Steadfast Income REIT 10-K 19 Mar 15 2014 FY Annual report Financial data

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