Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 10, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Steadfast Income REIT, Inc. | ||
Entity Central Index Key | 1468010 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 76,858,483 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate: | ||
Land | $174,102,422 | $162,425,511 |
Building and improvements | 1,457,633,918 | 1,316,608,491 |
Tenant origination and absorption costs | 524,712 | 15,588,747 |
Other intangible assets | 2,644,263 | 2,644,263 |
Construction-in-progress | 2,048,098 | 0 |
Total real estate held for investment, cost | 1,636,953,413 | 1,497,267,012 |
Less accumulated depreciation and amortization | -98,342,452 | -46,376,515 |
Total real estate held for investment, net | 1,538,610,961 | 1,450,890,497 |
Real estate held for sale, net | 0 | 20,072,662 |
Total real estate, net | 1,538,610,961 | 1,470,963,159 |
Cash and cash equivalents | 29,529,312 | 19,552,205 |
Restricted cash | 25,478,939 | 24,978,312 |
Rents and other receivables | 1,992,310 | 28,555,764 |
Assets related to real estate held for sale | 0 | 265,004 |
Deferred financing costs and other assets, net | 13,455,606 | 17,575,410 |
Total assets | 1,609,067,128 | 1,561,889,854 |
Liabilities: | ||
Accounts payable and accrued liabilities | 39,527,928 | 30,372,692 |
Below-market leases, net | 0 | 163,237 |
Notes payable: | ||
Mortgage notes payable, net | 1,070,757,025 | 969,989,740 |
Revolving credit facility | 14,000,000 | 0 |
Mortgage notes payable related to real estate held for sale | 0 | 17,340,060 |
Total notes payable, net | 1,084,757,025 | 987,329,800 |
Distributions payable | 4,679,455 | 4,058,452 |
Due to affiliates, net | 3,039,490 | 9,322,038 |
Liabilities related to real estate held for sale | 0 | 580,100 |
Total liabilities | 1,132,003,898 | 1,031,826,319 |
Commitments and contingencies (Note 10) | ||
Redeemable common stock | 0 | 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 | 680,138,132 | 640,181,521 |
Cumulative distributions and net losses | -203,843,497 | -123,804,541 |
Total stockholders’ equity | 477,063,230 | 517,118,528 |
Total liabilities and stockholders’ equity | 1,609,067,128 | 1,561,889,854 |
Common stock $0.01 par value per share; 999,999,000 shares authorized, 76,858,483 and 74,153,580 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively [Member] | ||
Notes payable: | ||
Distributions payable | 4,679,455 | 4,058,452 |
Stockholders’ Equity: | ||
Common stock | 768,585 | 741,538 |
Convertible stock, $0.01 par value per share; 1,000 shares authorized, issued and outstanding as of December 31, 2014 and December 31, 2013, respectively [Member] | ||
Stockholders’ Equity: | ||
Common stock | $10 | $10 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Stockholders’ Equity: | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common Stock [Member] | ||
Stockholders’ Equity: | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 999,999,000 | 999,999,000 |
Common stock, shares issued (in shares) | 76,858,483 | 74,153,580 |
Common stock, shares outstanding (in shares) | 76,858,483 | 74,153,580 |
Convertible Stock [Member] | ||
Stockholders’ Equity: | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 1,000 | 1,000 |
Common stock, shares issued (in shares) | 1,000 | 1,000 |
Common stock, shares outstanding (in shares) | 1,000 | 1,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues: | |||
Rental income | $175,267,082 | $98,018,275 | $27,955,977 |
Tenant reimbursements and other | 20,662,774 | 11,083,242 | 2,630,955 |
Total revenues | 195,929,856 | 109,101,517 | 30,586,932 |
Expenses: | |||
Operating, maintenance and management | 52,427,001 | 28,708,239 | 8,687,480 |
Real estate taxes and insurance | 34,750,097 | 17,499,798 | 3,721,952 |
Fees to affiliates | 23,923,921 | 30,713,737 | 13,127,558 |
Depreciation and amortization | 69,681,177 | 48,454,178 | 14,957,857 |
Interest expense | 40,370,846 | 24,308,402 | 6,291,193 |
Loss on debt extinguishment | 1,939,817 | 0 | 0 |
General and administrative expenses | 6,896,519 | 7,106,568 | 3,085,470 |
Acquisition costs | 1,626,904 | 8,169,451 | 3,275,349 |
Total expenses | 231,616,282 | 164,960,373 | 53,146,859 |
Loss from continuing operations | -35,686,426 | -55,858,856 | -22,559,927 |
Gain (loss) on sales of real estate, net | 9,944,134 | -21,001 | 0 |
Net loss | ($25,742,292) | ($55,879,857) | ($22,559,927) |
Loss per common share - basic and diluted (in dollars per share) | ($0.34) | ($1.39) | ($1.84) |
Weighted average common shares outstanding - basic and diluted (in shares) | 75,450,215 | 40,169,940 | 12,238,094 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Total Stockholders’ Equity [Member] | Common Stock [Member] | Additional Paid- In Capital [Member] | Cumulative Distributions & Net Losses [Member] | Convertible Stock [Member] |
Beginning Balance at Dec. 31, 2011 | $30,223,618 | $46,387 | $38,260,059 | ($8,082,838) | $10 | |
Beginning Balance (in shares) at Dec. 31, 2011 | 4,638,699 | 1,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 183,074,241 | 183,139 | 182,891,102 | |||
Issuance of common stock (in shares) | 18,314,135 | |||||
Commissions on sales of common stock and related dealer manager fees to affiliates | -17,154,479 | -17,154,479 | ||||
Transfers from (to) redeemable common stock | -2,722,156 | -2,722,156 | ||||
Redemption of common stock | -417,733 | -440 | -417,293 | |||
Redemption of common stock (in shares) | -43,975 | |||||
Other offering costs to affiliates | -9,820,681 | -9,820,681 | ||||
Distributions declared | 0 | -8,636,158 | -8,636,158 | |||
Amortization of stock-based compensation | 94,425 | 94,425 | ||||
Net loss | -22,559,927 | -22,559,927 | -22,559,927 | |||
Ending Balance at Dec. 31, 2012 | 152,081,150 | 229,086 | 191,130,977 | -39,278,923 | 10 | |
Ending Balance (in 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 (in shares) | 51,373,960 | |||||
Commissions on sales of common stock and related dealer manager fees to affiliates | -49,014,259 | -49,014,259 | ||||
Transfers from (to) redeemable common stock | 10,078,483 | -10,078,483 | -10,078,483 | |||
Redemption of common stock | -1,246,300 | -1,291 | -1,245,009 | |||
Redemption of common stock (in shares) | -129,239 | |||||
Other offering costs to affiliates | -13,271,892 | -13,271,892 | ||||
Distributions declared | 0 | -28,645,761 | -28,645,761 | |||
Amortization of stock-based compensation | 105,210 | 105,210 | ||||
Net loss | -55,879,857 | -55,879,857 | -55,879,857 | |||
Ending Balance at Dec. 31, 2013 | 517,118,528 | 741,538 | 640,181,521 | -123,804,541 | 10 | |
Ending Balance (in shares) at Dec. 31, 2013 | 74,153,580 | 1,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 24,195,814 | 24,968 | 24,170,846 | |||
Issuance of common stock (in shares) | 2,496,806 | |||||
Issuance of restricted common stock to Advisor | 5,000,000 | 4,883 | 4,995,117 | |||
Issuance of restricted common stock to Advisor (in shares) | 488,281 | |||||
Transfers from (to) redeemable common stock | -13,393,647 | 13,393,647 | 13,393,647 | |||
Redemption of common stock | -2,723,948 | -2,804 | -2,721,144 | |||
Redemption of common stock (in shares) | -280,184 | |||||
Distributions declared | -203,990 | -54,296,664 | -54,296,664 | |||
Amortization of stock-based compensation | 118,145 | 118,145 | ||||
Net loss | -25,742,292 | -25,742,292 | -25,742,292 | |||
Ending Balance at Dec. 31, 2014 | $477,063,230 | $768,585 | $680,138,132 | ($203,843,497) | $10 | |
Ending Balance (in shares) at Dec. 31, 2014 | 76,858,483 | 1,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash Flows from Operating Activities: | |||
Net loss | ($25,742,292) | ($55,879,857) | ($22,559,927) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 69,681,177 | 48,454,178 | 14,957,857 |
Accretion of below-market leases | -163,237 | -1,108,789 | -138,703 |
Amortization of deferred financing costs | 1,489,834 | 976,198 | 225,614 |
Amortization of stock-based compensation | 118,145 | 105,210 | 94,425 |
Amortization of loan premiums and discounts | -1,234,793 | -987,970 | -332,348 |
Change in fair value of interest rate cap agreements | 4,353,301 | 448,984 | 162,761 |
Loss on debt extinguishment | 145,816 | 0 | 0 |
(Gain) loss on sales of real estate | -9,944,134 | 21,001 | 0 |
Changes in operating assets and liabilities: | |||
Restricted cash for operating activities | -1,166,924 | -15,809,338 | -4,062,793 |
Rents and other receivables | 8,622 | -1,182,658 | -720,767 |
Other assets | 164,858 | -3,042,967 | -1,070,522 |
Accounts payable and accrued liabilities | 9,023,776 | 22,898,966 | 6,816,685 |
Due to affiliates, net | 1,822,698 | 2,857,909 | 2,064,522 |
Net cash provided by (used in) operating activities | 48,556,847 | -2,249,133 | -4,563,196 |
Cash Flows from Investing Activities: | |||
Acquisition of real estate investments | -126,718,757 | -818,138,356 | -378,132,177 |
Additions to real estate investments | -26,806,870 | -9,125,416 | -3,116,467 |
Escrow deposits for pending real estate acquisitions | -3,120,400 | -12,189,020 | -374,900 |
Restricted cash for investing activities | 931,301 | -3,966,759 | -586,078 |
Purchase of interest rate caps | -863,934 | -5,778,436 | -295,870 |
Proceeds from sales of real estate, net | 29,761,182 | 68,999 | 0 |
Net cash used in investing activities | -126,817,478 | -849,128,988 | -382,505,492 |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of mortgage notes payable | 156,238,185 | 476,799,000 | 249,104,000 |
Principal payments on mortgage notes payable | -71,576,167 | -16,690,976 | -14,432,386 |
Borrowings from credit facility | 49,000,000 | 62,500,000 | 5,000,000 |
Principal payments on credit facility | -35,000,000 | -67,500,000 | 0 |
Proceeds from issuance of common stock | 26,561,229 | 485,786,997 | 179,849,886 |
Payments of commissions on sales of common stock and related dealer manager fees to affiliates | 0 | -49,014,259 | -17,154,479 |
Reimbursement of other offering costs to affiliates | -3,105,246 | -10,279,559 | -9,799,471 |
Payment of deferred financing costs | -1,664,326 | -4,650,578 | -3,377,941 |
Distributions to common stockholders | -29,491,989 | -14,302,663 | -4,375,205 |
Redemptions of common stock | -2,723,948 | -1,246,300 | -417,733 |
Net cash provided by financing activities | 88,237,738 | 861,401,662 | 384,396,671 |
Net increase in cash and cash equivalents | 9,977,107 | 10,023,541 | -2,672,017 |
Cash and cash equivalents, beginning of year | 19,552,205 | 9,528,664 | 12,200,681 |
Cash and cash equivalents, end of year | 29,529,312 | 19,552,205 | 9,528,664 |
Supplemental Disclosure of Cash Flow Information: | |||
Interest paid, net of amounts capitalized of $41,898, $0 and $0 for the years ended December 31, 2014, 2013 and 2012 | 35,432,090 | 22,183,329 | 5,518,378 |
Supplemental Disclosure of Noncash Transactions: | |||
Increase in distributions payable | 621,003 | 2,715,053 | 1,088,807 |
Assumption of mortgage notes payable to acquire real estate | 0 | 115,535,815 | 124,215,072 |
Application of escrow deposits to acquire real estate | 3,620,400 | 12,864,120 | 0 |
Premiums on assumed mortgage notes payable | 0 | 3,871,543 | 3,370,366 |
Issuance of mortgage notes payable to acquire real estate | 0 | 0 | 2,275,000 |
Increase in amounts receivable from transfer agent | 0 | -25,958,231 | -84,905 |
Increase in amounts payable to affiliates for other offering costs | 0 | 2,992,333 | 21,210 |
Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan | 24,183,672 | 11,628,045 | 3,172,149 |
Issuance of restricted common stock to settle liability | 5,000,000 | 0 | 0 |
Decrease (increase) in redeemable common stock, net | 13,393,647 | -10,078,483 | -2,723,947 |
Increase in redeemable common stock payable | $0 | $182,997 | $59,884 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Cash Flows [Abstract] | |||
Capitalized interest | $41,898 | $0 | $0 |
Organization_and_Business
Organization and Business | 12 Months Ended |
Dec. 31, 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 entered into an Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Partnership Agreement”) on September 28, 2009. | |
As of December 31, 2014, the Company owned 65 multifamily properties comprising a total of 16,526 apartment homes and 25,973 square feet of rentable commercial space. For more information on the Company’s real estate portfolio, see Note 3. | |
Private Offering | |
On October 13, 2009, the Company commenced a private offering of up to $94,000,000 in shares of the Company’s common stock at a purchase price of $9.40 per share (with discounts available for certain categories of purchasers) (the “Private Offering”). The Company offered its shares of common stock for sale in the Private Offering pursuant to a confidential private placement memorandum and only to persons that were “accredited investors,” as that term is defined under the Securities Act of 1933, as amended, and Regulation D promulgated thereunder. On July 9, 2010, the Company terminated the Private Offering and on July 19, 2010, the Company commenced its registered public offering described below. The Company sold 637,279 shares of common stock in the Private Offering for gross offering proceeds of $5,844,325. | |
Public Offering | |
On July 23, 2009, the Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to offer a maximum of 150,000,000 shares of common stock for sale to the public at an initial price of $10.00 per share (with discounts available for certain categories of purchasers) (the “Primary Offering”). The Company also registered up to 15,789,474 shares of common stock for sale pursuant to the Company’s distribution reinvestment plan (the “DRP,” and together with the Primary Offering, the “Public Offering”) at an initial price of $9.50 per share. The SEC declared the Company’s registration statement effective on July 9, 2010. The Company commenced the Public Offering on July 19, 2010. | |
On July 12, 2012, the Company’s board of directors determined an estimated value per share of the Company’s common stock as of March 31, 2012 of $10.24. As a result of the determination of the estimated value per share of the Company’s common stock as of March 31, 2012, effective September 10, 2012, the offering price of the Company’s common stock to the public in the Primary Offering increased from the previous price of $10.00 per share to $10.24 per share. Additionally, effective September 10, 2012, the price of shares of the Company’s common stock issued pursuant to the DRP increased from a price of $9.50 per share to a price of $9.73 per share, or 95% of the new Primary Offering price of $10.24 per share. Effective September 10, 2012, the Company’s board of directors increased the amount of distributions paid on each share of the Company’s common stock from $0.001917 per share per day to $0.001964 per share per day, which, if paid each day over a 365-day period, is equivalent to a 7.0% annualized distribution rate based on the new offering price of $10.24 per share. The Company’s board of directors may again, in its sole discretion, change the price at which the Company offers shares of common stock to its stockholders pursuant to the DRP to reflect future changes in the Company’s estimated value per share and other factors that the Company’s board of directors deems relevant. See “—Note 14. Subsequent Events” for further information regarding the estimated value per share. | |
The Company terminated its Public Offering on December 20, 2013. Following termination of the Public Offering, the Company continued to offer shares of common stock pursuant to the DRP until the Company’s board of directors suspended the DRP effective November 20, 2014. 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 the Advisory Agreement by and among the Company, the Operating Partnership and the Advisor (as amended, the “Advisory Agreement”), which is subject to annual renewal by the Company’s board of directors. The current term of the Advisory Agreement expires on May 3, 2015. Subject to certain restrictions and limitations, the Advisor manages the Company’s day-to-day operations, manages the Company’s portfolio of properties and real estate-related assets, sources and presents investment opportunities to the Company’s board of directors and provides investment management services on the Company’s behalf. Steadfast Capital Markets Group, LLC (the “Dealer Manager”), an affiliate of the Company, served as the dealer manager for the Public Offering. The Dealer Manager was responsible for marketing the Company’s shares of common stock being offered pursuant to the Public Offering. The Advisor, along with the Dealer Manager, also provides marketing, investor relations and other administrative services on the Company’s behalf. | |
The Partnership Agreement provides that the Operating Partnership is operated in a manner that will enable the Company to (1) satisfy the requirements for being classified as a REIT for tax purposes, (2) avoid any federal income or excise tax liability and (3) ensure that the Operating Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), which classification could result in the Operating Partnership being taxed as a corporation, rather than as a partnership. In addition to the administrative and operating costs and expenses incurred by the Operating Partnership in acquiring and operating real properties, the Operating Partnership will pay all of the Company’s administrative costs and expenses, and such expenses will be treated as expenses of the Operating Partnership. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | ||||||||||||
Principles of Consolidation and Basis of Presentation | |||||||||||||
The consolidated financial statements include the accounts of the Company, the Operating Partnership and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company. | |||||||||||||
The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC. | |||||||||||||
Square footage, occupancy and other measures used to describe real estate included in the notes to the consolidated financial statements are presented on an unaudited basis. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. | |||||||||||||
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 year ended December 31, 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. | |||||||||||||
Real Estate Assets | |||||||||||||
Depreciation and Amortization | |||||||||||||
Real estate costs related to the development, construction and improvement of properties are capitalized. Acquisition costs related to business combinations are expensed as incurred. Acquisition costs related to asset acquisitions are capitalized. Repair and maintenance and tenant turnover costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: | |||||||||||||
Buildings | 27.5 years | ||||||||||||
Building improvements | 5-25 years | ||||||||||||
Tenant improvements | Shorter of lease term or expected useful life | ||||||||||||
Tenant origination and absorption costs | Remaining term of related lease | ||||||||||||
Furniture, fixtures, and equipment | 5-10 years | ||||||||||||
Real Estate Purchase Price Allocation | |||||||||||||
The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. Acquisition costs are expensed as incurred. | |||||||||||||
The Company assesses the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. | |||||||||||||
Intangible assets include the value of in-place leases, which represents the estimated value of the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. | |||||||||||||
The Company estimates the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, the Company estimates the amount of lost rentals using market rates during the expected lease-up periods. | |||||||||||||
The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases. Should a tenant terminate its lease, the unamortized portion of the in-place lease value and customer relationship intangibles would be charged to expense in that period. | |||||||||||||
The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) the Company’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as a reduction or increase to rental income over the remaining non-cancelable terms of the respective leases. | |||||||||||||
The total amount of other lease-related intangible assets acquired will be further allocated to in-place lease values and customer relationship intangible values based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with that respective tenant. Characteristics that the Company considers in allocating these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, and the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. | |||||||||||||
The total amount of non-lease-related intangible assets, including amenity access agreements, tax abatement agreements or other contract rights assumed as part of the acquisition of certain properties, will be allocated to other intangible assets based on the present value of the difference between contractual amounts to be paid pursuant to the contracts assumed and the Company's estimate of the fair market contract rates for corresponding contracts measured over a period equal to the remaining non-cancelable term of the contracts assumed. Other intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related contracts. | |||||||||||||
Estimates of the fair values of the tangible assets, identifiable intangible assets and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). | |||||||||||||
Sale of Real Estate Assets | |||||||||||||
Property sales or dispositions are recorded when title transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with GAAP. | |||||||||||||
The Company classifies real estate assets as real estate held for sale once the criteria, as defined by GAAP, have been met. | |||||||||||||
Impairment of Real Estate Assets | |||||||||||||
The Company will continually monitor events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets and liabilities may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company records an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets and liabilities. If any assumptions, projections or estimates regarding an asset changes in the future, the Company may have to record an impairment to reduce the net book value of such individual asset. The Company did not record any impairment loss on its real estate assets during the years ended December 31, 2014, 2013 and 2012. | |||||||||||||
Rents and Other Receivables | |||||||||||||
The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Due to the short-term nature of the operating leases, the Company does not maintain a deferred rent receivable related to the straight-lining of rents. | |||||||||||||
Revenue Recognition | |||||||||||||
The Company leases apartment and condominium units under operating leases with terms generally of one year or less. Generally, credit investigations are performed for prospective residents and security deposits are obtained. The Company will recognize minimum rent, including rental abatements, concessions and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease and amounts expected to be received in later years will be recorded as deferred rents. The Company records property operating expense reimbursements due from tenants for common area maintenance, real estate taxes, and other recoverable costs in the period the related expenses are incurred. | |||||||||||||
The Company recognizes gains on sales of real estate either in total or deferred for a period of time, depending on whether a sale has been consummated, the extent of the buyer’s investment in the property being sold, whether the receivable is subject to future subordination, and the degree of the Company’s continuing involvement with the property after the sale. If the criteria for profit recognition under the full-accrual method are not met, the Company will defer gain recognition and account for the continued operations of the property by applying the percentage-of-completion, reduced profit, deposit, installment or cost recovery method, as appropriate, until the appropriate criteria are met. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. As of December 31, 2014 and 2013, the Company had amounts in excess of federally insured limits in deposit accounts with a financial institution. The Company limits such deposits to financial institutions with high credit standing. | |||||||||||||
Restricted Cash | |||||||||||||
Restricted cash represents those cash accounts for which the use of funds is restricted by loan covenants. As of December 31, 2014 and 2013, the Company had a restricted cash balance of $25,478,939 and $24,978,312, respectively, which represents amounts set aside as impounds for future property tax payments, property insurance payments and tenant improvement payments as required by agreements with the Company’s lenders. | |||||||||||||
Deferred Financing Costs | |||||||||||||
The Company capitalizes deferred financing costs such as commitment fees, legal fees and other third party costs associated with obtaining commitments for financing that result in a closing of such financing. The Company amortizes these costs over the terms of the respective financing agreements using the effective interest method. The Company expenses unamortized deferred financing costs when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. | |||||||||||||
Derivative Financial Instruments | |||||||||||||
The Company’s objective in using derivatives is to add stability to interest expense and to manage the Company’s exposure to interest rate movements or other identified risks. To accomplish these objectives, the Company may use various types of derivative instruments to manage fluctuations in cash flows resulting from interest rate risk attributable to changes in the benchmark interest rate of LIBOR or other applicable benchmark rates. | |||||||||||||
The Company measures its derivative instruments and hedging activities at fair value and records them as an asset or liability, depending on its rights or obligations under the applicable derivative contract. For derivatives designated as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged items are recorded in earnings. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portions of changes in fair value of the derivatives are reported in other comprehensive income (loss) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedges and ineffective portions of hedges are recognized in earnings in the affected period. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. | |||||||||||||
As of December 31, 2014, the Company did not have any derivatives designated as cash flow or fair value hedges, nor are derivatives being used for trading or speculative purposes. | |||||||||||||
Fair Value Measurements | |||||||||||||
Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: | |||||||||||||
• | Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; | ||||||||||||
• | Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and | ||||||||||||
• | Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. | ||||||||||||
When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources. | |||||||||||||
The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified. | |||||||||||||
Interest rate caps - The Company has entered into certain interest rate cap agreements. These derivatives did not qualify as fair value hedges. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the caps. Therefore, the Company’s interest rate caps were classified within Level 2 of the fair value hierarchy. | |||||||||||||
The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: | |||||||||||||
December 31, 2014 | |||||||||||||
Fair Value Measurements Using | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | |||||||||||||
Interest rate caps | $ | — | $ | 1,978,939 | $ | — | |||||||
Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities, due to affiliates and notes payable. | |||||||||||||
The Company considers the carrying value of cash and cash equivalents, restricted cash, rents and other receivables and accounts payable and accrued liabilities and the revolving credit facility to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts. | |||||||||||||
The fair value of the mortgage notes payable is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities. As of December 31, 2014 and 2013, the fair value of the mortgage notes payable was $1,082,414,832 and $965,681,419, respectively, compared to the carrying value of $1,070,757,025 and $987,329,800, respectively. The Company has determined that its notes payable are classified as Level 3 within the fair value hierarchy. | |||||||||||||
Accounting for Stock-Based Compensation | |||||||||||||
The Company amortizes the fair value of stock-based compensation awards to expense over the vesting period and records any dividend equivalents earned as dividends for financial reporting purposes. Stock-based compensation awards are valued at the fair value on the date of grant and amortized as an expense over the vesting period. | |||||||||||||
Distribution Policy | |||||||||||||
The Company has elected to be taxed as a REIT and to operate as a REIT beginning with its taxable year ended December 31, 2010. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). For the period from January 1, 2012 to September 9, 2012, distributions were based on daily record dates and calculated at a rate of $0.001917 per share per day and $0.001964 per share per day beginning September 10, 2012. Each day during the period from January 1, 2014 through December 31, 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. | |||||||||||||
Organization and Offering Costs | |||||||||||||
Organization and offering expenses include all expenses (other than sales commissions and related dealer manager fees) to be paid by the Company in connection with the Public Offering and the Private Offering, including legal, accounting, printing, mailing and filing fees, charges of the Company’s transfer agent, expenses of organizing the Company, data processing fees, advertising and sales literature costs, transfer agent costs, bona fide out-of-pocket due diligence costs and amounts to reimburse the Advisor or its affiliates for the salaries of its employees and other costs in connection with preparing supplemental sales materials and providing other administrative services. | |||||||||||||
The Company may also reimburse costs of bona fide training and education meetings held by the Company (primarily travel, meal and lodging costs of registered representatives of broker-dealers), attendance and sponsorship fees and cost reimbursement of employees of the Company’s affiliates to attend seminars conducted by broker-dealers and, in certain cases, reimbursement to participating broker-dealers for technology costs associated with the Public Offering, costs and expenses related to such technology costs, and costs and expenses associated with the facilitation of the marketing of the Company’s shares of common stock and the ownership of the Company’s shares of common stock by such broker-dealers’ customers; provided, however, that the Company will not pay any of the foregoing costs to the extent that such payment would cause total underwriting compensation for the Public Offering to exceed 10% of the gross proceeds of the Public Offering, as required by the rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”). | |||||||||||||
Pursuant to the Advisory Agreement and the dealer manager agreement by and among the Company, the Operating Partnership and the Dealer Manager (the “Dealer Manager Agreement”), the Company was obligated to reimburse the Advisor, the Dealer Manager, or their affiliates, as applicable, for organization and offering costs paid by them on behalf of the Company, provided that, within 60 days of the end of the month in which the Public Offering terminated, the Advisor was obligated to reimburse the Company to the extent selling commissions, dealer manager fees and organization and offering costs incurred by the Company in the completed Public Offering exceeded 15% of gross offering proceeds of the completed Public Offering. Any reimbursement of expenses paid to the Advisor will not exceed actual expenses incurred by the Advisor. No amounts were owed to the Company by the Advisor pursuant to the Advisory Agreement. | |||||||||||||
Reimbursements to the Advisor, the Dealer Manager, or their affiliates for offering costs paid by them on behalf of the Company with respect to the Private Offering were not limited to 15% of the gross offering proceeds of the Private Offering. However, the Company had previously deferred the reimbursements of offering costs in excess of 15% of the gross offering proceeds of the Private Offering until approval was obtained from the Company’s independent directors. On November 19, 2013, the independent directors approved the reimbursement of such excess costs from the Private Offering. Accordingly, during the year ended December 31, 2013, the Company reimbursed the Advisor $1,425,070 of previously deferred organization and offering costs of the Private Offering in excess of 15% of the gross offering proceeds raised in the Private Offering. | |||||||||||||
Operating Expenses | |||||||||||||
Pursuant to the Advisory Agreement, the Company is limited in the amount of certain operating expenses it may record on a rolling four-quarter basis to the greater of 2% of average invested assets and 25% of net income. Operating expenses include all costs and expenses incurred by the Company, as determined under GAAP, that in any way are related to the operation of the Company, excluding expenses of raising capital, interest payments, taxes, property operating expenses, non-cash expenditures, incentive fees, acquisition fees and expenses and investment management fees. During the four quarters ended December 31, 2014, the Company recorded operating expenses of $980,192, which is included in general and administrative expenses in the accompanying consolidated statement of operations. Operating expenses of $72,253 remain payable and are included in due to affiliates in the accompanying consolidated balance sheet as of December 31, 2014. | |||||||||||||
Income Taxes | |||||||||||||
The Company has elected to be taxed as a REIT under the Internal Revenue Code beginning with the tax year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including the requirement to distribute at least 90% of the Company’s annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year after the taxable year in which the Company initially elects to be taxed as a REIT, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes it is organized and operates in such a manner as to qualify for treatment as a REIT. | |||||||||||||
The Company follows the Income Taxes Topic of the ASC to recognize, measure, present and disclose in its accompanying consolidated financial statements uncertain tax positions that the Company has taken or expects to take on a tax return. As of December 31, 2014 and 2013, the Company had no liabilities for uncertain tax positions that it believes should be recognized in its accompanying consolidated financial statements. Due to uncertainty regarding the realization of certain deferred tax assets, the Company has established valuation allowances, primarily in connection with the net operating loss carryforward related to the REIT. The Company has not been assessed interest or penalties by any major tax jurisdictions. The Company’s evaluation was performed for the tax years ended December 31, 2014 and 2013. As of December 31, 2014, the Company’s tax returns for calendar years 2013, 2012 and 2011 remain subject to examination by major tax jurisdictions. | |||||||||||||
Per Share Data | |||||||||||||
Basic earnings (loss) per share attributable for all periods presented are computed by dividing net income (loss) attributable to controlling interest by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share are computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assumes each share was issued and outstanding each day during the period. 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. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In April 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, 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 would generally 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 the 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 ASU 2014-09, Revenue from Contracts with Customers, 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 today’s 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 December 15, 2016, including interim periods within that period. Early adoption is not permitted under GAAP. The Company does not expect there to be a material impact from adopting this new guidance. | |||||||||||||
In June 2014, the FASB issued ASU 2014-15, Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved After the Requisite Service Period, that requires an entity to treat performance targets that can be met after the requisite service period of a share based award has ended, as a performance condition that affects vesting. The new guidance is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. The Company does not expect there to be a material impact from adopting this new guidance. | |||||||||||||
In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, 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 states 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 does not expect there to be a material impact from adopting this new guidance. | |||||||||||||
In January 2015, the FASB issued ASU 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, that eliminates the concept of the extraordinary items from GAAP. The objective of the new guidance is to simplify the income statement presentation requirements of GAAP. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. The guidance is effective for annual periods, including interim periods within that period, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect there to be a material impact from adopting this new guidance. |
Real_Estate
Real Estate | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||
Real Estate | Real Estate | ||||||||||||||||||||||||||||||||
As of December 31, 2014, the Company owned 65 multifamily properties, encompassing in the aggregate 16,526 apartment homes and 25,973 square feet of rentable commercial space. The total cost of the Company’s real estate portfolio was $1,624,892,557. As of December 31, 2014 and 2013, the Company’s portfolio was approximately 94.1% and 92.4% occupied and the average monthly rent was $966 and $897, respectively. | |||||||||||||||||||||||||||||||||
Current Year Acquisitions | |||||||||||||||||||||||||||||||||
During the year ended December 31, 2014, the Company acquired the following properties: | |||||||||||||||||||||||||||||||||
Purchase Price Allocation | |||||||||||||||||||||||||||||||||
Property Name | Location | Purchase Date | Units | Land | Building and Improvements | Tenant Origination and Absorption Costs | Total Purchase | ||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||||||
Sycamore Terrace Apartments (Phase II) | Terre Haute, IN | 3/5/14 | 72 | $ | 381,657 | $ | 6,190,931 | $ | 101,569 | $ | 6,674,157 | ||||||||||||||||||||||
Reserve at Creekside Village | Chattanooga, TN | 3/28/14 | 192 | 1,344,233 | 17,178,743 | 352,024 | 18,875,000 | ||||||||||||||||||||||||||
Mapleshade Park | Dallas, TX | 3/31/14 | 148 | 3,585,171 | 19,131,230 | 608,599 | 23,325,000 | ||||||||||||||||||||||||||
Richland Falls | Murfreesboro, TN | 5/16/14 | 190 | 1,306,794 | 19,422,561 | 270,645 | 21,000,000 | ||||||||||||||||||||||||||
Oak Crossing | Fort Wayne, IN | 6/3/14 | 222 | 2,005,491 | 21,808,038 | 416,471 | 24,230,000 | ||||||||||||||||||||||||||
Park Shore | St. Charles, IL | 9/12/14 | 160 | 1,619,712 | 16,221,717 | 508,571 | 18,350,000 | ||||||||||||||||||||||||||
Tapestry Park Apartments (Phase II) | Birmingham, AL | 12/1/14 | 131 | 1,433,853 | 16,435,006 | 16,141 | 17,885,000 | ||||||||||||||||||||||||||
1,115 | $ | 11,676,911 | $ | 116,388,226 | $ | 2,274,020 | $ | 130,339,157 | |||||||||||||||||||||||||
As of December 31, 2014 and 2013, accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: | |||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||||
Land | Building and Improvements | Tenant Origination and Absorption | Other Intangible Assets | Construction-in-Progress | Total Real Estate Held for Investment | Real Estate Held for Sale | Below-Market Leases | ||||||||||||||||||||||||||
Investments in real estate | $ | 174,102,422 | $ | 1,457,633,918 | $ | 524,712 | $ | 2,644,263 | $ | 2,048,098 | $ | 1,636,953,413 | $ | — | $ | — | |||||||||||||||||
Less: Accumulated depreciation and amortization | — | (97,793,830 | ) | (308,926 | ) | (239,696 | ) | — | (98,342,452 | ) | — | — | |||||||||||||||||||||
Net investments in real estate and related lease intangibles | $ | 174,102,422 | $ | 1,359,840,088 | $ | 215,786 | $ | 2,404,567 | $ | 2,048,098 | $ | 1,538,610,961 | $ | — | $ | — | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||||
Land | Building and Improvements | Tenant Origination and Absorption | Other Intangible Assets | Construction-in-Progress | 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 expense was $69,681,177, $48,454,178 and $14,957,857 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
Depreciation of the Company’s buildings and improvements was $59,014,085, $32,103,974 and $8,214,839 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
Amortization of the Company’s tenant origination and absorption costs was $10,513,924, $16,263,677 and $6,743,018 for the years ended December 31, 2014, 2013 and 2012, 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 $153,168, $86,528 and $0 for the years ended December 31, 2014, 2013 and 2012, 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 years ended December 31, 2014, 2013 and 2012 was $163,237, $1,108,789 and $138,703, respectively. The Company’s below-market lease intangible liabilities had a weighted-average accretion period as of the date of acquisition of less than one year. | |||||||||||||||||||||||||||||||||
The future amortization of the Company’s acquired other intangible assets as of December 31, 2014 and thereafter is as follows: | |||||||||||||||||||||||||||||||||
2015 | $ | 153,168 | |||||||||||||||||||||||||||||||
2016 | 153,168 | ||||||||||||||||||||||||||||||||
2017 | 153,168 | ||||||||||||||||||||||||||||||||
2018 | 153,168 | ||||||||||||||||||||||||||||||||
2019 | 153,168 | ||||||||||||||||||||||||||||||||
Thereafter | 1,638,728 | ||||||||||||||||||||||||||||||||
$ | 2,404,568 | ||||||||||||||||||||||||||||||||
Operating Leases | |||||||||||||||||||||||||||||||||
As of December 31, 2014, the Company’s real estate portfolio comprised 16,526 residential apartment homes and was 96.6% leased by a diverse group of residents. For the years ended December 31, 2014 and 2013, the Company’s real estate portfolio earned approximately 99% and 1% of its rental income from residential tenants and commercial office tenants, respectively. The residential tenant lease terms consist of lease durations equal to 12 months or less. The commercial office tenant leases consist of lease durations varying from 3.16 to 6.79 years. | |||||||||||||||||||||||||||||||||
Some residential and commercial leases contain provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit and/or a letter of credit for commercial tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to tenant leases are included in accounts payables and accrued liabilities in the accompanying consolidated balance sheets and totaled $4,156,797 and $3,560,623 as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||
The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of December 31, 2014 and thereafter is as follows: | |||||||||||||||||||||||||||||||||
2015 | $ | 347,036 | |||||||||||||||||||||||||||||||
2016 | 350,051 | ||||||||||||||||||||||||||||||||
2017 | 354,433 | ||||||||||||||||||||||||||||||||
2018 | 202,540 | ||||||||||||||||||||||||||||||||
2019 | 163,431 | ||||||||||||||||||||||||||||||||
Thereafter | 198,530 | ||||||||||||||||||||||||||||||||
$ | 1,616,021 | ||||||||||||||||||||||||||||||||
As of December 31, 2014 and 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 years ended ended December 31, 2014, 2013 and 2012 for the disposed properties were included in continuing operations on the Company’s consolidated statements of operations and are as follows: | |||||||||||||||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||
Rental income | $ | 2,196,351 | $ | 4,097,647 | $ | 3,941,695 | |||||||||||||||||||||||||||
Tenant reimbursements and other | 254,314 | 378,433 | 291,214 | ||||||||||||||||||||||||||||||
Total revenues | 2,450,665 | 4,476,080 | 4,232,909 | ||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||
Operating, maintenance and management | 989,164 | 1,603,413 | 1,529,382 | ||||||||||||||||||||||||||||||
Real estate taxes and insurance | 255,084 | 495,802 | 468,067 | ||||||||||||||||||||||||||||||
Fees to affiliates | 598,041 | 195,770 | 74,723 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 377,183 | 945,409 | 1,088,693 | ||||||||||||||||||||||||||||||
Interest expense | 387,709 | 758,258 | 791,173 | ||||||||||||||||||||||||||||||
Loss on debt extinguishment | 1,939,817 | — | — | ||||||||||||||||||||||||||||||
Total expenses | $ | 4,546,998 | $ | 3,998,652 | $ | 3,952,038 | |||||||||||||||||||||||||||
Deferred_Financing_Costs_and_O
Deferred Financing Costs and Other Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Deferred Financing Costs and Other Assets | Deferred Financing Costs and Other Assets | |||||||
As of December 31, 2014 and 2013, deferred financing costs and other assets, net of accumulated amortization, consisted of: | ||||||||
31-Dec-14 | December 31, 2013 | |||||||
Deferred financing costs | $ | 9,743,277 | $ | 8,440,169 | ||||
Less: accumulated amortization | (2,510,317 | ) | (1,235,886 | ) | ||||
7,232,960 | 7,204,283 | |||||||
Prepaid expenses | 2,900,609 | 3,142,924 | ||||||
Interest rate cap agreements (Note 11) | 1,978,939 | 5,462,561 | ||||||
Escrow deposits for pending real estate acquisitions | — | 500,000 | ||||||
Other deposits | 1,343,098 | 1,265,642 | ||||||
$ | 13,455,606 | $ | 17,575,410 | |||||
Debt
Debt | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||
Debt | Debt | ||||||||||||||||||||||||||||
Notes Payable | |||||||||||||||||||||||||||||
The following is a summary of notes payable secured by real property as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||
Principal Outstanding at | |||||||||||||||||||||||||||||
Property Name | Payment | Maturity | Interest | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Type | Date | Rate(1) | |||||||||||||||||||||||||||
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% | 4,890,069 | 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% | 8,479,259 | 8,632,301 | |||||||||||||||||||||||
5 | Cooper Creek | Principal and interest(3) | September 1, 2018 | 3.89% | 6,500,887 | 6,624,725 | |||||||||||||||||||||||
6 | Truman Farm Villas | Principal and interest(3) | January 1, 2019 | 3.78% | 5,709,615 | 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% | 5,397,291 | 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% | 8,937,635 | 9,084,000 | |||||||||||||||||||||||
11 | Spring Creek(6) | Principal and interest | February 1, 2018 | 4.88% | 13,577,868 | 13,912,669 | |||||||||||||||||||||||
12 | Montclair Parc | Principal and interest | May 1, 2019 | 3.70% | 23,827,037 | 24,305,671 | |||||||||||||||||||||||
13 | Sonoma Grande | Principal and interest(7) | June 1, 2019 | 3.31% | 22,324,719 | 22,540,000 | |||||||||||||||||||||||
14 | Estancia(6) | Interest only | October 1, 2017(8) | 5.94% | 21,485,523 | 21,844,621 | |||||||||||||||||||||||
15 | Montelena(6) | Principal and interest(9) | August 1, 2018 | 4.82% | 12,290,751 | 12,614,683 | |||||||||||||||||||||||
16 | Valley Farms | Principal and interest | January 1, 2020 | 4.25% | 10,068,528 | 10,244,494 | |||||||||||||||||||||||
17 | Hilliard Park | Principal and interest(3) | October 1, 2022 | 3.62% | 13,563,481 | 13,818,616 | |||||||||||||||||||||||
18 | Hilliard Summit | Principal and interest(3) | October 1, 2022 | 3.56% | 16,436,620 | 16,749,262 | |||||||||||||||||||||||
19 | Springmarc | Principal and interest(3) | November 1, 2019 | 3.69% | 15,166,129 | 15,446,452 | |||||||||||||||||||||||
20 | Ashley Oaks(5) | Principal and interest(3) | November 1, 2021 | 1-Mo LIBOR + 2.35% | 21,296,125 | 21,680,010 | |||||||||||||||||||||||
Principal Outstanding at | |||||||||||||||||||||||||||||
Property Name | Payment | Maturity | Interest | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Type | Date | Rate(1) | |||||||||||||||||||||||||||
21 | Arrowhead | Principal and interest(3) | December 1, 2019 | 3.38% | $ | 12,321,880 | $ | 12,562,000 | |||||||||||||||||||||
22 | The Moorings | Principal and interest(3) | December 1, 2019 | 3.37% | 14,896,178 | 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% | 6,100,287 | 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% | 1,155,185 | — | |||||||||||||||||||||||
27 | Montecito | Principal and interest(3) | January 1, 2020 | 3.47% | 14,003,890 | 14,250,000 | |||||||||||||||||||||||
28 | Hilliard Grand | Principal and interest | August 1, 2052 | 5.59% | 28,832,151 | 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% | 8,941,943 | 9,113,640 | |||||||||||||||||||||||
31 | Trails at Buda Ranch(5) | Principal and interest(3) | April 1, 2023 | 1-Mo LIBOR + 2.42% | 16,821,368 | 17,030,000 | |||||||||||||||||||||||
32 | Deep Deuce at Bricktown Apartments(6) | Principal and interest | April 1, 2018 | 5.04% | 23,902,012 | 24,603,299 | |||||||||||||||||||||||
33 | Deep Deuce at Bricktown — Supplemental Loan | Principal and interest | April 1, 2018 | 4.73% | 2,737,193 | 2,779,688 | |||||||||||||||||||||||
34 | Deer Valley(5) | Principal and interest(3) | May 1, 2023 | 1-Mo LIBOR + 2.40% | 20,645,873 | 20,875,000 | |||||||||||||||||||||||
35 | Grayson Ridge(5) | Principal and interest(3) | July 1, 2020 | 1-Mo LIBOR + 2.63% | 10,631,586 | 10,725,000 | |||||||||||||||||||||||
36 | Rosemont at 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% | 17,029,692 | 17,190,827 | |||||||||||||||||||||||
38 | The Lodge at Trails Edge(6) | Principal and interest | November 1, 2020 | 4.47% | 10,744,647 | 10,965,388 | |||||||||||||||||||||||
39 | The Lodge at Trails Edge — Supplemental Loan | Principal and interest | November 1, 2020 | 5.75% | 1,912,449 | 1,936,199 | |||||||||||||||||||||||
40 | Arbors of Carrollton(6) | Principal and interest | December 1, 2020 | 4.83% | 5,289,656 | 5,395,471 | |||||||||||||||||||||||
41 | Arbors of Carrollton — Supplemental Loan | Principal and interest | December 1, 2020 | 4.83% | 971,423 | 986,624 | |||||||||||||||||||||||
42 | Waterford on the Meadow(6) | Principal and interest | December 1, 2020 | 4.70% | 13,885,425 | 14,154,991 | |||||||||||||||||||||||
43 | Waterford on the Meadow — Supplemental Loan | Principal and interest | December 1, 2020 | 4.78% | 2,718,243 | 2,761,194 | |||||||||||||||||||||||
44 | The Belmont(6) | Principal and interest | March 1, 2021 | 5.91% | 9,295,899 | 9,498,460 | |||||||||||||||||||||||
Principal Outstanding at | |||||||||||||||||||||||||||||
Property Name | Payment | Maturity | Interest | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Type | Date | Rate(1) | |||||||||||||||||||||||||||
45 | Meritage at Steiner Ranch(5) | Principal and interest(3) | September 1, 2020 | 1-Mo LIBOR + 2.47% | $ | 55,198,913 | $ | 55,500,000 | |||||||||||||||||||||
46 | Tapestry Park(5)(12) | Principal and interest(3) | June 1, 2022 | 1-Mo LIBOR + 2.44% | 34,725,000 | 23,100,000 | |||||||||||||||||||||||
47 | Dawntree(6) | Principal and interest(13) | August 6, 2021 | 5.48% | 15,833,312 | 16,022,763 | |||||||||||||||||||||||
48 | Stuart Hall(5) | Principal and interest(3) | September 1, 2020 | 1-Mo LIBOR + 2.75% | 12,350,045 | 12,407,000 | |||||||||||||||||||||||
49 | BriceGrove Park(5) | Principal and interest(3) | October 1, 2020 | 1-Mo LIBOR + 2.58% | 14,932,281 | 14,985,000 | |||||||||||||||||||||||
50 | Cantare at Indian Lake Village | Principal and interest(3) | 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% | 22,671,543 | 22,750,000 | |||||||||||||||||||||||
52 | The Heights(5) | Principal and interest(3) | October 1, 2020 | 1-Mo LIBOR + 2.60% | 28,912,294 | 29,014,000 | |||||||||||||||||||||||
53 | Villas at Huffmeister(5) | Principal and interest(3) | November 1, 2020 | 1-Mo LIBOR + 2.68% | 25,917,180 | 25,963,000 | |||||||||||||||||||||||
54 | Villas at Kingwood(5) | Principal and interest(3) | November 1, 2020 | 1-Mo LIBOR + 2.68% | 28,055,400 | 28,105,000 | |||||||||||||||||||||||
55 | Waterford Place at Riata Ranch(5) | Principal and interest(3) | November 1, 2020 | 1-Mo LIBOR + 2.64% | 16,310,966 | 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% | 16,697,112 | 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(14) | April 1, 2021 | 1-Mo LIBOR + 2.15% | 15,161,000 | — | |||||||||||||||||||||||
65 | Richland Falls | Principal and interest(10) | May 16, 2017(8) | Variable(15) | 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 | — | |||||||||||||||||||||||
$ | 1,070,757,025 | $ | 987,329,800 | ||||||||||||||||||||||||||
_______________ | |||||||||||||||||||||||||||||
-1 | Except as otherwise noted, interest on the notes accrues at a fixed rate per annum. At December 31, 2014, the weighted-average interest rate of our fixed rate debt and variable rate debt was 4.30% and 2.53%, respectively. The weighted-average interest rate of our blended fixed and variable rates was 3.36% as of December 31, 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 respective date of sale 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 a prepayment penalty of $796,227, $649,825 and $347,949, respectively, and 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 December 31, 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 December 31, 2014 | Amortization of Debt Premium (Discount) During the Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Spring Creek | $ | 313,649 | $ | 101,429 | $ | 101,428 | $ | 82,342 | |||||||||||||||||||||
Estancia | 985,523 | 359,097 | 359,096 | 181,544 | |||||||||||||||||||||||||
Montelena | 525,060 | 146,368 | 146,368 | 68,462 | |||||||||||||||||||||||||
Deep Deuce at Bricktown | 1,020,989 | 315,193 | 239,784 | — | |||||||||||||||||||||||||
Retreat at Quail North | 457,934 | 12,034 | 6,385 | — | |||||||||||||||||||||||||
The Lodge at Trails Edge | 93,162 | 15,872 | 8,686 | — | |||||||||||||||||||||||||
Arbors of Carrollton | 147,552 | 24,938 | 12,469 | — | |||||||||||||||||||||||||
Waterford on the Meadow | 298,483 | 50,448 | 25,224 | — | |||||||||||||||||||||||||
The Belmont | 579,533 | 94,225 | 40,780 | — | |||||||||||||||||||||||||
Dawntree | 713,778 | 126,985 | 48,131 | — | |||||||||||||||||||||||||
Heritage Grand at Sienna Plantation | (448,865 | ) | (11,796 | ) | (381 | ) | — | ||||||||||||||||||||||
$ | 4,686,798 | $ | 1,234,793 | $ | 987,970 | $ | 332,348 | ||||||||||||||||||||||
-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 | On December 1, 2014, the Company acquired Tapestry Park Apartments (Phase II) for a total purchase price of $17,885,000. The Company’s strategy is to operate and manage Tapestry Park Apartments and Tapestry Park Apartments (Phase II) as a single property. In conjunction with the Tapestry Park Apartments (Phase II) acquisition, the Company’s existing mortgage loan secured by Tapestry Park Apartments in the amount of $23,100,000 was repaid in full and replaced with a new mortgage loan in the aggregate principal amount of $34,725,000. The same lender originated the mortgage loans for the existing and new loans. The Company accounted for this transaction as a debt modification, in accordance with GAAP. | ||||||||||||||||||||||||||||
-13 | A monthly payment of interest only is due and payable through August 6, 2014, after which, a monthly payment of principal and interest is due and payable until the maturity date. | ||||||||||||||||||||||||||||
-14 | 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. | ||||||||||||||||||||||||||||
-15 | The Company has the option to select the interest rate at the end of each LIBOR interest period (as defined in the note agreement) from the following options: (1) 0.85% plus the highest of (A) the Prime Rate (as defined in the note agreement), (B) the sum of the Federal Funds Rate (as defined in the note agreement) plus 0.50%, and (C) daily LIBOR plus 1.0% (the “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 December 31, 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 for borrowings under the credit facility. 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 0.5%, 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%. The Company elected the LIBOR Option and the in-place interest rate was 1.77% as of December 31, 2014. | |||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, $14,000,000 and $0 was outstanding under the credit facility, respectively. | |||||||||||||||||||||||||||||
The following is a summary of the Company’s aggregate maturities as of December 31, 2014: | |||||||||||||||||||||||||||||
Maturities During the Years Ending December 31, | |||||||||||||||||||||||||||||
Contractual Obligation | Total | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||||||||||
Principal payments on outstanding debt obligations(1) | $ | 1,080,070,227 | $ | 14,106,234 | $ | 29,835,302 | $ | 51,817,023 | $ | 83,280,961 | $ | 127,507,710 | $ | 773,522,997 | |||||||||||||||
________________ | |||||||||||||||||||||||||||||
-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 December 31, 2014 and 2013, the Company was in compliance with all financial and non-financial debt covenants. | |||||||||||||||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, the Company incurred interest expense of $40,412,744, $24,308,402 and $6,291,193, respectively. Interest expense for the years ended December 31, 2014, 2013 and 2012 includes amortization of deferred financing costs of $1,489,834, $976,198 and $225,614, amortization of loan premiums and discounts of $1,234,793, $987,970 and $332,348, net unrealized loss from the change in fair value of interest rate caps of $4,353,301, $448,984 and $162,761, and capitalized interest of $41,898, $0 and $0, respectively. Interest expense of $2,870,380 and $2,539,966 was payable as of December 31, 2014 and 2013, respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||
Dec. 31, 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. | ||||||||||
Common Stock | ||||||||||
The shares of the Company’s common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive dividends and other distributions as authorized by the Company’s board of directors in accordance with the Maryland General Corporation Law and to all rights of a stockholder pursuant to the Maryland General Corporation Law. The common stock has no preferences or preemptive, conversion or exchange rights. | ||||||||||
During 2009, the Company issued 22,223 shares of common stock to the Sponsor for $200,007. From inception through December 31, 2014, the Company had issued 76,732,387 shares of common stock in its Private Offering and Public Offering for offering proceeds of $679,572,142, net of offering costs of $95,845,468, including 4,073,751 shares of common stock pursuant to the DRP, for total proceeds of $39,580,769. 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 December 31, 2014 and 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 continued to offer shares pursuant to the DRP through November 30, 2014. | ||||||||||
The activity for the years ended December 31, 2014, 2013 and 2012 for the restricted stock issued to the Company’s independent directors as compensation for services in connection with their initial election or re-election to the board of directors at the Company’s annual meeting is as follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Nonvested shares at the beginning of the year | 18,750 | 20,625 | 12,500 | |||||||
Granted shares | 10,000 | 10,000 | 17,500 | |||||||
Vested shares | (11,875 | ) | (11,875 | ) | (9,375 | ) | ||||
Nonvested shares at the end of the year | 16,875 | 18,750 | 20,625 | |||||||
Additionally, the weighted average fair value of restricted stock issued to the Company’s independent directors for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||
Grant Year | Weighted Average Fair Value | |||||||||
2012 | $ | 9.23 | ||||||||
2013 | 10.24 | |||||||||
2014 | 10.24 | |||||||||
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 $118,145, $105,210 and $94,425 for the years ended December 31, 2014, 2013 and 2012, respectively, for compensation expense related to the issuance of restricted common stock. The weighted average remaining vesting term of the restricted common stock is 1.44 years as of December 31, 2014. | ||||||||||
On November 15, 2012, the Company entered into a Stock Purchase Plan (the “Plan”) with Ella S. Neyland, the Company’s President and a member of the Company’s board of directors, whereby Ms. Neyland agreed to invest $5,530 for 600 shares of common stock pursuant to the Company’s Public Offering on the first day of each fiscal quarter. The shares were purchased pursuant to the Plan at a price of $9.22 per share, reflecting the elimination of selling commissions and the dealer manager fee in connection with such sales.The Plan terminated on November 15, 2013. As of December 31, 2014, Ms. Neyland had cumulatively purchased 2,400 shares for $22,118 pursuant to the Plan. | ||||||||||
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 in satisfaction of certain deferred fees 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. The fair value of the shares of restricted stock was $5,000,000 as of December 31, 2014. | ||||||||||
Convertible Stock | ||||||||||
The Company issued 1,000 shares of Convertible Stock to the Advisor for $1,000. The Convertible Stock will convert into shares of the Company’s common stock if and when: (A) the Company has made total distributions on the then outstanding shares of common stock equal to the original issue price of those shares plus an 8.0% cumulative, non-compounded, annual return on the original issue price of those shares, (B) subject to specified conditions, the Company lists the common stock for trading on a national securities exchange or (C) the Advisory Agreement is terminated or not renewed by the Company (other than for “cause” as defined in the Advisory Agreement). A “listing” will also be deemed to have occurred on the effective date of any merger of the Company in which the consideration received by the holders of the Company’s common stock is the securities of another issuer that are listed on a national securities exchange. Upon conversion, each share of Convertible Stock will convert into a number of shares of common stock equal to 1/1000 of the quotient of (A) 10% of the amount, if any, by which (1) the Company’s “enterprise value” (as defined in the Charter) plus the aggregate value of distributions paid to date on the outstanding shares of common stock exceeds (2) the aggregate purchase price paid by the stockholders for those shares plus an 8.0% cumulative, non-compounded, annual return on the original issue price of those shares, divided by (B) the Company’s enterprise value divided by the number of outstanding shares of common stock, in each case calculated as of the date of the conversion. In the event of a termination or non-renewal of the Advisory Agreement by the Company for cause, the Convertible Stock will be redeemed by the Company for $1.00. | ||||||||||
Preferred Stock | ||||||||||
The Charter also provides the Company’s board of directors with the authority to issue one or more classes or series of preferred stock, and prior to the issuance of such shares of preferred stock, the board of directors shall have the power from time to time to classify or reclassify, in one or more series, any unissued shares and designate the preferences, rights and privileges of such shares of preferred stock. The Company’s board of directors is authorized to amend the Charter, without the approval of the stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. As of December 31, 2014 and 2013, no shares of the Company’s preferred stock were issued and outstanding. | ||||||||||
Distribution Reinvestment Plan | ||||||||||
The Company’s board of directors had approved the DRP through which common stockholders could 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. Effective with distributions earned beginning on December 1, 2014, the Company’s board of directors elected to suspend the DRP. As a result, all distributions will be paid in cash and not reinvested in shares of the Company’s common stock. The Company’s board of directors may, in its sole discretion, from time to time, reinstate the DRP, although there is no assurance as to if or when this will happen, 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. | ||||||||||
Our distribution reinvestment plan was suspended by our board of directors effective November 20, 2014. | ||||||||||
Share Repurchase Plan and Redeemable Common Stock | ||||||||||
The Company’s repurchase plan may provide an opportunity for stockholders to have their shares of common stock repurchased by the Company, subject to certain restrictions and limitations. No shares can be repurchased under the Company’s share repurchase plan until after the first anniversary of the date of purchase of such shares; provided, however, that this holding period shall not apply to repurchases requested within two years after the death or disability of a stockholder. | ||||||||||
The purchase price for shares repurchased under the Company’s share repurchase plan will be as follows: | ||||||||||
Share Purchase Anniversary | Repurchase Price | |||||||||
on Repurchase Date(1) | ||||||||||
Less than 1 year | No Repurchase Allowed | |||||||||
1 year | 92.5% of Estimated Value per Share(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 most recently determined Estimated Value per Share when the share repurchase plan is in effect. | |||||||||
-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 were 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 were made quarterly upon written request to the Company at least 15 days prior to the end of the applicable quarter. Repurchase requests were honored approximately 30 days following the end of the applicable quarter (the “Repurchase Date”). Stockholders could withdraw their repurchase request at any time up to three business days prior the Repurchase Date. During the year ended December 31, 2014, the Company redeemed a total of 280,185 shares with a total redemption value of $2,723,947 and received requests for the redemption of 215,685 shares with a total redemption value of $2,110,525. During the year ended December 31, 2013, the Company redeemed a total of 129,239 shares with a total redemption value of $1,246,300 and received requests for the redemption of 154,518 shares with a total redemption value of $1,466,812. | ||||||||||
The Company could not guarantee that the funds set aside for the share repurchase plan would be sufficient to accommodate all repurchase requests made in any quarter. In the event that the Company did not have sufficient funds available to repurchase all of the shares of the Company’s common stock for which repurchase requests had been submitted in any quarter, priority was given to redemption requests in the case of the death or disability of a stockholder. If the Company repurchased less than all of the shares subject to a repurchase request in any quarter, with respect to any shares which had not been repurchased, the requesting stockholder could (1) withdraw the request for repurchase or (2) ask that the Company honor the request in a future quarter, if any, when such repurchases could be made pursuant to the limitations of the share repurchase plan and when sufficient funds were available. Such pending requests would 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 was not obligated to repurchase shares of the Company’s common stock under the share repurchase plan. In no event would 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 was no fee in connection with a repurchase of shares of the Company’s common stock. | ||||||||||
The aggregate amount of repurchases under the Company’s share repurchase plan was not expected to exceed the aggregate proceeds received from the sale of shares pursuant to the DRP. However, if this amount was not sufficient to fund repurchase requests, subject to the 5% limitation outlined above, the Company’s board of directors could, 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 were not otherwise dedicated to a particular use, such as working capital, cash distributions to stockholders or purchases of real estate assets. | ||||||||||
In addition, the Company’s board of directors may, in its sole discretion, amend, suspend, or terminate the share repurchase plan at any time upon 30 days notice to the Company’s stockholders if it determines that the funds available to fund the share repurchase plan are needed for other business or operational purposes or that amendment, suspension or termination of the share repurchase plan is in the best interest of the Company’s stockholders. Therefore, stockholders may not have the opportunity to make a repurchase request prior to any potential termination of the Company’s share repurchase plan. | ||||||||||
Pursuant to the share repurchase plan, for the year ended December 31, 2014, the Company reclassified $13,393,647, net of $2,723,947 of fulfilled redemption requests, from temporary equity, which is included as redeemable common stock on the accompanying consolidated balance sheets, to permanent equity. For the year ended December 31, 2013, the Company reclassified $10,078,483, net of $1,246,300 of fulfilled redemption requests, 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. | ||||||||||
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 has not processed 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. | ||||||||||
Distributions | ||||||||||
The Company’s long-term policy is to pay distributions from cash flow from operations. However, in order to provide additional available funds to pay distributions, the Company’s obligation to pay up to $5,000,000 of fees due to the Advisor pursuant to the Advisory Agreement was deferred. If, during any calendar quarter during the Public Offering, the distributions paid by the Company exceeded funds from operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts, plus (1) any acquisition expenses and acquisition fees expensed that are related to any property, loan or other investment acquired or expected to be acquired, and (2) any non-operating, non-cash charges incurred, such as impairments of property or loans, any other than temporary impairments of marketable securities, or other similar charges, for the quarter, which is defined in the Advisory Agreement as “Adjusted Funds From Operations,” the payment of fees the Company was obligated to pay the Advisor were deferred in an amount equal to the amount by which distributions paid to stockholders for the quarter exceeded Adjusted Funds From Operations for such quarter up to an amount equal to a 7.0% cumulative non-compounded annual return on stockholders’ invested capital, pro-rated for such quarter. 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 December 31, 2014 and 2013, $0 and $5,000,000, respectively, of fees had been deferred pursuant to the Advisory Agreement. | ||||||||||
Distributions Declared | ||||||||||
Distributions declared to date (1) accrue daily to stockholders of record as of the close of business on each day, (2) are payable in cumulative amounts on or before the third day of each calendar month with respect to the prior month and (3) are calculated at a rate of $0.001964 per share per day, which if paid each day over a 365-day period is equivalent to a 7.0% annualized distribution rate based on a purchase price of $10.24 per share of common stock. | ||||||||||
Distributions declared for the years ended December 31, 2014 and 2013 were $54,296,664 and $28,645,761, including $22,220,101 and $11,628,045, or 2,283,669 shares and 1,195,071 shares, respectively, of common stock issued pursuant to the DRP. | ||||||||||
As of December 31, 2014 and 2013, $4,679,455 and $4,058,452 distributions declared were payable, which included $0 and $1,963,570 of distributions reinvested pursuant to the DRP, respectively. | ||||||||||
Distributions Paid | ||||||||||
For the years ended December 31, 2014 and 2013, the Company paid cash distributions of $29,491,989 and $14,302,663, which related to distributions declared for each day in the period from December 1, 2013 through November 30, 2014 and December 1, 2012 through November 30, 2013, respectively. Additionally, for the years ended December 31, 2014 and 2013, 2,485,476 and 1,195,071 shares of common stock were issued pursuant to the DRP for gross offering proceeds of $24,183,672 and $11,628,045, respectively. For the years ended December 31, 2014 and 2013, the Company paid total distributions of $53,675,661 and $25,930,708. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 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 years ended December 31, 2014, 2013 and 2012: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net loss attributable to the Company | $ | (25,742,292 | ) | $ | (55,879,857 | ) | $ | (22,559,927 | ) | ||||
Less: dividends declared on participating securities | 203,990 | — | — | ||||||||||
Net loss attributable to common stockholders | (25,946,282 | ) | (55,879,857 | ) | (22,559,927 | ) | |||||||
Weighted average common shares outstanding - basic and diluted | 75,450,215 | 40,169,940 | 12,238,094 | ||||||||||
Loss per common share - basic and diluted | $ | (0.34 | ) | $ | (1.39 | ) | $ | (1.84 | ) | ||||
As of December 31, 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 | 12 Months Ended | |||||||||||
Dec. 31, 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 the Dealer Manager Agreement, the Company is obligated to pay the Advisor 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 years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||
Incurred For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Consolidated Statements of Operations: | ||||||||||||
Expensed | ||||||||||||
Investment management fees(1) | $ | 13,252,309 | $ | 7,409,393 | $ | 1,887,866 | ||||||
Acquisition fees(1) | 3,251,400 | 19,148,107 | 10,131,220 | |||||||||
Acquisition expenses(2) | 587,513 | 4,433,861 | 1,033,301 | |||||||||
Property management | ||||||||||||
Fees(1) | 5,802,772 | 3,226,878 | 960,968 | |||||||||
Reimbursement of onsite personnel(3) | 17,841,495 | 9,343,021 | 3,004,041 | |||||||||
Other fees(1) | 1,617,440 | 929,359 | 147,504 | |||||||||
Other operating expenses(4) | 980,195 | 3,561,399 | 1,427,993 | |||||||||
Disposition fees(5) | 463,688 | — | — | |||||||||
Consolidated Balance Sheets: | ||||||||||||
Capitalized to real estate | ||||||||||||
Construction management fees | 1,391,360 | 421,776 | — | |||||||||
Additional paid-in-capital | ||||||||||||
Other offering costs reimbursement | — | 13,271,892 | 9,820,681 | |||||||||
Selling commissions | — | 31,187,852 | 10,895,367 | |||||||||
Dealer management fees | — | 17,826,407 | 6,259,112 | |||||||||
$ | 45,188,172 | $ | 110,759,945 | $ | 45,568,053 | |||||||
________________ | ||||||||||||
-1 | Included in fees to affiliates in the accompanying consolidated statements of operations. | |||||||||||
-2 | Included in acquisition costs in the accompanying consolidated statements of operations. | |||||||||||
-3 | Included in operating, maintenance and management in the accompanying consolidated statements of operations. | |||||||||||
-4 | Included in general and administrative expenses in the accompanying consolidated statements of operations. | |||||||||||
-5 | Included in gain on sales of real estate, net in the accompanying consolidated statements of operations. | |||||||||||
Amounts attributable to the Advisor and its affiliates incurred and paid for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||
Paid For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Consolidated Statements of Operations: | ||||||||||||
Expensed | ||||||||||||
Investment management fees | $ | 16,627,339 | $ | 4,630,082 | $ | 383,359 | ||||||
Acquisition fees | 3,296,422 | 19,436,769 | 9,876,075 | |||||||||
Acquisition expenses | 583,511 | 4,577,909 | 997,180 | |||||||||
Property management | ||||||||||||
Fees | 5,717,813 | 2,960,930 | 834,537 | |||||||||
Reimbursement of onsite personnel | 17,827,185 | 8,976,013 | 2,848,511 | |||||||||
Other fees | 1,585,747 | 899,579 | 132,064 | |||||||||
Other operating expenses | 915,618 | 3,712,827 | 1,456,646 | |||||||||
Disposition fees | 463,688 | — | — | |||||||||
Consolidated Balance Sheets: | ||||||||||||
Capitalized to real estate | ||||||||||||
Construction management fees | 1,348,151 | 421,776 | — | |||||||||
Additional paid-in-capital | ||||||||||||
Other offering costs reimbursement | 3,105,246 | 10,279,559 | 9,799,471 | |||||||||
Selling commissions | — | 31,187,852 | 10,895,367 | |||||||||
Dealer management fees | — | 17,826,407 | 6,259,112 | |||||||||
$ | 51,470,720 | $ | 104,909,703 | $ | 43,482,322 | |||||||
Amounts attributable to the Advisor and its affiliates that are payable as of December 31, 2014 and 2013 are as follows: | ||||||||||||
Payable as of | ||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Consolidated Statements of Operations: | ||||||||||||
Expensed | ||||||||||||
Investment management fees(1) | $ | 1,155,012 | $ | 4,530,042 | ||||||||
Acquisition fees(2) | 603,400 | 648,422 | ||||||||||
Acquisition expenses | 4,002 | — | ||||||||||
Property management | ||||||||||||
Fees | 501,540 | 416,581 | ||||||||||
Reimbursement of onsite personnel | 583,161 | 568,851 | ||||||||||
Other fees | 76,913 | 45,220 | ||||||||||
Other operating expenses | 72,253 | 7,676 | ||||||||||
Disposition fees | — | — | ||||||||||
Consolidated Balance Sheets: | ||||||||||||
Capitalized to real estate | ||||||||||||
Construction management fees | 43,209 | — | ||||||||||
Additional paid-in-capital | ||||||||||||
Other offering costs reimbursement | — | 3,105,246 | ||||||||||
Selling commissions | — | — | ||||||||||
Dealer management fees | — | — | ||||||||||
$ | 3,039,490 | $ | 9,322,038 | |||||||||
________________ | ||||||||||||
-1 | Investment management fees earned by the Advisor totaling $0 and $4,351,578 were deferred as of December 31, 2014 and 2013, respectively, pursuant to the terms of the Advisory Agreement. The remaining investment management fees of $1,155,012 and $178,464 were due and payable and are included in due to affiliates in the accompanying consolidated balance sheets at December 31, 2014 and 2013, respectively. | |||||||||||
-2 | Acquisition fees earned by the Advisor totaling $0 and $648,422 were deferred as of December 31, 2014 and 2013, respectively, pursuant to the terms of the Advisory Agreement. The remaining acquisition fees of $603,400 and $0 were due and payable and are included in due to affiliates in the accompanying consolidated balance sheets at December 31, 2014 and 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 include all expenses incurred by the Company in connection with the formation of the Company, including, but not limited to, legal fees and other costs to incorporate the Company. | ||||||||||||
Included in organization and offering costs are payments made to Crossroads Capital Advisors, LLC (“Crossroads”), an affiliate of the Sponsor, for certain specified services provided to the Company on behalf of the Advisor, including, without limitation, establishing operational and administrative processes; engaging and negotiating with vendors; providing recommendations and advice for the development of marketing materials and ongoing communications with investors; 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 was 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 was obligated to reimburse the Company to the extent selling commissions, dealer manager fees and organization and offering costs incurred by the Company in the Public Offering exceed 15% of gross offering proceeds raised in the completed Public Offering. No amounts were owed to the Company by the Advisor pursuant to the Advisory Agreement. | ||||||||||||
Reimbursements to the Advisor or its affiliates for offering costs paid by them on behalf of the Company with respect to the Private Offering is not limited to 15% of the gross offering proceeds of the Private Offering. However, the Company elected not to make reimbursements of organization and offering costs in excess of 15% of the gross offering proceeds of the Private Offering unless approval was obtained from the independent directors of the Company. On November 19, 2013, the independent directors approved the reimbursement of the organization and offering costs in excess of 15% of the gross offering proceeds of the Private Offering. Accordingly, the Company reimbursed the Advisor $1,425,070 for such organization and offering costs in 2013. From inception through December 31, 2014, the total offering costs incurred by the Advisor or its affiliates and reimbursed by the Company with respect to the Private Offering was $2,301,719. | ||||||||||||
The amount of reimbursable organization and offering (“O&O”) costs related to the Public Offering that have been paid or recognized from inception through December 31, 2014 is as follows: | ||||||||||||
Amount | Percentage of Gross Public Offering Proceeds | |||||||||||
Gross offering proceeds from Public Offering (excluding DRP): | $ | 729,992,516 | 100 | % | ||||||||
O&O limitation | 15 | % | ||||||||||
Total O&O costs available to be paid/reimbursed | $ | 109,498,877 | 15 | % | ||||||||
O&O expenses recorded | ||||||||||||
Sales commissions paid | 44,413,086 | 6.08 | % | |||||||||
Broker dealer fees paid | 25,428,455 | 3.48 | % | |||||||||
Public offering cost reimbursements | 20,596,961 | 2.82 | % | |||||||||
Public offering cost reimbursements accrual | 3,105,247 | 0.43 | % | |||||||||
Organizational cost reimbursements | 100,738 | 0.01 | % | |||||||||
Total O&O costs reimbursements recorded by the company | $ | 93,644,487 | 12.83 | % | ||||||||
The Company also reimbursed certain costs of bona fide training and education meetings (primarily the travel, meal and lodging costs of registered representatives of broker-dealers), attendance and sponsorship fees and cost reimbursement of employees of the Company’s affiliates to attend seminars conducted by broker-dealers and, in special cases, reimbursement to participating broker-dealers for technology costs associated with the Public Offering, costs and expenses related to such technology costs, and costs and expenses associated with the facilitation of the marketing of the Company’s shares and the ownership of the Company’s shares by such broker-dealers’ customers; provided, however, that the Company did not pay any of the foregoing costs to the extent that such payment would cause total underwriting compensation to exceed 10% of the gross proceeds of the Public Offering, as required by the rules of FINRA. | ||||||||||||
Organization costs are expensed as incurred. From inception until the Company terminated the Public Offering on December 20, 2013, the Company incurred $100,738 of organizational costs on the Company’s behalf, of which $100,738 was reimbursed to the Advisor. No organizational costs were incurred or recognized during the years ended December 31, 2014, 2013 and 2012. | ||||||||||||
Offering costs, including selling commissions and dealer manager fees, are deferred and charged to stockholders’ equity as such amounts are reimbursed to the Advisor, the Dealer Manager or their affiliates from gross offering proceeds. For each of the years ended December 31, 2014, 2013 and 2012, the Advisor did not incur any costs related to the Private Offering, however, during the quarter ended December 31, 2013, the Company reimbursed the Advisor for $1,425,070 of previously deferred offering costs related to the Private Offering. From inception through December 31, 2014, the Advisor had incurred total offering costs related to the Private Offering of $2,301,719. | ||||||||||||
For the year ended December 31, 2014, no amounts were reimbursed to the Advisor as the Public Offering terminated on December 30, 2013. For the years ended December 31, 2014, 2013 and 2012, the Company reimbursed the Advisor $0, $60,861,080 and $26,987,107, respectively, of offering costs related to the Public Offering, including $0, $3,203,872 and $1,458,000 of amounts paid to Crossroads for certain offering services provided to the Company. | ||||||||||||
The Company has reimbursed the Advisor $95,946,206 for organization and offering costs incurred from inception through December 31, 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 December 31, 2014 and 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 6.0% 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 6.0% 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 Lofts, which are managed by an unaffiliated third-party management company). The property management fee payable with respect to each property under the Property Management Agreements (each a “Property Management Agreement”) ranges from 2.50% 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 the 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. Construction management fees are capitalized to the respective real estate properties in the period in which they are incurred, as such costs relate to capital improvements and renovations for units taken out of service while they undergo the planned renovation. | ||||||||||||
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 the Advisor in providing services to the Company, including the Company’s allocable share of the Advisor’s overhead, such as rent, employee costs, utilities and information technology costs. The Company will not reimburse the Advisor for employee costs in connection with services for which the Advisor or its affiliates receive acquisition fees or disposition fees or for the salaries the Advisor pays to the Company’s executive officers. | ||||||||||||
The Charter limits the Company’s total operating expenses during any four fiscal quarters to the greater of 2% of the Company’s average invested assets or 25% of the Company’s net income for the same period (the “2% 25% Limitation”). The Company may reimburse the Advisor, at the end of each fiscal quarter, for operating expenses incurred by the Advisor; provided, however, that the Company shall not reimburse the Advisor at the end of any fiscal quarter for operating expenses that exceed the 2%/25% Limitation unless the independent directors have determined that such excess expenses were justified based on unusual and non-recurring factors. The Advisor must reimburse the Company for the amount by which the Company’s operating expenses for the preceding four fiscal quarters then ended exceed the 2%/25% Limitation unless the independent directors have determined that such excess expenses were justified. For purposes of determining the 2%/25% Limitation amount, “Average invested assets” means the average monthly book value of the Company’s assets invested directly or indirectly in equity interests and loans secured by real estate during the 12-month period before deducting depreciation, bad debts or other non-cash reserves. “Total operating expenses” means all expenses paid or incurred by the Company that are in any way related to the Company’s operation, including the Company’s allocable share of Advisor overhead and investment management fees, but excluding (a) the expenses of raising capital such as organization and offering expenses, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, listing and registration of shares of the Company’s common stock; (b) interest payments; (c) taxes; (d) non-cash expenditures such as depreciation, amortization and bad debt reserves; (e) reasonable incentive fees based on the gain in the sale of the Company’s assets; (f) acquisition fees and acquisition expenses (including expenses relating to potential acquisitions that the Company does not close); (g) real estate commissions on the resale of investments; and (h) other expenses connected with the acquisition, disposition, management and ownership of investments (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of real property). | ||||||||||||
For the year ended December 31, 2014, the Advisor and its affiliates incurred $980,192 of the Company’s operating expenses, including the allocable share of the Advisor’s overhead expenses of $980,192, none of which were in excess of the 2%/25% Limitation and are included in the $6,896,519 of general and administrative expenses recognized by the Company. As of December 31, 2014, the Company’s total operating expenses were 0.1% of its average invested assets and 3.8% of its net loss. | ||||||||||||
For the year ended December 31, 2013, the Advisor and its affiliates incurred $3,561,399 of the Company’s operating expenses, including the allocable share of the Advisor’s overhead expenses of $3,561,399, none of which were in excess of the 2%/25% Limitation, and $2,571,910 of previously deferred operating expenses, all of which are included in the $7,106,568 of general and administrative expenses recognized by the Company. | ||||||||||||
For the year ended December 31, 2012, the Advisor and its affiliates incurred $1,427,993 of the Company’s operating expenses, including the allocable share of the Advisor’s overhead expenses of $930,187, none of which were in excess of the 2%/25% Limitation and are included in the $3,085,470 of general and administrative expenses recognized by the Company. | ||||||||||||
Disposition Fee | ||||||||||||
If the Advisor or its affiliates provides a substantial amount of services, as determined by the Company’s independent directors, in connection with the sale of a property or real estate-related asset, the Company will pay the Advisor or its affiliates 1.5% of the sales price of each property or real estate-related asset sold. To the extent the disposition fee is paid upon the sale of any assets other than real property, it will be included as an operating expense for purposes of the 2%/25% Limitation. In connection with the sale of securities, the disposition fee may be paid to an affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable FINRA rules would prohibit the payment of the disposition fee to a firm that is not a registered broker-dealer. The Charter limits the maximum amount of disposition fees payable to the Advisor for the sale of any real property to the lesser of one-half of the brokerage commission paid or 3% of the contract sales price, but in no event shall the total real estate commissions paid, including any disposition fees payable to the Advisor, exceed 6% of the contract sales price. | ||||||||||||
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 is paid with respect to shares of common stock issued pursuant to the DRP. 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 year ended December 31, 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 in satisfaction of certain deferred fees 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 | 12 Months Ended |
Dec. 31, 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 December 31, 2014 and 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. | |
On August 8, 2012, the Company granted each of the three then independent directors 2,500 shares of restricted stock upon re-election to the Company’s board of directors. On October 1, 2012, the Company granted 5,000 shares of restricted common stock to each of its two new independent directors. On August 7, 2013, the Company granted each of the four independent directors 2,500 shares of restricted stock upon re-election to the Company’s board of directors. On August 5, 2014, the Company granted each of the four independent directors 2,500 shares of restricted stock upon re-election to the Company’s board of directors. In addition to the shares granted under the independent directors’ compensation plan, one of the independent directors elected to receive 50% of director compensation in stock through December 31, 2011. The Company recorded stock-based compensation expense of $118,145, $105,210 and $94,425 for the years ended December 31, 2014, 2013 and 2012 respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 sale of the Company’s shares of common and preferred stock available for issue; the identification, evaluation, negotiation, purchase, and disposition of real estate and real estate-related investments; management of the daily operations of the Company’s real estate and real estate-related investment portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, the Company will be required to obtain such services from other sources. | |
Concentration of Credit Risk | |
The geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the Houston, Texas, 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 | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 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 December 31, 2014, the Company had 27 interest rate caps with notional amounts totaling $577,961,000. The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Variable Rate | Cap Rate | Fair Value as of December 31, | ||||||||||||||||||||||||
Property | Type | Purpose | Based on | 2014 | 2013 | ||||||||||||||||||||||||
Ashley Oaks | Cap | Cap Floating Rate | 10/24/11 | 11/1/16 | $ | 21,712,000 | One-Month LIBOR | 0.17 | % | 5 | % | $ | 1,291 | $ | 19,729 | ||||||||||||||
Trails at Buda Ranch | Cap | Cap Floating Rate | 3/28/13 | 4/1/18 | 17,030,000 | One-Month LIBOR | 0.17 | % | 2 | % | 138,826 | 335,483 | |||||||||||||||||
Deer Valley | Cap | Cap Floating Rate | 4/30/13 | 5/1/18 | 20,875,000 | One-Month LIBOR | 0.17 | % | 2 | % | 183,111 | 439,064 | |||||||||||||||||
Grayson Ridge | Cap | Cap Floating Rate | 6/26/13 | 7/1/17 | 10,725,000 | One-Month LIBOR | 0.17 | % | 2 | % | 43,957 | 115,262 | |||||||||||||||||
Rosemont at Olmos Park | Cap | Cap Floating Rate | 6/20/13 | 7/1/17 | 15,100,000 | One-Month LIBOR | 0.17 | % | 2 | % | 63,491 | 164,538 | |||||||||||||||||
Meritage at Steiner Ranch | Cap | Cap Floating Rate | 8/6/13 | 9/1/17 | 55,500,000 | One-Month LIBOR | 0.17 | % | 2 | % | 305,347 | 715,411 | |||||||||||||||||
Tapestry Park | Cap | Cap Floating Rate | 9/23/13 | 10/1/17 | 23,100,000 | One-Month LIBOR | 0.17 | % | 3.56 | % | 39,380 | 154,735 | |||||||||||||||||
Stuart Hall | Cap | Cap Floating Rate | 8/27/13 | 9/1/17 | 12,407,000 | One-Month LIBOR | 0.17 | % | 3.5 | % | 10,624 | 62,083 | |||||||||||||||||
BriceGrove Park | Cap | Cap Floating Rate | 9/24/13 | 10/1/17 | 14,985,000 | One-Month LIBOR | 0.17 | % | 3.42 | % | 30,337 | 110,612 | |||||||||||||||||
Landing at Mansfield | Cap | Cap Floating Rate | 9/27/13 | 10/1/17 | 22,750,000 | One-Month LIBOR | 0.17 | % | 2.5 | % | 92,718 | 251,548 | |||||||||||||||||
The Heights | Cap | Cap Floating Rate | 9/30/13 | 10/1/17 | 29,014,000 | One-Month LIBOR | 0.17 | % | 2.5 | % | 103,812 | 312,618 | |||||||||||||||||
Villas at Huffmeister | Cap | Cap Floating Rate | 10/10/13 | 11/1/17 | 25,963,000 | One-Month LIBOR | 0.17 | % | 2.5 | % | 103,746 | 303,798 | |||||||||||||||||
Villas at Kingwood | Cap | Cap Floating Rate | 10/10/13 | 11/1/17 | 28,105,000 | One-Month LIBOR | 0.17 | % | 2.5 | % | 112,305 | 328,862 | |||||||||||||||||
Waterford Place at Riata Ranch | Cap | Cap Floating Rate | 10/10/13 | 11/1/17 | 16,340,000 | One-Month LIBOR | 0.17 | % | 2.5 | % | 65,293 | 191,198 | |||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Variable Rate | Cap Rate | Fair Value as of December 31, | ||||||||||||||||||||||||
Property | Type | Purpose | Based on | 2014 | 2013 | ||||||||||||||||||||||||
Carrington Place | Cap | Cap Floating Rate | 11/7/13 | 11/30/14 | $ | 22,376,000 | One-Month LIBOR | 0.17 | % | 2 | % | $ | 81,621 | $ | 302,878 | ||||||||||||||
11/30/15 | 2.5 | % | |||||||||||||||||||||||||||
11/30/16 | 3.25 | % | |||||||||||||||||||||||||||
12/1/18 | 4.1 | % | |||||||||||||||||||||||||||
Carrington at Champion Forest | Cap | Cap Floating Rate | 11/7/13 | 11/30/14 | 22,959,000 | One-Month LIBOR | 0.17 | % | 2 | % | 83,747 | 310,770 | |||||||||||||||||
11/30/15 | 2.5 | % | |||||||||||||||||||||||||||
11/30/16 | 3.25 | % | |||||||||||||||||||||||||||
12/1/18 | 4.1 | % | |||||||||||||||||||||||||||
Carrington Park | Cap | Cap Floating Rate | 11/7/13 | 11/30/14 | 17,717,000 | One-Month LIBOR | 0.17 | % | 2 | % | 64,626 | 239,815 | |||||||||||||||||
11/30/15 | 2.5 | % | |||||||||||||||||||||||||||
11/30/16 | 3.25 | % | |||||||||||||||||||||||||||
12/1/18 | 4.1 | % | |||||||||||||||||||||||||||
Willow Crossing | Cap | Cap Floating Rate | 11/20/13 | 11/30/14 | 43,500,000 | One-Month LIBOR | 0.17 | % | 2 | % | 74,581 | 448,006 | |||||||||||||||||
11/30/15 | 2.5 | % | |||||||||||||||||||||||||||
11/30/16 | 3.25 | % | |||||||||||||||||||||||||||
12/1/18 | 4.65 | % | |||||||||||||||||||||||||||
Audubon Park | Cap | Cap Floating Rate | 12/27/13 | 12/31/14 | 11,760,000 | One-Month LIBOR | 0.17 | % | 2 | % | 22,879 | 184,362 | |||||||||||||||||
12/31/15 | 2.75 | % | |||||||||||||||||||||||||||
12/31/16 | 3.5 | % | |||||||||||||||||||||||||||
12/31/17 | 4.25 | % | |||||||||||||||||||||||||||
1/1/19 | 4.75 | % | |||||||||||||||||||||||||||
Mallard Crossing | Cap | Cap Floating Rate | 12/27/13 | 12/31/14 | 27,860,000 | One-Month LIBOR | 0.17 | % | 2 | % | 68,863 | 350,479 | |||||||||||||||||
12/31/15 | 2.5 | % | |||||||||||||||||||||||||||
12/31/16 | 3 | % | |||||||||||||||||||||||||||
1/1/18 | 3.4 | % | |||||||||||||||||||||||||||
Renaissance at Carol Stream | Cap | Cap Floating Rate | 1/9/14 | 1/31/15 | 20,440,000 | One-Month LIBOR | 0.17 | % | 2 | % | 46,166 | — | |||||||||||||||||
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 | 0.17 | % | 2.5 | % | 7,404 | — | |||||||||||||||||
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 | 0.17 | % | 2 | % | 54,950 | 121,310 | |||||||||||||||||
5/31/16 | 2.5 | % | |||||||||||||||||||||||||||
5/31/17 | 3 | % | |||||||||||||||||||||||||||
6/1/18 | 3.86 | % | |||||||||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Variable Rate | Cap Rate | Fair Value as of December 31, | ||||||||||||||||||||||||
Property | Type | Purpose | Based on | 2014 | 2013 | ||||||||||||||||||||||||
Oak Crossing | Cap | Cap Floating Rate | 6/3/14 | 5/31/15 | $ | 15,762,000 | One-Month LIBOR | 0.17 | % | 2 | % | $ | 60,823 | $ | — | ||||||||||||||
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 | 0.17 | % | 2 | % | 66,969 | — | |||||||||||||||||
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 | 0.17 | % | 2 | % | 23,244 | — | |||||||||||||||||
9/30/16 | 2.5 | % | |||||||||||||||||||||||||||
10/1/17 | 3 | % | |||||||||||||||||||||||||||
Tapestry Park | Cap | Cap Floating Rate | 12/1/14 | 10/1/17 | 11,625,000 | One-Month LIBOR | 0.17 | % | 2.81 | % | 28,828 | — | |||||||||||||||||
$ | 577,961,000 | $ | 1,978,939 | $ | 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 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 years ended December 31, 2014 and 2013 resulted in an unrealized loss of $4,353,301 and $448,984, respectively, which is included in interest expense in the accompanying consolidated statements of operations. The fair value of interest rate caps of $1,978,939 and $5,462,561 are included in deferred financing costs and other assets, net on the accompanying consolidated balance sheets. |
Pro_Forma_Information_unaudite
Pro Forma Information (unaudited) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Pro Forma Information (unaudited) | Pro Forma Information (unaudited) | ||||||||
The following table summarizes, on an unaudited basis, the consolidated pro forma results of operations of the Company for the years ended December 31, 2014 and 2013. The Company acquired seven properties during the year ended December 31, 2014. These properties contributed $7,043,199 of revenues and $2,128,011 of net loss, including $4,279,615 of depreciation and amortization, to the Company’s results of operations from the date of acquisition to December 31, 2014. The following unaudited pro forma information for the years ended December 31, 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. | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Revenues | $ | 202,656,889 | $ | 125,027,746 | |||||
Net (loss) income | $ | (20,960,767 | ) | $ | (55,852,848 | ) | |||
Loss per common share - basic and diluted | $ | (0.27 | ) | $ | (0.73 | ) | |||
Weighted-average number of common shares outstanding, basic and diluted | 76,858,483 | 76,858,483 | |||||||
The pro forma information reflects adjustments for actual revenues and expenses of the properties acquired during the year ended December 31, 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. |
Selected_Quarterly_Results_una
Selected Quarterly Results (unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Selected Quarterly Results (unaudited) | Selected Quarterly Results (unaudited) | |||||||||||||||||||
Presented below is a summary of the Company’s unaudited quarterly financial information for the year ended December 31, 2014 and 2013: | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
2014 | ||||||||||||||||||||
Revenues | $ | 45,679,704 | $ | 49,224,059 | $ | 50,217,617 | $ | 50,808,476 | $ | 195,929,856 | ||||||||||
Net loss | (14,082,911 | ) | (3,653,679 | ) | (3,337,573 | ) | (4,668,129 | ) | (25,742,292 | ) | ||||||||||
Loss per common share, basic and diluted | (0.19 | ) | (0.05 | ) | (0.05 | ) | (0.05 | ) | (0.34 | ) | ||||||||||
Distributions declared per common share | 0.177 | 0.179 | 0.181 | 0.181 | 0.718 | |||||||||||||||
2013 | ||||||||||||||||||||
Revenues | $ | 18,590,756 | $ | 22,370,453 | $ | 28,761,843 | $ | 39,378,465 | $ | 109,101,517 | ||||||||||
Net loss | (8,591,901 | ) | (7,746,115 | ) | (14,707,104 | ) | (24,834,737 | ) | (55,879,857 | ) | ||||||||||
Loss per common share, basic and diluted | (0.34 | ) | (0.24 | ) | (0.34 | ) | (0.42 | ) | (1.39 | ) | ||||||||||
Distributions declared per common share | 0.177 | 0.179 | 0.181 | 0.181 | 0.718 | |||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Distributions Paid | |
On January 2, 2015, the Company paid distributions of $4,679,455, which related to distributions declared for each day in the period from December 1, 2014 through December 31, 2014. All such distributions were paid in cash. | |
On February 2, 2015, the Company paid distributions of $4,679,536, which related to distributions declared for each day in the period from January 1, 2015 through January 31, 2015. All such distributions were paid in cash. | |
On March 2, 2015, the Company paid distributions of $4,226,611, which related to distributions declared for each day in the period from February 1, 2015 through February 28, 2015. All such distributions were paid in cash. | |
Estimated Value per Share | |
On March 10, 2015, the Company’s board of directors determined an estimated value per share of the Company’s common stock of $10.35 as of December 31, 2014. |
Real_Estate_Assets_and_Accumul
Real Estate Assets and Accumulated Depreciation and Amortization | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Assets and Accumulated Depreciation and Amortization | ||||||||||||||||||||||||||||||||||||||||||||||
Description | Location | Owner-ship Percent | Encumbrances(2) | Initial Cost of Company | Cost Capitalized Subsequent to Acquisition | Gross Amount at which Carried at | Accumulated Depreciation and Amortization | Original Date of Construction | Date Acquired | |||||||||||||||||||||||||||||||||||||
Close of Period | ||||||||||||||||||||||||||||||||||||||||||||||
Land | Building and Improvements(1) | Total | Land | Building and Improvements(1) | Total(2) | |||||||||||||||||||||||||||||||||||||||||
Park Place | Des Moines, IA | 100% | $ | 4,890,068 | $ | 500,000 | $ | 7,823,400 | $ | 8,323,400 | $ | 884,955 | $ | 410,000 | $ | 7,983,975 | $ | 8,393,975 | $ | (1,387,684 | ) | 1986 | 12/22/10 | |||||||||||||||||||||||
Clarion Park | Olathe, KS | 100% | 8,479,259 | 1,470,991 | 9,744,009 | 11,215,000 | 393,950 | 1,470,991 | 9,856,044 | 11,327,035 | (1,416,084 | ) | 1994 | 6/28/11 | ||||||||||||||||||||||||||||||||
Cooper Creek | Louisville, KY | 100% | 6,500,887 | 593,610 | 9,826,390 | 10,420,000 | 368,869 | 593,610 | 10,011,049 | 10,604,659 | (1,353,731 | ) | 1997 | 8/24/11 | ||||||||||||||||||||||||||||||||
Truman Farm Villas | Grandview, MO | 100% | 5,709,615 | 842,987 | 8,257,013 | 9,100,000 | 657,659 | 842,987 | 8,674,043 | 9,517,030 | (1,164,524 | ) | 2008 | 12/22/11 | ||||||||||||||||||||||||||||||||
EBT Lofts | Kansas City, MO | 100% | 5,397,291 | 460,362 | 8,114,638 | 8,575,000 | 166,929 | 460,362 | 7,939,249 | 8,399,611 | (931,145 | ) | 1899 | 12/30/11 | ||||||||||||||||||||||||||||||||
Windsor on the River | Cedar Rapids, IA | 100% | 23,500,000 | 3,381,946 | 29,618,054 | 33,000,000 | 1,029,987 | 3,381,946 | 29,455,112 | 32,837,058 | (3,410,922 | ) | 1982 | 1/26/12 | ||||||||||||||||||||||||||||||||
Renaissance St. Andrews | Louisville, KY | 100% | 8,937,635 | 838,685 | 11,661,315 | 12,500,000 | 566,328 | 838,685 | 11,985,239 | 12,823,924 | (1,432,097 | ) | 2001 | 2/17/12 | ||||||||||||||||||||||||||||||||
Spring Creek of Edmond | Edmond, OK | 100% | 13,577,868 | 2,346,503 | 17,602,343 | 19,948,846 | 421,027 | 2,346,503 | 17,617,978 | 19,964,481 | (2,064,948 | ) | 1974 | 3/9/12 | ||||||||||||||||||||||||||||||||
Montclair Parc | Oklahoma City, OK | 100% | 23,827,037 | 3,325,556 | 32,424,444 | 35,750,000 | 766,735 | 3,325,556 | 32,005,584 | 35,331,140 | (3,322,130 | ) | 1999 | 4/26/12 | ||||||||||||||||||||||||||||||||
Sonoma Grande | Tulsa, OK | 100% | 22,324,719 | 2,737,794 | 29,462,206 | 32,200,000 | 316,727 | 2,737,794 | 29,229,320 | 31,967,114 | (3,081,080 | ) | 2009 | 5/24/12 | ||||||||||||||||||||||||||||||||
Estancia | Tulsa, OK | 100% | 21,485,523 | 2,544,634 | 27,240,628 | 29,785,262 | 328,928 | 2,544,634 | 27,047,992 | 29,592,626 | (2,715,117 | ) | 2006 | 6/29/12 | ||||||||||||||||||||||||||||||||
Montelena | Round Rock, TX | 100% | 12,290,751 | 1,860,351 | 17,375,907 | 19,236,258 | 646,730 | 1,860,351 | 17,567,477 | 19,427,828 | (1,728,189 | ) | 1998 | 7/13/12 | ||||||||||||||||||||||||||||||||
Valley Farms | Louisville, KY | 100% | 10,068,528 | 724,771 | 14,375,229 | 15,100,000 | 220,883 | 724,771 | 14,335,523 | 15,060,294 | (1,314,942 | ) | 2007 | 8/30/12 | ||||||||||||||||||||||||||||||||
Hilliard Park | Hilliard, OH | 100% | 13,563,481 | 1,413,437 | 18,484,692 | 19,898,129 | 441,052 | 1,413,437 | 18,520,423 | 19,933,860 | (1,643,031 | ) | 2000 | 9/11/12 | ||||||||||||||||||||||||||||||||
Sycamore Terrace | Terre Haute, IN | 100% | — | 1,321,194 | 21,852,963 | 23,174,157 | 129,059 | 1,321,194 | 21,536,437 | 22,857,631 | (1,650,456 | ) | 2011/2013 | 9/20/12, 3/5/14 | ||||||||||||||||||||||||||||||||
Hilliard Summit | Hilliard, OH | 100% | 16,436,620 | 1,536,795 | 22,639,028 | 24,175,823 | 105,340 | 1,536,795 | 22,295,716 | 23,832,511 | (1,950,811 | ) | 2012 | 9/28/12 | ||||||||||||||||||||||||||||||||
Springmarc Apartments | San Marcos, TX | 100% | 15,166,129 | 1,917,909 | 20,027,929 | 21,945,838 | 89,228 | 1,917,909 | 19,685,279 | 21,603,188 | (1,742,485 | ) | 2008 | 10/19/12 | ||||||||||||||||||||||||||||||||
Renaissance at St. Andrews Condos | Louisville, KY | 100% | — | 92,255 | 1,282,745 | 1,375,000 | 274,302 | 92,255 | 1,530,382 | 1,622,637 | (140,936 | ) | 2001 | 10/31/12 | ||||||||||||||||||||||||||||||||
Ashley Oaks | San Antonio, TX | 100% | 21,296,125 | 3,819,796 | 26,970,204 | 30,790,000 | 1,911,719 | 3,819,796 | 28,146,141 | 31,965,937 | (2,504,895 | ) | 1985 | 11/29/12 | ||||||||||||||||||||||||||||||||
Arrowhead | Palatine, IL | 100% | 12,321,880 | 2,094,728 | 14,655,272 | 16,750,000 | 272,208 | 2,094,728 | 14,524,881 | 16,619,609 | (1,216,516 | ) | 1976 | 11/30/12 | ||||||||||||||||||||||||||||||||
Moorings, The | Roselle, IL | 100% | 14,896,178 | 2,250,208 | 17,999,792 | 20,250,000 | 417,783 | 2,250,208 | 17,996,109 | 20,246,317 | (1,461,918 | ) | 1976 | 11/30/12 | ||||||||||||||||||||||||||||||||
Description | Location | Owner-ship Percent | Encumbrances(2) | Initial Cost of Company | Cost Capitalized Subsequent to Acquisition | Gross Amount at which Carried at | Accumulated Depreciation and Amortization | Original Date of Construction | Date Acquired | |||||||||||||||||||||||||||||||||||||
Close of Period | ||||||||||||||||||||||||||||||||||||||||||||||
Land | Building and Improvements(1) | Total | Land | Building and Improvements(1) | Total(2) | |||||||||||||||||||||||||||||||||||||||||
Forty 57 | Lexington, KY | 100% | $ | 38,500,000 | $ | 3,055,614 | $ | 49,444,386 | $ | 52,500,000 | $ | 592,074 | $ | 3,055,614 | $ | 49,274,575 | $ | 52,330,189 | $ | (3,955,796 | ) | 2008 | 12/20/12 | |||||||||||||||||||||||
Keystone Farms | Nashville, TN | 100% | 6,100,287 | 1,052,401 | 7,347,599 | 8,400,000 | 193,408 | 1,052,401 | 7,361,148 | 8,413,549 | (613,007 | ) | 1998 | 12/28/12 | ||||||||||||||||||||||||||||||||
Riverford Crossing | Frankfort, KY | 100% | 21,900,000 | 2,595,387 | 27,404,613 | 30,000,000 | 259,787 | 2,595,387 | 27,122,366 | 29,717,753 | (2,228,858 | ) | 2011 | 12/28/12 | ||||||||||||||||||||||||||||||||
Southpointe at Valley Farms | Louisville, KY | 100% | 1,155,185 | 2,212,402 | 3,062,598 | 5,275,000 | 2,084,403 | 2,212,402 | 5,080,965 | 7,293,367 | (253,626 | ) | 2010 | 12/28/12 | ||||||||||||||||||||||||||||||||
Montecito | Austin, TX | 100% | 14,003,890 | 3,081,522 | 15,918,478 | 19,000,000 | 986,343 | 3,081,522 | 16,470,625 | 19,552,147 | (1,382,068 | ) | 1984 | 12/31/12 | ||||||||||||||||||||||||||||||||
Hilliard Grand | Dublin, OH | 100% | 28,832,151 | 2,657,734 | 38,012,528 | 40,670,262 | 122,607 | 2,657,734 | 37,318,468 | 39,976,202 | (2,876,265 | ) | 2010 | 12/31/12 | ||||||||||||||||||||||||||||||||
Hills at Fair Oaks | Fair Oaks Ranch, TX | 100% | 24,767,000 | 3,008,363 | 31,700,639 | 34,709,002 | 70,976 | 3,008,363 | 31,145,823 | 34,154,186 | (2,426,170 | ) | 2012 | 1/31/13 | ||||||||||||||||||||||||||||||||
Library Lofts | Kansas City, MO | 100% | 8,941,943 | 1,669,405 | 11,080,595 | 12,750,000 | 80,855 | 1,669,405 | 10,955,483 | 12,624,888 | (826,812 | ) | 1906/1923 | 2/28/13 | ||||||||||||||||||||||||||||||||
Trails at Buda Ranch | Buda, TX | 100% | 16,821,368 | 2,504,114 | 20,495,886 | 23,000,000 | 257,479 | 2,504,114 | 20,247,295 | 22,751,409 | (1,408,578 | ) | 2009 | 3/28/13 | ||||||||||||||||||||||||||||||||
Deep Deuce | Oklahoma City, OK | 100% | 26,639,205 | 2,529,318 | 37,266,648 | 39,795,966 | 4,178,064 | 2,529,318 | 40,769,636 | 43,298,954 | (3,079,333 | ) | 2001 | 3/28/13 | ||||||||||||||||||||||||||||||||
Deer Valley | Lake Bluff, IL | 100% | 20,645,873 | 2,494,142 | 26,105,858 | 28,600,000 | 891,757 | 2,494,142 | 26,468,707 | 28,962,849 | (1,788,610 | ) | 1991 | 4/30/13 | ||||||||||||||||||||||||||||||||
Grayson Ridge | North Richland, TX | 100% | 10,631,586 | 1,594,099 | 12,705,901 | 14,300,000 | 805,962 | 1,594,099 | 13,158,089 | 14,752,188 | (891,147 | ) | 1988 | 5/31/13 | ||||||||||||||||||||||||||||||||
Rosemont at Olmos Park | San Antonio, TX | 100% | 14,667,462 | 2,064,447 | 19,985,553 | 22,050,000 | 196,851 | 2,064,447 | 19,759,281 | 21,823,728 | (1,218,293 | ) | 1995 | 5/31/13 | ||||||||||||||||||||||||||||||||
Retreat at Quail North | Oklahoma City, OK | 100% | 17,029,692 | 1,700,810 | 24,025,543 | 25,726,353 | 124,380 | 1,700,810 | 23,661,280 | 25,362,090 | (1,519,480 | ) | 2012 | 6/12/13 | ||||||||||||||||||||||||||||||||
Lodge at Trails Edge | Indianapolis, IN | 100% | 12,657,096 | 2,389,613 | 16,128,107 | 18,517,720 | 250,152 | 2,389,613 | 15,992,639 | 18,382,252 | (983,798 | ) | 1981 | 6/18/13 | ||||||||||||||||||||||||||||||||
Arbors of Carrollton | Carrollton, TX | 100% | 6,261,078 | 1,424,432 | 7,560,527 | 8,984,959 | 332,652 | 1,424,432 | 7,668,989 | 9,093,421 | (507,407 | ) | 1984 | 7/3/13 | ||||||||||||||||||||||||||||||||
Waterford on the Meadow | Plano, TX | 100% | 16,603,668 | 2,625,024 | 20,849,131 | 23,474,155 | 968,409 | 2,625,024 | 21,252,374 | 23,877,398 | (1,251,098 | ) | 1984 | 7/3/13 | ||||||||||||||||||||||||||||||||
Belmont | Grand Prairie, TX | 100% | 9,295,899 | 1,550,028 | 11,264,510 | 12,814,538 | 392,157 | 1,550,028 | 11,294,024 | 12,844,052 | (641,906 | ) | 1983 | 7/26/13 | ||||||||||||||||||||||||||||||||
Meritage at Steiner Ranch | Austin, TX | 100% | 55,198,913 | 7,353,620 | 73,356,373 | 80,709,993 | 3,892,886 | 7,353,620 | 75,798,476 | 83,152,096 | (4,157,161 | ) | 2001 | 8/6/13 | ||||||||||||||||||||||||||||||||
Tapestry Park | Birmingham , AL | 100% | 34,725,000 | 3,277,884 | 47,118,797 | 50,396,681 | 46,686 | 3,277,884 | 46,543,160 | 49,821,044 | (2,029,998 | ) | 2012/2014 | 8/13/13, 12/1/14 | ||||||||||||||||||||||||||||||||
Dawntree | Carrollton, TX | 100% | 15,833,312 | 3,135,425 | 21,753,469 | 24,888,894 | 857,825 | 3,135,425 | 22,008,833 | 25,144,258 | (1,266,026 | ) | 1982 | 8/15/13 | ||||||||||||||||||||||||||||||||
Stuart Hall | Kansas City, MO | 100% | 12,350,045 | 1,585,035 | 15,264,965 | 16,850,000 | 94,485 | 1,585,035 | 15,074,691 | 16,659,726 | (834,019 | ) | 1910 | 8/27/13 | ||||||||||||||||||||||||||||||||
Description | Location | Owner-ship Percent | Encumbrances(2) | Initial Cost of Company | Cost Capitalized Subsequent to Acquisition | Gross Amount at which Carried at | Accumulated Depreciation and Amortization | Original Date of Construction | Date Acquired | |||||||||||||||||||||||||||||||||||||
Close of Period | ||||||||||||||||||||||||||||||||||||||||||||||
Land | Building and Improvements(1) | Total | Land | Building and Improvements(1) | Total(2) | |||||||||||||||||||||||||||||||||||||||||
Bricegrove Park | Canal Winchester, OH | 100% | $ | 14,932,281 | $ | 1,596,212 | $ | 18,503,788 | $ | 20,100,000 | $ | 274,279 | $ | 1,596,212 | $ | 18,327,247 | $ | 19,923,459 | $ | (1,016,108 | ) | 2002 | 8/29/13 | |||||||||||||||||||||||
Retreat at Hamburg Place | Lexington, KY | 100% | — | 1,605,839 | 14,694,161 | 16,300,000 | 144,720 | 1,605,839 | 14,510,966 | 16,116,805 | (807,472 | ) | 2013 | 9/5/13 | ||||||||||||||||||||||||||||||||
Cantare - Indian Lake Village | Nashville, TN | 100% | 18,850,000 | 2,489,757 | 26,510,243 | 29,000,000 | 84,390 | 2,489,757 | 26,133,132 | 28,622,889 | (1,354,055 | ) | 2013 | 9/24/13 | ||||||||||||||||||||||||||||||||
Landing at Mansfield "Broadstone" | Mansfield, TX | 100% | 22,671,543 | 3,375,831 | 27,524,169 | 30,900,000 | 187,777 | 3,375,831 | 27,079,482 | 30,455,313 | (1,377,333 | ) | 2006 | 9/27/13 | ||||||||||||||||||||||||||||||||
Heights at 2121 | Houston, TX | 100% | 28,912,294 | 9,869,925 | 27,130,075 | 37,000,000 | 1,254,094 | 9,869,925 | 27,022,438 | 36,892,363 | (1,567,445 | ) | 1977 | 9/30/13 | ||||||||||||||||||||||||||||||||
Villas at Huffmeister | Houston, TX | 100% | 25,917,180 | 5,858,663 | 31,741,337 | 37,600,000 | 446,075 | 5,858,663 | 31,466,996 | 37,325,659 | (1,611,134 | ) | 2007 | 10/10/13 | ||||||||||||||||||||||||||||||||
Villas at Kingwood | Kingwood, TX | 100% | 28,055,400 | 6,512,468 | 33,637,532 | 40,150,000 | 434,172 | 6,512,468 | 33,282,882 | 39,795,350 | (1,707,341 | ) | 2008 | 10/10/13 | ||||||||||||||||||||||||||||||||
Waterford Place Riata Ranch | Cypress, TX | 100% | 16,310,966 | 3,184,857 | 20,215,143 | 23,400,000 | 237,592 | 3,184,857 | 19,952,745 | 23,137,602 | (1,036,635 | ) | 2008 | 10/10/13 | ||||||||||||||||||||||||||||||||
Carrington Place | Houston, TX | 100% | 22,376,000 | 5,450,417 | 27,449,583 | 32,900,000 | 567,148 | 5,450,417 | 27,322,570 | 32,772,987 | (1,295,031 | ) | 2004 | 11/7/13 | ||||||||||||||||||||||||||||||||
Carrington Champion Forest | Houston, TX | 100% | 22,959,000 | 3,760,329 | 29,239,671 | 33,000,000 | 472,784 | 3,760,329 | 29,096,560 | 32,856,889 | (1,394,601 | ) | 2008 | 11/7/13 | ||||||||||||||||||||||||||||||||
Carrington Park at Huffmeister | Houston, TX | 100% | 17,717,000 | 3,241,747 | 21,908,253 | 25,150,000 | 371,950 | 3,241,747 | 21,755,858 | 24,997,605 | (1,055,396 | ) | 2008 | 11/7/13 | ||||||||||||||||||||||||||||||||
Willow Crossing | Elk Grove Village, IL | 100% | 43,500,000 | 8,091,870 | 49,908,130 | 58,000,000 | 2,085,531 | 8,091,870 | 50,278,754 | 58,370,624 | (2,359,191 | ) | 1977-81 | 11/20/13 | ||||||||||||||||||||||||||||||||
Echo at Katy Ranch | Katy, TX | 100% | — | 4,402,862 | 30,419,853 | 34,822,715 | 69,629 | 4,402,862 | 30,015,762 | 34,418,624 | (1,278,678 | ) | 2013 | 12/19/13 | ||||||||||||||||||||||||||||||||
Heritage Grand Sienna Plantation | Missouri City, TX | 100% | 16,697,112 | 3,776,547 | 22,762,411 | 26,538,958 | 87,036 | 3,776,547 | 22,303,306 | 26,079,853 | (980,242 | ) | 2012 | 12/19/13 | ||||||||||||||||||||||||||||||||
Audubon Park | Nashville, TN | 100% | 11,760,000 | 2,489,428 | 14,260,572 | 16,750,000 | 1,367,495 | 2,489,428 | 15,208,974 | 17,698,402 | (651,683 | ) | 1968 | 12/27/13 | ||||||||||||||||||||||||||||||||
Mallard Crossing | Loveland, OH | 100% | 27,860,000 | 2,383,256 | 37,416,744 | 39,800,000 | 443,109 | 2,383,256 | 37,189,280 | 39,572,536 | (1,460,261 | ) | 1997 | 12/27/13 | ||||||||||||||||||||||||||||||||
Renaissance Carol Stream | Carol Stream, IL | 100% | 20,440,000 | 4,605,682 | 24,544,318 | 29,150,000 | 528,547 | 4,605,682 | 24,498,937 | 29,104,619 | (984,873 | ) | 1972 | 12/31/13 | ||||||||||||||||||||||||||||||||
Reserve at Creekside | Chattanooga, TN | 100% | — | 1,344,233 | 17,530,767 | 18,875,000 | 108,929 | 1,344,233 | 17,287,672 | 18,631,905 | (547,597 | ) | 2004 | 3/28/14 | ||||||||||||||||||||||||||||||||
Mapleshade Park | Dallas, TX | 100% | 15,161,000 | 3,585,171 | 19,739,829 | 23,325,000 | 497,577 | 3,585,171 | 19,628,807 | 23,213,978 | (588,365 | ) | 1995 | 3/28/14 | ||||||||||||||||||||||||||||||||
Richland Falls | Murfreesboro, TN | 100% | 13,800,000 | 1,306,794 | 19,693,206 | 21,000,000 | 27,262 | 1,306,794 | 19,449,823 | 20,756,617 | (483,082 | ) | 2012-13 | 5/16/14 | ||||||||||||||||||||||||||||||||
Oak Crossing | Fort Wayne, IN | 100 | % | 15,762,000 | 2,005,491 | 22,224,509 | 24,230,000 | 45,058 | 2,005,491 | 21,853,096 | 23,858,587 | (512,287 | ) | 2012-13 | 6/3/14 | |||||||||||||||||||||||||||||||
Park Shore | St. Charles, IL | 100 | % | 12,845,000 | 1,619,712 | 16,730,288 | 18,350,000 | 84,538 | 1,619,712 | 16,814,826 | 18,434,538 | (500,546 | ) | 1965 | 9/12/14 | |||||||||||||||||||||||||||||||
$ | 1,070,757,025 | $ | 174,192,422 | $ | 1,459,075,487 | $ | 1,633,267,909 | $ | 37,910,285 | $ | 174,102,422 | $ | 1,462,850,991 | $ | 1,636,953,413 | $ | (98,342,452 | ) | ||||||||||||||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||||||||||||||||
-1 | Building and improvements include tenant origination and absorption costs and other intangible assets. | |||||||||||||||||||||||||||||||||||||||||||||
-2 | Encumbrences include the unamortized portion of loan premiums (discounts) on assumed debt allocated to individual assets in the aggregate amount of $4.7 million as of December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||
-3 | The aggregate cost of real estate for federal income tax purposes was $1.64 billion as of December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||
A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at the beginning of the year | $ | 1,519,883,478 | $ | 578,045,449 | $ | 69,866,681 | ||||||||||||||||||||||||||||||||||||||||
Acquisitions | 130,339,157 | 950,409,834 | 505,158,918 | |||||||||||||||||||||||||||||||||||||||||||
Improvements | 26,806,872 | 9,125,416 | 3,019,850 | |||||||||||||||||||||||||||||||||||||||||||
Cost of real estate sold | (22,738,038 | ) | (90,000 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Write-off of fully depreciated and fully amortized assets | (17,338,056 | ) | (17,607,221 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Balance at the end of the year | $ | 1,636,953,413 | $ | 1,519,883,478 | $ | 578,045,449 | ||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation: | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at the beginning of the year | $ | 48,920,319 | $ | 18,073,362 | $ | 3,115,505 | ||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 69,681,177 | 48,454,178 | 14,957,857 | |||||||||||||||||||||||||||||||||||||||||||
Write-off of accumulated depreciation and amortization of real estate assets sold | (2,920,988 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Write-off of fully depreciated and fully amortized assets | (17,338,056 | ) | (17,607,221 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Balance at the end of the year | $ | 98,342,452 | $ | 48,920,319 | $ | 18,073,362 | ||||||||||||||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Principles of Consolidation | The consolidated financial statements include the accounts of the Company, the Operating Partnership and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company. | ||||||||||||
Basis of Presentation | The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC. | ||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||
The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. | |||||||||||||
Reclassifications | 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. | |||||||||||||
Real Estate Assets | Real Estate Assets | ||||||||||||
Depreciation and Amortization | |||||||||||||
Real estate costs related to the development, construction and improvement of properties are capitalized. Acquisition costs related to business combinations are expensed as incurred. Acquisition costs related to asset acquisitions are capitalized. Repair and maintenance and tenant turnover costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: | |||||||||||||
Buildings | 27.5 years | ||||||||||||
Building improvements | 5-25 years | ||||||||||||
Tenant improvements | Shorter of lease term or expected useful life | ||||||||||||
Tenant origination and absorption costs | Remaining term of related lease | ||||||||||||
Furniture, fixtures, and equipment | 5-10 years | ||||||||||||
Real Estate Purchase Price Allocation | |||||||||||||
The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. Acquisition costs are expensed as incurred. | |||||||||||||
The Company assesses the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. | |||||||||||||
Intangible assets include the value of in-place leases, which represents the estimated value of the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. | |||||||||||||
The Company estimates the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, the Company estimates the amount of lost rentals using market rates during the expected lease-up periods. | |||||||||||||
The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases. Should a tenant terminate its lease, the unamortized portion of the in-place lease value and customer relationship intangibles would be charged to expense in that period. | |||||||||||||
The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) the Company’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as a reduction or increase to rental income over the remaining non-cancelable terms of the respective leases. | |||||||||||||
The total amount of other lease-related intangible assets acquired will be further allocated to in-place lease values and customer relationship intangible values based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with that respective tenant. Characteristics that the Company considers in allocating these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, and the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. | |||||||||||||
The total amount of non-lease-related intangible assets, including amenity access agreements, tax abatement agreements or other contract rights assumed as part of the acquisition of certain properties, will be allocated to other intangible assets based on the present value of the difference between contractual amounts to be paid pursuant to the contracts assumed and the Company's estimate of the fair market contract rates for corresponding contracts measured over a period equal to the remaining non-cancelable term of the contracts assumed. Other intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related contracts. | |||||||||||||
Estimates of the fair values of the tangible assets, identifiable intangible assets and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). | |||||||||||||
Sale of Real Estate Assets | |||||||||||||
Property sales or dispositions are recorded when title transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with GAAP. | |||||||||||||
The Company classifies real estate assets as real estate held for sale once the criteria, as defined by GAAP, have been met. | |||||||||||||
Impairment of Real Estate Assets | |||||||||||||
The Company will continually monitor events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets and liabilities may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company records an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets and liabilities. If any assumptions, projections or estimates regarding an asset changes in the future, the Company may have to record an impairment to reduce the net book value of such individual asset. | |||||||||||||
Rents and Other Receivables | Rents and Other Receivables | ||||||||||||
The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Due to the short-term nature of the operating leases, the Company does not maintain a deferred rent receivable related to the straight-lining of rents. | |||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||
The Company leases apartment and condominium units under operating leases with terms generally of one year or less. Generally, credit investigations are performed for prospective residents and security deposits are obtained. The Company will recognize minimum rent, including rental abatements, concessions and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease and amounts expected to be received in later years will be recorded as deferred rents. The Company records property operating expense reimbursements due from tenants for common area maintenance, real estate taxes, and other recoverable costs in the period the related expenses are incurred. | |||||||||||||
The Company recognizes gains on sales of real estate either in total or deferred for a period of time, depending on whether a sale has been consummated, the extent of the buyer’s investment in the property being sold, whether the receivable is subject to future subordination, and the degree of the Company’s continuing involvement with the property after the sale. If the criteria for profit recognition under the full-accrual method are not met, the Company will defer gain recognition and account for the continued operations of the property by applying the percentage-of-completion, reduced profit, deposit, installment or cost recovery method, as appropriate, until the appropriate criteria are met. | |||||||||||||
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents | ||||||||||||
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. As of December 31, 2014 and 2013, the Company had amounts in excess of federally insured limits in deposit accounts with a financial institution. The Company limits such deposits to financial institutions with high credit standing. | |||||||||||||
Restricted Cash | |||||||||||||
Restricted cash represents those cash accounts for which the use of funds is restricted by loan covenants. | |||||||||||||
Deferred Financing Costs | Deferred Financing Costs | ||||||||||||
The Company capitalizes deferred financing costs such as commitment fees, legal fees and other third party costs associated with obtaining commitments for financing that result in a closing of such financing. The Company amortizes these costs over the terms of the respective financing agreements using the effective interest method. The Company expenses unamortized deferred financing costs when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. | |||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | ||||||||||||
The Company’s objective in using derivatives is to add stability to interest expense and to manage the Company’s exposure to interest rate movements or other identified risks. To accomplish these objectives, the Company may use various types of derivative instruments to manage fluctuations in cash flows resulting from interest rate risk attributable to changes in the benchmark interest rate of LIBOR or other applicable benchmark rates. | |||||||||||||
The Company measures its derivative instruments and hedging activities at fair value and records them as an asset or liability, depending on its rights or obligations under the applicable derivative contract. For derivatives designated as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged items are recorded in earnings. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portions of changes in fair value of the derivatives are reported in other comprehensive income (loss) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedges and ineffective portions of hedges are recognized in earnings in the affected period. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. | |||||||||||||
Fair Value Measurements and Fair Value of Financial Instruments | Fair Value Measurements | ||||||||||||
Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: | |||||||||||||
• | Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; | ||||||||||||
• | Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and | ||||||||||||
• | Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. | ||||||||||||
When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources. | |||||||||||||
The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified. | |||||||||||||
Interest rate caps - The Company has entered into certain interest rate cap agreements. These derivatives did not qualify as fair value hedges. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the caps. Therefore, the Company’s interest rate caps were classified within Level 2 of the fair value hierarchy. | |||||||||||||
The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: | |||||||||||||
December 31, 2014 | |||||||||||||
Fair Value Measurements Using | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | |||||||||||||
Interest rate caps | $ | — | $ | 1,978,939 | $ | — | |||||||
Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities, due to affiliates and notes payable. | |||||||||||||
The Company considers the carrying value of cash and cash equivalents, restricted cash, rents and other receivables and accounts payable and accrued liabilities and the revolving credit facility 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. | |||||||||||||
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation | ||||||||||||
The Company amortizes the fair value of stock-based compensation awards to expense over the vesting period and records any dividend equivalents earned as dividends for financial reporting purposes. Stock-based compensation awards are valued at the fair value on the date of grant and amortized as an expense over the vesting period. | |||||||||||||
Distribution Policy | Distribution Policy | ||||||||||||
The Company has elected to be taxed as a REIT and to operate as a REIT beginning with its taxable year ended December 31, 2010. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). For the period from January 1, 2012 to September 9, 2012, distributions were based on daily record dates and calculated at a rate of $0.001917 per share per day and $0.001964 per share per day beginning September 10, 2012. Each day during the period from January 1, 2014 through December 31, 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. | |||||||||||||
Organization and Offering Costs | Organization and Offering Costs | ||||||||||||
Organization and offering expenses include all expenses (other than sales commissions and related dealer manager fees) to be paid by the Company in connection with the Public Offering and the Private Offering, including legal, accounting, printing, mailing and filing fees, charges of the Company’s transfer agent, expenses of organizing the Company, data processing fees, advertising and sales literature costs, transfer agent costs, bona fide out-of-pocket due diligence costs and amounts to reimburse the Advisor or its affiliates for the salaries of its employees and other costs in connection with preparing supplemental sales materials and providing other administrative services. | |||||||||||||
The Company may also reimburse costs of bona fide training and education meetings held by the Company (primarily travel, meal and lodging costs of registered representatives of broker-dealers), attendance and sponsorship fees and cost reimbursement of employees of the Company’s affiliates to attend seminars conducted by broker-dealers and, in certain cases, reimbursement to participating broker-dealers for technology costs associated with the Public Offering, costs and expenses related to such technology costs, and costs and expenses associated with the facilitation of the marketing of the Company’s shares of common stock and the ownership of the Company’s shares of common stock by such broker-dealers’ customers; provided, however, that the Company will not pay any of the foregoing costs to the extent that such payment would cause total underwriting compensation for the Public Offering to exceed 10% of the gross proceeds of the Public Offering, as required by the rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”). | |||||||||||||
Pursuant to the Advisory Agreement and the dealer manager agreement by and among the Company, the Operating Partnership and the Dealer Manager (the “Dealer Manager Agreement”), the Company was obligated to reimburse the Advisor, the Dealer Manager, or their affiliates, as applicable, for organization and offering costs paid by them on behalf of the Company, provided that, within 60 days of the end of the month in which the Public Offering terminated, the Advisor was obligated to reimburse the Company to the extent selling commissions, dealer manager fees and organization and offering costs incurred by the Company in the completed Public Offering exceeded 15% of gross offering proceeds of the completed Public Offering. Any reimbursement of expenses paid to the Advisor will not exceed actual expenses incurred by the Advisor. | |||||||||||||
Operating Expenses | Operating Expenses | ||||||||||||
Pursuant to the Advisory Agreement, the Company is limited in the amount of certain operating expenses it may record on a rolling four-quarter basis to the greater of 2% of average invested assets and 25% of net income. Operating expenses include all costs and expenses incurred by the Company, as determined under GAAP, that in any way are related to the operation of the Company, excluding expenses of raising capital, interest payments, taxes, property operating expenses, non-cash expenditures, incentive fees, acquisition fees and expenses and investment management fees. | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
The Company has elected to be taxed as a REIT under the Internal Revenue Code beginning with the tax year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including the requirement to distribute at least 90% of the Company’s annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year after the taxable year in which the Company initially elects to be taxed as a REIT, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes it is organized and operates in such a manner as to qualify for treatment as a REIT. | |||||||||||||
The Company follows the Income Taxes Topic of the ASC to recognize, measure, present and disclose in its accompanying consolidated financial statements uncertain tax positions that the Company has taken or expects to take on a tax return. As of December 31, 2014 and 2013, the Company had no liabilities for uncertain tax positions that it believes should be recognized in its accompanying consolidated financial statements. Due to uncertainty regarding the realization of certain deferred tax assets, the Company has established valuation allowances, primarily in connection with the net operating loss carryforward related to the REIT. The Company has not been assessed interest or penalties by any major tax jurisdictions. The Company’s evaluation was performed for the tax years ended December 31, 2014 and 2013. As of December 31, 2014, the Company’s tax returns for calendar years 2013, 2012 and 2011 remain subject to examination by major tax jurisdictions. | |||||||||||||
Per Share Data | Per Share Data | ||||||||||||
Basic earnings (loss) per share attributable for all periods presented are computed by dividing net income (loss) attributable to controlling interest by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share are computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assumes each share was issued and outstanding each day during the period. 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 | 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. | |||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||||||
In April 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, 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 would generally 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 the 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 ASU 2014-09, Revenue from Contracts with Customers, 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 today’s 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 December 15, 2016, including interim periods within that period. Early adoption is not permitted under GAAP. The Company does not expect there to be a material impact from adopting this new guidance. | |||||||||||||
In June 2014, the FASB issued ASU 2014-15, Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved After the Requisite Service Period, that requires an entity to treat performance targets that can be met after the requisite service period of a share based award has ended, as a performance condition that affects vesting. The new guidance is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. The Company does not expect there to be a material impact from adopting this new guidance. | |||||||||||||
In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, 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 states 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 does not expect there to be a material impact from adopting this new guidance. | |||||||||||||
In January 2015, the FASB issued ASU 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, that eliminates the concept of the extraordinary items from GAAP. The objective of the new guidance is to simplify the income statement presentation requirements of GAAP. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. The guidance is effective for annual periods, including interim periods within that period, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect there to be a material impact from adopting this new guidance. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Useful Lives of Assets by Class | The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: | ||||||||||||
Buildings | 27.5 years | ||||||||||||
Building improvements | 5-25 years | ||||||||||||
Tenant improvements | Shorter of lease term or expected useful life | ||||||||||||
Tenant origination and absorption costs | Remaining term of related lease | ||||||||||||
Furniture, fixtures, and equipment | 5-10 years | ||||||||||||
Summary of Assets Required to be Measured at Fair Value on a Recurring Basis | The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: | ||||||||||||
December 31, 2014 | |||||||||||||
Fair Value Measurements Using | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | |||||||||||||
Interest rate caps | $ | — | $ | 1,978,939 | $ | — | |||||||
Real_Estate_Tables
Real Estate (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Purchase Price Allocation | During the year ended December 31, 2014, the Company acquired the following properties: | ||||||||||||||||||||||||||||||||
Purchase Price Allocation | |||||||||||||||||||||||||||||||||
Property Name | Location | Purchase Date | Units | Land | Building and Improvements | Tenant Origination and Absorption Costs | Total Purchase | ||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||||||
Sycamore Terrace Apartments (Phase II) | Terre Haute, IN | 3/5/14 | 72 | $ | 381,657 | $ | 6,190,931 | $ | 101,569 | $ | 6,674,157 | ||||||||||||||||||||||
Reserve at Creekside Village | Chattanooga, TN | 3/28/14 | 192 | 1,344,233 | 17,178,743 | 352,024 | 18,875,000 | ||||||||||||||||||||||||||
Mapleshade Park | Dallas, TX | 3/31/14 | 148 | 3,585,171 | 19,131,230 | 608,599 | 23,325,000 | ||||||||||||||||||||||||||
Richland Falls | Murfreesboro, TN | 5/16/14 | 190 | 1,306,794 | 19,422,561 | 270,645 | 21,000,000 | ||||||||||||||||||||||||||
Oak Crossing | Fort Wayne, IN | 6/3/14 | 222 | 2,005,491 | 21,808,038 | 416,471 | 24,230,000 | ||||||||||||||||||||||||||
Park Shore | St. Charles, IL | 9/12/14 | 160 | 1,619,712 | 16,221,717 | 508,571 | 18,350,000 | ||||||||||||||||||||||||||
Tapestry Park Apartments (Phase II) | Birmingham, AL | 12/1/14 | 131 | 1,433,853 | 16,435,006 | 16,141 | 17,885,000 | ||||||||||||||||||||||||||
1,115 | $ | 11,676,911 | $ | 116,388,226 | $ | 2,274,020 | $ | 130,339,157 | |||||||||||||||||||||||||
Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles | As of December 31, 2014 and 2013, accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: | ||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||||
Land | Building and Improvements | Tenant Origination and Absorption | Other Intangible Assets | Construction-in-Progress | Total Real Estate Held for Investment | Real Estate Held for Sale | Below-Market Leases | ||||||||||||||||||||||||||
Investments in real estate | $ | 174,102,422 | $ | 1,457,633,918 | $ | 524,712 | $ | 2,644,263 | $ | 2,048,098 | $ | 1,636,953,413 | $ | — | $ | — | |||||||||||||||||
Less: Accumulated depreciation and amortization | — | (97,793,830 | ) | (308,926 | ) | (239,696 | ) | — | (98,342,452 | ) | — | — | |||||||||||||||||||||
Net investments in real estate and related lease intangibles | $ | 174,102,422 | $ | 1,359,840,088 | $ | 215,786 | $ | 2,404,567 | $ | 2,048,098 | $ | 1,538,610,961 | $ | — | $ | — | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||||
Land | Building and Improvements | Tenant Origination and Absorption | Other Intangible Assets | Construction-in-Progress | 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 Future Amortization of Acquired Other Intangible Assets | The future amortization of the Company’s acquired other intangible assets as of December 31, 2014 and thereafter is as follows: | ||||||||||||||||||||||||||||||||
2015 | $ | 153,168 | |||||||||||||||||||||||||||||||
2016 | 153,168 | ||||||||||||||||||||||||||||||||
2017 | 153,168 | ||||||||||||||||||||||||||||||||
2018 | 153,168 | ||||||||||||||||||||||||||||||||
2019 | 153,168 | ||||||||||||||||||||||||||||||||
Thereafter | 1,638,728 | ||||||||||||||||||||||||||||||||
$ | 2,404,568 | ||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants | The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of December 31, 2014 and thereafter is as follows: | ||||||||||||||||||||||||||||||||
2015 | $ | 347,036 | |||||||||||||||||||||||||||||||
2016 | 350,051 | ||||||||||||||||||||||||||||||||
2017 | 354,433 | ||||||||||||||||||||||||||||||||
2018 | 202,540 | ||||||||||||||||||||||||||||||||
2019 | 163,431 | ||||||||||||||||||||||||||||||||
Thereafter | 198,530 | ||||||||||||||||||||||||||||||||
$ | 1,616,021 | ||||||||||||||||||||||||||||||||
Schedule of Results of Operations for Disposed Properties | The results of operations for the years ended ended December 31, 2014, 2013 and 2012 for the disposed properties were included in continuing operations on the Company’s consolidated statements of operations and are as follows: | ||||||||||||||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||
Rental income | $ | 2,196,351 | $ | 4,097,647 | $ | 3,941,695 | |||||||||||||||||||||||||||
Tenant reimbursements and other | 254,314 | 378,433 | 291,214 | ||||||||||||||||||||||||||||||
Total revenues | 2,450,665 | 4,476,080 | 4,232,909 | ||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||
Operating, maintenance and management | 989,164 | 1,603,413 | 1,529,382 | ||||||||||||||||||||||||||||||
Real estate taxes and insurance | 255,084 | 495,802 | 468,067 | ||||||||||||||||||||||||||||||
Fees to affiliates | 598,041 | 195,770 | 74,723 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 377,183 | 945,409 | 1,088,693 | ||||||||||||||||||||||||||||||
Interest expense | 387,709 | 758,258 | 791,173 | ||||||||||||||||||||||||||||||
Loss on debt extinguishment | 1,939,817 | — | — | ||||||||||||||||||||||||||||||
Total expenses | $ | 4,546,998 | $ | 3,998,652 | $ | 3,952,038 | |||||||||||||||||||||||||||
Deferred_Financing_Costs_and_O1
Deferred Financing Costs and Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization | As of December 31, 2014 and 2013, deferred financing costs and other assets, net of accumulated amortization, consisted of: | |||||||
31-Dec-14 | December 31, 2013 | |||||||
Deferred financing costs | $ | 9,743,277 | $ | 8,440,169 | ||||
Less: accumulated amortization | (2,510,317 | ) | (1,235,886 | ) | ||||
7,232,960 | 7,204,283 | |||||||
Prepaid expenses | 2,900,609 | 3,142,924 | ||||||
Interest rate cap agreements (Note 11) | 1,978,939 | 5,462,561 | ||||||
Escrow deposits for pending real estate acquisitions | — | 500,000 | ||||||
Other deposits | 1,343,098 | 1,265,642 | ||||||
$ | 13,455,606 | $ | 17,575,410 | |||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||
Summary of Notes Payable Secured by Real Property | The following is a summary of notes payable secured by real property as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||
Principal Outstanding at | |||||||||||||||||||||||||||||
Property Name | Payment | Maturity | Interest | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Type | Date | Rate(1) | |||||||||||||||||||||||||||
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% | 4,890,069 | 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% | 8,479,259 | 8,632,301 | |||||||||||||||||||||||
5 | Cooper Creek | Principal and interest(3) | September 1, 2018 | 3.89% | 6,500,887 | 6,624,725 | |||||||||||||||||||||||
6 | Truman Farm Villas | Principal and interest(3) | January 1, 2019 | 3.78% | 5,709,615 | 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% | 5,397,291 | 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% | 8,937,635 | 9,084,000 | |||||||||||||||||||||||
11 | Spring Creek(6) | Principal and interest | February 1, 2018 | 4.88% | 13,577,868 | 13,912,669 | |||||||||||||||||||||||
12 | Montclair Parc | Principal and interest | May 1, 2019 | 3.70% | 23,827,037 | 24,305,671 | |||||||||||||||||||||||
13 | Sonoma Grande | Principal and interest(7) | June 1, 2019 | 3.31% | 22,324,719 | 22,540,000 | |||||||||||||||||||||||
14 | Estancia(6) | Interest only | October 1, 2017(8) | 5.94% | 21,485,523 | 21,844,621 | |||||||||||||||||||||||
15 | Montelena(6) | Principal and interest(9) | August 1, 2018 | 4.82% | 12,290,751 | 12,614,683 | |||||||||||||||||||||||
16 | Valley Farms | Principal and interest | January 1, 2020 | 4.25% | 10,068,528 | 10,244,494 | |||||||||||||||||||||||
17 | Hilliard Park | Principal and interest(3) | October 1, 2022 | 3.62% | 13,563,481 | 13,818,616 | |||||||||||||||||||||||
18 | Hilliard Summit | Principal and interest(3) | October 1, 2022 | 3.56% | 16,436,620 | 16,749,262 | |||||||||||||||||||||||
19 | Springmarc | Principal and interest(3) | November 1, 2019 | 3.69% | 15,166,129 | 15,446,452 | |||||||||||||||||||||||
20 | Ashley Oaks(5) | Principal and interest(3) | November 1, 2021 | 1-Mo LIBOR + 2.35% | 21,296,125 | 21,680,010 | |||||||||||||||||||||||
Principal Outstanding at | |||||||||||||||||||||||||||||
Property Name | Payment | Maturity | Interest | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Type | Date | Rate(1) | |||||||||||||||||||||||||||
21 | Arrowhead | Principal and interest(3) | December 1, 2019 | 3.38% | $ | 12,321,880 | $ | 12,562,000 | |||||||||||||||||||||
22 | The Moorings | Principal and interest(3) | December 1, 2019 | 3.37% | 14,896,178 | 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% | 6,100,287 | 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% | 1,155,185 | — | |||||||||||||||||||||||
27 | Montecito | Principal and interest(3) | January 1, 2020 | 3.47% | 14,003,890 | 14,250,000 | |||||||||||||||||||||||
28 | Hilliard Grand | Principal and interest | August 1, 2052 | 5.59% | 28,832,151 | 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% | 8,941,943 | 9,113,640 | |||||||||||||||||||||||
31 | Trails at Buda Ranch(5) | Principal and interest(3) | April 1, 2023 | 1-Mo LIBOR + 2.42% | 16,821,368 | 17,030,000 | |||||||||||||||||||||||
32 | Deep Deuce at Bricktown Apartments(6) | Principal and interest | April 1, 2018 | 5.04% | 23,902,012 | 24,603,299 | |||||||||||||||||||||||
33 | Deep Deuce at Bricktown — Supplemental Loan | Principal and interest | April 1, 2018 | 4.73% | 2,737,193 | 2,779,688 | |||||||||||||||||||||||
34 | Deer Valley(5) | Principal and interest(3) | May 1, 2023 | 1-Mo LIBOR + 2.40% | 20,645,873 | 20,875,000 | |||||||||||||||||||||||
35 | Grayson Ridge(5) | Principal and interest(3) | July 1, 2020 | 1-Mo LIBOR + 2.63% | 10,631,586 | 10,725,000 | |||||||||||||||||||||||
36 | Rosemont at 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% | 17,029,692 | 17,190,827 | |||||||||||||||||||||||
38 | The Lodge at Trails Edge(6) | Principal and interest | November 1, 2020 | 4.47% | 10,744,647 | 10,965,388 | |||||||||||||||||||||||
39 | The Lodge at Trails Edge — Supplemental Loan | Principal and interest | November 1, 2020 | 5.75% | 1,912,449 | 1,936,199 | |||||||||||||||||||||||
40 | Arbors of Carrollton(6) | Principal and interest | December 1, 2020 | 4.83% | 5,289,656 | 5,395,471 | |||||||||||||||||||||||
41 | Arbors of Carrollton — Supplemental Loan | Principal and interest | December 1, 2020 | 4.83% | 971,423 | 986,624 | |||||||||||||||||||||||
42 | Waterford on the Meadow(6) | Principal and interest | December 1, 2020 | 4.70% | 13,885,425 | 14,154,991 | |||||||||||||||||||||||
43 | Waterford on the Meadow — Supplemental Loan | Principal and interest | December 1, 2020 | 4.78% | 2,718,243 | 2,761,194 | |||||||||||||||||||||||
44 | The Belmont(6) | Principal and interest | March 1, 2021 | 5.91% | 9,295,899 | 9,498,460 | |||||||||||||||||||||||
Principal Outstanding at | |||||||||||||||||||||||||||||
Property Name | Payment | Maturity | Interest | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Type | Date | Rate(1) | |||||||||||||||||||||||||||
45 | Meritage at Steiner Ranch(5) | Principal and interest(3) | September 1, 2020 | 1-Mo LIBOR + 2.47% | $ | 55,198,913 | $ | 55,500,000 | |||||||||||||||||||||
46 | Tapestry Park(5)(12) | Principal and interest(3) | June 1, 2022 | 1-Mo LIBOR + 2.44% | 34,725,000 | 23,100,000 | |||||||||||||||||||||||
47 | Dawntree(6) | Principal and interest(13) | August 6, 2021 | 5.48% | 15,833,312 | 16,022,763 | |||||||||||||||||||||||
48 | Stuart Hall(5) | Principal and interest(3) | September 1, 2020 | 1-Mo LIBOR + 2.75% | 12,350,045 | 12,407,000 | |||||||||||||||||||||||
49 | BriceGrove Park(5) | Principal and interest(3) | October 1, 2020 | 1-Mo LIBOR + 2.58% | 14,932,281 | 14,985,000 | |||||||||||||||||||||||
50 | Cantare at Indian Lake Village | Principal and interest(3) | 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% | 22,671,543 | 22,750,000 | |||||||||||||||||||||||
52 | The Heights(5) | Principal and interest(3) | October 1, 2020 | 1-Mo LIBOR + 2.60% | 28,912,294 | 29,014,000 | |||||||||||||||||||||||
53 | Villas at Huffmeister(5) | Principal and interest(3) | November 1, 2020 | 1-Mo LIBOR + 2.68% | 25,917,180 | 25,963,000 | |||||||||||||||||||||||
54 | Villas at Kingwood(5) | Principal and interest(3) | November 1, 2020 | 1-Mo LIBOR + 2.68% | 28,055,400 | 28,105,000 | |||||||||||||||||||||||
55 | Waterford Place at Riata Ranch(5) | Principal and interest(3) | November 1, 2020 | 1-Mo LIBOR + 2.64% | 16,310,966 | 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% | 16,697,112 | 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(14) | April 1, 2021 | 1-Mo LIBOR + 2.15% | 15,161,000 | — | |||||||||||||||||||||||
65 | Richland Falls | Principal and interest(10) | May 16, 2017(8) | Variable(15) | 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 | — | |||||||||||||||||||||||
$ | 1,070,757,025 | $ | 987,329,800 | ||||||||||||||||||||||||||
_______________ | |||||||||||||||||||||||||||||
-1 | Except as otherwise noted, interest on the notes accrues at a fixed rate per annum. At December 31, 2014, the weighted-average interest rate of our fixed rate debt and variable rate debt was 4.30% and 2.53%, respectively. The weighted-average interest rate of our blended fixed and variable rates was 3.36% as of December 31, 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 respective date of sale 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 a prepayment penalty of $796,227, $649,825 and $347,949, respectively, and 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 December 31, 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 December 31, 2014 | Amortization of Debt Premium (Discount) During the Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Spring Creek | $ | 313,649 | $ | 101,429 | $ | 101,428 | $ | 82,342 | |||||||||||||||||||||
Estancia | 985,523 | 359,097 | 359,096 | 181,544 | |||||||||||||||||||||||||
Montelena | 525,060 | 146,368 | 146,368 | 68,462 | |||||||||||||||||||||||||
Deep Deuce at Bricktown | 1,020,989 | 315,193 | 239,784 | — | |||||||||||||||||||||||||
Retreat at Quail North | 457,934 | 12,034 | 6,385 | — | |||||||||||||||||||||||||
The Lodge at Trails Edge | 93,162 | 15,872 | 8,686 | — | |||||||||||||||||||||||||
Arbors of Carrollton | 147,552 | 24,938 | 12,469 | — | |||||||||||||||||||||||||
Waterford on the Meadow | 298,483 | 50,448 | 25,224 | — | |||||||||||||||||||||||||
The Belmont | 579,533 | 94,225 | 40,780 | — | |||||||||||||||||||||||||
Dawntree | 713,778 | 126,985 | 48,131 | — | |||||||||||||||||||||||||
Heritage Grand at Sienna Plantation | (448,865 | ) | (11,796 | ) | (381 | ) | — | ||||||||||||||||||||||
$ | 4,686,798 | $ | 1,234,793 | $ | 987,970 | $ | 332,348 | ||||||||||||||||||||||
-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 | On December 1, 2014, the Company acquired Tapestry Park Apartments (Phase II) for a total purchase price of $17,885,000. The Company’s strategy is to operate and manage Tapestry Park Apartments and Tapestry Park Apartments (Phase II) as a single property. In conjunction with the Tapestry Park Apartments (Phase II) acquisition, the Company’s existing mortgage loan secured by Tapestry Park Apartments in the amount of $23,100,000 was repaid in full and replaced with a new mortgage loan in the aggregate principal amount of $34,725,000. The same lender originated the mortgage loans for the existing and new loans. The Company accounted for this transaction as a debt modification, in accordance with GAAP. | ||||||||||||||||||||||||||||
-13 | A monthly payment of interest only is due and payable through August 6, 2014, after which, a monthly payment of principal and interest is due and payable until the maturity date. | ||||||||||||||||||||||||||||
-14 | 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. | ||||||||||||||||||||||||||||
-15 | The Company has the option to select the interest rate at the end of each LIBOR interest period (as defined in the note agreement) from the following options: (1) 0.85% plus the highest of (A) the Prime Rate (as defined in the note agreement), (B) the sum of the Federal Funds Rate (as defined in the note agreement) plus 0.50%, and (C) daily LIBOR plus 1.0% (the “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 December 31, 2014, the Company had elected the LIBOR Option using one-month LIBOR. | ||||||||||||||||||||||||||||
Summary of Debt Premiums and Discounts | The following table summarizes the debt premiums and discounts as of December 31, 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 December 31, 2014 | Amortization of Debt Premium (Discount) During the Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Spring Creek | $ | 313,649 | $ | 101,429 | $ | 101,428 | $ | 82,342 | |||||||||||||||||||||
Estancia | 985,523 | 359,097 | 359,096 | 181,544 | |||||||||||||||||||||||||
Montelena | 525,060 | 146,368 | 146,368 | 68,462 | |||||||||||||||||||||||||
Deep Deuce at Bricktown | 1,020,989 | 315,193 | 239,784 | — | |||||||||||||||||||||||||
Retreat at Quail North | 457,934 | 12,034 | 6,385 | — | |||||||||||||||||||||||||
The Lodge at Trails Edge | 93,162 | 15,872 | 8,686 | — | |||||||||||||||||||||||||
Arbors of Carrollton | 147,552 | 24,938 | 12,469 | — | |||||||||||||||||||||||||
Waterford on the Meadow | 298,483 | 50,448 | 25,224 | — | |||||||||||||||||||||||||
The Belmont | 579,533 | 94,225 | 40,780 | — | |||||||||||||||||||||||||
Dawntree | 713,778 | 126,985 | 48,131 | — | |||||||||||||||||||||||||
Heritage Grand at Sienna Plantation | (448,865 | ) | (11,796 | ) | (381 | ) | — | ||||||||||||||||||||||
$ | 4,686,798 | $ | 1,234,793 | $ | 987,970 | $ | 332,348 | ||||||||||||||||||||||
Summary of Aggregate Maturities | The following is a summary of the Company’s aggregate maturities as of December 31, 2014: | ||||||||||||||||||||||||||||
Maturities During the Years Ending December 31, | |||||||||||||||||||||||||||||
Contractual Obligation | Total | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||||||||||
Principal payments on outstanding debt obligations(1) | $ | 1,080,070,227 | $ | 14,106,234 | $ | 29,835,302 | $ | 51,817,023 | $ | 83,280,961 | $ | 127,507,710 | $ | 773,522,997 | |||||||||||||||
________________ | |||||||||||||||||||||||||||||
-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) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Equity [Abstract] | ||||||||||
Schedule of Restricted Stock Issued to Independent Directors as Compensation | The activity for the years ended December 31, 2014, 2013 and 2012 for the restricted stock issued to the Company’s independent directors as compensation for services in connection with their initial election or re-election to the board of directors at the Company’s annual meeting is as follows: | |||||||||
2014 | 2013 | 2012 | ||||||||
Nonvested shares at the beginning of the year | 18,750 | 20,625 | 12,500 | |||||||
Granted shares | 10,000 | 10,000 | 17,500 | |||||||
Vested shares | (11,875 | ) | (11,875 | ) | (9,375 | ) | ||||
Nonvested shares at the end of the year | 16,875 | 18,750 | 20,625 | |||||||
Additionally, the weighted average fair value of restricted stock issued to the Company’s independent directors for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||
Grant Year | Weighted Average Fair Value | |||||||||
2012 | $ | 9.23 | ||||||||
2013 | 10.24 | |||||||||
2014 | 10.24 | |||||||||
Schedule of Repurchase Prices Under Share Repurchase Plan | The purchase price for shares repurchased under the Company’s share repurchase plan will be as follows: | |||||||||
Share Purchase Anniversary | Repurchase Price | |||||||||
on Repurchase Date(1) | ||||||||||
Less than 1 year | No Repurchase Allowed | |||||||||
1 year | 92.5% of Estimated Value per Share(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 most recently determined Estimated Value per Share when the share repurchase plan is in effect. | |||||||||
-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) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Reconciliation of Net Loss Attributable to Common Stockholders and Shares used in Calculating Basic and Diluted 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 years ended December 31, 2014, 2013 and 2012: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net loss attributable to the Company | $ | (25,742,292 | ) | $ | (55,879,857 | ) | $ | (22,559,927 | ) | ||||
Less: dividends declared on participating securities | 203,990 | — | — | ||||||||||
Net loss attributable to common stockholders | (25,946,282 | ) | (55,879,857 | ) | (22,559,927 | ) | |||||||
Weighted average common shares outstanding - basic and diluted | 75,450,215 | 40,169,940 | 12,238,094 | ||||||||||
Loss per common share - basic and diluted | $ | (0.34 | ) | $ | (1.39 | ) | $ | (1.84 | ) |
Related_Party_Arrangements_Tab
Related Party Arrangements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Schedule of Amounts Attributable to the Advisor and its Affiliates | Amounts attributable to the Advisor and its affiliates incurred for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||
Incurred For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Consolidated Statements of Operations: | ||||||||||||
Expensed | ||||||||||||
Investment management fees(1) | $ | 13,252,309 | $ | 7,409,393 | $ | 1,887,866 | ||||||
Acquisition fees(1) | 3,251,400 | 19,148,107 | 10,131,220 | |||||||||
Acquisition expenses(2) | 587,513 | 4,433,861 | 1,033,301 | |||||||||
Property management | ||||||||||||
Fees(1) | 5,802,772 | 3,226,878 | 960,968 | |||||||||
Reimbursement of onsite personnel(3) | 17,841,495 | 9,343,021 | 3,004,041 | |||||||||
Other fees(1) | 1,617,440 | 929,359 | 147,504 | |||||||||
Other operating expenses(4) | 980,195 | 3,561,399 | 1,427,993 | |||||||||
Disposition fees(5) | 463,688 | — | — | |||||||||
Consolidated Balance Sheets: | ||||||||||||
Capitalized to real estate | ||||||||||||
Construction management fees | 1,391,360 | 421,776 | — | |||||||||
Additional paid-in-capital | ||||||||||||
Other offering costs reimbursement | — | 13,271,892 | 9,820,681 | |||||||||
Selling commissions | — | 31,187,852 | 10,895,367 | |||||||||
Dealer management fees | — | 17,826,407 | 6,259,112 | |||||||||
$ | 45,188,172 | $ | 110,759,945 | $ | 45,568,053 | |||||||
________________ | ||||||||||||
-1 | Included in fees to affiliates in the accompanying consolidated statements of operations. | |||||||||||
-2 | Included in acquisition costs in the accompanying consolidated statements of operations. | |||||||||||
-3 | Included in operating, maintenance and management in the accompanying consolidated statements of operations. | |||||||||||
-4 | Included in general and administrative expenses in the accompanying consolidated statements of operations. | |||||||||||
-5 | Included in gain on sales of real estate, net in the accompanying consolidated statements of operations. | |||||||||||
Amounts attributable to the Advisor and its affiliates incurred and paid for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||
Paid For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Consolidated Statements of Operations: | ||||||||||||
Expensed | ||||||||||||
Investment management fees | $ | 16,627,339 | $ | 4,630,082 | $ | 383,359 | ||||||
Acquisition fees | 3,296,422 | 19,436,769 | 9,876,075 | |||||||||
Acquisition expenses | 583,511 | 4,577,909 | 997,180 | |||||||||
Property management | ||||||||||||
Fees | 5,717,813 | 2,960,930 | 834,537 | |||||||||
Reimbursement of onsite personnel | 17,827,185 | 8,976,013 | 2,848,511 | |||||||||
Other fees | 1,585,747 | 899,579 | 132,064 | |||||||||
Other operating expenses | 915,618 | 3,712,827 | 1,456,646 | |||||||||
Disposition fees | 463,688 | — | — | |||||||||
Consolidated Balance Sheets: | ||||||||||||
Capitalized to real estate | ||||||||||||
Construction management fees | 1,348,151 | 421,776 | — | |||||||||
Additional paid-in-capital | ||||||||||||
Other offering costs reimbursement | 3,105,246 | 10,279,559 | 9,799,471 | |||||||||
Selling commissions | — | 31,187,852 | 10,895,367 | |||||||||
Dealer management fees | — | 17,826,407 | 6,259,112 | |||||||||
$ | 51,470,720 | $ | 104,909,703 | $ | 43,482,322 | |||||||
Amounts attributable to the Advisor and its affiliates that are payable as of December 31, 2014 and 2013 are as follows: | ||||||||||||
Payable as of | ||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Consolidated Statements of Operations: | ||||||||||||
Expensed | ||||||||||||
Investment management fees(1) | $ | 1,155,012 | $ | 4,530,042 | ||||||||
Acquisition fees(2) | 603,400 | 648,422 | ||||||||||
Acquisition expenses | 4,002 | — | ||||||||||
Property management | ||||||||||||
Fees | 501,540 | 416,581 | ||||||||||
Reimbursement of onsite personnel | 583,161 | 568,851 | ||||||||||
Other fees | 76,913 | 45,220 | ||||||||||
Other operating expenses | 72,253 | 7,676 | ||||||||||
Disposition fees | — | — | ||||||||||
Consolidated Balance Sheets: | ||||||||||||
Capitalized to real estate | ||||||||||||
Construction management fees | 43,209 | — | ||||||||||
Additional paid-in-capital | ||||||||||||
Other offering costs reimbursement | — | 3,105,246 | ||||||||||
Selling commissions | — | — | ||||||||||
Dealer management fees | — | — | ||||||||||
$ | 3,039,490 | $ | 9,322,038 | |||||||||
________________ | ||||||||||||
-1 | Investment management fees earned by the Advisor totaling $0 and $4,351,578 were deferred as of December 31, 2014 and 2013, respectively, pursuant to the terms of the Advisory Agreement. The remaining investment management fees of $1,155,012 and $178,464 were due and payable and are included in due to affiliates in the accompanying consolidated balance sheets at December 31, 2014 and 2013, respectively. | |||||||||||
-2 | Acquisition fees earned by the Advisor totaling $0 and $648,422 were deferred as of December 31, 2014 and 2013, respectively, pursuant to the terms of the Advisory Agreement. The remaining acquisition fees of $603,400 and $0 were due and payable and are included in due to affiliates in the accompanying consolidated balance sheets at December 31, 2014 and 2013, respectively. | |||||||||||
Schedule of Reimbursable Organization and Offering Costs Related to the Public Offering | The amount of reimbursable organization and offering (“O&O”) costs related to the Public Offering that have been paid or recognized from inception through December 31, 2014 is as follows: | |||||||||||
Amount | Percentage of Gross Public Offering Proceeds | |||||||||||
Gross offering proceeds from Public Offering (excluding DRP): | $ | 729,992,516 | 100 | % | ||||||||
O&O limitation | 15 | % | ||||||||||
Total O&O costs available to be paid/reimbursed | $ | 109,498,877 | 15 | % | ||||||||
O&O expenses recorded | ||||||||||||
Sales commissions paid | 44,413,086 | 6.08 | % | |||||||||
Broker dealer fees paid | 25,428,455 | 3.48 | % | |||||||||
Public offering cost reimbursements | 20,596,961 | 2.82 | % | |||||||||
Public offering cost reimbursements accrual | 3,105,247 | 0.43 | % | |||||||||
Organizational cost reimbursements | 100,738 | 0.01 | % | |||||||||
Total O&O costs reimbursements recorded by the company | $ | 93,644,487 | 12.83 | % | ||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||
Schedule of Interest Rate Derivative Instruments | The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at December 31, 2014 and 2013: | ||||||||||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Variable Rate | Cap Rate | Fair Value as of December 31, | ||||||||||||||||||||||||
Property | Type | Purpose | Based on | 2014 | 2013 | ||||||||||||||||||||||||
Ashley Oaks | Cap | Cap Floating Rate | 10/24/11 | 11/1/16 | $ | 21,712,000 | One-Month LIBOR | 0.17 | % | 5 | % | $ | 1,291 | $ | 19,729 | ||||||||||||||
Trails at Buda Ranch | Cap | Cap Floating Rate | 3/28/13 | 4/1/18 | 17,030,000 | One-Month LIBOR | 0.17 | % | 2 | % | 138,826 | 335,483 | |||||||||||||||||
Deer Valley | Cap | Cap Floating Rate | 4/30/13 | 5/1/18 | 20,875,000 | One-Month LIBOR | 0.17 | % | 2 | % | 183,111 | 439,064 | |||||||||||||||||
Grayson Ridge | Cap | Cap Floating Rate | 6/26/13 | 7/1/17 | 10,725,000 | One-Month LIBOR | 0.17 | % | 2 | % | 43,957 | 115,262 | |||||||||||||||||
Rosemont at Olmos Park | Cap | Cap Floating Rate | 6/20/13 | 7/1/17 | 15,100,000 | One-Month LIBOR | 0.17 | % | 2 | % | 63,491 | 164,538 | |||||||||||||||||
Meritage at Steiner Ranch | Cap | Cap Floating Rate | 8/6/13 | 9/1/17 | 55,500,000 | One-Month LIBOR | 0.17 | % | 2 | % | 305,347 | 715,411 | |||||||||||||||||
Tapestry Park | Cap | Cap Floating Rate | 9/23/13 | 10/1/17 | 23,100,000 | One-Month LIBOR | 0.17 | % | 3.56 | % | 39,380 | 154,735 | |||||||||||||||||
Stuart Hall | Cap | Cap Floating Rate | 8/27/13 | 9/1/17 | 12,407,000 | One-Month LIBOR | 0.17 | % | 3.5 | % | 10,624 | 62,083 | |||||||||||||||||
BriceGrove Park | Cap | Cap Floating Rate | 9/24/13 | 10/1/17 | 14,985,000 | One-Month LIBOR | 0.17 | % | 3.42 | % | 30,337 | 110,612 | |||||||||||||||||
Landing at Mansfield | Cap | Cap Floating Rate | 9/27/13 | 10/1/17 | 22,750,000 | One-Month LIBOR | 0.17 | % | 2.5 | % | 92,718 | 251,548 | |||||||||||||||||
The Heights | Cap | Cap Floating Rate | 9/30/13 | 10/1/17 | 29,014,000 | One-Month LIBOR | 0.17 | % | 2.5 | % | 103,812 | 312,618 | |||||||||||||||||
Villas at Huffmeister | Cap | Cap Floating Rate | 10/10/13 | 11/1/17 | 25,963,000 | One-Month LIBOR | 0.17 | % | 2.5 | % | 103,746 | 303,798 | |||||||||||||||||
Villas at Kingwood | Cap | Cap Floating Rate | 10/10/13 | 11/1/17 | 28,105,000 | One-Month LIBOR | 0.17 | % | 2.5 | % | 112,305 | 328,862 | |||||||||||||||||
Waterford Place at Riata Ranch | Cap | Cap Floating Rate | 10/10/13 | 11/1/17 | 16,340,000 | One-Month LIBOR | 0.17 | % | 2.5 | % | 65,293 | 191,198 | |||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Variable Rate | Cap Rate | Fair Value as of December 31, | ||||||||||||||||||||||||
Property | Type | Purpose | Based on | 2014 | 2013 | ||||||||||||||||||||||||
Carrington Place | Cap | Cap Floating Rate | 11/7/13 | 11/30/14 | $ | 22,376,000 | One-Month LIBOR | 0.17 | % | 2 | % | $ | 81,621 | $ | 302,878 | ||||||||||||||
11/30/15 | 2.5 | % | |||||||||||||||||||||||||||
11/30/16 | 3.25 | % | |||||||||||||||||||||||||||
12/1/18 | 4.1 | % | |||||||||||||||||||||||||||
Carrington at Champion Forest | Cap | Cap Floating Rate | 11/7/13 | 11/30/14 | 22,959,000 | One-Month LIBOR | 0.17 | % | 2 | % | 83,747 | 310,770 | |||||||||||||||||
11/30/15 | 2.5 | % | |||||||||||||||||||||||||||
11/30/16 | 3.25 | % | |||||||||||||||||||||||||||
12/1/18 | 4.1 | % | |||||||||||||||||||||||||||
Carrington Park | Cap | Cap Floating Rate | 11/7/13 | 11/30/14 | 17,717,000 | One-Month LIBOR | 0.17 | % | 2 | % | 64,626 | 239,815 | |||||||||||||||||
11/30/15 | 2.5 | % | |||||||||||||||||||||||||||
11/30/16 | 3.25 | % | |||||||||||||||||||||||||||
12/1/18 | 4.1 | % | |||||||||||||||||||||||||||
Willow Crossing | Cap | Cap Floating Rate | 11/20/13 | 11/30/14 | 43,500,000 | One-Month LIBOR | 0.17 | % | 2 | % | 74,581 | 448,006 | |||||||||||||||||
11/30/15 | 2.5 | % | |||||||||||||||||||||||||||
11/30/16 | 3.25 | % | |||||||||||||||||||||||||||
12/1/18 | 4.65 | % | |||||||||||||||||||||||||||
Audubon Park | Cap | Cap Floating Rate | 12/27/13 | 12/31/14 | 11,760,000 | One-Month LIBOR | 0.17 | % | 2 | % | 22,879 | 184,362 | |||||||||||||||||
12/31/15 | 2.75 | % | |||||||||||||||||||||||||||
12/31/16 | 3.5 | % | |||||||||||||||||||||||||||
12/31/17 | 4.25 | % | |||||||||||||||||||||||||||
1/1/19 | 4.75 | % | |||||||||||||||||||||||||||
Mallard Crossing | Cap | Cap Floating Rate | 12/27/13 | 12/31/14 | 27,860,000 | One-Month LIBOR | 0.17 | % | 2 | % | 68,863 | 350,479 | |||||||||||||||||
12/31/15 | 2.5 | % | |||||||||||||||||||||||||||
12/31/16 | 3 | % | |||||||||||||||||||||||||||
1/1/18 | 3.4 | % | |||||||||||||||||||||||||||
Renaissance at Carol Stream | Cap | Cap Floating Rate | 1/9/14 | 1/31/15 | 20,440,000 | One-Month LIBOR | 0.17 | % | 2 | % | 46,166 | — | |||||||||||||||||
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 | 0.17 | % | 2.5 | % | 7,404 | — | |||||||||||||||||
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 | 0.17 | % | 2 | % | 54,950 | 121,310 | |||||||||||||||||
5/31/16 | 2.5 | % | |||||||||||||||||||||||||||
5/31/17 | 3 | % | |||||||||||||||||||||||||||
6/1/18 | 3.86 | % | |||||||||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Variable Rate | Cap Rate | Fair Value as of December 31, | ||||||||||||||||||||||||
Property | Type | Purpose | Based on | 2014 | 2013 | ||||||||||||||||||||||||
Oak Crossing | Cap | Cap Floating Rate | 6/3/14 | 5/31/15 | $ | 15,762,000 | One-Month LIBOR | 0.17 | % | 2 | % | $ | 60,823 | $ | — | ||||||||||||||
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 | 0.17 | % | 2 | % | 66,969 | — | |||||||||||||||||
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 | 0.17 | % | 2 | % | 23,244 | — | |||||||||||||||||
9/30/16 | 2.5 | % | |||||||||||||||||||||||||||
10/1/17 | 3 | % | |||||||||||||||||||||||||||
Tapestry Park | Cap | Cap Floating Rate | 12/1/14 | 10/1/17 | 11,625,000 | One-Month LIBOR | 0.17 | % | 2.81 | % | 28,828 | — | |||||||||||||||||
$ | 577,961,000 | $ | 1,978,939 | $ | 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) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Schedule of Unaudited Pro Forma Information | This pro forma information does not purport to represent what the actual results of operations of the Company would have been had these acquisitions occurred on this date, nor does it purport to predict the results of operations for future periods. | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Revenues | $ | 202,656,889 | $ | 125,027,746 | |||||
Net (loss) income | $ | (20,960,767 | ) | $ | (55,852,848 | ) | |||
Loss per common share - basic and diluted | $ | (0.27 | ) | $ | (0.73 | ) | |||
Weighted-average number of common shares outstanding, basic and diluted | 76,858,483 | 76,858,483 | |||||||
Selected_Quarterly_Results_una1
Selected Quarterly Results (unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Unaudited Quarterly Financial Information | Presented below is a summary of the Company’s unaudited quarterly financial information for the year ended December 31, 2014 and 2013: | |||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
2014 | ||||||||||||||||||||
Revenues | $ | 45,679,704 | $ | 49,224,059 | $ | 50,217,617 | $ | 50,808,476 | $ | 195,929,856 | ||||||||||
Net loss | (14,082,911 | ) | (3,653,679 | ) | (3,337,573 | ) | (4,668,129 | ) | (25,742,292 | ) | ||||||||||
Loss per common share, basic and diluted | (0.19 | ) | (0.05 | ) | (0.05 | ) | (0.05 | ) | (0.34 | ) | ||||||||||
Distributions declared per common share | 0.177 | 0.179 | 0.181 | 0.181 | 0.718 | |||||||||||||||
2013 | ||||||||||||||||||||
Revenues | $ | 18,590,756 | $ | 22,370,453 | $ | 28,761,843 | $ | 39,378,465 | $ | 109,101,517 | ||||||||||
Net loss | (8,591,901 | ) | (7,746,115 | ) | (14,707,104 | ) | (24,834,737 | ) | (55,879,857 | ) | ||||||||||
Loss per common share, basic and diluted | (0.34 | ) | (0.24 | ) | (0.34 | ) | (0.42 | ) | (1.39 | ) | ||||||||||
Distributions declared per common share | 0.177 | 0.179 | 0.181 | 0.181 | 0.718 | |||||||||||||||
Organization_and_Business_Narr
Organization and Business - Narrative (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||
Jul. 10, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 12, 2009 | Dec. 31, 2009 | |
unit | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from issuance of common stock | $26,561,229 | $485,786,997 | $179,849,886 | |||
Investment from advisor | 1,000 | |||||
Number of units in real estate property (in number of units or apartments) | 1,115 | |||||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock (in shares) | 22,223 | 22,223 | ||||
Share price (in dollars per share) | $10.24 | $9 | ||||
Proceeds from issuance of common stock | $200,007 | $200,007 | ||||
Stock issued to advisor (in shares) | 76,858,483 | 74,153,580 | ||||
Convertible Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock issued to advisor (in shares) | 1,000 | 1,000 | 1,000 | |||
Residential Real Estate [Member] | ||||||
Class of Stock [Line Items] | ||||||
Number of multifamily real estate properties owned | 65 | |||||
Number of units in real estate property (in number of units or apartments) | 16,526 | |||||
Commercial Real Estate [Member] | ||||||
Class of Stock [Line Items] | ||||||
Net rentable area (in square feet) | 25,973 |
Organization_and_Business_Narr1
Organization and Business - Narrative - Private Offering (Details) (USD $) | 12 Months Ended | 9 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 09, 2010 | Oct. 13, 2009 | |
Class of Stock [Line Items] | |||||
Proceeds from issuance of common stock | $26,561,229 | $485,786,997 | $179,849,886 | ||
Private Offering [Member] | |||||
Class of Stock [Line Items] | |||||
Values of shares in private offering | 94,000,000 | ||||
Share price (in dollars per share) | $9.40 | ||||
Issuance of common stock (in shares) | 637,279 | ||||
Proceeds from issuance of common stock | $2,000,000 | $5,844,325 |
Organization_and_Business_Narr2
Organization and Business - Narrative - Public Offering (Details) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | 28 Months Ended | 41 Months Ended | |||||
Sep. 10, 2012 | Sep. 09, 2012 | Sep. 09, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 20, 2013 | Jul. 12, 2012 | Jul. 23, 2009 | |
Class of Stock [Line Items] | ||||||||||
Common stock, estimated value, per share (in dollars per share) | $10.24 | |||||||||
Distributions reinvested, percentage of share price, distribution reinvestment plan | 95.00% | |||||||||
Common share, distribution rate per share per day, declared (in dollars per share) | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
Common stock, distribution rate, percentage | 7.00% | 7.00% | ||||||||
Proceeds from issuance of common stock | $26,561,229 | $485,786,997 | $179,849,886 | |||||||
IPO [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock, capital shares reserved for future issuance (in shares) | 150,000,000 | |||||||||
Share price (in dollars per share) | $10.24 | $10 | ||||||||
Common stock, capital shares reserved for future issuance, distribution reinvestment plan (in shares) | 15,789,474 | |||||||||
Share price, distribution reinvestment plan (in dollars per share) | $9.73 | $9.50 | ||||||||
Stock issued during period, shares, new issues (in shares) | 73,608,337 | |||||||||
Proceeds from issuance of common stock | 745,389,748 | |||||||||
Distribution Reinvestment Plan [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share price, distribution reinvestment plan (in dollars per share) | $9.73 | $9.50 | ||||||||
Stock issued during period, dividend reinvestment plan (in shares) | 4,073,751 | 1,588,289 | ||||||||
Proceeds from issuance of common stock, dividend reinvestment plan | $39,580,769 | $15,397,232 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Narrative - Reclassifications (Details) | 12 Months Ended |
Dec. 31, 2014 | |
apartment | |
Accounting Policies [Abstract] | |
Number of apartment communities disposed | 3 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Summary of Useful Lives of Assets by Class (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 27 years 6 months |
Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 25 years |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Narrative - Real Estate Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounting Policies [Abstract] | |||
Impairment of real estate assets | $0 | $0 | $0 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Narrative - Revenue Recognition (Details) (Maximum [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Operating lease term | 1 year |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Narrative - Restricted Cash (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounting Policies [Abstract] | ||
Restricted cash and cash equivalents | $25,478,939 | $24,978,312 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Summary of Assets Required to be Measured at Fair Value on a Recurring Basis (Details) (Interest Rate Cap [Member], Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2014 |
Level 1 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Interest rate caps | $0 |
Level 2 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Interest rate caps | 1,978,939 |
Level 3 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Interest rate caps | $0 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies - Narrative - Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable, net | $1,070,757,025 | $969,989,740 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable, net | 1,070,757,025 | 987,329,800 |
Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable at fair value | $1,082,414,832 | $965,681,419 |
Recovered_Sheet1
Summary of Significant Accounting Policies - Narrative - Distribution Policy (Details) (USD $) | 0 Months Ended | 9 Months Ended | 28 Months Ended | |
Sep. 10, 2012 | Sep. 09, 2012 | Sep. 09, 2012 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||||
Common share, distribution rate per share per day, declared (in dollars per share) | $0.00 | $0.00 | $0.00 | $0.00 |
Recovered_Sheet2
Summary of Significant Accounting Policies - Narrative - Organization and Offering Costs (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ||
Underwriting compensation threshold, percentage of gross proceeds of public offering | 10.00% | |
Contractual obligation, threshold days | 60 days | |
Organization and offering costs threshold, percentage of gross proceeds of public offering | 15.00% | |
Steadfast Income Advisor, LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Due from advisor | 0 | |
Private Offering Costs [Member] | Steadfast Income Advisor, LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Reimbursement to advisor of previously deferred organization and offering costs | $1,425,070 |
Recovered_Sheet3
Summary of Significant Accounting Policies - Narrative - Operating Expenses (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ||
Other operating expense reimbursement, percentage of average invested assets, threshold | 2.00% | |
Other operating expense reimbursement, percentage of net income, threshold | 25.00% | |
Due to affiliates | $3,039,490 | $9,322,038 |
Steadfast Income Advisor, LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | 72,253 | |
Steadfast Income Advisor, LLC [Member] | General and Administrative Expense [Member] | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | $980,192 |
Recovered_Sheet4
Summary of Significant Accounting Policies - Narrative - Income Taxes (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounting Policies [Abstract] | ||
Liability for uncertain tax positions | $0 | $0 |
Recovered_Sheet5
Summary of Significant Accounting Policies - Narrative - Segment Disclosure (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
Real_Estate_Narrative_Details
Real Estate - Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 06, 2014 | Dec. 22, 2011 | Jun. 27, 2014 | Aug. 11, 2010 | Jul. 01, 2014 | 5-May-11 | |
unit | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of units in real estate property (in number of units or apartments) | 1,115 | ||||||||
Contract purchase price | $1,624,892,557 | ||||||||
Average percentage of real estate portfolio occupied | 94.10% | 92.40% | |||||||
Average monthly collected rent | 966 | 897 | |||||||
Depreciation and amortization | 69,681,177 | 48,454,178 | 14,957,857 | ||||||
Weighted-average amortization period | 1 year | ||||||||
Gain on sale of real estate | 9,944,134 | -21,001 | 0 | ||||||
Residential Real Estate [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of multifamily real estate properties owned | 65 | ||||||||
Number of units in real estate property (in number of units or apartments) | 16,526 | ||||||||
Percentage of units leased | 96.60% | ||||||||
Operating leases, revenue, percentage | 99.00% | 99.00% | |||||||
Commercial Real Estate [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Net rentable area (in square feet) | 25,973 | ||||||||
Operating leases, revenue, percentage | 1.00% | 1.00% | |||||||
Building and Improvements [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Depreciation | 59,014,085 | 32,103,974 | 8,214,839 | ||||||
Tenant Origination and Absorption Cost [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Amortization | 10,513,924 | 16,263,677 | 6,743,018 | ||||||
Weighted-average amortization period | 1 year | ||||||||
Other Intangible Assets [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Amortization | 153,168 | 86,528 | 0 | ||||||
Weighted-average amortization period | 18 years 2 months 1 day | ||||||||
Below - Market Leases [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Increase in rental income | 163,237 | 1,108,789 | 138,703 | ||||||
Minimum [Member] | Commercial Real Estate [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Operating lease term | 3 years 1 month 28 days | ||||||||
Maximum [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Operating lease term | 1 year | ||||||||
Maximum [Member] | Residential Real Estate [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Operating lease term | 12 months | ||||||||
Maximum [Member] | Commercial Real Estate [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Operating lease term | 6 years 9 months 15 days | ||||||||
Accounts Payable and Accrued Liabilities [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Security deposit liability | 4,156,797 | 3,560,623 | |||||||
Prairie Walk Apartments [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of units in real estate property (in number of units or apartments) | 128 | ||||||||
Contract purchase price | 6,100,000 | ||||||||
Proceeds from sale of real estate held-for-sale | 6,700,000 | ||||||||
Gain on sale of real estate | 837,596 | ||||||||
Lincoln Tower Apartments [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of units in real estate property (in number of units or apartments) | 190 | ||||||||
Net rentable area (in square feet) | 8,995 | ||||||||
Contract purchase price | 9,500,000 | ||||||||
Proceeds from sale of real estate | 15,887,500 | ||||||||
Gain on sale of real estate | 7,072,294 | ||||||||
Arbor Pointe Apartments [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of units in real estate property (in number of units or apartments) | 130 | ||||||||
Contract purchase price | 6,500,000 | ||||||||
Proceeds from sale of real estate held-for-sale | 8,325,000 | ||||||||
Gain on sale of real estate | $2,034,244 | ||||||||
Customer Concentration Risk [Member] | Tenant [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of tenant representing over 10% of Company's annualized base rent | 0 | 0 |
Real_Estate_Schedule_of_Purcha
Real Estate - Schedule of Purchase Price Allocation (Details) (USD $) | Dec. 31, 2014 |
unit | |
Business Acquisition [Line Items] | |
Units | 1,115 |
Land | $11,676,911 |
Building and Improvements | 116,388,226 |
Tenant Origination and Absorption Costs | 2,274,020 |
Total Purchase Price | 130,339,157 |
Sycamore Terrace Apartments Phase II [Member] | |
Business Acquisition [Line Items] | |
Units | 72 |
Land | 381,657 |
Building and Improvements | 6,190,931 |
Tenant Origination and Absorption Costs | 101,569 |
Total Purchase Price | 6,674,157 |
Reserve At Creekside Village [Member] | |
Business Acquisition [Line Items] | |
Units | 192 |
Land | 1,344,233 |
Building and Improvements | 17,178,743 |
Tenant Origination and Absorption Costs | 352,024 |
Total Purchase Price | 18,875,000 |
Mapleshade Park [Member] | |
Business Acquisition [Line Items] | |
Units | 148 |
Land | 3,585,171 |
Building and Improvements | 19,131,230 |
Tenant Origination and Absorption Costs | 608,599 |
Total Purchase Price | 23,325,000 |
Richland Falls [Member] | |
Business Acquisition [Line Items] | |
Units | 190 |
Land | 1,306,794 |
Building and Improvements | 19,422,561 |
Tenant Origination and Absorption Costs | 270,645 |
Total Purchase Price | 21,000,000 |
Oak Crossing [Member] | |
Business Acquisition [Line Items] | |
Units | 222 |
Land | 2,005,491 |
Building and Improvements | 21,808,038 |
Tenant Origination and Absorption Costs | 416,471 |
Total Purchase Price | 24,230,000 |
Park Shore [Member] | |
Business Acquisition [Line Items] | |
Units | 160 |
Land | 1,619,712 |
Building and Improvements | 16,221,717 |
Tenant Origination and Absorption Costs | 508,571 |
Total Purchase Price | 18,350,000 |
Tapestry Park Apartments Phase II [Member] | |
Business Acquisition [Line Items] | |
Units | 131 |
Land | 1,433,853 |
Building and Improvements | 16,435,006 |
Tenant Origination and Absorption Costs | 16,141 |
Total Purchase Price | $17,885,000 |
Real_Estate_Schedule_of_Accumu
Real Estate - Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ||
Investments in real estate | $1,636,953,413 | $1,497,267,012 |
Less: Accumulated depreciation and amortization | -98,342,452 | -46,376,515 |
Total real estate held for investment, net | 1,538,610,961 | 1,450,890,497 |
Land [Member] | ||
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ||
Investments in real estate | 174,102,422 | 162,425,511 |
Less: Accumulated depreciation and amortization | 0 | 0 |
Total real estate held for investment, net | 174,102,422 | 162,425,511 |
Building and Improvements [Member] | ||
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ||
Investments in real estate | 1,457,633,918 | 1,316,608,491 |
Less: Accumulated depreciation and amortization | -97,793,830 | -39,156,143 |
Total real estate held for investment, net | 1,359,840,088 | 1,277,452,348 |
Tenant Origination and Absorption [Member] | ||
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ||
Investments in real estate | 524,712 | 15,588,747 |
Less: Accumulated depreciation and amortization | -308,926 | -7,133,844 |
Total real estate held for investment, net | 215,786 | 8,454,903 |
Other Intangible Assets [Member] | ||
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ||
Investments in real estate | 2,644,263 | 2,644,263 |
Less: Accumulated depreciation and amortization | -239,696 | -86,528 |
Total real estate held for investment, net | 2,404,567 | 2,557,735 |
Construction-in-Progress [Member] | ||
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ||
Investments in real estate | 2,048,098 | 0 |
Less: Accumulated depreciation and amortization | 0 | 0 |
Total real estate held for investment, net | 2,048,098 | 0 |
Real Estate Held-for-sale [Member] | ||
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ||
Investments in real estate | 0 | 22,616,466 |
Less: Accumulated depreciation and amortization | 0 | -2,543,804 |
Total real estate held for investment, net | 0 | 20,072,662 |
Below - Market Leases [Member] | ||
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ||
Investments in real estate | 0 | -1,410,728 |
Less: Accumulated depreciation and amortization | 0 | 1,247,491 |
Total real estate held for investment, net | $0 | ($163,237) |
Real_Estate_Schedule_of_Future
Real Estate - Schedule of Future Amortization of Acquired Other Intangible Assets (Details) (Other Intangible Assets [Member], USD $) | Dec. 31, 2014 |
Other Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
2015 | $153,168 |
2016 | 153,168 |
2017 | 153,168 |
2018 | 153,168 |
2019 | 153,168 |
Thereafter | 1,638,728 |
Future amortization of acquired other intangible assets | $2,404,568 |
Real_Estate_Schedule_of_Future1
Real Estate - Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants (Details) (USD $) | Dec. 31, 2014 |
Real Estate [Abstract] | |
2015 | $347,036 |
2016 | 350,051 |
2017 | 354,433 |
2018 | 202,540 |
2019 | 163,431 |
Thereafter | 198,530 |
Total future minimum rental receipts | $1,616,021 |
Real_Estate_Schedule_of_Result
Real Estate - Schedule of Results of Operations for Disposed Properties (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Rental income | $2,196,351 | $4,097,647 | $3,941,695 |
Tenant reimbursements and other | 254,314 | 378,433 | 291,214 |
Total revenues | 2,450,665 | 4,476,080 | 4,232,909 |
Operating, maintenance and management | 989,164 | 1,603,413 | 1,529,382 |
Real estate taxes and insurance | 255,084 | 495,802 | 468,067 |
Fees to affiliates | 598,041 | 195,770 | 74,723 |
Depreciation and amortization | 377,183 | 945,409 | 1,088,693 |
Interest expense | 387,709 | 758,258 | 791,173 |
Loss on debt extinguishment | 1,939,817 | 0 | 0 |
Total expenses | $4,546,998 | $3,998,652 | $3,952,038 |
Deferred_Financing_Costs_and_O2
Deferred Financing Costs and Other Assets - Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred financing costs | $9,743,277 | $8,440,169 |
Less: accumulated amortization | -2,510,317 | -1,235,886 |
Deferred financing costs, net | 7,232,960 | 7,204,283 |
Prepaid expenses | 2,900,609 | 3,142,924 |
Interest rate cap agreements | 1,978,939 | 5,462,561 |
Escrow deposits for pending real estate acquisitions | 0 | 500,000 |
Other deposits | 1,343,098 | 1,265,642 |
Deferred financing costs and other assets, net | $13,455,606 | $17,575,410 |
Debt_Summary_of_Notes_Payable_
Debt - Summary of Notes Payable Secured by Real Property (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||
Principal outstanding | 1,070,757,025 | $969,989,740 |
Notes Payable to Banks [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 1,070,757,025 | 987,329,800 |
Notes Payable to Banks [Member] | Lincoln Tower [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.66% | |
Principal outstanding | 0 | 8,434,054 |
Notes Payable to Banks [Member] | Park Place [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.50% | |
Principal outstanding | 4,890,069 | 4,938,136 |
Notes Payable to Banks [Member] | Arbor Pointe [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.86% | |
Principal outstanding | 0 | 5,006,199 |
Notes Payable to Banks [Member] | Clarion Park [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.58% | |
Principal outstanding | 8,479,259 | 8,632,301 |
Notes Payable to Banks [Member] | Cooper Creek [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.89% | |
Principal outstanding | 6,500,887 | 6,624,725 |
Notes Payable to Banks [Member] | Truman Farm Villas [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.78% | |
Principal outstanding | 5,709,615 | 5,818,457 |
Notes Payable to Banks [Member] | Prairie Walk [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.74% | |
Principal outstanding | 0 | 3,899,807 |
Notes Payable to Banks [Member] | EBT Lofts [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.82% | |
Principal outstanding | 5,397,291 | 5,499,432 |
Notes Payable to Banks [Member] | Windsor on the River [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 23,500,000 | 23,500,000 |
Notes Payable to Banks [Member] | Renaissance St. Andrews [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.85% | |
Principal outstanding | 8,937,635 | 9,084,000 |
Notes Payable to Banks [Member] | Spring Creek [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.88% | |
Principal outstanding | 13,577,868 | 13,912,669 |
Notes Payable to Banks [Member] | Montclair Parc [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.70% | |
Principal outstanding | 23,827,037 | 24,305,671 |
Notes Payable to Banks [Member] | Sonoma Grande [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.31% | |
Principal outstanding | 22,324,719 | 22,540,000 |
Notes Payable to Banks [Member] | Estancia [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.94% | |
Principal outstanding | 21,485,523 | 21,844,621 |
Notes Payable to Banks [Member] | Montelena [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.82% | |
Principal outstanding | 12,290,751 | 12,614,683 |
Notes Payable to Banks [Member] | Valley Farms [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.25% | |
Principal outstanding | 10,068,528 | 10,244,494 |
Notes Payable to Banks [Member] | Hilliard Park [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.62% | |
Principal outstanding | 13,563,481 | 13,818,616 |
Notes Payable to Banks [Member] | Hilliard Summit [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.56% | |
Principal outstanding | 16,436,620 | 16,749,262 |
Notes Payable to Banks [Member] | Springmarc [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.69% | |
Principal outstanding | 15,166,129 | 15,446,452 |
Notes Payable to Banks [Member] | Ashley Oaks [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 21,296,125 | 21,680,010 |
Notes Payable to Banks [Member] | Arrowhead [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.38% | |
Principal outstanding | 12,321,880 | 12,562,000 |
Notes Payable to Banks [Member] | The Moorings [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.37% | |
Principal outstanding | 14,896,178 | 15,187,000 |
Notes Payable to Banks [Member] | Forty-57 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.73% | |
Principal outstanding | 38,500,000 | 38,500,000 |
Notes Payable to Banks [Member] | Keystone Farms [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.86% | |
Principal outstanding | 6,100,287 | 6,200,000 |
Notes Payable to Banks [Member] | Riverford Crossing [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.78% | |
Principal outstanding | 21,900,000 | 21,900,000 |
Notes Payable to Banks [Member] | South Pointe [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.00% | |
Principal outstanding | 1,155,185 | 0 |
Notes Payable to Banks [Member] | Montecito [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.47% | |
Principal outstanding | 14,003,890 | 14,250,000 |
Notes Payable to Banks [Member] | Hilliard Grand [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.59% | |
Principal outstanding | 28,832,151 | 29,050,224 |
Notes Payable to Banks [Member] | The Hills at Fair Oaks [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.02% | |
Principal outstanding | 24,767,000 | 24,767,000 |
Notes Payable to Banks [Member] | Library Lofts [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.66% | |
Principal outstanding | 8,941,943 | 9,113,640 |
Notes Payable to Banks [Member] | The Trails at Buda Ranch [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 16,821,368 | 17,030,000 |
Notes Payable to Banks [Member] | Deep Deuce at Bricktown Apartments [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.04% | |
Principal outstanding | 23,902,012 | 24,603,299 |
Notes Payable to Banks [Member] | Deep Deuce at Bricktown, Supplemental Loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.73% | |
Principal outstanding | 2,737,193 | 2,779,688 |
Notes Payable to Banks [Member] | Deer Valley [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 20,645,873 | 20,875,000 |
Notes Payable to Banks [Member] | Grayson Ridge [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 10,631,586 | 10,725,000 |
Notes Payable to Banks [Member] | Rosemont at Olmos Park [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 14,667,462 | 15,100,000 |
Notes Payable to Banks [Member] | Retreat at Quail North [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.80% | |
Principal outstanding | 17,029,692 | 17,190,827 |
Notes Payable to Banks [Member] | The Lodge at Trails Edge [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.47% | |
Principal outstanding | 10,744,647 | 10,965,388 |
Notes Payable to Banks [Member] | The Lodge at Trails Edge, Supplemental Loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.75% | |
Principal outstanding | 1,912,449 | 1,936,199 |
Notes Payable to Banks [Member] | Arbors At Carrollton [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.83% | |
Principal outstanding | 5,289,656 | 5,395,471 |
Notes Payable to Banks [Member] | Arbors At Carrollton, Supplemental Loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.83% | |
Principal outstanding | 971,423 | 986,624 |
Notes Payable to Banks [Member] | Waterford on the Meadow [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.70% | |
Principal outstanding | 13,885,425 | 14,154,991 |
Notes Payable to Banks [Member] | Waterford on the Meadow, Supplemental Loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.78% | |
Principal outstanding | 2,718,243 | 2,761,194 |
Notes Payable to Banks [Member] | The Belmont [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.91% | |
Principal outstanding | 9,295,899 | 9,498,460 |
Notes Payable to Banks [Member] | Meritage at Steiner Ranch [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 55,198,913 | 55,500,000 |
Notes Payable to Banks [Member] | Tapestry Park [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 34,725,000 | 23,100,000 |
Notes Payable to Banks [Member] | Dawntree [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.48% | |
Principal outstanding | 15,833,312 | 16,022,763 |
Notes Payable to Banks [Member] | Stuart Hall [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 12,350,045 | 12,407,000 |
Notes Payable to Banks [Member] | BriceGrove Park [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 14,932,281 | 14,985,000 |
Notes Payable to Banks [Member] | Cantare at Indian Lake Village [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 18,850,000 | 0 |
Notes Payable to Banks [Member] | Landing at Mansfield [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 22,671,543 | 22,750,000 |
Notes Payable to Banks [Member] | The Heights [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 28,912,294 | 29,014,000 |
Notes Payable to Banks [Member] | Villas at Huffmeister [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 25,917,180 | 25,963,000 |
Notes Payable to Banks [Member] | Villas at Kingwood [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 28,055,400 | 28,105,000 |
Notes Payable to Banks [Member] | Waterford Place at Riata Ranch [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 16,310,966 | 16,340,000 |
Notes Payable to Banks [Member] | Carrington Place [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 22,376,000 | 22,376,000 |
Notes Payable to Banks [Member] | Carrington at Champion Forest [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 22,959,000 | 22,959,000 |
Notes Payable to Banks [Member] | Carrington Park [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 17,717,000 | 17,717,000 |
Notes Payable to Banks [Member] | Willow Crossing [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 43,500,000 | 43,500,000 |
Notes Payable to Banks [Member] | Heritage Grand at Sienna Plantation [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.65% | |
Principal outstanding | 16,697,112 | 16,845,443 |
Notes Payable to Banks [Member] | Audubon Park [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 11,760,000 | 11,760,000 |
Notes Payable to Banks [Member] | Mallard Crossing [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 27,860,000 | 27,860,000 |
Notes Payable to Banks [Member] | Renaissance at Carol Stream [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 20,440,000 | 0 |
Notes Payable to Banks [Member] | Mapleshade Park [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 15,161,000 | 0 |
Notes Payable to Banks [Member] | Richland Falls [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 13,800,000 | 0 |
Notes Payable to Banks [Member] | Oak Crossing [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 15,762,000 | 0 |
Notes Payable to Banks [Member] | Park Shore [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 12,845,000 | $0 |
LIBOR [Member] | Notes Payable to Banks [Member] | Windsor on the River [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.09% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Ashley Oaks [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.35% | |
LIBOR [Member] | Notes Payable to Banks [Member] | The Trails at Buda Ranch [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.42% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Deer Valley [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.40% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Grayson Ridge [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.63% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Rosemont at Olmos Park [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.65% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Meritage at Steiner Ranch [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.47% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Tapestry Park [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.44% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Stuart Hall [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.75% | |
LIBOR [Member] | Notes Payable to Banks [Member] | BriceGrove Park [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.58% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Cantare at Indian Lake Village [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.62% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Landing at Mansfield [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.69% | |
LIBOR [Member] | Notes Payable to Banks [Member] | The Heights [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.60% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Villas at Huffmeister [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.68% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Villas at Kingwood [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.68% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Waterford Place at Riata Ranch [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.64% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Carrington Place [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.16% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Carrington at Champion Forest [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.16% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Carrington Park [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.16% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Willow Crossing [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.20% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Audubon Park [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.41% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Mallard Crossing [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.57% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Renaissance at Carol Stream [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.36% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Mapleshade Park [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.15% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Oak Crossing [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.63% | |
LIBOR [Member] | Notes Payable to Banks [Member] | Park Shore [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.87% |
Debt_Summary_of_Notes_Payable_1
Debt - Summary of Notes Payable Secured by Real Property (Footnote) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 27, 2014 | Jul. 01, 2014 | Aug. 06, 2014 | Aug. 11, 2010 | 5-May-11 | Dec. 22, 2011 | Dec. 01, 2014 | 9-May-14 | Sep. 11, 2014 | |
unit | apartment | |||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on debt extinguishment | $1,939,817 | $0 | $0 | |||||||||
Write off of deferred debt issuance cost | 145,816 | 0 | 0 | |||||||||
Number of periods interest payments due | 12 months | |||||||||||
Length of debt extension term | 12 months | |||||||||||
Number of units in real estate property (in number of units or apartments) | 1,115 | |||||||||||
Total purchase price | 1,624,892,557 | |||||||||||
Lincoln Tower Apartments [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Write off of deferred debt issuance cost | 95,658 | |||||||||||
Arbor Pointe Apartments [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Write off of deferred debt issuance cost | 27,063 | |||||||||||
Prairie Walk Apartments [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Write off of deferred debt issuance cost | 23,095 | |||||||||||
Notes Payable to Banks [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, weighted average interest rate | 3.36% | |||||||||||
Number of periods interest payments due | 24 months | |||||||||||
Debt instrument, principal balance | 9,720,000 | |||||||||||
Number of units in real estate property (in number of units or apartments) | 96 | |||||||||||
Notes Payable to Banks [Member] | Fixed Rate Debt [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, weighted average interest rate | 4.30% | |||||||||||
Notes Payable to Banks [Member] | Variable Rate Debt [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, weighted average interest rate | 2.53% | |||||||||||
Notes Payable to Banks [Member] | Mapleshade Park [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of periods interest payments due | 36 months | |||||||||||
Notes Payable to Banks [Member] | Richland Falls [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis point reduction upon achieving occupancy threshold | 0.20% | |||||||||||
Occupancy percentage threshold | 90.00% | |||||||||||
Occupancy, threshold, consecutive number of days | 90 days | |||||||||||
Notes Payable to Banks [Member] | Richland Falls [Member] | Base Rate, Option One [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 0.85% | |||||||||||
Notes Payable to Banks [Member] | Richland Falls [Member] | Federal Funds Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||||||
Notes Payable to Banks [Member] | Richland Falls [Member] | London Interbank Offered Rate (LIBOR), Option One [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||||||||
Notes Payable to Banks [Member] | Richland Falls [Member] | London Interbank Offered Rate (LIBOR), Option Two [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.85% | |||||||||||
Lincoln Tower Apartments [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on debt extinguishment | 891,885 | |||||||||||
Debt prepayment penalty | 796,227 | |||||||||||
Number of units in real estate property (in number of units or apartments) | 190 | |||||||||||
Total purchase price | 9,500,000 | |||||||||||
Arbor Pointe Apartments [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on debt extinguishment | 676,888 | |||||||||||
Debt prepayment penalty | 649,825 | |||||||||||
Number of units in real estate property (in number of units or apartments) | 130 | |||||||||||
Total purchase price | 6,500,000 | |||||||||||
Prairie Walk Apartments [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on debt extinguishment | 371,044 | |||||||||||
Debt prepayment penalty | 347,949 | |||||||||||
Number of units in real estate property (in number of units or apartments) | 128 | |||||||||||
Total purchase price | 6,100,000 | |||||||||||
Windsor on the River [Member] | Notes Payable to Banks [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Secured debt, principal amount | 23,500,000 | |||||||||||
Tapestry Park [Member] | Mortgages [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount of debt repaid | 23,100,000 | |||||||||||
Principal amount of new mortgage loan | 34,725,000 | |||||||||||
Iowa Finance Authority Variable Rate Demand Bond [Member] | Windsor on the River [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from loan used to redeem assumed obligations for tax exempt bonds | 23,500,000 | |||||||||||
Tapestry Park Apartments Two [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total purchase price | $17,885,000 |
Debt_Summary_of_Debt_Premiums_
Debt - Summary of Debt Premiums and Discounts (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | |||
Amortization of debt premium (discount) | $1,234,793 | $987,970 | $332,348 |
Notes Payable to Banks [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Portion of Debt Premium (Discount) | 4,686,798 | ||
Amortization of debt premium (discount) | 1,234,793 | 987,970 | 332,348 |
Notes Payable to Banks [Member] | Spring Creek [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Portion of Debt Premium (Discount) | 313,649 | ||
Amortization of debt premium (discount) | 101,429 | 101,428 | 82,342 |
Notes Payable to Banks [Member] | Estancia [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Portion of Debt Premium (Discount) | 985,523 | ||
Amortization of debt premium (discount) | 359,097 | 359,096 | 181,544 |
Notes Payable to Banks [Member] | Montelena [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Portion of Debt Premium (Discount) | 525,060 | ||
Amortization of debt premium (discount) | 146,368 | 146,368 | 68,462 |
Notes Payable to Banks [Member] | Deep Deuce at Bricktown [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Portion of Debt Premium (Discount) | 1,020,989 | ||
Amortization of debt premium (discount) | 315,193 | 239,784 | 0 |
Notes Payable to Banks [Member] | Retreat at Quail North [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Portion of Debt Premium (Discount) | 457,934 | ||
Amortization of debt premium (discount) | 12,034 | 6,385 | 0 |
Notes Payable to Banks [Member] | The Lodge at Trails Edge [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Portion of Debt Premium (Discount) | 93,162 | ||
Amortization of debt premium (discount) | 15,872 | 8,686 | 0 |
Notes Payable to Banks [Member] | Arbors At Carrollton [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Portion of Debt Premium (Discount) | 147,552 | ||
Amortization of debt premium (discount) | 24,938 | 12,469 | 0 |
Notes Payable to Banks [Member] | Waterford on the Meadow [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Portion of Debt Premium (Discount) | 298,483 | ||
Amortization of debt premium (discount) | 50,448 | 25,224 | 0 |
Notes Payable to Banks [Member] | The Belmont [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Portion of Debt Premium (Discount) | 579,533 | ||
Amortization of debt premium (discount) | 94,225 | 40,780 | 0 |
Notes Payable to Banks [Member] | Dawntree [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Portion of Debt Premium (Discount) | 713,778 | ||
Amortization of debt premium (discount) | 126,985 | 48,131 | 0 |
Notes Payable to Banks [Member] | Heritage Grand at Sienna Plantation [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Portion of Debt Premium (Discount) | -448,865 | ||
Amortization of debt premium (discount) | ($11,796) | ($381) | $0 |
Debt_Narrative_Details
Debt - Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 17, 2014 | Jul. 18, 2014 | |
Debt Instrument [Line Items] | |||||
Line of credit facility, amount outstanding | $14,000,000 | $0 | |||
Interest expense | 40,412,744 | 24,308,402 | 6,291,193 | ||
Amortization of deferred financing costs | 1,489,834 | 976,198 | 225,614 | ||
Amortization of debt premium (discount) | 1,234,793 | 987,970 | 332,348 | ||
Unrealized loss on derivatives | 4,353,301 | 448,984 | 162,761 | ||
Capitalized interest | 41,898 | 0 | 0 | ||
Notes Payable to Banks [Member] | |||||
Debt Instrument [Line Items] | |||||
Amortization of debt premium (discount) | 1,234,793 | 987,970 | 332,348 | ||
Notes Payable to Banks [Member] | Ashley Oaks Property [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.35% | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, amount outstanding | 14,000,000 | 0 | |||
Revolving Credit Facility [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, current borrowing capacity | 20,000,000 | 35,000,000 | |||
Line of credit, repayment term | 180 days | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche A [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, current borrowing capacity | 20,000,000 | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche A [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.60% | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche A [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.75% | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche B [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, current borrowing capacity | 15,000,000 | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche B [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 3.00% | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche B [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.00% | ||||
Letter of Credit [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.77% | ||||
Interest Rate Cap [Member] | |||||
Debt Instrument [Line Items] | |||||
Unrealized loss on derivatives | 4,353,301 | 448,984 | 162,761 | ||
Interest Rate Cap [Member] | Ashley Oaks Property [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | 17-Jul-16 | ||||
Interest Rate Option One [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, base rate | 2.00% | ||||
Interest Rate Option One [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | Federal Funds Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.50% | ||||
Interest Rate Option One [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.00% | ||||
Interest Rate Option Two [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 3.00% | ||||
Accounts Payable and Accrued Liabilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest payable | $2,870,380 | $2,539,966 |
Debt_Summary_of_Aggregate_Matu
Debt - Summary of Aggregate Maturities (Details) (USD $) | Dec. 31, 2014 |
Debt Disclosure [Abstract] | |
Total | $1,080,070,227 |
2015 | 14,106,234 |
2016 | 29,835,302 |
2017 | 51,817,023 |
2018 | 83,280,961 |
2019 | 127,507,710 |
Thereafter | $773,522,997 |
Stockholders_Equity_Narrative_
Stockholders' Equity - Narrative - General (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | ||
Common and preferred stock, shares authorized (in shares) | 1,100,000,000 | |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 999,999,000 | 999,999,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Convertible Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 1,000 | 1,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Stockholders_Equity_Narrative_1
Stockholders' Equity - Narrative - Common Stock (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 41 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 12, 2009 | Dec. 31, 2009 | Dec. 20, 2013 | Jun. 11, 2014 | Nov. 15, 2012 | |
Class of Stock [Line Items] | ||||||||
Common stock, votes per share | 1 | |||||||
Proceeds from issuance of common stock | $26,561,229 | $485,786,997 | $179,849,886 | |||||
Share-based compensation | 118,145 | 105,210 | 94,425 | |||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of common stock (in shares) | 22,223 | 22,223 | ||||||
Proceeds from issuance of common stock | 200,007 | 200,007 | ||||||
Share price (in dollars per share) | $10.24 | $9 | ||||||
Private Offering and Public Offering [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Commissions on sales of common stock and related dealer manager fees to affiliates | 95,845,468 | |||||||
Private Offering and Public Offering [Member] | Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of common stock (in shares) | 76,732,387 | |||||||
Proceeds from issuance of common stock | 679,572,142 | |||||||
Distribution Reinvestment Plan [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock issued during period, dividend reinvestment plan (in shares) | 4,073,751 | 1,588,289 | ||||||
Proceeds from issuance of common stock, dividend reinvestment plan | 39,580,769 | 15,397,232 | ||||||
Restricted Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Restricted common stock, weighted average remaining vesting terms | 1 year 5 months 9 days | |||||||
Restricted Stock [Member] | Director [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Restricted common stock, vesting installments | 4 | |||||||
Shares of restricted stock vesting percentage | 25.00% | |||||||
Steadfast Income Advisor, LLC [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of restricted common stock to Advisor | 5,000,000 | |||||||
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Restricted Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Fair value of shares of restricted stock (in shares) | 5,000,000 | |||||||
Tranche One [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Restricted Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares of restricted stock vesting percentage | 50.00% | |||||||
Common stock, basis of conversion, percentage of annual return on stockholders' invested capital | 7.00% | |||||||
Tranche Two [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Restricted Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares of restricted stock vesting percentage | 50.00% | |||||||
Rents and Other Receivables [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Due from transfer agent | 0 | 26,549,087 | ||||||
General and Administrative Expense [Member] | Restricted Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based compensation | 118,145 | 105,210 | 94,425 | |||||
Stock Purchase Plan [Member] | President [Member] | Ella Shaw Neyland [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock purchase plan, grants in period, amount | 5,530 | |||||||
Stock purchase plan, grants in period (in shares) | 600 | |||||||
Stock purchase plan, price per share (in dollars per share) | $9.22 | |||||||
Stock purchase plan, exercises in period (in shares) | 2,400 | |||||||
Stock purchase plan, exercises in period, amount | 22,118 | |||||||
Restricted Stock Agreement [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of restricted common stock to advisor (in shares) | 488,281.25 | |||||||
Issuance of restricted common stock to Advisor | $5,000,000 | |||||||
Restricted Stock Agreement [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Restricted Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share price (in dollars per share) | $10.24 | |||||||
Common stock, basis of conversion, percentage of annual return on stockholders' invested capital | 7.00% | |||||||
Restricted Stock Agreement [Member] | Tranche One [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Restricted Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares of restricted stock vesting percentage | 50.00% | |||||||
Restricted Stock Agreement [Member] | Tranche Two [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Restricted Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares of restricted stock vesting percentage | 50.00% |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Restricted Stock Issued to Independent Directors as Compensation (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested shares at the beginning of the year (in shares) | 18,750 | 20,625 | 12,500 |
Granted shares (in shares) | 10,000 | 10,000 | 17,500 |
Vested shares (in shares) | -11,875 | -11,875 | -9,375 |
Nonvested shares at the end of the year (in shares) | 16,875 | 18,750 | 20,625 |
Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Weighted Average Fair Value (in dollars per share) | 10.24 | 10.24 | 9.23 |
Stockholders_Equity_Narrative_2
Stockholders' Equity - Narrative - Convertible Stock (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Class of Stock [Line Items] | |||
Proceeds from issuance of common stock | $26,561,229 | $485,786,997 | $179,849,886 |
Convertible Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 1,000 | 1,000 | |
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Convertible Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 1,000 | ||
Proceeds from issuance of common stock | 1,000 | ||
Common stock, basis of conversion, percentage of annual return on original issue price of shares | 8.00% | ||
Common stock, conversion basis, multiplier | 0.001 | ||
Common stock, conversion basis, percent enterprise value | 10.00% | ||
Convertible common stock, redemption amount | $1 |
Stockholders_Equity_Narrative_3
Stockholders' Equity - Narrative - Preferred Stock (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
class | ||
Equity [Abstract] | ||
Preferred stock, number of classes or series the Board of Directors is authorized to classify or reclassify | 1 | |
Preferred stock, number of classes or series the Board of Directors is authorized to issue | 1 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Stockholders_Equity_Narrative_4
Stockholders' Equity - Narrative - Distribution Reinvestment Plan (Details) (Distribution Reinvestment Plan [Member], USD $) | Sep. 10, 2012 | Jul. 23, 2009 |
Distribution Reinvestment Plan [Member] | ||
Class of Stock [Line Items] | ||
Share price, distribution reinvestment plan (in dollars per share) | $9.73 | $9.50 |
Stockholders_Equity_Narrative_5
Stockholders' Equity - Narrative - Share Repurchase Plan and Redeemable Common Stock (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ||
Stock repurchase plan, notice of termination, days | 30 days | |
Transfers from (to) redeemable common stock | ($13,393,647) | $10,078,483 |
Share Repurchase Plan [Member] | Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Number of shares that can be repurchased before the first anniversary of date of purchase | 0 | |
Share repurchase plan, disability or death holding period exemption period, maximum | 2 years | |
Stock repurchase plan, minimum redemption notice period | 15 days | |
Stock repurchase plan, settlement period | 30 days | |
Business days | 3 days | |
Redemption of common stock (in shares) | 280,185 | 129,239 |
Stock repurchase plan, stock redeemed, value | 2,723,947 | 1,246,300 |
Stock requested for redemption (in shares) | 215,685 | 154,518 |
Stock requested for redemption, value | 2,110,525 | 1,466,812 |
Stock repurchase plan, percentage of weighted-average number of shares outstanding, limit on repurchase | 5.00% | |
Fee charged to repurchase shares | $0 |
Stockholders_Equity_Schedule_o1
Stockholders' Equity - Schedule of Repurchase Prices Under Share Repurchase Plan (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 1 | 92.50% |
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 2 | 95.00% |
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 3 | 97.50% |
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 4 | 100.00% |
Stockholders_Equity_Schedule_o2
Stockholders' Equity - Schedule of Repurchase Prices Under Share Repurchase Plan (Footnote) (Details) (Common Stock [Member], Share Repurchase Plan [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Common Stock [Member] | Share Repurchase Plan [Member] | |
Class of Stock [Line Items] | |
Required holding period to be eligible to redeem shares under share repurchase plan | 1 year |
Stockholders_Equity_Narrative_6
Stockholders' Equity - Narrative - Distributions (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |
Sep. 10, 2012 | Dec. 31, 2014 | Jun. 11, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ||||
Common stock, distribution rate, percentage | 7.00% | 7.00% | ||
Deferred costs | $0 | $5,000,000 | ||
Steadfast Income Advisor, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Fee due to related party, maximum deferred amount | 5,000,000 | |||
Issuance of restricted common stock to Advisor | $5,000,000 |
Stockholders_Equity_Narrative_7
Stockholders' Equity - Narrative - Distributions Declared (Details) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | 28 Months Ended | ||||
Sep. 10, 2012 | Sep. 09, 2012 | Sep. 09, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Jun. 12, 2009 | |
Class of Stock [Line Items] | ||||||||
Common share, distribution rate per share per day, declared (in dollars per share) | $0.00 | $0.00 | $0.00 | $0.00 | ||||
Common stock, distribution rate, percentage | 7.00% | 7.00% | ||||||
Less: dividends declared on participating securities | $203,990 | $0 | $0 | |||||
Distributions payable | 4,679,455 | 4,058,452 | 4,679,455 | |||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common share, distribution rate per share per day, declared (in dollars per share) | $0.00 | |||||||
Common stock, distribution rate, percentage | 7.00% | |||||||
Share price (in dollars per share) | $10.24 | $10.24 | $9 | |||||
Less: dividends declared on participating securities | 54,296,664 | 28,645,761 | ||||||
Common stock, distributions declared pursuant to DRP | 22,220,101 | 11,628,045 | ||||||
Common stock, distributions declared pursuant to DRP (in shares) | 2,283,669 | 1,195,071 | ||||||
Distributions payable | 4,679,455 | 4,058,452 | 4,679,455 | |||||
Distributions payable, distribution reinvestment plan | $0 | $1,963,570 | $0 |
Stockholders_Equity_Narrative_8
Stockholders' Equity - Narrative - Distributions Paid (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Class of Stock [Line Items] | |||
Payments of ordinary dividends, common stock | $29,491,989 | $14,302,663 | $4,375,205 |
Distributions paid, common stock, including distribution reinvestment plan | 53,675,661 | 25,930,708 | |
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock, distributions for DRP (in shares) | 2,485,476 | 1,195,071 | |
Distributions declared, DRP | $24,183,672 | $11,628,045 |
Earnings_Loss_Per_Share_Schedu
Earnings (Loss) Per Share - Schedule of Reconciliation of Net Loss Attributable to Common Stockholders and Shares used in Calculating Basic and Diluted Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | |||||||||||
Net loss attributable to the Company | ($4,668,129) | ($3,337,573) | ($3,653,679) | ($14,082,911) | ($24,834,737) | ($14,707,104) | ($7,746,115) | ($8,591,901) | ($25,742,292) | ($55,879,857) | ($22,559,927) |
Less: dividends declared on participating securities | 203,990 | 0 | 0 | ||||||||
Net loss attributable to common stockholders | ($25,946,282) | ($55,879,857) | ($22,559,927) | ||||||||
Weighted average common shares outstanding - basic and diluted (in shares) | 75,450,215 | 40,169,940 | 12,238,094 | ||||||||
Loss per common share - basic and diluted (in dollars per share) | ($0.05) | ($0.05) | ($0.05) | ($0.19) | ($0.42) | ($0.34) | ($0.24) | ($0.34) | ($0.34) | ($1.39) | ($1.84) |
Earnings_Loss_Per_Share_Narrat
Earnings (Loss) Per Share - Narrative (Details) (Unvested Restricted Common Shares [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
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 (in shares) | 488,281.25 |
Related_Party_Arrangements_Sch
Related Party Arrangements - Schedule of Amounts Attributable to the Advisor and its Affiliates - Amounts Incurred, Paid, and Payable (Details) (USD $) | 12 Months Ended | 68 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ||||
Due to affiliates | $3,039,490 | $3,039,490 | $9,322,038 | |
Steadfast Income Advisor, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to affiliates | 72,253 | 72,253 | ||
Steadfast Income Advisor, LLC [Member] | Investment Management Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to affiliates | 1,155,012 | 1,155,012 | 178,464 | |
Steadfast Income Advisor, LLC [Member] | General and Administrative Expense [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 980,192 | |||
Steadfast Income Advisor, LLC [Member] | Selling Commissions [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 44,413,086 | |||
Steadfast Income Advisor, LLC [Member] | Dealer Manager Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 25,428,455 | |||
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 45,188,172 | 110,759,945 | 45,568,053 | |
Paid during the period | 51,470,720 | 104,909,703 | 43,482,322 | |
Due to affiliates | 3,039,490 | 3,039,490 | 9,322,038 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Investment Management Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Paid during the period | 16,627,339 | 4,630,082 | 383,359 | |
Due to affiliates | 1,155,012 | 1,155,012 | 4,530,042 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Acquisition Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Paid during the period | 3,296,422 | 19,436,769 | 9,876,075 | |
Due to affiliates | 603,400 | 603,400 | 648,422 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Acquisition Expenses [Member] | ||||
Related Party Transaction [Line Items] | ||||
Paid during the period | 583,511 | 4,577,909 | 997,180 | |
Due to affiliates | 4,002 | 4,002 | 0 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Paid during the period | 5,717,813 | 2,960,930 | 834,537 | |
Due to affiliates | 501,540 | 501,540 | 416,581 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Reimbursement of Onsite Personnel [Member] | ||||
Related Party Transaction [Line Items] | ||||
Paid during the period | 17,827,185 | 8,976,013 | 2,848,511 | |
Due to affiliates | 583,161 | 583,161 | 568,851 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Other Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Paid during the period | 1,585,747 | 899,579 | 132,064 | |
Due to affiliates | 76,913 | 76,913 | 45,220 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Other Operating Expenses [Member] | ||||
Related Party Transaction [Line Items] | ||||
Paid during the period | 915,618 | 3,712,827 | 1,456,646 | |
Due to affiliates | 72,253 | 72,253 | 7,676 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Disposition Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Paid during the period | 463,688 | 0 | 0 | |
Due to affiliates | 0 | 0 | 0 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Construction Management Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 1,391,360 | 421,776 | 0 | |
Paid during the period | 1,348,151 | 421,776 | 0 | |
Due to affiliates | 43,209 | 43,209 | 0 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Other Offering Costs Reimbursement [Member] | Additional Paid-In Capital [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 0 | 13,271,892 | 9,820,681 | |
Paid during the period | 3,105,246 | 10,279,559 | 9,799,471 | |
Due to affiliates | 0 | 0 | 3,105,246 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Selling Commissions [Member] | Additional Paid-In Capital [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 0 | 31,187,852 | 10,895,367 | |
Paid during the period | 0 | 31,187,852 | 10,895,367 | |
Due to affiliates | 0 | 0 | 0 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Dealer Manager Fees [Member] | Additional Paid-In Capital [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 0 | 17,826,407 | 6,259,112 | |
Paid during the period | 0 | 17,826,407 | 6,259,112 | |
Due to affiliates | 0 | 0 | 0 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Investment Management Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 13,252,309 | 7,409,393 | 1,887,866 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Acquisition Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 3,251,400 | 19,148,107 | 10,131,220 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Property Management, Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 5,802,772 | 3,226,878 | 960,968 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Property Management, Other Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 1,617,440 | 929,359 | 147,504 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Acquisition Costs [Member] | Acquisition Expenses [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 587,513 | 4,433,861 | 1,033,301 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Operating, Maintenance and Management [Member] | Property Management, Reimbursement of Onsite Personnel [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 17,841,495 | 9,343,021 | 3,004,041 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | General and Administrative Expense [Member] | Other Operating Expenses [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 980,195 | 3,561,399 | 1,427,993 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Sales of Real Estate [Member] | Disposition Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, expenses from transactions with related party | 463,688 | 0 | 0 | |
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Other Offering Costs Reimbursement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to affiliates | $0 | $0 | $3,105,246 |
Related_Party_Arrangements_Sch1
Related Party Arrangements - Schedule of Amounts Attributable to the Advisor and its Affiliates (Footnote) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ||
Due to affiliates | $3,039,490 | $9,322,038 |
Steadfast Income Advisor, LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | 72,253 | |
Steadfast Income Advisor, LLC [Member] | Investment Management Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Deferred fees | 0 | 4,351,578 |
Due to affiliates | 1,155,012 | 178,464 |
Steadfast Income Advisor, LLC [Member] | Acquisition Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Deferred fees | 0 | 648,422 |
Acquisition fees, due and payable to affiliates | $603,400 | $0 |
Related_Party_Arrangements_Nar
Related Party Arrangements - Narrative - Organization and Offering Costs (Details) (USD $) | 12 Months Ended | 68 Months Ended | 12 Months Ended | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||||
Organization and offering costs threshold, percentage of gross proceeds of public offering | 15.00% | ||||
Underwriting compensation threshold, percentage of gross proceeds of public offering | 10.00% | ||||
Due to affiliates, net | $3,039,490 | 3,039,490 | $9,322,038 | $9,322,038 | |
Steadfast Income Advisor, LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from advisor | 0 | 0 | |||
Due to affiliates, net | 72,253 | 72,253 | |||
Steadfast Income Advisor, LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Organization and offering costs threshold, percentage of gross proceeds of public offering | 15.00% | ||||
Steadfast Income Advisor, LLC [Member] | Organization and Offering Costs [Member] | |||||
Related Party Transaction [Line Items] | |||||
Organization and offering costs threshold, percentage of gross proceeds of public offering | 15.00% | ||||
Underwriting compensation threshold, percentage of gross proceeds of public offering | 10.00% | ||||
Steadfast Income Advisor, LLC [Member] | Organizational Costs Reimbursements [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total O&O costs reimbursements recorded by the company | 0 | 100,738 | 0 | 0 | |
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Private Offering [Member] | |||||
Related Party Transaction [Line Items] | |||||
Organization and offering costs | 2,301,719 | ||||
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Offering Costs [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total O&O costs reimbursements recorded by the company | 2,301,719 | ||||
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Organization and Offering Costs [Member] | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement to advisor | 95,946,206 | 1,425,070 | |||
Total O&O costs reimbursements recorded by the company | 93,644,487 | ||||
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Organization Cost [Member] | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement to advisor | 100,738 | ||||
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Private Offering [Member] | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement to advisor | 1,425,070 | ||||
Organization and offering costs | 0 | 0 | 0 | ||
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Private Offering Costs [Member] | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement to advisor | 2,301,719 | ||||
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Public Offering [Member] | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement to advisor | 0 | ||||
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Public Offering Costs [Member] | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement to advisor | 0 | 93,543,749 | 60,861,080 | 26,987,107 | |
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Other Offering Costs Reimbursement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to affiliates, net | 0 | 0 | 3,105,246 | 3,105,246 | |
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to affiliates, net | 3,039,490 | 3,039,490 | 9,322,038 | 9,322,038 | |
Total O&O costs reimbursements recorded by the company | 45,188,172 | 110,759,945 | 45,568,053 | ||
Crossroads Capital Advisors [Member] | Steadfast Income Advisor, LLC [Member] | Public Offering Costs [Member] | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement to advisor | $0 | $3,203,872 | $1,458,000 |
Related_Party_Arrangements_Sch2
Related Party Arrangements - Schedule of Reimbursable Organization and Offering Costs Related to the Public Offering (Details) (USD $) | 12 Months Ended | 68 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||||
O&O limitation | 15.00% | |||
Steadfast Income Advisor, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
O&O limitation | 15.00% | |||
Steadfast Income Advisor, LLC [Member] | Organization and Offering Costs [Member] | ||||
Related Party Transaction [Line Items] | ||||
O&O limitation | 15.00% | |||
Total O&O costs available to be paid/reimbursed | $109,498,877 | |||
Steadfast Income Advisor, LLC [Member] | Sales Commissions Paid [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total O&O costs reimbursements recorded by the company | 44,413,086 | |||
Percentage of Gross Public Offering Proceeds | 6.08% | |||
Steadfast Income Advisor, LLC [Member] | Broker Dealer Fees Paid [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total O&O costs reimbursements recorded by the company | 25,428,455 | |||
Percentage of Gross Public Offering Proceeds | 3.48% | |||
Steadfast Income Advisor, LLC [Member] | Public Offering Costs Reimbursements [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total O&O costs reimbursements recorded by the company | 20,596,961 | |||
Percentage of Gross Public Offering Proceeds | 2.82% | |||
Steadfast Income Advisor, LLC [Member] | Offering Cost Reimbursements Accrual [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total O&O costs reimbursements recorded by the company | 3,105,247 | |||
Percentage of Gross Public Offering Proceeds | 0.43% | |||
Steadfast Income Advisor, LLC [Member] | Organizational Costs Reimbursements [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total O&O costs reimbursements recorded by the company | 0 | 0 | 0 | 100,738 |
Percentage of Gross Public Offering Proceeds | 0.01% | |||
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Gross offering proceeds from Public Offering (excluding DRP): | 729,992,516 | |||
Percentage of Gross Public Offering Proceeds | 100.00% | |||
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Organization and Offering Costs [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total O&O costs reimbursements recorded by the company | $93,644,487 | |||
Percentage of Gross Public Offering Proceeds | 12.83% |
Related_Party_Arrangements_Nar1
Related Party Arrangements - Narrative - Investment Management Fee (Details) (Steadfast Income Advisor, LLC [Member], Steadfast Income Advisor, LLC [Member], Investment Management Fees [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Investment Management Fees [Member] | |
Related Party Transaction [Line Items] | |
Investment management monthly fee, percentage of real properties or related assets acquired | 0.07% |
Related_Party_Arrangements_Nar2
Related Party Arrangements - Narrative - Acquisition Fees and Expenses (Details) (Steadfast Income Advisor, LLC [Member], Steadfast Income Advisor, LLC [Member], Acquisition Fees and Expenses [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Acquisition Fees and Expenses [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_Nar3
Related Party Arrangements - Narrative - Property Management Fees and Expenses (Details) (Steadfast Management Company, Inc. [Member], Property Management Agreement [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |
Property management agreement, notice of termination breach | 30 days |
Property Manager [Member] | |
Related Party Transaction [Line Items] | |
Property management, oversight fee, percent | 1.00% |
Property management agreement, initial term | 1 year |
Property management agreement, notice of termination option | 60 days |
Minimum [Member] | Property Manager [Member] | |
Related Party Transaction [Line Items] | |
Property management fee, percent | 2.50% |
Maximum [Member] | Property Manager [Member] | |
Related Party Transaction [Line Items] | |
Property management fee, percent | 3.75% |
Related_Party_Arrangements_Nar4
Related Party Arrangements - Narrative - Construction Management Fees (Details) (Pacific Coast Land & Construction, Inc. [Member], Affiliated Entity [Member], Construction Management Agreement [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |
Construction management agreement, termination notification period | 30 days |
Minimum [Member] | |
Related Party Transaction [Line Items] | |
Construction management fee, percent | 8.00% |
Maximum [Member] | |
Related Party Transaction [Line Items] | |
Construction management fee, percent | 12.00% |
Related_Party_Arrangements_Nar5
Related Party Arrangements - Narrative - Other Operating Expense Reimbursements (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | |||
Other operating expense reimbursement, percentage of average invested assets, threshold | 2.00% | ||
Other operating expense reimbursement, percentage of net income, threshold | 25.00% | ||
Operating expenses | $231,616,282 | $164,960,373 | $53,146,859 |
Other Operating Expense Reimbursement [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 2,571,910 | ||
General and administrative expenses | 6,896,519 | 7,106,568 | 3,085,470 |
Operating expenses, percent of average invested assets | 0.10% | ||
Operating expenses, percent of net loss | 3.80% | ||
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Other Operating Expense Reimbursement [Member] | |||
Related Party Transaction [Line Items] | |||
Operating expenses limited, number of quarters | 4 | ||
Other operating expense reimbursement, percentage of average invested assets, threshold | 2.00% | ||
Other operating expense reimbursement, percentage of net income, threshold | 25.00% | ||
Average Invested Assets Calculation Period | 12 months | ||
Advisor and its Affiliates [Member] | Other Operating Expense Reimbursement [Member] | |||
Related Party Transaction [Line Items] | |||
Operating expenses | 980,192 | 3,561,399 | 1,427,993 |
Overhead expenses | 980,192 | 3,561,399 | 930,187 |
Related party transaction, expenses from transactions with related party | $0 | $0 | $0 |
Related_Party_Arrangements_Nar6
Related Party Arrangements - Narrative - Disposition Fee (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |
Other operating expense reimbursement, percentage of average invested assets, threshold | 2.00% |
Other operating expense reimbursement, percentage of net income, threshold | 25.00% |
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Other Operating Expenses [Member] | |
Related Party Transaction [Line Items] | |
Other operating expense reimbursement, percentage of average invested assets, threshold | 2.00% |
Other operating expense reimbursement, percentage of net income, threshold | 25.00% |
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Disposition Fees [Member] | |
Related Party Transaction [Line Items] | |
Disposition fee, maximum brokerage commission paid threshold, percent | 50.00% |
Disposition fee, maximum, percentage of sales price | 3.00% |
Disposition fee, percent of sales price | 1.50% |
Acquisition fees and expenses, maximum, percentage of contract purchase price | 6.00% |
Related_Party_Arrangements_Nar7
Related Party Arrangements - Narrative - Selling Commissions and Dealer Manager Fees (Details) (Steadfast Capital Markets Group, LLC [Member], Dealer Manager [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Sales Commissions and Dealer Manager Fees [Member] | |
Related Party Transaction [Line Items] | |
Sales commissions or dealer manager fees paid | $0 |
Primary Offering [Member] | Sales Commissions [Member] | |
Related Party Transaction [Line Items] | |
Sales commission, percentage of gross offering proceeds | 6.50% |
Primary Offering [Member] | Dealer Manager Fees [Member] | |
Related Party Transaction [Line Items] | |
Dealer manager fees, percentage of gross offering proceeds | 3.50% |
Distribution Reinvestment Plan [Member] | Sales Commissions and Dealer Manager Fees [Member] | |
Related Party Transaction [Line Items] | |
Sales commissions or dealer manager fees paid | $0 |
Related_Party_Arrangements_Nar8
Related Party Arrangements - Narrative - Restricted Stock Agreement (Details) (Steadfast Income Advisor, LLC [Member], USD $) | 0 Months Ended | 12 Months Ended |
Jun. 11, 2014 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Issuance of restricted common stock to Advisor | $5,000,000 | |
Steadfast Income Advisor, LLC [Member] | Restricted Stock Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance of restricted common stock to advisor (in shares) | 488,281.25 | |
Issuance of restricted common stock to Advisor | $5,000,000 | |
Restricted Stock [Member] | Steadfast Income Advisor, LLC [Member] | Restricted Stock Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Share price (in dollars per share) | $10.24 | |
Common stock, basis of conversion, percentage of annual return on stockholders' invested capital | 7.00% | |
Tranche One [Member] | Restricted Stock [Member] | Steadfast Income Advisor, LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Shares of restricted stock vesting percentage | 50.00% | |
Common stock, basis of conversion, percentage of annual return on stockholders' invested capital | 7.00% | |
Tranche One [Member] | Restricted Stock [Member] | Steadfast Income Advisor, LLC [Member] | Restricted Stock Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Shares of restricted stock vesting percentage | 50.00% | |
Tranche Two [Member] | Restricted Stock [Member] | Steadfast Income Advisor, LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Shares of restricted stock vesting percentage | 50.00% | |
Tranche Two [Member] | Restricted Stock [Member] | Steadfast Income Advisor, LLC [Member] | Restricted Stock Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Shares of restricted stock vesting percentage | 50.00% |
Incentive_Award_Plan_and_Indep1
Incentive Award Plan and Independent Director Compensation - Narrative (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | ||||||
Oct. 02, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 08, 2014 | Aug. 05, 2014 | Aug. 07, 2013 | Jul. 09, 2010 | Aug. 08, 2012 | |
director | director | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Proceeds from issuance of common stock | $26,561,229 | $485,786,997 | $179,849,886 | |||||||
Number of board of directors members | 1 | 4 | 4 | 3 | ||||||
Number of new independent board of director members | 2 | |||||||||
Share-based compensation | 118,145 | 105,210 | 94,425 | |||||||
Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted shares (in shares) | 10,000 | 10,000 | 17,500 | |||||||
Director [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Issuance of common stock for services, percentage | 50.00% | |||||||||
Director [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock vesting percentage | 25.00% | |||||||||
Incentive Award Plan [Member] | Director [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted common stock, award vesting period | 3 years | |||||||||
Initial Election [Member] | Director [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted shares (in shares) | 5,000 | |||||||||
Initial Election [Member] | Incentive Award Plan [Member] | Director [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted shares (in shares) | 5,000 | |||||||||
Re-Election [Member] | Director [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted shares (in shares) | 2,500 | 2,500 | 2,500 | 2,500 | ||||||
Private Offering [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Proceeds from issuance of common stock | $2,000,000 | $5,844,325 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative [Line Items] | |||
Unrealized loss on derivatives | $4,353,301 | $448,984 | $162,761 |
Interest Rate Cap [Member] | |||
Derivative [Line Items] | |||
Derivative, number of instruments held | 27 | ||
Derivative, notional amount | 577,961,000 | ||
Unrealized loss on derivatives | 4,353,301 | 448,984 | 162,761 |
Interest rate derivative assets, fair value | $1,978,939 | $5,462,561 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Schedule of Interest Rate Derivative Instruments (Details) (Interest Rate Cap [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | ||
Notional Amount | 577,961,000 | |
Interest rate derivative assets, fair value | 1,978,939 | 5,462,561 |
Ashley Oaks [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 21,712,000 | |
Variable Rate | 0.17% | |
Cap Rate | 5.00% | |
Interest rate derivative assets, fair value | 1,291 | 19,729 |
The Trails at Buda Ranch [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 17,030,000 | |
Variable Rate | 0.17% | |
Cap Rate | 2.00% | |
Interest rate derivative assets, fair value | 138,826 | 335,483 |
Deer Valley Luxury Apartments [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 20,875,000 | |
Variable Rate | 0.17% | |
Cap Rate | 2.00% | |
Interest rate derivative assets, fair value | 183,111 | 439,064 |
Grayson Ridge [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 10,725,000 | |
Variable Rate | 0.17% | |
Cap Rate | 2.00% | |
Interest rate derivative assets, fair value | 43,957 | 115,262 |
Rosemont at Olmos Park [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 15,100,000 | |
Variable Rate | 0.17% | |
Cap Rate | 2.00% | |
Interest rate derivative assets, fair value | 63,491 | 164,538 |
Meritage at Steiner Ranch [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 55,500,000 | |
Variable Rate | 0.17% | |
Cap Rate | 2.00% | |
Interest rate derivative assets, fair value | 305,347 | 715,411 |
Tapestry Park [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 23,100,000 | |
Variable Rate | 0.17% | |
Cap Rate | 3.56% | |
Interest rate derivative assets, fair value | 39,380 | 154,735 |
Stuart Hall [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 12,407,000 | |
Variable Rate | 0.17% | |
Cap Rate | 3.50% | |
Interest rate derivative assets, fair value | 10,624 | 62,083 |
BriceGrove Park [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 14,985,000 | |
Variable Rate | 0.17% | |
Cap Rate | 3.42% | |
Interest rate derivative assets, fair value | 30,337 | 110,612 |
Landing at Mansfield [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 22,750,000 | |
Variable Rate | 0.17% | |
Cap Rate | 2.50% | |
Interest rate derivative assets, fair value | 92,718 | 251,548 |
The Heights [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 29,014,000 | |
Variable Rate | 0.17% | |
Cap Rate | 2.50% | |
Interest rate derivative assets, fair value | 103,812 | 312,618 |
Villas at Huffmeister [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 25,963,000 | |
Variable Rate | 0.17% | |
Cap Rate | 2.50% | |
Interest rate derivative assets, fair value | 103,746 | 303,798 |
Villas at Kingwood [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 28,105,000 | |
Variable Rate | 0.17% | |
Cap Rate | 2.50% | |
Interest rate derivative assets, fair value | 112,305 | 328,862 |
Waterford Place at Riata Ranch [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 16,340,000 | |
Variable Rate | 0.17% | |
Cap Rate | 2.50% | |
Interest rate derivative assets, fair value | 65,293 | 191,198 |
Carrington Place [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 22,376,000 | |
Variable Rate | 0.17% | |
Interest rate derivative assets, fair value | 81,621 | 302,878 |
Carrington Place [Member] | November 30, 2014 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.00% | |
Carrington Place [Member] | November 30, 2015 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.50% | |
Carrington Place [Member] | November 30, 2016 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 3.25% | |
Carrington Place [Member] | December 1, 2018 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 4.10% | |
Carrington at Champion Forest [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 22,959,000 | |
Variable Rate | 0.17% | |
Interest rate derivative assets, fair value | 83,747 | 310,770 |
Carrington at Champion Forest [Member] | November 30, 2014 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.00% | |
Carrington at Champion Forest [Member] | November 30, 2015 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.50% | |
Carrington at Champion Forest [Member] | November 30, 2016 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 3.25% | |
Carrington at Champion Forest [Member] | December 1, 2018 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 4.10% | |
Carrington Park [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 17,717,000 | |
Variable Rate | 0.17% | |
Interest rate derivative assets, fair value | 64,626 | 239,815 |
Carrington Park [Member] | November 30, 2014 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.00% | |
Carrington Park [Member] | November 30, 2015 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.50% | |
Carrington Park [Member] | November 30, 2016 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 3.25% | |
Carrington Park [Member] | December 1, 2018 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 4.10% | |
Willow Crossing [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 43,500,000 | |
Variable Rate | 0.17% | |
Interest rate derivative assets, fair value | 74,581 | 448,006 |
Willow Crossing [Member] | November 30, 2014 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.00% | |
Willow Crossing [Member] | November 30, 2015 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.50% | |
Willow Crossing [Member] | November 30, 2016 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 3.25% | |
Willow Crossing [Member] | December 1, 2018 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 4.65% | |
Audubon Park [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 11,760,000 | |
Variable Rate | 0.17% | |
Interest rate derivative assets, fair value | 22,879 | 184,362 |
Audubon Park [Member] | December 31, 2014 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.00% | |
Audubon Park [Member] | December 31, 2015 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.75% | |
Audubon Park [Member] | December 31, 2016 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 3.50% | |
Audubon Park [Member] | December 31, 2017 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 4.25% | |
Audubon Park [Member] | January 1, 2019 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 4.75% | |
Mallard Crossing [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 27,860,000 | |
Variable Rate | 0.17% | |
Interest rate derivative assets, fair value | 68,863 | 350,479 |
Mallard Crossing [Member] | December 31, 2014 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.00% | |
Mallard Crossing [Member] | December 31, 2015 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.50% | |
Mallard Crossing [Member] | December 31, 2016 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 3.00% | |
Mallard Crossing [Member] | January 1, 2018 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 3.40% | |
Renaissance at Carol Stream [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 20,440,000 | |
Variable Rate | 0.17% | |
Interest rate derivative assets, fair value | 46,166 | 0 |
Renaissance at Carol Stream [Member] | January 31, 2017 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 3.00% | |
Renaissance at Carol Stream [Member] | January 31, 2015 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.00% | |
Renaissance at Carol Stream [Member] | January 31, 2016 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.50% | |
Renaissance at Carol Stream [Member] | February 1, 2018 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 3.64% | |
Mapleshade Park [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 15,161,000 | |
Variable Rate | 0.17% | |
Interest rate derivative assets, fair value | 7,404 | 0 |
Mapleshade Park [Member] | March 31, 2015 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.50% | |
Mapleshade Park [Member] | March 31, 2016 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 3.00% | |
Mapleshade Park [Member] | April 1, 2017 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 3.57% | |
Windsor on the River [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 23,500,000 | 23,500,000 |
Variable Rate | 0.17% | |
Cap Rate | 3.00% | |
Interest rate derivative assets, fair value | 54,950 | 121,310 |
Windsor on the River [Member] | May 31, 2015 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.00% | |
Windsor on the River [Member] | May 31, 2016 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.50% | |
Windsor on the River [Member] | May 31, 2017 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 3.00% | |
Windsor on the River [Member] | June 1, 2018 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 3.86% | |
Oak Crossing [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 15,762,000 | |
Variable Rate | 0.17% | |
Interest rate derivative assets, fair value | 60,823 | 0 |
Oak Crossing [Member] | May 31, 2015 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.00% | |
Oak Crossing [Member] | May 31, 2016 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.50% | |
Oak Crossing [Member] | May 31, 2017 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 3.00% | |
Oak Crossing [Member] | June 3, 2018 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 3.50% | |
Cantare at Indian Lake Village [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 18,850,000 | |
Variable Rate | 0.17% | |
Interest rate derivative assets, fair value | 66,969 | 0 |
Cantare at Indian Lake Village [Member] | July 31, 2015 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.00% | |
Cantare at Indian Lake Village [Member] | July 31, 2016 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.50% | |
Cantare at Indian Lake Village [Member] | July 31, 2017 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 3.00% | |
Cantare at Indian Lake Village [Member] | August 1, 2018 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 3.50% | |
Park Shore [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 12,845,000 | |
Variable Rate | 0.17% | |
Interest rate derivative assets, fair value | 23,244 | 0 |
Park Shore [Member] | October 1, 2017 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 3.00% | |
Park Shore [Member] | September 30, 2015 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.00% | |
Park Shore [Member] | September 30, 2016 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.50% | |
Tapestry Park Apartments Two [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 11,625,000 | |
Variable Rate | 0.17% | |
Interest rate derivative assets, fair value | 28,828 | $0 |
Tapestry Park Apartments Two [Member] | October 1, 2017 [Member] | ||
Derivative [Line Items] | ||
Cap Rate | 2.81% | |
LIBOR [Member] | Ashley Oaks [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | The Trails at Buda Ranch [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Deer Valley Luxury Apartments [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Grayson Ridge [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Rosemont at Olmos Park [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Meritage at Steiner Ranch [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Tapestry Park [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Stuart Hall [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | BriceGrove Park [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Landing at Mansfield [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | The Heights [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Villas at Huffmeister [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Villas at Kingwood [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Waterford Place at Riata Ranch [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Carrington Place [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Carrington at Champion Forest [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Carrington Park [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Willow Crossing [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Audubon Park [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Mallard Crossing [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Renaissance at Carol Stream [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Mapleshade Park [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Windsor on the River [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Oak Crossing [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Cantare at Indian Lake Village [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Park Shore [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR | |
LIBOR [Member] | Tapestry Park Apartments Two [Member] | ||
Derivative [Line Items] | ||
Description of variable rate basis | One-Month LIBOR |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Schedule of Interest Rate Derivative Instruments (Footnote) (Details) (Interest Rate Cap [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ||
Interest rate derivative assets, fair value | $1,978,939 | $5,462,561 |
Derivative, notional amount | 577,961,000 | |
Windsor on the River [Member] | ||
Derivative [Line Items] | ||
Interest rate derivative assets, fair value | 54,950 | 121,310 |
Derivative, notional amount | $23,500,000 | $23,500,000 |
Derivative, variable interest rate | 0.17% | |
Cap Rate | 3.00% | |
Securities Industry And Financial Markets Association Swap Index [Member] | Windsor on the River [Member] | ||
Derivative [Line Items] | ||
Derivative, variable interest rate | 0.06% |
Pro_Forma_Information_unaudite2
Pro Forma Information (unaudited) - Narrative (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
property | |
Business Combinations [Abstract] | |
Number of properties acquired | 7 |
Revenues contributed | $7,043,199 |
Contributed net loss | 2,128,011 |
Contributed depreciation and amortization | $4,279,615 |
Pro_Forma_Information_unaudite3
Pro Forma Information (unaudited) - Schedule of Unaudited Pro Forma Information (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Business Combinations [Abstract] | ||
Revenues | $202,656,889 | $125,027,746 |
Net (loss) income | ($20,960,767) | ($55,852,848) |
Loss per common share (in dollars per share) | ($0.27) | ($0.73) |
Weighted-average number of common shares outstanding, basic and diluted (in shares) | 76,858,483 | 76,858,483 |
Selected_Quarterly_Results_una2
Selected Quarterly Results (unaudited) - Schedule of Unaudited Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $50,808,476 | $50,217,617 | $49,224,059 | $45,679,704 | $39,378,465 | $28,761,843 | $22,370,453 | $18,590,756 | $195,929,856 | $109,101,517 | $30,586,932 |
Net loss | ($4,668,129) | ($3,337,573) | ($3,653,679) | ($14,082,911) | ($24,834,737) | ($14,707,104) | ($7,746,115) | ($8,591,901) | ($25,742,292) | ($55,879,857) | ($22,559,927) |
Loss per common share - basic and diluted (in dollars per share) | ($0.05) | ($0.05) | ($0.05) | ($0.19) | ($0.42) | ($0.34) | ($0.24) | ($0.34) | ($0.34) | ($1.39) | ($1.84) |
Distributions declared per common share (in dollars per share) | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.72 | $0.72 |
Subsequent_Events_Narrative_De
Subsequent Events - Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Mar. 02, 2015 | Feb. 02, 2015 | Jan. 02, 2015 | Mar. 10, 2015 | |
Subsequent Event [Line Items] | ||||||
Distributions paid, common stock, including distribution reinvestment plan | $53,675,661 | $25,930,708 | ||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Estimated value per share (in dollars per share) | $10.35 | |||||
Subsequent Event [Member] | Dividend Paid [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Distributions paid, common stock, including distribution reinvestment plan | $4,226,611 | $4,679,536 | $4,679,455 |
Real_Estate_Assets_and_Accumul1
Real Estate Assets and Accumulated Depreciation and Amortization - Real Estate Assets and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $1,070,757,025 | |||
Initial Cost of Company | ||||
Land | 174,192,422 | |||
Buildings and Improvements | 1,459,075,487 | |||
Total | 1,633,267,909 | |||
Cost Capitalized Subsequent to Acquisition | 37,910,285 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 174,102,422 | |||
Buildings and Improvements | 1,462,850,991 | |||
Total | 1,636,953,413 | 1,519,883,478 | 578,045,449 | |
Accumulated Depreciation and Amortization | -98,342,452 | |||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 1,519,883,478 | 578,045,449 | 69,866,681 | |
Acquisitions | 130,339,157 | 950,409,834 | 505,158,918 | |
Improvements | 26,806,872 | 9,125,416 | 3,019,850 | |
Cost of real estate sold | -22,738,038 | -90,000 | 0 | |
Write-off of fully depreciated and fully amortized assets | -17,338,056 | -17,607,221 | 0 | |
Balance at the end of the year | 1,636,953,413 | 1,519,883,478 | 578,045,449 | |
Accumulated Depreciation [Roll Forward] | ||||
Balance at the beginning of the year | 48,920,319 | 18,073,362 | 3,115,505 | |
Depreciation expense | 69,681,177 | 48,454,178 | 14,957,857 | |
Write-off of accumulated depreciation and amortization of real estate assets sold | -2,920,988 | 0 | 0 | |
Write-off of fully depreciated and fully amortized assets | -17,338,056 | -17,607,221 | 0 | |
Balance at the end of the year | 98,342,452 | 48,920,319 | 18,073,362 | |
Park Place Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 4,890,068 | |||
Initial Cost of Company | ||||
Land | 500,000 | 500,000 | ||
Buildings and Improvements | 7,823,400 | 7,823,400 | ||
Total | 8,323,400 | 8,323,400 | ||
Cost Capitalized Subsequent to Acquisition | 884,955 | 884,955 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 410,000 | 410,000 | ||
Buildings and Improvements | 7,983,975 | 7,983,975 | ||
Total | 8,393,975 | 8,393,975 | ||
Accumulated Depreciation and Amortization | -1,387,684 | -1,387,684 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 8,393,975 | |||
Balance at the end of the year | 8,393,975 | 8,393,975 | ||
Clarion Park Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 8,479,259 | |||
Initial Cost of Company | ||||
Land | 1,470,991 | 1,470,991 | ||
Buildings and Improvements | 9,744,009 | 9,744,009 | ||
Total | 11,215,000 | 11,215,000 | ||
Cost Capitalized Subsequent to Acquisition | 393,950 | 393,950 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,470,991 | 1,470,991 | ||
Buildings and Improvements | 9,856,044 | 9,856,044 | ||
Total | 11,327,035 | 11,327,035 | ||
Accumulated Depreciation and Amortization | -1,416,084 | -1,416,084 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 11,327,035 | |||
Balance at the end of the year | 11,327,035 | 11,327,035 | ||
Cooper Creek Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 6,500,887 | |||
Initial Cost of Company | ||||
Land | 593,610 | 593,610 | ||
Buildings and Improvements | 9,826,390 | 9,826,390 | ||
Total | 10,420,000 | 10,420,000 | ||
Cost Capitalized Subsequent to Acquisition | 368,869 | 368,869 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 593,610 | 593,610 | ||
Buildings and Improvements | 10,011,049 | 10,011,049 | ||
Total | 10,604,659 | 10,604,659 | ||
Accumulated Depreciation and Amortization | -1,353,731 | -1,353,731 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 10,604,659 | |||
Balance at the end of the year | 10,604,659 | 10,604,659 | ||
Truman Farm Villas Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 5,709,615 | |||
Initial Cost of Company | ||||
Land | 842,987 | 842,987 | ||
Buildings and Improvements | 8,257,013 | 8,257,013 | ||
Total | 9,100,000 | 9,100,000 | ||
Cost Capitalized Subsequent to Acquisition | 657,659 | 657,659 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 842,987 | 842,987 | ||
Buildings and Improvements | 8,674,043 | 8,674,043 | ||
Total | 9,517,030 | 9,517,030 | ||
Accumulated Depreciation and Amortization | -1,164,524 | -1,164,524 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 9,517,030 | |||
Balance at the end of the year | 9,517,030 | 9,517,030 | ||
EBT Lofts Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 5,397,291 | |||
Initial Cost of Company | ||||
Land | 460,362 | 460,362 | ||
Buildings and Improvements | 8,114,638 | 8,114,638 | ||
Total | 8,575,000 | 8,575,000 | ||
Cost Capitalized Subsequent to Acquisition | 166,929 | 166,929 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 460,362 | 460,362 | ||
Buildings and Improvements | 7,939,249 | 7,939,249 | ||
Total | 8,399,611 | 8,399,611 | ||
Accumulated Depreciation and Amortization | -931,145 | -931,145 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 8,399,611 | |||
Balance at the end of the year | 8,399,611 | 8,399,611 | ||
Windsor on the River Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 23,500,000 | |||
Initial Cost of Company | ||||
Land | 3,381,946 | 3,381,946 | ||
Buildings and Improvements | 29,618,054 | 29,618,054 | ||
Total | 33,000,000 | 33,000,000 | ||
Cost Capitalized Subsequent to Acquisition | 1,029,987 | 1,029,987 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,381,946 | 3,381,946 | ||
Buildings and Improvements | 29,455,112 | 29,455,112 | ||
Total | 32,837,058 | 32,837,058 | ||
Accumulated Depreciation and Amortization | -3,410,922 | -3,410,922 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 32,837,058 | |||
Balance at the end of the year | 32,837,058 | 32,837,058 | ||
Renaissance Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 8,937,635 | |||
Initial Cost of Company | ||||
Land | 838,685 | 838,685 | ||
Buildings and Improvements | 11,661,315 | 11,661,315 | ||
Total | 12,500,000 | 12,500,000 | ||
Cost Capitalized Subsequent to Acquisition | 566,328 | 566,328 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 838,685 | 838,685 | ||
Buildings and Improvements | 11,985,239 | 11,985,239 | ||
Total | 12,823,924 | 12,823,924 | ||
Accumulated Depreciation and Amortization | -1,432,097 | -1,432,097 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 12,823,924 | |||
Balance at the end of the year | 12,823,924 | 12,823,924 | ||
Spring Creek Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 13,577,868 | |||
Initial Cost of Company | ||||
Land | 2,346,503 | 2,346,503 | ||
Buildings and Improvements | 17,602,343 | 17,602,343 | ||
Total | 19,948,846 | 19,948,846 | ||
Cost Capitalized Subsequent to Acquisition | 421,027 | 421,027 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,346,503 | 2,346,503 | ||
Buildings and Improvements | 17,617,978 | 17,617,978 | ||
Total | 19,964,481 | 19,964,481 | ||
Accumulated Depreciation and Amortization | -2,064,948 | -2,064,948 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 19,964,481 | |||
Balance at the end of the year | 19,964,481 | 19,964,481 | ||
Montclair Parc Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 23,827,037 | |||
Initial Cost of Company | ||||
Land | 3,325,556 | 3,325,556 | ||
Buildings and Improvements | 32,424,444 | 32,424,444 | ||
Total | 35,750,000 | 35,750,000 | ||
Cost Capitalized Subsequent to Acquisition | 766,735 | 766,735 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,325,556 | 3,325,556 | ||
Buildings and Improvements | 32,005,584 | 32,005,584 | ||
Total | 35,331,140 | 35,331,140 | ||
Accumulated Depreciation and Amortization | -3,322,130 | -3,322,130 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 35,331,140 | |||
Balance at the end of the year | 35,331,140 | 35,331,140 | ||
Sonoma Grande Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 22,324,719 | |||
Initial Cost of Company | ||||
Land | 2,737,794 | 2,737,794 | ||
Buildings and Improvements | 29,462,206 | 29,462,206 | ||
Total | 32,200,000 | 32,200,000 | ||
Cost Capitalized Subsequent to Acquisition | 316,727 | 316,727 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,737,794 | 2,737,794 | ||
Buildings and Improvements | 29,229,320 | 29,229,320 | ||
Total | 31,967,114 | 31,967,114 | ||
Accumulated Depreciation and Amortization | -3,081,080 | -3,081,080 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 31,967,114 | |||
Balance at the end of the year | 31,967,114 | 31,967,114 | ||
Estancia Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 21,485,523 | |||
Initial Cost of Company | ||||
Land | 2,544,634 | 2,544,634 | ||
Buildings and Improvements | 27,240,628 | 27,240,628 | ||
Total | 29,785,262 | 29,785,262 | ||
Cost Capitalized Subsequent to Acquisition | 328,928 | 328,928 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,544,634 | 2,544,634 | ||
Buildings and Improvements | 27,047,992 | 27,047,992 | ||
Total | 29,592,626 | 29,592,626 | ||
Accumulated Depreciation and Amortization | -2,715,117 | -2,715,117 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 29,592,626 | |||
Balance at the end of the year | 29,592,626 | 29,592,626 | ||
Montelena Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 12,290,751 | |||
Initial Cost of Company | ||||
Land | 1,860,351 | 1,860,351 | ||
Buildings and Improvements | 17,375,907 | 17,375,907 | ||
Total | 19,236,258 | 19,236,258 | ||
Cost Capitalized Subsequent to Acquisition | 646,730 | 646,730 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,860,351 | 1,860,351 | ||
Buildings and Improvements | 17,567,477 | 17,567,477 | ||
Total | 19,427,828 | 19,427,828 | ||
Accumulated Depreciation and Amortization | -1,728,189 | -1,728,189 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 19,427,828 | |||
Balance at the end of the year | 19,427,828 | 19,427,828 | ||
Valley Farms Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 10,068,528 | |||
Initial Cost of Company | ||||
Land | 724,771 | 724,771 | ||
Buildings and Improvements | 14,375,229 | 14,375,229 | ||
Total | 15,100,000 | 15,100,000 | ||
Cost Capitalized Subsequent to Acquisition | 220,883 | 220,883 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 724,771 | 724,771 | ||
Buildings and Improvements | 14,335,523 | 14,335,523 | ||
Total | 15,060,294 | 15,060,294 | ||
Accumulated Depreciation and Amortization | -1,314,942 | -1,314,942 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 15,060,294 | |||
Balance at the end of the year | 15,060,294 | 15,060,294 | ||
Hilliard Park Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 13,563,481 | |||
Initial Cost of Company | ||||
Land | 1,413,437 | 1,413,437 | ||
Buildings and Improvements | 18,484,692 | 18,484,692 | ||
Total | 19,898,129 | 19,898,129 | ||
Cost Capitalized Subsequent to Acquisition | 441,052 | 441,052 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,413,437 | 1,413,437 | ||
Buildings and Improvements | 18,520,423 | 18,520,423 | ||
Total | 19,933,860 | 19,933,860 | ||
Accumulated Depreciation and Amortization | -1,643,031 | -1,643,031 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 19,933,860 | |||
Balance at the end of the year | 19,933,860 | 19,933,860 | ||
Sycamore Terrace Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 0 | |||
Initial Cost of Company | ||||
Land | 1,321,194 | 1,321,194 | ||
Buildings and Improvements | 21,852,963 | 21,852,963 | ||
Total | 23,174,157 | 23,174,157 | ||
Cost Capitalized Subsequent to Acquisition | 129,059 | 129,059 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,321,194 | 1,321,194 | ||
Buildings and Improvements | 21,536,437 | 21,536,437 | ||
Total | 22,857,631 | 22,857,631 | ||
Accumulated Depreciation and Amortization | -1,650,456 | -1,650,456 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 22,857,631 | |||
Balance at the end of the year | 22,857,631 | 22,857,631 | ||
Hilliard Summit Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 16,436,620 | |||
Initial Cost of Company | ||||
Land | 1,536,795 | 1,536,795 | ||
Buildings and Improvements | 22,639,028 | 22,639,028 | ||
Total | 24,175,823 | 24,175,823 | ||
Cost Capitalized Subsequent to Acquisition | 105,340 | 105,340 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,536,795 | 1,536,795 | ||
Buildings and Improvements | 22,295,716 | 22,295,716 | ||
Total | 23,832,511 | 23,832,511 | ||
Accumulated Depreciation and Amortization | -1,950,811 | -1,950,811 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 23,832,511 | |||
Balance at the end of the year | 23,832,511 | 23,832,511 | ||
Springmarc Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 15,166,129 | |||
Initial Cost of Company | ||||
Land | 1,917,909 | 1,917,909 | ||
Buildings and Improvements | 20,027,929 | 20,027,929 | ||
Total | 21,945,838 | 21,945,838 | ||
Cost Capitalized Subsequent to Acquisition | 89,228 | 89,228 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,917,909 | 1,917,909 | ||
Buildings and Improvements | 19,685,279 | 19,685,279 | ||
Total | 21,603,188 | 21,603,188 | ||
Accumulated Depreciation and Amortization | -1,742,485 | -1,742,485 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 21,603,188 | |||
Balance at the end of the year | 21,603,188 | 21,603,188 | ||
Renaissance Property Second Acquistion [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 0 | |||
Initial Cost of Company | ||||
Land | 92,255 | 92,255 | ||
Buildings and Improvements | 1,282,745 | 1,282,745 | ||
Total | 1,375,000 | 1,375,000 | ||
Cost Capitalized Subsequent to Acquisition | 274,302 | 274,302 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 92,255 | 92,255 | ||
Buildings and Improvements | 1,530,382 | 1,530,382 | ||
Total | 1,622,637 | 1,622,637 | ||
Accumulated Depreciation and Amortization | -140,936 | -140,936 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 1,622,637 | |||
Balance at the end of the year | 1,622,637 | 1,622,637 | ||
Ashley Oaks Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 21,296,125 | |||
Initial Cost of Company | ||||
Land | 3,819,796 | 3,819,796 | ||
Buildings and Improvements | 26,970,204 | 26,970,204 | ||
Total | 30,790,000 | 30,790,000 | ||
Cost Capitalized Subsequent to Acquisition | 1,911,719 | 1,911,719 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,819,796 | 3,819,796 | ||
Buildings and Improvements | 28,146,141 | 28,146,141 | ||
Total | 31,965,937 | 31,965,937 | ||
Accumulated Depreciation and Amortization | -2,504,895 | -2,504,895 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 31,965,937 | |||
Balance at the end of the year | 31,965,937 | 31,965,937 | ||
Arrowhead Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 12,321,880 | |||
Initial Cost of Company | ||||
Land | 2,094,728 | 2,094,728 | ||
Buildings and Improvements | 14,655,272 | 14,655,272 | ||
Total | 16,750,000 | 16,750,000 | ||
Cost Capitalized Subsequent to Acquisition | 272,208 | 272,208 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,094,728 | 2,094,728 | ||
Buildings and Improvements | 14,524,881 | 14,524,881 | ||
Total | 16,619,609 | 16,619,609 | ||
Accumulated Depreciation and Amortization | -1,216,516 | -1,216,516 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 16,619,609 | |||
Balance at the end of the year | 16,619,609 | 16,619,609 | ||
The Moorings Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 14,896,178 | |||
Initial Cost of Company | ||||
Land | 2,250,208 | 2,250,208 | ||
Buildings and Improvements | 17,999,792 | 17,999,792 | ||
Total | 20,250,000 | 20,250,000 | ||
Cost Capitalized Subsequent to Acquisition | 417,783 | 417,783 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,250,208 | 2,250,208 | ||
Buildings and Improvements | 17,996,109 | 17,996,109 | ||
Total | 20,246,317 | 20,246,317 | ||
Accumulated Depreciation and Amortization | -1,461,918 | -1,461,918 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 20,246,317 | |||
Balance at the end of the year | 20,246,317 | 20,246,317 | ||
Forty-57 Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 38,500,000 | |||
Initial Cost of Company | ||||
Land | 3,055,614 | 3,055,614 | ||
Buildings and Improvements | 49,444,386 | 49,444,386 | ||
Total | 52,500,000 | 52,500,000 | ||
Cost Capitalized Subsequent to Acquisition | 592,074 | 592,074 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,055,614 | 3,055,614 | ||
Buildings and Improvements | 49,274,575 | 49,274,575 | ||
Total | 52,330,189 | 52,330,189 | ||
Accumulated Depreciation and Amortization | -3,955,796 | -3,955,796 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 52,330,189 | |||
Balance at the end of the year | 52,330,189 | 52,330,189 | ||
Keystone Farms Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 6,100,287 | |||
Initial Cost of Company | ||||
Land | 1,052,401 | 1,052,401 | ||
Buildings and Improvements | 7,347,599 | 7,347,599 | ||
Total | 8,400,000 | 8,400,000 | ||
Cost Capitalized Subsequent to Acquisition | 193,408 | 193,408 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,052,401 | 1,052,401 | ||
Buildings and Improvements | 7,361,148 | 7,361,148 | ||
Total | 8,413,549 | 8,413,549 | ||
Accumulated Depreciation and Amortization | -613,007 | -613,007 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 8,413,549 | |||
Balance at the end of the year | 8,413,549 | 8,413,549 | ||
Riverford Crossing Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 21,900,000 | |||
Initial Cost of Company | ||||
Land | 2,595,387 | 2,595,387 | ||
Buildings and Improvements | 27,404,613 | 27,404,613 | ||
Total | 30,000,000 | 30,000,000 | ||
Cost Capitalized Subsequent to Acquisition | 259,787 | 259,787 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,595,387 | 2,595,387 | ||
Buildings and Improvements | 27,122,366 | 27,122,366 | ||
Total | 29,717,753 | 29,717,753 | ||
Accumulated Depreciation and Amortization | -2,228,858 | -2,228,858 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 29,717,753 | |||
Balance at the end of the year | 29,717,753 | 29,717,753 | ||
South Pointe Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 1,155,185 | |||
Initial Cost of Company | ||||
Land | 2,212,402 | 2,212,402 | ||
Buildings and Improvements | 3,062,598 | 3,062,598 | ||
Total | 5,275,000 | 5,275,000 | ||
Cost Capitalized Subsequent to Acquisition | 2,084,403 | 2,084,403 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,212,402 | 2,212,402 | ||
Buildings and Improvements | 5,080,965 | 5,080,965 | ||
Total | 7,293,367 | 7,293,367 | ||
Accumulated Depreciation and Amortization | -253,626 | -253,626 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 7,293,367 | |||
Balance at the end of the year | 7,293,367 | 7,293,367 | ||
Montecito Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 14,003,890 | |||
Initial Cost of Company | ||||
Land | 3,081,522 | 3,081,522 | ||
Buildings and Improvements | 15,918,478 | 15,918,478 | ||
Total | 19,000,000 | 19,000,000 | ||
Cost Capitalized Subsequent to Acquisition | 986,343 | 986,343 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,081,522 | 3,081,522 | ||
Buildings and Improvements | 16,470,625 | 16,470,625 | ||
Total | 19,552,147 | 19,552,147 | ||
Accumulated Depreciation and Amortization | -1,382,068 | -1,382,068 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 19,552,147 | |||
Balance at the end of the year | 19,552,147 | 19,552,147 | ||
Hilliard Grand Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 28,832,151 | |||
Initial Cost of Company | ||||
Land | 2,657,734 | 2,657,734 | ||
Buildings and Improvements | 38,012,528 | 38,012,528 | ||
Total | 40,670,262 | 40,670,262 | ||
Cost Capitalized Subsequent to Acquisition | 122,607 | 122,607 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,657,734 | 2,657,734 | ||
Buildings and Improvements | 37,318,468 | 37,318,468 | ||
Total | 39,976,202 | 39,976,202 | ||
Accumulated Depreciation and Amortization | -2,876,265 | -2,876,265 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 39,976,202 | |||
Balance at the end of the year | 39,976,202 | 39,976,202 | ||
The Hills at Fair Oaks [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 24,767,000 | |||
Initial Cost of Company | ||||
Land | 3,008,363 | 3,008,363 | ||
Buildings and Improvements | 31,700,639 | 31,700,639 | ||
Total | 34,709,002 | 34,709,002 | ||
Cost Capitalized Subsequent to Acquisition | 70,976 | 70,976 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,008,363 | 3,008,363 | ||
Buildings and Improvements | 31,145,823 | 31,145,823 | ||
Total | 34,154,186 | 34,154,186 | ||
Accumulated Depreciation and Amortization | -2,426,170 | -2,426,170 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 34,154,186 | |||
Balance at the end of the year | 34,154,186 | 34,154,186 | ||
Library Lofts East [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 8,941,943 | |||
Initial Cost of Company | ||||
Land | 1,669,405 | 1,669,405 | ||
Buildings and Improvements | 11,080,595 | 11,080,595 | ||
Total | 12,750,000 | 12,750,000 | ||
Cost Capitalized Subsequent to Acquisition | 80,855 | 80,855 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,669,405 | 1,669,405 | ||
Buildings and Improvements | 10,955,483 | 10,955,483 | ||
Total | 12,624,888 | 12,624,888 | ||
Accumulated Depreciation and Amortization | -826,812 | -826,812 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 12,624,888 | |||
Balance at the end of the year | 12,624,888 | 12,624,888 | ||
The Trails at Buda Ranch [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 16,821,368 | |||
Initial Cost of Company | ||||
Land | 2,504,114 | 2,504,114 | ||
Buildings and Improvements | 20,495,886 | 20,495,886 | ||
Total | 23,000,000 | 23,000,000 | ||
Cost Capitalized Subsequent to Acquisition | 257,479 | 257,479 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,504,114 | 2,504,114 | ||
Buildings and Improvements | 20,247,295 | 20,247,295 | ||
Total | 22,751,409 | 22,751,409 | ||
Accumulated Depreciation and Amortization | -1,408,578 | -1,408,578 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 22,751,409 | |||
Balance at the end of the year | 22,751,409 | 22,751,409 | ||
Deep Deuce at Bricktown [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 26,639,205 | |||
Initial Cost of Company | ||||
Land | 2,529,318 | 2,529,318 | ||
Buildings and Improvements | 37,266,648 | 37,266,648 | ||
Total | 39,795,966 | 39,795,966 | ||
Cost Capitalized Subsequent to Acquisition | 4,178,064 | 4,178,064 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,529,318 | 2,529,318 | ||
Buildings and Improvements | 40,769,636 | 40,769,636 | ||
Total | 43,298,954 | 43,298,954 | ||
Accumulated Depreciation and Amortization | -3,079,333 | -3,079,333 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 43,298,954 | |||
Balance at the end of the year | 43,298,954 | 43,298,954 | ||
Deer Valley Luxury Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 20,645,873 | |||
Initial Cost of Company | ||||
Land | 2,494,142 | 2,494,142 | ||
Buildings and Improvements | 26,105,858 | 26,105,858 | ||
Total | 28,600,000 | 28,600,000 | ||
Cost Capitalized Subsequent to Acquisition | 891,757 | 891,757 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,494,142 | 2,494,142 | ||
Buildings and Improvements | 26,468,707 | 26,468,707 | ||
Total | 28,962,849 | 28,962,849 | ||
Accumulated Depreciation and Amortization | -1,788,610 | -1,788,610 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 28,962,849 | |||
Balance at the end of the year | 28,962,849 | 28,962,849 | ||
Grayson Ridge [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 10,631,586 | |||
Initial Cost of Company | ||||
Land | 1,594,099 | 1,594,099 | ||
Buildings and Improvements | 12,705,901 | 12,705,901 | ||
Total | 14,300,000 | 14,300,000 | ||
Cost Capitalized Subsequent to Acquisition | 805,962 | 805,962 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,594,099 | 1,594,099 | ||
Buildings and Improvements | 13,158,089 | 13,158,089 | ||
Total | 14,752,188 | 14,752,188 | ||
Accumulated Depreciation and Amortization | -891,147 | -891,147 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 14,752,188 | |||
Balance at the end of the year | 14,752,188 | 14,752,188 | ||
Rosemont at Olmos Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 14,667,462 | |||
Initial Cost of Company | ||||
Land | 2,064,447 | 2,064,447 | ||
Buildings and Improvements | 19,985,553 | 19,985,553 | ||
Total | 22,050,000 | 22,050,000 | ||
Cost Capitalized Subsequent to Acquisition | 196,851 | 196,851 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,064,447 | 2,064,447 | ||
Buildings and Improvements | 19,759,281 | 19,759,281 | ||
Total | 21,823,728 | 21,823,728 | ||
Accumulated Depreciation and Amortization | -1,218,293 | -1,218,293 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 21,823,728 | |||
Balance at the end of the year | 21,823,728 | 21,823,728 | ||
Retreat at Quail North [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 17,029,692 | |||
Initial Cost of Company | ||||
Land | 1,700,810 | 1,700,810 | ||
Buildings and Improvements | 24,025,543 | 24,025,543 | ||
Total | 25,726,353 | 25,726,353 | ||
Cost Capitalized Subsequent to Acquisition | 124,380 | 124,380 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,700,810 | 1,700,810 | ||
Buildings and Improvements | 23,661,280 | 23,661,280 | ||
Total | 25,362,090 | 25,362,090 | ||
Accumulated Depreciation and Amortization | -1,519,480 | -1,519,480 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 25,362,090 | |||
Balance at the end of the year | 25,362,090 | 25,362,090 | ||
The Lodge at Trails Edge [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 12,657,096 | |||
Initial Cost of Company | ||||
Land | 2,389,613 | 2,389,613 | ||
Buildings and Improvements | 16,128,107 | 16,128,107 | ||
Total | 18,517,720 | 18,517,720 | ||
Cost Capitalized Subsequent to Acquisition | 250,152 | 250,152 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,389,613 | 2,389,613 | ||
Buildings and Improvements | 15,992,639 | 15,992,639 | ||
Total | 18,382,252 | 18,382,252 | ||
Accumulated Depreciation and Amortization | -983,798 | -983,798 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 18,382,252 | |||
Balance at the end of the year | 18,382,252 | 18,382,252 | ||
Arbors At Carrollton [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 6,261,078 | |||
Initial Cost of Company | ||||
Land | 1,424,432 | 1,424,432 | ||
Buildings and Improvements | 7,560,527 | 7,560,527 | ||
Total | 8,984,959 | 8,984,959 | ||
Cost Capitalized Subsequent to Acquisition | 332,652 | 332,652 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,424,432 | 1,424,432 | ||
Buildings and Improvements | 7,668,989 | 7,668,989 | ||
Total | 9,093,421 | 9,093,421 | ||
Accumulated Depreciation and Amortization | -507,407 | -507,407 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 9,093,421 | |||
Balance at the end of the year | 9,093,421 | 9,093,421 | ||
Waterford on the Meadow [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 16,603,668 | |||
Initial Cost of Company | ||||
Land | 2,625,024 | 2,625,024 | ||
Buildings and Improvements | 20,849,131 | 20,849,131 | ||
Total | 23,474,155 | 23,474,155 | ||
Cost Capitalized Subsequent to Acquisition | 968,409 | 968,409 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,625,024 | 2,625,024 | ||
Buildings and Improvements | 21,252,374 | 21,252,374 | ||
Total | 23,877,398 | 23,877,398 | ||
Accumulated Depreciation and Amortization | -1,251,098 | -1,251,098 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 23,877,398 | |||
Balance at the end of the year | 23,877,398 | 23,877,398 | ||
The Belmont [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 9,295,899 | |||
Initial Cost of Company | ||||
Land | 1,550,028 | 1,550,028 | ||
Buildings and Improvements | 11,264,510 | 11,264,510 | ||
Total | 12,814,538 | 12,814,538 | ||
Cost Capitalized Subsequent to Acquisition | 392,157 | 392,157 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,550,028 | 1,550,028 | ||
Buildings and Improvements | 11,294,024 | 11,294,024 | ||
Total | 12,844,052 | 12,844,052 | ||
Accumulated Depreciation and Amortization | -641,906 | -641,906 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 12,844,052 | |||
Balance at the end of the year | 12,844,052 | 12,844,052 | ||
Meritage at Steiner Ranch [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 55,198,913 | |||
Initial Cost of Company | ||||
Land | 7,353,620 | 7,353,620 | ||
Buildings and Improvements | 73,356,373 | 73,356,373 | ||
Total | 80,709,993 | 80,709,993 | ||
Cost Capitalized Subsequent to Acquisition | 3,892,886 | 3,892,886 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,353,620 | 7,353,620 | ||
Buildings and Improvements | 75,798,476 | 75,798,476 | ||
Total | 83,152,096 | 83,152,096 | ||
Accumulated Depreciation and Amortization | -4,157,161 | -4,157,161 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 83,152,096 | |||
Balance at the end of the year | 83,152,096 | 83,152,096 | ||
Tapestry Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 34,725,000 | |||
Initial Cost of Company | ||||
Land | 3,277,884 | 3,277,884 | ||
Buildings and Improvements | 47,118,797 | 47,118,797 | ||
Total | 50,396,681 | 50,396,681 | ||
Cost Capitalized Subsequent to Acquisition | 46,686 | 46,686 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,277,884 | 3,277,884 | ||
Buildings and Improvements | 46,543,160 | 46,543,160 | ||
Total | 49,821,044 | 49,821,044 | ||
Accumulated Depreciation and Amortization | -2,029,998 | -2,029,998 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 49,821,044 | |||
Balance at the end of the year | 49,821,044 | 49,821,044 | ||
Downtree Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 15,833,312 | |||
Initial Cost of Company | ||||
Land | 3,135,425 | 3,135,425 | ||
Buildings and Improvements | 21,753,469 | 21,753,469 | ||
Total | 24,888,894 | 24,888,894 | ||
Cost Capitalized Subsequent to Acquisition | 857,825 | 857,825 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,135,425 | 3,135,425 | ||
Buildings and Improvements | 22,008,833 | 22,008,833 | ||
Total | 25,144,258 | 25,144,258 | ||
Accumulated Depreciation and Amortization | -1,266,026 | -1,266,026 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 25,144,258 | |||
Balance at the end of the year | 25,144,258 | 25,144,258 | ||
Stuart Hall Lofts [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 12,350,045 | |||
Initial Cost of Company | ||||
Land | 1,585,035 | 1,585,035 | ||
Buildings and Improvements | 15,264,965 | 15,264,965 | ||
Total | 16,850,000 | 16,850,000 | ||
Cost Capitalized Subsequent to Acquisition | 94,485 | 94,485 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,585,035 | 1,585,035 | ||
Buildings and Improvements | 15,074,691 | 15,074,691 | ||
Total | 16,659,726 | 16,659,726 | ||
Accumulated Depreciation and Amortization | -834,019 | -834,019 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 16,659,726 | |||
Balance at the end of the year | 16,659,726 | 16,659,726 | ||
BriceGrove Park Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 14,932,281 | |||
Initial Cost of Company | ||||
Land | 1,596,212 | 1,596,212 | ||
Buildings and Improvements | 18,503,788 | 18,503,788 | ||
Total | 20,100,000 | 20,100,000 | ||
Cost Capitalized Subsequent to Acquisition | 274,279 | 274,279 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,596,212 | 1,596,212 | ||
Buildings and Improvements | 18,327,247 | 18,327,247 | ||
Total | 19,923,459 | 19,923,459 | ||
Accumulated Depreciation and Amortization | -1,016,108 | -1,016,108 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 19,923,459 | |||
Balance at the end of the year | 19,923,459 | 19,923,459 | ||
Retreat at Hamburg Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 0 | |||
Initial Cost of Company | ||||
Land | 1,605,839 | 1,605,839 | ||
Buildings and Improvements | 14,694,161 | 14,694,161 | ||
Total | 16,300,000 | 16,300,000 | ||
Cost Capitalized Subsequent to Acquisition | 144,720 | 144,720 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,605,839 | 1,605,839 | ||
Buildings and Improvements | 14,510,966 | 14,510,966 | ||
Total | 16,116,805 | 16,116,805 | ||
Accumulated Depreciation and Amortization | -807,472 | -807,472 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 16,116,805 | |||
Balance at the end of the year | 16,116,805 | 16,116,805 | ||
Indian Lake Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 18,850,000 | |||
Initial Cost of Company | ||||
Land | 2,489,757 | 2,489,757 | ||
Buildings and Improvements | 26,510,243 | 26,510,243 | ||
Total | 29,000,000 | 29,000,000 | ||
Cost Capitalized Subsequent to Acquisition | 84,390 | 84,390 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,489,757 | 2,489,757 | ||
Buildings and Improvements | 26,133,132 | 26,133,132 | ||
Total | 28,622,889 | 28,622,889 | ||
Accumulated Depreciation and Amortization | -1,354,055 | -1,354,055 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 28,622,889 | |||
Balance at the end of the year | 28,622,889 | 28,622,889 | ||
Landing at Mansfield [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 22,671,543 | |||
Initial Cost of Company | ||||
Land | 3,375,831 | 3,375,831 | ||
Buildings and Improvements | 27,524,169 | 27,524,169 | ||
Total | 30,900,000 | 30,900,000 | ||
Cost Capitalized Subsequent to Acquisition | 187,777 | 187,777 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,375,831 | 3,375,831 | ||
Buildings and Improvements | 27,079,482 | 27,079,482 | ||
Total | 30,455,313 | 30,455,313 | ||
Accumulated Depreciation and Amortization | -1,377,333 | -1,377,333 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 30,455,313 | |||
Balance at the end of the year | 30,455,313 | 30,455,313 | ||
The Heights Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 28,912,294 | |||
Initial Cost of Company | ||||
Land | 9,869,925 | 9,869,925 | ||
Buildings and Improvements | 27,130,075 | 27,130,075 | ||
Total | 37,000,000 | 37,000,000 | ||
Cost Capitalized Subsequent to Acquisition | 1,254,094 | 1,254,094 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,869,925 | 9,869,925 | ||
Buildings and Improvements | 27,022,438 | 27,022,438 | ||
Total | 36,892,363 | 36,892,363 | ||
Accumulated Depreciation and Amortization | -1,567,445 | -1,567,445 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 36,892,363 | |||
Balance at the end of the year | 36,892,363 | 36,892,363 | ||
Villas at Huffmeister [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 25,917,180 | |||
Initial Cost of Company | ||||
Land | 5,858,663 | 5,858,663 | ||
Buildings and Improvements | 31,741,337 | 31,741,337 | ||
Total | 37,600,000 | 37,600,000 | ||
Cost Capitalized Subsequent to Acquisition | 446,075 | 446,075 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,858,663 | 5,858,663 | ||
Buildings and Improvements | 31,466,996 | 31,466,996 | ||
Total | 37,325,659 | 37,325,659 | ||
Accumulated Depreciation and Amortization | -1,611,134 | -1,611,134 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 37,325,659 | |||
Balance at the end of the year | 37,325,659 | 37,325,659 | ||
Villas at Kingwood [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 28,055,400 | |||
Initial Cost of Company | ||||
Land | 6,512,468 | 6,512,468 | ||
Buildings and Improvements | 33,637,532 | 33,637,532 | ||
Total | 40,150,000 | 40,150,000 | ||
Cost Capitalized Subsequent to Acquisition | 434,172 | 434,172 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,512,468 | 6,512,468 | ||
Buildings and Improvements | 33,282,882 | 33,282,882 | ||
Total | 39,795,350 | 39,795,350 | ||
Accumulated Depreciation and Amortization | -1,707,341 | -1,707,341 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 39,795,350 | |||
Balance at the end of the year | 39,795,350 | 39,795,350 | ||
Waterford Place at Riata Ranch [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 16,310,966 | |||
Initial Cost of Company | ||||
Land | 3,184,857 | 3,184,857 | ||
Buildings and Improvements | 20,215,143 | 20,215,143 | ||
Total | 23,400,000 | 23,400,000 | ||
Cost Capitalized Subsequent to Acquisition | 237,592 | 237,592 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,184,857 | 3,184,857 | ||
Buildings and Improvements | 19,952,745 | 19,952,745 | ||
Total | 23,137,602 | 23,137,602 | ||
Accumulated Depreciation and Amortization | -1,036,635 | -1,036,635 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 23,137,602 | |||
Balance at the end of the year | 23,137,602 | 23,137,602 | ||
Carrington Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 22,376,000 | |||
Initial Cost of Company | ||||
Land | 5,450,417 | 5,450,417 | ||
Buildings and Improvements | 27,449,583 | 27,449,583 | ||
Total | 32,900,000 | 32,900,000 | ||
Cost Capitalized Subsequent to Acquisition | 567,148 | 567,148 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,450,417 | 5,450,417 | ||
Buildings and Improvements | 27,322,570 | 27,322,570 | ||
Total | 32,772,987 | 32,772,987 | ||
Accumulated Depreciation and Amortization | -1,295,031 | -1,295,031 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 32,772,987 | |||
Balance at the end of the year | 32,772,987 | 32,772,987 | ||
Carrington at Champion Forest [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 22,959,000 | |||
Initial Cost of Company | ||||
Land | 3,760,329 | 3,760,329 | ||
Buildings and Improvements | 29,239,671 | 29,239,671 | ||
Total | 33,000,000 | 33,000,000 | ||
Cost Capitalized Subsequent to Acquisition | 472,784 | 472,784 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,760,329 | 3,760,329 | ||
Buildings and Improvements | 29,096,560 | 29,096,560 | ||
Total | 32,856,889 | 32,856,889 | ||
Accumulated Depreciation and Amortization | -1,394,601 | -1,394,601 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 32,856,889 | |||
Balance at the end of the year | 32,856,889 | 32,856,889 | ||
Carrington Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 17,717,000 | |||
Initial Cost of Company | ||||
Land | 3,241,747 | 3,241,747 | ||
Buildings and Improvements | 21,908,253 | 21,908,253 | ||
Total | 25,150,000 | 25,150,000 | ||
Cost Capitalized Subsequent to Acquisition | 371,950 | 371,950 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,241,747 | 3,241,747 | ||
Buildings and Improvements | 21,755,858 | 21,755,858 | ||
Total | 24,997,605 | 24,997,605 | ||
Accumulated Depreciation and Amortization | -1,055,396 | -1,055,396 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 24,997,605 | |||
Balance at the end of the year | 24,997,605 | 24,997,605 | ||
Willow Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 43,500,000 | |||
Initial Cost of Company | ||||
Land | 8,091,870 | 8,091,870 | ||
Buildings and Improvements | 49,908,130 | 49,908,130 | ||
Total | 58,000,000 | 58,000,000 | ||
Cost Capitalized Subsequent to Acquisition | 2,085,531 | 2,085,531 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,091,870 | 8,091,870 | ||
Buildings and Improvements | 50,278,754 | 50,278,754 | ||
Total | 58,370,624 | 58,370,624 | ||
Accumulated Depreciation and Amortization | -2,359,191 | -2,359,191 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 58,370,624 | |||
Balance at the end of the year | 58,370,624 | 58,370,624 | ||
Echo at Katy Ranch [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 0 | |||
Initial Cost of Company | ||||
Land | 4,402,862 | 4,402,862 | ||
Buildings and Improvements | 30,419,853 | 30,419,853 | ||
Total | 34,822,715 | 34,822,715 | ||
Cost Capitalized Subsequent to Acquisition | 69,629 | 69,629 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,402,862 | 4,402,862 | ||
Buildings and Improvements | 30,015,762 | 30,015,762 | ||
Total | 34,418,624 | 34,418,624 | ||
Accumulated Depreciation and Amortization | -1,278,678 | -1,278,678 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 34,418,624 | |||
Balance at the end of the year | 34,418,624 | 34,418,624 | ||
Heritage Grand at Sienna Plantation [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 16,697,112 | |||
Initial Cost of Company | ||||
Land | 3,776,547 | 3,776,547 | ||
Buildings and Improvements | 22,762,411 | 22,762,411 | ||
Total | 26,538,958 | 26,538,958 | ||
Cost Capitalized Subsequent to Acquisition | 87,036 | 87,036 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,776,547 | 3,776,547 | ||
Buildings and Improvements | 22,303,306 | 22,303,306 | ||
Total | 26,079,853 | 26,079,853 | ||
Accumulated Depreciation and Amortization | -980,242 | -980,242 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 26,079,853 | |||
Balance at the end of the year | 26,079,853 | 26,079,853 | ||
Audubon Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 11,760,000 | |||
Initial Cost of Company | ||||
Land | 2,489,428 | 2,489,428 | ||
Buildings and Improvements | 14,260,572 | 14,260,572 | ||
Total | 16,750,000 | 16,750,000 | ||
Cost Capitalized Subsequent to Acquisition | 1,367,495 | 1,367,495 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,489,428 | 2,489,428 | ||
Buildings and Improvements | 15,208,974 | 15,208,974 | ||
Total | 17,698,402 | 17,698,402 | ||
Accumulated Depreciation and Amortization | -651,683 | -651,683 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 17,698,402 | |||
Balance at the end of the year | 17,698,402 | 17,698,402 | ||
Mallard Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 27,860,000 | |||
Initial Cost of Company | ||||
Land | 2,383,256 | 2,383,256 | ||
Buildings and Improvements | 37,416,744 | 37,416,744 | ||
Total | 39,800,000 | 39,800,000 | ||
Cost Capitalized Subsequent to Acquisition | 443,109 | 443,109 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,383,256 | 2,383,256 | ||
Buildings and Improvements | 37,189,280 | 37,189,280 | ||
Total | 39,572,536 | 39,572,536 | ||
Accumulated Depreciation and Amortization | -1,460,261 | -1,460,261 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 39,572,536 | |||
Balance at the end of the year | 39,572,536 | 39,572,536 | ||
Renaissance at Coral Stream [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 20,440,000 | |||
Initial Cost of Company | ||||
Land | 4,605,682 | 4,605,682 | ||
Buildings and Improvements | 24,544,318 | 24,544,318 | ||
Total | 29,150,000 | 29,150,000 | ||
Cost Capitalized Subsequent to Acquisition | 528,547 | 528,547 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,605,682 | 4,605,682 | ||
Buildings and Improvements | 24,498,937 | 24,498,937 | ||
Total | 29,104,619 | 29,104,619 | ||
Accumulated Depreciation and Amortization | -984,873 | -984,873 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 29,104,619 | |||
Balance at the end of the year | 29,104,619 | 29,104,619 | ||
Reserve At Creekside Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 0 | |||
Initial Cost of Company | ||||
Land | 1,344,233 | 1,344,233 | ||
Buildings and Improvements | 17,530,767 | 17,530,767 | ||
Total | 18,875,000 | 18,875,000 | ||
Cost Capitalized Subsequent to Acquisition | 108,929 | 108,929 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,344,233 | 1,344,233 | ||
Buildings and Improvements | 17,287,672 | 17,287,672 | ||
Total | 18,631,905 | 18,631,905 | ||
Accumulated Depreciation and Amortization | -547,597 | -547,597 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 18,631,905 | |||
Balance at the end of the year | 18,631,905 | 18,631,905 | ||
Mapleshade Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 15,161,000 | |||
Initial Cost of Company | ||||
Land | 3,585,171 | 3,585,171 | ||
Buildings and Improvements | 19,739,829 | 19,739,829 | ||
Total | 23,325,000 | 23,325,000 | ||
Cost Capitalized Subsequent to Acquisition | 497,577 | 497,577 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,585,171 | 3,585,171 | ||
Buildings and Improvements | 19,628,807 | 19,628,807 | ||
Total | 23,213,978 | 23,213,978 | ||
Accumulated Depreciation and Amortization | -588,365 | -588,365 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 23,213,978 | |||
Balance at the end of the year | 23,213,978 | 23,213,978 | ||
Richland Falls [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 13,800,000 | |||
Initial Cost of Company | ||||
Land | 1,306,794 | 1,306,794 | ||
Buildings and Improvements | 19,693,206 | 19,693,206 | ||
Total | 21,000,000 | 21,000,000 | ||
Cost Capitalized Subsequent to Acquisition | 27,262 | 27,262 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,306,794 | 1,306,794 | ||
Buildings and Improvements | 19,449,823 | 19,449,823 | ||
Total | 20,756,617 | 20,756,617 | ||
Accumulated Depreciation and Amortization | -483,082 | -483,082 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 20,756,617 | |||
Balance at the end of the year | 20,756,617 | 20,756,617 | ||
Oak Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 15,762,000 | |||
Initial Cost of Company | ||||
Land | 2,005,491 | 2,005,491 | ||
Buildings and Improvements | 22,224,509 | 22,224,509 | ||
Total | 24,230,000 | 24,230,000 | ||
Cost Capitalized Subsequent to Acquisition | 45,058 | 45,058 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,005,491 | 2,005,491 | ||
Buildings and Improvements | 21,853,096 | 21,853,096 | ||
Total | 23,858,587 | 23,858,587 | ||
Accumulated Depreciation and Amortization | -512,287 | -512,287 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 23,858,587 | |||
Balance at the end of the year | 23,858,587 | 23,858,587 | ||
Park Shore [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | 100.00% | ||
Encumbrances | 12,845,000 | |||
Initial Cost of Company | ||||
Land | 1,619,712 | 1,619,712 | ||
Buildings and Improvements | 16,730,288 | 16,730,288 | ||
Total | 18,350,000 | 18,350,000 | ||
Cost Capitalized Subsequent to Acquisition | 84,538 | 84,538 | ||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,619,712 | 1,619,712 | ||
Buildings and Improvements | 16,814,826 | 16,814,826 | ||
Total | 18,434,538 | 18,434,538 | ||
Accumulated Depreciation and Amortization | -500,546 | -500,546 | ||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 18,434,538 | |||
Balance at the end of the year | $18,434,538 | $18,434,538 |
Real_Estate_Assets_and_Accumul2
Real Estate Assets and Accumulated Depreciation and Amortization - Real Estate Assets and Accumulated Depreciation (Footnote) (Details) (USD $) | Dec. 31, 2014 |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Unamortized portion of loan premiums (discounts) on assumed debt | $4,700,000 |
Aggregate cost of real estate for federal income tax purposes | $1,636,953,413 |