Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended | |
Jun. 30, 2014 | Aug. 08, 2014 | |
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 | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 75,695,405 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Real Estate: | ' | ' |
Land | $171,685,494 | $163,061,398 |
Building and improvements | 1,416,617,048 | 1,322,198,787 |
Tenant origination and absorption costs | 1,749,308 | 15,588,747 |
Other intangible assets | 2,644,263 | 2,644,263 |
Total real estate held for investment, cost | 1,592,696,113 | 1,503,493,195 |
Less accumulated depreciation and amortization | -68,696,539 | -46,865,284 |
Total real estate held for investment, net | 1,523,999,574 | 1,456,627,911 |
Real estate held for sale, net | 6,050,723 | 14,335,248 |
Total real estate, net | 1,530,050,297 | 1,470,963,159 |
Cash and cash equivalents | 23,873,891 | 19,368,573 |
Restricted cash | 31,733,017 | 24,982,208 |
Rents and other receivables | 1,657,153 | 28,555,764 |
Assets related to real estate held for sale | 154,728 | 444,740 |
Deferred financing costs and other assets, net | 12,301,178 | 17,575,410 |
Total assets | 1,599,770,264 | 1,561,889,854 |
Liabilities: | ' | ' |
Accounts payable and accrued liabilities | 30,328,673 | 30,418,334 |
Below-market leases, net | 0 | 163,237 |
Mortgage notes payable, net | 1,035,531,644 | 973,889,547 |
Revolving credit facility | 20,000,000 | 0 |
Mortgage notes payable related to real estate held for sale | 4,963,942 | 13,440,253 |
Total notes payable, net | 1,060,495,586 | 987,329,800 |
Distributions payable | 4,460,118 | 4,058,452 |
Due to affiliates, net | 1,949,756 | 9,322,038 |
Liabilities related to real estate held for sale | 101,656 | 534,458 |
Total liabilities | 1,097,335,789 | 1,031,826,319 |
Commitments and contingencies | ' | ' |
Redeemable common stock | 22,833,164 | 12,945,007 |
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 | 647,012,521 | 640,181,521 |
Cumulative distributions and net losses | -168,170,069 | -123,804,541 |
Total stockholders’ equity | 479,601,311 | 517,118,528 |
Total liabilities and stockholders’ equity | 1,599,770,264 | 1,561,889,854 |
Common stock $0.01 par value per share; 999,999,000 shares authorized, 75,884,855 and 74,153,580 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | ' | ' |
Liabilities: | ' | ' |
Distributions payable | 4,460,118 | 4,058,452 |
Stockholders’ Equity: | ' | ' |
Common stock | 758,849 | 741,538 |
Convertible stock, $0.01 par value per share; 1,000 shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively | ' | ' |
Stockholders’ Equity: | ' | ' |
Common stock | $10 | $10 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Stockholders’ Equity: | ' | ' |
Preferred stock, par or stated value 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 [Member] | ' | ' |
Stockholders’ Equity: | ' | ' |
Common stock and convertible common stock, par value per share | $0.01 | $0.01 |
Common stock and convertible common stock, shares authorized | 999,999,000 | 999,999,000 |
Common stock and convertible common stock, shares, issued | 75,884,855 | 74,153,580 |
Common stock and convertible common stock, shares, outstanding | 75,884,855 | 74,153,580 |
Convertible Common Stock [Member] | ' | ' |
Stockholders’ Equity: | ' | ' |
Common stock and convertible common stock, par value per share | $0.01 | $0.01 |
Common stock and convertible common stock, shares authorized | 1,000 | 1,000 |
Common stock and convertible common stock, shares, issued | 1,000 | 1,000 |
Common stock and convertible common stock, shares, outstanding | 1,000 | 1,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenues: | ' | ' | ' | ' |
Rental income | $43,924,772 | $19,979,998 | $85,168,553 | $36,779,427 |
Tenant reimbursements and other | 5,299,287 | 2,390,455 | 9,735,210 | 4,181,782 |
Total revenues | 49,224,059 | 22,370,453 | 94,903,763 | 40,961,209 |
Expenses: | ' | ' | ' | ' |
Operating, maintenance and management | 13,314,840 | 5,944,288 | 26,168,121 | 10,472,201 |
Real estate taxes and insurance | 8,876,041 | 3,300,748 | 17,201,391 | 5,914,486 |
Fees to affiliates | 6,125,623 | 4,550,796 | 12,629,447 | 8,736,922 |
Depreciation and amortization | 17,457,109 | 9,772,519 | 37,662,460 | 18,496,076 |
Interest expense | 11,273,624 | 4,552,197 | 21,197,645 | 8,854,210 |
Loss on debt extinguishment | 891,885 | 0 | 891,885 | 0 |
General and administrative expenses | 1,527,542 | 994,118 | 2,861,416 | 1,704,940 |
Acquisition costs | 483,368 | 1,001,902 | 1,100,282 | 3,120,390 |
Total expenses | 59,950,032 | 30,116,568 | 119,712,647 | 57,299,225 |
Loss from continuing operations | -10,725,973 | -7,746,115 | -24,808,884 | -16,338,016 |
Gain on sale of real estate, net | 7,072,294 | 0 | 7,072,294 | 0 |
Net loss | ($3,653,679) | ($7,746,115) | ($17,736,590) | ($16,338,016) |
Loss per common share — basic and diluted | ($0.05) | ($0.24) | ($0.24) | ($0.57) |
Weighted average number of common shares outstanding — basic and diluted | 75,164,490 | 32,136,950 | 74,817,466 | 28,727,291 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Unaudited) (USD $) | Total | Total Stockholder's Equity | Common Stock [Member] | Additional Paid-in Capital [Member] | Cumulative Distributions & Net Losses [Member] | Convertible Common Stock [Member] |
Beginning Balance at Dec. 31, 2012 | ' | $152,081,150 | $229,086 | $191,130,977 | ($39,278,923) | $10 |
Beginning 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 | ' | ' |
Redemption of common stock | -1,246,300 | ' | -1,291 | -1,245,009 | ' | ' |
Redemption of common stock, shares | ' | ' | -129,239 | ' | ' | ' |
Other offering costs to affiliates | ' | -13,271,892 | ' | -13,271,892 | ' | ' |
Distributions declared | ' | -28,645,761 | ' | ' | -28,645,761 | ' |
Amortization of stock-based compensation | ' | 105,210 | ' | 105,210 | ' | ' |
Net loss | ' | -55,879,857 | ' | ' | -55,879,857 | ' |
Ending Balance at Dec. 31, 2013 | ' | 517,118,528 | 741,538 | 640,181,521 | -123,804,541 | 10 |
Ending Balance, shares at Dec. 31, 2013 | ' | ' | 74,153,580 | ' | ' | 1,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuance of common stock | ' | 12,949,151 | 13,309 | 12,935,842 | ' | ' |
Issuance of common stock, shares | ' | ' | 1,330,922 | ' | ' | ' |
Issuance of restricted common stock to Advisor | ' | 5,000,000 | 4,883 | 4,995,117 | ' | ' |
Issuance of restricted common stock to Advisor, shares | ' | ' | 488,281 | ' | ' | ' |
Transfers to redeemable common stock | -10,289,276 | -10,289,276 | ' | -10,289,276 | ' | ' |
Redemption of common stock | ' | -855,916 | -881 | -855,035 | ' | ' |
Redemption of common stock, shares | -87,928 | ' | -87,928 | ' | ' | ' |
Distributions declared | -24,886 | -26,628,938 | ' | ' | -26,628,938 | ' |
Amortization of stock-based compensation | ' | 44,352 | ' | 44,352 | ' | ' |
Net loss | -17,736,590 | -17,736,590 | ' | ' | -17,736,590 | ' |
Ending Balance at Jun. 30, 2014 | ' | $479,601,311 | $758,849 | $647,012,521 | ($168,170,069) | $10 |
Ending Balance, shares at Jun. 30, 2014 | ' | ' | 75,884,855 | ' | ' | 1,000 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash Flows from Operating Activities: | ' | ' |
Net loss | ($17,736,590) | ($16,338,016) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 37,662,460 | 18,496,076 |
Accretion of below-market leases | -163,237 | -426,318 |
Amortization of deferred financing costs | 759,388 | 395,747 |
Amortization of stock-based compensation | 44,352 | 243,796 |
Amortization of loan premiums and discounts | -617,397 | -387,942 |
Change in fair value of interest rate cap agreements | 3,315,514 | -373,855 |
Loss on debt extinguishment | 95,658 | 0 |
Gain on sale of real estate | -7,072,294 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash for operating activities | -1,752,395 | -4,413,849 |
Rents and other receivables | 349,524 | -551,776 |
Other assets | 2,593,114 | 189,680 |
Accounts payable and accrued liabilities | -923,582 | 5,538,451 |
Due to affiliates, net | 732,964 | 704,511 |
Net cash provided by operating activities | 17,287,479 | 3,076,505 |
Cash Flows from Investing Activities: | ' | ' |
Acquisition of real estate investments | -92,203,757 | -163,523,649 |
Additions to real estate investments | -10,774,719 | -2,331,167 |
Escrow deposits for pending real estate acquisitions | -2,060,400 | -4,739,792 |
Restricted cash for investing activities | -4,708,402 | -1,100,737 |
Purchase of interest rate caps | -591,746 | -920,246 |
Proceeds from sale of real estate, net | 15,201,572 | 0 |
Net cash used in investing activities | -95,137,452 | -172,615,591 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from issuance of mortgage notes payable | 88,663,000 | 100,521,000 |
Principal payments on mortgage notes payable | -34,879,817 | -3,404,116 |
Borrowings from credit facility | 35,000,000 | 20,000,000 |
Principal payments on credit facility | -15,000,000 | -25,000,000 |
Proceeds from issuance of common stock | 26,561,229 | 138,847,097 |
Payments of commissions on sale of common stock and related dealer manager fees | 0 | -13,432,890 |
Reimbursement of other offering costs to affiliates | -3,105,246 | -4,721,099 |
Payment of deferred financing costs | -737,696 | -1,666,066 |
Distributions to common stockholders | -13,290,263 | -5,403,290 |
Redemptions of common stock | -855,916 | -582,692 |
Net cash provided by financing activities | 82,355,291 | 205,157,944 |
Net increase in cash and cash equivalents | 4,505,318 | 35,618,858 |
Cash and cash equivalents, beginning of period | 19,368,573 | 9,528,664 |
Cash and cash equivalents, end of period | 23,873,891 | 45,147,522 |
Supplemental Disclosures of Cash Flow Information: | ' | ' |
Interest paid | 17,513,737 | 8,433,993 |
Supplemental Disclosure of Noncash Transactions: | ' | ' |
Increase in distributions payable | 401,666 | 728,753 |
Assumption of mortgage notes payable to acquire real estate | 0 | 51,270,501 |
Application of escrow deposits to acquire real estate | 1,900,400 | 2,580,200 |
Premium on assumed mortgage notes payable | 0 | 2,170,039 |
Increase in amounts receivable from transfer agent | 0 | -487,221 |
Increase in amounts payable to affiliates for other offering costs | 0 | 500,572 |
Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan | 12,937,009 | 4,049,321 |
Issuance of restricted common stock to settle liability | 5,000,000 | 0 |
Increase in redeemable common stock, net | -10,289,276 | -3,319,127 |
Increase in redeemable common stock payable | $401,119 | $19,710 |
Organization_and_Business
Organization and Business | 6 Months Ended |
Jun. 30, 2014 | |
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, as a limited partner of the Operating Partnership, entered into an Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Partnership Agreement”) on September 28, 2009. | |
As of June 30, 2014, the Company owned 66 multifamily properties comprising a total of 16,493 apartment homes, and an additional 25,973 square feet of rentable commercial space at three properties. | |
Public Offering | |
On July 19, 2010, the Company commenced its initial public offering pursuant to a registration statement on Form S-11 filed 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. | |
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. | |
The Company terminated its Primary Offering on December 20, 2013, but continues to offer shares of common stock pursuant to the DRP. Through December 20, 2013, 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 an Advisory Agreement by and among the Company, the Operating Partnership and the Advisor (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 3, 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 | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
Summary of Significant Accounting Policies | |||||||||||||
During the six months ended June 30, 2014, the Company adopted Accounting Standards Update (“ASU”) 2014-08 (described below), which impacts the Company's reporting on discontinued operations. There have been no other significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2013. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 27, 2014. | |||||||||||||
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 unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The unaudited consolidated financial statements herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||||||
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. | |||||||||||||
Reclassifications | |||||||||||||
Certain prior year amounts in the consolidated financial statements have been reclassified to conform with the current year presentation. These reclassifications have not changed the results of operations of prior periods. During the six months ended June 30, 2014, the Company disposed of one apartment community and classified one apartment community as held for sale. As a result, certain assets and liabilities were classified as held for sale on the consolidated balance sheets for all periods presented. | |||||||||||||
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 cap agreements - These derivatives did not qualify as fair value hedges and are recorded at fair value. 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 interest rate cap agreements. Therefore, the Company’s interest rate cap agreements were classified within Level 2 of the fair value hierarchy and are included in deferred financing costs and other assets, net in the accompanying consolidated balance sheets. | |||||||||||||
The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: | |||||||||||||
June 30, 2014 | |||||||||||||
Fair Value Measurements Using | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | |||||||||||||
Interest rate cap agreements | $ | — | $ | 2,738,793 | $ | — | |||||||
31-Dec-13 | |||||||||||||
Fair Value Measurements Using | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | |||||||||||||
Interest rate cap agreements | $ | — | $ | 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 June 30, 2014 and December 31, 2013, the fair value of the mortgage notes payable was $1,026,328,768 and $965,681,419, respectively, compared to the carrying value of $1,040,495,586 and $987,329,800, respectively. The Company has determined that its mortgage notes payable are classified as Level 3 within the fair value hierarchy. | |||||||||||||
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). Distributions were based on daily record dates and calculated at a rate of $0.001964 per share per day. Each day during the period from January 1, 2014 through June 30, 2014 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. During the three and six months ended June 30, 2014, the Company declared distributions of $0.179 and $0.356 per common share, respectively. During the three and six months ended June 30, 2013, the Company declared distributions of $0.179 and $0.356 per common share, respectively. | |||||||||||||
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. The Company's unvested restricted common stock contain non-forfeitable rights to dividends and are considered to be participating securities in accordance with GAAP and, therefore, are included in the computation of earnings (loss) per share under the two-class method. Under the two-class method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The unvested restricted common stock are not allocated losses as the awards do not have a contractual obligation to share in the losses of the Company. The two-class method is an earnings (loss) allocation formula that determines earnings (loss) per share for each class of common shares and participating securities according to dividends declared and participation rights in undistributed earnings. | |||||||||||||
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. | |||||||||||||
Recently Issued Accounting Standards Updates | |||||||||||||
In April 2014, the FASB issued new guidance that limits discontinued operations reporting to disposals of components of an entity that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs: (a) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale; (b) the component of an entity or group of components of an entity is disposed of by sale; or (c) the component of an entity or group of components of an entity is disposed of other than by sale. This guidance also requires additional disclosures about discontinued operations and is effective for reporting periods beginning after December 15, 2014. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company early adopted the new guidance for the reporting period beginning January 1, 2014. As a result of the adoption of this guidance, properties that are classified as held for sale in the ordinary course of business on or subsequent to January 1, 2014 generally would be included in continuing operations on the Company’s consolidated statements of operations to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. Additionally, any gain or loss on sale of real estate that does not meet the criteria for classification as a discontinued operation would be presented on the consolidated statements of operations below income from continuing operations and income from discontinued operations. | |||||||||||||
In May 2014, the FASB issued a comprehensive new revenue recognition standard that will supersede existing revenue guidance under GAAP. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The guidance is effective for public business entities for annual periods beginning after 15 December 2016, including interim periods within that period. Early adoption is not permitted under GAAP. The Company is currently investigating the impact of this new guidance. |
Real_Estate
Real Estate | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||||||||||||
Real Estate | ' | ||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||
As of June 30, 2014, the Company owned 66 multifamily properties, encompassing in the aggregate 16,493 apartment homes and 25,973 square feet of rentable commercial space. The total cost of the Company’s real estate portfolio was $1,601,257,557. As of June 30, 2014 and December 31, 2013, the Company’s portfolio was approximately 94.7% and 92.4% occupied and the average monthly rent was $938 and $918, respectively. | |||||||||||||||||||||||||||
Current Year Acquisitions | |||||||||||||||||||||||||||
During the six months ended June 30, 2014, the Company acquired the following properties: | |||||||||||||||||||||||||||
Purchase Price Allocation | |||||||||||||||||||||||||||
Property Name | Location | Purchase Date | Units | Acquisition Fee | Land | Building and | Tenant | Total Purchase | |||||||||||||||||||
Improvements | Origination and | Price | |||||||||||||||||||||||||
Absorption Costs | |||||||||||||||||||||||||||
Sycamore Terrace Apartments (Phase II) | Terre Haute, IN | 3/5/14 | 72 | $ | 134,706 | $ | 381,657 | $ | 6,190,931 | $ | 101,569 | $ | 6,674,157 | ||||||||||||||
Reserve at Creekside Village | Chattanooga, TN | 3/28/14 | 192 | 465,021 | 1,344,233 | 17,178,743 | 352,024 | 18,875,000 | |||||||||||||||||||
Mapleshade Park | Dallas, TX | 3/31/14 | 148 | 498,873 | 3,585,171 | 19,131,230 | 608,599 | 23,325,000 | |||||||||||||||||||
Richland Falls | Murfreesboro, TN | 5/16/14 | 190 | 426,751 | 1,306,794 | 19,422,561 | 270,645 | 21,000,000 | |||||||||||||||||||
Oak Crossing | Fort Wayne, IN | 6/3/14 | 222 | 490,474 | 2,005,491 | 21,808,038 | 416,471 | 24,230,000 | |||||||||||||||||||
$ | 8,623,346 | $ | 83,731,503 | $ | 1,749,308 | $ | 94,104,157 | ||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, accumulated depreciation and amortization related to the Company's consolidated real estate properties and related intangibles were as follows: | |||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||
Land | Building and Improvements | Tenant Origination and Absorption | Other Intangible Assets | Total Real Estate | Below-Market Leases | ||||||||||||||||||||||
Investments in real estate | $ | 171,685,494 | $ | 1,416,617,048 | $ | 1,749,308 | $ | 2,644,263 | $ | 1,592,696,113 | $ | — | |||||||||||||||
Less: Accumulated depreciation and amortization | — | (67,843,573 | ) | (689,854 | ) | (163,112 | ) | (68,696,539 | ) | — | |||||||||||||||||
Net investments in real estate and related lease intangibles | $ | 171,685,494 | $ | 1,348,773,475 | $ | 1,059,454 | $ | 2,481,151 | $ | 1,523,999,574 | $ | — | |||||||||||||||
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 | $ | 163,061,398 | $ | 1,322,198,787 | $ | 15,588,747 | $ | 2,644,263 | $ | 1,503,493,195 | $ | (1,410,728 | ) | ||||||||||||||
Less: Accumulated depreciation and amortization | — | (39,644,912 | ) | (7,133,844 | ) | (86,528 | ) | (46,865,284 | ) | 1,247,491 | |||||||||||||||||
Net investments in real estate and related lease intangibles | $ | 163,061,398 | $ | 1,282,553,875 | $ | 8,454,903 | $ | 2,557,735 | $ | 1,456,627,911 | $ | (163,237 | ) | ||||||||||||||
Depreciation and amortization expenses were $17,457,109 and $37,662,460 for the three and six months ended June 30, 2014, and $9,772,519 and $18,496,076 for the three and six months ended June 30, 2013, respectively. | |||||||||||||||||||||||||||
Depreciation of the Company's buildings and improvements were $14,574,731 and $28,440,333 for the three and six months ended June 30, 2014, and $6,474,683 and $11,867,644 for the three and six months ended June 30, 2013, respectively. | |||||||||||||||||||||||||||
Amortization of the Company’s tenant origination and absorption costs was $2,844,086 and $9,145,543 for the three and six months ended June 30, 2014, and $3,280,773 and $6,605,477 for the three and six months ended June 30, 2013, respectively. Tenant origination and absorption costs had a weighted-average amortization period as of the date of acquisition of less than one year. | |||||||||||||||||||||||||||
Amortization of the Company’s other intangible assets was $38,292 and $76,584 for the three and six months ended June 30, 2014, and $17,064 and $22,955 for the three and six months ended June 30, 2013, respectively. Other intangible assets had a weighted-average amortization period as of the date of acquisition of 18.17 years. | |||||||||||||||||||||||||||
The increase in rental income as a result of the accretion of the Company’s below-market lease intangible liabilities for the three and six months ended June 30, 2014 was $0 and $163,237, respectively, and $167,992 and $426,318 for the three and six months ended June 30, 2013. 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 June 30, 2014 and thereafter is as follows: | |||||||||||||||||||||||||||
July 1 through December 31, 2014 | $ | 76,584 | |||||||||||||||||||||||||
2015 | 153,168 | ||||||||||||||||||||||||||
2016 | 153,168 | ||||||||||||||||||||||||||
2017 | 153,168 | ||||||||||||||||||||||||||
2018 | 153,168 | ||||||||||||||||||||||||||
Thereafter | 1,791,895 | ||||||||||||||||||||||||||
$ | 2,481,151 | ||||||||||||||||||||||||||
Operating Leases | |||||||||||||||||||||||||||
As of June 30, 2014, the Company’s real estate portfolio was comprised of 16,493 apartment homes and was 97.7% leased by a diverse group of residents. For each of the three and six months ended June 30, 2014 and 2013, the Company’s real estate portfolio earned approximately 99% of its rental income from residential tenants and approximately 1% of its rental income from commercial office tenants. 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 3.67 to 7.34 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 payable and accrued liabilities in the accompanying consolidated balance sheets and totaled $3,819,665 and $3,560,623 as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||
The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of June 30, 2014 and thereafter is as follows: | |||||||||||||||||||||||||||
July 1 through December 31, 2014 | $ | 173,321 | |||||||||||||||||||||||||
2015 | 347,036 | ||||||||||||||||||||||||||
2016 | 350,051 | ||||||||||||||||||||||||||
2017 | 354,433 | ||||||||||||||||||||||||||
2018 | 202,540 | ||||||||||||||||||||||||||
Thereafter | 361,961 | ||||||||||||||||||||||||||
$ | 1,789,342 | ||||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, 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. | |||||||||||||||||||||||||||
Property Disposition | |||||||||||||||||||||||||||
Lincoln Tower Apartments | |||||||||||||||||||||||||||
On August 11, 2010, the Company, through an indirect wholly owned subsidiary, acquired Lincoln Tower Apartments, a multifamily property located in Springfield, Illinois, containing 190 apartment homes and 8,995 rentable square feet of commercial space. The purchase price of the Lincoln Tower Apartments was $9,500,000, plus closing costs. On June 27, 2014, the Company sold the Lincoln Tower Apartments for $15,887,500, resulting in a gain of $7,072,294, which includes reductions to the net book value of the property due to historical depreciation and amortization expense. The purchaser of the Lincoln Tower Apartments was not affiliated with the Company or the Advisor. | |||||||||||||||||||||||||||
For the three and six months ended June 30, 2014, the Lincoln Tower Apartments had total revenues of $621,995 and $1,199,698 and total expenses of $2,002,527 and $2,562,000, respectively, including selling expenses of $447,616, loss on debt extinguishment of $891,885 and disposition fees of $238,313 for the three and six months ended June 30, 2014. For the three and six months ended June 30, 2013, the Lincoln Tower Apartments had revenues of $561,072 and $1,132,361 and total expenses of $497,929 and $1,003,820, respectively. The results of operations from the Lincoln Tower Apartments were included in continuing operations on the Company’s consolidated statements of operations. | |||||||||||||||||||||||||||
Real Estate Held for Sale | |||||||||||||||||||||||||||
Arbor Pointe Apartments | |||||||||||||||||||||||||||
As of June 30, 2014, Arbor Pointe Apartments, a multifamily property located in Louisville, Kentucky, met all the criteria to be classified as held for sale. Arbor Pointe Apartments was sold on July 1, 2014. See Note 13. The results of operations from the Arbor Pointe Apartments, which are summarized in the following table, were included in continuing operations on the Company’s consolidated statements of operations. The real estate and other assets and mortgage notes and other liabilities related to the Arbor Pointe Apartments are disclosed separately for all periods presented in the accompanying consolidated balance sheets. | |||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Revenues | $ | 303,757 | $ | 303,579 | $ | 596,755 | $ | 597,518 | |||||||||||||||||||
Expenses | 254,310 | 281,534 | 544,020 | 545,758 | |||||||||||||||||||||||
Net income | $ | 49,447 | $ | 22,045 | $ | 52,735 | $ | 51,760 | |||||||||||||||||||
Deferred_Financing_Costs_and_O
Deferred Financing Costs and Other Assets | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Deferred Financing Costs and Other Assets | ' | |||||||
Deferred Financing Costs and Other Assets | ||||||||
As of June 30, 2014 and December 31, 2013, deferred financing costs and other assets, net of accumulated amortization, consisted of: | ||||||||
June 30, | December 31, 2013 | |||||||
2014 | ||||||||
Deferred financing costs | $ | 8,908,297 | $ | 8,440,169 | ||||
Less: accumulated amortization | (1,821,364 | ) | (1,235,886 | ) | ||||
7,086,933 | 7,204,283 | |||||||
Prepaid expenses | 396,650 | 3,142,924 | ||||||
Interest rate cap agreements | 2,738,793 | 5,462,561 | ||||||
Escrow deposits for pending real estate acquisitions | 660,000 | 500,000 | ||||||
Deposits | 1,418,802 | 1,265,642 | ||||||
$ | 12,301,178 | $ | 17,575,410 | |||||
Debt
Debt | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Debt | ' | ||||||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||||||
Mortgage Notes Payable | |||||||||||||||||||||||||||||
The following is a summary of mortgage notes payable secured by real property, including mortgage notes payable related to real estate held for sale, as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
Principal Outstanding at | |||||||||||||||||||||||||||||
Property Name | Payment | Maturity | Interest | June 30, | December 31, | ||||||||||||||||||||||||
Type | Date | Rate(1) | 2014 | 2013 | |||||||||||||||||||||||||
1 | Lincoln Tower(2) | Principal and interest | May 1, 2019 | 3.66% | $ | — | $ | 8,434,054 | |||||||||||||||||||||
2 | Park Place | Interest only | July 1, 2018 | 3.50% | 4,938,136 | 4,938,136 | |||||||||||||||||||||||
3 | Arbor Pointe | Principal and interest | June 1, 2018 | 4.86% | 4,963,942 | 5,006,199 | |||||||||||||||||||||||
4 | Clarion Park | Principal and interest | July 1, 2018 | 4.58% | 8,556,122 | 8,632,301 | |||||||||||||||||||||||
5 | Cooper Creek | Principal and interest(3) | September 1, 2018 | 3.89% | 6,563,060 | 6,624,725 | |||||||||||||||||||||||
6 | Truman Farm Villas | Principal and interest(3) | January 1, 2019 | 3.78% | 5,764,253 | 5,818,457 | |||||||||||||||||||||||
7 | Prairie Walk | Principal and interest(3) | January 1, 2019 | 3.74% | 3,863,216 | 3,899,807 | |||||||||||||||||||||||
8 | EBT Lofts | Principal and interest(3) | January 1, 2019 | 3.82% | 5,448,566 | 5,499,432 | |||||||||||||||||||||||
9 | Windsor on the River(4)(5) | Principal and interest(3) | June 1, 2024 | 1-Mo LIBOR + 2.09% | 23,500,000 | 23,500,000 | |||||||||||||||||||||||
10 | Renaissance | Principal and interest(3) | January 1, 2023 | 3.85% | 9,017,323 | 9,084,000 | |||||||||||||||||||||||
11 | Spring Creek(6) | Principal and interest | February 1, 2018 | 4.88% | 13,745,802 | 13,912,669 | |||||||||||||||||||||||
12 | Montclair Parc | Principal and interest | May 1, 2019 | 3.70% | 24,067,355 | 24,305,671 | |||||||||||||||||||||||
13 | Sonoma Grande | Principal and interest(7) | June 1, 2019 | 3.31% | 22,540,000 | 22,540,000 | |||||||||||||||||||||||
14 | Estancia(6) | Interest only | October 1, 2017(8) | 5.94% | 21,665,072 | 21,844,621 | |||||||||||||||||||||||
15 | Montelena(6) | Principal and interest(9) | August 1, 2018 | 4.82% | 12,453,005 | 12,614,683 | |||||||||||||||||||||||
Principal Outstanding at | |||||||||||||||||||||||||||||
Property Name | Payment | Maturity | Interest | June 30, | December 31, | ||||||||||||||||||||||||
Type | Date | Rate(1) | 2014 | 2013 | |||||||||||||||||||||||||
16 | Valley Farms | Principal and interest | January 1, 2020 | 4.25% | $ | 10,156,856 | $ | 10,244,494 | |||||||||||||||||||||
17 | Hilliard Park | Principal and interest(3) | October 1, 2022 | 3.62% | 13,691,528 | 13,818,616 | |||||||||||||||||||||||
18 | Hilliard Summit | Principal and interest(3) | October 1, 2022 | 3.56% | 16,593,527 | 16,749,262 | |||||||||||||||||||||||
19 | Springmarc | Principal and interest(3) | November 1, 2019 | 3.69% | 15,306,814 | 15,446,452 | |||||||||||||||||||||||
20 | Ashley Oaks(5) | Principal and interest(3) | November 1, 2021 | 1-Mo LIBOR + 2.35% | 21,488,067 | 21,680,010 | |||||||||||||||||||||||
21 | Arrowhead | Principal and interest(3) | December 1, 2019 | 3.38% | 12,442,382 | 12,562,000 | |||||||||||||||||||||||
22 | The Moorings | Principal and interest(3) | December 1, 2019 | 3.37% | 15,042,124 | 15,187,000 | |||||||||||||||||||||||
23 | Forty 57 | Principal and interest(10) | January 1, 2023 | 3.73% | 38,500,000 | 38,500,000 | |||||||||||||||||||||||
24 | Keystone Farms | Principal and interest(3) | January 1, 2023 | 3.86% | 6,154,574 | 6,200,000 | |||||||||||||||||||||||
25 | Riverford Crossing | Principal and interest(10) | January 1, 2023 | 3.78% | 21,900,000 | 21,900,000 | |||||||||||||||||||||||
26 | Montecito Property | Principal and interest(3) | January 1, 2020 | 3.47% | 14,137,990 | 14,250,000 | |||||||||||||||||||||||
27 | Hilliard Grand | Principal and interest | August 1, 2052 | 5.59% | 28,942,708 | 29,050,224 | |||||||||||||||||||||||
28 | The Hills at Fair Oaks | Principal and interest(10) | February 1, 2023 | 4.02% | 24,767,000 | 24,767,000 | |||||||||||||||||||||||
29 | Library Lofts | Principal and Interest | April 1, 2020 | 3.66% | 9,028,127 | 9,113,640 | |||||||||||||||||||||||
30 | Trails at Buda Ranch(5) | Principal and interest(3) | April 1, 2023 | 1-Mo LIBOR + 2.42% | 16,977,842 | 17,030,000 | |||||||||||||||||||||||
31 | Deep Deuce at Bricktown(6) | Principal and interest | April 1, 2018 | 5.04% | 24,253,498 | 24,603,299 | |||||||||||||||||||||||
32 | Deep Deuce at Bricktown — Supplemental Loan | Principal and interest | April 1, 2018 | 4.73% | 2,758,513 | 2,779,688 | |||||||||||||||||||||||
33 | Deer Valley(5) | Principal and interest(3) | May 1, 2023 | 1-Mo LIBOR + 2.40% | 20,842,268 | 20,875,000 | |||||||||||||||||||||||
34 | Grayson Ridge(5) | Principal and interest(3) | July 1, 2020 | 1-Mo LIBOR + 2.63% | 10,725,000 | 10,725,000 | |||||||||||||||||||||||
35 | Rosemont Olmos Park(5) | Principal and interest(10) | July 1, 2020 | 1-Mo LIBOR + 2.65% | 15,100,000 | 15,100,000 | |||||||||||||||||||||||
36 | Retreat at Quail North(6) | Principal and interest | January 1, 2053 | 4.80% | 17,111,152 | 17,190,827 | |||||||||||||||||||||||
37 | The Lodge at Trails Edge(6) | Principal and interest | November 1, 2020 | 4.47% | 10,855,507 | 10,965,388 | |||||||||||||||||||||||
38 | The Lodge at Trails Edge — Supplemental Loan | Principal and interest | November 1, 2020 | 5.75% | 1,924,343 | 1,936,199 | |||||||||||||||||||||||
39 | Arbors of Carrollton(6) | Principal and interest | December 1, 2020 | 4.83% | 5,342,709 | 5,395,471 | |||||||||||||||||||||||
40 | Arbors of Carrollton — Supplemental Loan | Principal and interest | December 1, 2020 | 4.83% | 979,050 | 986,624 | |||||||||||||||||||||||
41 | Waterford on the | Principal and interest | December 1, 2020 | 4.70% | 14,020,615 | 14,154,991 | |||||||||||||||||||||||
Meadow(6) | |||||||||||||||||||||||||||||
42 | Waterford on the Meadow — Supplemental Loan | Principal and interest | December 1, 2020 | 4.78% | 2,739,796 | 2,761,194 | |||||||||||||||||||||||
43 | The Belmont(6) | Principal and interest | March 1, 2021 | 5.91% | 9,397,267 | 9,498,460 | |||||||||||||||||||||||
Principal Outstanding at | |||||||||||||||||||||||||||||
Property Name | Payment | Maturity | Interest | June 30, | December 31, | ||||||||||||||||||||||||
Type | Date | Rate(1) | 2014 | 2013 | |||||||||||||||||||||||||
44 | Meritage at Steiner | Principal and interest(3) | September 1, 2020 | 1-Mo LIBOR + 2.47% | $ | 55,500,000 | $ | 55,500,000 | |||||||||||||||||||||
Ranch(5) | |||||||||||||||||||||||||||||
45 | Tapestry Park(5) | Principal and interest(3) | October 1, 2020 | 1-Mo LIBOR + 2.44% | 23,100,000 | 23,100,000 | |||||||||||||||||||||||
46 | Dawntree(6) | Principal and interest(11) | August 6, 2021 | 5.48% | 15,959,270 | 16,022,763 | |||||||||||||||||||||||
47 | Stuart Hall(5) | Principal and interest(3) | September 1, 2020 | 1-Mo LIBOR + 2.75% | 12,407,000 | 12,407,000 | |||||||||||||||||||||||
48 | BriceGrove Park(5) | Principal and interest(3) | October 1, 2020 | 1-Mo LIBOR + 2.58% | 14,985,000 | 14,985,000 | |||||||||||||||||||||||
49 | Landing at Mansfield(5) | Principal and interest(3) | October 1, 2020 | 1-Mo LIBOR + 2.69% | 22,750,000 | 22,750,000 | |||||||||||||||||||||||
50 | The Heights(5) | Principal and interest(3) | October 1, 2020 | 1-Mo LIBOR + 2.60% | 29,014,000 | 29,014,000 | |||||||||||||||||||||||
51 | Villas at Huffmeister(5) | Principal and interest(3) | November 1, 2020 | 1-Mo LIBOR + 2.68% | 25,963,000 | 25,963,000 | |||||||||||||||||||||||
52 | Villas at Kingwood(5) | Principal and interest(3) | November 1, 2020 | 1-Mo LIBOR + 2.68% | 28,105,000 | 28,105,000 | |||||||||||||||||||||||
53 | Waterford Place at Riata Ranch(5) | Principal and interest(3) | November 1, 2020 | 1-Mo LIBOR + 2.64% | 16,340,000 | 16,340,000 | |||||||||||||||||||||||
54 | Carrington Place(5) | Principal and interest(10) | December 1, 2023 | 1-Mo LIBOR + 2.16% | 22,376,000 | 22,376,000 | |||||||||||||||||||||||
55 | Carrington at Champion Forest(5) | Principal and interest(10) | December 1, 2023 | 1-Mo LIBOR + 2.16% | 22,959,000 | 22,959,000 | |||||||||||||||||||||||
56 | Carrington Park(5) | Principal and interest(10) | December 1, 2023 | 1-Mo LIBOR + 2.16% | 17,717,000 | 17,717,000 | |||||||||||||||||||||||
57 | Willow Crossing(5) | Principal and interest(10) | December 1, 2023 | 1-Mo LIBOR + 2.20% | 43,500,000 | 43,500,000 | |||||||||||||||||||||||
58 | Heritage Grand at Sienna Plantation(6) | Principal and interest | January 1, 2053 | 4.65% | 16,772,207 | 16,845,443 | |||||||||||||||||||||||
59 | Audubon Park(5) | Principal and interest(10) | January 1, 2024 | 1-Mo LIBOR + 2.41% | 11,760,000 | 11,760,000 | |||||||||||||||||||||||
60 | Mallard Crossing(5) | Principal and interest(3) | January 1, 2021 | 1-Mo LIBOR + 2.57% | 27,860,000 | 27,860,000 | |||||||||||||||||||||||
61 | Renaissance at Carol Stream(5) | Principal and interest(3) | February 1, 2021 | 1-Mo LIBOR + 2.36% | 20,440,000 | — | |||||||||||||||||||||||
62 | Mapleshade Park(5) | Principal and interest(12) | April 1, 2021 | 1-Mo LIBOR + 2.15% | 15,161,000 | — | |||||||||||||||||||||||
63 | Richland Falls | Principal and interest(10) | May 16, 2017(13) | Variable(14) | 13,800,000 | — | |||||||||||||||||||||||
64 | Oak Crossing(5) | Interest only | July 1, 2024 | 1-Mo LIBOR + 1.63% | 15,762,000 | — | |||||||||||||||||||||||
$ | 1,040,495,586 | $ | 987,329,800 | ||||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||
-1 | Except as otherwise noted, interest on the notes accrues at a fixed rate per annum. At June 30, 2014, the weighted-average interest rate of our fixed rate debt and variable rate debt was 4.30% and 2.55%, respectively. The weighted-average interest rate of our blended fixed and variable rates was 3.38% at June 30, 2014. | ||||||||||||||||||||||||||||
-2 | The Lincoln Tower Apartments was sold on June 27, 2014 and the mortgage note payable was repaid in full on the same day with proceeds from the sale. Upon the early extinguishment of the Lincoln Tower mortgage note payable, a loss on debt extinguishment of $891,885 was recorded on the consolidated statements of operations, including an expense of the net deferred financing costs of $95,658. | ||||||||||||||||||||||||||||
-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 May 9, 2014, the Company refinanced the existing mortgage loan secured by the Windsor on the River property with the proceeds of a new mortgage loan in the aggregate principal amount of $23,500,000. The proceeds from the new loan were used to redeem the assumed obligations for tax exempt bonds issued by the Iowa Finance Authority in the amount of $23,500,000. In connection with the refinancing, the Company’s obligations under the existing letter of credit were terminated. | ||||||||||||||||||||||||||||
-5 | See Note 11 for a discussion of the interest rate cap agreements used to manage the exposure to interest rate movement on the Company's variable rate loans. | ||||||||||||||||||||||||||||
-6 | The following table summarizes the debt premiums and discounts as of June 30, 2014, 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 June 30, 2014 | Amortization of Debt Premium (Discount) During the | |||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Spring Creek | $ | 364,363 | $ | 25,356 | $ | 25,357 | $ | 50,713 | $ | 50,714 | |||||||||||||||||||
Estancia | 1,165,072 | 89,775 | 89,774 | 179,549 | 179,548 | ||||||||||||||||||||||||
Montelena | 598,244 | 36,592 | 36,592 | 73,184 | 73,184 | ||||||||||||||||||||||||
Deep Deuce at Bricktown | 1,178,585 | 78,799 | 78,798 | 157,597 | 82,187 | ||||||||||||||||||||||||
Retreat at Quail North | 463,951 | 3,008 | 1,559 | 6,017 | 1,559 | ||||||||||||||||||||||||
The Lodge at Trails Edge | 101,098 | 3,968 | 750 | 7,936 | 750 | ||||||||||||||||||||||||
Arbors of Carrollton | 160,021 | 6,234 | — | 12,469 | — | ||||||||||||||||||||||||
Waterford on the Meadow | 323,707 | 12,612 | — | 25,224 | — | ||||||||||||||||||||||||
The Belmont | 626,645 | 23,557 | — | 47,113 | — | ||||||||||||||||||||||||
Dawntree | 777,270 | 31,747 | — | 63,493 | — | ||||||||||||||||||||||||
Heritage Grand at Sienna Plantation | (454,763 | ) | (2,949 | ) | — | (5,898 | ) | — | |||||||||||||||||||||
$ | 5,304,193 | $ | 308,699 | $ | 232,830 | $ | 617,397 | $ | 387,942 | ||||||||||||||||||||
-7 | A monthly payment of interest only was due and payable through June 1, 2014, after which, a monthly payment of principal and interest is due and payable until the maturity date. | ||||||||||||||||||||||||||||
-8 | The Company has the option to extend the maturity date to October 1, 2018, subject to customary and market rate extension provisions. | ||||||||||||||||||||||||||||
-9 | 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. | ||||||||||||||||||||||||||||
-10 | 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. | ||||||||||||||||||||||||||||
-11 | 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. | ||||||||||||||||||||||||||||
-12 | A monthly payment of interest only is due and payable for 36 months from the loan date, after which, a monthly payment of principal and interest is due and payable until the maturity date. | ||||||||||||||||||||||||||||
-13 | The Company has the option to extend the maturity date for 12 months from the original maturity date, subject to customary and market rate extension provisions. | ||||||||||||||||||||||||||||
-14 | The Company has the option to select the interest rate at the end of each LIBOR interest period (as defined in the note agreement) from the following options: (1) 0.85% plus the highest of (A) the Prime Rate (as defined in the note agreement), (B) the sum of the Federal Funds Rate (as defined in the note agreement) plus 0.50%, and (C) daily LIBOR plus 1.0% (the “Base Rate Option”) or (2) LIBOR plus 1.85% (the “LIBOR Option”). If the LIBOR options is selected by the Company, the Company may select either the one-month LIBOR, three-month LIBOR or six-month LIBOR. The margin rate under each option may be reduced by 20 basis points if the property achieves occupancy in excess of 90% for 90 consecutive days. As of June 30, 2014, the Company had elected the LIBOR Option using one-month LIBOR. | ||||||||||||||||||||||||||||
Revolving Credit Facility | |||||||||||||||||||||||||||||
The Company has entered into an unsecured revolving line of credit pursuant to a Loan Agreement with PNC Bank, N.A. (“PNC Bank”) to borrow up to $20,000,000. Each advance under the facility is due within 180 days from the date of the advance and all unpaid principal and interest was due and payable in full on July 23, 2014. On July 18, 2014, the Company and PNC Bank amended the Loan Agreement to, among other things, increase the potential borrowing limit from $20,000,000 to $35,000,000 and extend the maturity date to July 17, 2016. | |||||||||||||||||||||||||||||
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 Loan Agreement), (B) the sum of the Federal Funds Rate (as defined in the Loan Agreement) plus 0.50%, and (C) daily 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 June 30, 2014, $20,000,000 was outstanding on the credit facility bearing interest at LIBOR plus 3.0%. | |||||||||||||||||||||||||||||
The following is a summary of the Company's aggregate maturities as of June 30, 2014: | |||||||||||||||||||||||||||||
Remainder of | Maturities During the Years Ending December 31, | ||||||||||||||||||||||||||||
Contractual Obligation | Total | 2014 | 2014 | 2015 | 2016 | 2017 | Thereafter | ||||||||||||||||||||||
Principal payments on outstanding debt obligations(1) | $ | 1,055,191,393 | $ | 30,237,391 | $ | 14,757,939 | $ | 17,637,954 | $ | 51,824,336 | $ | 83,630,399 | $ | 857,103,374 | |||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||
-1 | Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the amortization of the debt premiums associated with certain notes payable. | ||||||||||||||||||||||||||||
The Company’s notes payable contain customary financial and non-financial debt covenants. As of June 30, 2014 and December 31, 2013, the Company was in compliance with all financial debt covenants. | |||||||||||||||||||||||||||||
For the three and six months ended June 30, 2014, the Company incurred interest expense of $11,273,624 and $21,197,645. Interest expense for the three and six months ended June 30, 2014 includes amortization of deferred financing costs of $395,300 and $759,388, amortization of loan premiums of $308,699 and $617,397, and net unrealized losses from the change in fair value of interest rate cap agreements of $2,125,640 and $3,315,514, respectively. | |||||||||||||||||||||||||||||
For the three and six months ended June 30, 2013, the Company incurred interest expense of $4,552,197 and $8,854,210. Interest expense for the three and six months ended June 30, 2013 includes amortization of deferred financing costs of $235,453 and $395,747, amortization of loan premiums of $232,830 and $387,942, and net unrealized gains from the change in fair value of interest rate cap agreements of $438,472 and $373,855, respectively. | |||||||||||||||||||||||||||||
Interest expense of $2,766,369 and $2,539,966 was payable as of June 30, 2014 and December 31, 2013, respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. |
Stockholders_Equity
Stockholders' Equity | 6 Months Ended | ||
Jun. 30, 2014 | |||
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. 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. | |||
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. As of June 30, 2014, the Company had issued 75,576,513 shares of common stock in a private offering and its subsequent Public Offering for offering proceeds of $668,335,494, net of offering costs of $95,845,468, including 2,917,877 shares of common stock pursuant to the DRP for total proceeds of $28,334,121. The offering costs primarily consist of selling commissions and dealer manager fees. Offering proceeds include $0 and $26,549,087 of amounts receivable from the Company’s transfer agent as of June 30, 2014 and December 31, 2013, respectively, which are included in rents and other receivables in the accompanying consolidated balance sheets. The Company terminated its Public Offering on December 20, 2013, but continues to offer shares pursuant to the DRP. | |||
During the year ended December 31, 2013, the Company granted 10,000 shares of restricted stock to its independent directors at a weighted average fair value of $10.24 as compensation for services in connection with their re-election to the board of directors at the Company’s annual meeting. 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. | |||
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 Public Offering on the first day of each fiscal quarter. The purchase of shares of the Company’s common stock by Ms. Neyland pursuant to the Plan commenced on January 1, 2013 and terminated on November 15, 2013. The shares were purchased pursuant to the Plan at a price of $9.216 per share, reflecting the elimination of selling commissions and the dealer manager fee in connection with such sales. | |||
Included in general and administrative expenses is $22,176 and $44,352 for the three and six months ended June 30, 2014 and $16,670 and $37,796 for the three and six months ended June 30, 2013, respectively, for compensation expense related to the issuance of restricted common stock to the independent directors. The weighted average remaining term of the restricted common stock is 1.18 years as of June 30, 2014. | |||
On June 11, 2014, the Company entered into a restricted stock agreement with the Advisor whereby the Company issued to the Advisor 488,281.25 restricted shares of the Company’s common stock at a fair market value of $10.24 per share to replace certain performance-based fee requirements due to the Advisor in the aggregate amount of $5,000,000. The shares of restricted stock vest and become non-forfeitable upon the earliest to occur of (i) 50% at December 31, 2015 and 50% at December 31, 2016, (ii) certain liquidity events of the Company, (iii) the Company’s cumulative modified funds from operations exceed the lesser of (a) the cumulative amount of distributions paid to the Company’s stockholders or (b) an amount that is equal to a 7.0% cumulative, non-compounded annual return on the Company’s stockholders’ invested capital, or (iv) the Company’s termination of, or failure to renew, the Advisory Agreement other than for “cause” (as defined in the Advisory Agreement). The shares of restricted stock shall be forfeited if the Advisor is terminated for any reason other than (iv) above. | |||
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 aggregate 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 aggregate 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. As of June 30, 2014 and December 31, 2013, 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 or 95% of the most recent offering price of $10.24 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 share 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 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(2) | ||
2 years | 95.0% of Estimated Value per Share(2) | ||
3 years | 97.5% of Estimated Value per Share(2) | ||
4 years | 100.0% of Estimated Value per Share(2) | ||
In the event of a stockholder’s death or disability(3) | Average Issue Price for Shares(4) | ||
________________ | |||
-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 “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. 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. | ||
-3 | 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 of 1990, as amended, 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, such as the 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 the Company’s 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. | ||
-4 | 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. | ||
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 to the Repurchase Date. During the three and six months ended June 30, 2014, the Company redeemed a total of 38,415 and 87,928 shares with a total redemption value of $381,372 and $855,916 and received requests for the redemption of 76,036 and 137,606 shares with a total redemption value of $731,533 and $1,346,295, respectively. During the three and six months ended June 30, 2013, the Company redeemed a total of 31,423 and 60,592 shares with a total redemption value of $309,441 and $582,692 and received requests for the redemption of 25,749 and 61,345 shares with a total redemption value of $251,875 and $602,782, respectively. | |||
As of June 30, 2014, the Company had 87,320 shares of outstanding and unfulfilled redemption requests and recorded $849,598 in accounts payable and accrued liabilities on the accompanying consolidated balance sheet related to these unfulfilled redemption requests. The Company redeemed 77,363 of the outstanding redemption requests as of June 30, 2014 totaling $748,791 on the July 31, 2014 redemption date. | |||
The Company cannot guarantee that the amounts allocated 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 its 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 its 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 three and six months ended June 30, 2014, the Company reclassified $6,327,073 and $10,289,276, net of $381,372 and $855,916 of fulfilled redemption requests, and for the three and six months ended June 30, 2013, the Company reclassified $1,971,174 and $3,319,127, net of $309,441 and $582,692 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. In order to provide additional available funds to pay distributions, under certain circumstances the Company’s obligation to pay certain fees due to the Advisor from the Company pursuant to the Advisory Agreement was deferred up to an aggregate amount of $5,000,000. On June 11, 2014, the Company issued $5,000,000 in restricted shares of common stock, subject to certain vesting requirements, as disclosed above, to settle the previously deferred fees due to the Advisor. As of June 30, 2014 and December 31, 2013, $0 and $5,000,000, respectively, of fees had been deferred pursuant to the Advisory Agreement. | |||
Distributions Declared | |||
Distributions declared (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. Stockholders may elect to receive cash distributions or purchase additional shares through the DRP. | |||
Distributions declared for the three and six months ended June 30, 2014 were $13,454,087 and $26,628,938, including $6,654,678 and $13,171,466, or 683,934 and 1,353,696 shares of common stock, respectively, attributable to the DRP. | |||
Distributions declared for the three and six months ended June 30, 2013 were $5,720,601 and $10,181,364, including $2,499,794 and $4,396,706, or 256,916 and 451,871 shares of common stock, respectively, attributable to the DRP. | |||
As of June 30, 2014 and December 31, 2013, $4,460,118 and $4,058,452 in distributions declared were payable, which included $2,198,026 and $1,963,570 of distributions reinvested pursuant to the DRP, respectively. | |||
Distributions Paid | |||
For the three and six months ended June 30, 2014, the Company paid cash distributions of $6,834,399 and $13,290,263, which related to distributions declared for each day in the period from March 1, 2014 through May 31, 2014 and December 1, 2013 through May 31, 2014, respectively. Additionally, for the three and six months ended June 30, 2014, 689,571 and 1,329,601 shares of common stock were issued pursuant to the DRP for gross offering proceeds of $6,709,523 and $12,937,009, respectively. For the three and six months ended June 30, 2014, the Company paid total distributions of $13,543,922 and $26,227,272. | |||
For the three and six months ended June 30, 2013, the Company paid cash distributions of $3,003,582 and $5,403,290, which related to distributions declared for each day in the period from March 1, 2013 through May 31, 2013 and December 1, 2012 through May 31, 2013, respectively. Additionally, for the three and six months ended June 30, 2013, 234,450 and 416,169 shares of common stock were issued pursuant to the DRP for gross offering proceeds of $2,281,198 and $4,049,321, respectively. For the three and six months ended June 30, 2013, the Company paid total distributions of $5,284,780 and $9,452,611. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings (Loss) Per Share | ' | ||||||||||||||||
Earnings (Loss) Per Share | |||||||||||||||||
The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share, or EPS, for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net loss attributable to the Company | $ | (3,653,679 | ) | $ | (7,746,115 | ) | $ | (17,736,590 | ) | $ | (16,338,016 | ) | |||||
Less: dividends declared on participating securities | 21,572 | — | 24,886 | — | |||||||||||||
Net loss attributable to common stockholders | (3,675,251 | ) | (7,746,115 | ) | (17,761,476 | ) | (16,338,016 | ) | |||||||||
Weighted average common shares outstanding - basic and diluted | 75,164,490 | 32,136,950 | 74,817,466 | 28,727,291 | |||||||||||||
Loss per common share - basic and diluted | $ | (0.05 | ) | $ | (0.24 | ) | $ | (0.24 | ) | $ | (0.57 | ) | |||||
As of June 30, 2014, the Company excluded 488,281.25 of unvested restricted common shares outstanding from the calculation of diluted loss per common share as the effect would have been antidilutive. |
Related_Party_Arrangements
Related Party Arrangements | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Related Party Arrangements | ' | |||||||||||||||
Related Party Arrangements | ||||||||||||||||
The Company has entered into the Advisory Agreement with the Advisor and a Dealer Manager Agreement with the Dealer Manager with respect to the Public Offering. Pursuant to the Advisory Agreement and Dealer Manager Agreement, the Company is obligated to pay the Advisor and the Dealer Manager specified fees upon the provision of certain services related to the investment of funds in real estate and real estate-related investments, the management of the Company’s investments and for other services (including, but not limited to, the disposition of investments) and the Public Offering that 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. | ||||||||||||||||
Amounts attributable to the Advisor and its affiliates incurred for the three and six months ended June 30, 2014 and 2013 are as follows: | ||||||||||||||||
Incurred For the | Incurred For the | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Consolidated Statements of Operations: | ||||||||||||||||
Expensed | ||||||||||||||||
Investment management fees(1) | $ | 3,317,493 | $ | 1,498,270 | $ | 6,491,789 | $ | 2,754,866 | ||||||||
Acquisition fees(1) | 917,225 | 2,201,611 | 2,496,902 | 4,423,929 | ||||||||||||
Acquisition expenses(2) | 201,945 | 504,243 | 411,149 | 2,176,011 | ||||||||||||
Property management | ||||||||||||||||
Fees(1) | 1,464,108 | 671,007 | 2,817,406 | 1,219,860 | ||||||||||||
Reimbursement of onsite personnel(3) | 4,482,540 | 1,831,979 | 8,573,720 | 3,288,973 | ||||||||||||
Other fees(1) | 426,797 | 179,908 | 823,350 | 338,267 | ||||||||||||
Other operating expenses(4) | 259,125 | 259,019 | 482,803 | 446,757 | ||||||||||||
Disposition fees(5) | 238,313 | — | 238,313 | — | ||||||||||||
Consolidated Balance Sheets: | ||||||||||||||||
Capitalized to real estate | ||||||||||||||||
Construction management fees | 340,600 | — | 569,742 | — | ||||||||||||
Additional paid-in-capital | ||||||||||||||||
Other offering costs reimbursement | — | 2,707,408 | — | 5,221,670 | ||||||||||||
Selling commissions | — | 5,513,018 | — | 8,578,186 | ||||||||||||
Dealer management fees | — | 3,156,122 | — | 4,854,704 | ||||||||||||
$ | 11,648,146 | $ | 18,522,585 | $ | 22,905,174 | $ | 33,303,223 | |||||||||
_____________________________ | ||||||||||||||||
-1 | Included in fees to affiliates in the accompanying consolidated statements of operations for the three and six months ended June 30, 2014 and 2013. | |||||||||||||||
-2 | Included in acquisition costs in the accompanying consolidated statements of operations for the three and six months ended June 30, 2014 and 2013. | |||||||||||||||
-3 | Included in operating, maintenance and management expenses in the accompanying consolidated statements of operations for the three and six months ended June 30, 2014 and 2013. | |||||||||||||||
-4 | Included in general and administrative expenses in the accompanying consolidated statements of operations for the three and six months ended June 30, 2014 and 2013. | |||||||||||||||
-5 | Included in gain on sale of real estate, net in the accompanying consolidated statements of operations for the three and six months ended June 30, 2014 and 2013. | |||||||||||||||
Amounts attributable to the Advisor and its affiliates paid during the three and six months ended June 30, 2014 and 2013 are as follows: | ||||||||||||||||
Paid During the | Paid During the | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Consolidated Statements of Operations: | ||||||||||||||||
Expensed | ||||||||||||||||
Investment management fees | $ | 7,624,361 | $ | 836,941 | $ | 10,892,235 | $ | 2,093,537 | ||||||||
Acquisition fees | 1,558,774 | 2,356,147 | 2,548,521 | 4,288,807 | ||||||||||||
Acquisition expenses | 334,468 | 1,897,598 | 411,149 | 2,320,059 | ||||||||||||
Property management | ||||||||||||||||
Fees | 1,435,179 | 610,561 | 2,726,297 | 1,127,012 | ||||||||||||
Reimbursement of onsite personnel | 5,231,128 | 1,872,763 | 8,656,234 | 3,268,590 | ||||||||||||
Other fees | 417,709 | 192,454 | 817,047 | 329,175 | ||||||||||||
Other operating expenses | 172,915 | 293,524 | 303,583 | 516,973 | ||||||||||||
Disposition fees | 238,313 | — | 238,313 | — | ||||||||||||
Consolidated Balance Sheets: | ||||||||||||||||
Capitalized to real estate | ||||||||||||||||
Construction management fees | 349,689 | — | 578,831 | — | ||||||||||||
Additional paid-in-capital | ||||||||||||||||
Other offering costs reimbursement | — | 2,223,228 | 3,105,246 | 4,721,099 | ||||||||||||
Selling commissions | — | 5,513,018 | — | 8,578,186 | ||||||||||||
Dealer management fees | — | 3,156,122 | — | 4,854,704 | ||||||||||||
$ | 17,362,536 | $ | 18,952,356 | $ | 30,277,456 | $ | 32,098,142 | |||||||||
Amounts outstanding to the Advisor and its affiliates as of June 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
Payable as of | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Consolidated Statements of Operations: | ||||||||||||||||
Expensed | ||||||||||||||||
Investment management fees(1) | $ | 129,596 | $ | 4,530,042 | ||||||||||||
Acquisition fees(2) | 596,803 | 648,422 | ||||||||||||||
Acquisition expenses | — | — | ||||||||||||||
Property management | ||||||||||||||||
Fees | 507,690 | 416,581 | ||||||||||||||
Reimbursement of onsite personnel | 486,337 | 568,851 | ||||||||||||||
Other fees | 51,523 | 45,220 | ||||||||||||||
Other operating expenses | 186,896 | 7,676 | ||||||||||||||
Consolidated Balance Sheets: | ||||||||||||||||
Additional paid-in-capital | ||||||||||||||||
Other offering costs reimbursement | — | 3,105,246 | ||||||||||||||
Due to affiliates, net | $ | 1,958,845 | $ | 9,322,038 | ||||||||||||
_____________________________ | ||||||||||||||||
-1 | Investment management fees earned by the Advisor totaling $0 and $4,351,578 were deferred as of June 30, 2014 and December 31, 2013, respectively, pursuant to the terms of the Advisory Agreement. The remaining investment management fees of $129,596 and $178,464 were due and payable and are included in due to affiliates in the accompanying consolidated balance sheets at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||
-2 | Acquisition fees earned by the Advisor totaling $0 and $648,422 were deferred as of June 30, 2014 and December 31, 2013, respectively, pursuant to the terms of the Advisory Agreement. The remaining acquisition fees of $596,803 and $0 were due and payable and are included in due to affiliates in the accompanying consolidated balance sheets at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||
Organization and Offering Costs | ||||||||||||||||
The Company terminated the Public Offering on December 20, 2013. Prior to the termination of the Public Offering, 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 the prior 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. Reimbursement of expenses paid to the Advisor did not exceed the actual expenses incurred by the Advisor. Organization costs included 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; assisting in public relations activities and the administration of the DRP and share redemption plan; and providing advice as to our real estate portfolio and property operations. | ||||||||||||||||
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 exceeded 15% of gross offering proceeds raised in the completed Public Offering. | ||||||||||||||||
Organization costs are expensed as incurred. From inception through June 30, 2014, 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 three and six months ended June 30, 2014 and 2013. | ||||||||||||||||
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 three and six months ended June 30, 2014, no amounts were reimbursed to the Advisor as the Public Offering terminated on December 20, 2013. For the three and six months ended June 30, 2013, the Company reimbursed the Advisor $11,376,548 and $18,654,559, respectively, of offering costs related to the Public Offering, including $522,597 and $849,597 of amounts paid to Crossroads for certain offering services provided. | ||||||||||||||||
The Company has reimbursed the Advisor $95,946,206 for organization and offering costs incurred from inception through June 30, 2014, 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 $0 and $3,105,246 for the reimbursement of offering costs in the financial statements as of June 30, 2014 and December 31, 2013, 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 is 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. The cost of real properties and real estate-related assets that have been sold by the Company during the applicable month is excluded from the fee. | ||||||||||||||||
Acquisition Fees and Expenses | ||||||||||||||||
The Company pays the Advisor an acquisition fee equal to 2.0% of (1) the cost of investment, as defined in the Advisory Agreement, 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. | ||||||||||||||||
In addition to acquisition fees, the Company reimburses the Advisor for amounts directly incurred by the Advisor or its affiliates, including personnel-related costs for acquisition due diligence, legal and non-recurring management services, 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. | ||||||||||||||||
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 (other than EBT Lofts, Library Lofts and Stuart Hall, 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. The Property Manager also receives an oversight fee of 1% of gross revenues at certain of the properties at which it does not serve as a property manager. 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 at any time without cause or upon an uncured breach of the Property Management Agreement upon 30 days prior written notice to the Property Manager. | ||||||||||||||||
In addition to the property management fee, the Property Management Agreements also specify certain other fees payable to the Property Manager or its affiliates, including benefit administration and training services. The Company also reimburses the Property Manager for the salaries and related benefits of on-site property management employees. | ||||||||||||||||
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 planned capital improvements and 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 planning and 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. | ||||||||||||||||
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 by Advisor 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 unless the independent directors have determined that such excess expenses were justified. 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 three and six months ended June 30, 2014 and 2013, the Company's allocable share of the Advisor's overhead expenses did not exceed the 2%/25% Limitation test. | ||||||||||||||||
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 up to 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. In connection with the sale of the Lincoln Tower Apartments (see Note 3), the Company recorded a disposition fee of $238,313 during the three and six months ended June 30, 2014 and is included in gain on sale of real estate, net on the consolidated statements of operations. | ||||||||||||||||
Selling Commissions and Dealer Manager Fees | ||||||||||||||||
Pursuant to the terms of the Dealer Manager Agreement, 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. A reduced sales commission and dealer manager fee was paid in connection with volume discounts and certain other categories of sales. No sales commission or dealer manager fee was paid with respect to shares of common stock issued pursuant to the DRP. The Dealer Manager reallowed 100% of sales commissions earned to participating broker-dealers. The Dealer Manager was also able to reallow to any participating broker-dealer a portion of the dealer manager fee that was attributable to that participating broker-dealer for certain marketing costs of that participating broker-dealer. The Company did not pay any selling commissions or dealer manager fees to the Dealer Manager for the three and six months ended June 30, 2014 because the Public Offering terminated on December 20, 2013. | ||||||||||||||||
Restricted Stock Agreement | ||||||||||||||||
On June 11, 2014, the Company entered into a restricted stock agreement with the Advisor whereby the Company issued to the Advisor 488,281.25 restricted shares of the Company’s common stock at a fair market value of $10.24 per share to replace certain performance-based fee requirements due to the Advisor in the aggregate amount of $5,000,000. The shares of restricted stock vest and become non-forfeitable upon the earliest to occur of (i) 50% at December 31, 2015 and 50% at December 31, 2016, (ii) certain liquidity events of the Company, (iii) the Company’s cumulative modified funds from operations exceed the lesser of (a) the cumulative amount of distributions paid to the Company’s stockholders or (b) an amount that is equal to a 7.0% cumulative, non-compounded annual return on the Company’s stockholders’ invested capital, or (iv) the Company’s termination of, or failure to renew, the Advisory Agreement other than for “cause” (as defined in the Advisory Agreement). The shares of restricted stock shall be forfeited if the Advisor is terminated for any reason other than (iv) above. |
Incentive_Award_Plan_and_Indep
Incentive Award Plan and Independent Director Compensation | 6 Months Ended |
Jun. 30, 2014 | |
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 June 30, 2014 and December 31, 2013, 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. The Company recorded stock-based compensation expense of $22,176 and $44,352 for the three and six months ended June 30, 2014 and $16,670 and $37,796 for the three and six months ended June 30, 2013, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Economic Dependency | |
The Company is dependent on the Advisor for certain services that are essential to the Company, including 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 | 6 Months Ended | ||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||
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 cap agreements are used to accomplish this objective. As of June 30, 2014, the Company had 24 interest rate cap agreements with notional amounts totaling $534,641,000. The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at June 30, 2014: | |||||||||||||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Variable Rate | Cap Rate | Fair Value as of | ||||||||||||||||||||||||||
Property | Type | Purpose | Based on | Jun 30, 2014 | Dec 31, 2013 | ||||||||||||||||||||||||||
Ashley Oaks | Cap | Cap Floating Rate | 10/24/11 | 11/1/16 | $ | 21,712,000 | One-Month LIBOR | 0.16 | % | 5 | % | $ | 3,789 | $ | 19,729 | ||||||||||||||||
Trails at Buda Ranch | Cap | Cap Floating Rate | 3/28/13 | 4/1/18 | 17,030,000 | One-Month LIBOR | 0.16 | % | 2 | % | 187,667 | 335,483 | |||||||||||||||||||
Deer Valley | Cap | Cap Floating Rate | 4/30/13 | 5/1/18 | 20,875,000 | One-Month LIBOR | 0.16 | % | 2 | % | 247,608 | 439,064 | |||||||||||||||||||
Grayson Ridge | Cap | Cap Floating Rate | 6/26/13 | 7/1/17 | 10,725,000 | One-Month LIBOR | 0.16 | % | 2 | % | 60,054 | 115,262 | |||||||||||||||||||
Rosemont at Olmos Park | Cap | Cap Floating Rate | 6/20/13 | 7/1/17 | 15,100,000 | One-Month LIBOR | 0.16 | % | 2 | % | 85,341 | 164,538 | |||||||||||||||||||
Meritage at Steiner Ranch | Cap | Cap Floating Rate | 8/6/13 | 9/1/17 | 55,500,000 | One-Month LIBOR | 0.16 | % | 2 | % | 357,822 | 715,411 | |||||||||||||||||||
Tapestry Park | Cap | Cap Floating Rate | 9/23/13 | 10/1/17 | 23,100,000 | One-Month LIBOR | 0.16 | % | 3.56 | % | 66,125 | 154,735 | |||||||||||||||||||
Stuart Hall | Cap | Cap Floating Rate | 8/27/13 | 9/1/17 | 12,407,000 | One-Month LIBOR | 0.16 | % | 3.5 | % | 18,677 | 62,083 | |||||||||||||||||||
BriceGrove Park | Cap | Cap Floating Rate | 9/24/13 | 10/1/17 | 14,985,000 | One-Month LIBOR | 0.16 | % | 3.42 | % | 39,420 | 110,612 | |||||||||||||||||||
Landing at Mansfield | Cap | Cap Floating Rate | 9/27/13 | 10/1/17 | 22,750,000 | One-Month LIBOR | 0.16 | % | 2.5 | % | 112,598 | 251,548 | |||||||||||||||||||
The Heights | Cap | Cap Floating Rate | 9/30/13 | 10/1/17 | 29,014,000 | One-Month LIBOR | 0.16 | % | 2.5 | % | 152,573 | 312,618 | |||||||||||||||||||
Villas at Huffmeister | Cap | Cap Floating Rate | 10/10/13 | 11/1/17 | 25,963,000 | One-Month LIBOR | 0.16 | % | 2.5 | % | 150,989 | 303,798 | |||||||||||||||||||
Villas at Kingwood | Cap | Cap Floating Rate | 10/10/13 | 11/1/17 | 28,105,000 | One-Month LIBOR | 0.16 | % | 2.5 | % | 163,446 | 328,862 | |||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Variable Rate | Cap Rate | Fair Value as of | ||||||||||||||||||||||||||
Property | Type | Purpose | Based on | Jun 30, 2014 | Dec 31, 2013 | ||||||||||||||||||||||||||
Waterford Place at Riata Ranch | Cap | Cap Floating Rate | 10/10/13 | 11/1/17 | $ | 16,340,000 | One-Month LIBOR | 0.16 | % | 2.5 | % | $ | 95,026 | $ | 191,198 | ||||||||||||||||
Carrington Place | Cap | Cap Floating Rate | 11/7/13 | 11/30/14 | / | 22,376,000 | One-Month LIBOR | 0.16 | % | 2 | % | / | 137,986 | 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 | 0.16 | % | 2 | % | / | 141,581 | 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 | 0.16 | % | 2 | % | / | 109,255 | 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 | 0.16 | % | 2 | % | / | 147,321 | 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 | 0.16 | % | 2 | % | 44,460 | 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 | 0.16 | % | 2 | % | 117,773 | 350,479 | |||||||||||||||||||
12/31/15 | 2.5 | % | |||||||||||||||||||||||||||||
12/31/16 | 3 | % | |||||||||||||||||||||||||||||
1/1/18 | 3.4 | % | |||||||||||||||||||||||||||||
Renaissance at Carol Stream | Cap | Cap Floating Rate | 1/9/14 | 1/31/15 | 20,440,000 | One-Month LIBOR | 0.16 | % | 2 | % | 83,814 | — | |||||||||||||||||||
1/31/16 | 2.5 | % | |||||||||||||||||||||||||||||
1/31/17 | 3 | % | |||||||||||||||||||||||||||||
2/1/18 | 3.64 | % | |||||||||||||||||||||||||||||
Mapleshade Park | Cap | Cap Floating Rate | 3/31/14 | 3/31/15 | 15,161,000 | One-Month LIBOR | 0.16 | % | 2.5 | % | 15,470 | — | |||||||||||||||||||
3/31/16 | 3 | % | |||||||||||||||||||||||||||||
4/1/17 | 3.57 | % | |||||||||||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Variable Rate | Cap Rate | Fair Value as of | ||||||||||||||||||||||||||
Property | Type | Purpose | Based on | Jun 30, 2014 | Dec 31, 2013 | ||||||||||||||||||||||||||
Windsor on the River(1) | Cap | Cap Floating Rate | 5/9/14 | 5/31/15 | $ | 23,500,000 | One-Month LIBOR | 0.16 | % | 2 | % | $ | 96,073 | $ | 121,310 | ||||||||||||||||
5/31/16 | 2.5 | % | |||||||||||||||||||||||||||||
5/31/17 | 3 | % | |||||||||||||||||||||||||||||
6/1/18 | 3.86 | % | |||||||||||||||||||||||||||||
Oak Crossing | Cap | Cap Floating Rate | 6/3/14 | 5/31/15 | 15,762,000 | One-Month LIBOR | 0.16 | % | 2 | % | 103,925 | — | |||||||||||||||||||
5/31/16 | 2.5 | % | |||||||||||||||||||||||||||||
5/31/17 | 3 | % | |||||||||||||||||||||||||||||
6/3/18 | 3.5 | % | |||||||||||||||||||||||||||||
$ | 534,641,000 | $ | 2,738,793 | $ | 5,462,561 | ||||||||||||||||||||||||||
________________ | |||||||||||||||||||||||||||||||
-1 | As of December 31, 2013, the Company had an interest rate cap agreement at the Windsor on the River property with a fair value of $121,310. The interest rate cap had a notional amount of $23,500,000, an effective date of February 9, 2012 and a scheduled maturity date of February 1, 2019. The interest rate cap was based on the SIFMA Municipal Swap Index, with a variable rate of 0.06% and a fixed rate of 3.00%. Simultaneously with the refinancing of the mortgage loan payable on May 9, 2014 (see Note 5), the interest rate cap was terminated and replaced with a new interest rate cap agreement, the terms of which are disclosed in the above table. | ||||||||||||||||||||||||||||||
The interest rate cap agreements are not designated as effective cash flow hedges. Accordingly, the Company records any changes in the fair value of the interest rate cap agreements as interest expense. The change in the fair value of the interest rate cap agreements for the three and six months ended June 30, 2014 resulted in an unrealized loss of $2,125,640 and $3,315,514, respectively, which is included in interest expense in the accompanying consolidated statements of operations. The fair value of the interest rate caps of $2,738,793 as of June 30, 2014 is included in deferred financing costs and other assets, net on the accompanying consolidated balance sheets. |
Pro_Forma_Information_unaudite
Pro Forma Information (unaudited) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Pro Forma Information (unaudited) | ' | ||||||||||||||||
Pro Forma Information | |||||||||||||||||
The following table summarizes, on an unaudited basis, the consolidated pro forma results of operations of the Company for the three and six months ended June 30, 2014 and 2013. The Company acquired two properties during the three months ended June 30, 2014 and four properties during the six months ended June 30, 2014. These properties contributed $1,613,775 of revenues and $1,286,361 of net loss, including $1,164,478 of depreciation and amortization, to the Company's results of operations from the date of acquisition to June 30, 2014. The following unaudited pro forma information for the three and six months ended June 30, 2014 and 2013 has been provided to give effect to the acquisitions of the properties as if they had occurred on January 1, 2013. 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. | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | $ | 49,949,977 | $ | 23,530,897 | $ | 99,899,954 | $ | 47,061,794 | |||||||||
Net loss | $ | (3,442,639 | ) | $ | (9,338,668 | ) | $ | (13,957,573 | ) | $ | (18,677,336 | ) | |||||
Basic and diluted net loss per common share | $ | (0.05 | ) | $ | (0.12 | ) | $ | (0.18 | ) | $ | (0.25 | ) | |||||
The pro forma information reflects adjustments for actual revenues and expenses of the properties acquired during the three and six months ended June 30, 2014 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, 2013 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. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Distributions Paid | |
On July 1, 2014, the Company paid distributions of $4,460,118, which related to distributions declared for each day in the period from June 1, 2014 through June 30, 2014 and consisted of cash distributions paid in the amount of $2,262,092 and $2,198,026 in shares issued pursuant to the DRP. | |
On August 1, 2014, the Company paid distributions of $4,633,745, which related to distributions declared for each day in the period from July 1, 2014 through July 31, 2014 and consisted of cash distributions paid in the amount of $2,357,643 and $2,276,102 in shares issued pursuant to the DRP. | |
Redemption | |
On July 31, 2014, the Company redeemed 80,042 shares of its common stock for a total redemption value of $776,100, or $9.70 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 August 8, 2014, the Company had sold 1,587,706 shares of its common stock pursuant to the DRP for gross offering proceeds of $15,448,376. | |
Sale of Arbor Pointe Apartments | |
On July 1, 2014, the Company, through SIR Arbor Pointe, LLC (“SIR Arbor”), an indirect, wholly-owned subsidiary of the Company, sold its fee simple interest in Arbor Pointe Apartments, a 130-unit residential property located in Louisville, Kentucky, to a third-party buyer. SIR Arbor sold the Arbor Pointe Apartments for an aggregate purchase price of $8,325,000, excluding closing costs. | |
Financing of Cantare at Indian Lake Village | |
On July 9, 2014, SIR Cantare, LLC, an indirect, wholly-owned subsidiary of the Company, obtained mortgage financing on Cantare at Indian Lake Village in the aggregate principal amount of $18,850,000 from PNC, subject to Fannie Mae sale and servicing guidelines (the “Cantare Loan”), as evidenced by a Multifamily Note and pursuant to a Multifamily Loan and Security Agreement. The Cantare Loan has a 120 month term with a maturity date of August 1, 2024 and accrues interest at a rate of LIBOR plus 1.62%. | |
Sale of Prairie Walk Apartments | |
On August 6, 2014, the Company, through SIR Prairie Walk, LLC (“SIR Prairie Walk”), an indirect, wholly-owned subsidiary of the Company, sold its fee simple interest in Prairie Walk Apartments (the “Prairie Property”), a 128-unit residential property located in Kansas City, Missouri, to a third-party buyer. SIR Prairie Walk sold the Prairie Property for an aggregate purchase price of $6,700,000, excluding closing costs. | |
Third Articles of Amendment and Restatement of the Company's Articles of Incorporation | |
On August 5, 2014, the Company's stockholders voted to amend the Company's charter to incorporate certain requests from state securities administrators. Changes to the Charter include: (1) an amendment to Section 11.7 (Tender Offers) of the Charter to remove a provision that allows the Company to redeem securities held by any stockholder if such stockholder initiates a tender offer for our securities without complying with certain procedures required by the Charter; (2) an amendment to Section 9.2 (Certain Permitted Investments) and Section 9.3 (Investment Limitations) of the Charter to remove language that such provisions apply only until such time as the common stock of the Company is Listed (as defined in the Charter); and (3) certain conforming, clarifying and ministerial changes. The amendments to the Charter were incorporated into the Company's Third Amended and Restated Articles of Incorporation, which was filed with the Maryland Secretary of State on August 6, 2014. | |
Revolving Credit Facility | |
On July 18, 2014, the Company amended its revolving credit facility, to, among other things, increase the borrowing capacity from $20,000,000 to $35,000,000. The amended and restated credit facility consists of a Tranche A and a Tranche B, and provides certain security therefor. The maximum amount that may be borrowed under Tranche A and Tranche B are $20,000,000 and $15,000,000, respectively. The amended and restated credit facility has a maturity date of July 17, 2016, subject to extension. | |
For each advance, the Company has the option to select the interest rate from the following options: (1) Base Rate Option (as defined in the loan agreement) plus (1) with respect to Tranche A advances 0.75% and (ii) with respect to Tranche B, 2.0%; or (2) LIBOR Option, which is a rate per annum fixed for the LIBOR Interest Period (as defined in the loan agreement) equal to the sum of LIBOR plus (i) with respect to Tranche A, 1.6% and (ii) with respect to Tranche B, 3.0%. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||
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. | |||||||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||||||
The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The unaudited consolidated financial statements herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||
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. | |||||||||||||
Reclassification, Policy [Policy Text Block] | ' | ||||||||||||
Reclassifications | |||||||||||||
Certain prior year amounts in the consolidated financial statements have been reclassified to conform with the current year presentation. | |||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||||||||||
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 cap agreements - These derivatives did not qualify as fair value hedges and are recorded at fair value. 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 interest rate cap agreements. Therefore, the Company’s interest rate cap agreements were classified within Level 2 of the fair value hierarchy and are included in deferred financing costs and other assets, net in the accompanying consolidated balance sheets. | |||||||||||||
The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: | |||||||||||||
June 30, 2014 | |||||||||||||
Fair Value Measurements Using | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | |||||||||||||
Interest rate cap agreements | $ | — | $ | 2,738,793 | $ | — | |||||||
31-Dec-13 | |||||||||||||
Fair Value Measurements Using | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | |||||||||||||
Interest rate cap agreements | $ | — | $ | 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 June 30, 2014 and December 31, 2013, the fair value of the mortgage notes payable was $1,026,328,768 and $965,681,419, respectively, compared to the carrying value of $1,040,495,586 and $987,329,800, respectively. The Company has determined that its mortgage notes payable are classified as Level 3 within the fair value hierarchy. | |||||||||||||
Stockholders' Equity, Policy [Policy Text Block] | ' | ||||||||||||
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). Distributions were based on daily record dates and calculated at a rate of $0.001964 per share per day. Each day during the period from January 1, 2014 through June 30, 2014 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. | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||
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. The Company's unvested restricted common stock contain non-forfeitable rights to dividends and are considered to be participating securities in accordance with GAAP and, therefore, are included in the computation of earnings (loss) per share under the two-class method. Under the two-class method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The unvested restricted common stock are not allocated losses as the awards do not have a contractual obligation to share in the losses of the Company. The two-class method is an earnings (loss) allocation formula that determines earnings (loss) per share for each class of common shares and participating securities according to dividends declared and participation rights in undistributed earnings. | |||||||||||||
Segment Reporting, Policy [Policy Text Block] | ' | ||||||||||||
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) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||
The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: | |||||||||||||
June 30, 2014 | |||||||||||||
Fair Value Measurements Using | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | |||||||||||||
Interest rate cap agreements | $ | — | $ | 2,738,793 | $ | — | |||||||
31-Dec-13 | |||||||||||||
Fair Value Measurements Using | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | |||||||||||||
Interest rate cap agreements | $ | — | $ | 5,462,561 | $ | — | |||||||
Real_Estate_Tables
Real Estate (Tables) | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||||||||||||
Schedule of Purchase Price Allocation [Table Text Block] | ' | ||||||||||||||||||||||||||
Purchase Price Allocation | |||||||||||||||||||||||||||
Property Name | Location | Purchase Date | Units | Acquisition Fee | Land | Building and | Tenant | Total Purchase | |||||||||||||||||||
Improvements | Origination and | Price | |||||||||||||||||||||||||
Absorption Costs | |||||||||||||||||||||||||||
Sycamore Terrace Apartments (Phase II) | Terre Haute, IN | 3/5/14 | 72 | $ | 134,706 | $ | 381,657 | $ | 6,190,931 | $ | 101,569 | $ | 6,674,157 | ||||||||||||||
Reserve at Creekside Village | Chattanooga, TN | 3/28/14 | 192 | 465,021 | 1,344,233 | 17,178,743 | 352,024 | 18,875,000 | |||||||||||||||||||
Mapleshade Park | Dallas, TX | 3/31/14 | 148 | 498,873 | 3,585,171 | 19,131,230 | 608,599 | 23,325,000 | |||||||||||||||||||
Richland Falls | Murfreesboro, TN | 5/16/14 | 190 | 426,751 | 1,306,794 | 19,422,561 | 270,645 | 21,000,000 | |||||||||||||||||||
Oak Crossing | Fort Wayne, IN | 6/3/14 | 222 | 490,474 | 2,005,491 | 21,808,038 | 416,471 | 24,230,000 | |||||||||||||||||||
$ | 8,623,346 | $ | 83,731,503 | $ | 1,749,308 | $ | 94,104,157 | ||||||||||||||||||||
Real Estate and Related Intangibles and Accumulated Depreciation and Amortization [Table Text Block] | ' | ||||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, accumulated depreciation and amortization related to the Company's consolidated real estate properties and related intangibles were as follows: | |||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||
Land | Building and Improvements | Tenant Origination and Absorption | Other Intangible Assets | Total Real Estate | Below-Market Leases | ||||||||||||||||||||||
Investments in real estate | $ | 171,685,494 | $ | 1,416,617,048 | $ | 1,749,308 | $ | 2,644,263 | $ | 1,592,696,113 | $ | — | |||||||||||||||
Less: Accumulated depreciation and amortization | — | (67,843,573 | ) | (689,854 | ) | (163,112 | ) | (68,696,539 | ) | — | |||||||||||||||||
Net investments in real estate and related lease intangibles | $ | 171,685,494 | $ | 1,348,773,475 | $ | 1,059,454 | $ | 2,481,151 | $ | 1,523,999,574 | $ | — | |||||||||||||||
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 | $ | 163,061,398 | $ | 1,322,198,787 | $ | 15,588,747 | $ | 2,644,263 | $ | 1,503,493,195 | $ | (1,410,728 | ) | ||||||||||||||
Less: Accumulated depreciation and amortization | — | (39,644,912 | ) | (7,133,844 | ) | (86,528 | ) | (46,865,284 | ) | 1,247,491 | |||||||||||||||||
Net investments in real estate and related lease intangibles | $ | 163,061,398 | $ | 1,282,553,875 | $ | 8,454,903 | $ | 2,557,735 | $ | 1,456,627,911 | $ | (163,237 | ) | ||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||||||||||||||
The future amortization of the Company’s acquired other intangible assets as of June 30, 2014 and thereafter is as follows: | |||||||||||||||||||||||||||
July 1 through December 31, 2014 | $ | 76,584 | |||||||||||||||||||||||||
2015 | 153,168 | ||||||||||||||||||||||||||
2016 | 153,168 | ||||||||||||||||||||||||||
2017 | 153,168 | ||||||||||||||||||||||||||
2018 | 153,168 | ||||||||||||||||||||||||||
Thereafter | 1,791,895 | ||||||||||||||||||||||||||
$ | 2,481,151 | ||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||||||||||||||||||||
The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of June 30, 2014 and thereafter is as follows: | |||||||||||||||||||||||||||
July 1 through December 31, 2014 | $ | 173,321 | |||||||||||||||||||||||||
2015 | 347,036 | ||||||||||||||||||||||||||
2016 | 350,051 | ||||||||||||||||||||||||||
2017 | 354,433 | ||||||||||||||||||||||||||
2018 | 202,540 | ||||||||||||||||||||||||||
Thereafter | 361,961 | ||||||||||||||||||||||||||
$ | 1,789,342 | ||||||||||||||||||||||||||
Schedule of Real Estate Held For Sale [Table Text Block] | ' | ||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Revenues | $ | 303,757 | $ | 303,579 | $ | 596,755 | $ | 597,518 | |||||||||||||||||||
Expenses | 254,310 | 281,534 | 544,020 | 545,758 | |||||||||||||||||||||||
Net income | $ | 49,447 | $ | 22,045 | $ | 52,735 | $ | 51,760 | |||||||||||||||||||
Deferred_Financing_Costs_and_O1
Deferred Financing Costs and Other Assets (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Schedule of Other Assets [Table Text Block] | ' | |||||||
As of June 30, 2014 and December 31, 2013, deferred financing costs and other assets, net of accumulated amortization, consisted of: | ||||||||
June 30, | December 31, 2013 | |||||||
2014 | ||||||||
Deferred financing costs | $ | 8,908,297 | $ | 8,440,169 | ||||
Less: accumulated amortization | (1,821,364 | ) | (1,235,886 | ) | ||||
7,086,933 | 7,204,283 | |||||||
Prepaid expenses | 396,650 | 3,142,924 | ||||||
Interest rate cap agreements | 2,738,793 | 5,462,561 | ||||||
Escrow deposits for pending real estate acquisitions | 660,000 | 500,000 | ||||||
Deposits | 1,418,802 | 1,265,642 | ||||||
$ | 12,301,178 | $ | 17,575,410 | |||||
Debt_Tables
Debt (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||||||||||||||||||||||
The following is a summary of mortgage notes payable secured by real property, including mortgage notes payable related to real estate held for sale, as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
Principal Outstanding at | |||||||||||||||||||||||||||||
Property Name | Payment | Maturity | Interest | June 30, | December 31, | ||||||||||||||||||||||||
Type | Date | Rate(1) | 2014 | 2013 | |||||||||||||||||||||||||
1 | Lincoln Tower(2) | Principal and interest | May 1, 2019 | 3.66% | $ | — | $ | 8,434,054 | |||||||||||||||||||||
2 | Park Place | Interest only | July 1, 2018 | 3.50% | 4,938,136 | 4,938,136 | |||||||||||||||||||||||
3 | Arbor Pointe | Principal and interest | June 1, 2018 | 4.86% | 4,963,942 | 5,006,199 | |||||||||||||||||||||||
4 | Clarion Park | Principal and interest | July 1, 2018 | 4.58% | 8,556,122 | 8,632,301 | |||||||||||||||||||||||
5 | Cooper Creek | Principal and interest(3) | September 1, 2018 | 3.89% | 6,563,060 | 6,624,725 | |||||||||||||||||||||||
6 | Truman Farm Villas | Principal and interest(3) | January 1, 2019 | 3.78% | 5,764,253 | 5,818,457 | |||||||||||||||||||||||
7 | Prairie Walk | Principal and interest(3) | January 1, 2019 | 3.74% | 3,863,216 | 3,899,807 | |||||||||||||||||||||||
8 | EBT Lofts | Principal and interest(3) | January 1, 2019 | 3.82% | 5,448,566 | 5,499,432 | |||||||||||||||||||||||
9 | Windsor on the River(4)(5) | Principal and interest(3) | June 1, 2024 | 1-Mo LIBOR + 2.09% | 23,500,000 | 23,500,000 | |||||||||||||||||||||||
10 | Renaissance | Principal and interest(3) | January 1, 2023 | 3.85% | 9,017,323 | 9,084,000 | |||||||||||||||||||||||
11 | Spring Creek(6) | Principal and interest | February 1, 2018 | 4.88% | 13,745,802 | 13,912,669 | |||||||||||||||||||||||
12 | Montclair Parc | Principal and interest | May 1, 2019 | 3.70% | 24,067,355 | 24,305,671 | |||||||||||||||||||||||
13 | Sonoma Grande | Principal and interest(7) | June 1, 2019 | 3.31% | 22,540,000 | 22,540,000 | |||||||||||||||||||||||
14 | Estancia(6) | Interest only | October 1, 2017(8) | 5.94% | 21,665,072 | 21,844,621 | |||||||||||||||||||||||
15 | Montelena(6) | Principal and interest(9) | August 1, 2018 | 4.82% | 12,453,005 | 12,614,683 | |||||||||||||||||||||||
Principal Outstanding at | |||||||||||||||||||||||||||||
Property Name | Payment | Maturity | Interest | June 30, | December 31, | ||||||||||||||||||||||||
Type | Date | Rate(1) | 2014 | 2013 | |||||||||||||||||||||||||
16 | Valley Farms | Principal and interest | January 1, 2020 | 4.25% | $ | 10,156,856 | $ | 10,244,494 | |||||||||||||||||||||
17 | Hilliard Park | Principal and interest(3) | October 1, 2022 | 3.62% | 13,691,528 | 13,818,616 | |||||||||||||||||||||||
18 | Hilliard Summit | Principal and interest(3) | October 1, 2022 | 3.56% | 16,593,527 | 16,749,262 | |||||||||||||||||||||||
19 | Springmarc | Principal and interest(3) | November 1, 2019 | 3.69% | 15,306,814 | 15,446,452 | |||||||||||||||||||||||
20 | Ashley Oaks(5) | Principal and interest(3) | November 1, 2021 | 1-Mo LIBOR + 2.35% | 21,488,067 | 21,680,010 | |||||||||||||||||||||||
21 | Arrowhead | Principal and interest(3) | December 1, 2019 | 3.38% | 12,442,382 | 12,562,000 | |||||||||||||||||||||||
22 | The Moorings | Principal and interest(3) | December 1, 2019 | 3.37% | 15,042,124 | 15,187,000 | |||||||||||||||||||||||
23 | Forty 57 | Principal and interest(10) | January 1, 2023 | 3.73% | 38,500,000 | 38,500,000 | |||||||||||||||||||||||
24 | Keystone Farms | Principal and interest(3) | January 1, 2023 | 3.86% | 6,154,574 | 6,200,000 | |||||||||||||||||||||||
25 | Riverford Crossing | Principal and interest(10) | January 1, 2023 | 3.78% | 21,900,000 | 21,900,000 | |||||||||||||||||||||||
26 | Montecito Property | Principal and interest(3) | January 1, 2020 | 3.47% | 14,137,990 | 14,250,000 | |||||||||||||||||||||||
27 | Hilliard Grand | Principal and interest | August 1, 2052 | 5.59% | 28,942,708 | 29,050,224 | |||||||||||||||||||||||
28 | The Hills at Fair Oaks | Principal and interest(10) | February 1, 2023 | 4.02% | 24,767,000 | 24,767,000 | |||||||||||||||||||||||
29 | Library Lofts | Principal and Interest | April 1, 2020 | 3.66% | 9,028,127 | 9,113,640 | |||||||||||||||||||||||
30 | Trails at Buda Ranch(5) | Principal and interest(3) | April 1, 2023 | 1-Mo LIBOR + 2.42% | 16,977,842 | 17,030,000 | |||||||||||||||||||||||
31 | Deep Deuce at Bricktown(6) | Principal and interest | April 1, 2018 | 5.04% | 24,253,498 | 24,603,299 | |||||||||||||||||||||||
32 | Deep Deuce at Bricktown — Supplemental Loan | Principal and interest | April 1, 2018 | 4.73% | 2,758,513 | 2,779,688 | |||||||||||||||||||||||
33 | Deer Valley(5) | Principal and interest(3) | May 1, 2023 | 1-Mo LIBOR + 2.40% | 20,842,268 | 20,875,000 | |||||||||||||||||||||||
34 | Grayson Ridge(5) | Principal and interest(3) | July 1, 2020 | 1-Mo LIBOR + 2.63% | 10,725,000 | 10,725,000 | |||||||||||||||||||||||
35 | Rosemont Olmos Park(5) | Principal and interest(10) | July 1, 2020 | 1-Mo LIBOR + 2.65% | 15,100,000 | 15,100,000 | |||||||||||||||||||||||
36 | Retreat at Quail North(6) | Principal and interest | January 1, 2053 | 4.80% | 17,111,152 | 17,190,827 | |||||||||||||||||||||||
37 | The Lodge at Trails Edge(6) | Principal and interest | November 1, 2020 | 4.47% | 10,855,507 | 10,965,388 | |||||||||||||||||||||||
38 | The Lodge at Trails Edge — Supplemental Loan | Principal and interest | November 1, 2020 | 5.75% | 1,924,343 | 1,936,199 | |||||||||||||||||||||||
39 | Arbors of Carrollton(6) | Principal and interest | December 1, 2020 | 4.83% | 5,342,709 | 5,395,471 | |||||||||||||||||||||||
40 | Arbors of Carrollton — Supplemental Loan | Principal and interest | December 1, 2020 | 4.83% | 979,050 | 986,624 | |||||||||||||||||||||||
41 | Waterford on the | Principal and interest | December 1, 2020 | 4.70% | 14,020,615 | 14,154,991 | |||||||||||||||||||||||
Meadow(6) | |||||||||||||||||||||||||||||
42 | Waterford on the Meadow — Supplemental Loan | Principal and interest | December 1, 2020 | 4.78% | 2,739,796 | 2,761,194 | |||||||||||||||||||||||
43 | The Belmont(6) | Principal and interest | March 1, 2021 | 5.91% | 9,397,267 | 9,498,460 | |||||||||||||||||||||||
Principal Outstanding at | |||||||||||||||||||||||||||||
Property Name | Payment | Maturity | Interest | June 30, | December 31, | ||||||||||||||||||||||||
Type | Date | Rate(1) | 2014 | 2013 | |||||||||||||||||||||||||
44 | Meritage at Steiner | Principal and interest(3) | September 1, 2020 | 1-Mo LIBOR + 2.47% | $ | 55,500,000 | $ | 55,500,000 | |||||||||||||||||||||
Ranch(5) | |||||||||||||||||||||||||||||
45 | Tapestry Park(5) | Principal and interest(3) | October 1, 2020 | 1-Mo LIBOR + 2.44% | 23,100,000 | 23,100,000 | |||||||||||||||||||||||
46 | Dawntree(6) | Principal and interest(11) | August 6, 2021 | 5.48% | 15,959,270 | 16,022,763 | |||||||||||||||||||||||
47 | Stuart Hall(5) | Principal and interest(3) | September 1, 2020 | 1-Mo LIBOR + 2.75% | 12,407,000 | 12,407,000 | |||||||||||||||||||||||
48 | BriceGrove Park(5) | Principal and interest(3) | October 1, 2020 | 1-Mo LIBOR + 2.58% | 14,985,000 | 14,985,000 | |||||||||||||||||||||||
49 | Landing at Mansfield(5) | Principal and interest(3) | October 1, 2020 | 1-Mo LIBOR + 2.69% | 22,750,000 | 22,750,000 | |||||||||||||||||||||||
50 | The Heights(5) | Principal and interest(3) | October 1, 2020 | 1-Mo LIBOR + 2.60% | 29,014,000 | 29,014,000 | |||||||||||||||||||||||
51 | Villas at Huffmeister(5) | Principal and interest(3) | November 1, 2020 | 1-Mo LIBOR + 2.68% | 25,963,000 | 25,963,000 | |||||||||||||||||||||||
52 | Villas at Kingwood(5) | Principal and interest(3) | November 1, 2020 | 1-Mo LIBOR + 2.68% | 28,105,000 | 28,105,000 | |||||||||||||||||||||||
53 | Waterford Place at Riata Ranch(5) | Principal and interest(3) | November 1, 2020 | 1-Mo LIBOR + 2.64% | 16,340,000 | 16,340,000 | |||||||||||||||||||||||
54 | Carrington Place(5) | Principal and interest(10) | December 1, 2023 | 1-Mo LIBOR + 2.16% | 22,376,000 | 22,376,000 | |||||||||||||||||||||||
55 | Carrington at Champion Forest(5) | Principal and interest(10) | December 1, 2023 | 1-Mo LIBOR + 2.16% | 22,959,000 | 22,959,000 | |||||||||||||||||||||||
56 | Carrington Park(5) | Principal and interest(10) | December 1, 2023 | 1-Mo LIBOR + 2.16% | 17,717,000 | 17,717,000 | |||||||||||||||||||||||
57 | Willow Crossing(5) | Principal and interest(10) | December 1, 2023 | 1-Mo LIBOR + 2.20% | 43,500,000 | 43,500,000 | |||||||||||||||||||||||
58 | Heritage Grand at Sienna Plantation(6) | Principal and interest | January 1, 2053 | 4.65% | 16,772,207 | 16,845,443 | |||||||||||||||||||||||
59 | Audubon Park(5) | Principal and interest(10) | January 1, 2024 | 1-Mo LIBOR + 2.41% | 11,760,000 | 11,760,000 | |||||||||||||||||||||||
60 | Mallard Crossing(5) | Principal and interest(3) | January 1, 2021 | 1-Mo LIBOR + 2.57% | 27,860,000 | 27,860,000 | |||||||||||||||||||||||
61 | Renaissance at Carol Stream(5) | Principal and interest(3) | February 1, 2021 | 1-Mo LIBOR + 2.36% | 20,440,000 | — | |||||||||||||||||||||||
62 | Mapleshade Park(5) | Principal and interest(12) | April 1, 2021 | 1-Mo LIBOR + 2.15% | 15,161,000 | — | |||||||||||||||||||||||
63 | Richland Falls | Principal and interest(10) | May 16, 2017(13) | Variable(14) | 13,800,000 | — | |||||||||||||||||||||||
64 | Oak Crossing(5) | Interest only | July 1, 2024 | 1-Mo LIBOR + 1.63% | 15,762,000 | — | |||||||||||||||||||||||
$ | 1,040,495,586 | $ | 987,329,800 | ||||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||
-1 | Except as otherwise noted, interest on the notes accrues at a fixed rate per annum. At June 30, 2014, the weighted-average interest rate of our fixed rate debt and variable rate debt was 4.30% and 2.55%, respectively. The weighted-average interest rate of our blended fixed and variable rates was 3.38% at June 30, 2014. | ||||||||||||||||||||||||||||
-2 | The Lincoln Tower Apartments was sold on June 27, 2014 and the mortgage note payable was repaid in full on the same day with proceeds from the sale. Upon the early extinguishment of the Lincoln Tower mortgage note payable, a loss on debt extinguishment of $891,885 was recorded on the consolidated statements of operations, including an expense of the net deferred financing costs of $95,658. | ||||||||||||||||||||||||||||
-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 May 9, 2014, the Company refinanced the existing mortgage loan secured by the Windsor on the River property with the proceeds of a new mortgage loan in the aggregate principal amount of $23,500,000. The proceeds from the new loan were used to redeem the assumed obligations for tax exempt bonds issued by the Iowa Finance Authority in the amount of $23,500,000. In connection with the refinancing, the Company’s obligations under the existing letter of credit were terminated. | ||||||||||||||||||||||||||||
-5 | See Note 11 for a discussion of the interest rate cap agreements used to manage the exposure to interest rate movement on the Company's variable rate loans. | ||||||||||||||||||||||||||||
-6 | The following table summarizes the debt premiums and discounts as of June 30, 2014, 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 June 30, 2014 | Amortization of Debt Premium (Discount) During the | |||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Spring Creek | $ | 364,363 | $ | 25,356 | $ | 25,357 | $ | 50,713 | $ | 50,714 | |||||||||||||||||||
Estancia | 1,165,072 | 89,775 | 89,774 | 179,549 | 179,548 | ||||||||||||||||||||||||
Montelena | 598,244 | 36,592 | 36,592 | 73,184 | 73,184 | ||||||||||||||||||||||||
Deep Deuce at Bricktown | 1,178,585 | 78,799 | 78,798 | 157,597 | 82,187 | ||||||||||||||||||||||||
Retreat at Quail North | 463,951 | 3,008 | 1,559 | 6,017 | 1,559 | ||||||||||||||||||||||||
The Lodge at Trails Edge | 101,098 | 3,968 | 750 | 7,936 | 750 | ||||||||||||||||||||||||
Arbors of Carrollton | 160,021 | 6,234 | — | 12,469 | — | ||||||||||||||||||||||||
Waterford on the Meadow | 323,707 | 12,612 | — | 25,224 | — | ||||||||||||||||||||||||
The Belmont | 626,645 | 23,557 | — | 47,113 | — | ||||||||||||||||||||||||
Dawntree | 777,270 | 31,747 | — | 63,493 | — | ||||||||||||||||||||||||
Heritage Grand at Sienna Plantation | (454,763 | ) | (2,949 | ) | — | (5,898 | ) | — | |||||||||||||||||||||
$ | 5,304,193 | $ | 308,699 | $ | 232,830 | $ | 617,397 | $ | 387,942 | ||||||||||||||||||||
-7 | A monthly payment of interest only was due and payable through June 1, 2014, after which, a monthly payment of principal and interest is due and payable until the maturity date. | ||||||||||||||||||||||||||||
-8 | The Company has the option to extend the maturity date to October 1, 2018, subject to customary and market rate extension provisions. | ||||||||||||||||||||||||||||
-9 | 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. | ||||||||||||||||||||||||||||
-10 | 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. | ||||||||||||||||||||||||||||
-11 | 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) [Table Text Block] | ' | ||||||||||||||||||||||||||||
Property Name | Unamortized Portion of Debt Premium (Discount) as of June 30, 2014 | Amortization of Debt Premium (Discount) During the | |||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Spring Creek | $ | 364,363 | $ | 25,356 | $ | 25,357 | $ | 50,713 | $ | 50,714 | |||||||||||||||||||
Estancia | 1,165,072 | 89,775 | 89,774 | 179,549 | 179,548 | ||||||||||||||||||||||||
Montelena | 598,244 | 36,592 | 36,592 | 73,184 | 73,184 | ||||||||||||||||||||||||
Deep Deuce at Bricktown | 1,178,585 | 78,799 | 78,798 | 157,597 | 82,187 | ||||||||||||||||||||||||
Retreat at Quail North | 463,951 | 3,008 | 1,559 | 6,017 | 1,559 | ||||||||||||||||||||||||
The Lodge at Trails Edge | 101,098 | 3,968 | 750 | 7,936 | 750 | ||||||||||||||||||||||||
Arbors of Carrollton | 160,021 | 6,234 | — | 12,469 | — | ||||||||||||||||||||||||
Waterford on the Meadow | 323,707 | 12,612 | — | 25,224 | — | ||||||||||||||||||||||||
The Belmont | 626,645 | 23,557 | — | 47,113 | — | ||||||||||||||||||||||||
Dawntree | 777,270 | 31,747 | — | 63,493 | — | ||||||||||||||||||||||||
Heritage Grand at Sienna Plantation | (454,763 | ) | (2,949 | ) | — | (5,898 | ) | — | |||||||||||||||||||||
$ | 5,304,193 | $ | 308,699 | $ | 232,830 | $ | 617,397 | $ | 387,942 | ||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||||||||||||||||||||||
The following is a summary of the Company's aggregate maturities as of June 30, 2014: | |||||||||||||||||||||||||||||
Remainder of | Maturities During the Years Ending December 31, | ||||||||||||||||||||||||||||
Contractual Obligation | Total | 2014 | 2014 | 2015 | 2016 | 2017 | Thereafter | ||||||||||||||||||||||
Principal payments on outstanding debt obligations(1) | $ | 1,055,191,393 | $ | 30,237,391 | $ | 14,757,939 | $ | 17,637,954 | $ | 51,824,336 | $ | 83,630,399 | $ | 857,103,374 | |||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||
-1 | Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the amortization of the debt premiums associated with certain notes payable. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Equity [Abstract] | ' | ||
Schedule of Repurchase Prices Under Share Repurchase Plan [Table Text Block] | ' | ||
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(2) | ||
2 years | 95.0% of Estimated Value per Share(2) | ||
3 years | 97.5% of Estimated Value per Share(2) | ||
4 years | 100.0% of Estimated Value per Share(2) | ||
In the event of a stockholder’s death or disability(3) | Average Issue Price for Shares(4) | ||
________________ | |||
-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 “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. 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. | ||
-3 | 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 of 1990, as amended, 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, such as the 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 the Company’s 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. | ||
-4 | 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. |
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share, or EPS, for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net loss attributable to the Company | $ | (3,653,679 | ) | $ | (7,746,115 | ) | $ | (17,736,590 | ) | $ | (16,338,016 | ) | |||||
Less: dividends declared on participating securities | 21,572 | — | 24,886 | — | |||||||||||||
Net loss attributable to common stockholders | (3,675,251 | ) | (7,746,115 | ) | (17,761,476 | ) | (16,338,016 | ) | |||||||||
Weighted average common shares outstanding - basic and diluted | 75,164,490 | 32,136,950 | 74,817,466 | 28,727,291 | |||||||||||||
Loss per common share - basic and diluted | $ | (0.05 | ) | $ | (0.24 | ) | $ | (0.24 | ) | $ | (0.57 | ) |
Related_Party_Arrangements_Tab
Related Party Arrangements (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | |||||||||||||||
Amounts attributable to the Advisor and its affiliates incurred for the three and six months ended June 30, 2014 and 2013 are as follows: | ||||||||||||||||
Incurred For the | Incurred For the | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Consolidated Statements of Operations: | ||||||||||||||||
Expensed | ||||||||||||||||
Investment management fees(1) | $ | 3,317,493 | $ | 1,498,270 | $ | 6,491,789 | $ | 2,754,866 | ||||||||
Acquisition fees(1) | 917,225 | 2,201,611 | 2,496,902 | 4,423,929 | ||||||||||||
Acquisition expenses(2) | 201,945 | 504,243 | 411,149 | 2,176,011 | ||||||||||||
Property management | ||||||||||||||||
Fees(1) | 1,464,108 | 671,007 | 2,817,406 | 1,219,860 | ||||||||||||
Reimbursement of onsite personnel(3) | 4,482,540 | 1,831,979 | 8,573,720 | 3,288,973 | ||||||||||||
Other fees(1) | 426,797 | 179,908 | 823,350 | 338,267 | ||||||||||||
Other operating expenses(4) | 259,125 | 259,019 | 482,803 | 446,757 | ||||||||||||
Disposition fees(5) | 238,313 | — | 238,313 | — | ||||||||||||
Consolidated Balance Sheets: | ||||||||||||||||
Capitalized to real estate | ||||||||||||||||
Construction management fees | 340,600 | — | 569,742 | — | ||||||||||||
Additional paid-in-capital | ||||||||||||||||
Other offering costs reimbursement | — | 2,707,408 | — | 5,221,670 | ||||||||||||
Selling commissions | — | 5,513,018 | — | 8,578,186 | ||||||||||||
Dealer management fees | — | 3,156,122 | — | 4,854,704 | ||||||||||||
$ | 11,648,146 | $ | 18,522,585 | $ | 22,905,174 | $ | 33,303,223 | |||||||||
_____________________________ | ||||||||||||||||
-1 | Included in fees to affiliates in the accompanying consolidated statements of operations for the three and six months ended June 30, 2014 and 2013. | |||||||||||||||
-2 | Included in acquisition costs in the accompanying consolidated statements of operations for the three and six months ended June 30, 2014 and 2013. | |||||||||||||||
-3 | Included in operating, maintenance and management expenses in the accompanying consolidated statements of operations for the three and six months ended June 30, 2014 and 2013. | |||||||||||||||
-4 | Included in general and administrative expenses in the accompanying consolidated statements of operations for the three and six months ended June 30, 2014 and 2013. | |||||||||||||||
-5 | Included in gain on sale of real estate, net in the accompanying consolidated statements of operations for the three and six months ended June 30, 2014 and 2013. | |||||||||||||||
Amounts attributable to the Advisor and its affiliates paid during the three and six months ended June 30, 2014 and 2013 are as follows: | ||||||||||||||||
Paid During the | Paid During the | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Consolidated Statements of Operations: | ||||||||||||||||
Expensed | ||||||||||||||||
Investment management fees | $ | 7,624,361 | $ | 836,941 | $ | 10,892,235 | $ | 2,093,537 | ||||||||
Acquisition fees | 1,558,774 | 2,356,147 | 2,548,521 | 4,288,807 | ||||||||||||
Acquisition expenses | 334,468 | 1,897,598 | 411,149 | 2,320,059 | ||||||||||||
Property management | ||||||||||||||||
Fees | 1,435,179 | 610,561 | 2,726,297 | 1,127,012 | ||||||||||||
Reimbursement of onsite personnel | 5,231,128 | 1,872,763 | 8,656,234 | 3,268,590 | ||||||||||||
Other fees | 417,709 | 192,454 | 817,047 | 329,175 | ||||||||||||
Other operating expenses | 172,915 | 293,524 | 303,583 | 516,973 | ||||||||||||
Disposition fees | 238,313 | — | 238,313 | — | ||||||||||||
Consolidated Balance Sheets: | ||||||||||||||||
Capitalized to real estate | ||||||||||||||||
Construction management fees | 349,689 | — | 578,831 | — | ||||||||||||
Additional paid-in-capital | ||||||||||||||||
Other offering costs reimbursement | — | 2,223,228 | 3,105,246 | 4,721,099 | ||||||||||||
Selling commissions | — | 5,513,018 | — | 8,578,186 | ||||||||||||
Dealer management fees | — | 3,156,122 | — | 4,854,704 | ||||||||||||
$ | 17,362,536 | $ | 18,952,356 | $ | 30,277,456 | $ | 32,098,142 | |||||||||
Amounts outstanding to the Advisor and its affiliates as of June 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
Payable as of | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Consolidated Statements of Operations: | ||||||||||||||||
Expensed | ||||||||||||||||
Investment management fees(1) | $ | 129,596 | $ | 4,530,042 | ||||||||||||
Acquisition fees(2) | 596,803 | 648,422 | ||||||||||||||
Acquisition expenses | — | — | ||||||||||||||
Property management | ||||||||||||||||
Fees | 507,690 | 416,581 | ||||||||||||||
Reimbursement of onsite personnel | 486,337 | 568,851 | ||||||||||||||
Other fees | 51,523 | 45,220 | ||||||||||||||
Other operating expenses | 186,896 | 7,676 | ||||||||||||||
Consolidated Balance Sheets: | ||||||||||||||||
Additional paid-in-capital | ||||||||||||||||
Other offering costs reimbursement | — | 3,105,246 | ||||||||||||||
Due to affiliates, net | $ | 1,958,845 | $ | 9,322,038 | ||||||||||||
_____________________________ | ||||||||||||||||
-1 | Investment management fees earned by the Advisor totaling $0 and $4,351,578 were deferred as of June 30, 2014 and December 31, 2013, respectively, pursuant to the terms of the Advisory Agreement. The remaining investment management fees of $129,596 and $178,464 were due and payable and are included in due to affiliates in the accompanying consolidated balance sheets at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||
-2 | Acquisition fees earned by the Advisor totaling $0 and $648,422 were deferred as of June 30, 2014 and December 31, 2013, respectively, pursuant to the terms of the Advisory Agreement. The remaining acquisition fees of $596,803 and $0 were due and payable and are included in due to affiliates in the accompanying consolidated balance sheets at June 30, 2014 and December 31, 2013, respectively. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||
Schedule of Interest Rate Derivatives [Table Text Block] | ' | ||||||||||||||||||||||||||||||
The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at June 30, 2014: | |||||||||||||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Variable Rate | Cap Rate | Fair Value as of | ||||||||||||||||||||||||||
Property | Type | Purpose | Based on | Jun 30, 2014 | Dec 31, 2013 | ||||||||||||||||||||||||||
Ashley Oaks | Cap | Cap Floating Rate | 10/24/11 | 11/1/16 | $ | 21,712,000 | One-Month LIBOR | 0.16 | % | 5 | % | $ | 3,789 | $ | 19,729 | ||||||||||||||||
Trails at Buda Ranch | Cap | Cap Floating Rate | 3/28/13 | 4/1/18 | 17,030,000 | One-Month LIBOR | 0.16 | % | 2 | % | 187,667 | 335,483 | |||||||||||||||||||
Deer Valley | Cap | Cap Floating Rate | 4/30/13 | 5/1/18 | 20,875,000 | One-Month LIBOR | 0.16 | % | 2 | % | 247,608 | 439,064 | |||||||||||||||||||
Grayson Ridge | Cap | Cap Floating Rate | 6/26/13 | 7/1/17 | 10,725,000 | One-Month LIBOR | 0.16 | % | 2 | % | 60,054 | 115,262 | |||||||||||||||||||
Rosemont at Olmos Park | Cap | Cap Floating Rate | 6/20/13 | 7/1/17 | 15,100,000 | One-Month LIBOR | 0.16 | % | 2 | % | 85,341 | 164,538 | |||||||||||||||||||
Meritage at Steiner Ranch | Cap | Cap Floating Rate | 8/6/13 | 9/1/17 | 55,500,000 | One-Month LIBOR | 0.16 | % | 2 | % | 357,822 | 715,411 | |||||||||||||||||||
Tapestry Park | Cap | Cap Floating Rate | 9/23/13 | 10/1/17 | 23,100,000 | One-Month LIBOR | 0.16 | % | 3.56 | % | 66,125 | 154,735 | |||||||||||||||||||
Stuart Hall | Cap | Cap Floating Rate | 8/27/13 | 9/1/17 | 12,407,000 | One-Month LIBOR | 0.16 | % | 3.5 | % | 18,677 | 62,083 | |||||||||||||||||||
BriceGrove Park | Cap | Cap Floating Rate | 9/24/13 | 10/1/17 | 14,985,000 | One-Month LIBOR | 0.16 | % | 3.42 | % | 39,420 | 110,612 | |||||||||||||||||||
Landing at Mansfield | Cap | Cap Floating Rate | 9/27/13 | 10/1/17 | 22,750,000 | One-Month LIBOR | 0.16 | % | 2.5 | % | 112,598 | 251,548 | |||||||||||||||||||
The Heights | Cap | Cap Floating Rate | 9/30/13 | 10/1/17 | 29,014,000 | One-Month LIBOR | 0.16 | % | 2.5 | % | 152,573 | 312,618 | |||||||||||||||||||
Villas at Huffmeister | Cap | Cap Floating Rate | 10/10/13 | 11/1/17 | 25,963,000 | One-Month LIBOR | 0.16 | % | 2.5 | % | 150,989 | 303,798 | |||||||||||||||||||
Villas at Kingwood | Cap | Cap Floating Rate | 10/10/13 | 11/1/17 | 28,105,000 | One-Month LIBOR | 0.16 | % | 2.5 | % | 163,446 | 328,862 | |||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Variable Rate | Cap Rate | Fair Value as of | ||||||||||||||||||||||||||
Property | Type | Purpose | Based on | Jun 30, 2014 | Dec 31, 2013 | ||||||||||||||||||||||||||
Waterford Place at Riata Ranch | Cap | Cap Floating Rate | 10/10/13 | 11/1/17 | $ | 16,340,000 | One-Month LIBOR | 0.16 | % | 2.5 | % | $ | 95,026 | $ | 191,198 | ||||||||||||||||
Carrington Place | Cap | Cap Floating Rate | 11/7/13 | 11/30/14 | / | 22,376,000 | One-Month LIBOR | 0.16 | % | 2 | % | / | 137,986 | 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 | 0.16 | % | 2 | % | / | 141,581 | 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 | 0.16 | % | 2 | % | / | 109,255 | 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 | 0.16 | % | 2 | % | / | 147,321 | 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 | 0.16 | % | 2 | % | 44,460 | 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 | 0.16 | % | 2 | % | 117,773 | 350,479 | |||||||||||||||||||
12/31/15 | 2.5 | % | |||||||||||||||||||||||||||||
12/31/16 | 3 | % | |||||||||||||||||||||||||||||
1/1/18 | 3.4 | % | |||||||||||||||||||||||||||||
Renaissance at Carol Stream | Cap | Cap Floating Rate | 1/9/14 | 1/31/15 | 20,440,000 | One-Month LIBOR | 0.16 | % | 2 | % | 83,814 | — | |||||||||||||||||||
1/31/16 | 2.5 | % | |||||||||||||||||||||||||||||
1/31/17 | 3 | % | |||||||||||||||||||||||||||||
2/1/18 | 3.64 | % | |||||||||||||||||||||||||||||
Mapleshade Park | Cap | Cap Floating Rate | 3/31/14 | 3/31/15 | 15,161,000 | One-Month LIBOR | 0.16 | % | 2.5 | % | 15,470 | — | |||||||||||||||||||
3/31/16 | 3 | % | |||||||||||||||||||||||||||||
4/1/17 | 3.57 | % | |||||||||||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Variable Rate | Cap Rate | Fair Value as of | ||||||||||||||||||||||||||
Property | Type | Purpose | Based on | Jun 30, 2014 | Dec 31, 2013 | ||||||||||||||||||||||||||
Windsor on the River(1) | Cap | Cap Floating Rate | 5/9/14 | 5/31/15 | $ | 23,500,000 | One-Month LIBOR | 0.16 | % | 2 | % | $ | 96,073 | $ | 121,310 | ||||||||||||||||
5/31/16 | 2.5 | % | |||||||||||||||||||||||||||||
5/31/17 | 3 | % | |||||||||||||||||||||||||||||
6/1/18 | 3.86 | % | |||||||||||||||||||||||||||||
Oak Crossing | Cap | Cap Floating Rate | 6/3/14 | 5/31/15 | 15,762,000 | One-Month LIBOR | 0.16 | % | 2 | % | 103,925 | — | |||||||||||||||||||
5/31/16 | 2.5 | % | |||||||||||||||||||||||||||||
5/31/17 | 3 | % | |||||||||||||||||||||||||||||
6/3/18 | 3.5 | % | |||||||||||||||||||||||||||||
$ | 534,641,000 | $ | 2,738,793 | $ | 5,462,561 | ||||||||||||||||||||||||||
________________ | |||||||||||||||||||||||||||||||
-1 | As of December 31, 2013, the Company had an interest rate cap agreement at the Windsor on the River property with a fair value of $121,310. The interest rate cap had a notional amount of $23,500,000, an effective date of February 9, 2012 and a scheduled maturity date of February 1, 2019. The interest rate cap was based on the SIFMA Municipal Swap Index, with a variable rate of 0.06% and a fixed rate of 3.00%. Simultaneously with the refinancing of the mortgage loan payable on May 9, 2014 (see Note 5), the interest rate cap was terminated and replaced with a new interest rate cap agreement, the terms of which are disclosed in the above table. |
Pro_Forma_Information_unaudite1
Pro Forma Information (unaudited) (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||||
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. | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | $ | 49,949,977 | $ | 23,530,897 | $ | 99,899,954 | $ | 47,061,794 | |||||||||
Net loss | $ | (3,442,639 | ) | $ | (9,338,668 | ) | $ | (13,957,573 | ) | $ | (18,677,336 | ) | |||||
Basic and diluted net loss per common share | $ | (0.05 | ) | $ | (0.12 | ) | $ | (0.18 | ) | $ | (0.25 | ) |
Organization_and_Business_Deta
Organization and Business (Details) (USD $) | 0 Months Ended | 6 Months Ended | 0 Months Ended | 12 Months Ended | 6 Months Ended | |||||
Jul. 10, 2009 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 12, 2009 | Dec. 31, 2009 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 10, 2009 | |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Convertible Common Stock [Member] | Convertible Common Stock [Member] | Convertible Common Stock [Member] | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period, shares, new issues | ' | ' | ' | 22,223 | 22,223 | ' | ' | ' | ' | ' |
Share price | ' | ' | ' | $9 | ' | $10.24 | ' | ' | ' | ' |
Proceeds from issuance of common stock | ' | $26,561,229 | $138,847,097 | $200,007 | $200,007 | ' | ' | $1,000 | ' | ' |
Noncontrolling interest, increase from equity issuance or sale of parent equity interest | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares, issued | ' | ' | ' | ' | ' | 75,884,855 | 74,153,580 | 1,000 | 1,000 | 1,000 |
Organization_and_Business_Real
Organization and Business - Real Estate Owned (Details) | Jun. 30, 2014 |
apartments | |
properties | |
Residential Real Estate [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of multifamily real estate properties owned | 66 |
Number of units in real estate property | 16,493 |
Commercial Real Estate [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of multifamily real estate properties owned | 3 |
Net rentable area | 25,973 |
Organization_and_Business_Priv
Organization and Business - Private Offering (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Proceeds from issuance of common stock | $26,561,229 | $138,847,097 |
Organization_and_Business_Publ
Organization and Business - Public Offering (Details) (USD $) | 0 Months Ended | 6 Months Ended | 41 Months Ended | 41 Months Ended | |||||
Sep. 10, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 12, 2012 | Dec. 20, 2013 | Sep. 10, 2012 | Jul. 19, 2010 | Jul. 23, 2009 | Dec. 20, 2013 | |
IPO [Member] | IPO [Member] | IPO [Member] | IPO [Member] | Distribution Reinvestment Plan [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, capital shares reserved for future issuance | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' |
Share price | ' | ' | ' | ' | ' | $10.24 | $10 | $10 | ' |
Common stock, capital shares reserved for future issuance, distribution reinvestment plan | ' | ' | ' | ' | ' | ' | 15,789,474 | ' | ' |
Share price, distribution reinvestment plan | ' | ' | ' | ' | ' | $9.73 | $9.50 | ' | ' |
Common stock, estimated value, per share | ' | ' | ' | $10.24 | ' | ' | ' | ' | ' |
Distributions reinvested, percentage of share price, distribution reinvestment plan | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period, shares, new issues | ' | ' | ' | ' | 73,608,337 | ' | ' | ' | ' |
Proceeds from issuance of common stock | ' | $26,561,229 | $138,847,097 | ' | $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 - Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes payable | $1,035,531,644 | $973,889,547 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Cap [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate cap at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Cap [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate cap at fair value | 2,738,793 | 5,462,561 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Cap [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate cap at fair value | 0 | 0 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes payable | 1,040,495,586 | 987,329,800 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes payable, fair value disclosure | $1,026,328,768 | $965,681,419 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Distribution Policy (Details) (USD $) | 3 Months Ended | 6 Months Ended | 22 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' |
Common share, distribution rate per share per day, declared | ' | ' | ' | ' | $0.00 |
Common Stock, Dividends, Per Share, Declared | $0.18 | $0.18 | $0.36 | $0.36 | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Segment Disclosure (Details) | 6 Months Ended |
Jun. 30, 2014 | |
segments | |
Accounting Policies [Abstract] | ' |
Number of reportable segments | 1 |
Real_Estate_Owned_Portfolio_De
Real Estate - Owned Portfolio (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Real Estate Properties [Line Items] | ' | ' |
Contract purchase price | $1,601,257,557 | ' |
Average percentage of real estate portfolio occupied | 94.70% | 92.40% |
Average monthly collected rent | $938 | $918 |
Residential Real Estate [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of multifamily real estate properties owned | 66 | ' |
Number of units in real estate property | 16,493 | ' |
Average percentage of real estate portfolio occupied | 97.70% | ' |
Commercial Real Estate [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of multifamily real estate properties owned | 3 | ' |
Net rentable area | 25,973 | ' |
Real_Estate_Purchase_Price_All
Real Estate - Purchase Price Allocation (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
units | |
Business Acquisition [Line Items] | ' |
Business acquisition, purchase price allocation, land | $8,623,346 |
Business acquisition, purchase price allocation, building and improvements | 83,731,503 |
Business acquisition, purchase price allocation, tenant origination and absorption costs intangibles | 1,749,308 |
Total purchase price | 94,104,157 |
Sycamore Terrace Apartments Phase II [Member] | ' |
Business Acquisition [Line Items] | ' |
Number of units in real estate property | 72 |
Business combination, acquisition related costs | 134,706 |
Business acquisition, purchase price allocation, land | 381,657 |
Business acquisition, purchase price allocation, building and improvements | 6,190,931 |
Business acquisition, purchase price allocation, tenant origination and absorption costs intangibles | 101,569 |
Total purchase price | 6,674,157 |
Reserve At Creekside Village [Member] | ' |
Business Acquisition [Line Items] | ' |
Number of units in real estate property | 192 |
Business combination, acquisition related costs | 465,021 |
Business acquisition, purchase price allocation, land | 1,344,233 |
Business acquisition, purchase price allocation, building and improvements | 17,178,743 |
Business acquisition, purchase price allocation, tenant origination and absorption costs intangibles | 352,024 |
Total purchase price | 18,875,000 |
Mapleshade Park [Member] | ' |
Business Acquisition [Line Items] | ' |
Number of units in real estate property | 148 |
Business combination, acquisition related costs | 498,873 |
Business acquisition, purchase price allocation, land | 3,585,171 |
Business acquisition, purchase price allocation, building and improvements | 19,131,230 |
Business acquisition, purchase price allocation, tenant origination and absorption costs intangibles | 608,599 |
Total purchase price | 23,325,000 |
Richland Falls [Member] | ' |
Business Acquisition [Line Items] | ' |
Number of units in real estate property | 190 |
Business combination, acquisition related costs | 426,751 |
Business acquisition, purchase price allocation, land | 1,306,794 |
Business acquisition, purchase price allocation, building and improvements | 19,422,561 |
Business acquisition, purchase price allocation, tenant origination and absorption costs intangibles | 270,645 |
Total purchase price | 21,000,000 |
Oak Crossing [Member] | ' |
Business Acquisition [Line Items] | ' |
Number of units in real estate property | 222 |
Business combination, acquisition related costs | 490,474 |
Business acquisition, purchase price allocation, land | 2,005,491 |
Business acquisition, purchase price allocation, building and improvements | 21,808,038 |
Business acquisition, purchase price allocation, tenant origination and absorption costs intangibles | 416,471 |
Total purchase price | $24,230,000 |
Real_Estate_Real_Estate_Intang
Real Estate - Real Estate, Intangibles, Accumulated Depreciation and Amortization (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ' | ' | ' | ' | ' |
Real estate investment property, at cost | $1,592,696,113 | ' | $1,592,696,113 | ' | $1,503,493,195 |
Real estate investment property, accumulated depreciation | -68,696,539 | ' | -68,696,539 | ' | -46,865,284 |
Total real estate held for investment, net | 1,523,999,574 | ' | 1,523,999,574 | ' | 1,456,627,911 |
Depreciation and amortization | 17,457,109 | 9,772,519 | 37,662,460 | 18,496,076 | ' |
Land [Member] | ' | ' | ' | ' | ' |
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ' | ' | ' | ' | ' |
Real estate investment property, at cost | 171,685,494 | ' | 171,685,494 | ' | 163,061,398 |
Real estate investment property, accumulated depreciation | 0 | ' | 0 | ' | 0 |
Total real estate held for investment, net | 171,685,494 | ' | 171,685,494 | ' | 163,061,398 |
Building and Improvements [Member] | ' | ' | ' | ' | ' |
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ' | ' | ' | ' | ' |
Real estate investment property, at cost | 1,416,617,048 | ' | 1,416,617,048 | ' | 1,322,198,787 |
Real estate investment property, accumulated depreciation | -67,843,573 | ' | -67,843,573 | ' | -39,644,912 |
Total real estate held for investment, net | 1,348,773,475 | ' | 1,348,773,475 | ' | 1,282,553,875 |
Depreciation | 14,574,731 | 6,474,683 | 28,440,333 | 11,867,644 | ' |
Tenant Origination and Absorption Costs [Member] | ' | ' | ' | ' | ' |
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ' | ' | ' | ' | ' |
Real estate investment property, at cost | 1,749,308 | ' | 1,749,308 | ' | 15,588,747 |
Real estate investment property, accumulated depreciation | -689,854 | ' | -689,854 | ' | -7,133,844 |
Total real estate held for investment, net | 1,059,454 | ' | 1,059,454 | ' | 8,454,903 |
Amortization | 2,844,086 | 3,280,773 | 9,145,543 | 6,605,477 | ' |
Weighted average amortization period | ' | ' | '1 year | ' | ' |
Other Intangible Assets [Member] | ' | ' | ' | ' | ' |
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ' | ' | ' | ' | ' |
Real estate investment property, at cost | 2,644,263 | ' | 2,644,263 | ' | 2,644,263 |
Real estate investment property, accumulated depreciation | -163,112 | ' | -163,112 | ' | -86,528 |
Total real estate held for investment, net | 2,481,151 | ' | 2,481,151 | ' | 2,557,735 |
Amortization | 38,292 | 17,064 | 76,584 | 22,955 | ' |
Weighted average amortization period | ' | ' | '18 years 2 months 1 day | ' | ' |
Future amortization of acquired other intangible assets | ' | ' | ' | ' | ' |
July 1 through December 31, 2014 | 76,584 | ' | 76,584 | ' | ' |
2015 | 153,168 | ' | 153,168 | ' | ' |
2016 | 153,168 | ' | 153,168 | ' | ' |
2017 | 153,168 | ' | 153,168 | ' | ' |
2018 | 153,168 | ' | 153,168 | ' | ' |
Thereafter | 1,791,895 | ' | 1,791,895 | ' | ' |
Future amortization of acquired other intangible assets | 2,481,151 | ' | 2,481,151 | ' | ' |
Off-Market Lease, Unfavorable [Member] | ' | ' | ' | ' | ' |
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ' | ' | ' | ' | ' |
Real estate investment property, at cost | 0 | ' | 0 | ' | -1,410,728 |
Real estate investment property, accumulated depreciation | 0 | ' | 0 | ' | 1,247,491 |
Total real estate held for investment, net | 0 | ' | 0 | ' | -163,237 |
Accretion expense | $0 | $167,992 | $163,237 | $426,318 | ' |
Real_Estate_Operating_Leases_D
Real Estate - Operating Leases (Details) (USD $) | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Residential Real Estate [Member] | Residential Real Estate [Member] | Residential Real Estate [Member] | Residential Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Accounts Payable and Accrued Liabilities [Member] | Accounts Payable and Accrued Liabilities [Member] | Off-Market Lease, Unfavorable [Member] | Off-Market Lease, Unfavorable [Member] | Off-Market Lease, Unfavorable [Member] | Off-Market Lease, Unfavorable [Member] | |||
apartments | apartments | Residential Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | |||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $167,992 | $163,237 | $426,318 |
Number of units in real estate property | ' | ' | 16,493 | ' | 16,493 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average percentage of real estate portfolio occupied | 94.70% | 92.40% | ' | ' | 97.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating leases, revenue, percentage | ' | ' | 99.00% | 99.00% | 99.00% | 99.00% | 1.00% | 1.00% | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | '7 years 4 months 2 days | '3 years 8 months 1 day | ' | ' | ' | ' | ' | ' |
Security deposit liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,819,665 | 3,560,623 | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
July 1 through December 31, 2014 | 173,321 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 347,036 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 350,051 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 354,433 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 202,540 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 361,961 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating leases, future minimum payments receivable | $1,789,342 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Property_Dispositi
Real Estate - Property Dispositions (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jun. 27, 2014 | Aug. 11, 2010 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 11, 2010 | |
units | |||||||
sqft | |||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Contract purchase price | ' | ' | ' | ' | $1,601,257,557 | ' | ' |
Gain on sale of real estate, net | ' | ' | 7,072,294 | 0 | 7,072,294 | 0 | ' |
Expenses | ' | ' | 59,950,032 | 30,116,568 | 119,712,647 | 57,299,225 | ' |
Loss on debt extinguishment | ' | ' | 891,885 | 0 | 891,885 | 0 | ' |
Lincoln Tower Apartments-Springfield [Member] | ' | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of units in real estate property | ' | ' | ' | ' | ' | ' | 190 |
Net rentable area | ' | ' | ' | ' | ' | ' | 8,995 |
Contract purchase price | ' | 9,500,000 | ' | ' | ' | ' | ' |
Sale price | 15,887,500 | ' | ' | ' | ' | ' | ' |
Gain on sale of real estate, net | 7,072,294 | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | 621,995 | 561,072 | 1,199,698 | 1,132,361 | ' |
Expenses | ' | ' | 2,002,527 | 497,929 | 2,562,000 | 1,003,820 | ' |
Selling expenses | ' | ' | 447,616 | ' | 447,616 | ' | ' |
Loss on debt extinguishment | ' | ' | -891,885 | ' | -891,885 | ' | ' |
Disposition fees | ' | ' | $238,313 | ' | $238,313 | ' | ' |
Real_Estate_Real_Estate_Held_f
Real Estate - Real Estate Held for Sale (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' | ' |
Revenues | $49,224,059 | $22,370,453 | $94,903,763 | $40,961,209 |
Expenses | 59,950,032 | 30,116,568 | 119,712,647 | 57,299,225 |
Net loss | -3,653,679 | -7,746,115 | -17,736,590 | -16,338,016 |
Arbor Pointe Property [Member] | Assets Held-for-sale [Member] | ' | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' | ' |
Revenues | 303,757 | 303,579 | 596,755 | 597,518 |
Expenses | 254,310 | 281,534 | 544,020 | 545,758 |
Net loss | $49,447 | $22,045 | $52,735 | $51,760 |
Deferred_Financing_Costs_and_O2
Deferred Financing Costs and Other Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Deferred financing costs | $8,908,297 | $8,440,169 |
Less: accumulated amortization | -1,821,364 | -1,235,886 |
Deferred financing costs, net | 7,086,933 | 7,204,283 |
Prepaid expenses | 396,650 | 3,142,924 |
Interest rate cap agreements | 2,738,793 | 5,462,561 |
Escrow deposits for pending real estate acquisitions | 660,000 | 500,000 |
Deposits | 1,418,802 | 1,265,642 |
Deferred financing costs and other assets, net | $12,301,178 | $17,575,410 |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jan. 03, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 27, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 31, 2014 | Jul. 18, 2014 | Jul. 17, 2014 | 9-May-14 | 9-May-14 | Jul. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Accounts Payable and Accrued Liabilities [Member] | Accounts Payable and Accrued Liabilities [Member] | Revolving Credit Facility [Member] | Lincoln Tower Apartments [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] | 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] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Windsor on the River Property [Member] | Iowa Finance Authority Variable Rate Demand Bond [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lincoln Tower Apartments [Member] | Lincoln Tower Apartments [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] | Spring Creek 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] | Sonoma Grande Property [Member] | Sonoma Grande Property [Member] | Estancia 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] | Montelena Property [Member] | Valley Farms Property [Member] | Valley Farms Property [Member] | Hilliard Park Property [Member] | Hilliard Park 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] | 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] | 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] | 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] | Deer Valley Luxury Apartments [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] | Retreat at Quail North [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] | 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 [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 [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] | The Belmont [Member] | The Belmont [Member] | The Belmont [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] | Downtree Apartments [Member] | Downtree Apartments [Member] | Downtree Apartments [Member] | Downtree Apartments [Member] | Downtree Apartments [Member] | Stuart Hall [Member] | Stuart Hall [Member] | Stuart Hall [Member] | BriceGrove Park [Member] | BriceGrove Park [Member] | BriceGrove Park [Member] | Landing at Mansfield [Member] | Landing at Mansfield [Member] | Landing at Mansfield [Member] | The Heights [Member] | The Heights [Member] | The Heights [Member] | Fixed Rate Debt [Member] | Variable Rate Debt [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] | 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 at Champion Forest [Member] | Carrington at Champion Forest [Member] | Carrington at Champion Forest [Member] | Carrington Park [Member] | Carrington Park [Member] | Carrington Park [Member] | Willow Crossing [Member] | Willow Crossing [Member] | Willow Crossing [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] | Heritage Grand at Sienna Plantation [Member] | Audubon Park [Member] | Audubon Park [Member] | Audubon Park [Member] | Mallard Crossing [Member] | Mallard Crossing [Member] | Mallard Crossing [Member] | Renaissance at Carol Stream [Member] | Renaissance at Carol Stream [Member] | Renaissance at Carol Stream [Member] | Mapleshade Park [Member] | Mapleshade Park [Member] | Mapleshade Park [Member] | Richland Falls [Member] | Richland Falls [Member] | Richland Falls [Member] | Richland Falls [Member] | Richland Falls [Member] | Richland Falls [Member] | Oak Crossing [Member] | Oak Crossing [Member] | Oak Crossing [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] | Notes Payable to Banks [Member] | Windsor on the River Property [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate, Option One [Member] | Federal Funds Rate, Option One [Member] | London Interbank Offered Rate (LIBOR), Option One [Member] | London Interbank Offered Rate (LIBOR), Option Two [Member] | London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Option One [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Federal Funds Rate, Option One [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Option One [Member] | Interest Rate Option Two [Member] | Interest Rate Option One [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of common stock, shares | 38,415 | ' | 87,928 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,363 | ' | ' | ' | ' | 80,042 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | ' | ' | ' | ' | $1,246,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $776,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock, Shares Authorized, Distribution Reinvestment Plan, Shares | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.09% | [1],[2],[3],[4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.35% | [1],[2],[3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.42% | [1],[2],[3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.40% | [1],[2],[3] | ' | ' | 2.63% | [1],[2],[3] | ' | ' | 2.65% | [1],[2],[5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.47% | [1],[2],[3] | ' | ' | 2.44% | [1],[2],[3] | ' | ' | ' | ' | ' | ' | ' | 2.75% | [1],[2],[3] | ' | ' | 2.58% | [1],[2],[3] | ' | ' | 2.69% | [1],[2],[3] | ' | ' | 2.60% | [1],[2],[3] | ' | ' | ' | ' | 2.68% | [1],[2],[3] | ' | ' | 2.68% | [1],[2],[3] | ' | ' | 2.64% | [1],[2],[3] | ' | ' | 2.16% | [1],[2],[5] | ' | ' | 2.16% | [1],[2],[5] | ' | ' | 2.16% | [1],[2],[5] | ' | ' | 2.20% | [1],[2],[5] | ' | ' | ' | ' | ' | ' | ' | 2.41% | [1],[2],[5] | ' | ' | 2.57% | [1],[2],[3] | ' | ' | 2.36% | [1],[2],[3] | ' | ' | 2.15% | [1],[2],[6] | ' | ' | 0.85% | 0.50% | 1.00% | 1.85% | ' | ' | 1.63% | [1],[2] | ' | 1.00% | 3.00% | 0.50% | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.66% | [2],[7] | ' | 3.50% | [2] | ' | 4.86% | [2] | ' | 4.58% | [2] | ' | 3.89% | [2],[3] | ' | 3.78% | [2],[3] | ' | 3.74% | [2],[3] | ' | 3.82% | [2],[3] | ' | ' | ' | ' | 3.85% | [2],[3] | ' | 4.88% | [2],[8] | ' | 4.88% | [2],[8] | ' | ' | 3.70% | [2] | ' | 3.31% | [2],[9] | ' | 5.94% | [10],[2],[8] | ' | 5.94% | [10],[2],[8] | ' | ' | 4.82% | [11],[2],[8] | ' | 4.82% | [11],[2],[8] | ' | ' | 4.25% | [2] | ' | 3.62% | [2],[3] | ' | 3.56% | [2],[3] | ' | 3.69% | [2],[3] | ' | ' | ' | ' | 3.38% | [2],[3] | ' | 3.37% | [2],[3] | ' | 3.73% | [2],[5] | ' | 3.86% | [2],[3] | ' | 3.78% | [2],[5] | ' | 3.47% | [2],[3] | ' | 5.59% | [2] | ' | 4.02% | [2],[5] | ' | 3.66% | [2] | ' | ' | ' | ' | 5.04% | [2],[8] | ' | 5.04% | [2],[8] | ' | ' | 4.73% | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.80% | [2],[8] | ' | 4.80% | [2],[8] | ' | ' | 4.47% | [2],[8] | ' | 4.47% | [2],[8] | ' | ' | 5.75% | [2] | ' | 4.83% | [2],[8] | ' | 4.83% | [2],[8] | ' | ' | 4.83% | [2] | ' | 4.70% | [2],[8] | ' | 4.70% | [2],[8] | ' | ' | 4.78% | [2] | ' | 5.91% | [2],[8] | ' | 5.91% | [2],[8] | ' | ' | ' | ' | ' | ' | ' | ' | 5.48% | [2],[8] | ' | 5.48% | [2],[8] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.65% | [2],[8] | ' | 4.65% | [2],[8] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage notes payable, net | 1,055,191,393 | [12] | ' | 1,055,191,393 | [12] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.38% | ' | 3.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.30% | 2.55% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | -891,885 | 0 | -891,885 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 891,885 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on debt extinguishment | ' | ' | 95,658 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,658 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,500,000 | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Deposits Applied to Debt Retirements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,500,000 | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Length of debt extension option | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of periods interest payments due | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '24 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, unamortized premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,304,193 | ' | 5,304,193 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 364,363 | ' | 364,363 | ' | ' | ' | ' | ' | ' | 1,165,072 | ' | 1,165,072 | ' | ' | 598,244 | ' | 598,244 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,178,585 | ' | 1,178,585 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 463,951 | ' | 463,951 | ' | ' | 101,098 | ' | 101,098 | ' | ' | ' | ' | 160,021 | ' | 160,021 | ' | ' | ' | ' | 323,707 | ' | 323,707 | ' | ' | ' | ' | 626,645 | ' | 626,645 | ' | ' | ' | ' | ' | ' | ' | ' | 777,270 | ' | 777,270 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -454,763 | ' | -454,763 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of debt discount (premium) | 308,699 | 232,830 | 617,397 | 387,942 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 308,699 | 232,830 | 617,397 | 387,942 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,356 | 25,357 | 50,713 | 50,714 | ' | ' | ' | ' | ' | 89,775 | 89,774 | 179,549 | 179,548 | ' | 36,592 | 36,592 | 73,184 | 73,184 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,799 | 78,798 | 157,597 | 82,187 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,008 | 1,559 | 6,017 | 1,559 | ' | 3,968 | 750 | 7,936 | 750 | ' | ' | ' | 6,234 | 0 | 12,469 | 0 | ' | ' | ' | 12,612 | 0 | 25,224 | 0 | ' | ' | ' | 23,557 | 0 | 47,113 | 0 | ' | ' | ' | ' | ' | ' | ' | 31,747 | 0 | 63,493 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,949 | 0 | -5,898 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturities of Long-term Debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remainder of 2014 | 30,237,391 | [12] | ' | 30,237,391 | [12] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Payable Due in 2014 | 14,757,939 | [12] | ' | 14,757,939 | [12] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Payable Due in 2015 | 17,637,954 | [12] | ' | 17,637,954 | [12] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Payable Due in 2016 | 51,824,336 | [12] | ' | 51,824,336 | [12] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Payable Due in 2017 | 83,630,399 | [12] | ' | 83,630,399 | [12] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Payable Due Thereafter | 857,103,374 | [12] | ' | 857,103,374 | [12] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, repayment term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | 20,000,000 | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 11,273,624 | 4,552,197 | 21,197,645 | 8,854,210 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | 395,300 | 235,453 | 759,388 | 395,747 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on interest rate cap | ' | ' | -3,315,514 | 373,855 | ' | ' | -2,125,640 | 438,472 | -3,315,514 | 373,855 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,766,369 | 2,539,966 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | $1,035,531,644 | ' | $1,035,531,644 | ' | $973,889,547 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,040,495,586 | ' | $1,040,495,586 | ' | $987,329,800 | $0 | [7] | $8,434,054 | [7] | $4,938,136 | $4,938,136 | $4,963,942 | $5,006,199 | $8,556,122 | $8,632,301 | $6,563,060 | [3] | $6,624,725 | [3] | $5,764,253 | [3] | $5,818,457 | [3] | $3,863,216 | [3] | $3,899,807 | [3] | $5,448,566 | [3] | $5,499,432 | [3] | $23,500,000 | [1],[3],[4] | $23,500,000 | [1],[3],[4] | ' | $9,017,323 | [3] | $9,084,000 | [3] | $13,745,802 | [8] | ' | $13,745,802 | [8] | ' | $13,912,669 | [8] | $24,067,355 | $24,305,671 | $22,540,000 | [9] | $22,540,000 | [9] | $21,665,072 | [10],[8] | ' | $21,665,072 | [10],[8] | ' | $21,844,621 | [10],[8] | $12,453,005 | [11],[8] | ' | $12,453,005 | [11],[8] | ' | $12,614,683 | [11],[8] | $10,156,856 | $10,244,494 | $13,691,528 | [3] | $13,818,616 | [3] | $16,593,527 | [3] | $16,749,262 | [3] | $15,306,814 | [3] | $15,446,452 | [3] | $21,488,067 | [1],[3] | $21,680,010 | [1],[3] | ' | $12,442,382 | [3] | $12,562,000 | [3] | $15,042,124 | [3] | $15,187,000 | [3] | $38,500,000 | [5] | $38,500,000 | [5] | $6,154,574 | [3] | $6,200,000 | [3] | $21,900,000 | [5] | $21,900,000 | [5] | $14,137,990 | [3] | $14,250,000 | [3] | $28,942,708 | $29,050,224 | $24,767,000 | [5] | $24,767,000 | [5] | $9,028,127 | $9,113,640 | $16,977,842 | [1],[3] | $17,030,000 | [1],[3] | ' | $24,253,498 | [8] | ' | $24,253,498 | [8] | ' | $24,603,299 | [8] | $2,758,513 | $2,779,688 | $20,842,268 | [1],[3] | $20,875,000 | [1],[3] | ' | $10,725,000 | [1],[3] | $10,725,000 | [1],[3] | ' | $15,100,000 | [1],[5] | $15,100,000 | [1],[5] | ' | $17,111,152 | [8] | ' | $17,111,152 | [8] | ' | $17,190,827 | [8] | $10,855,507 | [8] | ' | $10,855,507 | [8] | ' | $10,965,388 | [8] | $1,924,343 | $1,936,199 | $5,342,709 | [8] | ' | $5,342,709 | [8] | ' | $5,395,471 | [8] | $979,050 | $986,624 | $14,020,615 | [8] | ' | $14,020,615 | [8] | ' | $14,154,991 | [8] | $2,739,796 | $2,761,194 | $9,397,267 | [8] | ' | $9,397,267 | [8] | ' | $9,498,460 | [8] | $55,500,000 | [1],[3] | $55,500,000 | [1],[3] | ' | $23,100,000 | [1],[3] | $23,100,000 | [1],[3] | ' | $15,959,270 | [13],[8] | ' | $15,959,270 | [13],[8] | ' | $16,022,763 | [13],[8] | $12,407,000 | [1],[3] | $12,407,000 | [1],[3] | ' | $14,985,000 | [1],[3] | $14,985,000 | [1],[3] | ' | $22,750,000 | [1],[3] | $22,750,000 | [1],[3] | ' | $29,014,000 | [1],[3] | $29,014,000 | [1],[3] | ' | ' | ' | $25,963,000 | [1],[3] | $25,963,000 | [1],[3] | ' | $28,105,000 | [1],[3] | $28,105,000 | [1],[3] | ' | $16,340,000 | [1],[3] | $16,340,000 | [1],[3] | ' | $22,376,000 | [1],[5] | $22,376,000 | [1],[5] | ' | $22,959,000 | [1],[5] | $22,959,000 | [1],[5] | ' | $17,717,000 | [1],[5] | $17,717,000 | [1],[5] | ' | $43,500,000 | [1],[5] | $43,500,000 | [1],[5] | ' | $16,772,207 | [8] | ' | $16,772,207 | [8] | ' | $16,845,443 | [8] | $11,760,000 | [1],[5] | $11,760,000 | [1],[5] | ' | $27,860,000 | [1],[3] | $27,860,000 | [1],[3] | ' | $20,440,000 | [1],[3] | $0 | [1],[3] | ' | $15,161,000 | [1],[6] | $0 | [1],[6] | ' | $13,800,000 | [14],[15],[5] | $0 | [14],[15],[5] | ' | ' | ' | ' | $15,762,000 | [1] | $0 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||
Margin Rate Reduction, Ninety Percent Occupancy For Ninety Consecutive Days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | See Note 11 for a discussion of the interest rate cap agreements used to manage the exposure to interest rate movement on the Company's variable rate loans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Except as otherwise noted, interest on the notes accrues at a fixed rate per annum. At JuneB 30, 2014, the weighted-average interest rate of our fixed rate debt and variable rate debt was 4.30% and 2.55%, respectively. The weighted-average interest rate of our blended fixed and variable rates was 3.38% at JuneB 30, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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 May 9, 2014, the Company refinanced the existing mortgage loan secured by the Windsor on the River property with the proceeds of a new mortgage loan in the aggregate principal amount ofB $23,500,000. The proceeds from the new loan were used to redeem the assumed obligations for tax exempt bonds issued by the Iowa Finance Authority in the amount ofB $23,500,000. In connection with the refinancing, the Companybs obligations under the existing letter of credit were terminated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | A monthly payment of interest only is due and payable for 36 months from the loan date, after which, a monthly payment of principal and interest is due and payable until the maturity date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | The Lincoln Tower Apartments was sold on JuneB 27, 2014 and the mortgage note payable was repaid in full on the same day with proceeds from the sale. Upon the early extinguishment of the Lincoln Tower mortgage note payable, a loss on debt extinguishment of $891,885 was recorded on the consolidated statements of operations, including an expense of the net deferred financing costs of $95,658. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | The following table summarizes the debt premiums and discounts as of JuneB 30, 2014, 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 June 30, 2014B Amortization of Debt Premium (Discount) During the Three Months Ended June 30,B Six Months Ended June 30, 2014B 2013B 2014B 2013Spring CreekB $364,363B $25,356B $25,357B $50,713B $50,714EstanciaB 1,165,072B 89,775B 89,774B 179,549B 179,548MontelenaB 598,244B 36,592B 36,592B 73,184B 73,184Deep Deuce at BricktownB 1,178,585B 78,799B 78,798B 157,597B 82,187Retreat at Quail NorthB 463,951B 3,008B 1,559B 6,017B 1,559The Lodge at Trails EdgeB 101,098B 3,968B 750B 7,936B 750Arbors of CarrolltonB 160,021B 6,234B bB 12,469B bWaterford on the MeadowB 323,707B 12,612B bB 25,224B bThe BelmontB 626,645B 23,557B bB 47,113B bDawntreeB 777,270B 31,747B bB 63,493B bHeritage Grand at Sienna PlantationB (454,763)B (2,949)B bB (5,898)B b $5,304,193B $308,699B $232,830B $617,397B $387,942 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | A monthly payment of interest only was due and payable through June 1, 2014, after which, a monthly payment of principal and interest is due and payable until the maturity date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | The Company has the option to extend the maturity date to October 1, 2018, subject to customary and market rate extension provisions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the amortization of the debt premiums associated with certain notes payable. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[13] | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[14] | The Company has the option to extend the maturity date for 12 months from the original maturity date, subject to customary and market rate extension provisions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[15] | The Company has the option to select the interest rate at the end of each LIBOR interest period (as defined in the note agreement) from the following options: (1) 0.85% plus the highest of (A) the Prime Rate (as defined in the note agreement), (B) the sum of the Federal Funds Rate (as defined in the note agreement) plus 0.50%, and (C) daily LIBOR plus 1.0% (the bBase Rate Optionb) or (2) LIBOR plus 1.85% (the bLIBOR Optionb). If the LIBOR options is selected by the Company, the Company may select either the one-month LIBOR, three-month LIBOR or six-month LIBOR. The margin rate under each option may be reduced by 20 basis points if the property achieves occupancy in excess of 90% for 90 consecutive days. As of JuneB 30, 2014, the Company had elected the LIBOR Option using one-month LIBOR. |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 0 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 0 Months Ended | |||||||||||
Sep. 10, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 10, 2012 | Jul. 23, 2009 | Jun. 30, 2014 | Sep. 10, 2012 | Jun. 12, 2009 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2009 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 10, 2009 | Nov. 15, 2012 | |
Distribution Reinvestment Plan [Member] | Distribution Reinvestment Plan [Member] | Distribution Reinvestment Plan [Member] | Private Offering and Public Offering [Member] | IPO [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Convertible Common Stock [Member] | Convertible Common Stock [Member] | Convertible Common Stock [Member] | President [Member] | |||||
Private Offering and Public Offering [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common and preferred stock, shares authorized | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 999,999,000 | ' | 999,999,000 | ' | ' | 999,999,000 | ' | 1,000 | 1,000 | ' | ' |
Common stock, par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | $0.01 | ' | ' | $0.01 | ' | $0.01 | $0.01 | ' | ' |
Preferred stock, shares authorized | ' | 100,000,000 | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par or stated value per share | ' | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period, shares, new issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,223 | ' | ' | ' | ' | 22,223 | ' | 75,576,513 | ' | ' | ' | ' |
Proceeds from issuance of common stock | ' | $26,561,229 | $138,847,097 | ' | ' | ' | ' | ' | ' | $200,007 | ' | ' | ' | ' | $200,007 | ' | $668,335,494 | $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 | ' | ' | ' | ' | 2,917,877 | ' | ' | ' | ' | ' | 689,571 | 234,450 | 1,329,601 | 416,169 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock, dividend reinvestment plan | ' | ' | ' | ' | 28,334,121 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from transfer agent | ' | 0 | ' | 26,549,087 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 |
Common stock, shares, issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,884,855 | ' | 75,884,855 | ' | ' | 74,153,580 | ' | 1,000 | 1,000 | 1,000 | ' |
Common stock, basis of conversion, percentage of annual return on original issue price of shares | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, conversion basis, percent enterprise value | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, conversion basis, multiplier | ' | 0.001 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible common stock, redemption amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' |
Share price, distribution reinvestment plan | ' | ' | ' | ' | ' | $9.73 | $9.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions reinvested, percentage of share price, distribution reinvestment plan | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis of conversion, percentage of annual return on stockholders' invested capital | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share price | ' | ' | ' | ' | ' | ' | ' | ' | $10.24 | $9 | $10.24 | ' | $10.24 | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_ShareBased
Stockholders' Equity - Share-Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 11, 2014 | Jun. 11, 2014 | Jun. 11, 2014 | Jun. 11, 2014 | |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Director [Member] | Director [Member] | Advisor [Member] | Advisor [Member] | Share-based Compensation, Tranche One [Member] | Share-based Compensation, Tranche Two [Member] | |||||
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Advisor [Member] | Advisor [Member] | ||||||||||
installments | Restricted Stock [Member] | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted common stock, grants in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' |
Restricted common stock, grants in period, weighted average grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.24 | ' | ' | ' | ' |
Restricted common stock, vesting installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' |
Share-based compensation | $22,176 | $16,670 | $44,352 | $37,796 | $22,176 | $16,670 | $44,352 | $37,796 | ' | ' | ' | ' | ' | ' |
Restricted common stock, weighted average remaining contractual terms | ' | ' | ' | ' | ' | ' | '1 year 2 months 5 days | ' | ' | ' | ' | ' | ' | ' |
Shares issued in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 488,281.25 | ' | ' | ' |
Share price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.24 | ' | ' |
Issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | ' |
Award vesting rights | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | 50.00% | 50.00% |
Stockholders_Equity_Share_Repu
Stockholders' Equity - Share Repurchase Plan and Redeemable Common Stock (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2014 | ||
Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | |
Stock repurchase plan, repurchase price as percentage of estimate fair value, anniversary year 1 | ' | ' | 92.50% | [1],[2] | ' | ' |
Stock repurchase plan, repurchase price as percentage of estimate fair value, anniversary year 2 | ' | ' | 95.00% | [1],[2] | ' | ' |
Stock repurchase plan, repurchase price as percentage of estimate fair value, anniversary year 3 | ' | ' | 97.50% | [1],[2] | ' | ' |
Stock repurchase plan, repurchase price as percentage of estimate fair value, anniversary year 4 | ' | ' | 100.00% | [1],[2] | ' | ' |
Stock repurchase plan, period shares outstanding before repurchase allowed | ' | ' | '1 year | ' | ' | |
Share Repurchase Plan, Disability or Death Holding Period Exemption Period, Maximum | ' | ' | '2 years | ' | ' | |
Stock repurchase plan, request for redemption notice period | ' | ' | '15 days | ' | ' | |
Stock repurchase plan, request for redemption settlement period | ' | ' | '30 days | ' | ' | |
Redemption of common stock, shares | 38,415 | ' | 87,928 | ' | 77,363 | |
Stock repurchase plan, stock redeemed, value | $381,372 | $309,441 | $855,916 | $582,692 | $748,791 | |
Stock requested for redemption, shares | 76,036 | 25,749 | 137,606 | 61,345 | ' | |
Stock requested for redemption, value | 731,533 | 251,875 | 1,346,295 | 602,782 | ' | |
Stock repurchased during period, shares | ' | 31,423 | ' | 60,592 | ' | |
Stock repurchase plan, outstanding stock requested for redemption, shares | 87,320 | ' | 87,320 | ' | ' | |
Stock repurchase plan, outstanding stock requested for redemption, value | 849,598 | ' | 849,598 | ' | ' | |
Stock repurchase plan, percentage of weighted-average number of shares outstanding, limit on repurchase | ' | ' | 5.00% | ' | ' | |
Stock Repurchase Plan, Termination Notice Period | ' | ' | '30 days | ' | ' | |
Transfers to redeemable common stock | $6,327,073 | $1,971,174 | $10,289,276 | $3,319,127 | ' | |
[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. 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. |
Stockholders_Equity_Distributi
Stockholders' Equity - Distributions (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Advisor [Member] | |||
Related Party Transaction [Line Items] | ' | ' | ' |
Fee due to related party, maximum deferred amount | ' | ' | $5,000,000 |
Deferred costs | $0 | $5,000,000 | ' |
Stockholders_Equity_Distributi1
Stockholders' Equity - Distributions Declared (Details) (USD $) | 3 Months Ended | 6 Months Ended | 22 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 12, 2009 | |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common share, distribution rate per share per day, declared | ' | ' | ' | ' | $0.00 | ' | ' | ' | $0.00 | ' | ' | ' |
Common stock, distribution rate, percentage | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share price | ' | ' | ' | ' | ' | ' | $10.24 | ' | $10.24 | ' | ' | $9 |
Less: dividends declared on participating securities | $21,572 | $0 | $24,886 | $0 | ' | ' | $13,454,087 | $5,720,601 | $26,628,938 | $10,181,364 | ' | ' |
Distributions declared, distribution reinvestment plan | ' | ' | ' | ' | ' | ' | 6,654,678 | 2,499,794 | 13,171,466 | 4,396,706 | ' | ' |
Common stock, distributions declared, shares, distribution reinvestment plan | ' | ' | ' | ' | ' | ' | 683,934 | 256,916 | 1,353,696 | 451,871 | ' | ' |
Distributions payable | 4,460,118 | ' | 4,460,118 | ' | 4,460,118 | 4,058,452 | 4,460,118 | ' | 4,460,118 | ' | 4,058,452 | ' |
Distributions payable, distribution reinvestment plan | ' | ' | ' | ' | ' | ' | $2,198,026 | ' | $2,198,026 | ' | $1,963,570 | ' |
Stockholders_Equity_Distributi2
Stockholders' Equity - Distributions Paid (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Class of Stock [Line Items] | ' | ' | ' | ' |
Payments of ordinary dividends, common stock | $6,834,399 | $3,003,582 | $13,290,263 | $5,403,290 |
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan | 6,709,523 | 2,281,198 | 12,937,009 | 4,049,321 |
Distributions paid, common stock, including distribution reinvestment plan | $13,543,922 | $5,284,780 | $26,227,272 | $9,452,611 |
Common Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Stock issued during period, shares, dividend reinvestment plan | 689,571 | 234,450 | 1,329,601 | 416,169 |
Earnings_Loss_Per_Share_Detail
Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net loss | ($3,653,679) | ($7,746,115) | ($17,736,590) | ($16,338,016) |
Less: dividends declared on participating securities | 21,572 | 0 | 24,886 | 0 |
Net loss attributable to common stockholders | ($3,675,251) | ($7,746,115) | ($17,761,476) | ($16,338,016) |
Weighted average number of common shares outstanding b basic and diluted | 75,164,490 | 32,136,950 | 74,817,466 | 28,727,291 |
Loss per common share - basic and diluted | ($0.05) | ($0.24) | ($0.24) | ($0.57) |
Unvested Restricted Common Shares [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | ' | ' | 488,281 | ' |
Related_Party_Arrangements_Amo
Related Party Arrangements Amounts Attributable to Advisor and its Affiliates (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Due to affiliates | $1,949,756 | ' | $1,949,756 | ' | $9,322,038 | |||||
Advisor [Member] | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Related party transaction, expenses from transactions with related party | 11,648,146 | 18,522,585 | 22,905,174 | 33,303,223 | ' | |||||
Related party transaction, payments to (proceeds from) related party | 17,362,536 | 18,952,356 | 30,277,456 | 32,098,142 | ' | |||||
Related party transaction, due from (to) related party | 1,958,845 | ' | 1,958,845 | ' | 9,322,038 | |||||
Investment management fees [Member] | Advisor [Member] | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Related party transaction, deferred cost | 0 | ' | 0 | ' | 4,351,578 | |||||
Investment management fees [Member] | Expensed [Member] | Advisor [Member] | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Related party transaction, expenses from transactions with related party | 3,317,493 | [1] | 1,498,270 | [1] | 6,491,789 | [1] | 2,754,866 | [1] | ' | |
Related party transaction, payments to (proceeds from) related party | 7,624,361 | 836,941 | 10,892,235 | 2,093,537 | ' | |||||
Related party transaction, due from (to) related party | 129,596 | [2] | ' | 129,596 | [2] | ' | 4,530,042 | [2] | ||
Due to affiliates | 129,596 | ' | 129,596 | ' | 178,464 | |||||
Acquistion fees [Member] | Advisor [Member] | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Related party transaction, deferred cost | 0 | ' | 0 | ' | 648,422 | |||||
Acquistion fees [Member] | Expensed [Member] | Advisor [Member] | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Related party transaction, expenses from transactions with related party | 917,225 | [1] | 2,201,611 | [1] | 2,496,902 | [1] | 4,423,929 | [1] | ' | |
Related party transaction, payments to (proceeds from) related party | 1,558,774 | 2,356,147 | 2,548,521 | 4,288,807 | ' | |||||
Related party transaction, due from (to) related party | 596,803 | [3] | ' | 596,803 | [3] | ' | 648,422 | [3] | ||
Due to affiliates | 596,803 | ' | 596,803 | ' | 0 | |||||
Acquisition expenses [Member] | Expensed [Member] | Advisor [Member] | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Related party transaction, expenses from transactions with related party | 201,945 | [4] | 504,243 | [4] | 411,149 | [4] | 2,176,011 | [4] | ' | |
Related party transaction, payments to (proceeds from) related party | 334,468 | 1,897,598 | 411,149 | 2,320,059 | ' | |||||
Related party transaction, due from (to) related party | 0 | ' | 0 | ' | 0 | |||||
Property management, fees [Member] | Expensed [Member] | Steadfast Management Company [Member] | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Property management fees, or property management, labor and related expense | 1,464,108 | [1] | 671,007 | [1] | 2,817,406 | [1] | 1,219,860 | [1] | ' | |
Related party transaction, payments to (proceeds from) related party | 1,435,179 | 610,561 | 2,726,297 | 1,127,012 | ' | |||||
Related party transaction, due from (to) related party | 507,690 | ' | 507,690 | ' | 416,581 | |||||
Property management, reimbursement of onsite personnel [Member] | Expensed [Member] | Steadfast Management Company [Member] | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Property management fees, or property management, labor and related expense | 4,482,540 | [5] | 1,831,979 | [5] | 8,573,720 | [5] | 3,288,973 | [5] | ' | |
Related party transaction, payments to (proceeds from) related party | 5,231,128 | 1,872,763 | 8,656,234 | 3,268,590 | ' | |||||
Related party transaction, due from (to) related party | 486,337 | ' | 486,337 | ' | 568,851 | |||||
Property management, other fees [Member] | Expensed [Member] | Steadfast Management Company [Member] | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Property management fees, or property management, labor and related expense | 426,797 | [1] | 179,908 | [1] | 823,350 | [1] | 338,267 | [1] | ' | |
Related party transaction, payments to (proceeds from) related party | 417,709 | 192,454 | 817,047 | 329,175 | ' | |||||
Related party transaction, due from (to) related party | 51,523 | ' | 51,523 | ' | 45,220 | |||||
Other operating expenses [Member] | Expensed [Member] | Advisor [Member] | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Related party transaction, expenses from transactions with related party | 259,125 | [6] | 259,019 | [6] | 482,803 | [6] | 446,757 | [6] | ' | |
Related party transaction, payments to (proceeds from) related party | 172,915 | 293,524 | 303,583 | 516,973 | ' | |||||
Related party transaction, due from (to) related party | 186,896 | ' | 186,896 | ' | 7,676 | |||||
Disposition Fees [Member] | Expensed [Member] | Advisor [Member] | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Related party transaction, expenses from transactions with related party | 238,313 | [7] | 0 | [7] | 238,313 | [7] | 0 | [7] | ' | |
Related party transaction, payments to (proceeds from) related party | 238,313 | 0 | 238,313 | 0 | ' | |||||
Construction management fees [Member] | Advisor [Member] | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Related party transaction, expenses from transactions with related party | 340,600 | 0 | 569,742 | 0 | ' | |||||
Related party transaction, payments to (proceeds from) related party | 349,689 | 0 | 578,831 | 0 | ' | |||||
Other offering costs reimbursement [Member] | Additional Paid-in Capital [Member] | Advisor [Member] | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Related party transaction, expenses from transactions with related party | 0 | 2,707,408 | 0 | 5,221,670 | ' | |||||
Related party transaction, payments to (proceeds from) related party | 0 | 2,223,228 | 3,105,246 | 4,721,099 | ' | |||||
Related party transaction, due from (to) related party | 0 | ' | 0 | ' | 3,105,246 | |||||
Selling commissions [Member] | Additional Paid-in Capital [Member] | Advisor [Member] | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Related party transaction, expenses from transactions with related party | 0 | 5,513,018 | 0 | 8,578,186 | ' | |||||
Related party transaction, payments to (proceeds from) related party | 0 | 5,513,018 | 0 | 8,578,186 | ' | |||||
Dealer management fees [Member] | Additional Paid-in Capital [Member] | Advisor [Member] | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Related party transaction, expenses from transactions with related party | 0 | 3,156,122 | 0 | 4,854,704 | ' | |||||
Related party transaction, payments to (proceeds from) related party | $0 | $3,156,122 | $0 | $4,854,704 | ' | |||||
[1] | Included in fees to affiliates in the accompanying consolidated statements of operations for the three and six months ended JuneB 30, 2014 and 2013. | |||||||||
[2] | Investment management fees earned by the Advisor totaling $0 and $4,351,578 were deferred as of JuneB 30, 2014 and DecemberB 31, 2013, respectively, pursuant to the terms of the Advisory Agreement. The remaining investment management fees of $129,596 and $178,464 were due and payable and are included in due to affiliates in the accompanying consolidated balance sheets at JuneB 30, 2014 and DecemberB 31, 2013, respectively. | |||||||||
[3] | Acquisition fees earned by the Advisor totaling $0 and $648,422 were deferred as of JuneB 30, 2014 and DecemberB 31, 2013, respectively, pursuant to the terms of the Advisory Agreement. The remaining acquisition fees of $596,803 and $0 were due and payable and are included in due to affiliates in the accompanying consolidated balance sheets at JuneB 30, 2014 and DecemberB 31, 2013, respectively. | |||||||||
[4] | Included in acquisition costs in the accompanying consolidated statements of operations for the three and six months ended JuneB 30, 2014 and 2013. | |||||||||
[5] | Included in operating, maintenance and management expenses in the accompanying consolidated statements of operations for the three and six months ended JuneB 30, 2014 and 2013. | |||||||||
[6] | Included in general and administrative expenses in the accompanying consolidated statements of operations for the three and six months ended JuneB 30, 2014 and 2013. | |||||||||
[7] | Included in gain on sale of real estate, net in the accompanying consolidated statements of operations for the three and six months ended JuneB 30, 2014 and 2013. |
Related_Party_Arrangements_Org
Related Party Arrangements Organizational and Offering Costs (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 62 Months Ended | 3 Months Ended | 6 Months Ended | 62 Months Ended | 3 Months Ended | 6 Months Ended | 62 Months Ended | 3 Months Ended | 6 Months Ended | 44 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Advisor [Member] | Advisor [Member] | Advisor [Member] | Advisor [Member] | Advisor [Member] | Organization and Offering Costs [Member] | Organization and Offering Costs [Member] | Organization and Offering Costs [Member] | Organization and Offering Costs [Member] | Organization and Offering Costs [Member] | Organization and Offering Costs [Member] | Organization and Offering Costs [Member] | Organization and Offering Costs [Member] | Organization and Offering Costs [Member] | Organization and Offering Costs [Member] | Organizational Expenses [Member] | Organizational Expenses [Member] | Organizational Expenses [Member] | Organizational Expenses [Member] | Organizational Expenses [Member] | Other offering costs reimbursement [Member] | Other offering costs reimbursement [Member] | Other offering costs reimbursement [Member] | Other offering costs reimbursement [Member] | Other offering costs reimbursement [Member] | ||
Advisor [Member] | Organizational Expenses [Member] | Public Offering Costs [Member] | Public Offering Costs [Member] | Public Offering Costs [Member] | Public Offering Costs [Member] | Public Offering Costs [Member] | Public Offering Costs [Member] | Public Offering Costs [Member] | Private Offering Costs [Member] | Advisor [Member] | Advisor [Member] | Advisor [Member] | Advisor [Member] | Advisor [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | |||||||
Advisor [Member] | Advisor [Member] | Advisor [Member] | Advisor [Member] | Advisor [Member] | Advisor [Member] | Crossroads [Member] | Crossroads [Member] | Advisor [Member] | Advisor [Member] | Advisor [Member] | Advisor [Member] | Advisor [Member] | Advisor [Member] | |||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization and offering costs threshold, percentage of gross proceeds of public offering | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization and offering, cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $522,597 | $849,597 | ' | $0 | $0 | $0 | $0 | $100,738 | ' | ' | ' | ' | ' |
Related party transaction, payments to (proceeds from) related party | ' | 17,362,536 | 18,952,356 | 30,277,456 | 32,098,142 | ' | 95,946,206 | 100,738 | 0 | 11,376,548 | 0 | 18,654,559 | 93,543,749 | ' | ' | 2,301,719 | ' | ' | ' | 100,738 | ' | 0 | 2,223,228 | 3,105,246 | 4,721,099 | ' |
Related party transaction, due from (to) related party | ' | $1,958,845 | ' | $1,958,845 | ' | $9,322,038 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $0 | ' | $3,105,246 |
Related_Party_Arrangements_Inv
Related Party Arrangements Investment Management Fee (Details) (Advisor [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
Advisor [Member] | ' |
Related Party Transaction [Line Items] | ' |
Investment management fee, percentage of real properties or related assets acquired | 0.07% |
Related_Party_Arrangements_Acq
Related Party Arrangements Acquisition Fees and Expenses (Details) (Advisor [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
Advisor [Member] | ' |
Related Party Transaction [Line Items] | ' |
Acquisition fee, percentage of purchase price of real property or related asset | 2.00% |
Acquisition fees and expenses, maximum, percentage of contract purchase price | 6.00% |
Related_Party_Arrangements_Pro
Related Party Arrangements Property Management Fees and Expenses (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transaction [Line Items] | ' |
Property management agreement, notice of termination option | '60 days |
Property management agreement, termination notice period after uncured breach | '30 days |
Steadfast Management Company [Member] | ' |
Related Party Transaction [Line Items] | ' |
Property Management, Oversight Fee, Percentage | 1.00% |
Property management agreement, term | '1 year |
Minimum [Member] | Steadfast Management Company [Member] | ' |
Related Party Transaction [Line Items] | ' |
Property management fee, percent fee | 2.50% |
Maximum [Member] | Steadfast Management Company [Member] | ' |
Related Party Transaction [Line Items] | ' |
Property management fee, percent fee | 3.50% |
Related_Party_Arrangements_Con
Related Party Arrangements Construction Management Fees (Details) (Construction management fees [Member], Advisor [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transaction [Line Items] | ' |
Construction management agreement, termination notification period | '30 days |
Additional Paid-in Capital [Member] | Minimum [Member] | ' |
Related Party Transaction [Line Items] | ' |
Construction management fee, percent fee | 8.00% |
Additional Paid-in Capital [Member] | Maximum [Member] | ' |
Related Party Transaction [Line Items] | ' |
Construction management fee, percent fee | 12.00% |
Related_Party_Arrangements_Oth
Related Party Arrangements Other Operating Expense Reimbursement (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' | ' |
Other operating expense reimbursement, percentage of average invested assets, threshold | ' | 2.00% |
Other operating expense reimbursement, percentage of net income, threshold | ' | 25.00% |
Operating expenses incurred by related party | $0 | $0 |
Related_Party_Arrangements_Dis
Related Party Arrangements Disposition Fee (Details) (Advisor [Member], USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Real estate sale, disposition fee, percentage of sales price | ' | ' | 1.50% | ' | ||||
Related party transaction, expenses from transactions with related party | $11,648,146 | $18,522,585 | $22,905,174 | $33,303,223 | ||||
Expensed [Member] | Disposition Fees [Member] | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Related party transaction, expenses from transactions with related party | $238,313 | [1] | $0 | [1] | $238,313 | [1] | $0 | [1] |
[1] | Included in gain on sale of real estate, net in the accompanying consolidated statements of operations for the three and six months ended JuneB 30, 2014 and 2013. |
Related_Party_Arrangements_Sel
Related Party Arrangements Selling Commissions and Dealer Manager Fees (Details) (Steadfast Capital Markets Group, LLC [Member], Maximum [Member], Additional Paid-in Capital [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
Sales Commissions and Fees [Member] | ' |
Related Party Transaction [Line Items] | ' |
Commissions on sales of common stock, percent | 6.50% |
Dealer management fees [Member] | ' |
Related Party Transaction [Line Items] | ' |
Dealer manager fee, percent | 3.50% |
Related_Party_Arrangements_Res
Related Party Arrangements Restricted Stock Agreement (Details) (USD $) | 6 Months Ended | 0 Months Ended | 0 Months Ended | ||
Jun. 30, 2014 | Jun. 11, 2014 | Jun. 11, 2014 | Jun. 11, 2014 | Jun. 11, 2014 | |
Advisor [Member] | Restricted Stock [Member] | Share-based Compensation, Tranche One [Member] | Share-based Compensation, Tranche Two [Member] | ||
Advisor [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||
Advisor [Member] | Advisor [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Shares issued in period | ' | 488,281.25 | ' | ' | ' |
Share price | ' | ' | $10.24 | ' | ' |
Issuance of common stock | ' | $5,000,000 | ' | ' | ' |
Award vesting rights | ' | ' | ' | 50.00% | 50.00% |
Basis of conversion, percentage of annual return on stockholders' invested capital | 7.00% | ' | ' | ' | ' |
Incentive_Award_Plan_and_Indep1
Incentive Award Plan and Independent Director Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Director [Member] | Director [Member] | Private Placement [Member] | Incentive Award Plan [Member] | Initial Election [Member] | Re-Election [Member] | |||||
Restricted Stock [Member] | Restricted Stock [Member] | Director [Member] | Incentive Award Plan [Member] | Director [Member] | ||||||||||
Restricted Stock [Member] | Director [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 | ' | ' | 5,000 | 2,500 |
Proceeds from issuance of common stock | ' | ' | $26,561,229 | $138,847,097 | ' | ' | ' | ' | ' | ' | $2,000,000 | ' | ' | ' |
Award vesting rights | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' |
Restricted common stock, award vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 0 months | ' | ' |
Share-based compensation | $22,176 | $16,670 | $44,352 | $37,796 | $22,176 | $16,670 | $44,352 | $37,796 | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
derivatives | derivatives | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' |
Unrealized loss on interest rate cap | ' | ' | ($3,315,514) | $373,855 | ' |
Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Derivative, number of instruments held | 24 | ' | 24 | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 534,641,000 | ' | 534,641,000 | ' | ' |
Interest rate derivative assets, at fair value | 2,738,793 | ' | 2,738,793 | ' | 5,462,561 |
Unrealized loss on interest rate cap | -2,125,640 | 438,472 | -3,315,514 | 373,855 | ' |
Ashley Oaks Property [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 21,712,000 | ' | 21,712,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 3,789 | ' | 3,789 | ' | 19,729 |
Interest rate cap, fixed rate | 5.00% | ' | 5.00% | ' | ' |
The Trails at Buda Ranch [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 17,030,000 | ' | 17,030,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 187,667 | ' | 187,667 | ' | 335,483 |
Interest rate cap, fixed rate | 2.00% | ' | 2.00% | ' | ' |
Deer Valley Luxury Apartments [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 20,875,000 | ' | 20,875,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 247,608 | ' | 247,608 | ' | 439,064 |
Interest rate cap, fixed rate | 2.00% | ' | 2.00% | ' | ' |
Grayson Ridge [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 10,725,000 | ' | 10,725,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 60,054 | ' | 60,054 | ' | 115,262 |
Interest rate cap, fixed rate | 2.00% | ' | 2.00% | ' | ' |
Rosemont at Olmos Park [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 15,100,000 | ' | 15,100,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 85,341 | ' | 85,341 | ' | 164,538 |
Interest rate cap, fixed rate | 2.00% | ' | 2.00% | ' | ' |
Meritage at Steiner Ranch [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 55,500,000 | ' | 55,500,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 357,822 | ' | 357,822 | ' | 715,411 |
Interest rate cap, fixed rate | 2.00% | ' | 2.00% | ' | ' |
Tapestry Park Apartments [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 23,100,000 | ' | 23,100,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 66,125 | ' | 66,125 | ' | 154,735 |
Interest rate cap, fixed rate | 3.56% | ' | 3.56% | ' | ' |
Stuart Hall [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 12,407,000 | ' | 12,407,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 18,677 | ' | 18,677 | ' | 62,083 |
Interest rate cap, fixed rate | 3.50% | ' | 3.50% | ' | ' |
BriceGrove Park [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 14,985,000 | ' | 14,985,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 39,420 | ' | 39,420 | ' | 110,612 |
Interest rate cap, fixed rate | 3.42% | ' | 3.42% | ' | ' |
Landing at Mansfield [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 22,750,000 | ' | 22,750,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 112,598 | ' | 112,598 | ' | 251,548 |
Interest rate cap, fixed rate | 2.50% | ' | 2.50% | ' | ' |
The Heights [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 29,014,000 | ' | 29,014,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 152,573 | ' | 152,573 | ' | 312,618 |
Interest rate cap, fixed rate | 2.50% | ' | 2.50% | ' | ' |
Villas at Huffmeister [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 25,963,000 | ' | 25,963,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 150,989 | ' | 150,989 | ' | 303,798 |
Interest rate cap, fixed rate | 2.50% | ' | 2.50% | ' | ' |
Villas of Kingwood [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 28,105,000 | ' | 28,105,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 163,446 | ' | 163,446 | ' | 328,862 |
Interest rate cap, fixed rate | 2.50% | ' | 2.50% | ' | ' |
Waterford Place at Riata Ranch [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 16,340,000 | ' | 16,340,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 95,026 | ' | 95,026 | ' | 191,198 |
Interest rate cap, fixed rate | 2.50% | ' | 2.50% | ' | ' |
Carrington Place [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 22,376,000 | ' | 22,376,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 137,986 | ' | 137,986 | ' | 302,878 |
Carrington at Champion Forest [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 22,959,000 | ' | 22,959,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 141,581 | ' | 141,581 | ' | 310,770 |
Carrington Park [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 17,717,000 | ' | 17,717,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 109,255 | ' | 109,255 | ' | 239,815 |
Willow Crossing [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 43,500,000 | ' | 43,500,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 147,321 | ' | 147,321 | ' | 448,006 |
Audubon Park [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 11,760,000 | ' | 11,760,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 44,460 | ' | 44,460 | ' | 184,362 |
Mallard Crossing [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 27,860,000 | ' | 27,860,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 117,773 | ' | 117,773 | ' | 350,479 |
Renaissance at Carol Stream [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 20,440,000 | ' | 20,440,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 83,814 | ' | 83,814 | ' | 0 |
Mapleshade Park [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 15,161,000 | ' | 15,161,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 15,470 | ' | 15,470 | ' | 0 |
Windsor on the River Property [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 23,500,000 | ' | 23,500,000 | ' | 23,500,000 |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | 96,073 | ' | 96,073 | ' | 121,310 |
Interest rate cap, fixed rate | ' | ' | ' | ' | 3.00% |
Oak Crossing [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of interest rate fair value hedge derivatives | 15,762,000 | ' | 15,762,000 | ' | ' |
Derivative, description of variable rate basis | ' | ' | 'One-Month LIBOR | ' | ' |
Interest rate cap, floating rate | 0.16% | ' | 0.16% | ' | ' |
Interest rate derivative assets, at fair value | $103,925 | ' | $103,925 | ' | $0 |
November 30, 2014 [Member] | Carrington Place [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.00% | ' | 2.00% | ' | ' |
November 30, 2014 [Member] | Carrington at Champion Forest [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.00% | ' | 2.00% | ' | ' |
November 30, 2014 [Member] | Carrington Park [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.00% | ' | 2.00% | ' | ' |
November 30, 2014 [Member] | Willow Crossing [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.00% | ' | 2.00% | ' | ' |
November 30, 2015 [Member] | Carrington Place [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.50% | ' | 2.50% | ' | ' |
November 30, 2015 [Member] | Carrington at Champion Forest [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.50% | ' | 2.50% | ' | ' |
November 30, 2015 [Member] | Carrington Park [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.50% | ' | 2.50% | ' | ' |
November 30, 2015 [Member] | Willow Crossing [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.50% | ' | 2.50% | ' | ' |
November 30, 2016 [Member] | Carrington Place [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 3.25% | ' | 3.25% | ' | ' |
November 30, 2016 [Member] | Carrington at Champion Forest [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 3.25% | ' | 3.25% | ' | ' |
November 30, 2016 [Member] | Carrington Park [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 3.25% | ' | 3.25% | ' | ' |
November 30, 2016 [Member] | Willow Crossing [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 3.25% | ' | 3.25% | ' | ' |
December 1, 2018 [Member] | Carrington Place [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 4.10% | ' | 4.10% | ' | ' |
December 1, 2018 [Member] | Carrington at Champion Forest [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 4.10% | ' | 4.10% | ' | ' |
December 1, 2018 [Member] | Carrington Park [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 4.10% | ' | 4.10% | ' | ' |
December 1, 2018 [Member] | Willow Crossing [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 4.65% | ' | 4.65% | ' | ' |
January 31, 2015 [Member] | Renaissance at Carol Stream [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.00% | ' | 2.00% | ' | ' |
January 31, 2016 [Member] | Renaissance at Carol Stream [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.50% | ' | 2.50% | ' | ' |
January 31, 2017 [Member] | Renaissance at Carol Stream [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 3.00% | ' | 3.00% | ' | ' |
February 1, 2018 [Member] | Renaissance at Carol Stream [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 3.64% | ' | 3.64% | ' | ' |
March 31, 2015 [Member] | Mapleshade Park [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.50% | ' | 2.50% | ' | ' |
March 31, 2016 [Member] | Mapleshade Park [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 3.00% | ' | 3.00% | ' | ' |
April 1, 2017 [Member] | Mapleshade Park [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 3.57% | ' | 3.57% | ' | ' |
May 31, 2015 [Member] | Windsor on the River Property [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.00% | ' | 2.00% | ' | ' |
May 31, 2015 [Member] | Oak Crossing [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.00% | ' | 2.00% | ' | ' |
May 31, 2016 [Member] | Windsor on the River Property [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.50% | ' | 2.50% | ' | ' |
May 31, 2016 [Member] | Oak Crossing [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.50% | ' | 2.50% | ' | ' |
May 31, 2017 [Member] | Windsor on the River Property [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 3.00% | ' | 3.00% | ' | ' |
May 31, 2017 [Member] | Oak Crossing [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 3.00% | ' | 3.00% | ' | ' |
June 1, 2018 [Member] | Windsor on the River Property [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 3.86% | ' | 3.86% | ' | ' |
June 3, 2018 [Member] | Oak Crossing [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 3.50% | ' | 3.50% | ' | ' |
December 31, 2014 [Member] | Audubon Park [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.00% | ' | 2.00% | ' | ' |
December 31, 2014 [Member] | Mallard Crossing [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.00% | ' | 2.00% | ' | ' |
December 31, 2015 [Member] | Audubon Park [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.75% | ' | 2.75% | ' | ' |
December 31, 2015 [Member] | Mallard Crossing [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 2.50% | ' | 2.50% | ' | ' |
December 31, 2016 [Member] | Audubon Park [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 3.50% | ' | 3.50% | ' | ' |
December 31, 2016 [Member] | Mallard Crossing [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 3.00% | ' | 3.00% | ' | ' |
January 1, 2018 [Member] | Mallard Crossing [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 3.40% | ' | 3.40% | ' | ' |
December 31, 2017 [Member] | Audubon Park [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 4.25% | ' | 4.25% | ' | ' |
January 1, 2019 [Member] | Audubon Park [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, fixed rate | 4.75% | ' | 4.75% | ' | ' |
Securities Industry And Financial Markets Association Swap Index [Member] | Windsor on the River Property [Member] | Interest Rate Cap [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap, floating rate | ' | ' | ' | ' | 0.06% |
Pro_Forma_Information_unaudite2
Pro Forma Information (unaudited) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
properties | properties | |||
Business Combinations [Abstract] | ' | ' | ' | ' |
Number of properties acquired | 2 | ' | 4 | ' |
Revenues contributed | ' | ' | $1,613,775 | ' |
Contributed net loss | ' | ' | 1,286,361 | ' |
Contributed depreciation and amortization | ' | ' | 1,164,478 | ' |
Revenues | 49,949,977 | 23,530,897 | 99,899,954 | 47,061,794 |
Net loss | ($3,442,639) | ($9,338,668) | ($13,957,573) | ($18,677,336) |
Basic and diluted net loss per common share | ($0.05) | ($0.12) | ($0.18) | ($0.25) |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 7 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jan. 03, 2014 | Jul. 31, 2014 | Jun. 30, 2014 | Aug. 08, 2014 | Aug. 01, 2014 | Jul. 02, 2014 | Jul. 02, 2014 | Jul. 02, 2014 | Jul. 09, 2014 | Jul. 09, 2014 | Aug. 06, 2014 | Aug. 06, 2014 | Jul. 09, 2014 | Jul. 18, 2014 | Jul. 17, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2014 | Jul. 18, 2014 | Jul. 18, 2014 | Jul. 18, 2014 | Jul. 18, 2014 | |
Subsequent Event [Member] | Distribution Reinvestment Plan [Member] | Distribution Reinvestment Plan [Member] | Dividend Paid [Member] | Dividend Paid [Member] | Arbor Pointe Property [Member] | Arbor Pointe Property [Member] | Cantare at Indian Lake Village [Member] | Cantare at Indian Lake Village [Member] | Prairie Walk Property [Member] | Prairie Walk Property [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Tranche A [Member] | Tranche A [Member] | Tranche B [Member] | Tranche B [Member] | |||||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Cantare at Indian Lake Village [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||||
units | P N C Bank National Association [Member] | P N C Bank National Association [Member] | units | Notes Payable to Banks [Member] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||
Subsequent Event [Member] | Subsequent Event [Member] | P N C Bank National Association [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $35,000,000 | $20,000,000 | ' | ' | ' | ' | ' | $20,000,000 | ' | $15,000,000 | ' |
Line of Credit Facility, Interest Rate Option One, Tranche A, Base Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | 2.00% | ' |
Number of Units in Real Estate Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130 | ' | ' | ' | 128 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Sale Of Real Estate Held-For-Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Redemption Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.70 | ' | ' | ' | ' |
Shares authorized pursuant to DRP | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.62% | ' | ' | ' | ' | ' | ' | ' | ' | 1.60% | ' | 3.00% |
Notes payable | 1,035,531,644 | ' | 1,035,531,644 | ' | 973,889,547 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,850,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions paid, common stock, including distribution reinvestment plan | 13,543,922 | 5,284,780 | 26,227,272 | 9,452,611 | ' | ' | ' | ' | ' | 4,633,745 | 4,460,118 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of ordinary dividends, common stock | 6,834,399 | 3,003,582 | 13,290,263 | 5,403,290 | ' | ' | ' | ' | ' | 2,357,643 | 2,262,092 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan | 6,709,523 | 2,281,198 | 12,937,009 | 4,049,321 | ' | ' | ' | ' | ' | 2,276,102 | 2,198,026 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of common stock, shares | 38,415 | ' | 87,928 | ' | ' | ' | 77,363 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,042 | ' | ' | ' | ' |
Total redemption value | ' | ' | ' | ' | 1,246,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 776,100 | ' | ' | ' | ' |
Stock issued during period, shares, dividend reinvestment plan | ' | ' | ' | ' | ' | ' | ' | 2,917,877 | 1,587,706 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 689,571 | 234,450 | 1,329,601 | 416,169 | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Dividend Reinvestment Plan | ' | ' | ' | ' | ' | ' | ' | ' | $15,448,376 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |