Steadfast Income REIT 10-Q 13 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	9 Months Ended
	Sep. 30, 2014	Nov. 10, 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-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	76,907,113

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
Real Estate:	'	'
Land	$172,669,319	$162,425,511
Building and improvements	1,434,757,054	1,316,608,491
Tenant origination and absorption costs	1,195,687	15,588,747
Other intangible assets	2,644,263	2,644,263
Total real estate held for investment, cost	1,611,266,323	1,497,267,012
Less accumulated depreciation and amortization	-82,986,080	-46,376,515
Total real estate held for investment, net	1,528,280,243	1,450,890,497
Real estate held for sale, net	0	20,072,662
Total real estate, net	1,528,280,243	1,470,963,159
Cash and cash equivalents	20,025,414	19,349,492
Restricted cash	28,790,337	24,978,312
Rents and other receivables	1,746,780	28,555,764
Assets related to real estate held for sale	0	467,717
Deferred financing costs and other assets, net	16,314,556	17,575,410
Total assets	1,595,157,330	1,561,889,854
Liabilities:	'	'
Accounts payable and accrued liabilities	36,061,767	30,372,692
Below-market leases, net	0	163,237
Mortgage notes payable, net	1,061,074,015	969,989,740
Revolving credit facility	0	0
Mortgage notes payable related to real estate held for sale	0	17,340,060
Total notes payable, net	1,061,074,015	987,329,800
Distributions payable	4,507,432	4,058,452
Due to affiliates, net	2,017,067	9,322,038
Liabilities related to real estate held for sale	0	580,100
Total liabilities	1,103,660,281	1,031,826,319
Commitments and contingencies	'	'
Redeemable common stock	28,967,385	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	647,057,257	640,181,521
Cumulative distributions and net losses	-185,292,682	-123,804,541
Total stockholders’ equity	462,529,664	517,118,528
Total liabilities and stockholders’ equity	1,595,157,330	1,561,889,854
Common stock $0.01 par value per share; 999,999,000 shares authorized, 76,507,922 and 74,153,580 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	'	'
Liabilities:	'	'
Distributions payable	4,507,432	4,058,452
Stockholders’ Equity:	'	'
Common stock	765,079	741,538
Convertible stock, $0.01 par value per share; 1,000 shares authorized, issued and outstanding as of September 30, 2014 and December 31, 2013, respectively	'	'
Stockholders’ Equity:	'	'
Common stock	$10	$10

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parentheticals) (USD $)	Sep. 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	76,507,922	74,153,580
Common stock and convertible common stock, shares, outstanding	76,507,922	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		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Rental income	$44,846,735	$25,695,593	$130,015,288	$62,475,020
Tenant reimbursements and other	5,370,882	3,066,250	15,106,092	7,248,032
Total revenues	50,217,617	28,761,843	145,121,380	69,723,052
Expenses:	'	'	'	'
Operating, maintenance and management	14,005,015	7,379,830	40,173,136	17,852,031
Real estate taxes and insurance	9,211,396	4,356,209	26,412,787	10,270,695
Fees to affiliates	5,603,741	9,722,514	18,233,188	18,459,436
Depreciation and amortization	15,975,228	11,796,884	53,637,688	30,292,960
Interest expense	9,095,277	7,015,217	30,292,922	15,869,427
Loss on debt extinguishment	1,047,932	0	1,939,817	0
General and administrative expenses	1,232,577	1,025,724	4,093,993	2,730,664
Acquisition costs	255,864	2,172,569	1,356,146	5,292,959
Total expenses	56,427,030	43,468,947	176,139,677	100,768,172
Loss from continuing operations	-6,209,413	-14,707,104	-31,018,297	-31,045,120
Gain on sales of real estate, net	2,871,840	0	9,944,134	0
Net loss	($3,337,573)	($14,707,104)	($21,074,163)	($31,045,120)
Loss per common share — basic and diluted (in dollars per share)	($0.05)	($0.34)	($0.28)	($0.93)
Weighted average number of common shares outstanding — basic and diluted	75,792,897	43,015,311	75,151,322	33,543,362
Distributions declared per common share (in dollars per share)	$0.18	$0.18	$0.54	$0.54

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	'	19,693,015	20,340	19,672,675	'	'
Issuance of common stock, shares	'	'	2,034,031	'	'	'
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	-16,256,258	-16,256,258	'	-16,256,258	'	'
Redemption of common stock	'	-1,632,018	-1,682	-1,630,336	'	'
Redemption of common stock, shares	-167,970	'	-167,970	'	'	'
Distributions declared	-110,811	-40,413,978	'	'	-40,413,978	'
Amortization of stock-based compensation	'	94,538	'	94,538	'	'
Net loss	-21,074,163	-21,074,163	'	'	-21,074,163	'
Ending Balance at Sep. 30, 2014	'	$462,529,664	$765,079	$647,057,257	($185,292,682)	$10
Ending Balance, shares at Sep. 30, 2014	'	'	76,507,922	'	'	1,000

Consolidated_Statement_of_Cash

Consolidated Statement of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash Flows from Operating Activities:	'	'
Net loss	($21,074,163)	($31,045,120)
Adjustments to reconcile net loss to net cash provided by operating activities:	'	'
Depreciation and amortization	53,637,688	30,292,960
Accretion of below-market leases	-163,237	-697,951
Amortization of deferred financing costs	1,115,818	691,138
Amortization of stock-based compensation	94,538	396,534
Amortization of loan premiums and discounts	-926,095	-676,705
Change in fair value of interest rate cap agreements	3,362,058	356,553
Loss on debt extinguishment	145,816	0
Gain on sales of real estate	-9,944,134	0
Changes in operating assets and liabilities:	'	'
Restricted cash for operating activities	549,660	-9,622,161
Rents and other receivables	254,153	-622,154
Other assets	-274,697	-1,822,515
Accounts payable and accrued liabilities	4,875,095	14,363,004
Due to affiliates, net	800,275	4,024,602
Net cash provided by operating activities	32,452,775	5,638,185
Cash Flows from Investing Activities:	'	'
Acquisition of real estate investments	-110,388,964	-443,322,401
Additions to real estate investments	-18,082,456	-5,326,153
Escrow deposits for pending real estate acquisitions	-3,120,400	-9,388,970
Restricted cash for investing activities	-3,893,968	-2,643,089
Purchase of interest rate caps	-826,284	-2,975,579
Proceeds from sales of real estate, net	29,761,182	0
Net cash used in investing activities	-106,550,890	-463,656,192
Cash Flows from Financing Activities:	'	'
Proceeds from issuance of mortgage notes payable	120,583,585	260,219,000
Principal payments on mortgage notes payable	-45,913,275	-4,207,599
Borrowings from credit facility	35,000,000	40,000,000
Principal payments on credit facility	-35,000,000	-45,000,000
Proceeds from issuance of common stock	26,561,229	263,347,918
Payments of commissions on sale of common stock and related dealer manager fees	0	-25,523,439
Reimbursement of other offering costs to affiliates	-3,105,246	-6,376,331
Payment of deferred financing costs	-1,436,113	-3,427,113
Distributions to common stockholders	-20,284,125	-9,287,770
Redemptions of common stock	-1,632,018	-869,253
Net cash provided by financing activities	74,774,037	468,875,413
Net increase in cash and cash equivalents	675,922	10,857,406
Cash and cash equivalents, beginning of period	19,349,492	9,528,664
Cash and cash equivalents, end of period	20,025,414	20,386,070
Supplemental Disclosures of Cash Flow Information:	'	'
Interest paid	26,532,866	14,252,681
Supplemental Disclosure of Noncash Transactions:	'	'
Increase in distributions payable	448,980	1,439,845
Assumption of mortgage notes payable to acquire real estate	0	98,229,713
Application of escrow deposits to acquire real estate	2,300,400	7,263,860
Premium on assumed mortgage notes payable	0	4,332,585
Increase in amounts receivable from transfer agent	0	-1,847,215
Increase in amounts payable to affiliates for other offering costs	0	1,200,152
Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan	19,680,873	7,190,607
Issuance of restricted common stock to settle liability	5,000,000	0
Increase in redeemable common stock, net	-16,256,258	-5,927,374
Increase in redeemable common stock payable	$233,880	$241,816

Organization_and_Business

Organization and Business	9 Months Ended
	Sep. 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 September 30, 2014, the Company owned 65 multifamily properties comprising a total of 16,395 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, provides 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	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Summary of Significant Accounting Policies
	During the nine months ended September 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 nine months ended September 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 nine months ended September 30, 2014, the Company disposed of three apartment communities. 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:
			September 30, 2014
			Fair Value Measurements Using
			Level 1		Level 2		Level 3
	Assets:
	Interest rate cap agreements		$	—	$	2,932,530	$	—
			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, 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 September 30, 2014 and December 31, 2013, the fair value of the mortgage notes payable was $1,062,124,994 and $965,681,419, respectively, compared to the carrying value of $1,061,074,015 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 September 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 nine months ended September 30, 2014, the Company declared distributions of $0.181 and $0.537 per common share, respectively. During the three and nine months ended September 30, 2013, the Company declared distributions of $0.181 and $0.537 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.
	In August 2014, the FASB issued new guidance that requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern. Until now, the requirement to perform a going concern evaluation existed only in auditing standards. The new guidance requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. The standard provides that substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The guidance is effective for annual periods ending after December 15, 2016 and for annual periods and interim periods thereafter. Early adoption is permitted. The Company is currently investigating the impact of this new guidance.

Real_Estate

Real Estate	9 Months Ended
	Sep. 30, 2014
Real Estate [Abstract]	'
Real Estate	'
	Real Estate
	As of September 30, 2014, the Company owned 65 multifamily properties, encompassing in the aggregate 16,395 apartment homes and 25,973 square feet of rentable commercial space. The total cost of the Company’s real estate portfolio was $1,607,007,557. As of September 30, 2014 and December 31, 2013, the Company’s portfolio was approximately 94.8% and 92.4% occupied and the average monthly rent was $962 and $897.
	Current Year Acquisitions
	During the nine months ended September 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
	Park Shore		St. Charles, IL		9/12/14	160		372,778				1,619,712				16,221,717				508,571				18,350,000
												$	10,243,058			$	99,953,220			$	2,257,879			$	112,454,157
	As of September 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:
			September 30, 2014
			Assets																							Liabilities
			Land			Building and Improvements				Tenant Origination and Absorption Costs				Other Intangible Assets				Total Real Estate Held for Investment				Real Estate Held for Sale				Below-Market Leases
	Investments in real estate		$	172,669,319		$	1,434,757,054			$	1,195,687			$	2,644,263			$	1,611,266,323			$	—			$	—
	Less: Accumulated depreciation and amortization		—			(82,255,994		)		(528,682		)		(201,404		)		(82,986,080		)		—				—
	Net investments in real estate and related lease intangibles		$	172,669,319		$	1,352,501,060			$	667,005			$	2,442,859			$	1,528,280,243			$	—			$	—
			December 31, 2013
			Assets																							Liabilities
			Land			Building and Improvements				Tenant Origination and Absorption Costs				Other Intangible Assets				Total Real Estate Held for Investment				Real Estate Held for Sale				Below-Market Leases
	Investments in real estate		$	162,425,511		$	1,316,608,491			$	15,588,747			$	2,644,263			$	1,497,267,012			$	22,616,466			$	(1,410,728	)
	Less: Accumulated depreciation and amortization		—			(39,156,143		)		(7,133,844		)		(86,528		)		(46,376,515		)		(2,543,804		)		1,247,491
	Net investments in real estate and related lease intangibles		$	162,425,511		$	1,277,452,348			$	8,454,903			$	2,557,735			$	1,450,890,497			$	20,072,662			$	(163,237	)
	Depreciation and amortization expenses were $15,975,228 and $53,637,688 for the three and nine months ended September 30, 2014, and $11,796,884 and $30,292,960 for the three and nine months ended September 30, 2013, respectively.
	Depreciation of the Company's buildings and improvements were $15,035,916 and $43,476,249 for the three and nine months ended September 30, 2014, and $8,435,657 and $20,303,301 for the three and nine months ended September 30, 2013, respectively.
	Amortization of the Company’s tenant origination and absorption costs was $901,020 and $10,046,563 for the three and nine months ended September 30, 2014, and $3,335,946 and $9,941,423 for the three and nine months ended September 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 $114,876 for the three and nine months ended September 30, 2014, and $25,281 and $48,236 for the three and nine months ended September 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 nine months ended September 30, 2014 was $0 and $163,237, respectively, and $271,633 and $697,951 for the three and nine months ended September 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 September 30, 2014 and thereafter is as follows:
	October 1 through December 31, 2014	$	38,292
	2015	153,168
	2016	153,168
	2017	153,168
	2018	153,168
	Thereafter	1,791,895
		$	2,442,859
	Operating Leases
	As of September 30, 2014, the Company’s real estate portfolio was comprised of 16,395 apartment homes and was 97.3% leased by a diverse group of residents. For each of the three and nine months ended September 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 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 3.42 to 7.09 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 $4,002,062 and $3,560,623 as of September 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 September 30, 2014 and thereafter is as follows:
	October 1 through December 31, 2014	$	86,661
	2015	347,036
	2016	350,051
	2017	354,433
	2018	202,540
	Thereafter	361,961
		$	1,702,682
	As of September 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.
	Current Year Property Dispositions
	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.
	Arbor Pointe Apartments
	On May 5, 2011, the Company, through an indirect wholly owned subsidiary, acquired Arbor Pointe Apartments, a multifamily property located in Louisville, Kentucky, containing 130 apartment homes. The purchase price of Arbor Pointe Apartments was $6,500,000, plus closing costs. On July 1, 2014, the Company sold Arbor Pointe Apartments for $8,325,000, resulting in a gain of $2,034,244, which includes reductions to the net book value of the property due to historical depreciation and amortization expense. The purchaser of the Arbor Pointe Apartments was not affiliated with the Company or the Advisor.
	Prairie Walk Apartments
	On December 22, 2011, the Company, through an indirect wholly owned subsidiary, acquired Prairie Walk Apartments, a multifamily property located in Kansas City, Missouri, containing 128 apartment homes. The purchase price of Prairie Walk Apartments was $6,100,000, plus closing costs. On August 6, 2014, the Company sold Prairie Walk Apartments for $6,700,000, resulting in a gain of $837,596, which includes reductions to the net book value of the property due to historical depreciation and amortization expense. The purchaser of the Prairie Walk Apartments was not affiliated with the Company or the Advisor.
	The results of operations for the three and nine months ended September 30, 2014 and 2013 for the disposed properties were included in continuing operations on the Company's consolidated statements of operations and are as follows:
			For the Three Months Ended September 30 , 2014											For the Nine Months Ended September 30 , 2014
			Lincoln Tower			Arbor Pointe				Prairie Walk				Lincoln Tower				Arbor Pointe				Prairie Walk
Total Revenues		$	3,637		$	—			$	120,097			$	1,203,334			$	593,946			$	651,674
Total Expenses		18,623			930,173				688,132				2,580,624				1,471,384				1,154,811
Expenses Included in Total Expenses:
Selling Expenses		—			109,967				120,935				447,616				109,967				120,935
Loss on Debt Extinguishment		—			676,888				371,044				891,885				676,888				371,044
Disposition Fee		—			124,875				100,500				238,313				124,875				100,500
		For the Three Months Ended September 30 , 2013											For the Nine Months Ended September 30 , 2013
		Lincoln Tower			Arbor Pointe				Prairie Walk				Lincoln Tower				Arbor Pointe				Prairie Walk
Total Revenues		$	554,930		$	308,571			$	269,520			$	1,687,291			$	906,089			$	784,278
Total Expenses		461,194			286,170				239,006				1,465,014				831,928				699,473
Expenses Included in Total Expenses:
Selling Expenses		—			—				—				—				—				—
Loss on Debt Extinguishment		—			—				—				—				—				—
Disposition Fee		—			—				—				—				—				—

Deferred_Financing_Costs_and_O

Deferred Financing Costs and Other Assets	9 Months Ended
	Sep. 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 September 30, 2014 and December 31, 2013, deferred financing costs and other assets, net of accumulated amortization, consisted of:
		September 30,			December 31,
		2014			2013
	Deferred financing costs	$	9,515,064		$	8,440,169
	Less: accumulated amortization	(2,136,302		)	(1,235,886		)
		7,378,762			7,204,283
	Prepaid expenses	3,315,421			3,142,924
	Interest rate cap agreements	2,932,530			5,462,561
	Escrow deposits for pending real estate acquisitions	1,320,000			500,000
	Deposits	1,367,843			1,265,642
		$	16,314,556		$	17,575,410

Debt

Debt	9 Months Ended
	Sep. 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 September 30, 2014 and December 31, 2013:
									Principal Outstanding at
			Property Name		Payment	Maturity		Interest	September 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%	4,914,445		4,938,136
	3		Arbor Pointe(2)		Principal and interest	June 1, 2018		4.86%	—		5,006,199
	4		Clarion Park		Principal and interest	July 1, 2018		4.58%	8,518,451		8,632,301
	5		Cooper Creek		Principal and interest(3)	September 1, 2018		3.89%	6,532,478		6,624,725
	6		Truman Farm Villas		Principal and interest(3)	January 1, 2019		3.78%	5,737,365		5,818,457
	7		Prairie Walk(2)		Principal and interest(3)	January 1, 2019		3.74%	—		3,899,807
	8		EBT Lofts		Principal and interest(3)	January 1, 2019		3.82%	5,423,339		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 St. Andrews		Principal and interest(3)	January 1, 2023		3.85%	8,978,151		9,084,000
	11		Spring Creek(6)		Principal and interest	February 1, 2018		4.88%	13,663,094		13,912,669
	12		Montclair Parc		Principal and interest	May 1, 2019		3.70%	23,948,984		24,305,671
	13		Sonoma Grande		Principal and interest(7)	June 1, 2019		3.31%	22,433,838		22,540,000
	14		Estancia(6)		Interest only	October 1, 2017(8)		5.94%	21,575,298		21,844,621
	15		Montelena(6)		Principal and interest(9)	August 1, 2018		4.82%	12,372,936		12,614,683
									Principal Outstanding at
			Property Name		Payment	Maturity		Interest	September 30,		December 31,
					Type	Date		Rate(1)	2014		2013
	16		Valley Farms		Principal and interest	January 1, 2020		4.25%	$	10,113,523	$	10,244,494
	17		Hilliard Park		Principal and interest(3)	October 1, 2022		3.62%	13,628,480		13,818,616
	18		Hilliard Summit		Principal and interest(3)	October 1, 2022		3.56%	16,516,240		16,749,262
	19		Springmarc		Principal and interest(3)	November 1, 2019		3.69%	15,237,577		15,446,452
	20		Ashley Oaks(5)		Principal and interest(3)	November 1, 2021		1-Mo LIBOR + 2.35%	21,392,096		21,680,010
	21		Arrowhead		Principal and interest(3)	December 1, 2019		3.38%	12,382,968		12,562,000
	22		The Moorings		Principal and interest(3)	December 1, 2019		3.37%	14,970,160		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%	6,127,890		6,200,000
	25		Riverford Crossing		Principal and interest(10)	January 1, 2023		3.78%	21,900,000		21,900,000
	26		South Pointe(11)		Principal and interest(10)	October 1, 2021		5.00%	225,585		—
	27		Montecito Property		Principal and interest(3)	January 1, 2020		3.47%	14,071,910		14,250,000
	28		Hilliard Grand		Principal and interest	August 1, 2052		5.59%	28,887,815		29,050,224
	29		The Hills at Fair Oaks		Principal and interest(10)	February 1, 2023		4.02%	24,767,000		24,767,000
	30		Library Lofts		Principal and Interest	April 1, 2020		3.66%	8,985,689		9,113,640
	31		Trails at Buda Ranch(5)		Principal and interest(3)	April 1, 2023		1-Mo LIBOR + 2.42%	16,899,605		17,030,000
	32		Deep Deuce at Bricktown(6)		Principal and interest	April 1, 2018		5.04%	24,079,972		24,603,299
	33		Deep Deuce at Bricktown — Supplemental Loan		Principal and interest	April 1, 2018		4.73%	2,748,097		2,779,688
	34		Deer Valley(5)		Principal and interest(3)	May 1, 2023		1-Mo LIBOR + 2.40%	20,744,070		20,875,000
	35		Grayson Ridge(5)		Principal and interest(3)	July 1, 2020		1-Mo LIBOR + 2.63%	10,688,432		10,725,000
	36		Rosemont Olmos Park(5)		Principal and interest(10)	July 1, 2020		1-Mo LIBOR + 2.65%	14,667,462		15,100,000
	37		Retreat at Quail North(6)		Principal and interest	January 1, 2053		4.80%	17,070,649		17,190,827
	38		The Lodge at Trails Edge(6)		Principal and interest	November 1, 2020		4.47%	10,801,029		10,965,388
	39		The Lodge at Trails Edge — Supplemental Loan		Principal and interest	November 1, 2020		5.75%	1,918,591		1,936,199
	40		Arbors of Carrollton(6)		Principal and interest	December 1, 2020		4.83%	5,316,651		5,395,471
	41		Arbors of Carrollton — Supplemental Loan		Principal and interest	December 1, 2020		4.83%	975,325		986,624
	42		Waterford on the		Principal and interest	December 1, 2020		4.70%	13,954,233		14,154,991
			Meadow(6)
	43		Waterford on the Meadow — Supplemental Loan		Principal and interest	December 1, 2020		4.78%	2,729,265		2,761,194
									Principal Outstanding at
			Property Name		Payment	Maturity		Interest	September 30,		December 31,
					Type	Date		Rate(1)	2014		2013
	44		The Belmont(6)		Principal and interest	March 1, 2021		5.91%	$	9,347,498	$	9,498,460
	45		Meritage at Steiner		Principal and interest(3)	September 1, 2020		1-Mo LIBOR + 2.47%	55,500,000		55,500,000
			Ranch(5)
	46		Tapestry Park(5)		Principal and interest(3)	October 1, 2020		1-Mo LIBOR + 2.44%	23,100,000		23,100,000
	47		Dawntree(6)		Principal and interest(12)	August 6, 2021		5.48%	15,913,169		16,022,763
	48		Stuart Hall(5)		Principal and interest(3)	September 1, 2020		1-Mo LIBOR + 2.75%	12,392,761		12,407,000
	49		BriceGrove Park(5)		Principal and interest(3)	October 1, 2020		1-Mo LIBOR + 2.58%	14,985,000		14,985,000
50		Cantare at Indian Lake Village(5)		Interest only	August 1, 2024		1-Mo LIBOR + 1.62%	18,850,000		—
51		Landing at Mansfield(5)		Principal and interest(3)	October 1, 2020		1-Mo LIBOR + 2.69%	22,750,000		22,750,000
52		The Heights(5)		Principal and interest(3)	October 1, 2020		1-Mo LIBOR + 2.60%	29,014,000		29,014,000
53		Villas at Huffmeister(5)		Principal and interest(3)	November 1, 2020		1-Mo LIBOR + 2.68%	25,963,000		25,963,000
54		Villas at Kingwood(5)		Principal and interest(3)	November 1, 2020		1-Mo LIBOR + 2.68%	28,105,000		28,105,000
55		Waterford Place at Riata Ranch(5)		Principal and interest(3)	November 1, 2020		1-Mo LIBOR + 2.64%	16,340,000		16,340,000
56		Carrington Place(5)		Principal and interest(10)	December 1, 2023		1-Mo LIBOR + 2.16%	22,376,000		22,376,000
57		Carrington at Champion Forest(5)		Principal and interest(10)	December 1, 2023		1-Mo LIBOR + 2.16%	22,959,000		22,959,000
58		Carrington Park(5)		Principal and interest(10)	December 1, 2023		1-Mo LIBOR + 2.16%	17,717,000		17,717,000
59		Willow Crossing(5)		Principal and interest(10)	December 1, 2023		1-Mo LIBOR + 2.20%	43,500,000		43,500,000
60		Heritage Grand at Sienna Plantation(6)		Principal and interest	January 1, 2053		4.65%	16,734,894		16,845,443
61		Audubon Park(5)		Principal and interest(10)	January 1, 2024		1-Mo LIBOR + 2.41%	11,760,000		11,760,000
62		Mallard Crossing(5)		Principal and interest(3)	January 1, 2021		1-Mo LIBOR + 2.57%	27,860,000		27,860,000
63		Renaissance at Carol Stream(5)		Principal and interest(3)	February 1, 2021		1-Mo LIBOR + 2.36%	20,440,000		—
64		Mapleshade Park(5)		Principal and interest(13)	April 1, 2021		1-Mo LIBOR + 2.15%	15,161,000		—
								Principal Outstanding at
		Property Name		Payment	Maturity		Interest	September 30,		December 31,
				Type	Date		Rate(1)	2014		2013
65		Richland Falls		Principal and interest(10)	May 16, 2017(8)		Variable(14)	$	13,800,000	$	—
66		Oak Crossing(5)		Interest only	July 1, 2024		1-Mo LIBOR + 1.63%	15,762,000		—
67		Park Shore(5)		Interest only	October 1, 2021		1-Mo LIBOR + 1.87%	12,845,000		—
								$	1,061,074,015	$	987,329,800
_____________________________
-1	Except as otherwise noted, interest on the notes accrues at a fixed rate per annum. At September 30, 2014, the weighted-average interest rate of the Company's fixed rate debt and variable rate debt was 4.30% and 2.52%, respectively. The weighted-average interest rate of the Company's blended fixed and variable rates was 3.33% at September 30, 2014.
-2	The Lincoln Tower Apartments, Arbor Pointe Apartments, and Prairie Walk Apartments were sold on June 27, 2014, July 1, 2014 and August 6, 2014, respectively, and the mortgage notes payable were repaid in full on the same day with proceeds from the sale. Upon the early extinguishment of the Lincoln Tower, Arbor Pointe, and Prairie Walk mortgage notes payable, a loss on debt extinguishment of $891,885, $676,888, and $371,044, respectively, was recorded on the consolidated statements of operations, including an expense of the net deferred financing costs of $95,658, $27,063, and $23,095, respectively.
-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 September 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 September 30, 2014			Amortization of Debt Premium (Discount) During the
					Three Months Ended September 30,					Nine Months Ended September 30,
					2014			2013		2014			2013
Spring Creek		$	339,006		$	25,357		$	25,357	$	76,070		$	76,071
Estancia		1,075,298			89,774			89,774		269,323			269,322
Montelena		561,652			36,592			36,592		109,776			109,776
Deep Deuce at Bricktown		1,099,787			78,798			78,799		236,395			160,986
Retreat at Quail North		460,943			3,009			1,817		9,026			3,376
The Lodge at Trails Edge		97,130			3,968			3,968		11,904			4,718
Arbors of Carrollton		153,786			6,235			6,235		18,704			6,235
Waterford on the Meadow		311,095			12,612			12,612		37,836			12,612
The Belmont		603,089			23,556			17,224		70,669			17,224
Dawntree		745,524			31,746			16,385		95,239			16,385
Heritage Grand at Sienna Plantation		(451,814		)	(2,949		)	—		(8,847		)	—
		$	4,995,496		$	308,698		$	288,763	$	926,095		$	676,705
-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 for 12 months from the original maturity date, 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	On September 11, 2014, the Company obtained a loan from Farmers & Merchants Bank of Long Beach in an amount up to a maximum principal balance of $9,720,000 to finance a portion of the development and construction of an additional 96 apartment units at the Southpointe Property, which was acquired by the Company on December 28, 2012.
-12	A monthly payment of interest only was due and payable through August 6, 2014, after which, a monthly payment of principal and interest is due and payable until the maturity date.
-13	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.
-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 Option 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 September 30, 2014, the Company had elected the LIBOR Option using one-month LIBOR.
Revolving Credit Facility
The Company entered into a 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. 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. The amended and restated credit facility consists of a Tranche A and a Tranche B, and provides certain security threfor. 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 had 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 was selected by the Company, the Company could select either the one-month LIBOR, three-month LIBOR or six-month LIBOR. For each advance under the amended and restated credit facility, 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 (i) with respect to Tranche A, 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%.
As of September 30, 2014, $0 was outstanding under the credit facility.
The following is a summary of the Company's aggregate maturities as of September 30, 2014:
					Remainder of			Maturities During the Years Ending December 31,
Contractual Obligation		Total			2014			2015		2016			2017		2018		Thereafter
Principal payments on outstanding debt obligations(1)		$	1,056,078,519		$	3,469,617		$	14,606,257	$	17,122,487		$	51,989,163	$	83,457,292	$	885,433,703
_____________________________
-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 September 30, 2014 and December 31, 2013, the Company was in compliance with all financial debt covenants.
For the three and nine months ended September 30, 2014, the Company incurred interest expense of $9,095,277 and $30,292,922. Interest expense for the three and nine months ended September 30, 2014 includes amortization of deferred financing costs of $356,430 and $1,115,818, amortization of loan premiums of $308,698 and $926,095, and net unrealized losses from the change in fair value of interest rate cap agreements of $46,544 and $3,362,058, respectively.
For the three and nine months ended September 30, 2013, the Company incurred interest expense of $7,015,217 and $15,869,427. Interest expense for the three and nine months ended September 30, 2013 includes amortization of deferred financing costs of $295,391 and $691,138, amortization of loan premiums of $288,763 and $676,705, and net unrealized losses from the change in fair value of interest rate cap agreements of $730,408 and $356,553, respectively.
Interest expense of $2,748,240 and $2,539,966 was payable as of September 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	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Stockholders' Equity	'
	Stockholders’ Equity
	General
	Under the Company’s Third 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 September 30, 2014, the Company had issued 76,269,612 shares of common stock in a private offering and its subsequent Public Offering for offering proceeds of $675,079,343, net of offering costs of $95,845,468, including 3,610,976 shares of common stock pursuant to the ongoing DRP for total proceeds of $35,077,970. 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 September 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 both the nine months ended September 30, 2014 and 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.
	Included in general and administrative expenses is $50,186 and $94,538 for the three and nine months ended September 30, 2014 and $45,238 and $83,034 for the three and nine months ended September 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 1.50 years as of September 30, 2014.
	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.
	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 pay certain deferred fees due to the Advisor in the aggregate amount of $5,000,000 that were to be paid upon certain Company performance metrics. 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 September 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 (see Note 13).
	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.
	-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 nine months ended September 30, 2014, the Company redeemed a total of 80,042 and 167,970 shares with a total redemption value of $776,102 and $1,632,018 and received requests for the redemption of 48,927 and 186,533 shares with a total redemption value of $484,154 and $1,830,449, respectively. During the three and nine months ended September 30, 2013, the Company redeemed a total of 30,251 and 90,843 shares with a total redemption value of $286,561 and $869,253 and received requests for the redemption of 56,342 and 122,527 shares with a total redemption value of $519,959 and $1,167,466, respectively.
	As of September 30, 2014, the Company had 69,455 shares of outstanding and unfulfilled redemption requests and recorded $682,516 in accounts payable and accrued liabilities on the accompanying consolidated balance sheet related to these unfulfilled redemption requests. The Company redeemed 63,583 of the outstanding redemption requests as of September 30, 2014 totaling $621,748 on the October 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. See Note 13 for current information about the DRP.
	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 (see Note 13).
	Pursuant to the share repurchase plan, for the three and nine months ended September 30, 2014, the Company reclassified $5,966,982 and $16,256,258, net of $776,102 and $1,632,018 of fulfilled redemption requests, and for the three and nine months ended September 30, 2013, the Company reclassified $2,854,875 and $6,174,002, net of $286,561 and $869,253 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 to the Advisor, subject to certain vesting requirements, as disclosed above, to settle the previously deferred fees due to the Advisor. As of September 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.
	Distributions declared for the three and nine months ended September 30, 2014 were $13,785,040 and $40,413,978, including $6,763,224 and $19,934,690, or 695,090 and 2,048,786 shares of common stock, respectively, attributable to the DRP.
	Distributions declared for the three and nine months ended September 30, 2013 were $7,736,858 and $17,918,222, including $3,517,153 and $7,913,859, or 361,475 and 813,346 shares of common stock, respectively, attributable to the DRP.
	As of September 30, 2014 and December 31, 2013, $4,507,432 and $4,058,452 in distributions declared were payable, which included $2,217,388 and $1,963,570 of distributions reinvested pursuant to the DRP, respectively.
	Distributions Paid
	For the three and nine months ended September 30, 2014, the Company paid cash distributions of $6,993,862 and $20,284,125, which related to distributions declared for each day in the period from June 1, 2014 through August 31, 2014 and December 1, 2013 through August 31, 2014, respectively. Additionally, for the three and nine months ended September 30, 2014, 693,100 and 2,022,701 shares of common stock were issued pursuant to the DRP for gross offering proceeds of $6,743,864 and $19,680,873, respectively. For the three and nine months ended September 30, 2014, the Company paid total distributions of $13,737,726 and $39,964,998.
	For the three and nine months ended September 30, 2013, the Company paid cash distributions of $3,884,480 and $9,287,770, which related to distributions declared for each day in the period from June 1, 2013 through August 31, 2013 and December 1, 2012 through August 31, 2013, respectively. Additionally, for the three and nine months ended September 30, 2013, 322,845 and 739,014 shares of common stock were issued pursuant to the DRP for gross offering proceeds of $3,141,286 and $7,190,607, respectively. For the three and nine months ended September 30, 2013, the Company paid total distributions of $7,025,766 and $16,478,377.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 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 nine months ended September 30, 2014 and 2013:
		Three Months Ended September 30,						Nine Months Ended September 30,
		2014			2013			2014			2013
	Net loss attributable to the Company	$	(3,337,573	)	$	(14,707,104	)	$	(21,074,163	)	$	(31,045,120	)
	Less: dividends declared on participating securities	91,681			—			110,811			—
	Net loss attributable to common stockholders	(3,429,254		)	(14,707,104		)	(21,184,974		)	(31,045,120		)
	Weighted average common shares outstanding - basic and diluted	75,792,897			43,015,311			75,151,322			33,543,362
	Loss per common share - basic and diluted	$	(0.05	)	$	(0.34	)	$	(0.28	)	$	(0.93	)
	As of September 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2014 and 2013 and amounts outstanding to the Advisor and its affiliates as of September 30, 2014 and December 31, 2013 are as follows:
		Incurred For the				Incurred For the
		Three Months Ended September 30,				Nine Months Ended September 30,				Payable as of
		2014		2013		2014		2013		September 30, 2014		December 31, 2013
	Consolidated Statements of Operations:
	Expensed
	Investment management fees(1)(6)	$	3,353,069	$	1,938,575	$	9,844,858	$	4,693,441	$	14,487	$	4,530,042
	Acquisition fees(1)(7)	372,778		6,685,425		2,869,680		11,109,354		589,000		648,422
	Acquisition expenses(2)	115,172		961,309		526,321		3,137,320		—		—
	Property management
	Fees(1)	1,484,356		856,214		4,301,762		2,076,074		500,443		416,581
	Reimbursement of onsite personnel(3)	4,687,564		2,422,532		13,261,284		5,711,505		836,121		568,851
	Other fees(1)	393,538		242,300		1,216,888		580,567		54,307		45,220
	Other operating expenses(4)	204,653		272,592		687,456		719,349		16,358		7,676
	Disposition fees(5)	225,375		—		463,688		—		—		—
	Consolidated Balance Sheets:
	Capitalized to real estate
	Construction management fees	486,405		111,758		1,056,147		111,758		6,351		—
	Additional paid-in-capital
	Other offering costs reimbursement	—		2,354,814		—		7,576,484		—		3,105,246
	Selling commissions	—		7,698,530		—		16,276,716		—		—
	Dealer management fees	—		4,392,019		—		9,246,723		—		—
		$	11,322,910	$	27,936,068	$	34,228,084	$	61,239,291	$	2,017,067	$	9,322,038
	_____________________________
	-1	Included in fees to affiliates in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013.
	-2	Included in acquisition costs in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013.
	-3	Included in operating, maintenance and management expenses in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013.
	-4	Included in general and administrative expenses in the accompanying consolidated statements of operations for the three and nine months ended September 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 nine months ended September 30, 2014 and 2013.
	-6	Investment management fees earned by the Advisor totaling $0 and $4,351,578 were deferred as of September 30, 2014 and December 31, 2013, respectively, pursuant to the terms of the Advisory Agreement. The remaining investment management fees of $14,487 and $178,464 were due and payable and are included in due to affiliates in the accompanying consolidated balance sheets at September 30, 2014 and December 31, 2013, respectively.
	-7	Acquisition fees earned by the Advisor totaling $0 and $648,422 were deferred as of September 30, 2014 and December 31, 2013, respectively, pursuant to the terms of the Advisory Agreement. The remaining acquisition fees of $589,000 and $0 were due and payable and are included in due to affiliates in the accompanying consolidated balance sheets at September 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 September 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 nine months ended September 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 nine months ended September 30, 2014, no amounts were reimbursed to the Advisor as the Public Offering terminated on December 20, 2013. For the three and nine months ended September 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 September 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 September 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 3.75% 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).
	At September 30, 2014, 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 sales of the Lincoln Tower Apartments, Arbor Pointe Apartments and Prairie Walk Apartments (see Note 3), the Company recorded a disposition fee of $225,375 and $463,688 during the three and nine months ended September 30, 2014 and is included in gain on sales 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 are 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 nine months ended September 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	9 Months Ended
	Sep. 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 September 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 $50,186 and $94,538 for the three and nine months ended September 30, 2014 and $45,238 and $83,034 for the three and nine months ended September 30, 2013, respectively.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	Economic Dependency
	The Company is dependent on the Advisor and its affiliates for certain services that are essential to the Company, including the 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, Chicago, Illinois 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	9 Months Ended
	Sep. 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 September 30, 2014, the Company had 26 interest rate cap agreements with notional amounts totaling $566,336,000. The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at September 30, 2014:
					Effective Date	Maturity Date	Notional Amount			Variable Rate		Cap Rate		Fair Value as of
	Property		Type	Purpose					Based on					Sep 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	%	$	2,956	$	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	%	205,544		335,483
	Deer Valley		Cap	Cap Floating Rate	4/30/13	5/1/18	20,875,000		One-Month LIBOR	0.16	%	2	%	269,956		439,064
	Grayson Ridge		Cap	Cap Floating Rate	6/26/13	7/1/17	10,725,000		One-Month LIBOR	0.16	%	2	%	64,431		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	%	88,634		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	%	412,395		715,411
	Tapestry Park		Cap	Cap Floating Rate	9/23/13	10/1/17	23,100,000		One-Month LIBOR	0.16	%	3.56	%	50,498		154,735
	Stuart Hall		Cap	Cap Floating Rate	8/27/13	9/1/17	12,407,000		One-Month LIBOR	0.16	%	3.5	%	19,314		62,083
	BriceGrove Park		Cap	Cap Floating Rate	9/24/13	10/1/17	14,985,000		One-Month LIBOR	0.16	%	3.42	%	41,053		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	%	125,793		251,548
	The Heights		Cap	Cap Floating Rate	9/30/13	10/1/17	29,014,000		One-Month LIBOR	0.16	%	2.5	%	155,763		312,618
					Effective Date	Maturity Date	Notional Amount			Variable Rate		Cap Rate		Fair Value as of
	Property		Type	Purpose					Based on					Sep 30, 2014		Dec 31, 2013
	Villas at Huffmeister		Cap	Cap Floating Rate	10/10/13	11/1/17	$	25,963,000	One-Month LIBOR	0.16	%	2.5	%	$	154,294	$	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	%	167,024		328,862
	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	%	97,101		191,198
	Carrington Place		Cap	Cap Floating Rate	11/7/13	11/30/14	22,376,000		One-Month LIBOR	0.16	%	2	%	128,184		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	%	131,523		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	%	101,494		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	%	132,203		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	%	40,279		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	%	109,681		350,479
						12/31/15						2.5	%
						12/31/16						3	%
						1/1/18						3.4	%
					Effective Date	Maturity Date	Notional Amount			Variable Rate		Cap Rate		Fair Value as of
	Property		Type	Purpose					Based on					Sep 30, 2014		Dec 31, 2013
	Renaissance at Carol Stream		Cap	Cap Floating Rate	1/9/14	1/31/15	$	20,440,000	One-Month LIBOR	0.16	%	2	%	$	74,947	$	—
						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	%	12,929		—
						3/31/16						3	%
						4/1/17						3.57	%
	Windsor on the River(1)		Cap	Cap Floating Rate	5/9/14	5/31/15	23,500,000		One-Month LIBOR	0.16	%	2	%	96,655		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	%	96,785		—
						5/31/16						2.5	%
						5/31/17						3	%
						6/3/18						3.5	%
	Cantare at Indian Lake Village		Cap	Cap Floating Rate	7/9/14	7/31/15	18,850,000		One-Month LIBOR	0.16	%	2	%	112,727		—
7/31/16						2.5						%
7/31/17						3						%
8/1/18						3.5						%
Park Shore		Cap	Cap Floating Rate	9/12/14	9/30/15	12,845,000		One-Month LIBOR	0.16	%	2	%	40,367		—
					9/30/16						2.5	%
					10/1/17						3	%
						$	566,336,000						$	2,932,530	$	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 nine months ended September 30, 2014 resulted in an unrealized loss of $46,544 and $3,362,058, respectively, which is included in interest expense in the accompanying consolidated statements of operations. The fair value of the interest rate caps of $2,932,530 as of September 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2014 and 2013. The Company acquired one property during the three months ended September 30, 2014 and six properties during the nine months ended September 30, 2014. These properties contributed $4,086,140 of revenues and $2,346,090 of net loss, including $2,852,735 of depreciation and amortization, to the Company's results of operations from the date of acquisition to September 30, 2014. The following unaudited pro forma information for the three and nine months ended September 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 September 30,						Nine Months Ended September 30,
		2014			2013			2014			2013
	Revenues	$	50,638,601		$	29,292,400		$	151,915,804		$	87,877,200
	Net loss	$	(3,482,180	)	$	(15,041,097	)	$	(19,062,061	)	$	(45,123,920	)
	Basic and diluted net loss per common share	$	(0.05	)	$	(0.20	)	$	(0.25	)	$	(0.59	)
	The pro forma information reflects adjustments for actual revenues and expenses of the properties acquired during the three and nine months ended September 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	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	Distributions Paid
	On October 1, 2014, the Company paid distributions of $4,507,432, which related to distributions declared for each day in the period from September 1, 2014 through September 30, 2014 and consisted of cash distributions paid in the amount of $2,290,044 and $2,217,388 in shares issued pursuant to the DRP.
	On November 3, 2014, the Company paid distributions of $4,672,489, which related to distributions declared for each day in the period from October 1, 2014 through October 31, 2014 and consisted of cash distributions paid in the amount of $2,385,891 and $2,286,598 in shares issued pursuant to the DRP.
	Redemption
	On October 31, 2014, the Company redeemed 63,583 shares of its common stock for a total redemption value of $621,748, or $9.78 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 November 10, 2014, the Company had sold 2,054,073 shares of its common stock pursuant to the DRP for gross offering proceeds of $19,986,127.
	Engagement of Financial Advisors to Evaluate Strategic Alternatives
	On October 21, 2014, the Company announced that it retained Goldman, Sachs & Co. as its financial advisor to assist in evaluating potential strategic alternatives for a liquidity event for the Company. There is no set timetable for completion of the board of directors’ review of strategic alternatives and there can be no assurances that the review process will result in any transaction being announced or completed.
	Suspension of Distribution Reinvestment Plan
	On October 21, 2014, in connection with the Company’s exploration of strategic alternatives, the Company’s board of directors elected to suspend its distribution reinvestment plan. As a result, all distributions paid following the November distribution payment date will be paid in cash and not reinvested in shares of the Company’s common stock. The Company’s board of directors may in the future reinstate the distribution reinvestment plan, although there is no assurance as to if or when this will happen.
	Suspension of Share Repurchase Plan
	On October 21, 2014, the Company’s board of directors elected to suspend the Company’s share repurchase plan, effective November 20, 2014. As a result, the Company will not process redemption requests received after such date. The Company’s board of directors may in the future reinstate the share repurchase plan, although there is no assurance as to if or when this will happen.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Basis of Accounting, Policy	'
	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 nine months ended September 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	'
	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	'
	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	'
	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:
			September 30, 2014
			Fair Value Measurements Using
			Level 1		Level 2		Level 3
	Assets:
	Interest rate cap agreements		$	—	$	2,932,530	$	—
			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, 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 September 30, 2014 and December 31, 2013, the fair value of the mortgage notes payable was $1,062,124,994 and $965,681,419, respectively, compared to the carrying value of $1,061,074,015 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	'
	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 September 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	'
	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	'
	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.
Consolidation, Policy	'
	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.
Recently Issued Accounting Standards Updates Policy	'
	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.
	In August 2014, the FASB issued new guidance that requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern. Until now, the requirement to perform a going concern evaluation existed only in auditing standards. The new guidance requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. The standard provides that substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The guidance is effective for annual periods ending after December 15, 2016 and for annual periods and interim periods thereafter. Early adoption is permitted. The Company is currently investigating the impact of this new guidance.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Fair Value, Assets Measured on Recurring Basis	'
	The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets:
		September 30, 2014
		Fair Value Measurements Using
		Level 1		Level 2		Level 3
	Assets:
	Interest rate cap agreements	$	—	$	2,932,530	$	—
		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)	9 Months Ended
	Sep. 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
	Park Shore		St. Charles, IL		9/12/14	160		372,778				1,619,712				16,221,717				508,571				18,350,000
												$	10,243,058			$	99,953,220			$	2,257,879			$	112,454,157
Real Estate and Related Intangibles and Accumulated Depreciation and Amortization [Table Text Block]	'
	As of September 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:
			September 30, 2014
			Assets																							Liabilities
			Land			Building and Improvements				Tenant Origination and Absorption Costs				Other Intangible Assets				Total Real Estate Held for Investment				Real Estate Held for Sale				Below-Market Leases
	Investments in real estate		$	172,669,319		$	1,434,757,054			$	1,195,687			$	2,644,263			$	1,611,266,323			$	—			$	—
	Less: Accumulated depreciation and amortization		—			(82,255,994		)		(528,682		)		(201,404		)		(82,986,080		)		—				—
	Net investments in real estate and related lease intangibles		$	172,669,319		$	1,352,501,060			$	667,005			$	2,442,859			$	1,528,280,243			$	—			$	—
			December 31, 2013
			Assets																							Liabilities
			Land			Building and Improvements				Tenant Origination and Absorption Costs				Other Intangible Assets				Total Real Estate Held for Investment				Real Estate Held for Sale				Below-Market Leases
	Investments in real estate		$	162,425,511		$	1,316,608,491			$	15,588,747			$	2,644,263			$	1,497,267,012			$	22,616,466			$	(1,410,728	)
	Less: Accumulated depreciation and amortization		—			(39,156,143		)		(7,133,844		)		(86,528		)		(46,376,515		)		(2,543,804		)		1,247,491
	Net investments in real estate and related lease intangibles		$	162,425,511		$	1,277,452,348			$	8,454,903			$	2,557,735			$	1,450,890,497			$	20,072,662			$	(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 September 30, 2014 and thereafter is as follows:
	October 1 through December 31, 2014	$	38,292
	2015	153,168
	2016	153,168
	2017	153,168
	2018	153,168
	Thereafter	1,791,895
		$	2,442,859
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 September 30, 2014 and thereafter is as follows:
	October 1 through December 31, 2014	$	86,661
	2015	347,036
	2016	350,051
	2017	354,433
	2018	202,540
	Thereafter	361,961
		$	1,702,682
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	'
	The results of operations for the three and nine months ended September 30, 2014 and 2013 for the disposed properties were included in continuing operations on the Company's consolidated statements of operations and are as follows:
			For the Three Months Ended September 30 , 2014											For the Nine Months Ended September 30 , 2014
			Lincoln Tower			Arbor Pointe				Prairie Walk				Lincoln Tower				Arbor Pointe				Prairie Walk
	Total Revenues		$	3,637		$	—			$	120,097			$	1,203,334			$	593,946			$	651,674
	Total Expenses		18,623			930,173				688,132				2,580,624				1,471,384				1,154,811
	Expenses Included in Total Expenses:
	Selling Expenses		—			109,967				120,935				447,616				109,967				120,935
	Loss on Debt Extinguishment		—			676,888				371,044				891,885				676,888				371,044
	Disposition Fee		—			124,875				100,500				238,313				124,875				100,500
			For the Three Months Ended September 30 , 2013											For the Nine Months Ended September 30 , 2013
			Lincoln Tower			Arbor Pointe				Prairie Walk				Lincoln Tower				Arbor Pointe				Prairie Walk
	Total Revenues		$	554,930		$	308,571			$	269,520			$	1,687,291			$	906,089			$	784,278
	Total Expenses		461,194			286,170				239,006				1,465,014				831,928				699,473
	Expenses Included in Total Expenses:
	Selling Expenses		—			—				—				—				—				—
	Loss on Debt Extinguishment		—			—				—				—				—				—
	Disposition Fee		—			—				—				—				—				—

Deferred_Financing_Costs_and_O1

Deferred Financing Costs and Other Assets (Tables)	9 Months Ended
	Sep. 30, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'
Schedule of Other Assets	'
	As of September 30, 2014 and December 31, 2013, deferred financing costs and other assets, net of accumulated amortization, consisted of:
		September 30,			December 31,
		2014			2013
	Deferred financing costs	$	9,515,064		$	8,440,169
	Less: accumulated amortization	(2,136,302		)	(1,235,886		)
		7,378,762			7,204,283
	Prepaid expenses	3,315,421			3,142,924
	Interest rate cap agreements	2,932,530			5,462,561
	Escrow deposits for pending real estate acquisitions	1,320,000			500,000
	Deposits	1,367,843			1,265,642
		$	16,314,556		$	17,575,410

Debt_Tables

Debt (Tables)	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of Long-term Debt Instruments	'
	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 September 30, 2014 and December 31, 2013:
									Principal Outstanding at
			Property Name		Payment	Maturity		Interest	September 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%	4,914,445		4,938,136
	3		Arbor Pointe(2)		Principal and interest	June 1, 2018		4.86%	—		5,006,199
	4		Clarion Park		Principal and interest	July 1, 2018		4.58%	8,518,451		8,632,301
	5		Cooper Creek		Principal and interest(3)	September 1, 2018		3.89%	6,532,478		6,624,725
	6		Truman Farm Villas		Principal and interest(3)	January 1, 2019		3.78%	5,737,365		5,818,457
	7		Prairie Walk(2)		Principal and interest(3)	January 1, 2019		3.74%	—		3,899,807
	8		EBT Lofts		Principal and interest(3)	January 1, 2019		3.82%	5,423,339		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 St. Andrews		Principal and interest(3)	January 1, 2023		3.85%	8,978,151		9,084,000
	11		Spring Creek(6)		Principal and interest	February 1, 2018		4.88%	13,663,094		13,912,669
	12		Montclair Parc		Principal and interest	May 1, 2019		3.70%	23,948,984		24,305,671
	13		Sonoma Grande		Principal and interest(7)	June 1, 2019		3.31%	22,433,838		22,540,000
	14		Estancia(6)		Interest only	October 1, 2017(8)		5.94%	21,575,298		21,844,621
	15		Montelena(6)		Principal and interest(9)	August 1, 2018		4.82%	12,372,936		12,614,683
									Principal Outstanding at
			Property Name		Payment	Maturity		Interest	September 30,		December 31,
					Type	Date		Rate(1)	2014		2013
	16		Valley Farms		Principal and interest	January 1, 2020		4.25%	$	10,113,523	$	10,244,494
	17		Hilliard Park		Principal and interest(3)	October 1, 2022		3.62%	13,628,480		13,818,616
	18		Hilliard Summit		Principal and interest(3)	October 1, 2022		3.56%	16,516,240		16,749,262
	19		Springmarc		Principal and interest(3)	November 1, 2019		3.69%	15,237,577		15,446,452
	20		Ashley Oaks(5)		Principal and interest(3)	November 1, 2021		1-Mo LIBOR + 2.35%	21,392,096		21,680,010
	21		Arrowhead		Principal and interest(3)	December 1, 2019		3.38%	12,382,968		12,562,000
	22		The Moorings		Principal and interest(3)	December 1, 2019		3.37%	14,970,160		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%	6,127,890		6,200,000
	25		Riverford Crossing		Principal and interest(10)	January 1, 2023		3.78%	21,900,000		21,900,000
	26		South Pointe(11)		Principal and interest(10)	October 1, 2021		5.00%	225,585		—
	27		Montecito Property		Principal and interest(3)	January 1, 2020		3.47%	14,071,910		14,250,000
	28		Hilliard Grand		Principal and interest	August 1, 2052		5.59%	28,887,815		29,050,224
	29		The Hills at Fair Oaks		Principal and interest(10)	February 1, 2023		4.02%	24,767,000		24,767,000
	30		Library Lofts		Principal and Interest	April 1, 2020		3.66%	8,985,689		9,113,640
	31		Trails at Buda Ranch(5)		Principal and interest(3)	April 1, 2023		1-Mo LIBOR + 2.42%	16,899,605		17,030,000
	32		Deep Deuce at Bricktown(6)		Principal and interest	April 1, 2018		5.04%	24,079,972		24,603,299
	33		Deep Deuce at Bricktown — Supplemental Loan		Principal and interest	April 1, 2018		4.73%	2,748,097		2,779,688
	34		Deer Valley(5)		Principal and interest(3)	May 1, 2023		1-Mo LIBOR + 2.40%	20,744,070		20,875,000
	35		Grayson Ridge(5)		Principal and interest(3)	July 1, 2020		1-Mo LIBOR + 2.63%	10,688,432		10,725,000
	36		Rosemont Olmos Park(5)		Principal and interest(10)	July 1, 2020		1-Mo LIBOR + 2.65%	14,667,462		15,100,000
	37		Retreat at Quail North(6)		Principal and interest	January 1, 2053		4.80%	17,070,649		17,190,827
	38		The Lodge at Trails Edge(6)		Principal and interest	November 1, 2020		4.47%	10,801,029		10,965,388
	39		The Lodge at Trails Edge — Supplemental Loan		Principal and interest	November 1, 2020		5.75%	1,918,591		1,936,199
	40		Arbors of Carrollton(6)		Principal and interest	December 1, 2020		4.83%	5,316,651		5,395,471
	41		Arbors of Carrollton — Supplemental Loan		Principal and interest	December 1, 2020		4.83%	975,325		986,624
	42		Waterford on the		Principal and interest	December 1, 2020		4.70%	13,954,233		14,154,991
			Meadow(6)
	43		Waterford on the Meadow — Supplemental Loan		Principal and interest	December 1, 2020		4.78%	2,729,265		2,761,194
									Principal Outstanding at
			Property Name		Payment	Maturity		Interest	September 30,		December 31,
					Type	Date		Rate(1)	2014		2013
	44		The Belmont(6)		Principal and interest	March 1, 2021		5.91%	$	9,347,498	$	9,498,460
	45		Meritage at Steiner		Principal and interest(3)	September 1, 2020		1-Mo LIBOR + 2.47%	55,500,000		55,500,000
			Ranch(5)
	46		Tapestry Park(5)		Principal and interest(3)	October 1, 2020		1-Mo LIBOR + 2.44%	23,100,000		23,100,000
	47		Dawntree(6)		Principal and interest(12)	August 6, 2021		5.48%	15,913,169		16,022,763
	48		Stuart Hall(5)		Principal and interest(3)	September 1, 2020		1-Mo LIBOR + 2.75%	12,392,761		12,407,000
	49		BriceGrove Park(5)		Principal and interest(3)	October 1, 2020		1-Mo LIBOR + 2.58%	14,985,000		14,985,000
	50		Cantare at Indian Lake Village(5)		Interest only	August 1, 2024		1-Mo LIBOR + 1.62%	18,850,000		—
	51		Landing at Mansfield(5)		Principal and interest(3)	October 1, 2020		1-Mo LIBOR + 2.69%	22,750,000		22,750,000
52		The Heights(5)		Principal and interest(3)	October 1, 2020		1-Mo LIBOR + 2.60%	29,014,000		29,014,000
53		Villas at Huffmeister(5)		Principal and interest(3)	November 1, 2020		1-Mo LIBOR + 2.68%	25,963,000		25,963,000
54		Villas at Kingwood(5)		Principal and interest(3)	November 1, 2020		1-Mo LIBOR + 2.68%	28,105,000		28,105,000
55		Waterford Place at Riata Ranch(5)		Principal and interest(3)	November 1, 2020		1-Mo LIBOR + 2.64%	16,340,000		16,340,000
56		Carrington Place(5)		Principal and interest(10)	December 1, 2023		1-Mo LIBOR + 2.16%	22,376,000		22,376,000
57		Carrington at Champion Forest(5)		Principal and interest(10)	December 1, 2023		1-Mo LIBOR + 2.16%	22,959,000		22,959,000
58		Carrington Park(5)		Principal and interest(10)	December 1, 2023		1-Mo LIBOR + 2.16%	17,717,000		17,717,000
59		Willow Crossing(5)		Principal and interest(10)	December 1, 2023		1-Mo LIBOR + 2.20%	43,500,000		43,500,000
60		Heritage Grand at Sienna Plantation(6)		Principal and interest	January 1, 2053		4.65%	16,734,894		16,845,443
61		Audubon Park(5)		Principal and interest(10)	January 1, 2024		1-Mo LIBOR + 2.41%	11,760,000		11,760,000
62		Mallard Crossing(5)		Principal and interest(3)	January 1, 2021		1-Mo LIBOR + 2.57%	27,860,000		27,860,000
63		Renaissance at Carol Stream(5)		Principal and interest(3)	February 1, 2021		1-Mo LIBOR + 2.36%	20,440,000		—
64		Mapleshade Park(5)		Principal and interest(13)	April 1, 2021		1-Mo LIBOR + 2.15%	15,161,000		—
								Principal Outstanding at
		Property Name		Payment	Maturity		Interest	September 30,		December 31,
				Type	Date		Rate(1)	2014		2013
65		Richland Falls		Principal and interest(10)	May 16, 2017(8)		Variable(14)	$	13,800,000	$	—
66		Oak Crossing(5)		Interest only	July 1, 2024		1-Mo LIBOR + 1.63%	15,762,000		—
67		Park Shore(5)		Interest only	October 1, 2021		1-Mo LIBOR + 1.87%	12,845,000		—
								$	1,061,074,015	$	987,329,800
_____________________________
-1	Except as otherwise noted, interest on the notes accrues at a fixed rate per annum. At September 30, 2014, the weighted-average interest rate of the Company's fixed rate debt and variable rate debt was 4.30% and 2.52%, respectively. The weighted-average interest rate of the Company's blended fixed and variable rates was 3.33% at September 30, 2014.
-2	The Lincoln Tower Apartments, Arbor Pointe Apartments, and Prairie Walk Apartments were sold on June 27, 2014, July 1, 2014 and August 6, 2014, respectively, and the mortgage notes payable were repaid in full on the same day with proceeds from the sale. Upon the early extinguishment of the Lincoln Tower, Arbor Pointe, and Prairie Walk mortgage notes payable, a loss on debt extinguishment of $891,885, $676,888, and $371,044, respectively, was recorded on the consolidated statements of operations, including an expense of the net deferred financing costs of $95,658, $27,063, and $23,095, respectively.
-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 September 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 September 30, 2014			Amortization of Debt Premium (Discount) During the
					Three Months Ended September 30,					Nine Months Ended September 30,
					2014			2013		2014			2013
Spring Creek		$	339,006		$	25,357		$	25,357	$	76,070		$	76,071
Estancia		1,075,298			89,774			89,774		269,323			269,322
Montelena		561,652			36,592			36,592		109,776			109,776
Deep Deuce at Bricktown		1,099,787			78,798			78,799		236,395			160,986
Retreat at Quail North		460,943			3,009			1,817		9,026			3,376
The Lodge at Trails Edge		97,130			3,968			3,968		11,904			4,718
Arbors of Carrollton		153,786			6,235			6,235		18,704			6,235
Waterford on the Meadow		311,095			12,612			12,612		37,836			12,612
The Belmont		603,089			23,556			17,224		70,669			17,224
Dawntree		745,524			31,746			16,385		95,239			16,385
Heritage Grand at Sienna Plantation		(451,814		)	(2,949		)	—		(8,847		)	—
		$	4,995,496		$	308,698		$	288,763	$	926,095		$	676,705
-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 for 12 months from the original maturity date, 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	On September 11, 2014, the Company obtained a loan from Farmers & Merchants Bank of Long Beach in an amount up to a maximum principal balance of $9,720,000 to finance a portion of the development and construction of an additional 96 apartment units at the Southpointe Property, which was acquired by the Company on December 28, 2012.
-12	A monthly payment of interest only was due and payable through August 6, 2014, after which, a monthly payment of principal and interest is due and payable until the maturity date.
-13	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.
-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 Option 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 September 30, 2014, the Company had elected the LIBOR Option using one-month LIBOR.
Schedule of Debt Premium (Discount)	'
	Property Name		Unamortized Portion of Debt Premium (Discount) as of September 30, 2014			Amortization of Debt Premium (Discount) During the
						Three Months Ended September 30,					Nine Months Ended September 30,
						2014			2013		2014			2013
	Spring Creek		$	339,006		$	25,357		$	25,357	$	76,070		$	76,071
	Estancia		1,075,298			89,774			89,774		269,323			269,322
	Montelena		561,652			36,592			36,592		109,776			109,776
	Deep Deuce at Bricktown		1,099,787			78,798			78,799		236,395			160,986
	Retreat at Quail North		460,943			3,009			1,817		9,026			3,376
	The Lodge at Trails Edge		97,130			3,968			3,968		11,904			4,718
	Arbors of Carrollton		153,786			6,235			6,235		18,704			6,235
	Waterford on the Meadow		311,095			12,612			12,612		37,836			12,612
	The Belmont		603,089			23,556			17,224		70,669			17,224
	Dawntree		745,524			31,746			16,385		95,239			16,385
	Heritage Grand at Sienna Plantation		(451,814		)	(2,949		)	—		(8,847		)	—
			$	4,995,496		$	308,698		$	288,763	$	926,095		$	676,705
Schedule of Maturities of Long-term Debt	'
	The following is a summary of the Company's aggregate maturities as of September 30, 2014:
						Remainder of			Maturities During the Years Ending December 31,
	Contractual Obligation		Total			2014			2015		2016			2017		2018		Thereafter
	Principal payments on outstanding debt obligations(1)		$	1,056,078,519		$	3,469,617		$	14,606,257	$	17,122,487		$	51,989,163	$	83,457,292	$	885,433,703
	_____________________________
	-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)	9 Months Ended
	Sep. 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.
	-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)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted	'
	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 nine months ended September 30, 2014 and 2013:
		Three Months Ended September 30,						Nine Months Ended September 30,
		2014			2013			2014			2013
	Net loss attributable to the Company	$	(3,337,573	)	$	(14,707,104	)	$	(21,074,163	)	$	(31,045,120	)
	Less: dividends declared on participating securities	91,681			—			110,811			—
	Net loss attributable to common stockholders	(3,429,254		)	(14,707,104		)	(21,184,974		)	(31,045,120		)
	Weighted average common shares outstanding - basic and diluted	75,792,897			43,015,311			75,151,322			33,543,362
	Loss per common share - basic and diluted	$	(0.05	)	$	(0.34	)	$	(0.28	)	$	(0.93	)

Related_Party_Arrangements_Tab

Related Party Arrangements (Tables)	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Schedule of Related Party Transactions	'
	Amounts attributable to the Advisor and its affiliates incurred for the three and nine months ended September 30, 2014 and 2013 and amounts outstanding to the Advisor and its affiliates as of September 30, 2014 and December 31, 2013 are as follows:
		Incurred For the				Incurred For the
		Three Months Ended September 30,				Nine Months Ended September 30,				Payable as of
		2014		2013		2014		2013		September 30, 2014		December 31, 2013
	Consolidated Statements of Operations:
	Expensed
	Investment management fees(1)(6)	$	3,353,069	$	1,938,575	$	9,844,858	$	4,693,441	$	14,487	$	4,530,042
	Acquisition fees(1)(7)	372,778		6,685,425		2,869,680		11,109,354		589,000		648,422
	Acquisition expenses(2)	115,172		961,309		526,321		3,137,320		—		—
	Property management
	Fees(1)	1,484,356		856,214		4,301,762		2,076,074		500,443		416,581
	Reimbursement of onsite personnel(3)	4,687,564		2,422,532		13,261,284		5,711,505		836,121		568,851
	Other fees(1)	393,538		242,300		1,216,888		580,567		54,307		45,220
	Other operating expenses(4)	204,653		272,592		687,456		719,349		16,358		7,676
	Disposition fees(5)	225,375		—		463,688		—		—		—
	Consolidated Balance Sheets:
	Capitalized to real estate
	Construction management fees	486,405		111,758		1,056,147		111,758		6,351		—
	Additional paid-in-capital
	Other offering costs reimbursement	—		2,354,814		—		7,576,484		—		3,105,246
	Selling commissions	—		7,698,530		—		16,276,716		—		—
	Dealer management fees	—		4,392,019		—		9,246,723		—		—
		$	11,322,910	$	27,936,068	$	34,228,084	$	61,239,291	$	2,017,067	$	9,322,038
	_____________________________
	-1	Included in fees to affiliates in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013.
	-2	Included in acquisition costs in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013.
	-3	Included in operating, maintenance and management expenses in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013.
	-4	Included in general and administrative expenses in the accompanying consolidated statements of operations for the three and nine months ended September 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 nine months ended September 30, 2014 and 2013.
	-6	Investment management fees earned by the Advisor totaling $0 and $4,351,578 were deferred as of September 30, 2014 and December 31, 2013, respectively, pursuant to the terms of the Advisory Agreement. The remaining investment management fees of $14,487 and $178,464 were due and payable and are included in due to affiliates in the accompanying consolidated balance sheets at September 30, 2014 and December 31, 2013, respectively.
	-7	Acquisition fees earned by the Advisor totaling $0 and $648,422 were deferred as of September 30, 2014 and December 31, 2013, respectively, pursuant to the terms of the Advisory Agreement. The remaining acquisition fees of $589,000 and $0 were due and payable and are included in due to affiliates in the accompanying consolidated balance sheets at September 30, 2014 and December 31, 2013, respectively.

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Schedule of Interest Rate Derivatives	'
	The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at September 30, 2014:
					Effective Date	Maturity Date	Notional Amount			Variable Rate		Cap Rate		Fair Value as of
	Property		Type	Purpose					Based on					Sep 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	%	$	2,956	$	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	%	205,544		335,483
	Deer Valley		Cap	Cap Floating Rate	4/30/13	5/1/18	20,875,000		One-Month LIBOR	0.16	%	2	%	269,956		439,064
	Grayson Ridge		Cap	Cap Floating Rate	6/26/13	7/1/17	10,725,000		One-Month LIBOR	0.16	%	2	%	64,431		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	%	88,634		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	%	412,395		715,411
	Tapestry Park		Cap	Cap Floating Rate	9/23/13	10/1/17	23,100,000		One-Month LIBOR	0.16	%	3.56	%	50,498		154,735
	Stuart Hall		Cap	Cap Floating Rate	8/27/13	9/1/17	12,407,000		One-Month LIBOR	0.16	%	3.5	%	19,314		62,083
	BriceGrove Park		Cap	Cap Floating Rate	9/24/13	10/1/17	14,985,000		One-Month LIBOR	0.16	%	3.42	%	41,053		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	%	125,793		251,548
	The Heights		Cap	Cap Floating Rate	9/30/13	10/1/17	29,014,000		One-Month LIBOR	0.16	%	2.5	%	155,763		312,618
					Effective Date	Maturity Date	Notional Amount			Variable Rate		Cap Rate		Fair Value as of
	Property		Type	Purpose					Based on					Sep 30, 2014		Dec 31, 2013
	Villas at Huffmeister		Cap	Cap Floating Rate	10/10/13	11/1/17	$	25,963,000	One-Month LIBOR	0.16	%	2.5	%	$	154,294	$	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	%	167,024		328,862
	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	%	97,101		191,198
	Carrington Place		Cap	Cap Floating Rate	11/7/13	11/30/14	22,376,000		One-Month LIBOR	0.16	%	2	%	128,184		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	%	131,523		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	%	101,494		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	%	132,203		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	%	40,279		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	%	109,681		350,479
						12/31/15						2.5	%
						12/31/16						3	%
						1/1/18						3.4	%
					Effective Date	Maturity Date	Notional Amount			Variable Rate		Cap Rate		Fair Value as of
	Property		Type	Purpose					Based on					Sep 30, 2014		Dec 31, 2013
	Renaissance at Carol Stream		Cap	Cap Floating Rate	1/9/14	1/31/15	$	20,440,000	One-Month LIBOR	0.16	%	2	%	$	74,947	$	—
						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	%	12,929		—
						3/31/16						3	%
						4/1/17						3.57	%
	Windsor on the River(1)		Cap	Cap Floating Rate	5/9/14	5/31/15	23,500,000		One-Month LIBOR	0.16	%	2	%	96,655		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	%	96,785		—
						5/31/16						2.5	%
						5/31/17						3	%
						6/3/18						3.5	%
	Cantare at Indian Lake Village		Cap	Cap Floating Rate	7/9/14	7/31/15	18,850,000		One-Month LIBOR	0.16	%	2	%	112,727		—
						7/31/16						2.5	%
7/31/17						3						%
8/1/18						3.5						%
Park Shore		Cap	Cap Floating Rate	9/12/14	9/30/15	12,845,000		One-Month LIBOR	0.16	%	2	%	40,367		—
					9/30/16						2.5	%
					10/1/17						3	%
						$	566,336,000						$	2,932,530	$	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)	9 Months Ended
	Sep. 30, 2014
Business Combinations [Abstract]	'
Business Acquisition, Pro Forma Information	'
	This pro forma information does not purport to represent what the actual results of operations of the Company would have been had these acquisitions occurred on this date, nor does it purport to predict the results of operations for future periods.
		Three Months Ended September 30,						Nine Months Ended September 30,
		2014			2013			2014			2013
	Revenues	$	50,638,601		$	29,292,400		$	151,915,804		$	87,877,200
	Net loss	$	(3,482,180	)	$	(15,041,097	)	$	(19,062,061	)	$	(45,123,920	)
	Basic and diluted net loss per common share	$	(0.05	)	$	(0.20	)	$	(0.25	)	$	(0.59	)

Organization_and_Business_Deta

Organization and Business (Details) (USD $)	0 Months Ended	9 Months Ended		0 Months Ended	12 Months Ended			9 Months Ended
	Jul. 10, 2009	Sep. 30, 2014	Sep. 30, 2013	Jun. 12, 2009	Dec. 31, 2009	Sep. 30, 2014	Dec. 31, 2013	Sep. 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	$263,347,918	$200,007	$200,007	'	'	$1,000	'	'
Noncontrolling interest, increase from equity issuance or sale of parent equity interest	$1,000	'	'	'	'	'	'	'	'	'
Common stock, shares, issued	'	'	'	'	'	76,507,922	74,153,580	1,000	1,000	1,000

Organization_and_Business_Real

Organization and Business - Real Estate Owned (Details)	Sep. 30, 2014
	apartment
	property
Residential Real Estate [Member]	'
Real Estate Properties [Line Items]	'
Number of multifamily real estate properties owned	65
Number of units in real estate property	16,395
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 $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'	'
Proceeds from issuance of common stock	$26,561,229	$263,347,918

Organization_and_Business_Publ

Organization and Business - Public Offering (Details) (USD $)	0 Months Ended	9 Months Ended			41 Months Ended				41 Months Ended
	Sep. 10, 2012	Sep. 30, 2014	Sep. 30, 2013	Jul. 12, 2012	Dec. 20, 2013	Sep. 10, 2012	Jul. 12, 2012	Jul. 19, 2010	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	$263,347,918	'	$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 $)	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Notes payable	$1,061,074,015	$969,989,740
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	2,932,530	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	1,061,074,015	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	$1,062,124,994	$965,681,419

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Distribution Policy (Details) (USD $)	3 Months Ended		9 Months Ended		22 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014
Accounting Policies [Abstract]	'	'	'	'	'
Common share, distribution rate per share per day, declared	'	'	'	'	$0.00
Distributions declared per common share (in dollars per share)	$0.18	$0.18	$0.54	$0.54	'

Summary_of_Significant_Account5

Summary of Significant Accounting Policies - Segment Disclosure (Details)	9 Months Ended
	Sep. 30, 2014
	Segment
Accounting Policies [Abstract]	'
Number of reportable segments	1

Summary_of_Significant_Account6

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Reclassifications (Details)	9 Months Ended
	Sep. 30, 2014
	apartment_community
Accounting Policies [Abstract]	'
Number of apartment communities disposed	3

Real_Estate_Owned_Portfolio_De

Real Estate - Owned Portfolio (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]	'	'
Contract purchase price	$1,607,007,557	'
Average percentage of real estate portfolio occupied	94.80%	92.40%
Average monthly collected rent	$962	$897
Residential Real Estate [Member]	'	'
Real Estate Properties [Line Items]	'	'
Number of multifamily real estate properties owned	65	'
Number of units in real estate property	16,395	'
Average percentage of real estate portfolio occupied	97.30%	'
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 $)	9 Months Ended
	Sep. 30, 2014
	unit
Business Acquisition [Line Items]	'
Business acquisition, purchase price allocation, land	$10,243,058
Business acquisition, purchase price allocation, building and improvements	99,953,220
Business acquisition, purchase price allocation, tenant origination and absorption costs intangibles	2,257,879
Total purchase price	112,454,157
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
Park Shore [Member]	'
Business Acquisition [Line Items]	'
Number of units in real estate property	160
Business combination, acquisition related costs	372,778
Business acquisition, purchase price allocation, land	1,619,712
Business acquisition, purchase price allocation, building and improvements	16,221,717
Business acquisition, purchase price allocation, tenant origination and absorption costs intangibles	508,571
Total purchase price	$18,350,000

Real_Estate_Real_Estate_Intang

Real Estate - Real Estate, Intangibles, Accumulated Depreciation and Amortization (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]	'	'	'	'	'
Real estate investment property, at cost	$1,611,266,323	'	$1,611,266,323	'	$1,497,267,012
Real estate investment property, accumulated depreciation	-82,986,080	'	-82,986,080	'	-46,376,515
Total real estate held for investment, net	1,528,280,243	'	1,528,280,243	'	1,450,890,497
Depreciation and amortization	15,975,228	11,796,884	53,637,688	30,292,960	'
Land [Member]	'	'	'	'	'
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]	'	'	'	'	'
Real estate investment property, at cost	172,669,319	'	172,669,319	'	162,425,511
Real estate investment property, accumulated depreciation	0	'	0	'	0
Total real estate held for investment, net	172,669,319	'	172,669,319	'	162,425,511
Building and Improvements [Member]	'	'	'	'	'
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]	'	'	'	'	'
Real estate investment property, at cost	1,434,757,054	'	1,434,757,054	'	1,316,608,491
Real estate investment property, accumulated depreciation	-82,255,994	'	-82,255,994	'	-39,156,143
Total real estate held for investment, net	1,352,501,060	'	1,352,501,060	'	1,277,452,348
Depreciation	15,035,916	8,435,657	43,476,249	20,303,301	'
Tenant Origination and Absorption Costs [Member]	'	'	'	'	'
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]	'	'	'	'	'
Real estate investment property, at cost	1,195,687	'	1,195,687	'	15,588,747
Real estate investment property, accumulated depreciation	-528,682	'	-528,682	'	-7,133,844
Total real estate held for investment, net	667,005	'	667,005	'	8,454,903
Amortization	901,020	3,335,946	10,046,563	9,941,423	'
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	-201,404	'	-201,404	'	-86,528
Total real estate held for investment, net	2,442,859	'	2,442,859	'	2,557,735
Amortization	38,292	25,281	114,876	48,236	'
Weighted average amortization period	'	'	'18 years 2 months 1 day	'	'
Future amortization of acquired other intangible assets	'	'	'	'	'
July 1 through December 31, 2014	38,292	'	38,292	'	'
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	2,442,859	'	2,442,859	'	'
Real Estate Held for Sale [Member]	'	'	'	'	'
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]	'	'	'	'	'
Real estate investment property, at cost	0	'	0	'	22,616,466
Real estate investment property, accumulated depreciation	0	'	0	'	-2,543,804
Total real estate held for investment, net	0	'	0	'	20,072,662
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	$271,633	$163,237	$697,951	'

Real_Estate_Operating_Leases_D

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

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 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]

apartment

apartment

Residential Real Estate [Member]

Commercial Real Estate [Member]

Commercial Real Estate [Member]

Real Estate Properties [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accretion expense

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

$271,633

$163,237

$697,951

Number of units in real estate property

'

'

16,395

'

16,395

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Average percentage of real estate portfolio occupied

94.80%

92.40%

'

'

97.30%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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 1 month 2 days

'3 years 5 months 1 day

'

'

'

'

'

'

Security deposit liability

'

'

'

'

'

'

'

'

'

'

'

'

'

4,002,062

3,560,623

'

'

'

'

Operating Leases, Future Minimum Payments Receivable [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

October 1 through December 31, 2014

86,661

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015

347,036

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

350,051

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

354,433

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2018

202,540

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Thereafter

361,961

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Operating leases, future minimum payments receivable

$1,702,682

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real_Estate_Property_Dispositi

Real Estate - Property Dispositions (Details) (USD $)

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

Aug. 08, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Jun. 27, 2014

Aug. 11, 2010

Aug. 11, 2010

Jul. 01, 2014

11-May-11

Aug. 08, 2014

Dec. 22, 2011

Dec. 22, 2011

Jul. 01, 2014

5-May-11

Lincoln Tower Apartments-Springfield [Member]

Lincoln Tower Apartments-Springfield [Member]

Lincoln Tower Apartments-Springfield [Member]

Arbor Pointe Property [Member]

Arbor Pointe Property [Member]

Prairie Walk Property [Member]

Prairie Walk Property [Member]

Prairie Walk Property [Member]

Arbor Pointe Property [Member]

Arbor Pointe Property [Member]

unit

unit

unit

sqft

Real Estate Properties [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of units in real estate property

'

'

'

'

'

'

'

190

'

'

'

'

128

'

130

Net rentable area

'

'

'

'

'

'

'

8,995

'

'

'

'

'

'

'

Contract purchase price

'

'

'

$1,607,007,557

'

'

$9,500,000

'

'

$6,500,000

'

$6,100,000

'

'

'

Sale price

'

'

'

'

'

15,887,500

'

'

'

'

'

'

'

'

'

Gain on sales of real estate, net

'

2,871,840

0

9,944,134

0

7,072,294

'

'

2,034,244

'

837,596

'

'

'

'

Proceeds From Sale Of Real Estate Held-For-Sale

$6,700,000

'

'

'

'

'

'

'

'

'

'

'

'

$8,325,000

'

Real_Estate_Property_Dispositi1

Real Estate - Property Dispositions Revenue and Expenses (Details) (USD $)	3 Months Ended		9 Months Ended		0 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Aug. 06, 2014	Jul. 01, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
					Prairie Walk Property [Member]	Arbor Pointe Property [Member]	Lincoln Tower Apartments-Springfield [Member]	Lincoln Tower Apartments-Springfield [Member]	Lincoln Tower Apartments-Springfield [Member]	Lincoln Tower Apartments-Springfield [Member]	Arbor Pointe Property [Member]	Arbor Pointe Property [Member]	Arbor Pointe Property [Member]	Arbor Pointe Property [Member]	Prairie Walk Property [Member]	Prairie Walk Property [Member]	Prairie Walk Property [Member]	Prairie Walk Property [Member]
Property Subject to or Available for Operating Lease [Line Items]	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Revenues	'	'	'	'	'	'	$3,637	$554,930	$1,203,334	$1,687,291	$0	$308,571	$593,946	$906,089	$120,097	$269,520	$651,674	$784,278
Expenses	'	'	'	'	'	'	18,623	461,194	2,580,624	1,465,014	930,173	286,170	1,471,384	831,928	688,132	239,006	1,154,811	699,473
Selling Expense	'	'	'	'	'	'	0	0	447,616	0	109,967	0	109,967	0	120,935	0	120,935	0
Loss on debt extinguishment	1,047,932	0	1,939,817	0	371,044	676,888	0	0	891,885	0	676,888	0	676,888	0	371,044	0	371,044	0
Disposition fees	'	'	'	'	'	'	$0	$0	$238,313	$0	$124,875	$0	$124,875	$0	$100,500	$0	$100,500	$0

Deferred_Financing_Costs_and_O2

Deferred Financing Costs and Other Assets (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'	'
Deferred financing costs	$9,515,064	$8,440,169
Less: accumulated amortization	-2,136,302	-1,235,886
Deferred financing costs, net	7,378,762	7,204,283
Prepaid expenses	3,315,421	3,142,924
Interest rate cap agreements	2,932,530	5,462,561
Escrow deposits for pending real estate acquisitions	1,320,000	500,000
Deposits	1,367,843	1,265,642
Deferred financing costs and other assets, net	$16,314,556	$17,575,410

Debt_Details

Debt (Details) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

9-May-14

Jun. 27, 2014

Sep. 30, 2014

Jul. 01, 2014

Aug. 06, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

9-May-14

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 11, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Jul. 18, 2014

Jul. 18, 2014

Jul. 17, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 18, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 18, 2014

Sep. 30, 2014

Sep. 30, 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]

Iowa Finance Authority Variable Rate Demand Bond [Member]

Lincoln Tower Apartments [Member]

Lincoln Tower Apartments [Member]

Arbor Pointe Property [Member]

Prairie Walk Property [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes Payable to Banks [Member]

Notes 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]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Windsor on the River Property [Member]

Windsor on the River Property [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]

South Pointe Property [Member]

South Pointe Property [Member]

South Pointe Property [Member]

Montecito Property [Member]

Montecito Property [Member]

Hilliard Grand Property [Member]

Hilliard Grand Property [Member]

The Hills at Fair Oaks [Member]

The Hills at Fair Oaks [Member]

Library Lofts East [Member]

Library Lofts East [Member]

The Trails at Buda Ranch [Member]

The Trails at Buda Ranch [Member]

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]

Cantare at Indian Lake Village [Member]

Cantare at Indian Lake Village [Member]

Cantare at Indian Lake Village [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]

Park Shore [Member]

Park Shore [Member]

Park Shore [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility, Tranche A [Member]

Revolving Credit Facility, Tranche A [Member]

Revolving Credit Facility, Tranche A [Member]

Revolving Credit Facility, Tranche B [Member]

Revolving Credit Facility, Tranche B [Member]

Revolving Credit Facility, Tranche B [Member]

London Interbank Offered Rate (LIBOR) [Member]

London Interbank Offered Rate (LIBOR) [Member]

apartment

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]

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]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Interest Rate Option One [Member]

Interest Rate Option Two [Member]

Interest Rate Option One [Member]

London Interbank Offered Rate (LIBOR) [Member]

Base Rate [Member]

London Interbank Offered Rate (LIBOR) [Member]

Base Rate [Member]

Debt Instrument [Line Items]

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Debt instrument, interest rate, stated percentage

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3.66%

[1],[2]

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3.50%

[2]

'

4.86%

[1],[2]

'

4.58%

[2]

'

3.89%

[2],[3]

'

3.78%

[2],[3]

'

3.74%

[1],[2],[3]

'

3.82%

[2],[3]

'

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3.85%

[2],[3]

'

4.88%

[2],[4]

'

4.88%

[2],[4]

'

'

3.70%

[2]

'

3.31%

[2],[5]

'

5.94%

[2],[4],[6]

'

5.94%

[2],[4],[6]

'

'

4.82%

[2],[4],[7]

'

4.82%

[2],[4],[7]

'

'

4.25%

[2]

'

3.62%

[2],[3]

'

3.56%

[2],[3]

'

3.69%

[2],[3]

'

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3.38%

[2],[3]

'

3.37%

[2],[3]

'

3.73%

[2],[8]

'

3.86%

[2],[3]

'

3.78%

[2],[8]

'

5.00%

[2],[8],[9]

'

'

3.47%

[2],[3]

'

5.59%

[2]

'

4.02%

[2],[8]

'

3.66%

[2]

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5.04%

[2],[4]

'

5.04%

[2],[4]

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4.73%

[2]

'

'

'

'

'

'

'

'

'

'

4.80%

[2],[4]

'

4.80%

[2],[4]

'

'

4.47%

[2],[4]

'

4.47%

[2],[4]

'

'

'

'

'

5.75%

[2]

'

4.83%

[2],[4]

'

4.83%

[2],[4]

'

'

4.83%

[2]

'

4.70%

[2],[4]

'

4.70%

[2],[4]

'

'

4.78%

[2]

'

5.91%

[2],[4]

'

5.91%

[2],[4]

'

'

'

'

'

'

'

'

5.48%

[10],[2],[4]

'

5.48%

[10],[2],[4]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.65%

[2],[4]

'

4.65%

[2],[4]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, basis spread on variable rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.09%

[11],[12],[2],[3]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.35%

[11],[2],[3]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.42%

[11],[2],[3]

'

'

'

'

'

'

'

'

'

2.40%

[11],[2],[3]

'

'

2.63%

[11],[2],[3]

'

'

2.65%

[11],[2],[8]

'

'

'

'

'

'

'

'

'

'

'

'

1.62%

[11],[2]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.47%

[11],[2],[3]

'

'

2.44%

[11],[2],[3]

'

'

'

'

'

'

'

2.75%

[11],[2],[3]

'

'

2.58%

[11],[2],[3]

'

'

2.69%

[11],[2],[3]

'

'

2.60%

[11],[2],[3]

'

'

'

'

2.68%

[11],[2],[3]

'

'

2.68%

[11],[2],[3]

'

'

2.64%

[11],[2],[3]

'

'

2.16%

[11],[2],[8]

'

'

2.16%

[11],[2],[8]

'

'

2.16%

[11],[2],[8]

'

'

2.20%

[11],[2],[8]

'

'

'

'

'

'

'

2.41%

[11],[2],[8]

'

'

2.57%

[11],[2],[3]

'

'

2.36%

[11],[2],[3]

'

'

2.15%

[11],[13],[2]

'

'

0.85%

0.50%

1.00%

1.85%

'

'

1.63%

[11],[2]

'

'

1.87%

[11],[2]

'

'

'

'

1.00%

3.00%

0.50%

'

1.60%

0.75%

'

3.00%

2.00%

Notes payable

$1,061,074,015

'

$1,061,074,015

'

$969,989,740

'

'

'

'

'

'

'

'

'

'

'

'

$1,061,074,015

'

$1,061,074,015

'

$987,329,800

'

$0

[1]

$8,434,054

[1]

$4,914,445

$4,938,136

$0

[1]

$5,006,199

[1]

$8,518,451

$8,632,301

$6,532,478

[3]

$6,624,725

[3]

$5,737,365

[3]

$5,818,457

[3]

$0

[1],[3]

$3,899,807

[1],[3]

$5,423,339

[3]

$5,499,432

[3]

$23,500,000

[11],[12],[3]

$23,500,000

[11],[12],[3]

'

$8,978,151

[3]

$9,084,000

[3]

$13,663,094

[4]

'

$13,663,094

[4]

'

$13,912,669

[4]

$23,948,984

$24,305,671

$22,433,838

[5]

$22,540,000

[5]

$21,575,298

[4],[6]

'

$21,575,298

[4],[6]

'

$21,844,621

[4],[6]

$12,372,936

[4],[7]

'

$12,372,936

[4],[7]

'

$12,614,683

[4],[7]

$10,113,523

$10,244,494

$13,628,480

[3]

$13,818,616

[3]

$16,516,240

[3]

$16,749,262

[3]

$15,237,577

[3]

$15,446,452

[3]

$21,392,096

[11],[3]

$21,680,010

[11],[3]

'

$12,382,968

[3]

$12,562,000

[3]

$14,970,160

[3]

$15,187,000

[3]

$38,500,000

[8]

$38,500,000

[8]

$6,127,890

[3]

$6,200,000

[3]

$21,900,000

[8]

$21,900,000

[8]

$225,585

[8],[9]

'

$0

[8],[9]

$14,071,910

[3]

$14,250,000

[3]

$28,887,815

$29,050,224

$24,767,000

[8]

$24,767,000

[8]

$8,985,689

$9,113,640

$16,899,605

[11],[3]

$17,030,000

[11],[3]

'

$24,079,972

[4]

'

$24,079,972

[4]

'

$24,603,299

[4]

$2,748,097

$2,779,688

$20,744,070

[11],[3]

$20,875,000

[11],[3]

'

$10,688,432

[11],[3]

$10,725,000

[11],[3]

'

$14,667,462

[11],[8]

$15,100,000

[11],[8]

'

$17,070,649

[4]

'

$17,070,649

[4]

'

$17,190,827

[4]

$10,801,029

[4]

'

$10,801,029

[4]

'

$10,965,388

[4]

$18,850,000

[11]

$0

[11]

'

$1,918,591

$1,936,199

$5,316,651

[4]

'

$5,316,651

[4]

'

$5,395,471

[4]

$975,325

$986,624

$13,954,233

[4]

'

$13,954,233

[4]

'

$14,154,991

[4]

$2,729,265

$2,761,194

$9,347,498

[4]

'

$9,347,498

[4]

'

$9,498,460

[4]

$55,500,000

[11],[3]

$55,500,000

[11],[3]

'

$23,100,000

[11],[3]

$23,100,000

[11],[3]

'

$15,913,169

[10],[4]

'

$15,913,169

[10],[4]

'

$16,022,763

[10],[4]

$12,392,761

[11],[3]

$12,407,000

[11],[3]

'

$14,985,000

[11],[3]

$14,985,000

[11],[3]

'

$22,750,000

[11],[3]

$22,750,000

[11],[3]

'

$29,014,000

[11],[3]

$29,014,000

[11],[3]

'

'

'

$25,963,000

[11],[3]

$25,963,000

[11],[3]

'

$28,105,000

[11],[3]

$28,105,000

[11],[3]

'

$16,340,000

[11],[3]

$16,340,000

[11],[3]

'

$22,376,000

[11],[8]

$22,376,000

[11],[8]

'

$22,959,000

[11],[8]

$22,959,000

[11],[8]

'

$17,717,000

[11],[8]

$17,717,000

[11],[8]

'

$43,500,000

[11],[8]

$43,500,000

[11],[8]

'

$16,734,894

[4]

'

$16,734,894

[4]

'

$16,845,443

[4]

$11,760,000

[11],[8]

$11,760,000

[11],[8]

'

$27,860,000

[11],[3]

$27,860,000

[11],[3]

'

$20,440,000

[11],[3]

$0

[11],[3]

'

$15,161,000

[11],[13]

$0

[11],[13]

'

$13,800,000

[14],[6],[8]

$0

[14],[6],[8]

'

'

'

'

$15,762,000

[11]

$0

[11]

'

$12,845,000

[11]

$0

[11]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.33%

'

3.33%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.30%

2.52%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loss on debt extinguishment

1,047,932

0

1,939,817

0

'

'

'

'

'

'

'

'

'

'

891,885

676,888

371,044

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Deferred financing fee write-off

'

'

145,816

0

'

'

'

'

'

'

'

'

'

95,658

'

27,063

23,095

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Secured debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

23,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from Deposits Applied to Debt Retirements

'

'

'

'

'

'

'

'

'

'

'

'

23,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Length of debt extension option

'

'

'12 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, unamortized premium

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,995,496

'

4,995,496

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

339,006

'

339,006

'

'

'

'

'

'

1,075,298

'

1,075,298

'

'

561,652

'

561,652

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,099,787

'

1,099,787

'

'

'

'

'

'

'

'

'

'

'

'

'

460,943

'

460,943

'

'

97,130

'

97,130

'

'

'

'

'

'

'

153,786

'

153,786

'

'

'

'

311,095

'

311,095

'

'

'

'

603,089

'

603,089

'

'

'

'

'

'

'

'

745,524

'

745,524

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-451,814

'

-451,814

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization of debt discount (premium)

308,698

288,763

926,095

676,705

'

'

'

'

'

'

'

'

'

'

'

'

'

308,698

288,763

926,095

676,705

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25,357

25,357

76,070

76,071

'

'

'

'

'

89,774

89,774

269,323

269,322

'

36,592

36,592

109,776

109,776

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

78,798

78,799

236,395

160,986

'

'

'

'

'

'

'

'

'

'

'

'

3,009

1,817

9,026

3,376

'

3,968

3,968

11,904

4,718

'

'

'

'

'

'

6,235

6,235

18,704

6,235

'

'

'

12,612

12,612

37,836

12,612

'

'

'

23,556

17,224

70,669

17,224

'

'

'

'

'

'

'

31,746

16,385

95,239

16,385

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-2,949

0

-8,847

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of periods interest payments due

'

'

'12 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'24 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'36 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, current borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9,720,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of units in real estate property

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

96

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Margin rate reduction, ninety percent occupancy for ninety consecutive days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.20%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility, current borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

35,000,000

20,000,000

'

'

'

'

20,000,000

'

'

15,000,000

'

'

Line of credit facility, repayment term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'180 days

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, interest rate, base rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.00%

'

'

'

'

'

'

'

'

'

Line of credit facility, amount outstanding

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maturities of Long-term Debt [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage notes payable, net

1,056,078,519

[15]

'

1,056,078,519

[15]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

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'

'

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'

'

'

'

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'

'

'

'

'

'

'

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'

'

'

'

'

'

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'

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'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

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'

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'

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'

'

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'

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'

'

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'

'

'

'

'

'

'

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'

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'

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'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Remainder of 2014

3,469,617

[15]

'

3,469,617

[15]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes Payable Due in 2014

14,606,257

[15]

'

14,606,257

[15]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

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'

'

'

'

'

'

'

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'

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'

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'

'

'

'

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'

'

'

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'

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'

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'

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'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes Payable Due in 2015

17,122,487

[15]

'

17,122,487

[15]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

'

'

'

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'

'

'

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'

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'

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'

'

'

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'

'

'

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'

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'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

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'

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'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes Payable Due in 2016

51,989,163

[15]

'

51,989,163

[15]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

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'

'

'

'

'

'

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'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes Payable Due in 2017

83,457,292

[15]

'

83,457,292

[15]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes Payable Due Thereafter

885,433,703

[15]

'

885,433,703

[15]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest expense

9,095,277

7,015,217

30,292,922

15,869,427

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization of deferred financing costs

356,430

295,391

1,115,818

691,138

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

'

'

'

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'

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'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrealized loss on interest rate cap

'

'

-3,362,058

-356,553

'

-46,544

-730,408

-3,362,058

-356,553

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

Interest payable

'

'

'

'

'

'

'

'

'

$2,748,240

$2,539,966

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

[1]

The Lincoln Tower Apartments, Arbor Pointe Apartments, and Prairie Walk Apartments were sold on JuneB 27, 2014, JulyB 1, 2014 and AugustB 6, 2014, respectively, and the mortgage notes payable were repaid in full on the same day with proceeds from the sale. Upon the early extinguishment of the Lincoln Tower, Arbor Pointe, and Prairie Walk mortgage notes payable, a loss on debt extinguishment of $891,885, $676,888, and $371,044, respectively, was recorded on the consolidated statements of operations, including an expense of the net deferred financing costs of $95,658, $27,063, and $23,095, respectively.

[2]

Except as otherwise noted, interest on the notes accrues at a fixed rate per annum. At SeptemberB 30, 2014, the weighted-average interest rate of the Company's fixed rate debt and variable rate debt was 4.30% and 2.52%, respectively. The weighted-average interest rate of the Company's blended fixed and variable rates was 3.33% at SeptemberB 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]

The following table summarizes the debt premiums and discounts as of SeptemberB 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 September 30, 2014B Amortization of Debt Premium (Discount) During the Three Months Ended September 30,B Nine Months Ended September 30, 2014B 2013B 2014B 2013Spring CreekB $339,006B $25,357B $25,357B $76,070B $76,071EstanciaB 1,075,298B 89,774B 89,774B 269,323B 269,322MontelenaB 561,652B 36,592B 36,592B 109,776B 109,776Deep Deuce at BricktownB 1,099,787B 78,798B 78,799B 236,395B 160,986Retreat at Quail NorthB 460,943B 3,009B 1,817B 9,026B 3,376The Lodge at Trails EdgeB 97,130B 3,968B 3,968B 11,904B 4,718Arbors of CarrolltonB 153,786B 6,235B 6,235B 18,704B 6,235Waterford on the MeadowB 311,095B 12,612B 12,612B 37,836B 12,612The BelmontB 603,089B 23,556B 17,224B 70,669B 17,224DawntreeB 745,524B 31,746B 16,385B 95,239B 16,385Heritage Grand at Sienna PlantationB (451,814)B (2,949)B bB (8,847)B b $4,995,496B $308,698B $288,763B $926,095B $676,705

[5]

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.

[6]

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.

[7]

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.

[8]

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.

[9]

On September 11, 2014, the Company obtained a loan from Farmers & Merchants Bank of Long Beach in an amount up to a maximum principal balance of $9,720,000 to finance a portion of the development and construction of an additional 96 apartment units at the Southpointe Property, which was acquired by the Company on DecemberB 28, 2012.

[10]

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

[11]

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.

[12]

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.

[13]

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.

[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 bBase Rate Optionb) or (2) LIBOR plus 1.85% (the bLIBOR Optionb). If the LIBOR Option 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 SeptemberB 30, 2014, the Company had elected the LIBOR Option using one-month LIBOR.

[15]

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_Details

Stockholders' Equity (Details) (USD $)

0 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

0 Months Ended

Sep. 10, 2012

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 10, 2012

Jul. 23, 2009

Sep. 30, 2014

Sep. 10, 2012

Jun. 12, 2009

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2009

Dec. 31, 2013

Sep. 30, 2014

Sep. 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

'

76,269,612

'

'

'

'

Proceeds from issuance of common stock

'

$26,561,229

$263,347,918

'

'

'

'

'

'

$200,007

'

'

'

'

$200,007

'

$675,079,343

$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

'

'

'

'

3,610,976

'

'

'

'

'

693,100

322,845

2,022,701

739,014

'

'

'

'

'

'

'

Proceeds from issuance of common stock, dividend reinvestment plan

'

'

'

'

35,077,970

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

76,507,922

'

76,507,922

'

'

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

9 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 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

$50,186

$45,238

$94,538

$83,034

$50,186

$45,238

$94,538

$83,034

'

'

'

'

'

'

Restricted common stock, weighted average remaining contractual terms

'

'

'

'

'

'

'1 year 6 months

'

'

'

'

'

'

'

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		9 Months Ended			0 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014		Sep. 30, 2013	Oct. 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	80,042	'	167,970		'	63,583
Stock repurchase plan, stock redeemed, value	$776,102	$286,561	$1,632,018		$869,253	$621,748
Stock requested for redemption, shares	48,927	56,342	186,533		122,527	'
Stock requested for redemption, value	484,154	519,959	1,830,449		1,167,466	'
Stock repurchased during period, shares	'	30,251	'		90,843	'
Stock repurchase plan, outstanding stock requested for redemption, shares	69,455	'	69,455		'	'
Stock repurchase plan, outstanding stock requested for redemption, value	682,516	'	682,516		'	'
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	$5,966,982	$2,854,875	$16,256,258		$6,174,002	'
[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 $)	Sep. 30, 2014	Dec. 31, 2013	Jun. 11, 2014	Sep. 30, 2014
			Advisor [Member]	Advisor [Member]
Related Party Transaction [Line Items]	'	'	'	'
Fee due to related party, maximum deferred amount	'	'	'	$5,000,000
Issuance of common stock	'	'	5,000,000	'
Deferred costs	$0	$5,000,000	'	'

Stockholders_Equity_Distributi1

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

3 Months Ended

9 Months Ended

22 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Jun. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 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

$91,681

$0

$110,811

$0

'

'

$13,785,040

$7,736,858

$40,413,978

$17,918,222

'

'

Distributions declared, distribution reinvestment plan

'

'

'

'

'

'

6,763,224

3,517,153

19,934,690

7,913,859

'

'

Common stock, distributions declared, shares, distribution reinvestment plan

'

'

'

'

'

'

695,090

361,475

2,048,786

813,346

'

'

Distributions payable

4,507,432

'

4,507,432

'

'

4,058,452

4,507,432

'

4,507,432

'

4,058,452

'

Distributions payable, distribution reinvestment plan

'

'

'

'

'

'

$2,217,388

'

$2,217,388

'

$1,963,570

'

Stockholders_Equity_Distributi2

Stockholders' Equity - Distributions Paid (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Class of Stock [Line Items]	'	'	'	'
Payments of ordinary dividends, common stock	$6,993,862	$3,884,480	$20,284,125	$9,287,770
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	6,743,864	3,141,286	19,680,873	7,190,607
Distributions paid, common stock, including distribution reinvestment plan	$13,737,726	$7,025,766	$39,964,998	$16,478,377
Common Stock [Member]	'	'	'	'
Class of Stock [Line Items]	'	'	'	'
Stock issued during period, shares, dividend reinvestment plan	693,100	322,845	2,022,701	739,014

Earnings_Loss_Per_Share_Detail

Earnings (Loss) Per Share (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Earnings Per Share [Abstract]	'	'	'	'
Net loss	($3,337,573)	($14,707,104)	($21,074,163)	($31,045,120)
Less: dividends declared on participating securities	91,681	0	110,811	0
Net loss attributable to common stockholders	($3,429,254)	($14,707,104)	($21,184,974)	($31,045,120)
Weighted average number of common shares outstanding b basic and diluted	75,792,897	43,015,311	75,151,322	33,543,362
Loss per common share - basic and diluted	($0.05)	($0.34)	($0.28)	($0.93)
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	'	'	488,281.25	'

Related_Party_Arrangements_Amo

Related Party Arrangements Amounts Attributable to Advisor and its Affiliates (Details) (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013		Dec. 31, 2013
Related Party Transaction [Line Items]	'		'		'		'		'
Due to affiliates	$2,017,067		'		$2,017,067		'		$9,322,038
Advisor [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Related party transaction, expenses from transactions with related party	11,322,910		27,936,068		34,228,084		61,239,291		'
Due to affiliates	2,017,067		'		2,017,067		'		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	3,353,069	[1],[2]	1,938,575	[1],[2]	9,844,858	[1],[2]	4,693,441	[1],[2]	'
Due to affiliates	14,487	[1],[2]	'		14,487	[1],[2]	'		4,530,042	[1],[2]
Due and payable to related parties	14,487		'		14,487		'		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	372,778	[1],[3]	6,685,425	[1],[3]	2,869,680	[1],[3]	11,109,354	[1],[3]	'
Due to affiliates	589,000	[1],[3]	'		589,000	[1],[3]	'		648,422	[1],[3]
Due and payable to related parties	589,000		'		589,000		'		0
Acquisition expenses [Member] | Expensed [Member] | Advisor [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Related party transaction, expenses from transactions with related party	115,172	[4]	961,309	[4]	526,321	[4]	3,137,320	[4]	'
Due to affiliates	0	[4]	'		0	[4]	'		0	[4]
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	1,484,356	[1]	856,214	[1]	4,301,762	[1]	2,076,074	[1]	'
Due to affiliates	500,443	[1]	'		500,443	[1]	'		416,581	[1]
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	4,687,564	[5]	2,422,532	[5]	13,261,284	[5]	5,711,505	[5]	'
Due to affiliates	836,121	[5]	'		836,121	[5]	'		568,851	[5]
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	393,538	[1]	242,300	[1]	1,216,888	[1]	580,567	[1]	'
Due to affiliates	54,307	[1]	'		54,307	[1]	'		45,220	[1]
Other operating expenses [Member] | Expensed [Member] | Advisor [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Related party transaction, expenses from transactions with related party	204,653	[6]	272,592	[6]	687,456	[6]	719,349	[6]	'
Due to affiliates	16,358	[6]	'		16,358	[6]	'		7,676	[6]
Disposition Fees [Member] | Expensed [Member] | Advisor [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Related party transaction, expenses from transactions with related party	225,375	[7]	0	[7]	463,688	[7]	0	[7]	'
Due to affiliates	'	[7]	'		'	[7]	'		'	[7]
Construction management fees [Member] | Advisor [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Related party transaction, expenses from transactions with related party	486,405		111,758		1,056,147		111,758		'
Due to affiliates	6,351		'		6,351		'		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		2,354,814		0		7,576,484		'
Due to affiliates	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		7,698,530		0		16,276,716		'
Due to affiliates	0		'		0		'		0
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		4,392,019		0		9,246,723		'
Due to affiliates	$0		'		$0		'		$0
[1]	Included in fees to affiliates in the accompanying consolidated statements of operations for the three and nine months ended SeptemberB 30, 2014 and 2013.
[2]	Investment management fees earned by the Advisor totaling $0 and $4,351,578 were deferred as of SeptemberB 30, 2014 and DecemberB 31, 2013, respectively, pursuant to the terms of the Advisory Agreement. The remaining investment management fees of $14,487 and $178,464 were due and payable and are included in due to affiliates in the accompanying consolidated balance sheets at SeptemberB 30, 2014 and DecemberB 31, 2013, respectively.
[3]	Acquisition fees earned by the Advisor totaling $0 and $648,422 were deferred as of SeptemberB 30, 2014 and DecemberB 31, 2013, respectively, pursuant to the terms of the Advisory Agreement. The remaining acquisition fees of $589,000 and $0 were due and payable and are included in due to affiliates in the accompanying consolidated balance sheets at SeptemberB 30, 2014 and DecemberB 31, 2013, respectively.
[4]	Included in acquisition costs in the accompanying consolidated statements of operations for the three and nine months ended SeptemberB 30, 2014 and 2013.
[5]	Included in operating, maintenance and management expenses in the accompanying consolidated statements of operations for the three and nine months ended SeptemberB 30, 2014 and 2013.
[6]	Included in general and administrative expenses in the accompanying consolidated statements of operations for the three and nine months ended SeptemberB 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 nine months ended SeptemberB 30, 2014 and 2013.

Related_Party_Arrangements_Org

Related Party Arrangements Organizational and Offering Costs (Details) (USD $)

9 Months Ended

62 Months Ended

3 Months Ended

9 Months Ended

62 Months Ended

3 Months Ended

9 Months Ended

62 Months Ended

3 Months Ended

9 Months Ended

44 Months Ended

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Jun. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2014

Dec. 31, 2013

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]

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]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Crossroads [Member]

Crossroads [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

'

'

'

'

95,946,206

100,738

0

11,376,548

0

18,654,559

93,543,749

'

'

2,301,719

'

'

'

100,738

'

'

'

Due to affiliates

$2,017,067

$9,322,038

$2,017,067

$9,322,038

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

$3,105,246

Related_Party_Arrangements_Inv

Related Party Arrangements Investment Management Fee (Details) (Advisor [Member])	9 Months Ended
	Sep. 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])	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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	3.75%

Related_Party_Arrangements_Con

Related Party Arrangements Construction Management Fees (Details) (Construction management fees [Member], Advisor [Member])	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2014	Sep. 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				9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 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	$11,322,910		$27,936,068		$34,228,084		$61,239,291
Expensed [Member] | Disposition Fees [Member]	'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'
Related party transaction, expenses from transactions with related party	$225,375	[1]	$0	[1]	$463,688	[1]	$0	[1]
[1]	Included in gain on sale of real estate, net in the accompanying consolidated statements of operations for the three and nine months ended SeptemberB 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])	9 Months Ended
	Sep. 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 $)	9 Months Ended	0 Months Ended		0 Months Ended
	Sep. 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

9 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2010

Sep. 30, 2014

Sep. 30, 2014

Sep. 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

$263,347,918

'

'

'

'

'

'

$2,000,000

'

'

'

Award vesting rights

'

'

'

'

'

'

'

'

25.00%

'

'

'

'

'

Restricted common stock, award vesting period

'

'

'

'

'

'

'

'

'

'

'

'3 years 0 months

'

'

Share-based compensation

$50,186

$45,238

$94,538

$83,034

$50,186

$45,238

$94,538

$83,034

'

'

'

'

'

'

Derivative_Financial_Instrumen2

Derivative Financial Instruments (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
	derivative		derivative
Derivative [Line Items]	'	'	'	'	'
Unrealized loss on interest rate cap	'	'	($3,362,058)	($356,553)	'
Interest Rate Cap [Member]	'	'	'	'	'
Derivative [Line Items]	'	'	'	'	'
Derivative, number of instruments held	26	'	26	'	'
Notional amount of interest rate fair value hedge derivatives	566,336,000	'	566,336,000	'	'
Interest rate derivative assets, at fair value	2,932,530	'	2,932,530	'	5,462,561
Unrealized loss on interest rate cap	-46,544	-730,408	-3,362,058	-356,553	'
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	2,956	'	2,956	'	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	205,544	'	205,544	'	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	269,956	'	269,956	'	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	64,431	'	64,431	'	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	88,634	'	88,634	'	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	412,395	'	412,395	'	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	50,498	'	50,498	'	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	19,314	'	19,314	'	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	41,053	'	41,053	'	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	125,793	'	125,793	'	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	155,763	'	155,763	'	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	154,294	'	154,294	'	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	167,024	'	167,024	'	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	97,101	'	97,101	'	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	128,184	'	128,184	'	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	131,523	'	131,523	'	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	101,494	'	101,494	'	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	132,203	'	132,203	'	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	40,279	'	40,279	'	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	109,681	'	109,681	'	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	74,947	'	74,947	'	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	12,929	'	12,929	'	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	96,655	'	96,655	'	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	96,785	'	96,785	'	0
Cantare at Indian Lake Village [Member] | Interest Rate Cap [Member]	'	'	'	'	'
Derivative [Line Items]	'	'	'	'	'
Notional amount of interest rate fair value hedge derivatives	18,850,000	'	18,850,000	'	'
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	112,727	'	112,727	'	0
Park Shore [Member] | Interest Rate Cap [Member]	'	'	'	'	'
Derivative [Line Items]	'	'	'	'	'
Notional amount of interest rate fair value hedge derivatives	12,845,000	'	12,845,000	'	'
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	$40,367	'	$40,367	'	$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%	'	'
July 31, 2015 [Member] | Cantare at Indian Lake Village [Member] | Interest Rate Cap [Member]	'	'	'	'	'
Derivative [Line Items]	'	'	'	'	'
Interest rate cap, fixed rate	2.00%	'	2.00%	'	'
July 31, 2016 [Member] | Cantare at Indian Lake Village [Member] | Interest Rate Cap [Member]	'	'	'	'	'
Derivative [Line Items]	'	'	'	'	'
Interest rate cap, fixed rate	2.50%	'	2.50%	'	'
July 31, 2017 [Member] | Cantare at Indian Lake Village [Member] | Interest Rate Cap [Member]	'	'	'	'	'
Derivative [Line Items]	'	'	'	'	'
Interest rate cap, fixed rate	3.00%	'	3.00%	'	'
August 1, 2018 [Member] | Cantare at Indian Lake Village [Member] | Interest Rate Cap [Member]	'	'	'	'	'
Derivative [Line Items]	'	'	'	'	'
Interest rate cap, fixed rate	3.50%	'	3.50%	'	'
September 30, 2015 [Member] | Park Shore [Member] | Interest Rate Cap [Member]	'	'	'	'	'
Derivative [Line Items]	'	'	'	'	'
Interest rate cap, fixed rate	2.00%	'	2.00%	'	'
September 30, 2016 [Member] | Park Shore [Member] | Interest Rate Cap [Member]	'	'	'	'	'
Derivative [Line Items]	'	'	'	'	'
Interest rate cap, fixed rate	2.50%	'	2.50%	'	'
October 1, 2017 [Member] | Park Shore [Member] | Interest Rate Cap [Member]	'	'	'	'	'
Derivative [Line Items]	'	'	'	'	'
Interest rate cap, fixed rate	3.00%	'	3.00%	'	'
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		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
	property		property
Business Combinations [Abstract]	'	'	'	'
Number of properties acquired	1	'	6	'
Revenues contributed	'	'	$4,086,140	'
Contributed net loss	'	'	-2,346,090	'
Contributed depreciation and amortization	'	'	2,852,735	'
Revenues	50,638,601	29,292,400	151,915,804	87,877,200
Net loss	($3,482,180)	($15,041,097)	($19,062,061)	($45,123,920)
Basic and diluted net loss per common share	($0.05)	($0.20)	($0.25)	($0.59)

Subsequent_Events_Details

Subsequent Events (Details) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

10 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Jan. 03, 2014

Oct. 31, 2014

Sep. 30, 2014

Nov. 10, 2014

Nov. 03, 2014

Oct. 01, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Oct. 31, 2014

Subsequent Event [Member]

Distribution Reinvestment Plan [Member]

Distribution Reinvestment Plan [Member]

Dividend Paid [Member]

Dividend Paid [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Distributions paid, common stock, including distribution reinvestment plan

$13,737,726

$7,025,766

$39,964,998

$16,478,377

'

'

'

'

$4,672,489

$4,507,432

'

'

'

'

'

Payments of ordinary dividends, common stock

6,993,862

3,884,480

20,284,125

9,287,770

'

'

'

'

2,385,891

2,290,044

'

'

'

'

'

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

6,743,864

3,141,286

19,680,873

7,190,607

'

'

'

'

2,286,598

2,217,388

'

'

'

'

'

Redemption of common stock, shares

80,042

'

167,970

'

'

63,583

'

'

'

'

'

'

'

'

63,583

Total redemption value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

621,748

Stock Redemption Price Per Share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$9.78

Shares authorized pursuant to DRP

'

'

'

'

12,000,000

'

'

'

'

'

'

'

'

'

'

Stock issued during period, shares, dividend reinvestment plan

'

'

'

'

'

'

3,610,976

2,054,073

'

'

693,100

322,845

2,022,701

739,014

'

Stock Issued During Period, Value, Dividend Reinvestment Plan

'

'

'

'

'

'

'

$19,986,127

'

'

'

'

'

'

'