Steadfast Income REIT 10-Q 15 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	3 Months Ended
	Mar. 31, 2015	8-May-15
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-Q
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding		76,858,491

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
Real Estate:
Land	$174,102,422	$174,102,422
Building and improvements	1,462,027,945	1,457,633,918
Tenant origination and absorption costs	16,141	524,712
Other intangible assets	2,644,263	2,644,263
Construction-in-progress	4,872,010	2,048,098
Total real estate, cost	1,643,662,781	1,636,953,413
Less accumulated depreciation and amortization	-113,988,192	-98,342,452
Total real estate, net	1,529,674,589	1,538,610,961
Cash and cash equivalents	25,393,834	29,529,312
Restricted cash	15,947,016	25,478,939
Rents and other receivables	2,052,284	1,992,310
Deferred financing costs and other assets, net	10,979,611	13,455,606
Total assets	1,584,047,334	1,609,067,128
Liabilities:
Accounts payable and accrued liabilities	27,860,993	39,527,928
Mortgage notes payable, net	1,069,920,906	1,070,757,025
Revolving credit facility	20,000,000	14,000,000
Total notes payable, net	1,089,920,906	1,084,757,025
Distributions payable	4,679,454	4,679,455
Due to affiliates, net	1,899,207	3,039,490
Total liabilities	1,124,360,560	1,132,003,898
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	680,178,001	680,138,132
Cumulative distributions and net losses	-221,259,822	-203,843,497
Total stockholders’ equity	459,686,774	477,063,230
Total liabilities and stockholders' equity	1,584,047,334	1,609,067,128
Common stock $0.01 par value per share; 999,999,000 shares authorized, 27,808,996 and 22,908,859 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively [Member]
Liabilities:
Distributions payable	4,679,454	4,679,455
Stockholders’ Equity:
Common/Convertible stock, $0.01 par value per share	768,585	768,585
Convertible stock, $0.01 par value per share; 1,000 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively [Member]
Stockholders’ Equity:
Common/Convertible stock, $0.01 par value per share	$10	$10

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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 issued (in shares)	0	0
Preferred stock, shares outstanding (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)	76,858,491	76,858,483
Common stock, shares outstanding (in shares)	76,858,491	76,858,483
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 $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rental income	$45,532,588	$41,243,781
Tenant reimbursements and other	5,518,713	4,435,923
Total revenues	51,051,301	45,679,704
Expenses:
Operating, maintenance and management	12,827,151	12,713,308
Real estate taxes and insurance	9,055,399	8,325,350
Fees to affiliates	5,368,476	6,503,824
Depreciation and amortization	16,154,311	20,205,351
Interest expense	9,987,234	9,924,021
General and administrative expenses	1,482,231	1,473,847
Acquisition costs	7,145	616,914
Total expenses	54,881,947	59,762,615
Net loss	($3,830,646)	($14,082,911)
Loss per common share - basic and diluted (in dollars per share)	($0.05)	($0.19)
Weighted average number of common shares outstanding — basic and diluted (in shares)	76,353,484	74,463,344
Distributions declared per common share (in dollars per share)	$0.18	$0.18

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)	Total	Common Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Cumulative Distributions & Net Losses [Member]	Total Stockholders' Equity [Member]
			Convertible Stock [Member]
BALANCE, beginning of period at Dec. 31, 2013		$741,538	$10	$640,181,521	($123,804,541)	$517,118,528
BALANCE, beginning of period (in shares) at Dec. 31, 2013		74,153,580	1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock		24,968		24,170,846		24,195,814
Issuance of common stock (in shares)		2,496,806
Issuance of restricted common stock to Advisor		4,883		4,995,117		5,000,000
Issuance of restricted common stock to Advisor (in shares)		488,281
Transfers to redeemable common stock				13,393,647		13,393,647
Redemption of common stock		-2,804		-2,721,144		-2,723,948
Redemption of common stock (in shares)		-280,184
Distributions declared					-54,296,664	-54,296,664
Amortization of stock-based compensation				118,145		118,145
Net loss					-25,742,292	-25,742,292
BALANCE, end of period at Dec. 31, 2014		768,585	10	680,138,132	-203,843,497	477,063,230
BALANCE, end of period (in shares) at Dec. 31, 2014		76,858,483	1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock		0		78		78
Issuance of common stock (in shares)		8
Transfers to redeemable common stock	0
Distributions declared	-89,291				-13,585,679	-13,585,679
Amortization of stock-based compensation				22,884		22,884
Change in value of restricted common stock to Advisor				16,907		16,907
Net loss	-3,830,646				-3,830,646	-3,830,646
BALANCE, end of period at Mar. 31, 2015		$768,585	$10	$680,178,001	($221,259,822)	$459,686,774
BALANCE, end of period (in shares) at Mar. 31, 2015		76,858,491	1,000

CONSOLIDATED_STATEMENT_OF_CASH

CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash Flows from Operating Activities:
Net loss	($3,830,646)	($14,082,911)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	16,154,311	20,205,351
Accretion of below-market leases	0	-163,237
Amortization of deferred financing costs	363,977	364,088
Amortization of stock-based compensation	22,884	22,176
Change in value of restricted common stock to Advisor	-16,907	0
Amortization of loan premiums and discounts	-308,698	-308,699
Change in fair value of interest rate cap agreements	1,021,586	1,189,874
Changes in operating assets and liabilities:
Restricted cash for operating activities	9,554,428	3,120,744
Rents and other receivables	-59,974	631,702
Other assets	1,100,432	1,070,416
Accounts payable and accrued liabilities	-11,862,875	-5,712,498
Due to affiliates, net	-1,140,283	1,447,355
Net cash provided by operating activities	11,032,049	7,784,361
Cash Flows from Investing Activities:
Acquisition of real estate investments	0	-48,374,157
Additions to real estate investments	-7,021,999	-4,810,656
Restricted cash for investing activities	-22,505	1,755,801
Purchase of interest rate caps	0	-303,207
Net cash used in investing activities	-7,044,504	-51,732,219
Cash Flows from Financing Activities:
Proceeds from issuance of mortgage notes payable	2,841,761	35,601,000
Principal payments on mortgage notes payable	-3,369,182	-1,491,051
Borrowings from credit facility	6,000,000	15,000,000
Proceeds from issuance of common stock	0	26,559,928
Reimbursement of other offering costs to affiliates	0	-3,105,247
Payment of deferred financing costs	-10,000	-267,007
Distributions to common stockholders	-13,585,602	-6,455,864
Redemptions of common stock	0	-474,161
Net cash (used in) provided by financing activities	-8,123,023	65,367,598
Net (decrease) increase in cash and cash equivalents	-4,135,478	21,419,740
Cash and cash equivalents, beginning of period	29,529,312	19,552,205
Cash and cash equivalents, end of period	25,393,834	40,971,945
Supplemental Disclosures of Cash Flow Information:
Interest paid, net of amounts capitalized of $38,761 and $0 for the three months ended March 31, 2015 and 2014, respectively	8,913,815	8,426,063
Supplemental Disclosure of Noncash Transactions:
Increase in distributions payable	0	491,499
Application of escrow deposits to acquire real estate	0	500,000
Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan	78	6,227,488
Increase in accounts payable and accrued liabilities from additions to real estate investments	$195,940	$0

CONSOLIDATED_STATEMENT_OF_CASH1

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Cash Flows [Abstract]
Interest capitalized	$38,761	$0

Organization_and_Business

Organization and Business	3 Months Ended
	Mar. 31, 2015
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 be treated as, and currently qualifies 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. As the Company accepted subscriptions for shares of its common stock in the Public Offering (as defined below), the Company transferred substantially all of the net offering proceeds to the Operating Partnership in exchange for partnership interests and the Company’s percentage ownership in the Operating Partnership increased proportionately. 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 March 31, 2015, the Company owned 65 multifamily properties comprising a total of 16,526 apartment homes and an additional 25,973 square feet of rentable commercial space at three properties.
	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. The Company could reallocate shares of common stock registered in the Public Offering between the Primary Offering and the DRP.
	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.
	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.
	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 December 1, 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 November 15, 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 Advisor, 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 may 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	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies
	There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2014. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 19, 2015.
	Principles of Consolidation and Basis of Presentation
	The consolidated financial statements include the accounts of the Company, the Operating Partnership and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company.
	The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The unaudited consolidated financial statements herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
	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.
	Fair Value Measurements
	Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories:
	•	Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;
	•	Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and
	•	Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.
	When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources.
	The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified.
	Interest rate cap agreements — These derivatives did not qualify as fair value hedges and are recorded at fair value. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the interest rate cap agreements. Therefore, the Company’s interest rate cap agreements were classified within Level 2 of the fair value hierarchy and are included in deferred financing costs and other assets, net in the accompanying consolidated balance sheets.
	The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets:
			March 31, 2015
			Fair Value Measurements Using
			Level 1		Level 2		Level 3
	Assets:
	Interest rate cap agreements		$	—	$	957,353	$	—
			31-Dec-14
			Fair Value Measurements Using
			Level 1		Level 2		Level 3
	Assets:
	Interest rate cap agreements		$	—	$	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, 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 March 31, 2015 and December 31, 2014, the fair value of the mortgage notes payable was $1,090,520,573 and $1,082,414,832, respectively, compared to the carrying value of $1,069,920,906 and $1,070,757,025, respectively. The Company has determined that its mortgage notes payable are classified as Level 3 within the fair value hierarchy.
	Distribution Policy
	The Company has elected to be taxed as a REIT and to operate as a REIT beginning with its taxable year ending December 31, 2010. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). Distributions were based on daily record dates and calculated at a rate of $0.001964 per share per day. Each day during the period from January 1, 2015 through March 31, 2015 was a record date for distributions.
	Distributions to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements and annual distribution requirements in order for the Company to qualify as a REIT under the Internal Revenue Code. During the three months ended March 31, 2015 and 2014, the Company declared distributions of $0.177 and $0.177 per common share, respectively.
	Per Share Data
	Basic earnings (loss) per share attributable for all periods presented are computed by dividing net income (loss) attributable to controlling interest by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share are computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assumes each share was issued and outstanding each day during the period. The Company’s unvested shares of 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 shares of 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 August 2014, the FASB issued Accounting Standard Updates (“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 items 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.
	In February 2015, the FASB issued ASU 2015-02, Consolidation, that provides amendments to the consolidation analysis. The amendments in this new guidance affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. 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.
	In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. To simplify presentation of debt issuance costs, the new guidance will require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs will not be affected by the new guidance. The guidance requires retrospective application and is effective for annual periods, including interim periods within that period, beginning after December 15, 2015. Early adoption is permitted. Upon adoption, the Company will reclassify debt issuance costs from deferred financing costs and other assets, net to notes payable on the consolidated balance sheet.

Real_Estate

Real Estate	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Real Estate	Real Estate
	As of March 31, 2015, 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 March 31, 2015 and December 31, 2014, the Company’s portfolio was approximately 95.2% and 94.1% occupied and the average monthly rent was $966 and $966, respectively.
	As of March 31, 2015 and December 31, 2014, accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows:
			March 31, 2015
			Assets
			Land		Building and Improvements			Tenant Origination and Absorption			Other Intangible Assets			Construction-in-Progress		Total Real Estate
	Investments in real estate		$	174,102,422	$	1,462,027,945		$	16,141		$	2,644,263		$	4,872,010	$	1,643,662,781
	Less: Accumulated depreciation and amortization		—		(113,699,443		)	(10,761		)	(277,988		)	—		(113,988,192		)
	Net investments in real estate and related lease intangibles		$	174,102,422	$	1,348,328,502		$	5,380		$	2,366,275		$	4,872,010	$	1,529,674,589
			31-Dec-14
			Assets
			Land		Building and Improvements			Tenant Origination and Absorption			Other Intangible Assets			Construction-in-Progress		Total Real Estate
	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
	Depreciation and amortization expenses were $16,154,311 and $20,205,351 for the three months ended March 31, 2015 and 2014, respectively.
	Depreciation of the Company’s buildings and improvements were $15,905,614 and $13,865,602 for the three months ended March 31, 2015 and 2014, respectively.
	Amortization of the Company’s tenant origination and absorption costs for the three months ended March 31, 2015 and 2014 were $210,405 and $6,301,457, 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 for the three months ended March 31, 2015 and 2014 were $38,292 and $38,292, respectively.
	The future amortization of the Company’s acquired other intangible assets as of March 31, 2015 and thereafter is as follows:
	April 1 through December 31, 2015	$	114,876
	2016	153,168
	2017	153,168
	2018	153,168
	2019	153,168
	Thereafter	1,638,728
		$	2,366,276
	Operating Leases
	As of March 31, 2015, the Company’s real estate portfolio comprised 16,526 residential apartment homes and was 97.3% leased by a diverse group of residents. For each of the three months ended March 31, 2015 and 2014, the Company’s real estate portfolio earned approximately 99% of its rental income from residential tenants and approximately 1% of its rental income from commercial office tenants, respectively. The residential tenant lease terms consist of lease durations equal to 12 months or less. The commercial office tenant leases consist of remaining lease durations varying from 2.92 to 6.54 years.
	Some residential and commercial leases contain provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit and/or a letter of credit for commercial tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to tenant leases are included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets and totaled $4,299,368 and $4,156,797 as of March 31, 2015 and December 31, 2014, respectively.
	The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of March 31, 2015 and thereafter is as follows:
	April 1 through December 31, 2015	$	252,372
	2016	353,852
	2017	358,234
	2018	202,540
	2019	163,431
	Thereafter	198,530
		$	1,528,959
	As of March 31, 2015 and December 31, 2014, no tenant represented over 10% of the Company’s annualized base rent and there were no significant industry concentrations with respect to its commercial leases.

Deferred_Financing_Costs_and_O

Deferred Financing Costs and Other Assets	3 Months Ended
	Mar. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Financing Costs and Other Assets	Deferred Financing Costs and Other Assets
	As of March 31, 2015 and December 31, 2014, deferred financing costs and other assets, net of accumulated amortization, consisted of:
		March 31, 2015			December 31, 2014
	Deferred financing costs	$	9,753,277		$	9,743,277
	Less: accumulated amortization	(2,874,294		)	(2,510,317		)
		6,878,983			7,232,960
	Prepaid expenses	1,820,951			2,900,609
	Interest rate caps	957,353			1,978,939
	Deposits	1,322,324			1,343,098
		$	10,979,611		$	13,455,606

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt	Debt
	Mortgage Notes Payable
	The following is a summary of mortgage notes payable secured by real property as of March 31, 2015 and December 31, 2014:
										Principal Outstanding at
		Property Name		Payment		Maturity		Interest		March 31, 2015				December 31, 2014
				Type		Date		Rate(1)
	1	Park Place		Interest only		July 1, 2018		3.50%		$	4,865,004			$	4,890,069
	2	Clarion Park		Principal and interest		July 1, 2018		4.58%		8,438,547				8,479,259
	3	Cooper Creek		Principal and interest(2)		September 1, 2018		3.89%		6,468,291				6,500,887
	4	Truman Farm Villas		Principal and interest(2)		January 1, 2019		3.78%		5,681,007				5,709,615
	5	EBT Lofts		Principal and interest(2)		January 1, 2019		3.82%		5,370,426				5,397,291
	6	Windsor on the River(3)(4)		Principal and interest(2)		June 1, 2024		1-Mo LIBOR + 2.09%		23,500,000				23,500,000
	7	Renaissance St. Andrews		Principal and interest(2)		January 1, 2023		3.85%		8,895,779				8,937,635
	8	Spring Creek(5)		Principal and interest		February 1, 2018		4.88%		13,490,127				13,577,868
	9	Montclair Parc		Principal and interest		May 1, 2019		3.70%		23,701,528				23,827,037
	10	Sonoma Grande		Principal and interest(6)		June 1, 2019		3.31%		22,212,656				22,324,719
	11	Estancia(5)		Interest only		October 1, 2017(7)		5.94%		21,395,749				21,485,523
	12	Montelena(5)		Principal and interest(8)		August 1, 2018		4.82%		12,206,454				12,290,751
	13	Valley Farms		Principal and interest		January 1, 2020		4.25%		10,021,873				10,068,528
	14	Hilliard Park		Principal and interest(2)		October 1, 2022		3.62%		13,496,539				13,563,481
	15	Hilliard Summit		Principal and interest(2)		October 1, 2022		3.56%		16,354,675				16,436,620
	16	Springmarc		Principal and interest(2)		November 1, 2019		3.69%		15,092,477				15,166,129
	17	Ashley Oaks(4)		Principal and interest(2)		November 1, 2021		1-Mo LIBOR + 2.35%		21,200,154				21,296,125
	18	Arrowhead		Principal and interest(2)		December 1, 2019		3.38%		12,259,126				12,321,880
										Principal Outstanding at
		Property Name		Payment		Maturity		Interest		March 31, 2015				December 31, 2014
				Type		Date		Rate(1)
	19	The Moorings		Principal and interest(2)		December 1, 2019		3.37%		$	14,820,186			$	14,896,178
	20	Forty-57		Principal and interest(9)		January 1, 2023		3.73%		38,379,470				38,500,000
	21	Keystone Farms		Principal and interest(2)		January 1, 2023		3.86%		6,071,768				6,100,287
	22	Riverford Crossing		Principal and interest(9)		January 1, 2023		3.78%		21,831,990				21,900,000
	23	South Pointe at Valley Farms(10)		Principal and interest(9)		October 1, 2021		5.00%		3,996,946				1,155,185
	24	Montecito		Principal and interest(2)		January 1, 2020		3.47%		13,933,938				14,003,890
	25	Hilliard Grand		Principal and interest		August 1, 2052		5.59%		28,775,706				28,832,151
	26	The Hills at Fair Oaks		Principal and interest(9)		February 1, 2023		4.02%		24,725,911				24,767,000
	27	Library Lofts		Principal and interest		April 1, 2020		3.66%		8,896,893				8,941,943
	28	Trails at Buda Ranch(4)		Principal and interest(2)		April 1, 2023		1-Mo LIBOR + 2.42%		16,743,131				16,821,368
	29	Deep Deuce at Bricktown(5)		Principal and interest		April 1, 2018		5.04%		23,719,625				23,902,012
	30	Deep Deuce at Bricktown — Supplemental Loan		Principal and interest		April 1, 2018		4.73%		2,725,804				2,737,193
	31	Deer Valley(4)		Principal and interest(2)		May 1, 2023		1-Mo LIBOR + 2.40%		20,547,676				20,645,873
	32	Grayson Ridge(4)		Principal and interest(2)		July 1, 2020		1-Mo LIBOR + 2.63%		10,573,590				10,631,586
	33	Rosemont Olmos Park(4)		Principal and interest(9)		July 1, 2020		1-Mo LIBOR + 2.65%		14,667,462				14,667,462
	34	Retreat at Quail North(5)		Principal and interest		January 1, 2053		4.80%		16,988,279				17,029,692
	35	The Lodge at Trails Edge(5)		Principal and interest		November 1, 2020		4.47%		10,686,367				10,744,647
	36	The Lodge at Trails Edge — Supplemental Loan		Principal and interest		November 1, 2020		5.75%		1,905,915				1,912,449
	37	Arbors of Carrollton(5)		Principal and interest		December 1, 2020		4.83%		5,261,726				5,289,656
	38	Arbors of Carrollton — Supplemental Loan		Principal and interest		December 1, 2020		4.83%		967,344				971,423
	39	Waterford on the		Principal and interest		December 1, 2020		4.70%		13,814,198				13,885,425
		Meadow(5)
										Principal Outstanding at
		Property Name		Payment		Maturity		Interest		March 31, 2015				December 31, 2014
				Type		Date		Rate(1)
	40	Waterford on the Meadow — Supplemental Loan		Principal and interest		December 1, 2020		4.78%		$	2,706,731			$	2,718,243
	41	The Belmont(5)		Principal and interest		March 1, 2021		5.91%		9,242,467				9,295,899
	42	Meritage at Steiner		Principal and interest(2)		September 1, 2020		1-Mo LIBOR + 2.47%		54,892,196				55,198,913
		Ranch(4)
	43	Tapestry Park(4)(11)		Principal and interest(9)		June 1, 2022		1-Mo LIBOR + 2.44%		34,725,000				34,725,000
	44	Dawntree(5)		Principal and interest(12)		August 6, 2021		5.48%		15,750,512				15,833,312
	45	Stuart Hall(4)		Principal and interest(2)		September 1, 2020		1-Mo LIBOR + 2.75%		12,307,329				12,350,045
	46	BriceGrove Park(4)		Principal and interest(2)		October 1, 2020		1-Mo LIBOR + 2.58%		14,851,149				14,932,281
	47	Cantare at Indian Lake Village(4)		Principal and interest(2)		August 1, 2024		1-Mo LIBOR + 1.62%		18,850,000				18,850,000
	48	Landing at Mansfield(4)		Principal and interest(2)		October 1, 2020		1-Mo LIBOR + 2.69%		22,550,617				22,671,543
	49	The Heights(4)		Principal and interest(2)		October 1, 2020		1-Mo LIBOR + 2.60%		28,755,730				28,912,294
	50	Villas at Huffmeister(4)		Principal and interest(2)		November 1, 2020		1-Mo LIBOR + 2.68%		25,779,282				25,917,180
51	Villas at Kingwood(4)		Principal and interest(2)		November 1, 2020		1-Mo LIBOR + 2.68%		27,906,124				28,055,400
52	Waterford Place at Riata Ranch(4)		Principal and interest(2)		November 1, 2020		1-Mo LIBOR + 2.64%		16,223,592				16,310,966
53	Carrington Place(4)		Principal and interest(9)		December 1, 2023		1-Mo LIBOR + 2.16%		22,376,000				22,376,000
54	Carrington at Champion Forest(4)		Principal and interest(9)		December 1, 2023		1-Mo LIBOR + 2.16%		22,959,000				22,959,000
55	Carrington Park(4)		Principal and interest(9)		December 1, 2023		1-Mo LIBOR + 2.16%		17,717,000				17,717,000
56	Willow Crossing(4)		Principal and interest(9)		December 1, 2023		1-Mo LIBOR + 2.20%		43,500,000				43,500,000
57	Heritage Grand at Sienna Plantation(5)		Principal and interest		January 1, 2053		4.65%		16,658,855				16,697,112
58	Audubon Park(4)		Principal and interest(9)		January 1, 2024		1-Mo LIBOR + 2.41%		11,760,000				11,760,000
59	Mallard Crossing(4)		Principal and interest(2)		January 1, 2021		1-Mo LIBOR + 2.57%		27,757,839				27,860,000
									Principal Outstanding at
	Property Name		Payment		Maturity		Interest		March 31, 2015				December 31, 2014
			Type		Date		Rate(1)
60	Renaissance at Carol Stream(4)		Principal and interest(2)		February 1, 2021		1-Mo LIBOR + 2.36%		$	20,399,146			$	20,440,000
61	Mapleshade Park(4)		Principal and interest(13)		April 1, 2021		1-Mo LIBOR + 2.15%		15,161,000				15,161,000
62	Richland Falls		Principal and interest(9)		May 16, 2017(7)		Variable(14)		13,800,000				13,800,000
63	Oak Crossing(4)		Interest only		July 1, 2024		1-Mo LIBOR + 1.63%		15,762,000				15,762,000
64	Park Shore(4)		Interest only		October 1, 2021		1-Mo LIBOR + 1.87%		12,845,000				12,845,000
									$	1,069,920,906			$	1,070,757,025
_______________
-1	Except as otherwise noted, interest on the notes accrues at a fixed rate per annum.
-2	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.
-3	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.
-4	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.
-5	The following table summarizes the debt premiums and discounts as of March 31, 2015, 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 March 31, 2015				Amortization of Debt Premium (Discount) During the Three Months Ended March 31,
						2015				2014
Spring Creek		$	288,292			25,357				25,357
Estancia		895,749				89,774				89,774
Montelena		488,468				36,592				36,592
Deep Deuce at Bricktown		942,190				78,798				78,799
Retreat at Quail North		454,925				3,009				3,009
The Lodge at Trails Edge		89,194				3,968				3,968
Arbors of Carrollton		141,317				6,235				6,235
Waterford on the Meadow		285,871				12,612				12,612
The Belmont		555,977				23,556				23,556
Dawntree		682,032				31,746				31,746
Heritage Grand at Sienna Plantation		(445,916		)		(2,949		)		(2,949		)
		$	4,378,099			$	308,698			$	308,699
-6	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.
-7	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.
-8	A monthly payment of interest only was due and payable through August 1, 2013, after which, a monthly payment of principal and interest is due and payable until the maturity date.
-9	A monthly payment of interest only is due and payable for 24 months from the loan date, after which, a monthly payment of principal and interest is due and payable until the maturity date.
-10	On September 11, 2014, the Company obtained a loan from a financial institution 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 South Pointe at Valley Farms, which was acquired by the Company on December 28, 2012.
-11	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.
-12	A monthly payment of interest only was due and payable through August 6, 2014, after which, a monthly payment of principal and interest is due and payable until the maturity date.
-13	A monthly payment of interest only is due and payable for 36 months from the loan date, after which, a monthly payment of principal and interest is due and payable until the maturity date.
-14	The Company has the option to select the interest rate at the end of each LIBOR interest period (as defined in the note agreement) from the following options: (1) 0.85% plus the highest of (A) the Prime Rate (as defined in the note agreement), (B) the sum of the Federal Funds Rate (as defined in the note agreement) plus 0.50%, and (C) daily LIBOR plus 1.0% (the “Base Rate Option”) or (2) LIBOR plus 1.85% (the “LIBOR Option”). If the LIBOR Option is selected by the Company, the Company may select either the one-month LIBOR, three-month LIBOR or six-month LIBOR. The margin rate under each option may be reduced by 20 basis points if the property achieves occupancy in excess of 90% for 90 consecutive days. As of March 31, 2015, the Company had elected the LIBOR Option using one-month LIBOR.
Revolving Credit Facility
The Company entered into a revolving credit facility with PNC Bank, N.A. (“PNC Bank”) to borrow up to $20,000,000. Each advance under the facility was due within 180 days from the date of the advance. On July 18, 2014, the Company and PNC Bank amended the revolving credit facility 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 prior to the July 18, 2014 amendment, 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 revolving credit facility), (B) the sum of the Federal Funds Rate (as defined in the revolving credit facility) 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 amended and restated credit facility) 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 amended and restated credit facility) 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 March 31, 2015.
As of March 31, 2015 and December 31, 2014, $20,000,000 and $14,000,000 was outstanding under the credit facility, respectively.
The following is a summary of the Company’s aggregate maturities as of March 31, 2015:
										Maturities During the Years Ending December 31,
Contractual Obligation		Total				Remainder of 2015				2016				2017		2018		2019		Thereafter
Principal payments on outstanding debt obligations(1)		$	1,085,542,807			$	11,953,273			$	37,857,538			$	53,875,562	$	85,334,096	$	129,521,887	$	767,000,451
________________
-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 March 31, 2015 and December 31, 2014, the Company was in compliance with all financial and non-financial debt covenants.
For the three months ended March 31, 2015 and 2014, the Company incurred interest expense of $10,025,995 and $9,924,021. Interest expense for the three months ended March 31, 2015 and 2014 includes amortization of deferred financing costs of $363,977 and $364,088, amortization of loan premiums and discounts of $308,698 and $308,699, net unrealized loss from the change in fair value of interest rate cap agreements of $1,021,586 and $1,189,874 and capitalized interest of $38,761 and $0, respectively. Interest expense of $2,866,934 and $2,870,380 was payable as of March 31, 2015 and December 31, 2014, respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2015
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. As of March 31, 2015, the Company had issued 76,732,395 shares of common stock in its Private Offering and Public Offering for offering proceeds of $679,572,220, net of offering costs of $95,845,468, including 4,073,759 shares of common stock pursuant to the DRP, for total proceeds of $39,580,847. Offering costs primarily consist of selling commissions and dealer manager fees. The Company terminated its Public Offering on December 20, 2013, but continued to offer shares pursuant to the DRP through November 30, 2014.
	The issuance and vesting activity for the three months ended March 31, 2015 and for the years ended December 31, 2014 and 2013 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:
			For the Three Months Ended March 31, 2015		For the years ended December 31,
					2014		2013
	Nonvested shares at the beginning of the period		16,875		18,750		20,625
	Granted shares		—		10,000		10,000
	Vested shares		—		(11,875	)	(11,875	)
	Nonvested shares at the end of the period		16,875		16,875		18,750
	Additionally, the weighted average fair value of restricted stock issued to the Company’s independent directors for the three months ended March 31, 2015 and for the years ended December 31, 2014 and 2013 is as follows:
	Grant Year		Weighted Average Fair Value
	2013		$	10.24
	2014		10.24
	2015		n/a
	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 $22,884 and $22,176 for the three months ended March 31, 2015 and 2014, respectively, for compensation expense related to the issuance of restricted common stock. The weighted average remaining term of the restricted common stock is 1.19 years as of March 31, 2015.
	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 $5,053,711 as of March 31, 2015.
	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 March 31, 2015 and December 31, 2014, no shares of the Company’s preferred stock were issued and outstanding.
	Distribution Reinvestment Plan
	In connection with the Public Offering, the Company’s board of directors 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, in connection with the change in the Public Offering price, shares of the Company’s common stock were 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 are 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 at a price based upon the Company’s estimated value per share and other factors that the Company’s board of directors deems relevant, although there is no assurance as to if or when this will happen.
	No sales commissions or dealer manager fees were payable on shares sold through the DRP.
	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 was 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 will be further reduced by the aggregate amount of net proceeds per share, if any, distributed to the Company’s stockholders prior to the repurchase date as a result of the sale of one or more of the Company’s assets that constitutes a return of capital distribution as a result of such sales.
	Repurchases of shares of the Company’s common stock 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. 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 (see Note 12). During the three months ended March 31, 2014, the Company received requests for the redemption of 61,570 shares with a total redemption value of $614,762, all of which were redeemed during the year ended December 31, 2014.
	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 three months ended March 31, 2015 and 2014, the Company reclassified $0 and $3,962,203, net of $0 and $474,161 of fulfilled redemption requests, respectively, from permanent equity to temporary equity, which is included as redeemable common stock on the accompanying consolidated balance sheets. The redeemable common stock balance at any given time will consist of (1) DRP proceeds from the prior year plus (2) DRP proceeds from the current year through the current period less (3) actual current year redemptions paid or pending redemption.
	Distributions
	The Company’s long-term policy is to pay distributions from cash flow from operations. However, in order to provide additional available funds to pay distributions, the Company’s obligation to pay up to $5,000,000 of fees due to the Advisor pursuant to the Advisory Agreement was deferred. 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 March 31, 2015 and December 31, 2014, no 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 three months ended March 31, 2015 and 2014 were $13,585,679 and $13,174,851, including $78 and $6,516,788, or 8 shares and 669,762 shares, respectively, of common stock attributable to the DRP.
	As of March 31, 2015 and December 31, 2014, $4,679,454 and $4,679,455 distributions declared were payable, none of which was reinvested pursuant to the DRP.
	Distributions Paid
	For the three months ended March 31, 2015 and 2014, the Company paid cash distributions of $13,585,602 and $6,455,864, which related to distributions declared for each day in the period from December 1, 2014 through February 28, 2015 and December 1, 2013 through February 28, 2014, respectively. Additionally, for the three months ended March 31, 2015 and 2014, 8 and 640,030 shares of common stock were issued pursuant to the DRP for gross offering proceeds of $78 and $6,227,486, respectively. For the three months ended March 31, 2015 and 2014, the Company paid total distributions of $13,585,680 and $12,683,350.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share
	The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share, or EPS, for the three months ended March 31, 2015 and 2014:
		Three Months Ended March 31,
		2015			2014
	Net loss attributable to the Company	$	(3,830,646	)	$	(14,082,911	)
	Less: dividends declared on participating securities	89,291			3,496
	Net loss attributable to common stockholders	(3,919,937		)	(14,086,407		)
	Weighted average common shares outstanding — basic and diluted	76,353,484			74,463,344
	Loss per common share — basic and diluted	$	(0.05	)	$	(0.19	)
	As of March 31, 2015, the Company excluded 488,281.25 and 16,875 of unvested restricted common shares outstanding issued to the Advisor and independent directors, respectively, from the calculation of diluted loss per common share as the effect would have been antidilutive.

Related_Party_Arrangements

Related Party Arrangements	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements
	The Company has entered into the Advisory Agreement with the Advisor. Pursuant to the Advisory Agreement, the Company is obligated to pay the Advisor specified fees upon the provision of certain services related to the 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). Subject to the limitations described below, the Company is also obligated to reimburse the Advisor and its affiliates for organization and offering costs incurred by the Advisor and its affiliates on behalf of the Company, and the Company is obligated to reimburse the Advisor and its affiliates for acquisition and origination expenses and certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company.
	Amounts attributable to the Advisor and its affiliates incurred for the three months ended March 31, 2015 and 2014 and amounts outstanding to the Advisor and its affiliates as of March 31, 2015 and December 31, 2014 are as follows:
		Incurred For the Three Months Ended March 31,				Payable as of
		2015		2014		March 31, 2015		December 31, 2014
	Consolidated Statements of Operations:
	Expensed
	Investment management fees(1)	$	3,441,922	$	3,174,296	$	8,790	$	1,155,012
	Acquisition fees(1)	—		1,579,677		377,647		603,400
	Acquisition expenses(2)	7,145		209,204		—		4,002
	Property management
	Fees(1)	1,503,168		1,353,298		505,884		501,540
	Reimbursement of onsite personnel(3)	4,465,296		4,091,180		763,381		583,161
	Other fees(1)	423,386		396,553		46,930		76,913
	Other operating expenses(4)	313,765		223,678		178,223		72,253
	Disposition fees	—		—		—		—
	Consolidated Balance Sheets:
	Capitalized to real estate
	Construction management fees	265,434		229,142		18,352		43,209
	Additional paid-in-capital
	Other offering costs reimbursement	—		—		—		—
	Selling commissions	—		—		—		—
	Dealer management fees	—		—		—		—
		$	10,420,116	$	11,257,028	$	1,899,207	$	3,039,490
	________________
	-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.
	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 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 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 our DRP; 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 exceeded 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.
	Organization costs were expensed as incurred. From inception through March 31, 2015, the Company incurred $100,738 of organizational costs on the Company’s behalf, of which $100,738 was reimbursed to the Advisor. No organizational costs were incurred or recognized during the three months ended March 31, 2015 and 2014.
	Offering costs, including selling commissions and dealer manager fees, were deferred and charged to stockholders’ equity as such amounts were reimbursed to the Advisor, the Dealer Manager or their affiliates from gross offering proceeds. For each of the three months ended March 31, 2015 and 2014, no amounts were reimbursed to the Advisor as the Public Offering terminated on December 20, 2013.
	The Company has reimbursed the Advisor $95,946,206 for organization and offering costs incurred from inception through March 31, 2015, 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.
	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.
	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 continues thereafter on a month-to-month basis unless either party gives a 60 day prior notice of its desire to terminate the Property Management Agreement, provided that the Company may terminate the Property Management Agreement upon an uncured breach of the Property Management Agreement upon 30 days prior written notice to the Property Manager.
	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 for 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).
	At March 31, 2015, the Company’s allocable share of the Advisor’s overhead expenses did not exceed the 2%/25% Limitation test.
	Disposition Fee
	If the Advisor or its affiliates provides a substantial amount of services, as determined by the Company’s independent directors, in connection with the sale of a property or real estate-related asset, the Company will pay the Advisor or its affiliates 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 the 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.
	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	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014, except those awards granted to the independent directors as described below.
	Under the Company’s independent directors’ compensation plan, which is a sub-plan of the Incentive Award Plan, each of the Company’s independent directors was entitled to receive 5,000 shares of restricted common stock in connection with the initial meeting of the Company’s full board of directors. The Company’s board of directors, and each of the independent directors, agreed to delay the initial grant of restricted stock until the Company raised $2,000,000 in gross offering proceeds in the Private Offering. In addition, on the date following an independent director’s re-election to the Company’s board of directors, he or she receives 2,500 shares of restricted common stock. One-fourth of the shares of restricted common stock generally vest and become non-forfeitable upon issuance and the remaining portion will vest in three equal annual installments beginning on the date of grant and ending on the third anniversary of the date of grant; provided, however, that the restricted stock will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability, or (2) a change in control of the Company. The Company recorded stock-based compensation expense of $22,884 and $22,176 for the three months ended March 31, 2015 and 2014, respectively.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies
	Economic Dependency
	The Company is dependent on the Advisor and its affiliates for certain services that are essential to the Company, including the identification, evaluation, negotiation, purchase, and disposition of real estate and real estate-related investments; management of the daily operations of the Company’s real estate and real estate-related investment portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, the Company will be required to obtain such services from other sources.
	Concentration of Credit Risk
	The geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the Houston, Texas, Chicago, Illinois and Austin, Texas apartment markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, relocations of businesses, increased competition from other apartment communities, decrease in demand for apartments or any other changes, could adversely affect the Company’s operating results and its ability to make distributions to stockholders.
	Environmental
	As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities.
	Legal Matters
	From time to time, the Company is subject, or party, to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on the Company’s results of operations or financial condition nor is the Company aware of any such legal proceedings contemplated by government agencies.

Derivative_Financial_Instrumen

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015, the Company had 27 interest rate cap agreements 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 March 31, 2015 and December 31, 2014:
													Fair Value as of
	Property	Type	Purpose	Effective Date	Maturity Date	Notional Amount		Based on	Variable Rate		Cap Rate		31-Mar-15		31-Dec-14
	Ashley Oaks	Cap	Cap Floating Rate	10/24/11	11/1/16	$	21,712,000	One-Month LIBOR	0.18	%	5	%	$	155	$	1,291
	Trails at Buda Ranch	Cap	Cap Floating Rate	3/28/13	4/1/18	17,030,000		One-Month LIBOR	0.18	%	2	%	71,752		138,826
	Deer Valley	Cap	Cap Floating Rate	4/30/13	5/1/18	20,875,000		One-Month LIBOR	0.18	%	2	%	96,671		183,111
	Grayson Ridge	Cap	Cap Floating Rate	6/26/13	7/1/17	10,725,000		One-Month LIBOR	0.18	%	2	%	20,763		43,957
	Rosemont at Olmos Park	Cap	Cap Floating Rate	6/20/13	7/1/17	15,100,000		One-Month LIBOR	0.18	%	2	%	28,696		63,491
	Meritage at Steiner Ranch	Cap	Cap Floating Rate	8/6/13	9/1/17	55,500,000		One-Month LIBOR	0.18	%	2	%	138,028		305,347
	Tapestry Park	Cap	Cap Floating Rate	9/23/13	10/1/17	23,100,000		One-Month LIBOR	0.18	%	3.56	%	14,616		39,380
	Stuart Hall	Cap	Cap Floating Rate	8/27/13	9/1/17	12,407,000		One-Month LIBOR	0.18	%	3.5	%	3,078		10,624
	BriceGrove Park	Cap	Cap Floating Rate	9/24/13	10/1/17	14,985,000		One-Month LIBOR	0.18	%	3.42	%	10,975		30,337
	Landing at Mansfield	Cap	Cap Floating Rate	9/27/13	10/1/17	22,750,000		One-Month LIBOR	0.18	%	2.5	%	39,443		92,718
	The Heights	Cap	Cap Floating Rate	9/30/13	10/1/17	29,014,000		One-Month LIBOR	0.18	%	2.5	%	51,354		103,812
	Villas at Huffmeister	Cap	Cap Floating Rate	10/10/13	11/1/17	25,963,000		One-Month LIBOR	0.18	%	2.5	%	52,532		103,746
	Villas at Kingwood	Cap	Cap Floating Rate	10/10/13	11/1/17	28,105,000		One-Month LIBOR	0.18	%	2.5	%	56,866		112,305
													Fair Value as of
	Property	Type	Purpose	Effective Date	Maturity Date	Notional Amount		Based on	Variable Rate		Cap Rate		31-Mar-15		31-Dec-14
	Waterford Place at Riata Ranch	Cap	Cap Floating Rate	10/10/13	11/1/17	$	16,340,000	One-Month LIBOR	0.18	%	2.5	%	$	33,062	$	65,293
	Carrington Place	Cap	Cap Floating Rate	11/7/13	11/30/14	22,376,000		One-Month LIBOR	0.18	%	2	%	50,528		81,621
					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	0.18	%	2	%	51,844		83,747
					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	0.18	%	2	%	40,007		64,626
					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	0.18	%	2	%	31,553		74,581
					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	0.18	%	2	%	9,843		22,879
					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	0.18	%	2	%	28,859		68,863
					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	0.18	%	2	%	24,570		46,166
					1/31/16						2.5	%
					1/31/17						3	%
					2/1/18						3.64	%
													Fair Value as of
	Property	Type	Purpose	Effective Date	Maturity Date	Notional Amount		Based on	Variable Rate		Cap Rate		31-Mar-15		31-Dec-14
	Mapleshade Park	Cap	Cap Floating Rate	3/31/14	3/31/15	$	15,161,000	One-Month LIBOR	0.18	%	2.5	%	$	1,934	$	7,404
					3/31/16						3	%
					4/1/17						3.57	%
	Windsor on the River	Cap	Cap Floating Rate	5/9/14	5/31/15	23,500,000		One-Month LIBOR	0.18	%	2	%	20,075		54,950
					5/31/16						2.5	%
					5/31/17						3	%
					6/1/18						3.86	%
	Oak Crossing	Cap	Cap Floating Rate	6/3/14	5/31/15	15,762,000		One-Month LIBOR	0.18	%	2	%	32,957		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	0.18	%	2	%	28,125		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	0.18	%	2	%	7,441		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	0.18	%	2.81	%	11,626		28,828
					$	577,961,000						$	957,353	$	1,978,939
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 three months ended March 31, 2015 resulted in an unrealized loss of $1,021,586, which is included in interest expense in the accompanying consolidated statements of operations.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events
	Distributions Paid
	On April 1, 2015, the Company paid distributions of $4,679,454, which related to distributions declared for each day in the period from March 1, 2015 through March 31, 2015. All such distributions were paid in cash.
	On May 1, 2015, the Company paid distributions of $4,528,507, which related to distributions declared for each day in the period from April 1, 2015 through April 30, 2015. All such distributions were paid in cash.
	Advisory Agreement Amendment
	On April 13, 2015, the Company entered into Amendment No. 7 (the “Amendment”) to the Amended and Restated Advisory Agreement, by and among the Company, the Operating Partnership and the Advisor. The Amendment (i) modified the terms of the disposition fee payable to the Advisor or its affiliates pursuant to Section 9(c) of the Advisory Agreement and (ii) renewed the Advisory Agreement for a term beginning on the date of the Amendment and ending on November 15, 2015.
	Share Repurchase Program
	The Company’s board of directors elected to suspend the Company’s share repurchase program effective as of November 20, 2014. On May 12, 2015, the Company’s board of directors elected to reinstate the share repurchase program effective July 1, 2015. With the reinstatement of the share repurchase program, stockholders will have the opportunity to have the Company repurchase all or a portion of their investment. Participation in the share repurchase program is voluntary and there is no fee in connection with the repurchase of the Company’s common stock. The Company is not obligated to repurchase shares of the Company’s common stock under the share repurchase program, and in no event shall the value of the shares repurchased pursuant to the share repurchase program exceed $2,000,000 during the quarter beginning July 1, 2015, with each subsequent quarter not to exceed $1,000,000.
	Distributions Declared
	On May 12, 2015, the Company’s board of directors approved and authorized a daily distribution to stockholders of record as of the close of business on each day of the period commencing on July 1, 2015 and ending on September 30, 2015. The distributions will be calculated based on 365 days in the calendar year and will be equal to $0.001964 per share of the Company’s common stock, which is equal to an annualized distribution rate of 7.0%, assuming a purchase price of $10.24 per share. The distributions for each record date in July 2015, August 2015 and September 2015 will be paid in August 2015, September 2015 and October 2015, respectively. The distributions will be payable to stockholders from legally available funds therefor.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation and Basis of Presentation
	The consolidated financial statements include the accounts of the Company, the Operating Partnership and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company.
Basis of Presentation	The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The unaudited consolidated financial statements herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
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.
Fair Value Measurements	Fair Value Measurements
	Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories:
	•	Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;
	•	Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and
	•	Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.
	When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources.
	The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified.
	Interest rate cap agreements — These derivatives did not qualify as fair value hedges and are recorded at fair value. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the interest rate cap agreements. Therefore, the Company’s interest rate cap agreements were classified within Level 2 of the fair value hierarchy and are included in deferred financing costs and other assets, net in the accompanying consolidated balance sheets.
Fair Value of Financial Instruments	Fair Value of Financial Instruments
	The accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities, due to affiliates and notes payable.
	The Company considers the carrying value of cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities and the revolving 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.
Distribution Policy	Distribution Policy
	The Company has elected to be taxed as a REIT and to operate as a REIT beginning with its taxable year ending December 31, 2010. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). Distributions were based on daily record dates and calculated at a rate of $0.001964 per share per day. Each day during the period from January 1, 2015 through March 31, 2015 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.
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 shares of 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 shares of 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.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
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:
		March 31, 2015
		Fair Value Measurements Using
		Level 1		Level 2		Level 3
	Assets:
	Interest rate cap agreements	$	—	$	957,353	$	—
		31-Dec-14
		Fair Value Measurements Using
		Level 1		Level 2		Level 3
	Assets:
	Interest rate cap agreements	$	—	$	1,978,939	$	—

Real_Estate_Tables

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles	As of March 31, 2015 and December 31, 2014, accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows:
			March 31, 2015
			Assets
			Land		Building and Improvements			Tenant Origination and Absorption			Other Intangible Assets			Construction-in-Progress		Total Real Estate
	Investments in real estate		$	174,102,422	$	1,462,027,945		$	16,141		$	2,644,263		$	4,872,010	$	1,643,662,781
	Less: Accumulated depreciation and amortization		—		(113,699,443		)	(10,761		)	(277,988		)	—		(113,988,192		)
	Net investments in real estate and related lease intangibles		$	174,102,422	$	1,348,328,502		$	5,380		$	2,366,275		$	4,872,010	$	1,529,674,589
			31-Dec-14
			Assets
			Land		Building and Improvements			Tenant Origination and Absorption			Other Intangible Assets			Construction-in-Progress		Total Real Estate
	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
Schedule of Future Amortization of Acquired Other Intangible Assets	The future amortization of the Company’s acquired other intangible assets as of March 31, 2015 and thereafter is as follows:
	April 1 through December 31, 2015	$	114,876
	2016	153,168
	2017	153,168
	2018	153,168
	2019	153,168
	Thereafter	1,638,728
		$	2,366,276
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 March 31, 2015 and thereafter is as follows:
	April 1 through December 31, 2015	$	252,372
	2016	353,852
	2017	358,234
	2018	202,540
	2019	163,431
	Thereafter	198,530
		$	1,528,959

Deferred_Financing_Costs_and_O1

Deferred Financing Costs and Other Assets (Tables)	3 Months Ended
	Mar. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization	As of March 31, 2015 and December 31, 2014, deferred financing costs and other assets, net of accumulated amortization, consisted of:
		March 31, 2015			December 31, 2014
	Deferred financing costs	$	9,753,277		$	9,743,277
	Less: accumulated amortization	(2,874,294		)	(2,510,317		)
		6,878,983			7,232,960
	Prepaid expenses	1,820,951			2,900,609
	Interest rate caps	957,353			1,978,939
	Deposits	1,322,324			1,343,098
		$	10,979,611		$	13,455,606

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Summary of Notes Payable Secured by Real Property	The following is a summary of mortgage notes payable secured by real property as of March 31, 2015 and December 31, 2014:
										Principal Outstanding at
		Property Name		Payment		Maturity		Interest		March 31, 2015				December 31, 2014
				Type		Date		Rate(1)
	1	Park Place		Interest only		July 1, 2018		3.50%		$	4,865,004			$	4,890,069
	2	Clarion Park		Principal and interest		July 1, 2018		4.58%		8,438,547				8,479,259
	3	Cooper Creek		Principal and interest(2)		September 1, 2018		3.89%		6,468,291				6,500,887
	4	Truman Farm Villas		Principal and interest(2)		January 1, 2019		3.78%		5,681,007				5,709,615
	5	EBT Lofts		Principal and interest(2)		January 1, 2019		3.82%		5,370,426				5,397,291
	6	Windsor on the River(3)(4)		Principal and interest(2)		June 1, 2024		1-Mo LIBOR + 2.09%		23,500,000				23,500,000
	7	Renaissance St. Andrews		Principal and interest(2)		January 1, 2023		3.85%		8,895,779				8,937,635
	8	Spring Creek(5)		Principal and interest		February 1, 2018		4.88%		13,490,127				13,577,868
	9	Montclair Parc		Principal and interest		May 1, 2019		3.70%		23,701,528				23,827,037
	10	Sonoma Grande		Principal and interest(6)		June 1, 2019		3.31%		22,212,656				22,324,719
	11	Estancia(5)		Interest only		October 1, 2017(7)		5.94%		21,395,749				21,485,523
	12	Montelena(5)		Principal and interest(8)		August 1, 2018		4.82%		12,206,454				12,290,751
	13	Valley Farms		Principal and interest		January 1, 2020		4.25%		10,021,873				10,068,528
	14	Hilliard Park		Principal and interest(2)		October 1, 2022		3.62%		13,496,539				13,563,481
	15	Hilliard Summit		Principal and interest(2)		October 1, 2022		3.56%		16,354,675				16,436,620
	16	Springmarc		Principal and interest(2)		November 1, 2019		3.69%		15,092,477				15,166,129
	17	Ashley Oaks(4)		Principal and interest(2)		November 1, 2021		1-Mo LIBOR + 2.35%		21,200,154				21,296,125
	18	Arrowhead		Principal and interest(2)		December 1, 2019		3.38%		12,259,126				12,321,880
										Principal Outstanding at
		Property Name		Payment		Maturity		Interest		March 31, 2015				December 31, 2014
				Type		Date		Rate(1)
	19	The Moorings		Principal and interest(2)		December 1, 2019		3.37%		$	14,820,186			$	14,896,178
	20	Forty-57		Principal and interest(9)		January 1, 2023		3.73%		38,379,470				38,500,000
	21	Keystone Farms		Principal and interest(2)		January 1, 2023		3.86%		6,071,768				6,100,287
	22	Riverford Crossing		Principal and interest(9)		January 1, 2023		3.78%		21,831,990				21,900,000
	23	South Pointe at Valley Farms(10)		Principal and interest(9)		October 1, 2021		5.00%		3,996,946				1,155,185
	24	Montecito		Principal and interest(2)		January 1, 2020		3.47%		13,933,938				14,003,890
	25	Hilliard Grand		Principal and interest		August 1, 2052		5.59%		28,775,706				28,832,151
	26	The Hills at Fair Oaks		Principal and interest(9)		February 1, 2023		4.02%		24,725,911				24,767,000
	27	Library Lofts		Principal and interest		April 1, 2020		3.66%		8,896,893				8,941,943
	28	Trails at Buda Ranch(4)		Principal and interest(2)		April 1, 2023		1-Mo LIBOR + 2.42%		16,743,131				16,821,368
	29	Deep Deuce at Bricktown(5)		Principal and interest		April 1, 2018		5.04%		23,719,625				23,902,012
	30	Deep Deuce at Bricktown — Supplemental Loan		Principal and interest		April 1, 2018		4.73%		2,725,804				2,737,193
	31	Deer Valley(4)		Principal and interest(2)		May 1, 2023		1-Mo LIBOR + 2.40%		20,547,676				20,645,873
	32	Grayson Ridge(4)		Principal and interest(2)		July 1, 2020		1-Mo LIBOR + 2.63%		10,573,590				10,631,586
	33	Rosemont Olmos Park(4)		Principal and interest(9)		July 1, 2020		1-Mo LIBOR + 2.65%		14,667,462				14,667,462
	34	Retreat at Quail North(5)		Principal and interest		January 1, 2053		4.80%		16,988,279				17,029,692
	35	The Lodge at Trails Edge(5)		Principal and interest		November 1, 2020		4.47%		10,686,367				10,744,647
	36	The Lodge at Trails Edge — Supplemental Loan		Principal and interest		November 1, 2020		5.75%		1,905,915				1,912,449
	37	Arbors of Carrollton(5)		Principal and interest		December 1, 2020		4.83%		5,261,726				5,289,656
	38	Arbors of Carrollton — Supplemental Loan		Principal and interest		December 1, 2020		4.83%		967,344				971,423
	39	Waterford on the		Principal and interest		December 1, 2020		4.70%		13,814,198				13,885,425
		Meadow(5)
										Principal Outstanding at
		Property Name		Payment		Maturity		Interest		March 31, 2015				December 31, 2014
				Type		Date		Rate(1)
	40	Waterford on the Meadow — Supplemental Loan		Principal and interest		December 1, 2020		4.78%		$	2,706,731			$	2,718,243
	41	The Belmont(5)		Principal and interest		March 1, 2021		5.91%		9,242,467				9,295,899
	42	Meritage at Steiner		Principal and interest(2)		September 1, 2020		1-Mo LIBOR + 2.47%		54,892,196				55,198,913
		Ranch(4)
	43	Tapestry Park(4)(11)		Principal and interest(9)		June 1, 2022		1-Mo LIBOR + 2.44%		34,725,000				34,725,000
	44	Dawntree(5)		Principal and interest(12)		August 6, 2021		5.48%		15,750,512				15,833,312
	45	Stuart Hall(4)		Principal and interest(2)		September 1, 2020		1-Mo LIBOR + 2.75%		12,307,329				12,350,045
	46	BriceGrove Park(4)		Principal and interest(2)		October 1, 2020		1-Mo LIBOR + 2.58%		14,851,149				14,932,281
	47	Cantare at Indian Lake Village(4)		Principal and interest(2)		August 1, 2024		1-Mo LIBOR + 1.62%		18,850,000				18,850,000
	48	Landing at Mansfield(4)		Principal and interest(2)		October 1, 2020		1-Mo LIBOR + 2.69%		22,550,617				22,671,543
	49	The Heights(4)		Principal and interest(2)		October 1, 2020		1-Mo LIBOR + 2.60%		28,755,730				28,912,294
	50	Villas at Huffmeister(4)		Principal and interest(2)		November 1, 2020		1-Mo LIBOR + 2.68%		25,779,282				25,917,180
	51	Villas at Kingwood(4)		Principal and interest(2)		November 1, 2020		1-Mo LIBOR + 2.68%		27,906,124				28,055,400
	52	Waterford Place at Riata Ranch(4)		Principal and interest(2)		November 1, 2020		1-Mo LIBOR + 2.64%		16,223,592				16,310,966
53	Carrington Place(4)		Principal and interest(9)		December 1, 2023		1-Mo LIBOR + 2.16%		22,376,000				22,376,000
54	Carrington at Champion Forest(4)		Principal and interest(9)		December 1, 2023		1-Mo LIBOR + 2.16%		22,959,000				22,959,000
55	Carrington Park(4)		Principal and interest(9)		December 1, 2023		1-Mo LIBOR + 2.16%		17,717,000				17,717,000
56	Willow Crossing(4)		Principal and interest(9)		December 1, 2023		1-Mo LIBOR + 2.20%		43,500,000				43,500,000
57	Heritage Grand at Sienna Plantation(5)		Principal and interest		January 1, 2053		4.65%		16,658,855				16,697,112
58	Audubon Park(4)		Principal and interest(9)		January 1, 2024		1-Mo LIBOR + 2.41%		11,760,000				11,760,000
59	Mallard Crossing(4)		Principal and interest(2)		January 1, 2021		1-Mo LIBOR + 2.57%		27,757,839				27,860,000
									Principal Outstanding at
	Property Name		Payment		Maturity		Interest		March 31, 2015				December 31, 2014
			Type		Date		Rate(1)
60	Renaissance at Carol Stream(4)		Principal and interest(2)		February 1, 2021		1-Mo LIBOR + 2.36%		$	20,399,146			$	20,440,000
61	Mapleshade Park(4)		Principal and interest(13)		April 1, 2021		1-Mo LIBOR + 2.15%		15,161,000				15,161,000
62	Richland Falls		Principal and interest(9)		May 16, 2017(7)		Variable(14)		13,800,000				13,800,000
63	Oak Crossing(4)		Interest only		July 1, 2024		1-Mo LIBOR + 1.63%		15,762,000				15,762,000
64	Park Shore(4)		Interest only		October 1, 2021		1-Mo LIBOR + 1.87%		12,845,000				12,845,000
									$	1,069,920,906			$	1,070,757,025
_______________
-1	Except as otherwise noted, interest on the notes accrues at a fixed rate per annum.
-2	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.
-3	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.
-4	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.
-5	The following table summarizes the debt premiums and discounts as of March 31, 2015, 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 March 31, 2015				Amortization of Debt Premium (Discount) During the Three Months Ended March 31,
						2015				2014
Spring Creek		$	288,292			25,357				25,357
Estancia		895,749				89,774				89,774
Montelena		488,468				36,592				36,592
Deep Deuce at Bricktown		942,190				78,798				78,799
Retreat at Quail North		454,925				3,009				3,009
The Lodge at Trails Edge		89,194				3,968				3,968
Arbors of Carrollton		141,317				6,235				6,235
Waterford on the Meadow		285,871				12,612				12,612
The Belmont		555,977				23,556				23,556
Dawntree		682,032				31,746				31,746
Heritage Grand at Sienna Plantation		(445,916		)		(2,949		)		(2,949		)
		$	4,378,099			$	308,698			$	308,699
-6	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.
-7	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.
-8	A monthly payment of interest only was due and payable through August 1, 2013, after which, a monthly payment of principal and interest is due and payable until the maturity date.
-9	A monthly payment of interest only is due and payable for 24 months from the loan date, after which, a monthly payment of principal and interest is due and payable until the maturity date.
-10	On September 11, 2014, the Company obtained a loan from a financial institution 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 South Pointe at Valley Farms, which was acquired by the Company on December 28, 2012.
-11	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.
-12	A monthly payment of interest only was due and payable through August 6, 2014, after which, a monthly payment of principal and interest is due and payable until the maturity date.
-13	A monthly payment of interest only is due and payable for 36 months from the loan date, after which, a monthly payment of principal and interest is due and payable until the maturity date.
-14	The Company has the option to select the interest rate at the end of each LIBOR interest period (as defined in the note agreement) from the following options: (1) 0.85% plus the highest of (A) the Prime Rate (as defined in the note agreement), (B) the sum of the Federal Funds Rate (as defined in the note agreement) plus 0.50%, and (C) daily LIBOR plus 1.0% (the “Base Rate Option”) or (2) LIBOR plus 1.85% (the “LIBOR Option”). If the LIBOR Option is selected by the Company, the Company may select either the one-month LIBOR, three-month LIBOR or six-month LIBOR. The margin rate under each option may be reduced by 20 basis points if the property achieves occupancy in excess of 90% for 90 consecutive days. As of March 31, 2015, 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 March 31, 2015, 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 March 31, 2015				Amortization of Debt Premium (Discount) During the Three Months Ended March 31,
							2015				2014
	Spring Creek		$	288,292			25,357				25,357
	Estancia		895,749				89,774				89,774
	Montelena		488,468				36,592				36,592
	Deep Deuce at Bricktown		942,190				78,798				78,799
	Retreat at Quail North		454,925				3,009				3,009
	The Lodge at Trails Edge		89,194				3,968				3,968
	Arbors of Carrollton		141,317				6,235				6,235
	Waterford on the Meadow		285,871				12,612				12,612
	The Belmont		555,977				23,556				23,556
	Dawntree		682,032				31,746				31,746
	Heritage Grand at Sienna Plantation		(445,916		)		(2,949		)		(2,949		)
			$	4,378,099			$	308,698			$	308,699
Summary of Aggregate Maturities	The following is a summary of the Company’s aggregate maturities as of March 31, 2015:
											Maturities During the Years Ending December 31,
	Contractual Obligation		Total				Remainder of 2015				2016				2017		2018		2019		Thereafter
	Principal payments on outstanding debt obligations(1)		$	1,085,542,807			$	11,953,273			$	37,857,538			$	53,875,562	$	85,334,096	$	129,521,887	$	767,000,451
	________________
	-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)	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Schedule of Restricted Stock Issued to Independent Directors as Compensation	The issuance and vesting activity for the three months ended March 31, 2015 and for the years ended December 31, 2014 and 2013 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:
			For the Three Months Ended March 31, 2015		For the years ended December 31,
					2014		2013
	Nonvested shares at the beginning of the period		16,875		18,750		20,625
	Granted shares		—		10,000		10,000
	Vested shares		—		(11,875	)	(11,875	)
	Nonvested shares at the end of the period		16,875		16,875		18,750
	Additionally, the weighted average fair value of restricted stock issued to the Company’s independent directors for the three months ended March 31, 2015 and for the years ended December 31, 2014 and 2013 is as follows:
	Grant Year		Weighted Average Fair Value
	2013		$	10.24
	2014		10.24
	2015		n/a
Schedule of Repurchase Prices Under Share Repurchase Plan	The purchase price for shares repurchased under the Company’s share repurchase plan was 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)	3 Months Ended
	Mar. 31, 2015
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 three months ended March 31, 2015 and 2014:
		Three Months Ended March 31,
		2015			2014
	Net loss attributable to the Company	$	(3,830,646	)	$	(14,082,911	)
	Less: dividends declared on participating securities	89,291			3,496
	Net loss attributable to common stockholders	(3,919,937		)	(14,086,407		)
	Weighted average common shares outstanding — basic and diluted	76,353,484			74,463,344
	Loss per common share — basic and diluted	$	(0.05	)	$	(0.19	)

Related_Party_Arrangements_Tab

Related Party Arrangements (Tables)	3 Months Ended
	Mar. 31, 2015
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 three months ended March 31, 2015 and 2014 and amounts outstanding to the Advisor and its affiliates as of March 31, 2015 and December 31, 2014 are as follows:
		Incurred For the Three Months Ended March 31,				Payable as of
		2015		2014		March 31, 2015		December 31, 2014
	Consolidated Statements of Operations:
	Expensed
	Investment management fees(1)	$	3,441,922	$	3,174,296	$	8,790	$	1,155,012
	Acquisition fees(1)	—		1,579,677		377,647		603,400
	Acquisition expenses(2)	7,145		209,204		—		4,002
	Property management
	Fees(1)	1,503,168		1,353,298		505,884		501,540
	Reimbursement of onsite personnel(3)	4,465,296		4,091,180		763,381		583,161
	Other fees(1)	423,386		396,553		46,930		76,913
	Other operating expenses(4)	313,765		223,678		178,223		72,253
	Disposition fees	—		—		—		—
	Consolidated Balance Sheets:
	Capitalized to real estate
	Construction management fees	265,434		229,142		18,352		43,209
	Additional paid-in-capital
	Other offering costs reimbursement	—		—		—		—
	Selling commissions	—		—		—		—
	Dealer management fees	—		—		—		—
		$	10,420,116	$	11,257,028	$	1,899,207	$	3,039,490
	________________
	-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.

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014:
													Fair Value as of
	Property	Type	Purpose	Effective Date	Maturity Date	Notional Amount		Based on	Variable Rate		Cap Rate		31-Mar-15		31-Dec-14
	Ashley Oaks	Cap	Cap Floating Rate	10/24/11	11/1/16	$	21,712,000	One-Month LIBOR	0.18	%	5	%	$	155	$	1,291
	Trails at Buda Ranch	Cap	Cap Floating Rate	3/28/13	4/1/18	17,030,000		One-Month LIBOR	0.18	%	2	%	71,752		138,826
	Deer Valley	Cap	Cap Floating Rate	4/30/13	5/1/18	20,875,000		One-Month LIBOR	0.18	%	2	%	96,671		183,111
	Grayson Ridge	Cap	Cap Floating Rate	6/26/13	7/1/17	10,725,000		One-Month LIBOR	0.18	%	2	%	20,763		43,957
	Rosemont at Olmos Park	Cap	Cap Floating Rate	6/20/13	7/1/17	15,100,000		One-Month LIBOR	0.18	%	2	%	28,696		63,491
	Meritage at Steiner Ranch	Cap	Cap Floating Rate	8/6/13	9/1/17	55,500,000		One-Month LIBOR	0.18	%	2	%	138,028		305,347
	Tapestry Park	Cap	Cap Floating Rate	9/23/13	10/1/17	23,100,000		One-Month LIBOR	0.18	%	3.56	%	14,616		39,380
	Stuart Hall	Cap	Cap Floating Rate	8/27/13	9/1/17	12,407,000		One-Month LIBOR	0.18	%	3.5	%	3,078		10,624
	BriceGrove Park	Cap	Cap Floating Rate	9/24/13	10/1/17	14,985,000		One-Month LIBOR	0.18	%	3.42	%	10,975		30,337
	Landing at Mansfield	Cap	Cap Floating Rate	9/27/13	10/1/17	22,750,000		One-Month LIBOR	0.18	%	2.5	%	39,443		92,718
	The Heights	Cap	Cap Floating Rate	9/30/13	10/1/17	29,014,000		One-Month LIBOR	0.18	%	2.5	%	51,354		103,812
	Villas at Huffmeister	Cap	Cap Floating Rate	10/10/13	11/1/17	25,963,000		One-Month LIBOR	0.18	%	2.5	%	52,532		103,746
	Villas at Kingwood	Cap	Cap Floating Rate	10/10/13	11/1/17	28,105,000		One-Month LIBOR	0.18	%	2.5	%	56,866		112,305
													Fair Value as of
	Property	Type	Purpose	Effective Date	Maturity Date	Notional Amount		Based on	Variable Rate		Cap Rate		31-Mar-15		31-Dec-14
	Waterford Place at Riata Ranch	Cap	Cap Floating Rate	10/10/13	11/1/17	$	16,340,000	One-Month LIBOR	0.18	%	2.5	%	$	33,062	$	65,293
	Carrington Place	Cap	Cap Floating Rate	11/7/13	11/30/14	22,376,000		One-Month LIBOR	0.18	%	2	%	50,528		81,621
					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	0.18	%	2	%	51,844		83,747
					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	0.18	%	2	%	40,007		64,626
					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	0.18	%	2	%	31,553		74,581
					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	0.18	%	2	%	9,843		22,879
					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	0.18	%	2	%	28,859		68,863
					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	0.18	%	2	%	24,570		46,166
					1/31/16						2.5	%
					1/31/17						3	%
					2/1/18						3.64	%
													Fair Value as of
	Property	Type	Purpose	Effective Date	Maturity Date	Notional Amount		Based on	Variable Rate		Cap Rate		31-Mar-15		31-Dec-14
	Mapleshade Park	Cap	Cap Floating Rate	3/31/14	3/31/15	$	15,161,000	One-Month LIBOR	0.18	%	2.5	%	$	1,934	$	7,404
					3/31/16						3	%
					4/1/17						3.57	%
	Windsor on the River	Cap	Cap Floating Rate	5/9/14	5/31/15	23,500,000		One-Month LIBOR	0.18	%	2	%	20,075		54,950
					5/31/16						2.5	%
					5/31/17						3	%
					6/1/18						3.86	%
	Oak Crossing	Cap	Cap Floating Rate	6/3/14	5/31/15	15,762,000		One-Month LIBOR	0.18	%	2	%	32,957		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	0.18	%	2	%	28,125		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	0.18	%	2	%	7,441		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	0.18	%	2.81	%	11,626		28,828
					$	577,961,000						$	957,353	$	1,978,939

Organization_and_Business_Narr

Organization and Business - Narrative (Details) (USD $)	0 Months Ended	3 Months Ended		0 Months Ended	12 Months Ended
	Jul. 10, 2009	Mar. 31, 2015	Mar. 31, 2014	Jun. 12, 2009	Dec. 31, 2009	Dec. 31, 2014
Class of Stock [Line Items]
Proceeds from issuance of common stock		$0	$26,559,928
Investment from advisor	1,000
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
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 $)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jul. 09, 2010	Oct. 13, 2009
Class of Stock [Line Items]
Proceeds from issuance of common stock	$0	$26,559,928
Private Offering [Member]
Class of Stock [Line Items]
Value 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		3 Months Ended		41 Months Ended
	Sep. 10, 2012	Sep. 09, 2012	Mar. 31, 2015	Mar. 31, 2014	Dec. 20, 2013	Mar. 10, 2015	Jul. 12, 2012	Jul. 23, 2009
Class of Stock [Line Items]
Common stock, estimated value, per share (in dollars per share)						$10.35
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
Common stock, distribution rate, percentage	7.00%
Proceeds from issuance of common stock			$0	$26,559,928
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)			4,073,759		1,588,289
Proceeds from issuance of common stock, dividend reinvestment plan			$39,580,847		$15,397,232

Summary_of_Significant_Account3

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 $)	Mar. 31, 2015	Dec. 31, 2014
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate cap agreements	$0	$0
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate cap agreements	957,353	1,978,939
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate cap agreements	$0	$0

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Narrative - Fair Value of Financial Instruments (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable, net	$1,069,920,906	$1,070,757,025
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable, net	1,069,920,906	1,070,757,025
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	$1,090,520,573	$1,082,414,832

Summary_of_Significant_Account5

Summary of Significant Accounting Policies - Narrative - Distribution Policy (Details) (USD $)	0 Months Ended		3 Months Ended
	Sep. 10, 2012	Sep. 09, 2012	Mar. 31, 2015	Mar. 31, 2014
Accounting Policies [Abstract]
Common share, distribution rate per share per day, declared (in dollars per share)	$0.00	$0.00	$0.00
Distributions declared per common share (in dollars per share)			$0.18	$0.18

Summary_of_Significant_Account6

Summary of Significant Accounting Policies - Narrative - Segment Disclosure (Details)	3 Months Ended
	Mar. 31, 2015
	Segment
Accounting Policies [Abstract]
Number of reportable segments	1

Real_Estate_Narrative_Details

Real Estate - Narrative (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Real Estate Properties [Line Items]
Contract purchase price	$1,624,892,557
Average percentage of real estate portfolio occupied	95.20%		94.10%
Average monthly collected rent	966		966
Depreciation and amortization	16,154,311	20,205,351
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 leased	97.30%
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	15,905,614	13,865,602
Tenant Origination and Absorption Cost [Member]
Real Estate Properties [Line Items]
Amortization	210,405	6,301,457
Weighted-average amortization period	1 year
Other Intangible Assets [Member]
Real Estate Properties [Line Items]
Amortization	38,292	38,292
Minimum [Member] | Commercial Real Estate [Member]
Real Estate Properties [Line Items]
Operating lease term	2 years 11 months
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 6 months 15 days
Accounts Payable and Accrued Liabilities [Member]
Real Estate Properties [Line Items]
Security deposit liability	$4,299,368		$4,156,797
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_Accumu

Real Estate - Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	$1,643,662,781	$1,636,953,413
Less: Accumulated depreciation and amortization	-113,988,192	-98,342,452
Total real estate, net	1,529,674,589	1,538,610,961
Land [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	174,102,422	174,102,422
Less: Accumulated depreciation and amortization	0	0
Total real estate, net	174,102,422	174,102,422
Building and Improvements [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	1,462,027,945	1,457,633,918
Less: Accumulated depreciation and amortization	-113,699,443	-97,793,830
Total real estate, net	1,348,328,502	1,359,840,088
Tenant Origination and Absorption [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	16,141	524,712
Less: Accumulated depreciation and amortization	-10,761	-308,926
Total real estate, net	5,380	215,786
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	-277,988	-239,696
Total real estate, net	2,366,275	2,404,567
Construction-in-Progress [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	4,872,010	2,048,098
Less: Accumulated depreciation and amortization	0	0
Total real estate, net	$4,872,010	$2,048,098

Real_Estate_Schedule_of_Future

Real Estate - Schedule of Future Amortization of Acquired Other Intangible Assets (Details) (Other Intangible Assets [Member], USD $)	Mar. 31, 2015
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
April 1 through December 31, 2015	$114,876
2016	153,168
2017	153,168
2018	153,168
2019	153,168
Thereafter	1,638,728
Future amortization of acquired other intangible assets	$2,366,276

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 $)	Mar. 31, 2015
Real Estate [Abstract]
April 1 through December 31, 2015	$252,372
2016	353,852
2017	358,234
2018	202,540
2019	163,431
Thereafter	198,530
Total future minimum rental receipts	$1,528,959

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 $)	Mar. 31, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred financing costs	$9,753,277	$9,743,277
Less: accumulated amortization	-2,874,294	-2,510,317
Deferred financing costs, net	6,878,983	7,232,960
Prepaid expenses	1,820,951	2,900,609
Interest rate caps	957,353	1,978,939
Deposits	1,322,324	1,343,098
Deferred financing costs and other assets, net	$10,979,611	$13,455,606

Debt_Summary_of_Notes_Payable_

Debt - Summary of Notes Payable Secured by Real Property (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Mortgage notes payable, net	1,069,920,906	$1,070,757,025
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	1,069,920,906	1,070,757,025
Notes Payable to Banks [Member] | Park Place [Member]
Debt Instrument [Line Items]
Interest rate	3.50%
Mortgage notes payable, net	4,865,004	4,890,069
Notes Payable to Banks [Member] | Clarion Park [Member]
Debt Instrument [Line Items]
Interest rate	4.58%
Mortgage notes payable, net	8,438,547	8,479,259
Notes Payable to Banks [Member] | Cooper Creek [Member]
Debt Instrument [Line Items]
Interest rate	3.89%
Mortgage notes payable, net	6,468,291	6,500,887
Notes Payable to Banks [Member] | Truman Farm Villas [Member]
Debt Instrument [Line Items]
Interest rate	3.78%
Mortgage notes payable, net	5,681,007	5,709,615
Notes Payable to Banks [Member] | EBT Lofts [Member]
Debt Instrument [Line Items]
Interest rate	3.82%
Mortgage notes payable, net	5,370,426	5,397,291
Notes Payable to Banks [Member] | Windsor on the River [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	23,500,000	23,500,000
Notes Payable to Banks [Member] | Renaissance St. Andrews [Member]
Debt Instrument [Line Items]
Interest rate	3.85%
Mortgage notes payable, net	8,895,779	8,937,635
Notes Payable to Banks [Member] | Spring Creek [Member]
Debt Instrument [Line Items]
Interest rate	4.88%
Mortgage notes payable, net	13,490,127	13,577,868
Notes Payable to Banks [Member] | Montclair Parc [Member]
Debt Instrument [Line Items]
Interest rate	3.70%
Mortgage notes payable, net	23,701,528	23,827,037
Notes Payable to Banks [Member] | Sonoma Grande [Member]
Debt Instrument [Line Items]
Interest rate	3.31%
Mortgage notes payable, net	22,212,656	22,324,719
Notes Payable to Banks [Member] | Estancia [Member]
Debt Instrument [Line Items]
Interest rate	5.94%
Mortgage notes payable, net	21,395,749	21,485,523
Notes Payable to Banks [Member] | Montelena [Member]
Debt Instrument [Line Items]
Interest rate	4.82%
Mortgage notes payable, net	12,206,454	12,290,751
Notes Payable to Banks [Member] | Valley Farms [Member]
Debt Instrument [Line Items]
Interest rate	4.25%
Mortgage notes payable, net	10,021,873	10,068,528
Notes Payable to Banks [Member] | Hilliard Park [Member]
Debt Instrument [Line Items]
Interest rate	3.62%
Mortgage notes payable, net	13,496,539	13,563,481
Notes Payable to Banks [Member] | Hilliard Summit [Member]
Debt Instrument [Line Items]
Interest rate	3.56%
Mortgage notes payable, net	16,354,675	16,436,620
Notes Payable to Banks [Member] | Springmarc [Member]
Debt Instrument [Line Items]
Interest rate	3.69%
Mortgage notes payable, net	15,092,477	15,166,129
Notes Payable to Banks [Member] | Ashley Oaks [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	21,200,154	21,296,125
Notes Payable to Banks [Member] | Arrowhead [Member]
Debt Instrument [Line Items]
Interest rate	3.38%
Mortgage notes payable, net	12,259,126	12,321,880
Notes Payable to Banks [Member] | The Moorings [Member]
Debt Instrument [Line Items]
Interest rate	3.37%
Mortgage notes payable, net	14,820,186	14,896,178
Notes Payable to Banks [Member] | Forty-57 [Member]
Debt Instrument [Line Items]
Interest rate	3.73%
Mortgage notes payable, net	38,379,470	38,500,000
Notes Payable to Banks [Member] | Keystone Farms [Member]
Debt Instrument [Line Items]
Interest rate	3.86%
Mortgage notes payable, net	6,071,768	6,100,287
Notes Payable to Banks [Member] | Riverford Crossing [Member]
Debt Instrument [Line Items]
Interest rate	3.78%
Mortgage notes payable, net	21,831,990	21,900,000
Notes Payable to Banks [Member] | South Pointe Property [Member]
Debt Instrument [Line Items]
Interest rate	5.00%
Mortgage notes payable, net	3,996,946	1,155,185
Notes Payable to Banks [Member] | Montecito [Member]
Debt Instrument [Line Items]
Interest rate	3.47%
Mortgage notes payable, net	13,933,938	14,003,890
Notes Payable to Banks [Member] | Hilliard Grand [Member]
Debt Instrument [Line Items]
Interest rate	5.59%
Mortgage notes payable, net	28,775,706	28,832,151
Notes Payable to Banks [Member] | The Hills at Fair Oaks [Member]
Debt Instrument [Line Items]
Interest rate	4.02%
Mortgage notes payable, net	24,725,911	24,767,000
Notes Payable to Banks [Member] | Library Lofts [Member]
Debt Instrument [Line Items]
Interest rate	3.66%
Mortgage notes payable, net	8,896,893	8,941,943
Notes Payable to Banks [Member] | The Trails at Buda Ranch [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	16,743,131	16,821,368
Notes Payable to Banks [Member] | Deep Deuce at Bricktown [Member]
Debt Instrument [Line Items]
Interest rate	5.04%
Mortgage notes payable, net	23,719,625	23,902,012
Notes Payable to Banks [Member] | Deep Deuce at Bricktown, Supplemental Loan [Member]
Debt Instrument [Line Items]
Interest rate	4.73%
Mortgage notes payable, net	2,725,804	2,737,193
Notes Payable to Banks [Member] | Deer Valley [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	20,547,676	20,645,873
Notes Payable to Banks [Member] | Grayson Ridge [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	10,573,590	10,631,586
Notes Payable to Banks [Member] | Rosemont at Olmos Park [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	14,667,462	14,667,462
Notes Payable to Banks [Member] | Retreat at Quail North [Member]
Debt Instrument [Line Items]
Interest rate	4.80%
Mortgage notes payable, net	16,988,279	17,029,692
Notes Payable to Banks [Member] | The Lodge at Trails Edge [Member]
Debt Instrument [Line Items]
Interest rate	4.47%
Mortgage notes payable, net	10,686,367	10,744,647
Notes Payable to Banks [Member] | The Lodge at Trails Edge, Supplemental Loan [Member]
Debt Instrument [Line Items]
Interest rate	5.75%
Mortgage notes payable, net	1,905,915	1,912,449
Notes Payable to Banks [Member] | Arbors At Carrollton [Member]
Debt Instrument [Line Items]
Interest rate	4.83%
Mortgage notes payable, net	5,261,726	5,289,656
Notes Payable to Banks [Member] | Arbors At Carrollton, Supplemental Loan [Member]
Debt Instrument [Line Items]
Interest rate	4.83%
Mortgage notes payable, net	967,344	971,423
Notes Payable to Banks [Member] | Waterford on the Meadow [Member]
Debt Instrument [Line Items]
Interest rate	4.70%
Mortgage notes payable, net	13,814,198	13,885,425
Notes Payable to Banks [Member] | Waterford on the Meadow, Supplemental Loan [Member]
Debt Instrument [Line Items]
Interest rate	4.78%
Mortgage notes payable, net	2,706,731	2,718,243
Notes Payable to Banks [Member] | The Belmont [Member]
Debt Instrument [Line Items]
Interest rate	5.91%
Mortgage notes payable, net	9,242,467	9,295,899
Notes Payable to Banks [Member] | Meritage at Steiner Ranch [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	54,892,196	55,198,913
Notes Payable to Banks [Member] | Tapestry Park [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	34,725,000	34,725,000
Notes Payable to Banks [Member] | Dawntree [Member]
Debt Instrument [Line Items]
Interest rate	5.48%
Mortgage notes payable, net	15,750,512	15,833,312
Notes Payable to Banks [Member] | Stuart Hall [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	12,307,329	12,350,045
Notes Payable to Banks [Member] | BriceGrove Park [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	14,851,149	14,932,281
Notes Payable to Banks [Member] | Cantare at Indian Lake Village [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	18,850,000	18,850,000
Notes Payable to Banks [Member] | Landing at Mansfield [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	22,550,617	22,671,543
Notes Payable to Banks [Member] | The Heights [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	28,755,730	28,912,294
Notes Payable to Banks [Member] | Villas at Huffmeister [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	25,779,282	25,917,180
Notes Payable to Banks [Member] | Villas at Kingwood [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	27,906,124	28,055,400
Notes Payable to Banks [Member] | Waterford Place at Riata Ranch [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	16,223,592	16,310,966
Notes Payable to Banks [Member] | Carrington Place [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	22,376,000	22,376,000
Notes Payable to Banks [Member] | Carrington at Champion Forest [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	22,959,000	22,959,000
Notes Payable to Banks [Member] | Carrington Park [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	17,717,000	17,717,000
Notes Payable to Banks [Member] | Willow Crossing [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	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%
Mortgage notes payable, net	16,658,855	16,697,112
Notes Payable to Banks [Member] | Audubon Park [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	11,760,000	11,760,000
Notes Payable to Banks [Member] | Mallard Crossing [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	27,757,839	27,860,000
Notes Payable to Banks [Member] | Renaissance at Carol Stream [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	20,399,146	20,440,000
Notes Payable to Banks [Member] | Mapleshade Park [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	15,161,000	15,161,000
Notes Payable to Banks [Member] | Richland Falls [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	13,800,000	13,800,000
Notes Payable to Banks [Member] | Oak Crossing [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	15,762,000	15,762,000
Notes Payable to Banks [Member] | Park Shore [Member]
Debt Instrument [Line Items]
Mortgage notes payable, net	12,845,000	$12,845,000
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 $)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Dec. 01, 2014	Sep. 11, 2014	9-May-14
			apartment
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Length of debt extension option	12 months
Total purchase price	$1,624,892,557
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	24 months
Notes Payable to Banks [Member] | Cooper Creek [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Truman Farm Villas [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | EBT Lofts [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Windsor on the River [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Renaissance St. Andrews [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Hilliard Park [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Hilliard Summit [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Springmarc [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Ashley Oaks [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Arrowhead [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | The Moorings [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Forty-57 [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	24 months
Notes Payable to Banks [Member] | Keystone Farms [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Riverford Crossing [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	24 months
Notes Payable to Banks [Member] | South Pointe Property [Member]
Debt Instrument [Line Items]
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] | Montecito [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | The Hills at Fair Oaks [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	24 months
Notes Payable to Banks [Member] | The Trails at Buda Ranch [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Deer Valley [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Grayson Ridge [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Rosemont at Olmos Park [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	24 months
Notes Payable to Banks [Member] | Meritage at Steiner Ranch [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Tapestry Park [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	24 months
Notes Payable to Banks [Member] | Stuart Hall [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | BriceGrove Park [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Cantare at Indian Lake Village [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Landing at Mansfield [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | The Heights [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Villas at Huffmeister [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Villas at Kingwood [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Waterford Place at Riata Ranch [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Carrington Place [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	24 months
Notes Payable to Banks [Member] | Carrington at Champion Forest [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	24 months
Notes Payable to Banks [Member] | Carrington Park [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	24 months
Notes Payable to Banks [Member] | Willow Crossing [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	24 months
Notes Payable to Banks [Member] | Audubon Park [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	24 months
Notes Payable to Banks [Member] | Mallard Crossing [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
Notes Payable to Banks [Member] | Renaissance at Carol Stream [Member]
Debt Instrument [Line Items]
Number of periods interest payments due	12 months
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]
Number of periods interest payments due	24 months
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%
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
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 $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Debt Instrument [Line Items]
Amortization of debt premium (discount)	$308,698	$308,699
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Unamortized Portion of Debt Premium (Discount)	4,378,099
Amortization of debt premium (discount)	308,698	308,699
Notes Payable to Banks [Member] | Spring Creek [Member]
Debt Instrument [Line Items]
Unamortized Portion of Debt Premium (Discount)	288,292
Amortization of debt premium (discount)	25,357	25,357
Notes Payable to Banks [Member] | Estancia [Member]
Debt Instrument [Line Items]
Unamortized Portion of Debt Premium (Discount)	895,749
Amortization of debt premium (discount)	89,774	89,774
Notes Payable to Banks [Member] | Montelena [Member]
Debt Instrument [Line Items]
Unamortized Portion of Debt Premium (Discount)	488,468
Amortization of debt premium (discount)	36,592	36,592
Notes Payable to Banks [Member] | Deep Deuce at Bricktown [Member]
Debt Instrument [Line Items]
Unamortized Portion of Debt Premium (Discount)	942,190
Amortization of debt premium (discount)	78,798	78,799
Notes Payable to Banks [Member] | Retreat at Quail North [Member]
Debt Instrument [Line Items]
Unamortized Portion of Debt Premium (Discount)	454,925
Amortization of debt premium (discount)	3,009	3,009
Notes Payable to Banks [Member] | The Lodge at Trails Edge [Member]
Debt Instrument [Line Items]
Unamortized Portion of Debt Premium (Discount)	89,194
Amortization of debt premium (discount)	3,968	3,968
Notes Payable to Banks [Member] | Arbors At Carrollton [Member]
Debt Instrument [Line Items]
Unamortized Portion of Debt Premium (Discount)	141,317
Amortization of debt premium (discount)	6,235	6,235
Notes Payable to Banks [Member] | Waterford on the Meadow [Member]
Debt Instrument [Line Items]
Unamortized Portion of Debt Premium (Discount)	285,871
Amortization of debt premium (discount)	12,612	12,612
Notes Payable to Banks [Member] | The Belmont [Member]
Debt Instrument [Line Items]
Unamortized Portion of Debt Premium (Discount)	555,977
Amortization of debt premium (discount)	23,556	23,556
Notes Payable to Banks [Member] | Dawntree [Member]
Debt Instrument [Line Items]
Unamortized Portion of Debt Premium (Discount)	682,032
Amortization of debt premium (discount)	31,746	31,746
Notes Payable to Banks [Member] | Heritage Grand at Sienna Plantation [Member]
Debt Instrument [Line Items]
Unamortized Portion of Debt Premium (Discount)	-445,916
Amortization of debt premium (discount)	($2,949)	($2,949)

Debt_Narrative_Details

Debt - Narrative (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jul. 17, 2014	Jul. 18, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Revolving credit facility	$20,000,000				$14,000,000
Interest expense	10,025,995	9,924,021
Amortization of deferred financing costs	363,977	364,088
Amortization of debt premium (discount)	308,698	308,699
Unrealized loss on derivatives	1,021,586	1,189,874
Interest capitalized	38,761	0
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Amortization of debt premium (discount)	308,698	308,699
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]
Revolving credit facility	20,000,000				14,000,000
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
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	1,021,586	1,189,874
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	$2,866,934				$2,870,380

Debt_Summary_of_Aggregate_Matu

Debt - Summary of Aggregate Maturities (Details) (USD $)	Mar. 31, 2015
Debt Disclosure [Abstract]
Total notes payable, net	$1,085,542,807
Remainder of 2015	11,953,273
2016	37,857,538
2017	53,875,562
2018	85,334,096
2019	129,521,887
Thereafter	$767,000,451

Stockholders_Equity_Narrative_

Stockholders' Equity - Narrative - General (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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
Common stock, par value (in dollars per share)	$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
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

Stockholders_Equity_Narrative_1

Stockholders' Equity - Narrative - Common Stock (Details) (USD $)	3 Months Ended		0 Months Ended	12 Months Ended	41 Months Ended	0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jun. 12, 2009	Dec. 31, 2009	Dec. 20, 2013	Jun. 11, 2014
Class of Stock [Line Items]
Proceeds from issuance of common stock	$0	$26,559,928
Share-based compensation	22,884	22,176
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)	76,732,395
Proceeds from issuance of common stock	679,572,220
Distribution Reinvestment Plan [Member]
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	4,073,759				1,588,289
Proceeds from issuance of common stock, dividend reinvestment plan	39,580,847				15,397,232
Restricted Stock [Member]
Class of Stock [Line Items]
Restricted common stock, weighted average remaining vesting terms	1 year 2 months 10 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)	5,053,711
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%
General and Administrative Expense [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Share-based compensation	22,884	22,176
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 $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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)	16,875	18,750	20,625
Granted shares (in shares)	0	10,000	10,000
Vested shares (in shares)	0	-11,875	-11,875
Nonvested shares at the end of the year (in shares)	16,875	16,875	18,750
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

Stockholders_Equity_Narrative_2

Stockholders' Equity - Narrative - Convertible Stock (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Class of Stock [Line Items]
Proceeds from issuance of common stock	$0	$26,559,928
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Convertible Stock [Member]
Class of Stock [Line Items]
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	Mar. 31, 2015
	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 $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Class of Stock [Line Items]
Stock repurchase plan, notice of termination, days	30 days
Transfers to redeemable common stock	$0	$3,962,203
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
Stock requested for redemption (in shares)		61,570
Stock requested for redemption, value			614,762
Stock repurchase plan, percentage of weighted-average number of shares outstanding, limit on repurchase	5.00%
Fee charged to repurchase shares	0
Stock repurchase plan, stock redeemed, value	$0	$474,161

Stockholders_Equity_Schedule_o1

Stockholders' Equity - Schedule of Repurchase Prices Under Share Repurchase Plan (Details)	3 Months Ended
	Mar. 31, 2015
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])	3 Months Ended
	Mar. 31, 2015
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	3 Months Ended
	Jun. 11, 2014	Mar. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Deferred costs		$0	$0
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		3 Months Ended
	Sep. 10, 2012	Sep. 09, 2012	Mar. 31, 2015	Mar. 31, 2014	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
Common stock, distribution rate, percentage	7.00%
Less: dividends declared on participating securities			$89,291	$3,496
Distributions payable			4,679,454		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			$9
Less: dividends declared on participating securities			13,585,679	13,174,851
Common stock, distributions declared pursuant to DRP			78	6,516,788
Common stock, distributions declared pursuant to DRP (in shares)			8	669,762
Distributions payable			$4,679,454		$4,679,455

Stockholders_Equity_Narrative_8

Stockholders' Equity - Narrative - Distributions Paid (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Class of Stock [Line Items]
Payments of ordinary dividends, common stock	$13,585,602	$6,455,864
Distributions paid, common stock, including distribution reinvestment plan	13,585,680	12,683,350
Common Stock [Member]
Class of Stock [Line Items]
Common stock, distributions for DRP (in shares)	8	640,030
Distributions declared, DRP	$78	$6,227,486

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
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net loss attributable to the Company	($3,830,646)	($14,082,911)
Less: dividends declared on participating securities	89,291	3,496
Net loss attributable to common stockholders	($3,919,937)	($14,086,407)
Weighted average common shares outstanding - basic and diluted (in shares)	76,353,484	74,463,344
Loss per common share - basic and diluted (in dollars per share)	($0.05)	($0.19)

Earnings_Loss_Per_Share_Narrat

Earnings (Loss) Per Share - Narrative (Details) (Unvested Restricted Common Shares [Member])	12 Months Ended
	Dec. 31, 2014
Steadfast Income Advisor, LLC [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
Director [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	16,875

Related_Party_Arrangements_Sch

Related Party Arrangements - Schedule of Amounts Attributable to the Advisor and its Affiliates - Amounts Incurred and Payable (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2015
Related Party Transaction [Line Items]
Due to affiliates, net	$3,039,490		$1,899,207
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	10,420,116	11,257,028
Due to affiliates, net	1,899,207	3,039,490
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Investment Management Fees [Member]
Related Party Transaction [Line Items]
Due to affiliates, net	8,790	1,155,012
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Acquisition Fees [Member]
Related Party Transaction [Line Items]
Due to affiliates, net	377,647	603,400
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Acquisition Expenses [Member]
Related Party Transaction [Line Items]
Due to affiliates, net	0	4,002
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Fees [Member]
Related Party Transaction [Line Items]
Due to affiliates, net	505,884	501,540
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Labor and Related Benefits [Member]
Related Party Transaction [Line Items]
Due to affiliates, net	763,381	583,161
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Other Fees [Member]
Related Party Transaction [Line Items]
Due to affiliates, net	46,930	76,913
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Due to affiliates, net	178,223	72,253
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Disposition Fees [Member]
Related Party Transaction [Line Items]
Due to affiliates, net	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	265,434	229,142
Due to affiliates, net	18,352	43,209
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	0
Due to affiliates, net	0	0
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	0
Due to affiliates, net	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	0
Due to affiliates, net	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	3,441,922	3,174,296
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	0	1,579,677
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	1,503,168	1,353,298
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	423,386	396,553
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	7,145	209,204
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Operating, Maintenance and Management [Member] | Property Management, Labor and Related Benefits [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	4,465,296	4,091,180
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	313,765	223,678
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	$0	$0

Related_Party_Arrangements_Nar

Related Party Arrangements - Narrative - Organization and Offering Costs (Details) (USD $)	3 Months Ended		71 Months Ended	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Steadfast Income Advisor, LLC [Member]
Related Party Transaction [Line Items]
Due from advisor	0		$0
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%
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
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
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Organization Cost [Member]
Related Party Transaction [Line Items]
Reimbursement to advisor			100,738
Total O&O costs reimbursements recorded by the company			100,738
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 Costs [Member]
Related Party Transaction [Line Items]
Reimbursement to advisor			93,543,749
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Private Offering [Member]
Related Party Transaction [Line Items]
Organization and offering cost	0	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Total O&O costs reimbursements recorded by the company				$10,420,116	$11,257,028

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])	3 Months Ended
	Mar. 31, 2015
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])	3 Months Ended
	Mar. 31, 2015
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])	3 Months Ended
	Mar. 31, 2015
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])	3 Months Ended
	Mar. 31, 2015
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) (Steadfast Income Advisor, LLC [Member], Steadfast Income Advisor, LLC [Member], Other Operating Expense Reimbursement [Member])	3 Months Ended
	Mar. 31, 2015
	quarter
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

Related_Party_Arrangements_Nar6

Related Party Arrangements - Narrative - Disposition Fee (Details) (Steadfast Income Advisor, LLC [Member], Steadfast Income Advisor, LLC [Member])	3 Months Ended
	Mar. 31, 2015
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%
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 - Restricted Stock Agreement (Details) (Steadfast Income Advisor, LLC [Member], USD $)	0 Months Ended
	Jun. 11, 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 $)	3 Months Ended		12 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Jul. 09, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock	$0	$26,559,928
Share-based compensation	22,884	22,176
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	0		10,000	10,000
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]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	0		0
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] | 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
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 $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Derivative [Line Items]
Unrealized loss on derivatives	$1,021,586	$1,189,874
Interest Rate Cap [Member]
Derivative [Line Items]
Derivative, number of instruments held	27
Derivative, notional amount	577,961,000
Unrealized loss on derivatives	$1,021,586	$1,189,874

Derivative_Financial_Instrumen3

Derivative Financial Instruments - Schedule of Interest Rate Derivative Instruments (Details) (Interest Rate Cap [Member], USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Notional Amount	577,961,000
Interest rate derivative assets, fair value	957,353	1,978,939
Ashley Oaks [Member]
Derivative [Line Items]
Notional Amount	21,712,000
Variable Rate	0.18%
Cap Rate	5.00%
Interest rate derivative assets, fair value	155	1,291
The Trails at Buda Ranch [Member]
Derivative [Line Items]
Notional Amount	17,030,000
Variable Rate	0.18%
Cap Rate	2.00%
Interest rate derivative assets, fair value	71,752	138,826
Deer Valley Luxury Apartments [Member]
Derivative [Line Items]
Notional Amount	20,875,000
Variable Rate	0.18%
Cap Rate	2.00%
Interest rate derivative assets, fair value	96,671	183,111
Grayson Ridge [Member]
Derivative [Line Items]
Notional Amount	10,725,000
Variable Rate	0.18%
Cap Rate	2.00%
Interest rate derivative assets, fair value	20,763	43,957
Rosemont at Olmos Park [Member]
Derivative [Line Items]
Notional Amount	15,100,000
Variable Rate	0.18%
Cap Rate	2.00%
Interest rate derivative assets, fair value	28,696	63,491
Meritage at Steiner Ranch [Member]
Derivative [Line Items]
Notional Amount	55,500,000
Variable Rate	0.18%
Cap Rate	2.00%
Interest rate derivative assets, fair value	138,028	305,347
Tapestry Park [Member]
Derivative [Line Items]
Notional Amount	23,100,000
Variable Rate	0.18%
Cap Rate	3.56%
Interest rate derivative assets, fair value	14,616	39,380
Stuart Hall [Member]
Derivative [Line Items]
Notional Amount	12,407,000
Variable Rate	0.18%
Cap Rate	3.50%
Interest rate derivative assets, fair value	3,078	10,624
BriceGrove Park [Member]
Derivative [Line Items]
Notional Amount	14,985,000
Variable Rate	0.18%
Cap Rate	3.42%
Interest rate derivative assets, fair value	10,975	30,337
Landing at Mansfield [Member]
Derivative [Line Items]
Notional Amount	22,750,000
Variable Rate	0.18%
Cap Rate	2.50%
Interest rate derivative assets, fair value	39,443	92,718
The Heights [Member]
Derivative [Line Items]
Notional Amount	29,014,000
Variable Rate	0.18%
Cap Rate	2.50%
Interest rate derivative assets, fair value	51,354	103,812
Villas at Huffmeister [Member]
Derivative [Line Items]
Notional Amount	25,963,000
Variable Rate	0.18%
Cap Rate	2.50%
Interest rate derivative assets, fair value	52,532	103,746
Villas at Kingwood [Member]
Derivative [Line Items]
Notional Amount	28,105,000
Variable Rate	0.18%
Cap Rate	2.50%
Interest rate derivative assets, fair value	56,866	112,305
Waterford Place at Riata Ranch [Member]
Derivative [Line Items]
Notional Amount	16,340,000
Variable Rate	0.18%
Cap Rate	2.50%
Interest rate derivative assets, fair value	33,062	65,293
Carrington Place [Member]
Derivative [Line Items]
Notional Amount	22,376,000
Variable Rate	0.18%
Interest rate derivative assets, fair value	50,528	81,621
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	0.18%
Interest rate derivative assets, fair value	51,844	83,747
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	0.18%
Interest rate derivative assets, fair value	40,007	64,626
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	0.18%
Interest rate derivative assets, fair value	31,553	74,581
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	0.18%
Interest rate derivative assets, fair value	9,843	22,879
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	0.18%
Interest rate derivative assets, fair value	28,859	68,863
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	0.18%
Interest rate derivative assets, fair value	24,570	46,166
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] | January 31, 2017 [Member]
Derivative [Line Items]
Cap Rate	3.00%
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	0.18%
Interest rate derivative assets, fair value	1,934	7,404
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
Variable Rate	0.18%
Interest rate derivative assets, fair value	20,075	54,950
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	0.18%
Interest rate derivative assets, fair value	32,957	60,823
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	0.18%
Interest rate derivative assets, fair value	28,125	66,969
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	0.18%
Interest rate derivative assets, fair value	7,441	23,244
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%
Park Shore [Member] | October 1, 2017 [Member]
Derivative [Line Items]
Cap Rate	3.00%
Tapestry Park Apartments Two [Member]
Derivative [Line Items]
Notional Amount	11,625,000
Variable Rate	0.18%
Cap Rate	2.81%
Interest rate derivative assets, fair value	11,626	$28,828
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

Subsequent_Events_Narrative_De

Subsequent Events - Narrative (Details) (USD $)	0 Months Ended		3 Months Ended		0 Months Ended
	Sep. 10, 2012	Sep. 09, 2012	Mar. 31, 2015	Mar. 31, 2014	1-May-15	Apr. 01, 2015	12-May-15	Dec. 31, 2015	Sep. 30, 2015	Jun. 12, 2009
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan			$13,585,680	$12,683,350
Common share, distribution rate per share per day, declared (in dollars per share)	$0.00	$0.00	$0.00
Common stock, distribution rate, percentage	7.00%
Subsequent Event [Member] | Forecast [Member]
Subsequent Event [Line Items]
Share repurchase program, authorized amount								1,000,000	2,000,000
Dividend Paid [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan					$4,528,507	$4,679,454
Common Stock [Member]
Subsequent Event [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							$9
Common Stock [Member] | Subsequent Event [Member]
Subsequent Event [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