		10/10/13		11/1/17			25,963,000				One-Month LIBOR	0.17	%		2.5	%			303,798				—
	Villas at Kingwood		Cap		Cap Floating Rate		10/10/13		11/1/17			28,105,000				One-Month LIBOR	0.17	%		2.5	%			328,862				—
	Waterford Place at Riata Ranch		Cap		Cap Floating Rate		10/10/13		11/1/17			16,340,000				One-Month LIBOR	0.17	%		2.5	%			191,198				—
							Effective Date		Maturity Date			Notional Amount					Variable Rate			Cap Rate				Fair Value as of December 31,
	Property		Type		Purpose											Based on								2013				2012
	Carrington Place		Cap		Cap Floating Rate		11/7/13		11/30/14	/		$	22,376,000			One-Month LIBOR	0.17	%		2	%	/		$	302,878			$	—
									11/30/15	/										2.5	%	/
									11/30/16	/										3.25	%	/
									12/1/18											4.1	%
	Carrington at Champion Forest		Cap		Cap Floating Rate		11/7/13		11/30/14	/		22,959,000				One-Month LIBOR	0.17	%		2	%	/		310,770				—
									11/30/15	/										2.5	%	/
									11/30/16	/										3.25	%	/
									12/1/18											4.1	%
	Carrington Park		Cap		Cap Floating Rate		11/7/13		11/30/14	/		17,717,000				One-Month LIBOR	0.17	%		2	%	/		239,815				—
									11/30/15	/										2.5	%	/
									11/30/16	/										3.25	%	/
									12/1/18											4.1	%
	Willow Crossing		Cap		Cap Floating Rate		11/20/13		11/30/14	/		43,500,000				One-Month LIBOR	0.17	%		2	%	/		448,006				—
									11/30/15	/										2.5	%	/
									11/30/16	/										3.25	%	/
									12/1/18											4.65	%
	Audubon Park		Cap		Cap Floating Rate		12/27/13		12/31/14	/		11,760,000				One-Month LIBOR	0.17	%		2	%	/		184,362				—
									12/31/15	/										2.75	%	/
									12/31/16	/										3.5	%	/
									12/31/17	/										4.25	%	/
									1/1/19											4.75	%
	Mallard Crossing		Cap		Cap Floating Rate		12/27/13		12/31/14	/		27,860,000				One-Month LIBOR	0.17	%		2	%	/		350,479				—
									12/31/15	/										2.5	%	/
									12/31/16	/										3	%	/
									1/1/18											3.4	%
												$	483,278,000											$	5,462,561			$	133,109
Schedule of Maturities of Long-term Debt	'
	The following is a summary of the Company’s aggregate maturities as of December 31, 2013:
							Maturities During the Years Ending December 31,
	Contractual Obligation		Total				2014				2015				2016			2017				2018				Thereafter
	Principal payments on outstanding debt obligations(1)		$	987,329,800			$	9,735,536			$	15,647,538			$	17,631,267		$	38,825,629			$	87,601,544			$	817,888,286
	________________
	-1	Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements.

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2013
Equity [Abstract]	'
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	'
	The Company granted the following shares of restricted stock to its independent directors as compensation for services in connection with their initial election or re-election to the board of directors at the Company’s annual meeting:
	Grant Year		Total Shares Granted	Weighted Average Fair Value
	2010		15,000	$	8.55
	2011		12,500	9.1
	2012		17,500	9.23
	2013		10,000	10.24
			55,000	$	9.2
Schedule of Repurchase Prices Under Share Repurchase Plan	'
	The purchase price for shares repurchased under the Company’s share repurchase plan will be as follows:
	Share Purchase Anniversary		Repurchase Price
			on Repurchase Date(1)
	Less than 1 year		No Repurchase Allowed
	1 year		92.5% of Estimated Value per Share(4)
	2 years		95.0% of Estimated Value per Share(4)
	3 years		97.5% of Estimated Value per Share(4)
	4 years		100.0% of Estimated Value per Share(4)
	In the event of a stockholder’s death or disability(2)		Average Issue Price for Shares(3)
	________________
	-1	As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock.
	-2	The required one year holding period to be eligible to redeem shares under the Company’s share repurchase plan does not apply in the event of death or disability of a stockholder. For purposes of the Company’s share repurchase plan a “disability” means (a) the stockholder has received a determination of disability based upon a physical or mental condition or impairment arising after the date the stockholder acquired the shares to be redeemed, and (b) the determination of such disability was made by the governmental agency responsible for reviewing and awarding the disability retirement benefits that the stockholder could be eligible to receive, which the Company refers to as the “applicable governmental agency.” The applicable governmental agencies are limited to the following: (i) the Social Security Administration; (ii) the U.S. Office of Personnel Management with respect to disability benefits under the Civil Service Retirement System (“CSRS”); or (iii) the Veteran’s Administration; and in each case, the agency charged with administering disability benefits at that time on behalf of one of the applicable governmental agencies. Disability determinations by governmental agencies other than those listed above, including, but not limited to, worker’s compensation insurance or the administration or enforcement of the Rehabilitation Act of 1973, as amended, or the Americans with Disabilities Act, will not entitle a stockholder to the terms available for the repurchase of shares. Repurchase requests following an award by the applicable governmental agency of disability Social Security Administration Notice of Award, a U.S. Office of Personnel Management determination of disability under CSRS, a Veteran’s Administration record of disability-related discharge, as the case may be, or such other documentation issued by the applicable governmental agency that the Company deems acceptable and demonstrates an award of the disability benefits. As the following disabilities generally do not entitle a worker to Social Security or related disability benefits, they will not qualify as a “disability” for purposes of our share repurchase plan: (a) disabilities occurring after the legal retirement age; (b) temporary disabilities; and (c) disabilities that do not render a worker incapable of performing substantial gainful activity. However, where a stockholder requests the repurchase of shares due to a disability and the stockholder does not have a disability that meets the definition described above, but is subject to similar circumstances, the Company’s board of directors may repurchase the stockholder’s shares, in its sole discretion.
	-3	The purchase price per share for shares redeemed upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares.
	-4	For purposes of the share repurchase plan, the “Estimated Value per Share” will equal the purchase price until the day the Company publicly discloses, subsequent to completion of the Offering Stage, a new Estimated Value per Share. Thereafter, the Estimated Value per Share is determined by the board of directors, based on periodic valuations by independent third-party appraisers and qualified independent valuation experts selected by the Advisor. The Company considered the Company’s Offering Stage complete upon the termination of the Public Offering on December 20, 2013.

Related_Party_Arrangements_Tab

Related Party Arrangements (Tables)	12 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
Schedule of Related Party Transactions	'
	Amounts attributable to the Advisor and its affiliates incurred for the years ended December 31, 2013, 2012 and 2011 are as follows:
		Incurred For the Year Ended December 31,
		2013			2012		2011
	Consolidated Statements of Operations:
	Expensed
	Investment management fees(1)	$	7,409,393		$	1,887,866	$	258,987
	Acquisition fees(1)	19,148,107			10,131,220		1,060,073
	Acquisition expenses(2)	4,433,861			1,033,301		371,104
	Property management
	Fees(1)	3,226,878			960,968		199,966
	Reimbursement of onsite personnel(3)	9,343,021			3,004,041		654,544
	Other fees(1)	929,359			147,504		—
	Other operating expenses(4)	3,561,399			1,427,993		189,065
	Consolidated Balance Sheets:
	Capitalized to real estate
	Construction management fees	421,776			—		—
	Additional paid-in-capital
	Other offering costs reimbursement	13,271,892			9,820,681		1,849,905
	Selling commissions	31,187,852			10,895,367		2,026,361
	Dealer management fees	17,826,407			6,259,112		1,172,342
		$	110,759,945		$	45,568,053	$	7,782,347
	________________
	-1	Included in fees to affiliates in the accompanying consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011.
	-2	Included in acquisition costs in the accompanying consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011.
	-3	Included in operating, maintenance and management in the accompanying consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011.
	-4	Included in general and administrative expenses in the accompanying consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011.
	Amounts attributable to the Advisor and its affiliates incurred and paid for the years ended December 31, 2013, 2012 and 2011 are as follows:
		Paid (Received) For the Year Ended December 31,
		2013			2012		2011
	Consolidated Statements of Operations:
	Expensed
	Investment management fees	$	4,630,082		$	383,359	$	44,604
	Acquisition fees	19,436,769			9,876,075		735,771
	Acquisition expenses	4,577,909			997,180		294,732
	Property management
	Fees	2,960,930			834,537		182,778
	Reimbursement of onsite personnel	8,976,013			2,848,511		608,231
	Other fees	899,579			132,064		—
	Other operating expenses	3,712,827			1,456,646		1,308
	Consolidated Balance Sheets:
	Capitalized to real estate
	Construction management fees	421,776			—		—
	Additional paid-in-capital
	Other offering costs reimbursement	10,279,559			9,799,471		1,765,418
	Selling commissions	31,187,852			10,895,367		2,026,361
	Dealer management fees	17,826,407			6,259,112		1,172,342
	Due from Advisor	—			—		(53,353		)
		$	104,909,703		$	43,482,322	$	6,778,192
	Amounts attributable to the Advisor and its affiliates that are payable as of December 31, 2013 and 2012 are as follows:
		Payable as of
		December 31, 2013			December 31, 2012
	Consolidated Statements of Operations:
	Expensed
	Investment management fees(1)	$	4,530,042		$	1,750,731
	Acquisition fees(2)	648,422			937,084
	Acquisition expenses	—			144,048
	Property management
	Fees	416,581			150,633
	Reimbursement of onsite personnel	568,851			201,843
	Other fees	45,220			15,440
	Other operating expenses	7,676			159,104
	Consolidated Balance Sheets:
	Additional paid-in-capital
Other offering costs reimbursement	3,105,246			112,913
Due to affiliates, net	$	9,322,038		$	3,471,796
________________
-1	Investment management fees earned by the Advisor totaling $4,351,578 and $1,750,731 were deferred as of December 31, 2013 and 2012, respectively, pursuant to the terms of the Advisory Agreement.
-2	Acquisition fees earned by the Advisor totaling $648,422 and $648,422 were deferred as of December 31, 2013 and 2012, respectively, pursuant to the terms of the Advisory Agreement. The remaining acquisition fees of $0 and $288,662 were due and payable and are included in due to affiliates in the accompanying consolidated balance sheets at December 31, 2013 and 2012, respectively.
Schedule of Related Party Transactions, Organization and Offering Costs	'
	The amount of reimbursable organization and offering (“O&O”) costs related to the Public Offering that have been paid or recognized from inception through December 31, 2013 is as follows:
		Amount			Percentage of Gross Public Offering Proceeds
	Gross offering proceeds from Public Offering (excluding DRP):	$	729,992,516		100	%
	O&O limitation	15		%
	Total O&O costs available to be paid/reimbursed	$	109,498,877		15	%
	O&O expenses recorded
	Sales commissions paid	$	44,413,086		6.08	%
	Broker dealer fees paid	25,428,455			3.48	%
	Public offering cost reimbursements	20,596,961			2.82	%
	Public offering cost reimbursements accrual	3,105,247			0.43	%
	Organizational cost reimbursements	100,738			0.01	%
	Total O&O costs reimbursements recorded by the company	$	93,644,487		12.83	%

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Schedule of Interest Rate Derivatives	'
	used to manage the exposure to interest rate movement on the Company's variable rate loans.
	The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at December 31, 2013:
				Effective Date	Maturity Date		Notional Amount			Variable Rate		Cap Rate			Fair Value as of December 31,
	Property	Type	Purpose						Based on						2013		2012
	Windsor on the River	Cap	Cap Floating Rate	2/9/12	2/1/17	/	$	23,500,000	SIFMA Municipal Swap Index	0.06	%	3	%	/	$	121,310	$	113,481
					2/1/19							5	%
	Ashley Oaks	Cap	Cap Floating Rate	10/24/11	11/1/16		21,712,000		One-Month LIBOR	0.17	%	5	%		19,729		19,628
	Trails at Buda Ranch	Cap	Cap Floating Rate	3/28/13	4/1/18		17,030,000		One-Month LIBOR	0.17	%	2	%		335,483		—
	Deer Valley	Cap	Cap Floating Rate	4/30/13	5/1/18		20,875,000		One-Month LIBOR	0.17	%	2	%		439,064		—
	Grayson Ridge	Cap	Cap Floating Rate	6/26/13	7/1/17		10,725,000		One-Month LIBOR	0.17	%	2	%		115,262		—
	Rosemont at Olmos Park	Cap	Cap Floating Rate	6/20/13	7/1/17		15,100,000		One-Month LIBOR	0.17	%	2	%		164,538		—
	Meritage at Steiner Ranch	Cap	Cap Floating Rate	8/6/13	9/1/17		55,500,000		One-Month LIBOR	0.17	%	2	%		715,411		—
	Tapestry Park	Cap	Cap Floating Rate	9/23/13	10/1/17		23,100,000		One-Month LIBOR	0.17	%	3.56	%		154,735		—
	Stuart Hall	Cap	Cap Floating Rate	8/27/13	9/1/17		12,407,000		One-Month LIBOR	0.17	%	3.5	%		62,083		—
	BriceGrove Park	Cap	Cap Floating Rate	9/24/13	10/1/17		14,985,000		One-Month LIBOR	0.17	%	3.42	%		110,612		—
	Landing at Mansfield	Cap	Cap Floating Rate	9/27/13	10/1/17		22,750,000		One-Month LIBOR	0.17	%	2.5	%		251,548		—
	The Heights	Cap	Cap Floating Rate	9/30/13	10/1/17		29,014,000		One-Month LIBOR	0.17	%	2.5	%		312,618		—
	Villas at Huffmeister	Cap	Cap Floating Rate	10/10/13	11/1/17		25,963,000		One-Month LIBOR	0.17	%	2.5	%		303,798		—
	Villas at Kingwood	Cap	Cap Floating Rate	10/10/13	11/1/17		28,105,000		One-Month LIBOR	0.17	%	2.5	%		328,862		—
	Waterford Place at Riata Ranch	Cap	Cap Floating Rate	10/10/13	11/1/17		16,340,000		One-Month LIBOR	0.17	%	2.5	%		191,198		—
				Effective Date	Maturity Date		Notional Amount			Variable Rate		Cap Rate			Fair Value as of December 31,
	Property	Type	Purpose						Based on						2013		2012
	Carrington Place	Cap	Cap Floating Rate	11/7/13	11/30/14	/	$	22,376,000	One-Month LIBOR	0.17	%	2	%	/	$	302,878	$	—
					11/30/15	/						2.5	%	/
					11/30/16	/						3.25	%	/
					12/1/18							4.1	%
	Carrington at Champion Forest	Cap	Cap Floating Rate	11/7/13	11/30/14	/	22,959,000		One-Month LIBOR	0.17	%	2	%	/	310,770		—
					11/30/15	/						2.5	%	/
					11/30/16	/						3.25	%	/
					12/1/18							4.1	%
	Carrington Park	Cap	Cap Floating Rate	11/7/13	11/30/14	/	17,717,000		One-Month LIBOR	0.17	%	2	%	/	239,815		—
					11/30/15	/						2.5	%	/
					11/30/16	/						3.25	%	/
					12/1/18							4.1	%
	Willow Crossing	Cap	Cap Floating Rate	11/20/13	11/30/14	/	43,500,000		One-Month LIBOR	0.17	%	2	%	/	448,006		—
					11/30/15	/						2.5	%	/
					11/30/16	/						3.25	%	/
					12/1/18							4.65	%
	Audubon Park	Cap	Cap Floating Rate	12/27/13	12/31/14	/	11,760,000		One-Month LIBOR	0.17	%	2	%	/	184,362		—
					12/31/15	/						2.75	%	/
					12/31/16	/						3.5	%	/
					12/31/17	/						4.25	%	/
					1/1/19							4.75	%
	Mallard Crossing	Cap	Cap Floating Rate	12/27/13	12/31/14	/	27,860,000		One-Month LIBOR	0.17	%	2	%	/	350,479		—
					12/31/15	/						2.5	%	/
					12/31/16	/						3	%	/
					1/1/18							3.4	%
							$	483,278,000							$	5,462,561	$	133,109

Pro_Forma_Information_unaudite1

Pro Forma Information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2013
Business Combinations [Abstract]	'
Business Acquisition, Pro Forma Information	'
	This pro forma information does not purport to represent what the actual results of operations of the Company would have been had these acquisitions occurred on this date, nor does it purport to predict the results of operations for future periods.
		Year Ended December 31,
		2013		2012
	Revenues	$	184,841,590	$	183,817,788
	Net income (loss)	$	3,046,108	$	(56,799,212	)
	Basic and diluted net loss per common share	$	0.04	$	(0.77	)
	Weighted-average number of common shares outstanding, basic and diluted	74,153,580		74,153,580

Quarterly_Results_Quarterly_Re

Quarterly Results Quarterly Results (Tables)	12 Months Ended
	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]	'
Schedule of Quarterly Financial Information	'
	Presented below is a summary of the Company’s unaudited quarterly financial information for the year ended December 31, 2013:
		First			Second			Third			Fourth			Total
		Quarter			Quarter			Quarter			Quarter
	2013:00:00
	Revenues	$	18,590,756		$	22,370,453		$	28,761,843		$	39,378,465		$	109,101,517
	Net loss	(8,591,901		)	(7,746,115		)	(14,707,104		)	(24,834,737		)	(55,879,857		)
	Loss per common share, basic and diluted	(0.34		)	(0.24		)	(0.34		)	(0.42		)	(1.39		)
	Distributions declared per common share	0.177			0.179			0.181			0.181			0.718
	2012:00:00
	Revenues	$	3,892,820		$	5,954,635		$	8,617,549		$	12,121,928		$	30,586,932
	Net loss	(3,273,591		)	(4,899,516		)	(4,963,149		)	(9,423,671		)	(22,559,927		)
	Loss per common share, basic and diluted	(0.56		)	(0.57		)	(0.36		)	(0.46		)	(1.84		)
	Distributions declared per common share	0.174			0.174			0.177			0.181			0.706

Organization_and_Business_Deta

Organization and Business (Details) (USD $)

0 Months Ended

12 Months Ended

56 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

Jul. 10, 2009

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Jun. 12, 2009

Dec. 31, 2009

Dec. 31, 2013

Dec. 31, 2012

Sep. 10, 2012

Jul. 23, 2009

Jul. 10, 2009

Dec. 31, 2013

Dec. 31, 2012

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Convertible Stock

Convertible Stock

Convertible Stock

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock issued during period, shares, new issues

'

'

'

'

'

22,223

22,223

'

'

'

'

'

'

'

Share price (in dollars per share)

'

'

'

'

'

$9

'

'

'

$10.24

$10

'

'

'

Proceeds from issuance of common stock

'

$485,786,997

$179,849,886

$33,244,982

$729,992,516

$200,007

$200,007

'

'

'

'

$1,000

'

'

Noncontrolling interest, increase from sale of parent equity interest

$1,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, shares, issued

'

'

'

'

'

'

'

74,153,580

22,908,859

'

'

1,000

1,000

1,000

Organization_and_Business_Real

Organization and Business - Real Estate Owned (Details)	Dec. 31, 2013
	apartments
	properties
Real Estate Properties [Line Items]	'
Number of multifamily real estate properties owned	63
Number of units in real estate property (in number of units or apartments)	15,859
Commercial Real Estate [Member]	'
Real Estate Properties [Line Items]	'
Net rentable area (in square feet)	30,125

Organization_and_Business_Priv

Organization and Business - Private Offering (Details) (USD $)	12 Months Ended			56 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Jul. 09, 2010	Dec. 31, 2010	Oct. 13, 2009
					Private Placement [Member]	Private Placement [Member]	Private Placement [Member]
Class of Stock [Line Items]	'	'	'	'	'	'	'
Common stock, value of shares reserved for future issuance	'	'	'	'	'	'	$94,000,000
Share price (in dollars per share)	'	'	'	'	'	'	$9.40
Stock issued during period, shares, new issues	'	'	'	'	637,279	'	'
Proceeds from issuance of common stock	$485,786,997	$179,849,886	$33,244,982	$729,992,516	$5,844,325	$2,000,000	'

Organization_and_Business_Publ

Organization and Business - Public Offering (Details) (USD $)

0 Months Ended

1 Months Ended

9 Months Ended

12 Months Ended

16 Months Ended

25 Months Ended

56 Months Ended

41 Months Ended

41 Months Ended

Sep. 10, 2012

Sep. 30, 2012

Sep. 10, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Sep. 10, 2012

Dec. 31, 2013

Jul. 12, 2012

Dec. 31, 2013

Sep. 10, 2012

Jul. 23, 2009

Dec. 31, 2013

Sep. 10, 2012

Jul. 23, 2009

IPO [Member]

IPO [Member]

IPO [Member]

Distribution Reinvestment Plan [Member]

Distribution Reinvestment Plan [Member]

Distribution Reinvestment Plan [Member]

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, capital shares reserved for future issuance

'

'

'

'

'

'

'

'

'

'

'

'

150,000,000

'

'

'

Share price (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

$10.24

$10

'

'

'

Common stock, capital shares reserved for future issuance, distribution reinvestment plan

'

'

'

'

'

'

'

'

'

'

'

'

15,789,474

'

'

'

Share price, distribution reinvestment plan (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

$9.73

$9.50

'

$9.73

$9.50

Common stock, estimated value, per share (in dollars per share)

'

'

'

'

'

'

'

'

'

$10.24

'

'

'

'

'

'

Distributions reinvested, percentage of share price, distribution reinvestment plan

95.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common share, distribution rate per share per day, declared (in dollars per share)

'

$0.00

$0.00

'

'

'

$0.00

$0.00

'

'

'

'

'

'

'

'

Common stock, distribution rate, percentage

7.00%

'

'

7.00%

'

'

'

'

'

'

'

'

'

'

'

'

Stock issued during period, shares, new issues

'

'

'

'

'

'

'

'

'

'

73,608,337

'

'

'

'

'

Proceeds from issuance of common stock

'

'

'

$485,786,997

$179,849,886

$33,244,982

'

'

$729,992,516

'

$745,389,748

'

'

'

'

'

Stock issued during period, shares, dividend reinvestment plan

'

'

'

'

'

'

'

'

'

'

'

'

'

1,588,289

'

'

Proceeds from issuance of common stock, dividend reinvestment plan

'

'

'

'

'

'

'

'

'

'

'

'

'

$15,397,232

'

'

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Real Estate Assets (Details)	12 Months Ended
	Dec. 31, 2013
Building [Member] | Minimum [Member]	'
Property, Plant and Equipment [Line Items]	'
Property, plant and equipment, useful life	'25 years
Building [Member] | Maximum [Member]	'
Property, Plant and Equipment [Line Items]	'
Property, plant and equipment, useful life	'40 years
Building Improvements [Member] | Minimum [Member]	'
Property, Plant and Equipment [Line Items]	'
Property, plant and equipment, useful life	'5 years
Building Improvements [Member] | Maximum [Member]	'
Property, Plant and Equipment [Line Items]	'
Property, plant and equipment, useful life	'25 years
Furniture, Fixtures and Equipment [Member] | Minimum [Member]	'
Property, Plant and Equipment [Line Items]	'
Property, plant and equipment, useful life	'5 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]	'
Property, Plant and Equipment [Line Items]	'
Property, plant and equipment, useful life	'10 years

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Revenue Recognition (Details) (Maximum [Member])	12 Months Ended
	Dec. 31, 2013
Maximum [Member]	'
Operating Leased Assets [Line Items]	'
Operating lease term	'1 year

Summary_of_Significant_Account5

Summary of Significant Accounting Policies - Restricted Cash (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Accounting Policies [Abstract]	'	'
Restricted cash and cash equivalents	$25,243,316	$5,467,219

Summary_of_Significant_Account6

Summary of Significant Accounting Policies - Fair Value Measurements (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Mortgage notes payable, net	$987,329,800	$408,802,388
Estimate of Fair Value, Fair Value Disclosure [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Notes payable, fair value	965,681,419	410,709,202
Carrying (Reported) Amount, Fair Value Disclosure [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Mortgage notes payable, net	987,329,800	408,802,388
Interest Rate Cap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Interest rate cap at fair value	0	'
Interest Rate Cap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Interest rate cap at fair value	5,462,561	'
Interest Rate Cap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Interest rate cap at fair value	$0	'

Summary_of_Significant_Account7

Summary of Significant Accounting Policies - Distribution Policy (Details) (USD $)	1 Months Ended	9 Months Ended	16 Months Ended	25 Months Ended
	Sep. 30, 2012	Sep. 10, 2012	Dec. 31, 2013	Sep. 10, 2012
Accounting Policies [Abstract]	'	'	'	'
Common share, distribution rate per share per day, declared (in dollars per share)	$0.00	$0.00	$0.00	$0.00

Summary_of_Significant_Account8

Summary of Significant Accounting Policies - Organization and Offering Costs (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Related Party Transactions [Line Items]	'	'	'
Organization and offering costs threshold, percentage of gross proceeds of public offering	'	15.00%	'
Underwriting compensation threshold, percentage of gross proceeds of public offering	10.00%	'	'
Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, payments to (proceeds from) related party	$104,909,703	$43,482,322	$6,778,192
Private offering costs [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, payments to (proceeds from) related party	$1,425,070	'	'

Summary_of_Significant_Account9

Summary of Significant Accounting Policies - Operating Expenses (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Related Party Transactions [Line Items]	'	'	'
Other operating expense reimbursement, percentage of average invested assets, threshold	2.00%	'	'
Other operating expense reimbursement, percentage of net income, threshold	25.00%	'	'
Due to affiliates	$9,322,038	$3,471,796	'
Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, expenses from transactions with related party	110,759,945	45,568,053	7,782,347
Due to affiliates	7,676	'	'
Steadfast Income Advisors, LLC [Member] | General and administrative expense [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, expenses from transactions with related party	$3,561,399	'	'

Recovered_Sheet1

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Income Taxes (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Accounting Policies [Abstract]	'	'
Liability for uncertain tax positions, current	$0	$0

Recovered_Sheet2

Summary of Significant Accounting Policies - Segment DIsclosure (Details)	12 Months Ended
	Dec. 31, 2013
	segments
Accounting Policies [Abstract]	'
Number of reportable segments	1

Real_Estate_Owned_Portfolio_De

Real Estate - Owned Portfolio (Details) (USD $)

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Aug. 11, 2010

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 22, 2010

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

5-May-11

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jun. 28, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Aug. 24, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 22, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 22, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 30, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jan. 26, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Feb. 17, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Mar. 09, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Apr. 26, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

24-May-12

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jun. 29, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jul. 13, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Aug. 30, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Sep. 11, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Mar. 05, 2014

Sep. 20, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Sep. 28, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Oct. 19, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Oct. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Nov. 29, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Nov. 30, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Nov. 30, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 20, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 28, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 28, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 28, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jan. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Feb. 28, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Mar. 28, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Mar. 28, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Apr. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

31-May-13

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

31-May-13

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jun. 12, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jun. 18, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jul. 03, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jul. 03, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jun. 18, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Aug. 06, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Aug. 13, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Aug. 15, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Aug. 27, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Aug. 29, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Sep. 05, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Sep. 24, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Sep. 27, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Sep. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Oct. 10, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Oct. 10, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Oct. 10, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Nov. 07, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Nov. 07, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Nov. 07, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Nov. 20, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 19, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 20, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 27, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 27, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

apartments

apartments

Lincoln Tower Apartments-Springfield [Member]

Lincoln Tower Apartments-Springfield [Member]

Lincoln Tower Apartments-Springfield [Member]

Lincoln Tower Apartments-Springfield [Member]

Park Place Property [Member]

Park Place Property [Member]

Park Place Property [Member]

Park Place Property [Member]

Arbor Pointe and Clarion Park Apartments [Member]

Arbor Pointe Property [Member]

Arbor Pointe Property [Member]

Arbor Pointe Property [Member]

Arbor Pointe Property [Member]

Clarion Park Property [Member]

Clarion Park Property [Member]

Clarion Park Property [Member]

Clarion Park Property [Member]

Cooper Creek Property [Member]

Cooper Creek Property [Member]

Cooper Creek Property [Member]

Cooper Creek Property [Member]

Truman Farm Villas Property [Member]

Truman Farm Villas Property [Member]

Truman Farm Villas Property [Member]

Truman Farm Villas Property [Member]

Prairie Walk Property [Member]

Prairie Walk Property [Member]

Prairie Walk Property [Member]

Prairie Walk Property [Member]

EBT Lofts Property [Member]

EBT Lofts Property [Member]

EBT Lofts Property [Member]

EBT Lofts Property [Member]

Windsor on the River Property [Member]

Windsor on the River Property [Member]

Windsor on the River Property [Member]

Windsor on the River Property [Member]

Renaissance Property [Member]

Renaissance Property [Member]

Renaissance Property [Member]

Renaissance Property [Member]

Spring Creek Property [Member]

Spring Creek Property [Member]

Spring Creek Property [Member]

Spring Creek Property [Member]

Montclair Parc Property [Member]

Montclair Parc Property [Member]

Montclair Parc Property [Member]

Montclair Parc Property [Member]

Sonoma Grande Property [Member]

Sonoma Grande Property [Member]

Sonoma Grande Property [Member]

Sonoma Grande Property [Member]

Estancia Property [Member]

Estancia Property [Member]

Estancia Property [Member]

Estancia Property [Member]

Montelena Property [Member]

Montelena Property [Member]

Montelena Property [Member]

Montelena Property [Member]

Valley Farms Property [Member]

Valley Farms Property [Member]

Valley Farms Property [Member]

Valley Farms Property [Member]

Hilliard Park Property [Member]

Hilliard Park Property [Member]

Hilliard Park Property [Member]

Hilliard Park Property [Member]

Sycamore Terrace Property [Member]

Sycamore Terrace Property [Member]

Sycamore Terrace Property [Member]

Sycamore Terrace Property [Member]

Sycamore Terrace Property [Member]

Hilliard Summit Property [Member]

Hilliard Summit Property [Member]

Hilliard Summit Property [Member]

Hilliard Summit Property [Member]

Springmarc Property [Member]

Springmarc Property [Member]

Springmarc Property [Member]

Springmarc Property [Member]

Renaissance Property at St. Andrews Condominiums [Member]

Renaissance Property at St. Andrews Condominiums [Member]

Renaissance Property at St. Andrews Condominiums [Member]

Renaissance Property at St. Andrews Condominiums [Member]

Ashley Oaks Property [Member]

Ashley Oaks Property [Member]

Ashley Oaks Property [Member]

Ashley Oaks Property [Member]

Arrowhead Property [Member]

Arrowhead Property [Member]

Arrowhead Property [Member]

Arrowhead Property [Member]

The Moorings Property [Member]

The Moorings Property [Member]

The Moorings Property [Member]

The Moorings Property [Member]

Forty-57 Property [Member]

Forty-57 Property [Member]

Forty-57 Property [Member]

Forty-57 Property [Member]

Keystone Farms Property [Member]

Keystone Farms Property [Member]

Keystone Farms Property [Member]

Keystone Farms Property [Member]

Riverford Crossing Property [Member]

Riverford Crossing Property [Member]

Riverford Crossing Property [Member]

Riverford Crossing Property [Member]

South Pointe Property [Member]

South Pointe Property [Member]

South Pointe Property [Member]

South Pointe Property [Member]

Montecito Property [Member]

Montecito Property [Member]

Montecito Property [Member]

Hilliard Grand Property [Member]

Hilliard Grand Property [Member]

Hilliard Grand Property [Member]

The Hills at Fair Oaks [Member]

The Hills at Fair Oaks [Member]

The Hills at Fair Oaks [Member]

The Hills at Fair Oaks [Member]

Library Lofts East [Member]

Library Lofts East [Member]

Library Lofts East [Member]

Library Lofts East [Member]

The Trails at Buda Ranch [Member]

The Trails at Buda Ranch [Member]

The Trails at Buda Ranch [Member]

The Trails at Buda Ranch [Member]

Deep Deuce at Bricktown [Member]

Deep Deuce at Bricktown [Member]

Deep Deuce at Bricktown [Member]

Deep Deuce at Bricktown [Member]

Deer Valley Luxury Apartments [Member]

Deer Valley Luxury Apartments [Member]

Deer Valley Luxury Apartments [Member]

Deer Valley Luxury Apartments [Member]

Grayson Ridge [Member]

Grayson Ridge [Member]

Grayson Ridge [Member]

Grayson Ridge [Member]

Rosemont at Olmos Park [Member]

Rosemont at Olmos Park [Member]

Rosemont at Olmos Park [Member]

Rosemont at Olmos Park [Member]

Retreat at Quail North [Member]

Retreat at Quail North [Member]

Retreat at Quail North [Member]

Retreat at Quail North [Member]

The Lodge at Trails Edge [Member]

The Lodge at Trails Edge [Member]

The Lodge at Trails Edge [Member]

The Lodge at Trails Edge [Member]

Arbors At Carrollton [Member]

Arbors At Carrollton [Member]

Arbors At Carrollton [Member]

Arbors At Carrollton [Member]

Waterford on the Meadow [Member]

Waterford on the Meadow [Member]

Waterford on the Meadow [Member]

Waterford on the Meadow [Member]

The Belmont [Member]

The Belmont [Member]

The Belmont [Member]

The Belmont [Member]

Meritage at Steiner Ranch [Member]

Meritage at Steiner Ranch [Member]

Meritage at Steiner Ranch [Member]

Meritage at Steiner Ranch [Member]

Tapestry Park Apartments [Member]

Tapestry Park Apartments [Member]

Tapestry Park Apartments [Member]

Tapestry Park Apartments [Member]

Downtree Apartments [Member]

Downtree Apartments [Member]

Downtree Apartments [Member]

Downtree Apartments [Member]

Stuart Hall Lofts [Member]

Stuart Hall Lofts [Member]

Stuart Hall Lofts [Member]

Stuart Hall Lofts [Member]

Brice Grove Park Apartments [Member]

Brice Grove Park Apartments [Member]

Brice Grove Park Apartments [Member]

Brice Grove Park Apartments [Member]

Retreat at Hamburg Place [Member]

Retreat at Hamburg Place [Member]

Retreat at Hamburg Place [Member]

Retreat at Hamburg Place [Member]

Indian Lake Village [Member]

Indian Lake Village [Member]

Indian Lake Village [Member]

Indian Lake Village [Member]

Landing at Mansfield [Member]

Landing at Mansfield [Member]

Landing at Mansfield [Member]

Landing at Mansfield [Member]

The Heights Apartments [Member]

The Heights Apartments [Member]

The Heights Apartments [Member]

The Heights Apartments [Member]

Villas at Huffmeister [Member]

Villas at Huffmeister [Member]

Villas at Huffmeister [Member]

Villas at Huffmeister [Member]

Villas of Kingwood [Member]

Villas of Kingwood [Member]

Villas of Kingwood [Member]

Villas of Kingwood [Member]

Waterford Place at Riata Ranch [Member]

Waterford Place at Riata Ranch [Member]

Waterford Place at Riata Ranch [Member]

Waterford Place at Riata Ranch [Member]

Carrington Place [Member]

Carrington Place [Member]

Carrington Place [Member]

Carrington Place [Member]

Carrington at Champion Forest [Member]

Carrington at Champion Forest [Member]

Carrington at Champion Forest [Member]

Carrington at Champion Forest [Member]

Carrington Park [Member]

Carrington Park [Member]

Carrington Park [Member]

Carrington Park [Member]

Willow Crossing [Member]

Willow Crossing [Member]

Willow Crossing [Member]

Willow Crossing [Member]

Echo at Katy Ranch [Member]

Echo at Katy Ranch [Member]

Echo at Katy Ranch [Member]

Echo at Katy Ranch [Member]

Heritage Grand at Sienna Plantation [Member]

Heritage Grand at Sienna Plantation [Member]

Heritage Grand at Sienna Plantation [Member]

Heritage Grand at Sienna Plantation [Member]

Audubon Park [Member]

Audubon Park [Member]

Audubon Park [Member]

Audubon Park [Member]

Mallard Crossing [Member]

Mallard Crossing [Member]

Mallard Crossing [Member]

Mallard Crossing [Member]

Renaissance at Coral Stream [Member]

Renaissance at Coral Stream [Member]

Renaissance at Coral Stream [Member]

properties

properties

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

apartments

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

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units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

units

Real Estate Properties [Line Items]

'

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'

'

'

'

Number of multifamily real estate properties owned

63

'

63

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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Number of units

15,859

'

15,859

'

'

'

190

'

'

'

151

'

'

'

'

130

[1]

'

'

'

220

[1]

'

'

'

123

'

'

'

200

[2]

'

'

'

128

'

'

'

102

'

'

'

424

'

'

'

216

'

'

'

252

'

'

'

360

'

'

'

336

'

'

'

294

'

'

'

232

'

'

'

160

'

'

'

201

'

'

'

178

178

'

'

'

208

'

'

'

240

'

'

'

29

'

'

'

462

'

'

'

200

'

'

'

216

'

'

'

436

'

'

'

90

'

'

'

300

'

'

'

32

'

268

'

'

314

'

'

'

'

288

'

'

'

118

'

'

'

264

'

'

'

294

'

'

'

224

'

'

'

240

'

'

'

144

'

'

'

240

'

'

'

268

'

'

'

131

'

'

'

350

'

'

'

260

'

'

'

502

'

'

'

223

'

'

'

400

'

'

'

115

'

'

'

240

'

'

'

150

'

'

'

206

'

'

'

336

'

'

'

504

'

'

'

294

'

'

'

330

'

'

'

228

'

'

'

324

'

'

'

284

'

'

'

232

'

'

'

579

'

'

'

260

[3]

'

'

'

240

'

'

'

256

'

'

'

350

293

'

293

Contract purchase price

'

'

$1,516,653,000

'

'

$9,500,000

'

'

'

$8,323,000

'

'

'

'

$6,500,000

[1]

'

'

'

$11,215,000

[1]

'

'

'

$10,420,000

'

'

'

$9,100,000

[2]

'

'

'

$6,100,000

'

'

'

$8,575,000

'

'

'

$33,000,000

'

'

'

$12,500,000

'

'

'

$19,350,000

'

'

'

$35,750,000

'

'

'

$32,200,000

'

'

'

$27,900,000

'

'

'

$18,350,000

'

'

'

$15,100,000

'

'

'

$19,800,000

'

'

'

$16,500,000

'

'

'

'

$24,100,000

'

'

'

$21,850,000

'

'

'

$1,375,000

'

'

'

$30,790,000

'

'

'

$16,750,000

'

'

'

$20,250,000

'

'

'

$52,500,000

'

'

'

$8,400,000

'

'

'

$30,000,000

'

'

'

$5,275,000

'

'

'

$19,000,000

'

'

$40,500,000

'

'

$34,560,000

'

'

'

$12,750,000

'

'

'

$23,000,000

'

'

'

$38,220,000

'

'

'

$28,600,000

'

'

'

$14,300,000

'

'

'

$22,050,000

'

'

'

$25,250,000

'

'

'

$18,400,000

'

'

'

$8,800,000

'

'

'

$23,100,000

'

'

'

$12,100,000

'

'

'

$80,000,000

'

'

'

$32,400,000

'

'

'

$24,000,000

'

'

'

$16,850,000

'

'

'

$20,100,000

'

'

'

$16,300,000

'

'

'

$29,000,000

'

'

'

$30,900,000

'

'

'

$37,000,000

'

'

'

$37,600,000

'

'

'

$40,150,000

'

'

'

$23,400,000

'

'

'

$32,900,000

'

'

'

$33,000,000

'

'

'

$25,150,000

'

'

'

$58,000,000

'

'

'

$35,100,000

[3]

'

'

'

$27,000,000

'

'

'

$16,750,000

'

'

'

$39,800,000

'

'

'

$29,150,000

Mortgage debt outstanding

987,329,800

'

987,329,800

'

'

'

8,434,054

'

'

'

4,938,136

'

'

'

'

5,006,199

[1]

'

'

'

8,632,301

[1]

'

'

'

6,624,725

'

'

'

5,818,457

[2]

'

'

'

3,899,807

'

'

'

5,499,432

'

'

'

23,500,000

'

'

'

9,084,000

'

'

'

13,912,669

'

'

'

24,305,671

'

'

'

22,540,000

'

'

'

21,844,621

'

'

'

12,614,683

'

'

'

10,244,494

'

'

'

13,818,616

'

'

'

'

0

'

'

'

16,749,262

'

'

'

15,446,452

'

'

'

0

'

'

'

21,680,010

'

'

'

12,562,000

'

'

'

15,187,000

'

'

'

38,500,000

'

'

'

6,200,000

'

'

'

21,900,000

'

'

'

0

'

14,250,000

'

'

29,050,224

'

'

'

'

24,767,000

'

'

'

9,113,640

'

'

'

17,030,000

'

'

'

27,382,987

'

'

'

20,875,000

'

'

'

10,725,000

'

'

'

15,100,000

'

'

'

17,190,827

'

'

'

12,901,587

'

'

'

6,382,095

'

'

'

16,916,185

'

'

'

9,498,460

'

'

'

55,500,000

'

'

'

23,100,000

'

'

'

16,022,763

'

'

'

12,407,000

'

'

'

14,985,000

'

'

'

0

'

'

'

0

'

'

'

22,750,000

'

'

'

29,014,000

'

'

'

25,963,000

'

'

'

28,105,000

'

'

'

16,340,000

'

'

'

22,376,000

'

'

'

22,959,000

'

'

'

17,717,000

'

'

'

43,500,000

'

'

'

0

[3]

'

'

'

16,845,443

'

'

'

11,760,000

'

'

'

27,860,000

0

'

0

Average percentage of real estate portfolio occupied

92.40%

92.40%

'

93.70%

96.80%

'

'

92.70%

88.60%

'

'

'

93.10%

[1]

95.40%

[1]

'

'

97.30%

[1]

95.50%

[1]

'

'

91.90%

95.10%

'

'

94.50%

[2]

96.50%

[2]

'

'

95.30%

95.30%

'

'

98.00%

98.00%

'

'

92.00%

88.00%

'

'

93.50%

93.50%

'

'

96.40%

92.90%

'

'

88.60%

88.60%

'

'

91.40%

91.40%

'

'

90.50%

95.20%

'

'

89.70%

94.00%

'

'

93.80%

94.40%

'

'

94.00%

92.00%

'

'

96.60%

95.50%

'

'

'

92.30%

93.80%

'

'

96.70%

88.80%

'

'

96.60%

58.60%

'

'

80.70%

91.10%

'

'

91.50%

96.50%

'

'

94.40%

97.70%

'

'

95.20%

87.20%

'

'

98.90%

97.80%

'

'

90.00%

92.70%

'

'

100.00%

93.80%

'

'

98.10%

91.80%

'

88.50%

92.00%

'

90.60%

0.00%

'

'

97.50%

0.00%

'

'

89.80%

0.00%

'

'

84.70%

0.00%

'

'

91.10%

0.00%

'

'

95.80%

0.00%

'

'

87.50%

0.00%

'

'

90.00%

0.00%

'

'

97.80%

0.00%

'

'

94.70%

0.00%

'

'

91.70%

0.00%

'

'

93.10%

0.00%

'

'

84.50%

0.00%

'

'

97.80%

0.00%

'

'

96.30%

0.00%

'

'

93.90%

0.00%

'

'

90.00%

0.00%

'

'

94.00%

0.00%

'

'

96.60%

0.00%

'

'

93.80%

0.00%

'

'

94.40%

0.00%

'

'

95.20%

0.00%

'

'

91.20%

0.00%

'

'

94.30%

0.00%

'

'

91.70%

0.00%

'

'

93.00%

0.00%

'

'

91.80%

0.00%

'

'

95.50%

0.00%

'

'

'

0.00%

[3]

'

'

93.80%

0.00%

'

'

92.20%

0.00%

'

'

87.40%

0.00%

'

'

95.90%

0.00%

'

Average monthly collected rent

'

$873

$952

$893

$848

'

'

$891

$859

'

'

'

$733

[1]

$775

[1]

'

'

$721

[1]

$697

[1]

'

'

$945

$938

'

'

$676

[2]

$654

[2]

'

'

$634

$615

'

'

$900

$876

'

'

$704

$728

'

'

$684

$699

'

'

$872

$850

'

'

$937

$926

'

'

$956

$945

'

'

$964

$950

'

'

$949

$869

'

'

$874

$883

'

'

$999

$992

'

'

$1,038

$1,015

'

'

'

$1,106

$1,063

'

'

$894

$974

'

'

$677

$704

'

'

$792

$745

'

'

$1,023

$997

'

'

$1,036

$1,010

'

'

$867

$866

'

'

$997

$952

'

'

$839

$861

'

'

$1,018

$969

'

'

$827

$752

'

$1,245

$1,190

'

$979

$0

'

'

$915

$0

'

'

$906

$0

'

'

$1,227

$0

'

'

$1,243

$0

'

'

$712

$0

'

'

$1,325

$0

'

'

$994

$0

'

'

$705

$0

'

'

$817

$0

'

'

$808

$0

'

'

$715

$0

'

'

$1,396

$0

'

'

$1,213

$0

'

'

$752

$0

'

'

$1,188

$0

'

'

$855

$0

'

'

$978

$0

'

'

$1,058

$0

'

'

$895

$0

'

'

$894

$0

'

'

$1,135

$0

'

'

$1,140

$0

'

'

$1,047

$0

'

'

$1,005

$0

'

'

$1,025

$0

'

'

$1,078

$0

'

'

$951

$0

'

'

$1,349

[3]

$0

[3]

'

'

$1,175

$0

'

'

$823

$0

'

'

$1,016

$0

'

'

$966

$0

'

Rent restriction, percentage of units rented

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

74.00%

'

'

'

'

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65.80%

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

Rent restriction, percentage of areas median income

'

'

'

'

'

'

'

'

'

'

'

60.00%

'

'

'

'

'

'

'

'

'

'

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'

60.00%

'

'

'

'

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[1]

of the units are required to be rented to tenants earning no more than 60% of the median income in the local area.

[2]

Approximately 74% of the units are required to be rented to tenants earning no more than 60% of the median income in the local area.

[3]

The property was constructed in 2013 and is currently in the lease-up phase of operations. As of DecemberB 31, 2013, the property was 65.8% occupied; however, such occupancy is not reflective of the stabilized occupancy. Accordingly, the occupancy for this property was excluded from the total average occupancy disclosed in the preceding table.

Real_Estate_Purchase_Price_All

Real Estate - Purchase Price Allocation (Details) (2013 Acquisitions [Member], USD $)	Dec. 31, 2013		Jan. 31, 2013		Feb. 28, 2013		Mar. 28, 2013		Mar. 28, 2013		Apr. 30, 2013		31-May-13		31-May-13		Jun. 12, 2013		Jun. 18, 2013		Jul. 03, 2013		Jul. 03, 2013		Jul. 26, 2013		Aug. 06, 2013		Aug. 13, 2013		Aug. 15, 2013		Aug. 27, 2013		Aug. 29, 2013		Sep. 05, 2013		Sep. 24, 2013		Sep. 27, 2013		Sep. 30, 2013		Oct. 10, 2013		Oct. 10, 2013		Oct. 10, 2013		Nov. 07, 2013		Nov. 07, 2013		Nov. 07, 2013		Nov. 20, 2013		Dec. 31, 2013	Dec. 19, 2013		Dec. 20, 2013		Dec. 27, 2013		Dec. 27, 2013		Dec. 31, 2013
			The Hills at Fair Oaks [Member]		Library Lofts East [Member]		The Trails at Buda Ranch [Member]		Deep Deuce at Bricktown [Member]		Deer Valley Luxury Apartments [Member]		Grayson Ridge [Member]		Rosemont at Olmos Park [Member]		Retreat at Quail North [Member]		The Lodge at Trails Edge [Member]		Arbors At Carrollton [Member]		Waterford on the Meadow [Member]		The Belmont [Member]		Meritage at Steiner Ranch [Member]		Tapestry Park Apartments [Member]		Downtree Apartments [Member]		Stuart Hall Lofts [Member]		Brice Grove Park Apartments [Member]		Retreat at Hamburg Place [Member]		Indian Lake Village [Member]		Landing at Mansfield [Member]		The Heights Apartments [Member]		Villas at Huffmeister [Member]		Villas of Kingwood [Member]		Waterford Place at Riata Ranch [Member]		Carrington Place [Member]		Carrington at Champion Forest [Member]		Carrington Park [Member]		Willow Crossing [Member]		Echo at Katy Ranch [Member]	Echo at Katy Ranch [Member]		Heritage Grand at Sienna Plantation [Member]		Audubon Park [Member]		Mallard Crossing [Member]		Renaissance at Coral Stream [Member]
Business Acquisition [Line Items]	'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'	'		'		'		'		'
Purchase price allocation, land	$112,167,596		$3,008,363		$1,669,405		$2,504,114		$2,529,318		$2,494,142		$1,594,099		$2,064,447		$1,700,810		$2,389,613		$1,424,432		$2,625,024		$1,550,028		$7,353,620		$1,844,031		$3,135,425		$1,585,035		$1,596,212		$1,605,839		$2,489,757		$3,375,831		$9,869,925		$5,858,663		$6,512,468		$3,184,857		$5,450,417		$3,760,329		$3,241,747		$8,091,870		'	$4,402,862	[1]	$3,776,547		$2,489,428		$2,383,256		$4,605,682
Purchase price allocation, building and improvements	815,651,355		31,074,847		9,617,271		19,989,816		36,591,572		25,576,950		12,352,127		19,562,430		23,536,900		15,742,487		7,336,337		20,283,965		10,901,867		71,905,590		30,045,327		21,151,008		13,593,300		18,052,968		14,366,246		26,048,742		26,891,705		25,768,344		31,020,921		32,848,710		19,715,153		26,755,422		28,623,776		21,383,908		48,193,223		'	29,946,133	[1]	22,216,270		13,841,479		36,746,171		23,970,390
Purchase price allocation, tenant origination and absorption costs	19,781,720		625,792		205,967		506,070		675,076		528,908		353,774		423,123		488,643		385,620		224,190		565,166		362,643		1,450,783		622,323		602,461		284,759		450,820		327,915		461,501		632,464		1,361,731		720,416		788,822		499,990		694,161		615,895		524,345		1,714,907		'	473,720	[1]	546,141		419,093		670,573		573,928
Purchase price allocation, below-market leases	-970,676		-149,002		0		0		0		0		0		0		0		0		0		0		0		-709,993		-111,681		0		0		0		0		0		0		0		0		0		0		0		0		0		0		'	0	[1]	0		0		0		0
Purchase price allocation, premium on assumed liabilities	-3,871,543	[2]	0	[2]	0	[2]	0	[2]	-1,575,966	[2]	0	[2]	0	[2]	0	[2]	-476,353	[2]	-117,720	[2]	-184,959	[2]	-374,155	[2]	-714,538	[2]	0	[2]	0	[2]	-888,894	[2]	0	[2]	0	[2]	0	[2]	0	[2]	0	[2]	0	[2]	0	[2]	0	[2]	0	[2]	0	[2]	0	[2]	0	[2]	0	[2]	'	0	[1],[2]	461,042	[2]	0	[2]	0	[2]	0	[2]
Purchase price allocation, other intangible assets	2,644,263		0		1,257,357		0		0		0		0		0		0		0		0		0		0		0		0		0		1,386,906		0		0		0		0		0		0		0		0		0		0		0		0		'	0	[1]	0		0		0		0
Purchase price allocation, other receivables	277,285		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		237,792	277,285	[1]	0		0		0		0
Total purchase price	945,680,000		34,560,000		12,750,000		23,000,000		38,220,000		28,600,000		14,300,000		22,050,000		25,250,000		18,400,000		8,800,000		23,100,000		12,100,000		80,000,000		32,400,000		24,000,000		16,850,000		20,100,000		16,300,000		29,000,000		30,900,000		37,000,000		37,600,000		40,150,000		23,400,000		32,900,000		33,000,000		25,150,000		58,000,000		'	35,100,000	[1]	27,000,000		16,750,000		39,800,000		29,150,000
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Guaranteed Minimum Monthly Collections	'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'	316,257		'		'		'		'
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Guaranteed Minimum Monthly Collections, Maximum	'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'	$565,051		'		'		'		'
[1]	In connection with the acquisition of the property, the sellers agreed to guarantee minimum net monthly collections of $316,257 for six months from the date of purchase up to a maximum of $565,051. The Company estimated the acquisition date fair value of $277,285 based on projected increases in occupancy during the term of the guarantee. As of DecemberB 31, 2013, the receivable balance was $237,792.
[2]	Loan premiums and discounts are amortized to interest expense over the remaining term of the assumed loan.

Real_Estate_Real_Estate_Intang

Real Estate - Real Estate, Intangibles, Accumulated Depreciation and Amortization (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]	'	'	'
Investments in real estate	$1,519,883,478	$578,045,449	'
Less accumulated depreciation and amortization	-48,920,319	-18,073,362	'
Total real estate, net	1,470,963,159	559,972,087	'
Depreciation and amortization	48,454,178	14,957,857	2,577,462
Tenant origination and absorption costs, weighted average amortization period	'	'1 year	'
Land [Member]	'	'	'
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]	'	'	'
Investments in real estate	164,206,122	52,128,526	'
Less accumulated depreciation and amortization	0	0	'
Total real estate, net	164,206,122	52,128,526	'
Building and Improvements [Member]	'	'	'
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]	'	'	'
Investments in real estate	1,337,362,574	512,420,903	'
Less accumulated depreciation and amortization	-41,619,747	-9,515,773	'
Total real estate, net	1,295,742,827	502,905,130	'
Tenant Origination and Absorption Costs [Member]	'	'	'
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]	'	'	'
Investments in real estate	15,670,519	13,496,020	'
Less accumulated depreciation and amortization	-7,214,044	-8,557,589	'
Total real estate, net	8,456,475	4,938,431	'
Amortization of tenant origination and absorption costs	16,263,676	6,743,018	1,423,927
Tenant origination and absorption costs, weighted average amortization period	'1 year	'	'
Other Intangible Assets [Member]	'	'	'
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]	'	'	'
Investments in real estate	2,644,263	0	'
Less accumulated depreciation and amortization	-86,528	0	'
Total real estate, net	2,557,735	0	'
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]	'	'	'
2014	153,168	'	'
2015	153,168	'	'
2016	153,168	'	'
2017	153,168	'	'
2018	153,168	'	'
Thereafter	1,791,896	'	'
Future amortization of acquired other intangible assets	2,557,736	'	'
Off-Market Lease, Unfavorable [Member]	'	'	'
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]	'	'	'
Investments in real estate	-1,410,728	-440,052	'
Less accumulated depreciation and amortization	1,247,491	138,703	'
Total real estate, net	-163,237	-301,349	'
Accretion below-market lease intangible liablities	$1,108,789	$138,703	$0

Real_Estate_Operating_Leases_D

Real Estate - Operating Leases (Details) (USD $)

1 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

apartments

Residential Real Estate [Member]

Residential Real Estate [Member]

Commercial Real Estate [Member]

Commercial Real Estate [Member]

Minimum [Member]

Minimum [Member]

Maximum [Member]

Maximum [Member]

Maximum [Member]

Maximum [Member]

Accounts Payable and Accrued Liabilities [Member]

Accounts Payable and Accrued Liabilities [Member]

Commercial Real Estate [Member]

Commercial Real Estate [Member]

Residential Real Estate [Member]

Commercial Real Estate [Member]

Commercial Real Estate [Member]

Real Estate Properties [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of units in real estate property (in number of units or apartments)

15,859

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Average percentage of real estate portfolio occupied

92.40%

92.40%

'

95.00%

'

'

'

'

'

'

'

'

'

'

'

Operating leases, revenue, percentage

'

'

'

99.00%

99.00%

1.00%

1.00%

'

'

'

'

'

'

'

'

Operating lease term

'

'

'

'

'

'

'

'1 year

'3 years

'1 year

'12 months

'4 years

'5 years

'

'

Security deposit liability

'

'

'

'

'

'

'

'

'

'

'

'

'

$3,560,623

$1,809,508

Operating Leases, Future Minimum Payments Receivable [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2014

'

'

332,429

'

'

'

'

'

'

'

'

'

'

'

'

2015

251,066

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

224,012

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

224,312

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Operating Leases, Future Minimum Payments Receivable, in Five Years

37,597

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Thereafter

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

Total future minimum rental receipts

$1,069,416

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Deferred_Financing_Costs_and_O2

Deferred Financing Costs and Other Assets (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'	'
Deferred financing costs	$8,440,169	$3,789,591
Less: accumulated amortization	-1,235,886	-259,688
Deferred financing costs, net	7,204,283	3,529,903
Prepaid expenses	3,142,924	975,843
Interest rate caps (Note 10)	5,462,561	133,109
Escrow deposits for pending real estate acquisitions	500,000	1,175,100
Deposits	1,265,642	389,756
Deferred financing costs and other assets, net	$17,575,410	$6,203,711

Debt_Details

Debt (Details) (USD $)

12 Months Ended

0 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jun. 18, 2013

Dec. 31, 2012

Dec. 31, 2013

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Dec. 31, 2012

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Dec. 31, 2013

Dec. 31, 2012

1-May-07

Dec. 27, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

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Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

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Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

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Dec. 31, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Lincoln Tower Property [Member]

Lincoln Tower Property [Member]

Park Place Property [Member]

Park Place Property [Member]

Park Place Property [Member]

Arbor Pointe Property [Member]

Arbor Pointe Property [Member]

Clarion Park Property [Member]

Clarion Park Property [Member]

Cooper Creek Property [Member]

Cooper Creek Property [Member]

Truman Farm Villas Property [Member]

Truman Farm Villas Property [Member]

Prairie Walk Property [Member]

Prairie Walk Property [Member]

EBT Lofts Property [Member]

EBT Lofts Property [Member]

Windsor on the River Property [Member]

Windsor on the River Property [Member]

Windsor on the River Property [Member]

Renaissance Property [Member]

Renaissance Property [Member]

Renaissance Property [Member]

Spring Creek Property [Member]

Spring Creek Property [Member]

Montclair Parc Property [Member]

Montclair Parc Property [Member]

Sonoma Grande Property [Member]

Sonoma Grande Property [Member]

Estancia Property [Member]

Estancia Property [Member]

Montelena Property [Member]

Montelena Property [Member]

Valley Farms Property [Member]

Valley Farms Property [Member]

Hilliard Park Property [Member]

Hilliard Park Property [Member]

Sycamore Terrace Property [Member]

Sycamore Terrace Property [Member]

Sycamore Terrace Property [Member]

Hilliard Summit Property [Member]

Hilliard Summit Property [Member]

Springmarc Property [Member]

Springmarc Property [Member]

Ashley Oaks Property [Member]

Ashley Oaks Property [Member]

Ashley Oaks Property [Member]

Arrowhead Property [Member]

Arrowhead Property [Member]

The Moorings Property [Member]

The Moorings Property [Member]

Forty-57 Property [Member]

Forty-57 Property [Member]

Keystone Farms Property [Member]

Keystone Farms Property [Member]

Riverford Crossing Property [Member]

Riverford Crossing Property [Member]

South Pointe Property [Member]

South Pointe Property [Member]

Montecito Property [Member]

Montecito Property [Member]

Hilliard Grand Property [Member]

Hilliard Grand Property [Member]

The Hills at Fair Oaks [Member]

The Hills at Fair Oaks [Member]

Library Lofts East [Member]

Library Lofts East [Member]

The Trails at Buda Ranch [Member]

The Trails at Buda Ranch [Member]

Deep Deuce at Bricktown [Member]

Deep Deuce at Bricktown [Member]

Deep Deuce at Bricktown, Supplemental Loan [Member]

Deep Deuce at Bricktown, Supplemental Loan [Member]

Deer Valley Luxury Apartments [Member]

Deer Valley Luxury Apartments [Member]

Grayson Ridge [Member]

Grayson Ridge [Member]

Rosemont at Olmos Park [Member]

Rosemont at Olmos Park [Member]

Retreat at Quail North [Member]

Retreat at Quail North [Member]

The Lodge at Trails Edge [Member]

The Lodge at Trails Edge [Member]

The Lodge at Trails Edge, Supplemental Loan [Member]

The Lodge at Trails Edge, Supplemental Loan [Member]

Arbors At Carrollton [Member]

Arbors At Carrollton [Member]

Arbors At Carrollton, Supplemental Loan [Member]

Arbors At Carrollton, Supplemental Loan [Member]

Waterford on the Meadow [Member]

Waterford on the Meadow [Member]

Waterford on the Meadow, Supplemental Loan [Member]

Waterford on the Meadow, Supplemental Loan [Member]

The Belmont [Member]

The Belmont [Member]

Meritage at Steiner Ranch [Member]

Meritage at Steiner Ranch [Member]

Tapestry Park Apartments [Member]

Tapestry Park Apartments [Member]

Downtree Apartments [Member]

Downtree Apartments [Member]

Stuart Hall Lofts [Member]

Stuart Hall Lofts [Member]

Brice Grove Park Apartments [Member]

Brice Grove Park Apartments [Member]

Landing at Mansfield [Member]

Landing at Mansfield [Member]

The Heights Apartments [Member]

The Heights Apartments [Member]

Villas at Huffmeister [Member]

Villas at Huffmeister [Member]

Villas of Kingwood [Member]

Villas of Kingwood [Member]

Waterford Place at Riata Ranch [Member]

Waterford Place at Riata Ranch [Member]

Carrington Place [Member]

Carrington Place [Member]

Carrington at Champion Forest [Member]

Carrington at Champion Forest [Member]

Carrington Park [Member]

Carrington Park [Member]

Willow Crossing [Member]

Willow Crossing [Member]

Heritage Grand at Sienna Plantation [Member]

Heritage Grand at Sienna Plantation [Member]

Audubon Park [Member]

Audubon Park [Member]

Mallard Crossing [Member]

Mallard Crossing [Member]

Fixed Rate Debt [Member]

Variable Rate Debt [Member]

London Interbank Offered Rate (LIBOR) [Member]

London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument [Line Items]

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Interest rate

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'

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3.66%

[1]

'

3.50%

[1],[2]

3.50%

'

4.86%

[1]

'

4.58%

[1]

'

3.89%

[1],[3]

'

3.78%

[1],[3]

'

3.74%

[1],[3]

'

3.82%

[1],[3]

'

'

'

'

'

3.85%

[1],[3],[4]

'

4.88%

[1],[5]

'

3.70%

[1]

'

3.31%

[1],[6]

'

5.94%

[1],[5],[7]

'

4.82%

[1],[5],[8]

'

4.25%

[1]

'

3.62%

[1],[3]

'

'

'

'

3.56%

[1],[3]

'

3.69%

[1],[3]

'

'

'

'

3.38%

[1],[3]

'

3.37%

[1],[3]

'

3.73%

[1],[9]

'

3.86%

[1],[3]

'

3.78%

[1],[9]

'

6.00%

[1]

'

3.47%

[1],[3]

'

5.59%

[1]

'

4.02%

[1],[9]

'

3.66%

[1]

'

'

'

5.04%

[1],[5]

'

4.73%

[1]

'

'

'

'

'

'

'

4.80%

[1],[5]

'

4.47%

[1],[5]

'

5.75%

[1]

'

4.83%

[1],[5]

'

4.83%

[1]

'

4.70%

[1],[5]

'

4.78%

[1]

'

5.91%

[1],[5]

'

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'

'

'

5.48%

[1],[10],[5]

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4.65%

[1],[5]

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Debt instrument, basis spread on variable rate

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3.44%

[1]

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'

2.35%

[1],[11],[3]

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'

2.42%

[1],[11],[3]

'

'

'

'

'

2.40%

[1],[11],[3]

'

2.63%

[1],[11],[3]

'

2.65%

[1],[11],[3]

'

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'

'

2.47%

[1],[11],[3]

'

2.44%

[1],[11],[3]

'

'

'

2.75%

[1],[11],[3]

'

2.58%

[1],[11],[3]

'

2.69%

[1],[11],[3]

'

2.60%

[1],[11],[3]

'

2.68%

[1],[11],[3]

'

2.68%

[1],[11],[3]

'

2.64%

[1],[11],[3]

'

2.16%

[1],[11],[9]

'

2.16%

[1],[11],[9]

'

2.16%

[1],[11],[9]

'

2.20%

[1],[11],[9]

'

'

'

2.41%

[1],[11],[9]

'

2.57%

[1],[11],[3]

'

'

'

Debt, weighted average interest rate

'

'

3.48%

'

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'

4.29%

2.62%

Mortgage notes payable, net

$987,329,800

$408,802,388

$987,329,800

$408,802,388

$8,434,054

$8,652,963

$4,938,136

[2]

'

$5,000,000

[2]

$5,006,199

$5,087,013

$8,632,301

$8,778,412

$6,624,725

[3]

$6,743,782

[3]

$5,818,457

[3]

$5,915,000

[3]

$3,899,807

[3]

$3,965,000

[3]

$5,499,432

[3]

$5,590,000

[3]

$23,500,000

[11]

$23,500,000

[11]

'

'

$9,084,000

[3],[4]

$9,084,000

[3],[4]

$13,912,669

[5]

$14,236,229

[5]

$24,305,671

$24,766,709

$22,540,000

[6]

$22,540,000

[6]

$21,844,621

[5],[7]

$22,203,718

[5],[7]

$12,614,683

[5],[8]

$12,817,796

[5],[8]

$10,244,494

$10,400,000

$13,818,616

[3]

$13,860,000

[3]

$0

$11,550,000

'

$16,749,262

[3]

$16,800,000

[3]

$15,446,452

[3]

$15,470,000

[3]

$21,680,010

[11],[3]

$21,712,000

[11],[3]

'

$12,562,000

[3]

$12,562,000

[3]

$15,187,000

[3]

$15,187,000

[3]

$38,500,000

[9]

$38,500,000

[9]

$6,200,000

[3]

$6,200,000

[3]

$21,900,000

[9]

$21,900,000

[9]

$0

$2,275,000

$14,250,000

[3]

$14,250,000

[3]

$29,050,224

$29,255,766

$24,767,000

[9]

$0

[9]

$9,113,640

$0

$17,030,000

[11],[3]

$0

[11],[3]

$24,603,299

[5]

$0

[5]

$2,779,688

$0

$20,875,000

[11]

$0

[11]

$10,725,000

[11]

$0

[11]

$15,100,000

[11]

$0

[11]

$17,190,827

[5]

$0

[5]

$10,965,388

[5]

$0

[5]

$1,936,199

$0

$5,395,471

[5]

$0

[5]

$986,624

$0

$14,154,991

[5]

$0

[5]

$2,761,194

$0

$9,498,460

[5]

$0

[5]

$55,500,000

[11],[3]

$0

[11],[3]

$23,100,000

[11],[3]

$0

[11],[3]

$16,022,763

[10],[5]

$0

[10],[5]

$12,407,000

[11],[3]

$0

[11],[3]

$14,985,000

[11],[3]

$0

[11],[3]

$22,750,000

[11],[3]

$0

[11],[3]

$29,014,000

[11],[3]

$0

[11],[3]

$25,963,000

[11],[3]

$0

[11],[3]

$28,105,000

[11],[3]

$0

[11],[3]

$16,340,000

[11],[3]

$0

[11],[3]

$22,376,000

[11],[9]

$0

[11],[9]

$22,959,000

[11],[9]

$0

[11],[9]

$17,717,000

[11],[9]

$0

[11],[9]

$43,500,000

[11],[9]

$0

[11],[9]

$16,845,443

[5]

$0

[5]

$11,760,000

[11],[3]

$0

[11],[3]

$27,860,000

[11],[3]

$0

[11],[3]

'

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Number of periods interest payments due

'12 months

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'24 months

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Initial mortgage debt

987,329,800

'

'

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24,000,000

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Proceeds from issuance of notes payable

'

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9,084,000

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Extinguishment of debt, amount

'

'

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$7,000,000

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'

[1]

Except as otherwise noted, interest on the notes accrues at a fixed rate per annum. At DecemberB 31, 2013, the weighted-average interest rate of our fixed rate debt and variable rate debt was 4.29% and 2.62%, respectively. The weighted-average interest rate of our blended fixed and variable rates was 3.48% as of DecemberB 31, 2013.

[2]

On June 18, 2013, the loan was modified to extend the maturity date to July 1, 2018 and the interest rate was reduced to a fixed rate per annum of 3.50%.

[3]

A monthly payment of interest only is due and payable for twelve months from the loan date, after which, a monthly payment of principal and interest is due and payable until the maturity date.

[4]

On December 27, 2012, the Company refinanced the existing mortgage loan secured by the Renaissance St. Andrews Property with the proceeds of a new mortgage loan in the aggregate principal amount of $9,084,000. A portion of the proceeds from the new loan were used to retire $7,000,000 of principal and accrued interest outstanding on the existing mortgage loan.

[5]

The following table summarizes the debt premiums and discounts as of DecemberB 31, 2013, including the unamortized portion included in the principal balance as well as amounts amortized as an offset to interest expense in the accompanying consolidated statements of operations:Property NameB Unamortized Portion of Debt Premium (Discount) as of December 31, 2013B Amortization of Debt Premium (Discount) During the Year Ended December 31, 2013B 2012B 2011Spring CreekB $415,076B $101,428B $82,342B $bEstanciaB 1,344,621B 359,096B 181,544B bMontelenaB 671,428B 146,368B 68,462B bDeep Deuce at BricktownB 1,336,182B 239,784B bB bRetreat at Quail NorthB 469,968B 6,385B bB bThe Lodge at Trails EdgeB 109,034B 8,686B bB bArbors of CarrolltonB 172,490B 12,469B bB bWaterford on the MeadowB 348,931B 25,224B bB bThe BelmontB 673,758B 40,780B bB bDawntreeB 840,763B 48,131B bB bHeritage Grand at Sienna PlantationB (460,661)B (381)B bB b $5,921,590B $987,970B $332,348B $b

[6]

A monthly payment of interest only is due and payable through June 1, 2014, after which, a monthly payment of principal and interest is due and payable until the maturity date.

[7]

The Company has the option to extend the maturity date to October 1, 2018, subject to customary and market rate extension provisions.

[8]

A monthly payment of interest only was due and payable through August 1, 2013, after which, a monthly payment of principal and interest is due and payable until the maturity date.

[9]

A monthly payment of interest only is due and payable for 24 months from the loan date, after which, a monthly payment of principal and interest is due and payable until the maturity date.

[10]

A monthly payment of interest only is due and payable through August 6, 2014, after which, a monthly payment of principal and interest is due and payable until the maturity date.

[11]

used to manage the exposure to interest rate movement on the Company's variable rate loans.

Debt_Schedule_of_Debt_Premium_

Debt - Schedule of Debt Premium (Discount) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Debt Instrument [Line Items]	'	'	'
Amortization of loan premiums/(discounts)	$987,970	$332,348	$0
Notes Payable to Banks [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Debt instrument, unamortized premium	5,921,590	'	'
Amortization of loan premiums/(discounts)	987,970	332,348	0
Notes Payable to Banks [Member] | Spring Creek Property [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Debt instrument, unamortized premium	415,076	'	'
Amortization of loan premiums/(discounts)	101,428	82,342	0
Notes Payable to Banks [Member] | Estancia Property [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Debt instrument, unamortized premium	1,344,621	'	'
Amortization of loan premiums/(discounts)	359,096	181,544	0
Notes Payable to Banks [Member] | Montelena Property [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Debt instrument, unamortized premium	671,428	'	'
Amortization of loan premiums/(discounts)	146,368	68,462	0
Notes Payable to Banks [Member] | Deep Deuce at Bricktown [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Debt instrument, unamortized premium	1,336,182	'	'
Amortization of loan premiums/(discounts)	239,784	0	0
Notes Payable to Banks [Member] | Retreat at Quail North [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Debt instrument, unamortized premium	469,968	'	'
Amortization of loan premiums/(discounts)	6,385	0	0
Notes Payable to Banks [Member] | The Lodge at Trails Edge [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Debt instrument, unamortized premium	109,034	'	'
Amortization of loan premiums/(discounts)	8,686	0	0
Notes Payable to Banks [Member] | Arbors At Carrollton [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Debt instrument, unamortized premium	172,490	'	'
Amortization of loan premiums/(discounts)	12,469	0	0
Notes Payable to Banks [Member] | Waterford on the Meadow [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Debt instrument, unamortized premium	348,931	'	'
Amortization of loan premiums/(discounts)	25,224	0	0
Notes Payable to Banks [Member] | The Belmont [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Debt instrument, unamortized premium	673,758	'	'
Amortization of loan premiums/(discounts)	40,780	0	0
Notes Payable to Banks [Member] | Downtree Apartments [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Debt instrument, unamortized premium	840,763	'	'
Amortization of loan premiums/(discounts)	48,131	0	0
Notes Payable to Banks [Member] | Heritage Grand at Sienna Plantation [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Debt instrument, unamortized premium	-460,661	'	'
Amortization of loan premiums/(discounts)	($381)	$0	$0

Debt_Schedule_of_Interest_Rate

Debt - Schedule of Interest Rate Caps (Details) (Interest Rate Cap [Member])	Dec. 31, 2013
Ashley Oaks Property [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	5.00%
The Trails at Buda Ranch [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.00%
Deer Valley Luxury Apartments [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.00%
Grayson Ridge [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.00%
Rosemont at Olmos Park [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.00%
Meritage at Steiner Ranch [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.00%
Tapestry Park Apartments [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.56%
Stuart Hall Lofts [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.50%
Brice Grove Park Apartments [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.42%
Landing at Mansfield [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.50%
The Heights Apartments [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.50%
Villas at Huffmeister [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.50%
Villas of Kingwood [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.50%
Waterford Place at Riata Ranch [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.50%
Windsor on the River Property [Member] | January 31, 2017 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.00%
Windsor on the River Property [Member] | January 31, 2019 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	5.00%
Windsor on the River Property [Member] | Notes Payable to Banks [Member] | January 31, 2017 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.00%
Windsor on the River Property [Member] | Notes Payable to Banks [Member] | January 31, 2019 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	5.00%
Carrington Place [Member] | November 30, 2014 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.00%
Carrington Place [Member] | November 30, 2015 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.50%
Carrington Place [Member] | November 30, 2016 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.25%
Carrington Place [Member] | December 1, 2018 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	4.10%
Carrington Place [Member] | Notes Payable to Banks [Member] | November 30, 2014 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.00%
Carrington Place [Member] | Notes Payable to Banks [Member] | November 30, 2015 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.50%
Carrington Place [Member] | Notes Payable to Banks [Member] | November 30, 2016 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.25%
Carrington Place [Member] | Notes Payable to Banks [Member] | December 1, 2018 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	4.10%
Carrington at Champion Forest [Member] | November 30, 2014 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.00%
Carrington at Champion Forest [Member] | November 30, 2015 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.50%
Carrington at Champion Forest [Member] | November 30, 2016 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.25%
Carrington at Champion Forest [Member] | December 1, 2018 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	4.10%
Carrington at Champion Forest [Member] | Notes Payable to Banks [Member] | November 30, 2014 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.00%
Carrington at Champion Forest [Member] | Notes Payable to Banks [Member] | November 30, 2015 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.50%
Carrington at Champion Forest [Member] | Notes Payable to Banks [Member] | November 30, 2016 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.25%
Carrington at Champion Forest [Member] | Notes Payable to Banks [Member] | December 1, 2018 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	4.10%
Carrington Park [Member] | November 30, 2014 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.00%
Carrington Park [Member] | November 30, 2015 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.50%
Carrington Park [Member] | November 30, 2016 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.25%
Carrington Park [Member] | December 1, 2018 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	4.10%
Carrington Park [Member] | Notes Payable to Banks [Member] | November 30, 2014 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.00%
Carrington Park [Member] | Notes Payable to Banks [Member] | November 30, 2015 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.50%
Carrington Park [Member] | Notes Payable to Banks [Member] | November 30, 2016 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.25%
Carrington Park [Member] | Notes Payable to Banks [Member] | December 1, 2018 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	4.10%
Willow Crossing [Member] | November 30, 2014 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.00%
Willow Crossing [Member] | November 30, 2015 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.50%
Willow Crossing [Member] | November 30, 2016 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.25%
Willow Crossing [Member] | December 1, 2018 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	4.65%
Willow Crossing [Member] | Notes Payable to Banks [Member] | November 30, 2014 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.00%
Willow Crossing [Member] | Notes Payable to Banks [Member] | November 30, 2015 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.50%
Willow Crossing [Member] | Notes Payable to Banks [Member] | November 30, 2016 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.25%
Willow Crossing [Member] | Notes Payable to Banks [Member] | December 1, 2018 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	4.65%
Audubon Park [Member] | December 31, 2014 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.00%
Audubon Park [Member] | December 31, 2015 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.75%
Audubon Park [Member] | December 31, 2016 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.50%
Audubon Park [Member] | December 31, 2017 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	4.25%
Audubon Park [Member] | January 1, 2019 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	4.75%
Audubon Park [Member] | Notes Payable to Banks [Member] | December 31, 2014 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.00%
Audubon Park [Member] | Notes Payable to Banks [Member] | December 31, 2015 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.75%
Audubon Park [Member] | Notes Payable to Banks [Member] | December 31, 2016 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.50%
Audubon Park [Member] | Notes Payable to Banks [Member] | December 31, 2017 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	4.25%
Audubon Park [Member] | Notes Payable to Banks [Member] | January 1, 2019 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	4.75%
Mallard Crossing [Member] | December 31, 2014 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.00%
Mallard Crossing [Member] | December 31, 2015 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.50%
Mallard Crossing [Member] | December 31, 2016 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.00%
Mallard Crossing [Member] | January 1, 2018 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.40%
Mallard Crossing [Member] | Notes Payable to Banks [Member] | December 31, 2014 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.00%
Mallard Crossing [Member] | Notes Payable to Banks [Member] | December 31, 2015 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	2.50%
Mallard Crossing [Member] | Notes Payable to Banks [Member] | December 31, 2016 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.00%
Mallard Crossing [Member] | Notes Payable to Banks [Member] | January 1, 2018 [Member]	'
Debt Instrument [Line Items]	'
Derivative, fixed interest rate	3.40%

Debt_Revolving_Credit_Facility

Debt - Revolving Credit Facility (Details) (USD $)

12 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Apr. 25, 2013

Dec. 31, 2012

Oct. 22, 2012

Oct. 22, 2012

Oct. 22, 2012

Oct. 22, 2012

Oct. 22, 2012

Dec. 31, 2012

Accounts Payable and Accrued Liabilities [Member]

Accounts Payable and Accrued Liabilities [Member]

Interest Rate Cap [Member]

Interest Rate Cap [Member]

Interest Rate Cap [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Interest Rate Option One [Member]

Federal Funds Rate [Member]

London Interbank Offered Rate (LIBOR) [Member]

London Interbank Offered Rate (LIBOR) [Member]

London Interbank Offered Rate (LIBOR) [Member]

Interest Rate Option One [Member]

Interest Rate Option One [Member]

Interest Rate Option Two [Member]

Interest Rate Option Two [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility, current borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

$20,000,000

'

$5,000,000

'

'

'

'

'

Line of credit, repayment term

'

'

'

'

'

'

'

'

'

'

'

'

'180 days

'

'

'

'

'

'

'

Debt instrument, interest rate, base rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.00%

'

'

'

'

Debt instrument, basis spread on variable rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.50%

1.00%

3.00%

3.00%

Line of credit facility, amount outstanding

'

'

'

'

'

'

'

'

'

'

'

0

'

5,000,000

'

'

'

'

'

'

Maturities of Long-term Debt [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes payable due in 2014

9,735,536

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes payable due in 2015

15,647,538

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes payable due in 2016

17,631,267

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes payable due in 2017

38,825,629

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes payable due in 2018

87,601,544

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes payable due after 2018

817,888,286

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total notes payable, net

987,329,800

[1]

413,802,388

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest expense

24,308,402

6,291,193

1,186,938

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization of deferred financing costs

976,198

225,614

32,964

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization of debt discount (premium)

-987,970

-332,348

0

'

'

'

'

'

-987,970

-332,348

0

'

'

'

'

'

'

'

'

'

Unrealized loss on derivatives

448,984

162,761

0

'

'

448,984

162,761

0

'

'

'

'

'

'

'

'

'

'

'

'

Interest payable

'

'

'

$2,539,966

$852,105

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt, weighted average interest rate

'

'

'

'

'

'

'

'

3.48%

'

'

'

'

'

'

'

'

'

'

'

[1]

Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements.

Debt_Letter_of_Credit_Details

Debt - Letter of Credit (Details) (Letter of Credit [Member], USD $)	12 Months Ended
	Dec. 31, 2013
Letter of Credit [Member]	'
Debt Instrument [Line Items]	'
Letters of credit outstanding, amount	$23,789,727
Debt instrument, basis spread on variable rate	3.00%
Letter of credit origination fee	$118,950
Letter of credit annual facility fee, year one	2.00%
Letter of credit annual facility fee, year two	2.25%
Letter of credit annual facility fee, year three	2.50%

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)

12 Months Ended

56 Months Ended

51 Months Ended

41 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jun. 12, 2009

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2009

Dec. 31, 2013

Jul. 10, 2009

Dec. 31, 2013

Dec. 31, 2012

Private Offering and Public Offering [Member]

Distribution Reinvestment Plan [Member]

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Convertible Stock

Convertible Stock

Convertible Stock

Private Offering and Public Offering [Member]

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common and preferred stock, shares authorized

1,100,000,000

'

'

1,100,000,000

'

'

'

'

'

'

'

'

'

'

Common stock, shares authorized

'

'

'

'

'

'

'

999,999,000

999,999,000

'

'

'

1,000

1,000

Common stock, par value (in dollars per share)

'

'

'

'

'

'

'

$0.01

$0.01

'

'

'

$0.01

$0.01

Preferred stock, shares authorized

100,000,000

100,000,000

'

100,000,000

'

'

'

'

'

'

'

'

'

'

Preferred stock, par value (in dollars per share)

$0.01

$0.01

'

$0.01

'

'

'

'

'

'

'

'

'

'

Stock issued during period, shares, new issues

'

'

'

'

'

'

22,223

'

'

22,223

74,245,616

'

'

'

Proceeds from issuance of common stock

$485,786,997

$179,849,886

$33,244,982

$729,992,516

'

'

$200,007

'

'

$200,007

$655,388,605

$1,000

'

'

Commissions on sales of common stock and related dealer manager fees to affiliates

'

'

'

'

95,845,468

'

'

'

'

'

'

'

'

'

Stock issued during period, shares, dividend reinvestment plan

'

'

'

'

'

1,588,289

'

1,195,071

330,688

'

'

'

'

'

Proceeds from issuance of common stock, dividend reinvestment plan

'

'

'

'

'

15,397,232

'

'

'

'

'

'

'

'

Due from transfer agent

$26,549,087

$590,856

'

$26,549,087

'

'

'

'

'

'

'

'

'

'

Stockholders_Equity_ShareBased

Stockholders' Equity - Share-Based Compensation (Details) (USD $)

12 Months Ended

56 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

48 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Sep. 10, 2012

Jul. 23, 2009

Jun. 12, 2009

Dec. 31, 2009

Dec. 31, 2013

Dec. 31, 2012

Jul. 10, 2009

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2013

Distribution Reinvestment Plan [Member]

Distribution Reinvestment Plan [Member]

Common Stock

Common Stock

Common Stock

Common Stock

Convertible Stock

Convertible Stock

Convertible Stock

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Director [Member]

Director [Member]

Director [Member]

Director [Member]

Director [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

installments

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Restricted common stock, grants in period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,000

17,500

12,500

15,000

55,000

Restricted common stock, grants in period, weighted average grant date fair value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$10.24

$9.23

$9.10

$8.55

$9.20

Restricted common stock, vesting installments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4

'

'

'

'

Share-based compensation

'

'

'

'

'

'

'

'

'

'

'

'

'

$105,210

$94,425

$62,167

'

'

'

'

'

Restricted common stock, weighted average remaining contractual terms

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year 3 months 25 days

'

'

'

'

'

'

'

Common stock, shares, issued

'

'

'

'

'

'

'

'

74,153,580

22,908,859

1,000

1,000

1,000

'

'

'

'

'

'

'

'

Proceeds from issuance of common stock

485,786,997

179,849,886

33,244,982

729,992,516

'

'

200,007

200,007

'

'

1,000

'

'

'

'

'

'

'

'

'

'

Common stock, basis of conversion, percentage of annual return on original issue price of shares

8.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, conversion basis, multiplier

0.001

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, conversion basis, percent enterprise value

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Convertible common stock, redemption amount

'

'

'

'

'

'

'

'

'

'

'

$1

'

'

'

'

'

'

'

'

'

Share price, distribution reinvestment plan (in dollars per share)

'

'

'

'

$9.73

$9.50

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stockholders_Equity_Share_Repu

Stockholders' Equity - Share Repurchase Plan and Redeemable Common Stock (Details) (USD $)	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012
Equity [Abstract]	'		'
Stock repurchase plan, period shares outstanding before repurchase allowed	'1 year		'
Stock repurchase plan, repurchase price as percentage of primary offering price, anniversary year 1	92.50%	[1]	'
Stock repurchase plan, repurchase price as percentage of primary offering price, anniversary year 2	95.00%	[1]	'
Stock repurchase plan, repurchase price as percentage of primary offering price, anniversary year 3	97.50%	[1]	'
Stock repurchase plan, repurchase price as percentage of primary offering price, anniversary year 4	100.00%	[1]	'
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 1	92.50%	[1],[2]	'
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 2	95.00%	[1],[2]	'
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 3	97.50%	[1],[2]	'
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 4	100.00%	[1],[2]	'
Stock repurchase plan, minimum redemption notice period	'15 days		'
Stock repurchase plan, settlement period	'30 days		'
Redemption of common stock, shares	129,239		'
Stock repurchase plan, stock redeemed, value	$1,246,300		$418,147
Stock requested for redemption, shares	155,522		49,943
Stock requested for redemption, value	1,478,885		475,830
Stock requested for redemption, outstanding, shares	46,099		'
Stock repurchase plan, outstanding stock requested for redemption, value	448,478		'
Stock repurchase plan, percentage of weighted-average number of shares outstanding, limit on repurchase	5.00%		'
Stock repurchase plan, notice of termination, days	'30 days		'
Transfers to redeemable common stock	$10,078,483		$2,722,156
[1]	As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock.
[2]	For purposes of the share repurchase plan, the bEstimated Value per Shareb will equal the purchase price until the day the Company publicly discloses, subsequent to completion of the Offering Stage, a new Estimated Value per Share. Thereafter, the Estimated Value per Share is determined by the board of directors, based on periodic valuations by independent third-party appraisers and qualified independent valuation experts selected by the Advisor. The Company considered the Companybs Offering Stage complete upon the termination of the Public Offering on December 20, 2013.

Stockholders_Equity_Distributi

Stockholders' Equity - Distributions (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Related Party Transactions [Line Items]	'	'
Deferred costs	$5,000,000	$2,399,153
Common stock, basis of conversion, percentage of annual return on stockholders' invested capital	7.00%	'
Steadfast Income Advisors, LLC [Member]	'	'
Related Party Transactions [Line Items]	'	'
Fee due to related party, maximum deferred amount	$5,000,000	'

Stockholders_Equity_Distributi1

Stockholders' Equity - Distributions Declared (Details) (USD $)

0 Months Ended

1 Months Ended

9 Months Ended

12 Months Ended

16 Months Ended

25 Months Ended

16 Months Ended

25 Months Ended

Sep. 10, 2012

Sep. 30, 2012

Sep. 10, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Sep. 10, 2012

Dec. 31, 2013

Sep. 08, 2012

Dec. 31, 2012

Sep. 10, 2012

Jul. 23, 2009

Jun. 12, 2009

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common share, distribution rate per share per day, declared (in dollars per share)

'

$0.00

$0.00

'

'

'

$0.00

$0.00

$0.00

$0.00

'

'

'

'

Common stock, distribution rate, percentage

7.00%

'

'

7.00%

'

'

'

'

'

'

'

'

'

'

Share price (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

$10.24

$10

$9

Distributions declared

'

'

'

$28,645,761

$8,636,158

$1,640,845

'

'

'

'

'

'

'

'

Distributions declared, distribution reinvestment plan

'

'

'

13,024,776

3,637,548

'

'

'

'

'

'

'

'

'

Common stock, distributions declared, shares, distribution reinvestment plan

'

'

'

1,338,620

378,390

'

'

'

'

'

'

'

'

'

Distributions payable

'

'

'

4,058,452

1,343,399

'

4,058,452

'

4,058,452

'

1,343,399

'

'

'

Distributions payable, distribution reinvestment plan

'

'

'

$1,963,570

$566,840

'

$1,963,570

'

'

'

'

'

'

'

Stockholders_Equity_Distributi2

Stockholders' Equity - Distributions Paid (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Class of Stock [Line Items]	'	'	'
Payments of ordinary dividends, common stock	$14,302,663	$4,375,205	$887,472
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	11,628,045	3,172,149	562,347
Distributions paid, common stock, including distribution reinvestment plan	$25,930,708	$7,547,354	'
Common Stock	'	'	'
Class of Stock [Line Items]	'	'	'
Stock issued during period, shares, dividend reinvestment plan	1,195,071	330,688	'

Related_Party_Arrangements_Amo

Related Party Arrangements - Amounts Attributable to Advisor and its Affiliates (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Related Party Transactions [Line Items]	'	'	'
Due to affiliates	$9,322,038	$3,471,796	'
Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Aggregate amount of fees due advisor allowable for deferral	5,000,000	'	'
Related party transaction, expenses from transactions with related party	110,759,945	45,568,053	7,782,347
Related party transaction, payments to (proceeds from) related party	104,909,703	43,482,322	6,778,192
Related party transaction, due from (to) related party	9,322,038	3,471,796	'
Due to affiliates	7,676	'	'
Investment management fees [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, deferred cost	4,351,578	1,750,731	'
Investment management fees [Member] | Expensed [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, expenses from transactions with related party	7,409,393	1,887,866	258,987
Related party transaction, payments to (proceeds from) related party	4,630,082	383,359	44,604
Related party transaction, due from (to) related party	4,530,042	1,750,731	'
Acquisition fees [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, deferred cost	648,422	648,422	'
Acquisition fees [Member] | Expensed [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, expenses from transactions with related party	19,148,107	10,131,220	1,060,073
Related party transaction, payments to (proceeds from) related party	19,436,769	9,876,075	735,771
Related party transaction, due from (to) related party	648,422	937,084	'
Due to affiliates	0	288,662	'
Acquisition expenses [Member] | Expensed [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, expenses from transactions with related party	4,433,861	1,033,301	371,104
Related party transaction, payments to (proceeds from) related party	4,577,909	997,180	294,732
Related party transaction, due from (to) related party	0	144,048	'
Property management, fees [Member] | Expensed [Member] | Steadfast Management Company [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Property management fees, or property management, labor and related expense	3,226,878	960,968	199,966
Related party transaction, payments to (proceeds from) related party	2,960,930	834,537	182,778
Related party transaction, due from (to) related party	416,581	150,633	'
Property management, reimbursement of onsite personnel [Member] | Expensed [Member] | Steadfast Management Company [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Property management fees, or property management, labor and related expense	9,343,021	3,004,041	654,544
Related party transaction, payments to (proceeds from) related party	8,976,013	2,848,511	608,231
Related party transaction, due from (to) related party	568,851	201,843	'
Property management, other fees [Member] | Expensed [Member] | Steadfast Management Company [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Property management fees, or property management, labor and related expense	929,359	147,504	0
Related party transaction, payments to (proceeds from) related party	899,579	132,064	0
Related party transaction, due from (to) related party	45,220	15,440	'
Operating Expense [Member] | Expensed [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, expenses from transactions with related party	3,561,399	1,427,993	189,065
Related party transaction, payments to (proceeds from) related party	3,712,827	1,456,646	1,308
Related party transaction, due from (to) related party	7,676	159,104	'
Construction Management Fee [Member] | Additional Paid-in Capital [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, expenses from transactions with related party	421,776	0	0
Related party transaction, payments to (proceeds from) related party	421,776	0	0
Other offering costs reimbursement [Member] | Additional Paid-in Capital [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, expenses from transactions with related party	13,271,892	9,820,681	1,849,905
Related party transaction, payments to (proceeds from) related party	10,279,559	9,799,471	1,765,418
Related party transaction, due from (to) related party	3,105,246	112,913	'
Sales Commissions Paid [Member] | Additional Paid-in Capital [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, expenses from transactions with related party	31,187,852	10,895,367	2,026,361
Related party transaction, payments to (proceeds from) related party	31,187,852	10,895,367	2,026,361
Dealer management fees [Member] | Additional Paid-in Capital [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, expenses from transactions with related party	17,826,407	6,259,112	1,172,342
Related party transaction, payments to (proceeds from) related party	17,826,407	6,259,112	1,172,342
Due from Advisor [Member] | Additional Paid-in Capital [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, payments to (proceeds from) related party	$0	$0	($53,353)

Related_Party_Arrangements_Org

Related Party Arrangements - Organization and Offering Costs (Details) (USD $)	12 Months Ended			56 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013
Related Party Transactions [Line Items]	'	'	'	'
Organization and offering costs threshold, percentage of gross proceeds of public offering	'	15.00%	'	'
Proceeds from issuance of common stock	$485,786,997	$179,849,886	$33,244,982	$729,992,516
Organization and offering costs, percentage of offering proceeds	'	'	'	100.00%
Underwriting compensation threshold, percentage of gross proceeds of public offering	10.00%	'	'	'
Steadfast Income Advisors, LLC [Member]	'	'	'	'
Related Party Transactions [Line Items]	'	'	'	'
Related party transaction, expenses from transactions with related party	110,759,945	45,568,053	7,782,347	'
Related party transaction, payments to (proceeds from) related party	104,909,703	43,482,322	6,778,192	'
Related party transaction, due from (to) related party	9,322,038	3,471,796	'	9,322,038
Organization and Offering Costs [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'	'
Related Party Transactions [Line Items]	'	'	'	'
Organization and offering costs, percentage of offering proceeds	'	'	'	15.00%
Organization and offering, cost	'	'	'	109,498,877
Organization and offering, cost paid or recognized	'	'	'	93,644,487
Organization and offering costs, percentage of offering proceeds paid or recognized	'	'	'	12.83%
Related party transaction, payments to (proceeds from) related party	'	'	'	95,946,206
Organization and Offering Costs [Member] | Sales Commissions Paid [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'	'
Related Party Transactions [Line Items]	'	'	'	'
Organization and offering, cost paid or recognized	'	'	'	44,413,086
Organization and offering costs, percentage of offering proceeds paid or recognized	'	'	'	6.08%
Organization and Offering Costs [Member] | Broker Dealer Fees [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'	'
Related Party Transactions [Line Items]	'	'	'	'
Organization and offering, cost paid or recognized	'	'	'	25,428,455
Organization and offering costs, percentage of offering proceeds paid or recognized	'	'	'	3.48%
Organization and Offering Costs [Member] | Public Offering Costs Reimbursements [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'	'
Related Party Transactions [Line Items]	'	'	'	'
Organization and offering, cost paid or recognized	'	'	'	20,596,961
Organization and offering costs, percentage of offering proceeds paid or recognized	'	'	'	2.82%
Organization and Offering Costs [Member] | Public Offering Costs Reimbursements, Acrrual [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'	'
Related Party Transactions [Line Items]	'	'	'	'
Organization and offering, cost paid or recognized	'	'	'	3,105,247
Organization and offering costs, percentage of offering proceeds paid or recognized	'	'	'	0.43%
Organization and Offering Costs [Member] | Organizational Costs Reimbursements [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'	'
Related Party Transactions [Line Items]	'	'	'	'
Organization and offering, cost paid or recognized	'	'	'	100,738
Organization and offering costs, percentage of offering proceeds paid or recognized	'	'	'	0.01%
Organization and Offering Costs [Member] | Organizational expenses [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'	'
Related Party Transactions [Line Items]	'	'	'	'
Related party transaction, payments to (proceeds from) related party	'	'	'	100,738
Organization and Offering Costs [Member] | Public offering costs [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'	'
Related Party Transactions [Line Items]	'	'	'	'
Related party transaction, payments to (proceeds from) related party	60,861,080	26,987,107	5,048,608	93,543,749
Organization and Offering Costs [Member] | Public offering costs [Member] | Crossroads [Member]	'	'	'	'
Related Party Transactions [Line Items]	'	'	'	'
Organization and offering, cost	3,203,872	1,458,000	851,000	'
Organization and Offering Costs [Member] | Private offering costs [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'	'
Related Party Transactions [Line Items]	'	'	'	'
Organization and offering, cost	'	'	'	2,301,719
Related party transaction, payments to (proceeds from) related party	'	'	'	2,301,719
Organizational expenses [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'	'
Related Party Transactions [Line Items]	'	'	'	'
Organization and offering, cost	0	0	'	'
Private offering costs [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'	'
Related Party Transactions [Line Items]	'	'	'	'
Related party transaction, payments to (proceeds from) related party	1,425,070	'	'	'
Other offering costs reimbursement [Member] | Additional Paid-in Capital [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'	'
Related Party Transactions [Line Items]	'	'	'	'
Related party transaction, expenses from transactions with related party	13,271,892	9,820,681	1,849,905	'
Related party transaction, payments to (proceeds from) related party	10,279,559	9,799,471	1,765,418	'
Related party transaction, due from (to) related party	$3,105,246	$112,913	'	$3,105,246

Related_Party_Arrangements_Inv

Related Party Arrangements - Investment Management Fee (Details) (Steadfast Income Advisors, LLC [Member], USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
		Investment management fees [Member]	Investment management fees [Member]
Related Party Transactions [Line Items]	'	'	'
Investment management fee, percentage of real properties or related assets acquired	0.07%	'	'
Related party transaction, deferred cost	'	$4,351,578	$1,750,731

Related_Party_Arrangements_Acq

Related Party Arrangements - Acquisition Fees and Expenses (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Related Party Transactions [Line Items]	'	'	'
Due to affiliates	$9,322,038	$3,471,796	'
Business combination, acquisition related costs	8,169,451	3,275,349	881,145
Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Acquisition fee, percentage of purchase price of real property or related asset	2.00%	'	'
Related party transaction, expenses from transactions with related party	110,759,945	45,568,053	7,782,347
Related party transaction, payments to (proceeds from) related party	104,909,703	43,482,322	6,778,192
Due to affiliates	7,676	'	'
Acquisition fees and expenses, maximum, percentage of contract purchase price	6.00%	'	'
Acquisition fees [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, deferred cost	648,422	648,422	'
Acquisition expenses [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Business combination, acquisition related costs	3,735,590	'	'
Expensed [Member] | Acquisition fees [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, expenses from transactions with related party	19,148,107	10,131,220	1,060,073
Related party transaction, payments to (proceeds from) related party	19,436,769	9,876,075	735,771
Due to affiliates	0	288,662	'
Expensed [Member] | Acquisition expenses [Member] | Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, expenses from transactions with related party	4,433,861	1,033,301	371,104
Related party transaction, payments to (proceeds from) related party	4,577,909	997,180	294,732
Acquisition fees and expenses	$4,433,861	'	'

Related_Party_Arrangements_Pro

Related Party Arrangements - Property Management Fees and Expenses (Details) (Steadfast Management Company [Member], USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Related Party Transactions [Line Items]	'	'	'
Property management agreement, term	'1 year	'	'
Property management agreement, notice of termination option	'60 days	'	'
Minimum [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Property management fee, percent fee	2.50%	'	'
Maximum [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Property management fee, percent fee	3.50%	'	'
Expensed [Member] | Property management, fees [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Property management fees, or property management, labor and related expense	$3,226,878	$960,968	$199,966
Related party transaction, payments to (proceeds from) related party	2,960,930	834,537	182,778
Related party transaction, due from (to) related party	416,581	150,633	'
Expensed [Member] | Property management, other fees [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Property management fees, or property management, labor and related expense	929,359	147,504	0
Related party transaction, payments to (proceeds from) related party	899,579	132,064	0
Related party transaction, due from (to) related party	45,220	15,440	'
Expensed [Member] | Property management, reimbursement of onsite personnel [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Property management fees, or property management, labor and related expense	9,343,021	3,004,041	654,544
Related party transaction, payments to (proceeds from) related party	8,976,013	2,848,511	608,231
Related party transaction, due from (to) related party	$568,851	$201,843	'

Related_Party_Arrangements_Con

Related Party Arrangements - Construction Management Fees (Details) (Steadfast Income Advisors, LLC [Member], USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Related Party Transactions [Line Items]	'	'	'
Related party transaction, expenses from transactions with related party	$110,759,945	$45,568,053	$7,782,347
Related party transaction, payments to (proceeds from) related party	104,909,703	43,482,322	6,778,192
Construction Management Fee [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Construction management agreement, termination notification period	'30 days	'	'
Construction Management Fee [Member] | Additional Paid-in Capital [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, expenses from transactions with related party	421,776	0	0
Related party transaction, payments to (proceeds from) related party	$421,776	$0	$0
Construction Management Fee [Member] | Minimum [Member] | Additional Paid-in Capital [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Construction management fee, percent fee	8.00%	'	'
Construction Management Fee [Member] | Maximum [Member] | Additional Paid-in Capital [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Construction management fee, percent fee	12.00%	'	'

Related_Party_Arrangements_Oth

Related Party Arrangements - Other Operating Expense Reimbursement (Details) (USD $)

12 Months Ended

56 Months Ended

12 Months Ended

56 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Steadfast Income Advisors, LLC [Member]

Steadfast Income Advisors, LLC [Member]

Steadfast Income Advisors, LLC [Member]

Overhead expense [Member]

Overhead expense [Member]

General and administrative expense [Member]

General and administrative expense [Member]

General and administrative expense [Member]

Expensed [Member]

Expensed [Member]

Expensed [Member]

Expensed [Member]

Expensed [Member]

Expensed [Member]

Steadfast Income Advisors, LLC [Member]

Steadfast Income Advisors, LLC [Member]

Steadfast Income Advisors, LLC [Member]

Steadfast Income Advisors, LLC [Member]

Steadfast Income Advisors, LLC [Member]

Operating Expense [Member]

Operating Expense [Member]

Operating Expense [Member]

Overhead expense [Member]

Overhead expense [Member]

General and administrative expense [Member]

Steadfast Income Advisors, LLC [Member]

Steadfast Income Advisors, LLC [Member]

Steadfast Income Advisors, LLC [Member]

Steadfast Income Advisors, LLC [Member]

Steadfast Income Advisors, LLC [Member]

Steadfast Income Advisors, LLC [Member]

Related Party Transactions [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other operating expense reimbursement, percentage of average invested assets, threshold

2.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other operating expense reimbursement, percentage of net income, threshold

25.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related party transaction, expenses from transactions with related party

'

'

'

$110,759,945

$45,568,053

$7,782,347

'

'

'

'

'

$3,561,399

$1,427,993

$1,975,549

$3,561,399

$930,187

'

General and administrative expenses

6,857,240

3,085,470

782,665

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Operating expenses incurred by related party

'

'

'

$2,571,910

'

'

$852,442

$1,448,803

$0

$0

$1,123,107

'

'

'

'

'

$1,123,107

Related Party Transaction, Reimbursement Percentage, Operating Expenses to Average Invested Assets

0.40%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related Party Transaction, Reimbursement Percentage, Operating Expenses to Net Income (Loss)

-6.40%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related_Party_Arrangements_Dis

Related Party Arrangements - Disposition Fee (Details) (Steadfast Income Advisors, LLC [Member], USD $)	12 Months Ended		0 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Nov. 27, 2013
			Park Place Property [Member]
Related Party Transactions [Line Items]	'	'	'
Real estate sale, disposition fee, percentage of sales price	1.50%	'	'
Disposition fee, maximum, brokerage commission paid, threshold, percent	'	50.00%	'
Disposition fee, maximum, percentage of sales price	3.00%	'	'
Acquisition fees and expenses, maximum, percentage of contract purchase price	6.00%	'	'
Proceeds from sale of productive assets	'	'	$75,000

Related_Party_Arrangements_Sel

Related Party Arrangements - Selling Commissions and Dealer Manager Fees (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Steadfast Capital Markets Group, LLC [Member] | Maximum [Member] | Additional Paid-in Capital [Member] | Sales Commissions Paid [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Commissions on sales of common stock, percent	6.50%	'	'
Steadfast Capital Markets Group, LLC [Member] | Maximum [Member] | Additional Paid-in Capital [Member] | Dealer management fees [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Dealer manager fee, percent	3.50%	'	'
Steadfast Income Advisors, LLC [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, payments to (proceeds from) related party	$104,909,703	$43,482,322	$6,778,192
Steadfast Income Advisors, LLC [Member] | Additional Paid-in Capital [Member] | Sales Commissions Paid [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, payments to (proceeds from) related party	31,187,852	10,895,367	2,026,361
Steadfast Income Advisors, LLC [Member] | Additional Paid-in Capital [Member] | Dealer management fees [Member]	'	'	'
Related Party Transactions [Line Items]	'	'	'
Related party transaction, payments to (proceeds from) related party	$17,826,407	$6,259,112	$1,172,342

Incentive_Award_Plan_and_Indep1

Incentive Award Plan and Independent Director Compensation (Details) (USD $)

0 Months Ended

12 Months Ended

56 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

48 Months Ended

0 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

Oct. 02, 2012

Oct. 24, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Aug. 11, 2011

Apr. 15, 2010

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Oct. 24, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2013

Nov. 15, 2012

Dec. 31, 2013

Jul. 09, 2010

Dec. 31, 2010

Dec. 31, 2013

Aug. 09, 2013

Oct. 02, 2012

Oct. 24, 2011

Apr. 15, 2010

Dec. 31, 2013

Aug. 08, 2012

Aug. 11, 2011

Dec. 31, 2013

members

members

members

members

members

Director [Member]

Director [Member]

Director [Member]

Director [Member]

Director [Member]

Director [Member]

Director [Member]

Director [Member]

Director [Member]

President [Member]

President [Member]

Private Placement [Member]

Private Placement [Member]

Incentive Award Plan [Member]

Initial Election [Member]

Initial Election [Member]

Initial Election [Member]

Initial Election [Member]

Initial Election [Member]

Re-Election [Member]

Re-Election [Member]

Re-Election [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Director [Member]

Director [Member]

Director [Member]

Director [Member]

Director [Member]

Incentive Award Plan [Member]

Director [Member]

Director [Member]

Director [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Director [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Restricted common stock, grants in period, upon initial meeting

'

'

'

'

'

'

'

'

'

'

'

'

10,000

17,500

12,500

15,000

55,000

'

'

'

'

'

2,500

5,000

5,000

5,000

5,000

2,500

2,500

2,500

Proceeds from issuance of common stock

'

'

$485,786,997

$179,849,886

$33,244,982

$729,992,516

'

'

'

'

'

'

'

'

'

'

'

'

'

$5,844,325

$2,000,000

'

'

'

'

'

'

'

'

'

Restricted stock vesting percentage

'

'

'

'

'

'

'

'

'

'

'

'

25.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Restricted common stock, award vesting period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years 0 months

'

'

'

'

'

'

'

'

Number of board of directors members

'

'

'

'

1

'

3

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of independent board of director members who resigned

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unvested restricted common stock forfeited, shares

'

'

'

'

'

'

'

'

'

'

'

4,375

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of new independent board of director members

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock for services, percentage

'

'

'

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based compensation

'

'

105,210

94,425

94,667

'

'

'

105,210

94,425

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock purchase plan, grants in period, amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,530

'

'

'

'

'

'

'

'

'

'

'

'

Stock purchase plan, grants in period, shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

600

'

'

'

'

'

'

'

'

'

'

'

'

Stock purchase plan, price per share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$9.22

'

'

'

'

'

'

'

'

'

'

'

'

Stock Purchase Plan, Exercises in Period, Shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,400

'

'

'

'

'

'

'

'

'

'

'

Stock Purchase Plan, Exercises in Period, Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$22,118

'

'

'

'

'

'

'

'

'

'

'

Derivative_Financial_Instrumen2

Derivative Financial Instruments (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Derivative [Line Items]	'	'	'
Unrealized loss on derivatives	$448,984	$162,761	$0
Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, number of instruments held	21	'	'
Derivative, notional amount	'	483,278,000	'
Interest rate derivative assets, at fair value	5,462,561	133,109	'
Unrealized loss on derivatives	448,984	162,761	0
Windsor on the River Property [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	23,500,000	'	'
Derivative, variable interest rate	0.06%	'	'
Interest rate derivative assets, at fair value	121,310	113,481	'
Windsor on the River Property [Member] | January 31, 2017 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	3.00%	'	'
Windsor on the River Property [Member] | January 31, 2019 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	5.00%	'	'
Ashley Oaks Property [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	21,712,000	'	'
Derivative, variable interest rate	0.17%	'	'
Derivative, fixed interest rate	5.00%	'	'
Interest rate derivative assets, at fair value	19,729	19,628	'
The Trails at Buda Ranch [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	17,030,000	'	'
Derivative, variable interest rate	0.17%	'	'
Derivative, fixed interest rate	2.00%	'	'
Interest rate derivative assets, at fair value	335,483	0	'
Deer Valley Luxury Apartments [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	20,875,000	'	'
Derivative, variable interest rate	0.17%	'	'
Derivative, fixed interest rate	2.00%	'	'
Interest rate derivative assets, at fair value	439,064	0	'
Grayson Ridge [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	10,725,000	'	'
Derivative, variable interest rate	0.17%	'	'
Derivative, fixed interest rate	2.00%	'	'
Interest rate derivative assets, at fair value	115,262	0	'
Rosemont at Olmos Park [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	15,100,000	'	'
Derivative, variable interest rate	0.17%	'	'
Derivative, fixed interest rate	2.00%	'	'
Interest rate derivative assets, at fair value	164,538	0	'
Meritage at Steiner Ranch [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	55,500,000	'	'
Derivative, variable interest rate	0.17%	'	'
Derivative, fixed interest rate	2.00%	'	'
Interest rate derivative assets, at fair value	715,411	0	'
Tapestry Park Apartments [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	23,100,000	'	'
Derivative, variable interest rate	0.17%	'	'
Derivative, fixed interest rate	3.56%	'	'
Interest rate derivative assets, at fair value	154,735	0	'
Stuart Hall Lofts [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	12,407,000	'	'
Derivative, variable interest rate	0.17%	'	'
Derivative, fixed interest rate	3.50%	'	'
Interest rate derivative assets, at fair value	62,083	0	'
Brice Grove Park Apartments [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	14,985,000	'	'
Derivative, variable interest rate	0.17%	'	'
Derivative, fixed interest rate	3.42%	'	'
Interest rate derivative assets, at fair value	110,612	0	'
Landing at Mansfield [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	22,750,000	'	'
Derivative, variable interest rate	0.17%	'	'
Derivative, fixed interest rate	2.50%	'	'
Interest rate derivative assets, at fair value	251,548	0	'
The Heights Apartments [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	29,014,000	'	'
Derivative, variable interest rate	0.17%	'	'
Derivative, fixed interest rate	2.50%	'	'
Interest rate derivative assets, at fair value	312,618	0	'
Villas at Huffmeister [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	25,963,000	'	'
Derivative, variable interest rate	0.17%	'	'
Derivative, fixed interest rate	2.50%	'	'
Interest rate derivative assets, at fair value	303,798	0	'
Villas of Kingwood [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	28,105,000	'	'
Derivative, variable interest rate	0.17%	'	'
Derivative, fixed interest rate	2.50%	'	'
Interest rate derivative assets, at fair value	328,862	0	'
Waterford Place at Riata Ranch [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	16,340,000	'	'
Derivative, variable interest rate	0.17%	'	'
Derivative, fixed interest rate	2.50%	'	'
Interest rate derivative assets, at fair value	191,198	0	'
Carrington Place [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	22,376,000	'	'
Derivative, variable interest rate	0.17%	'	'
Interest rate derivative assets, at fair value	302,878	0	'
Carrington Place [Member] | November 30, 2014 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	2.00%	'	'
Carrington Place [Member] | November 30, 2015 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	2.50%	'	'
Carrington Place [Member] | November 30, 2016 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	3.25%	'	'
Carrington Place [Member] | December 1, 2018 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	4.10%	'	'
Carrington at Champion Forest [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	22,959,000	'	'
Derivative, variable interest rate	0.17%	'	'
Interest rate derivative assets, at fair value	310,770	0	'
Carrington at Champion Forest [Member] | November 30, 2014 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	2.00%	'	'
Carrington at Champion Forest [Member] | November 30, 2015 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	2.50%	'	'
Carrington at Champion Forest [Member] | November 30, 2016 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	3.25%	'	'
Carrington at Champion Forest [Member] | December 1, 2018 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	4.10%	'	'
Carrington Park [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	17,717,000	'	'
Derivative, variable interest rate	0.17%	'	'
Interest rate derivative assets, at fair value	239,815	0	'
Carrington Park [Member] | November 30, 2014 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	2.00%	'	'
Carrington Park [Member] | November 30, 2015 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	2.50%	'	'
Carrington Park [Member] | November 30, 2016 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	3.25%	'	'
Carrington Park [Member] | December 1, 2018 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	4.10%	'	'
Willow Crossing [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	43,500,000	'	'
Derivative, variable interest rate	0.17%	'	'
Interest rate derivative assets, at fair value	448,006	0	'
Willow Crossing [Member] | November 30, 2014 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	2.00%	'	'
Willow Crossing [Member] | November 30, 2015 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	2.50%	'	'
Willow Crossing [Member] | November 30, 2016 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	3.25%	'	'
Willow Crossing [Member] | December 1, 2018 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	4.65%	'	'
Audubon Park [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	11,760,000	'	'
Derivative, variable interest rate	0.17%	'	'
Interest rate derivative assets, at fair value	184,362	0	'
Audubon Park [Member] | December 31, 2014 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	2.00%	'	'
Audubon Park [Member] | December 31, 2015 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	2.75%	'	'
Audubon Park [Member] | December 31, 2016 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	3.50%	'	'
Audubon Park [Member] | December 31, 2017 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	4.25%	'	'
Audubon Park [Member] | January 1, 2019 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	4.75%	'	'
Mallard Crossing [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, notional amount	27,860,000	'	'
Derivative, variable interest rate	0.17%	'	'
Interest rate derivative assets, at fair value	$350,479	$0	'
Mallard Crossing [Member] | December 31, 2014 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	2.00%	'	'
Mallard Crossing [Member] | December 31, 2015 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	2.50%	'	'
Mallard Crossing [Member] | December 31, 2016 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	3.00%	'	'
Mallard Crossing [Member] | January 1, 2018 [Member] | Interest Rate Cap [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative, fixed interest rate	3.40%	'	'

Pro_Forma_Information_unaudite2

Pro Forma Information (unaudited) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
	properties
Business Combinations [Abstract]	'	'
Number of properties acquired	33	'
Revenues contributed	$37,248,646	'
Contributed net loss	14,880,907	'
Contributed depreciation and amortization	22,666,159	'
Revenues	184,841,590	183,817,788
Net loss	$3,046,108	($56,799,212)
Basic and diluted net loss per common share (in dollars per share)	$0.04	($0.77)
Weighted-average number of common shares outstanding, basic and diluted	74,153,580	74,153,580

Quarterly_Results_Quarterly_Re1

Quarterly Results Quarterly Results (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Quarterly Financial Information Disclosure [Abstract]	'	'	'	'	'	'	'	'	'	'	'
Revenues	$39,378,465	$28,761,843	$22,370,453	$18,590,756	$12,121,928	$8,617,549	$5,954,635	$3,892,820	$109,101,517	$30,586,932	$5,710,173
Net loss	($24,834,737)	($14,707,104)	($7,746,115)	($8,591,901)	($9,423,671)	($4,963,149)	($4,899,516)	($3,273,591)	($55,879,857)	($22,559,927)	($4,049,010)
Net loss per common share b basic and diluted (in dollars per share)	($0.42)	($0.34)	($0.24)	($0.34)	($0.46)	($0.36)	($0.57)	($0.56)	($1.39)	($1.84)	($1.72)
Distributions declared per common share (in dollars per share)	$0.18	$0.18	$0.18	$0.18	$0.18	$0.18	$0.17	$0.17	$0.72	$0.71	'

Subsequent_Events_Details

Subsequent Events (Details) (USD $)

12 Months Ended

41 Months Ended

1 Months Ended

3 Months Ended

0 Months Ended

1 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Oct. 31, 2013

Jan. 03, 2014

Mar. 21, 2014

Mar. 02, 2014

Feb. 02, 2014

Jan. 02, 2014

Feb. 28, 2014

Jan. 31, 2014

Dec. 31, 2013

Distribution Reinvestment Plan [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Distribution Reinvestment Plan [Member]

Dividend Paid [Member]

Dividend Paid [Member]

Dividend Paid [Member]

Dividend Paid [Member]

Dividend Paid [Member]

Dividend Paid [Member]

Subsequent Event [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Distributions paid, common stock, including distribution reinvestment plan

$25,930,708

$7,547,354

'

'

'

'

'

$4,098,020

$4,526,544

$4,058,452

'

'

'

Payments of ordinary dividends, common stock

14,302,663

4,375,205

887,472

'

'

'

'

'

'

'

2,069,864

2,294,079

2,094,882

Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan

11,628,045

3,172,149

562,347

'

'

'

'

'

'

'

2,028,156

2,232,465

1,963,570

Redemption of common stock, shares

129,239

'

'

'

48,460

'

'

'

'

'

'

'

'

Stock repurchase plan, stock redeemed, value

1,246,300

418,147

'

'

464,161

'

'

'

'

'

'

'

'

Stock repurchase plan, stock redeemed, value per share

'

'

'

'

$9.58

'

'

'

'

'

'

'

'

Stock issued during period, shares, dividend reinvestment plan

'

'

'

1,588,289

'

'

438,161

'

'

'

'

'

'

Common stock, shares authorized, distribution reinvestment plan, shares

'

'

'

'

'

12,000,000

'

'

'

'

'

'

'

Stock issued during period, value, dividend reinvestment plan

'

'

'

'

'

'

$4,263,304

'

'

'

'

'

'

Subsequent_Events_Acquisition_

Subsequent Events - Acquisition (Details) (USD $)	12 Months Ended				0 Months Ended
	Dec. 31, 2013	Dec. 31, 2013	Mar. 05, 2014	Sep. 20, 2012	Mar. 05, 2014
	apartments	Sycamore Terrace Property [Member]	Sycamore Terrace Property [Member]	Sycamore Terrace Property [Member]	Subsequent Event [Member]
			apartments	units	Multifamily Residential Community [Member]
					Watermark at Sycamore Terrace Phase II [Member]
					units
Business Acquisition [Line Items]	'	'	'	'	'
Number of units in real estate property (in number of units or apartments)	15,859	'	178	178	72
Total purchase price	$1,516,653,000	$16,500,000	'	'	$6,674,157

SCHEDULE_III_Real_Estate_Asset1

SCHEDULE III b Real Estate Assets and Accumulated Depreciation (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Mortgage notes payable, net	$987,329,800	$408,802,388	'	'
Initial mortgage debt	987,329,800	'	'	'
Encumbrances	'	'	'	987,329,800
Initial Costs to Company	'	'	'	'
Land	164,296,122	'	'	'
Buildings And Improvements	1,360,732,630	'	'	'
Total	1,525,028,752	'	'	'
Costs Capitalized Subsequent to Acquisition	12,551,947	'	'	'
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	164,206,122	'	'	'
Buildings and Improvements	1,355,677,356	'	'	'
Total	1,519,883,478	578,045,449	69,866,681	'
Accumulated Depreciation And Amortization	-48,920,319	'	'	'
Loan premiums on assumed debt and below-market lease intangible liabilities	'	5,900,000	'	'
Real estate, federal income tax basis	'	1,520,000,000	'	'
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	578,045,449	69,866,681	17,552,324	'
Acquisitions	950,409,834	505,158,918	51,910,000	'
Improvements	9,125,416	3,019,850	406,886	'
Cost of real estate sold	-90,000	0	0	'
Write-off of fully depreciated and fully amortized assets	-17,607,221	0	-2,529	'
Balance at the end of the year	1,519,883,478	578,045,449	69,866,681	'
Accumulated Depreciation [Roll Forward]	'	'	'	'
Balance at the beginning of the year	18,073,362	3,115,505	540,572	'
Depreciation expense	48,454,178	14,957,857	2,577,462	'
Write-off of fully depreciated and fully amortized assets	-17,607,221	0	-2,529	'
Balance at the end of the year	48,920,319	18,073,362	3,115,505	'
Lincoln Tower Apartments-Springfield [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	8,434,054
Initial Costs to Company	'	'	'	'
Land	258,600	'	'	258,600
Buildings And Improvements	9,241,400	'	'	9,241,400
Total	9,500,000	'	'	9,500,000
Costs Capitalized Subsequent to Acquisition	544,269	'	'	544,269
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	258,600	'	'	258,600
Buildings and Improvements	9,367,777	'	'	9,367,777
Total	9,626,377	'	'	9,626,377
Accumulated Depreciation And Amortization	-1,392,164	'	'	-1,392,164
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	9,626,377
Balance at the end of the year	9,626,377	'	'	9,626,377
Park Place Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	4,938,136
Initial Costs to Company	'	'	'	'
Land	500,000	'	'	500,000
Buildings And Improvements	7,823,400	'	'	7,823,400
Total	8,323,400	'	'	8,323,400
Costs Capitalized Subsequent to Acquisition	784,773	'	'	784,773
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	410,000	'	'	410,000
Buildings and Improvements	7,883,793	'	'	7,883,793
Total	8,293,793	'	'	8,293,793
Accumulated Depreciation And Amortization	-997,529	'	'	-997,529
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	8,293,793
Balance at the end of the year	8,293,793	'	'	8,293,793
Arbor Pointe Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	5,006,199
Initial Costs to Company	'	'	'	'
Land	886,124	'	'	886,124
Buildings And Improvements	5,613,876	'	'	5,613,876
Total	6,500,000	'	'	6,500,000
Costs Capitalized Subsequent to Acquisition	441,593	'	'	441,593
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	886,124	'	'	886,124
Buildings and Improvements	5,877,782	'	'	5,877,782
Total	6,763,906	'	'	6,763,906
Accumulated Depreciation And Amortization	-662,871	'	'	-662,871
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	6,763,906
Balance at the end of the year	6,763,906	'	'	6,763,906
Clarion Park Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	8,632,301
Initial Costs to Company	'	'	'	'
Land	1,470,991	'	'	1,470,991
Buildings And Improvements	9,744,009	'	'	9,744,009
Total	11,215,000	'	'	11,215,000
Costs Capitalized Subsequent to Acquisition	314,422	'	'	314,422
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	1,470,991	'	'	1,470,991
Buildings and Improvements	9,776,516	'	'	9,776,516
Total	11,247,507	'	'	11,247,507
Accumulated Depreciation And Amortization	-988,166	'	'	-988,166
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	11,247,507
Balance at the end of the year	11,247,507	'	'	11,247,507
Cooper Creek Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	6,624,725
Initial Costs to Company	'	'	'	'
Land	593,610	'	'	593,610
Buildings And Improvements	9,826,390	'	'	9,826,390
Total	10,420,000	'	'	10,420,000
Costs Capitalized Subsequent to Acquisition	244,622	'	'	244,622
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	593,610	'	'	593,610
Buildings and Improvements	9,886,802	'	'	9,886,802
Total	10,480,412	'	'	10,480,412
Accumulated Depreciation And Amortization	-925,016	'	'	-925,016
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	10,480,412
Balance at the end of the year	10,480,412	'	'	10,480,412
Truman Farm Villas Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	3,899,807
Initial Costs to Company	'	'	'	'
Land	842,987	'	'	842,987
Buildings And Improvements	8,257,013	'	'	8,257,013
Total	9,100,000	'	'	9,100,000
Costs Capitalized Subsequent to Acquisition	552,339	'	'	552,339
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	842,987	'	'	842,987
Buildings and Improvements	8,568,723	'	'	8,568,723
Total	9,411,710	'	'	9,411,710
Accumulated Depreciation And Amortization	-748,062	'	'	-748,062
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	9,411,710
Balance at the end of the year	9,411,710	'	'	9,411,710
Prairie Walk Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	5,818,457
Initial Costs to Company	'	'	'	'
Land	635,887	'	'	635,887
Buildings And Improvements	5,464,113	'	'	5,464,113
Total	6,100,000	'	'	6,100,000
Costs Capitalized Subsequent to Acquisition	341,100	'	'	341,100
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	635,887	'	'	635,887
Buildings and Improvements	5,590,296	'	'	5,590,296
Total	6,226,183	'	'	6,226,183
Accumulated Depreciation And Amortization	-488,769	'	'	-488,769
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	6,226,183
Balance at the end of the year	6,226,183	'	'	6,226,183
EBT Lofts Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	5,499,432
Initial Costs to Company	'	'	'	'
Land	460,362	'	'	460,362
Buildings And Improvements	8,114,638	'	'	8,114,638
Total	8,575,000	'	'	8,575,000
Costs Capitalized Subsequent to Acquisition	68,226	'	'	68,226
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	460,362	'	'	460,362
Buildings and Improvements	7,840,546	'	'	7,840,546
Total	8,300,908	'	'	8,300,908
Accumulated Depreciation And Amortization	-612,599	'	'	-612,599
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	8,300,908
Balance at the end of the year	8,300,908	'	'	8,300,908
Windsor on the River Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	23,500,000
Initial Costs to Company	'	'	'	'
Land	3,381,946	'	'	3,381,946
Buildings And Improvements	29,618,054	'	'	29,618,054
Total	33,000,000	'	'	33,000,000
Costs Capitalized Subsequent to Acquisition	452,621	'	'	452,621
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	3,381,946	'	'	3,381,946
Buildings and Improvements	28,877,746	'	'	28,877,746
Total	32,259,692	'	'	32,259,692
Accumulated Depreciation And Amortization	-2,194,169	'	'	-2,194,169
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	32,259,692
Balance at the end of the year	32,259,692	'	'	32,259,692
Renaissance Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	9,084,000
Initial Costs to Company	'	'	'	'
Land	838,685	'	'	838,685
Buildings And Improvements	11,661,315	'	'	11,661,315
Total	12,500,000	'	'	12,500,000
Costs Capitalized Subsequent to Acquisition	381,167	'	'	381,167
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	838,685	'	'	838,685
Buildings and Improvements	11,800,078	'	'	11,800,078
Total	12,638,763	'	'	12,638,763
Accumulated Depreciation And Amortization	-903,226	'	'	-903,226
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	12,638,763
Balance at the end of the year	12,638,763	'	'	12,638,763
Spring Creek Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	13,912,669
Initial Costs to Company	'	'	'	'
Land	2,346,503	'	'	2,346,503
Buildings And Improvements	17,602,343	'	'	17,602,343
Total	19,948,846	'	'	19,948,846
Costs Capitalized Subsequent to Acquisition	274,144	'	'	274,144
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	2,346,503	'	'	2,346,503
Buildings and Improvements	17,471,095	'	'	17,471,095
Total	19,817,598	'	'	19,817,598
Accumulated Depreciation And Amortization	-1,305,967	'	'	-1,305,967
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	19,817,598
Balance at the end of the year	19,817,598	'	'	19,817,598
Montclair Parc Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	24,305,671
Initial Costs to Company	'	'	'	'
Land	3,325,556	'	'	3,325,556
Buildings And Improvements	32,424,444	'	'	32,424,444
Total	35,750,000	'	'	35,750,000
Costs Capitalized Subsequent to Acquisition	382,596	'	'	382,596
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	3,325,556	'	'	3,325,556
Buildings and Improvements	31,621,445	'	'	31,621,445
Total	34,947,001	'	'	34,947,001
Accumulated Depreciation And Amortization	-2,040,925	'	'	-2,040,925
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	34,947,001
Balance at the end of the year	34,947,001	'	'	34,947,001
Sonoma Grande Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	22,540,000
Initial Costs to Company	'	'	'	'
Land	2,737,794	'	'	2,737,794
Buildings And Improvements	29,462,206	'	'	29,462,206
Total	32,200,000	'	'	32,200,000
Costs Capitalized Subsequent to Acquisition	166,647	'	'	166,647
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	2,737,794	'	'	2,737,794
Buildings and Improvements	29,079,240	'	'	29,079,240
Total	31,817,034	'	'	31,817,034
Accumulated Depreciation And Amortization	-1,877,743	'	'	-1,877,743
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	31,817,034
Balance at the end of the year	31,817,034	'	'	31,817,034
Estancia Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	21,844,621
Initial Costs to Company	'	'	'	'
Land	2,544,634	'	'	2,544,634
Buildings And Improvements	27,240,628	'	'	27,240,628
Total	29,785,262	'	'	29,785,262
Costs Capitalized Subsequent to Acquisition	200,582	'	'	200,582
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	2,544,634	'	'	2,544,634
Buildings and Improvements	26,919,646	'	'	26,919,646
Total	29,464,280	'	'	29,464,280
Accumulated Depreciation And Amortization	-1,611,457	'	'	-1,611,457
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	29,464,280
Balance at the end of the year	29,464,280	'	'	29,464,280
Montelena Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	12,614,683
Initial Costs to Company	'	'	'	'
Land	1,860,351	'	'	1,860,351
Buildings And Improvements	17,375,907	'	'	17,375,907
Total	19,236,258	'	'	19,236,258
Costs Capitalized Subsequent to Acquisition	410,185	'	'	410,185
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	1,860,351	'	'	1,860,351
Buildings and Improvements	17,330,932	'	'	17,330,932
Total	19,191,283	'	'	19,191,283
Accumulated Depreciation And Amortization	-991,542	'	'	-991,542
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	19,191,283
Balance at the end of the year	19,191,283	'	'	19,191,283
Valley Farms Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	10,244,494
Initial Costs to Company	'	'	'	'
Land	724,771	'	'	724,771
Buildings And Improvements	14,375,229	'	'	14,375,229
Total	15,100,000	'	'	15,100,000
Costs Capitalized Subsequent to Acquisition	131,885	'	'	131,885
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	724,771	'	'	724,771
Buildings and Improvements	14,246,525	'	'	14,246,525
Total	14,971,296	'	'	14,971,296
Accumulated Depreciation And Amortization	-739,347	'	'	-739,347
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	14,971,296
Balance at the end of the year	14,971,296	'	'	14,971,296
Hilliard Park Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	13,818,616
Initial Costs to Company	'	'	'	'
Land	1,413,437	'	'	1,413,437
Buildings And Improvements	18,484,692	'	'	18,484,692
Total	19,898,129	'	'	19,898,129
Costs Capitalized Subsequent to Acquisition	224,574	'	'	224,574
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	1,413,437	'	'	1,413,437
Buildings and Improvements	18,303,945	'	'	18,303,945
Total	19,717,382	'	'	19,717,382
Accumulated Depreciation And Amortization	-906,456	'	'	-906,456
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	19,717,382
Balance at the end of the year	19,717,382	'	'	19,717,382
Sycamore Terrace Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	0
Initial Costs to Company	'	'	'	'
Land	939,537	'	'	939,537
Buildings And Improvements	15,560,463	'	'	15,560,463
Total	16,500,000	'	'	16,500,000
Costs Capitalized Subsequent to Acquisition	62,019	'	'	62,019
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	939,537	'	'	939,537
Buildings and Improvements	15,278,467	'	'	15,278,467
Total	16,218,004	'	'	16,218,004
Accumulated Depreciation And Amortization	-800,236	'	'	-800,236
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	16,218,004
Balance at the end of the year	16,218,004	'	'	16,218,004
Hilliard Summit Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	16,749,262
Initial Costs to Company	'	'	'	'
Land	1,536,795	'	'	1,536,795
Buildings And Improvements	22,639,028	'	'	22,639,028
Total	24,175,823	'	'	24,175,823
Costs Capitalized Subsequent to Acquisition	52,484	'	'	52,484
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	1,536,795	'	'	1,536,795
Buildings and Improvements	22,242,860	'	'	22,242,860
Total	23,779,655	'	'	23,779,655
Accumulated Depreciation And Amortization	-1,081,388	'	'	-1,081,388
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	23,779,655
Balance at the end of the year	23,779,655	'	'	23,779,655
Springmarc Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	15,446,452
Initial Costs to Company	'	'	'	'
Land	1,917,909	'	'	1,917,909
Buildings And Improvements	20,027,929	'	'	20,027,929
Total	21,945,838	'	'	21,945,838
Costs Capitalized Subsequent to Acquisition	37,284	'	'	37,284
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	1,917,909	'	'	1,917,909
Buildings and Improvements	19,633,335	'	'	19,633,335
Total	21,551,244	'	'	21,551,244
Accumulated Depreciation And Amortization	-946,475	'	'	-946,475
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	21,551,244
Balance at the end of the year	21,551,244	'	'	21,551,244
Renaissance Property at St. Andrews Condominiums [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	0
Initial Costs to Company	'	'	'	'
Land	92,255	'	'	92,255
Buildings And Improvements	1,282,745	'	'	1,282,745
Total	1,375,000	'	'	1,375,000
Costs Capitalized Subsequent to Acquisition	94,699	'	'	94,699
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	92,255	'	'	92,255
Buildings and Improvements	1,350,779	'	'	1,350,779
Total	1,443,034	'	'	1,443,034
Accumulated Depreciation And Amortization	-64,694	'	'	-64,694
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	1,443,034
Balance at the end of the year	1,443,034	'	'	1,443,034
Ashley Oaks Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	21,680,010
Initial Costs to Company	'	'	'	'
Land	3,819,796	'	'	3,819,796
Buildings And Improvements	26,970,204	'	'	26,970,204
Total	30,790,000	'	'	30,790,000
Costs Capitalized Subsequent to Acquisition	895,962	'	'	895,962
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	3,819,796	'	'	3,819,796
Buildings and Improvements	27,130,384	'	'	27,130,384
Total	30,950,180	'	'	30,950,180
Accumulated Depreciation And Amortization	-1,206,074	'	'	-1,206,074
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	30,950,180
Balance at the end of the year	30,950,180	'	'	30,950,180
Arrowhead Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	12,562,000
Initial Costs to Company	'	'	'	'
Land	2,094,728	'	'	2,094,728
Buildings And Improvements	14,655,272	'	'	14,655,272
Total	16,750,000	'	'	16,750,000
Costs Capitalized Subsequent to Acquisition	136,505	'	'	136,505
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	2,094,728	'	'	2,094,728
Buildings and Improvements	14,389,178	'	'	14,389,178
Total	16,483,906	'	'	16,483,906
Accumulated Depreciation And Amortization	-617,919	'	'	-617,919
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	16,483,906
Balance at the end of the year	16,483,906	'	'	16,483,906
The Moorings Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	15,187,000
Initial Costs to Company	'	'	'	'
Land	2,250,208	'	'	2,250,208
Buildings And Improvements	17,999,792	'	'	17,999,792
Total	20,250,000	'	'	20,250,000
Costs Capitalized Subsequent to Acquisition	103,812	'	'	103,812
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	2,250,208	'	'	2,250,208
Buildings and Improvements	17,682,138	'	'	17,682,138
Total	19,932,346	'	'	19,932,346
Accumulated Depreciation And Amortization	-747,296	'	'	-747,296
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	19,932,346
Balance at the end of the year	19,932,346	'	'	19,932,346
Forty-57 Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	38,500,000
Initial Costs to Company	'	'	'	'
Land	3,055,614	'	'	3,055,614
Buildings And Improvements	49,444,386	'	'	49,444,386
Total	52,500,000	'	'	52,500,000
Costs Capitalized Subsequent to Acquisition	463,977	'	'	463,977
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	3,055,614	'	'	3,055,614
Buildings and Improvements	49,146,478	'	'	49,146,478
Total	52,202,092	'	'	52,202,092
Accumulated Depreciation And Amortization	-1,980,844	'	'	-1,980,844
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	52,202,092
Balance at the end of the year	52,202,092	'	'	52,202,092
Keystone Farms Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	6,200,000
Initial Costs to Company	'	'	'	'
Land	1,052,401	'	'	1,052,401
Buildings And Improvements	7,347,599	'	'	7,347,599
Total	8,400,000	'	'	8,400,000
Costs Capitalized Subsequent to Acquisition	77,101	'	'	77,101
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	1,052,401	'	'	1,052,401
Buildings and Improvements	7,244,841	'	'	7,244,841
Total	8,297,242	'	'	8,297,242
Accumulated Depreciation And Amortization	-297,528	'	'	-297,528
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	8,297,242
Balance at the end of the year	8,297,242	'	'	8,297,242
Riverford Crossing Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	21,900,000
Initial Costs to Company	'	'	'	'
Land	2,595,387	'	'	2,595,387
Buildings And Improvements	27,404,613	'	'	27,404,613
Total	30,000,000	'	'	30,000,000
Costs Capitalized Subsequent to Acquisition	159,269	'	'	159,269
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	2,595,387	'	'	2,595,387
Buildings and Improvements	27,021,848	'	'	27,021,848
Total	29,617,235	'	'	29,617,235
Accumulated Depreciation And Amortization	-1,106,547	'	'	-1,106,547
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	29,617,235
Balance at the end of the year	29,617,235	'	'	29,617,235
South Pointe Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	0
Initial Costs to Company	'	'	'	'
Land	2,212,402	'	'	2,212,402
Buildings And Improvements	3,062,598	'	'	3,062,598
Total	5,275,000	'	'	5,275,000
Costs Capitalized Subsequent to Acquisition	20,854	'	'	20,854
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	2,212,402	'	'	2,212,402
Buildings and Improvements	3,017,416	'	'	3,017,416
Total	5,229,818	'	'	5,229,818
Accumulated Depreciation And Amortization	-126,192	'	'	-126,192
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	5,229,818
Balance at the end of the year	5,229,818	'	'	5,229,818
Montecito Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	14,250,000
Initial Costs to Company	'	'	'	'
Land	3,081,522	'	'	3,081,522
Buildings And Improvements	15,918,478	'	'	15,918,478
Total	19,000,000	'	'	19,000,000
Costs Capitalized Subsequent to Acquisition	475,113	'	'	475,113
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	3,081,522	'	'	3,081,522
Buildings and Improvements	15,959,395	'	'	15,959,395
Total	19,040,917	'	'	19,040,917
Accumulated Depreciation And Amortization	-651,469	'	'	-651,469
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	19,040,917
Balance at the end of the year	19,040,917	'	'	19,040,917
Hilliard Grand Property [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	29,050,224
Initial Costs to Company	'	'	'	'
Land	2,657,734	'	'	2,657,734
Buildings And Improvements	38,012,528	'	'	38,012,528
Total	40,670,262	'	'	40,670,262
Costs Capitalized Subsequent to Acquisition	65,689	'	'	65,689
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	2,657,734	'	'	2,657,734
Buildings and Improvements	37,261,550	'	'	37,261,550
Total	39,919,284	'	'	39,919,284
Accumulated Depreciation And Amortization	-1,434,463	'	'	-1,434,463
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	39,919,284
Balance at the end of the year	39,919,284	'	'	39,919,284
The Hills at Fair Oaks [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	24,767,000
Initial Costs to Company	'	'	'	'
Land	3,008,363	'	'	3,008,363
Buildings And Improvements	31,700,639	'	'	31,700,639
Total	34,709,002	'	'	34,709,002
Costs Capitalized Subsequent to Acquisition	44,346	'	'	44,346
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	3,008,363	'	'	3,008,363
Buildings and Improvements	31,119,194	'	'	31,119,194
Total	34,127,557	'	'	34,127,557
Accumulated Depreciation And Amortization	-1,158,960	'	'	-1,158,960
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	34,127,557
Balance at the end of the year	34,127,557	'	'	34,127,557
Library Lofts East [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	9,113,640
Initial Costs to Company	'	'	'	'
Land	1,669,405	'	'	1,669,405
Buildings And Improvements	11,080,595	'	'	11,080,595
Total	12,750,000	'	'	12,750,000
Costs Capitalized Subsequent to Acquisition	37,375	'	'	37,375
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	1,669,405	'	'	1,669,405
Buildings and Improvements	10,912,003	'	'	10,912,003
Total	12,581,408	'	'	12,581,408
Accumulated Depreciation And Amortization	-373,955	'	'	-373,955
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	12,581,408
Balance at the end of the year	12,581,408	'	'	12,581,408
The Trails at Buda Ranch [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	17,030,000
Initial Costs to Company	'	'	'	'
Land	2,504,114	'	'	2,504,114
Buildings And Improvements	20,495,886	'	'	20,495,886
Total	23,000,000	'	'	23,000,000
Costs Capitalized Subsequent to Acquisition	91,965	'	'	91,965
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	2,504,114	'	'	2,504,114
Buildings and Improvements	20,081,781	'	'	20,081,781
Total	22,585,895	'	'	22,585,895
Accumulated Depreciation And Amortization	-596,781	'	'	-596,781
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	22,585,895
Balance at the end of the year	22,585,895	'	'	22,585,895
Deep Deuce at Bricktown [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	27,382,987
Initial Costs to Company	'	'	'	'
Land	2,529,318	'	'	2,529,318
Buildings And Improvements	37,266,648	'	'	37,266,648
Total	39,795,966	'	'	39,795,966
Costs Capitalized Subsequent to Acquisition	1,850,915	'	'	1,850,915
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	2,529,318	'	'	2,529,318
Buildings and Improvements	38,442,487	'	'	38,442,487
Total	40,971,805	'	'	40,971,805
Accumulated Depreciation And Amortization	-1,133,300	'	'	-1,133,300
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	40,971,805
Balance at the end of the year	40,971,805	'	'	40,971,805
Deer Valley Luxury Apartments [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	20,875,000
Initial Costs to Company	'	'	'	'
Land	2,494,142	'	'	2,494,142
Buildings And Improvements	26,105,858	'	'	26,105,858
Total	28,600,000	'	'	28,600,000
Costs Capitalized Subsequent to Acquisition	388,634	'	'	388,634
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	2,494,142	'	'	2,494,142
Buildings and Improvements	25,965,584	'	'	25,965,584
Total	28,459,726	'	'	28,459,726
Accumulated Depreciation And Amortization	-680,693	'	'	-680,693
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	28,459,726
Balance at the end of the year	28,459,726	'	'	28,459,726
Grayson Ridge [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	10,725,000
Initial Costs to Company	'	'	'	'
Land	1,594,099	'	'	1,594,099
Buildings And Improvements	12,705,901	'	'	12,705,901
Total	14,300,000	'	'	14,300,000
Costs Capitalized Subsequent to Acquisition	275,752	'	'	275,752
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	1,594,099	'	'	1,594,099
Buildings and Improvements	12,627,879	'	'	12,627,879
Total	14,221,978	'	'	14,221,978
Accumulated Depreciation And Amortization	-301,475	'	'	-301,475
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	14,221,978
Balance at the end of the year	14,221,978	'	'	14,221,978
Rosemont at Olmos Park [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	15,100,000
Initial Costs to Company	'	'	'	'
Land	2,064,447	'	'	2,064,447
Buildings And Improvements	19,985,553	'	'	19,985,553
Total	22,050,000	'	'	22,050,000
Costs Capitalized Subsequent to Acquisition	117,220	'	'	117,220
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	2,064,447	'	'	2,064,447
Buildings and Improvements	19,679,650	'	'	19,679,650
Total	21,744,097	'	'	21,744,097
Accumulated Depreciation And Amortization	-442,931	'	'	-442,931
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	21,744,097
Balance at the end of the year	21,744,097	'	'	21,744,097
Retreat at Quail North [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	17,190,827
Initial Costs to Company	'	'	'	'
Land	1,700,810	'	'	1,700,810
Buildings And Improvements	24,025,543	'	'	24,025,543
Total	25,726,353	'	'	25,726,353
Costs Capitalized Subsequent to Acquisition	15,047	'	'	15,047
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	1,700,810	'	'	1,700,810
Buildings and Improvements	23,551,947	'	'	23,551,947
Total	25,252,757	'	'	25,252,757
Accumulated Depreciation And Amortization	-536,243	'	'	-536,243
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	25,252,757
Balance at the end of the year	25,252,757	'	'	25,252,757
The Lodge at Trails Edge [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	12,901,587
Initial Costs to Company	'	'	'	'
Land	2,389,613	'	'	2,389,613
Buildings And Improvements	16,128,107	'	'	16,128,107
Total	18,517,720	'	'	18,517,720
Costs Capitalized Subsequent to Acquisition	67,645	'	'	67,645
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	2,389,613	'	'	2,389,613
Buildings and Improvements	15,810,132	'	'	15,810,132
Total	18,199,745	'	'	18,199,745
Accumulated Depreciation And Amortization	-335,681	'	'	-335,681
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	18,199,745
Balance at the end of the year	18,199,745	'	'	18,199,745
Arbors At Carrollton [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	6,382,095
Initial Costs to Company	'	'	'	'
Land	1,424,432	'	'	1,424,432
Buildings And Improvements	7,560,527	'	'	7,560,527
Total	8,984,959	'	'	8,984,959
Costs Capitalized Subsequent to Acquisition	73,125	'	'	73,125
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	1,424,432	'	'	1,424,432
Buildings and Improvements	7,633,652	'	'	7,633,652
Total	9,058,084	'	'	9,058,084
Accumulated Depreciation And Amortization	-380,758	'	'	-380,758
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	9,058,084
Balance at the end of the year	9,058,084	'	'	9,058,084
Waterford on the Meadow [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	16,916,185
Initial Costs to Company	'	'	'	'
Land	2,625,024	'	'	2,625,024
Buildings And Improvements	20,849,131	'	'	20,849,131
Total	23,474,155	'	'	23,474,155
Costs Capitalized Subsequent to Acquisition	192,246	'	'	192,246
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	2,625,024	'	'	2,625,024
Buildings and Improvements	21,041,377	'	'	21,041,377
Total	23,666,401	'	'	23,666,401
Accumulated Depreciation And Amortization	-943,659	'	'	-943,659
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	23,666,401
Balance at the end of the year	23,666,401	'	'	23,666,401
The Belmont [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	9,498,460
Initial Costs to Company	'	'	'	'
Land	1,550,028	'	'	1,550,028
Buildings And Improvements	11,264,510	'	'	11,264,510
Total	12,814,538	'	'	12,814,538
Costs Capitalized Subsequent to Acquisition	51,818	'	'	51,818
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	1,550,028	'	'	1,550,028
Buildings and Improvements	11,316,328	'	'	11,316,328
Total	12,866,356	'	'	12,866,356
Accumulated Depreciation And Amortization	-497,733	'	'	-497,733
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	12,866,356
Balance at the end of the year	12,866,356	'	'	12,866,356
Meritage at Steiner Ranch [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	55,500,000
Initial Costs to Company	'	'	'	'
Land	7,353,620	'	'	7,353,620
Buildings And Improvements	73,356,373	'	'	73,356,373
Total	80,709,993	'	'	80,709,993
Costs Capitalized Subsequent to Acquisition	363,653	'	'	363,653
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	7,353,620	'	'	7,353,620
Buildings and Improvements	73,720,026	'	'	73,720,026
Total	81,073,646	'	'	81,073,646
Accumulated Depreciation And Amortization	-2,259,527	'	'	-2,259,527
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	81,073,646
Balance at the end of the year	81,073,646	'	'	81,073,646
Tapestry Park Apartments [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	23,100,000
Initial Costs to Company	'	'	'	'
Land	1,844,031	'	'	1,844,031
Buildings And Improvements	30,667,650	'	'	30,667,650
Total	32,511,681	'	'	32,511,681
Costs Capitalized Subsequent to Acquisition	5,998	'	'	5,998
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	1,844,031	'	'	1,844,031
Buildings and Improvements	30,673,648	'	'	30,673,648
Total	32,517,679	'	'	32,517,679
Accumulated Depreciation And Amortization	-1,023,539	'	'	-1,023,539
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	32,517,679
Balance at the end of the year	32,517,679	'	'	32,517,679
Downtree Apartments [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	16,022,763
Initial Costs to Company	'	'	'	'
Land	3,135,425	'	'	3,135,425
Buildings And Improvements	21,753,469	'	'	21,753,469
Total	24,888,894	'	'	24,888,894
Costs Capitalized Subsequent to Acquisition	76,085	'	'	76,085
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	3,135,425	'	'	3,135,425
Buildings and Improvements	21,829,554	'	'	21,829,554
Total	24,964,979	'	'	24,964,979
Accumulated Depreciation And Amortization	-782,836	'	'	-782,836
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	24,964,979
Balance at the end of the year	24,964,979	'	'	24,964,979
Stuart Hall Lofts [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	12,407,000
Initial Costs to Company	'	'	'	'
Land	1,585,035	'	'	1,585,035
Buildings And Improvements	15,264,965	'	'	15,264,965
Total	16,850,000	'	'	16,850,000
Costs Capitalized Subsequent to Acquisition	11,712	'	'	11,712
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	1,585,035	'	'	1,585,035
Buildings and Improvements	15,276,677	'	'	15,276,677
Total	16,861,712	'	'	16,861,712
Accumulated Depreciation And Amortization	-409,450	'	'	-409,450
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	16,861,712
Balance at the end of the year	16,861,712	'	'	16,861,712
Brice Grove Park Apartments [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	14,985,000
Initial Costs to Company	'	'	'	'
Land	1,596,212	'	'	1,596,212
Buildings And Improvements	18,503,788	'	'	18,503,788
Total	20,100,000	'	'	20,100,000
Costs Capitalized Subsequent to Acquisition	65,981	'	'	65,981
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	1,596,212	'	'	1,596,212
Buildings and Improvements	18,569,769	'	'	18,569,769
Total	20,165,981	'	'	20,165,981
Accumulated Depreciation And Amortization	-562,432	'	'	-562,432
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	20,165,981
Balance at the end of the year	20,165,981	'	'	20,165,981
Retreat at Hamburg Place [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	0
Initial Costs to Company	'	'	'	'
Land	1,605,839	'	'	1,605,839
Buildings And Improvements	14,694,161	'	'	14,694,161
Total	16,300,000	'	'	16,300,000
Costs Capitalized Subsequent to Acquisition	22,455	'	'	22,455
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	1,605,839	'	'	1,605,839
Buildings and Improvements	14,716,616	'	'	14,716,616
Total	16,322,455	'	'	16,322,455
Accumulated Depreciation And Amortization	-404,218	'	'	-404,218
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	16,322,455
Balance at the end of the year	16,322,455	'	'	16,322,455
Indian Lake Village [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	0
Initial Costs to Company	'	'	'	'
Land	2,489,757	'	'	2,489,757
Buildings And Improvements	26,510,243	'	'	26,510,243
Total	29,000,000	'	'	29,000,000
Costs Capitalized Subsequent to Acquisition	12,857	'	'	12,857
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	2,489,757	'	'	2,489,757
Buildings and Improvements	26,523,100	'	'	26,523,100
Total	29,012,857	'	'	29,012,857
Accumulated Depreciation And Amortization	-534,643	'	'	-534,643
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	29,012,857
Balance at the end of the year	29,012,857	'	'	29,012,857
Landing at Mansfield [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	22,750,000
Initial Costs to Company	'	'	'	'
Land	3,375,831	'	'	3,375,831
Buildings And Improvements	27,524,169	'	'	27,524,169
Total	30,900,000	'	'	30,900,000
Costs Capitalized Subsequent to Acquisition	23,131	'	'	23,131
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	3,375,831	'	'	3,375,831
Buildings and Improvements	27,547,300	'	'	27,547,300
Total	30,923,131	'	'	30,923,131
Accumulated Depreciation And Amortization	-610,640	'	'	-610,640
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	30,923,131
Balance at the end of the year	30,923,131	'	'	30,923,131
The Heights Apartments [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	29,014,000
Initial Costs to Company	'	'	'	'
Land	9,869,925	'	'	9,869,925
Buildings And Improvements	27,130,075	'	'	27,130,075
Total	37,000,000	'	'	37,000,000
Costs Capitalized Subsequent to Acquisition	148,112	'	'	148,112
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	9,869,925	'	'	9,869,925
Buildings and Improvements	27,278,187	'	'	27,278,187
Total	37,148,112	'	'	37,148,112
Accumulated Depreciation And Amortization	-968,404	'	'	-968,404
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	37,148,112
Balance at the end of the year	37,148,112	'	'	37,148,112
Villas at Huffmeister [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	25,963,000
Initial Costs to Company	'	'	'	'
Land	5,858,663	'	'	5,858,663
Buildings And Improvements	31,741,337	'	'	31,741,337
Total	37,600,000	'	'	37,600,000
Costs Capitalized Subsequent to Acquisition	6,361	'	'	6,361
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	5,858,663	'	'	5,858,663
Buildings and Improvements	31,747,698	'	'	31,747,698
Total	37,606,361	'	'	37,606,361
Accumulated Depreciation And Amortization	-614,766	'	'	-614,766
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	37,606,361
Balance at the end of the year	37,606,361	'	'	37,606,361
Villas of Kingwood [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	28,105,000
Initial Costs to Company	'	'	'	'
Land	6,512,468	'	'	6,512,468
Buildings And Improvements	33,637,532	'	'	33,637,532
Total	40,150,000	'	'	40,150,000
Costs Capitalized Subsequent to Acquisition	12,854	'	'	12,854
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	6,512,468	'	'	6,512,468
Buildings and Improvements	33,650,386	'	'	33,650,386
Total	40,162,854	'	'	40,162,854
Accumulated Depreciation And Amortization	-664,199	'	'	-664,199
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	40,162,854
Balance at the end of the year	40,162,854	'	'	40,162,854
Waterford Place at Riata Ranch [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	16,340,000
Initial Costs to Company	'	'	'	'
Land	3,184,857	'	'	3,184,857
Buildings And Improvements	20,215,143	'	'	20,215,143
Total	23,400,000	'	'	23,400,000
Costs Capitalized Subsequent to Acquisition	4,733	'	'	4,733
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	3,184,857	'	'	3,184,857
Buildings and Improvements	20,219,876	'	'	20,219,876
Total	23,404,733	'	'	23,404,733
Accumulated Depreciation And Amortization	-413,774	'	'	-413,774
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	23,404,733
Balance at the end of the year	23,404,733	'	'	23,404,733
Carrington Place [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	22,376,000
Initial Costs to Company	'	'	'	'
Land	5,450,417	'	'	5,450,417
Buildings And Improvements	27,449,583	'	'	27,449,583
Total	32,900,000	'	'	32,900,000
Costs Capitalized Subsequent to Acquisition	0	'	'	0
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	5,450,417	'	'	5,450,417
Buildings and Improvements	27,449,583	'	'	27,449,583
Total	32,900,000	'	'	32,900,000
Accumulated Depreciation And Amortization	-371,874	'	'	-371,874
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	32,900,000
Balance at the end of the year	32,900,000	'	'	32,900,000
Carrington Park [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	17,717,000
Initial Costs to Company	'	'	'	'
Land	3,241,747	'	'	3,241,747
Buildings And Improvements	21,908,253	'	'	21,908,253
Total	25,150,000	'	'	25,150,000
Costs Capitalized Subsequent to Acquisition	3,745	'	'	3,745
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	3,241,747	'	'	3,241,747
Buildings and Improvements	21,911,998	'	'	21,911,998
Total	25,153,745	'	'	25,153,745
Accumulated Depreciation And Amortization	-291,565	'	'	-291,565
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	25,153,745
Balance at the end of the year	25,153,745	'	'	25,153,745
Carrington at Champion Forest [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	22,959,000
Initial Costs to Company	'	'	'	'
Land	3,760,329	'	'	3,760,329
Buildings And Improvements	29,239,671	'	'	29,239,671
Total	33,000,000	'	'	33,000,000
Costs Capitalized Subsequent to Acquisition	699	'	'	699
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	3,760,329	'	'	3,760,329
Buildings and Improvements	29,240,370	'	'	29,240,370
Total	33,000,699	'	'	33,000,699
Accumulated Depreciation And Amortization	-360,897	'	'	-360,897
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	33,000,699
Balance at the end of the year	33,000,699	'	'	33,000,699
Willow Crossing [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	43,500,000
Initial Costs to Company	'	'	'	'
Land	8,091,870	'	'	8,091,870
Buildings And Improvements	49,908,130	'	'	49,908,130
Total	58,000,000	'	'	58,000,000
Costs Capitalized Subsequent to Acquisition	2,970	'	'	2,970
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	8,091,870	'	'	8,091,870
Buildings and Improvements	49,911,100	'	'	49,911,100
Total	58,002,970	'	'	58,002,970
Accumulated Depreciation And Amortization	-614,267	'	'	-614,267
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	58,002,970
Balance at the end of the year	58,002,970	'	'	58,002,970
Echo at Katy Ranch [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	0
Initial Costs to Company	'	'	'	'
Land	4,402,862	'	'	4,402,862
Buildings And Improvements	30,419,853	'	'	30,419,853
Total	34,822,715	'	'	34,822,715
Costs Capitalized Subsequent to Acquisition	0	'	'	0
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	4,402,862	'	'	4,402,862
Buildings and Improvements	30,419,853	'	'	30,419,853
Total	34,822,715	'	'	34,822,715
Accumulated Depreciation And Amortization	-76,655	'	'	-76,655
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	34,822,715
Balance at the end of the year	34,822,715	'	'	34,822,715
Heritage Grand at Sienna Plantation [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	16,845,443
Initial Costs to Company	'	'	'	'
Land	3,776,547	'	'	3,776,547
Buildings And Improvements	22,762,411	'	'	22,762,411
Total	26,538,958	'	'	26,538,958
Costs Capitalized Subsequent to Acquisition	0	'	'	0
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	3,776,547	'	'	3,776,547
Buildings and Improvements	22,762,411	'	'	22,762,411
Total	26,538,958	'	'	26,538,958
Accumulated Depreciation And Amortization	-65,634	'	'	-65,634
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	26,538,958
Balance at the end of the year	26,538,958	'	'	26,538,958
Audubon Park [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	11,760,000
Initial Costs to Company	'	'	'	'
Land	2,489,428	'	'	2,489,428
Buildings And Improvements	14,260,572	'	'	14,260,572
Total	16,750,000	'	'	16,750,000
Costs Capitalized Subsequent to Acquisition	24,000	'	'	24,000
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	2,489,428	'	'	2,489,428
Buildings and Improvements	14,284,572	'	'	14,284,572
Total	16,774,000	'	'	16,774,000
Accumulated Depreciation And Amortization	-18,495	'	'	-18,495
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	16,774,000
Balance at the end of the year	16,774,000	'	'	16,774,000
Mallard Crossing [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	27,860,000
Initial Costs to Company	'	'	'	'
Land	2,383,256	'	'	2,383,256
Buildings And Improvements	37,416,744	'	'	37,416,744
Total	39,800,000	'	'	39,800,000
Costs Capitalized Subsequent to Acquisition	0	'	'	0
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	2,383,256	'	'	2,383,256
Buildings and Improvements	37,416,744	'	'	37,416,744
Total	39,800,000	'	'	39,800,000
Accumulated Depreciation And Amortization	-37,592	'	'	-37,592
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	39,800,000
Balance at the end of the year	39,800,000	'	'	39,800,000
Renaissance at Coral Stream [Member]	'	'	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'
Ownership Percent	100.00%	'	'	100.00%
Encumbrances	'	'	'	0
Initial Costs to Company	'	'	'	'
Land	4,605,682	'	'	4,605,682
Buildings And Improvements	24,544,318	'	'	24,544,318
Total	29,150,000	'	'	29,150,000
Costs Capitalized Subsequent to Acquisition	0	'	'	0
Gross Amount at which Carried at Close of Period	'	'	'	'
Land	4,605,682	'	'	4,605,682
Buildings and Improvements	24,544,318	'	'	24,544,318
Total	29,150,000	'	'	29,150,000
Accumulated Depreciation And Amortization	-5,610	'	'	-5,610
Real Estate [Roll Forward]	'	'	'	'
Balance at the beginning of the year	'	'	'	29,150,000
Balance at the end of the year	$29,150,000	'	'	$29,150,000