Steadfast Income REIT 10-Q 13 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2015	Aug. 07, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Steadfast Income REIT, Inc.
Entity Central Index Key	1,468,010
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		76,858,491

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Real Estate:
Land	$ 174,102,422	$ 174,102,422
Building and improvements	1,468,467,030	1,457,633,918
Tenant origination and absorption costs	0	524,712
Other intangible assets	2,644,263	2,644,263
Construction-in-progress	6,736,304	2,048,098
Total real estate, cost	1,651,950,019	1,636,953,413
Less accumulated depreciation and amortization	(130,154,067)	(98,342,452)
Total real estate, net	1,521,795,952	1,538,610,961
Cash and cash equivalents	32,025,434	29,529,312
Restricted cash	22,923,437	25,478,939
Rents and other receivables	2,352,759	1,992,310
Deferred financing costs and other assets, net	9,158,077	13,455,606
Total assets	1,588,255,659	1,609,067,128
Liabilities:
Accounts payable and accrued liabilities	32,205,191	39,527,928
Mortgage notes payable, net	1,087,119,152	1,070,757,025
Revolving credit facility	20,000,000	14,000,000
Total notes payable, net	1,107,119,152	1,084,757,025
Distributions payable	4,528,503	4,679,455
Due to affiliates, net	1,328,642	3,039,490
Total liabilities	1,145,181,488	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	680,206,117	680,138,132
Cumulative distributions and net losses	(237,900,541)	(203,843,497)
Total stockholders’ equity	443,074,171	477,063,230
Total liabilities and stockholders’ equity	1,588,255,659	1,609,067,128
Common stock, $0.01 par value per share; 999,999,000 shares authorized, 76,858,491 and 76,858,483 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively [Member]
Liabilities:
Distributions payable	4,528,503	4,679,455
Stockholders’ Equity:
Common stock	768,585	768,585
Convertible stock, $0.01 par value per share; 1,000 shares authorized, issued and outstanding as of June 30, 2015 and December 31, 2014, respectively [Member]
Stockholders’ Equity:
Common stock	$ 10	$ 10

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 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 outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0
Common Stock [Member]
Stockholders’ Equity:
Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Stock, shares authorized (in shares)	999,999,000	999,999,000
Stock, shares issued (in shares)	76,858,491	76,858,483
Stock, shares outstanding (in shares)	76,858,491	76,858,483
Convertible Stock [Member]
Stockholders’ Equity:
Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Stock, shares authorized (in shares)	1,000	1,000
Stock, shares issued (in shares)	1,000	1,000
Stock, shares outstanding (in shares)	1,000	1,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental income	$ 46,388,918	$ 43,924,772	$ 91,921,505	$ 85,168,553
Tenant reimbursements and other	5,854,884	5,299,287	11,373,597	9,735,210
Total revenues	52,243,802	49,224,059	103,295,102	94,903,763
Expenses:
Operating, maintenance and management	12,766,597	13,130,239	25,593,749	25,843,547
Real estate taxes and insurance	9,730,344	8,876,041	18,785,743	17,201,391
Fees to affiliates	5,413,367	6,125,623	10,781,843	12,629,447
Depreciation and amortization	16,182,016	17,457,109	32,336,326	37,662,460
Interest expense	9,520,362	11,273,624	19,507,596	21,197,645
Loss on debt extinguishment	0	891,885	0	891,885
General and administrative expenses	1,535,545	1,712,143	3,017,775	3,185,990
Acquisition costs	0	483,368	7,145	1,100,282
Total expenses	55,148,231	59,950,032	110,030,177	119,712,647
Loss from continuing operations	(2,904,429)	(10,725,973)	(6,735,075)	(24,808,884)
Gain on sale of real estate, net	0	7,072,294	0	7,072,294
Net loss	$ (2,904,429)	$ (3,653,679)	$ (6,735,075)	$ (17,736,590)
Loss per common share — basic and diluted (in dollars per share)	$ (0.04)	$ (0.05)	$ (0.09)	$ (0.24)
Weighted average number of common shares outstanding — basic and diluted (in shares)	76,353,485	75,164,490	76,353,485	74,817,466
Distributions declared per common share (in dollars per share)	$ 0.179	$ 0.179	$ 0.356	$ 0.356

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Total	Total Stockholder's Equity	Additional Paid-In Capital [Member]	Cumulative Distributions & Net Losses [Member]	Common Stock [Member]Common Stock [Member]	Convertible Stock [Member]Common Stock [Member]
Beginning Balance at Dec. 31, 2013		$ 517,118,528	$ 640,181,521	$ (123,804,541)	$ 741,538	$ 10
Beginning Balance (in shares) at Dec. 31, 2013					74,153,580	1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock		24,195,814	24,170,846		$ 24,968
Issuance of common stock (in shares)					2,496,806
Issuance of restricted common stock to Advisor		5,000,000	4,995,117		$ 4,883
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		(2,723,948)	(2,721,144)		$ (2,804)
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)
Ending Balance at Dec. 31, 2014		477,063,230	680,138,132	(203,843,497)	$ 768,585	$ 10
Ending Balance (in shares) at Dec. 31, 2014					76,858,483	1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock		78	78		$ 0
Issuance of common stock (in shares)					8
Distributions declared	$ (179,575)	(27,321,969)		(27,321,969)
Amortization of stock-based compensation		45,767	45,767
Change in value of restricted common stock to Advisor		22,140	22,140
Net loss	$ (6,735,075)	(6,735,075)		(6,735,075)
Ending Balance at Jun. 30, 2015		$ 443,074,171	$ 680,206,117	$ (237,900,541)	$ 768,585	$ 10
Ending Balance (in shares) at Jun. 30, 2015					76,858,491	1,000

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities:
Net loss	$ (6,735,075)	$ (17,736,590)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	32,336,326	37,662,460
Accretion of below-market leases	0	(163,237)
Amortization of deferred financing costs	732,127	759,388
Amortization of stock-based compensation	45,767	44,352
Change in value of restricted common stock to Advisor	22,140	0
Amortization of loan premiums and discounts	(617,396)	(617,397)
Change in fair value of interest rate cap agreements	1,368,174	3,315,514
Loss on debt extinguishment	0	95,658
Gain on sale of real estate	0	(7,072,294)
Bad debt expense	999,662	999,650
Changes in operating assets and liabilities:
Restricted cash for operating activities	2,679,940	(1,752,395)
Rents and other receivables	(1,360,111)	(650,126)
Other assets	2,533,858	2,593,114
Accounts payable and accrued liabilities	(7,880,221)	(923,582)
Due to affiliates, net	(1,710,848)	732,964
Net cash provided by operating activities	22,414,343	17,287,479
Cash Flows from Investing Activities:
Acquisition of real estate investments	0	(92,203,757)
Additions to real estate investments	(14,963,833)	(10,774,719)
Escrow deposits for pending real estate acquisitions	0	(2,060,400)
Restricted cash for investing activities	(124,438)	(4,708,402)
Purchase of interest rate caps	(65,250)	(591,746)
Proceeds from sales of real estate, net	0	15,201,572
Net cash used in investing activities	(15,153,521)	(95,137,452)
Cash Flows from Financing Activities:
Proceeds from issuance of mortgage notes payable	23,889,258	88,663,000
Principal payments on mortgage notes payable	(6,909,735)	(34,879,817)
Borrowings from credit facility	6,000,000	35,000,000
Principal payments on credit facility	0	(15,000,000)
Proceeds from issuance of common stock	0	26,561,229
Reimbursement of other offering costs to affiliates	0	(3,105,246)
Payment of deferred financing costs	(271,380)	(737,696)
Distributions to common stockholders	(27,472,843)	(13,290,263)
Redemptions of common stock	0	(855,916)
Net cash (used in) provided by financing activities	(4,764,700)	82,355,291
Net increase in cash and cash equivalents	2,496,122	4,505,318
Cash and cash equivalents, beginning of period	29,529,312	19,368,573
Cash and cash equivalents, end of period	32,025,434	23,873,891
Supplemental Disclosures of Cash Flow Information:
Interest paid, net of amounts capitalized of $100,675 and $0 for the six months ended June 30, 2015 and 2014, respectively	18,084,480	17,513,737
Supplemental Disclosure of Noncash Transactions:
Application of escrow deposits to acquire real estate	0	1,900,400
Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan	78	12,937,009
Issuance of restricted common stock to settle liability	0	5,000,000
Increase in redeemable common stock, net	0	(10,289,276)
Increase in redeemable common stock payable	0	401,119
Increase in accounts payable and accrued liabilities from additions to real estate investments	$ 557,484	$ 0

Consolidated Statement of Cash7

Consolidated Statement of Cash Flows Consolidated Statement of Cash Flows (Parenthetical) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Statement of Cash Flows [Abstract]
Interest capitalized	$ 61,914	$ 100,675	$ 0

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 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 June 30, 2015 , the Company owned 65 multifamily properties comprising a total of 16,542 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 (the “Securities Act”), 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 then new offering price of $10.24 per share. On March 10, 2015, the Company’s board of directors determined a new 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 an Advisory Agreement by and among the Company, the Operating Partnership and the Advisor (as amended, the “Advisory Agreement”), which is subject to annual renewal by the Company’s board of directors. The current term of the Advisory Agreement expires on 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 Company, served as the dealer manager for the Public Offering. The Dealer Manager was responsible for marketing the Company’s shares of common stock being offered pursuant to the Public Offering. The Advisor, along with the Dealer Manager, also provides marketing, investor relations and other administrative services on the Company’s behalf. The Partnership Agreement provides that the Operating Partnership is operated in a manner that will enable the Company to (1) satisfy the requirements for being classified as a REIT for tax purposes, (2) avoid any federal income or excise tax liability and (3) ensure that the Operating Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), which classification could result in the Operating Partnership being taxed as a corporation, rather than as a partnership.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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: June 30, 2015 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 676,015 $ — December 31, 2014 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 line of credit to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts. The fair value of the mortgage notes payable is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities. As of June 30, 2015 and December 31, 2014 , the fair value of the mortgage notes payable was $1,091,142,924 and $1,082,414,832 , respectively, compared to the carrying value of $1,087,119,152 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 June 30, 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 and six months ended June 30, 2015 , the Company declared distributions of $0.179 and $0.356 per common share, respectively. During the three and six months ended June 30, 2014 , the Company declared distributions of $0.179 and $0.356 per common share, respectively. Per Share Data Basic earnings (loss) per share attributable for all periods presented are computed by dividing net income (loss) attributable to controlling interest by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share are computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assumes each share was issued and outstanding each day during the period. The Company’s unvested 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. Recently Issued Accounting Standards Updates In May 2014, the FASB issued Accounting Standard Updates (“ASU”) 2014-09, Revenue from Contracts with Customers ( Topic 606 ). The new guidance requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new guidance supersedes the revenue requirements in Revenue Recognition ( Topic 605 ) and most industry-specific guidance throughout the Industry Topics of the Codification. The new guidance does not apply to lease contracts within the scope of Leases ( Topic 840 ). In July 2015, the FASB decided to delay the effective date of the new guidance by one year, which will result in the new guidance being effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively. Early adoption is permitted, but can be no earlier than the original public entity effective date of fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is still evaluating the impact of adopting the new guidance on its financial statements, but does not expect the adoption to have a material impact on its financial statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern , that requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern. Until now, the requirement to perform a going concern evaluation existed only in auditing standards. The new guidance requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. The standard states substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The guidance is effective for annual periods ending after December 15, 2016 and for annual periods and interim periods thereafter. Early adoption is permitted. The Company does not expect there to be a material impact from adopting this new guidance. In January 2015, the FASB issued ASU 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items , that eliminates the concept of the extraordinary items from GAAP. The objective of the new guidance is to simplify the income statement presentation requirements of GAAP 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 , that 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	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Real Estate	Real Estate As of June 30, 2015 , the Company owned 65 multifamily properties, encompassing in the aggregate 16,542 residential 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 June 30, 2015 and December 31, 2014 , the Company’s portfolio was approximately 95.2% and 94.1% occupied and the average monthly rent was $981 and $966 , respectively. As of June 30, 2015 and December 31, 2014 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: June 30, 2015 Assets Land Building and Improvements Tenant Origination and Absorption Costs Other Intangible Assets Construction-in-Progress Total Real Estate Investments in real estate $ 174,102,422 $ 1,468,467,030 $ — $ 2,644,263 $ 6,736,304 $ 1,651,950,019 Less: Accumulated depreciation and amortization — (129,837,787 ) — (316,280 ) — (130,154,067 ) Net investments in real estate and related lease intangibles $ 174,102,422 $ 1,338,629,243 $ — $ 2,327,983 $ 6,736,304 $ 1,521,795,952 December 31, 2014 Assets Land Building and Improvements Tenant Origination and Absorption Costs 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 $16,182,016 and $32,336,326 for the three and six months ended June 30, 2015 , and $17,457,109 and $37,662,460 for the three and six months ended June 30, 2014 , respectively. Depreciation of the Company’s buildings and improvements were $16,138,343 and $32,043,956 for the three and six months ended June 30, 2015 , and $14,574,731 and $28,440,333 for the three and six months ended June 30, 2014 , respectively. Amortization of the Company’s tenant origination and absorption costs was $5,381 and $215,786 for the three and six months ended June 30, 2015 , and $2,844,086 and $9,145,543 for the three and six months ended June 30, 2014 , respectively. Tenant origination and absorption costs had a weighted-average amortization period as of the date of acquisition of less than one year. At June 30, 2015 , all tenant origination and absorption costs were fully amortized and written off. Amortization of the Company’s other intangible assets was $38,292 and $76,584 for the three and six months ended June 30, 2015 , and $38,292 and $76,584 for the three and six months ended June 30, 2014 , respectively. The future amortization of the Company’s acquired other intangible assets as of June 30, 2015 and thereafter is as follows: July 1 through December 31, 2015 $ 76,584 2016 153,168 2017 153,168 2018 153,168 2019 153,168 Thereafter 1,638,727 $ 2,327,983 Operating Leases As of June 30, 2015 , the Company’s real estate portfolio comprised 16,542 residential apartment homes and was 97.5% leased by a diverse group of residents. For each of the three and six months ended June 30, 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 tenants, respectively. The residential tenant lease terms consist of lease durations equal to 12 months or less. The commercial office tenant leases consist of lease durations varying from 2.67 to 6.29 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 $4,498,664 and $4,156,797 as of June 30, 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 June 30, 2015 and thereafter is as follows: July 1 through December 31, 2015 $ 177,516 2016 353,852 2017 358,234 2018 202,540 2019 163,431 Thereafter 198,530 $ 1,454,103 As of June 30, 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 Ot

Deferred Financing Costs and Other Assets	6 Months Ended
	Jun. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Financing Costs and Other Assets	Deferred Financing Costs and Other Assets As of June 30, 2015 and December 31, 2014 , deferred financing costs and other assets, net of accumulated amortization, consisted of: June 30, December 31, Deferred financing costs $ 10,014,657 $ 9,743,277 Less: accumulated amortization (3,242,444 ) (2,510,317 ) 6,772,213 7,232,960 Prepaid expenses 388,749 2,900,609 Interest rate cap agreements 676,015 1,978,939 Deposits 1,321,100 1,343,098 $ 9,158,077 $ 13,455,606

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt Mortgage Notes Payable The following is a summary of mortgage notes payable secured by real property as of June 30, 2015 and December 31, 2014 : June 30, 2015 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed (1) 37 10/1/2017 - 1/1/2053 3.31 % 5.94 % 4.31 % $ 482,654,587 Mortgage notes payable - variable (2) 28 5/16/2017 - 6/1/2025 1-Mo LIBOR + 1.62% 1-Mo LIBOR + 2.75% 2.54 % 604,464,565 Total mortgage notes payable 65 3.33 % $ 1,087,119,152 December 31, 2014 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed (1) 37 10/1/2017 - 1/1/2053 3.31 % 5.94 % 4.30 % $ 481,090,989 Mortgage notes payable - variable (2) 27 5/16/2017 - 8/1/2024 1-Mo LIBOR + 1.62% 1-Mo LIBOR + 2.75% 2.53 % 589,666,036 Total mortgage notes payable 64 3.36 % $ 1,070,757,025 _____________________________ (1) The following table summarizes the debt premiums and discounts as of June 30, 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: Unamortized Portion of Net Debt Premium as of June 30, 2015 Amortization of Net Debt Premium During the Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 $ 4,069,401 $ 308,698 $ 308,699 $ 617,396 $ 617,397 (2) 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. 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 is 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 for each draw to date the LIBOR Option and the in-place interest rate was 1.79% as of June 30, 2015 . As of June 30, 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 June 30, 2015 : Remainder of 2015 Maturities During the Years Ending December 31, Contractual Obligation Total 2016 2017 2018 2019 Thereafter Principal payments on outstanding debt obligations (1) $ 1,103,049,751 $ 8,206,741 $ 36,402,105 $ 52,553,195 $ 83,997,288 $ 128,172,272 $ 793,718,150 _____________________________ (1) Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the amortization of the debt premiums associated with certain notes payable. The Company’s notes payable contain customary financial and non-financial debt covenants. As of June 30, 2015 and December 31, 2014 , the Company was in compliance with all financial debt covenants. For the three and six months ended June 30, 2015 , the Company incurred interest expense of $9,582,276 and $19,608,271 . Interest expense for the three and six months ended June 30, 2015 includes amortization of deferred financing costs of $368,150 and $732,127 , amortization of loan premiums of $308,698 and $617,396 , net unrealized loss from the change in fair value of interest rate cap agreements of $346,588 and $1,368,174 and capitalized interest of $61,914 and $100,675 , respectively. The capitalized interest is included in real estate on the consolidated balance sheets. For the three and six months ended June 30, 2014 , the Company incurred interest expense of $11,273,624 and $21,197,645 . Interest expense for the three and six months ended June 30, 2014 includes amortization of deferred financing costs of $395,300 and $759,388 , amortization of loan premiums of $308,699 and $617,397 and net unrealized loss from the change in fair value of interest rate cap agreements of $2,125,640 and $3,315,514 , respectively. Interest expense of $2,810,591 and $2,870,380 was payable as of June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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 six months ended June 30, 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 Six Months Ended June 30, 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 six months ended June 30, 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 — 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 and as otherwise provided in the Incentive Award Plan, as defined below. Included in general and administrative expenses is $22,883 and $45,767 for the three and six months ended June 30, 2015 and $22,176 and $44,352 for the three and six months ended June 30, 2014 , respectively, for compensation expense related to the issuance of restricted common stock. The weighted average remaining term of the restricted common stock is 0.94 years as of June 30, 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 June 30, 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 June 30, 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 currently 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 Program and Redeemable Common Stock The Company’s share repurchase program 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 program 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 program is 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 program, the “Estimated Value per Share” equals the most recently determined Estimated Value per Share when the share repurchase program is in effect. (3) The required one year holding period to be eligible to redeem shares under the Company’s share repurchase program 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 is 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 program is 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 are made quarterly upon written request to the Company at least 15 days prior to the end of the applicable quarter during quarters in which the share repurchase is in effect. Repurchase requests are honored approximately 30 days following the end of the applicable quarter (the “Repurchase Date”). Stockholders may withdraw their repurchase request at any time up to three business days prior to the Repurchase Date. On October 21, 2014, the Company’s board of directors elected to suspend the Company’s share repurchase program, effective November 20, 2014. As a result, the Company has not processed redemption requests received after such date. On May 12, 2015, the Company’s board of directors elected to reinstate the share repurchase program effective July 1, 2015. During the three and six months ended June 30, 2014 , the Company redeemed a total of 38,415 and 87,928 shares with a total redemption value of $381,372 and $855,916 and received requests for the redemption of 76,036 and 137,606 shares with a total redemption value of $731,533 and $1,346,295 , respectively, all of which were redeemed during the year ended December 31, 2014 . The Company cannot guarantee that the funds set aside for the share repurchase program will be sufficient to accommodate all repurchase requests made in any quarter. In the event that the Company does not have sufficient funds available to repurchase all of the shares of the Company’s common stock for which repurchase requests have 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 repurchases less than all of the shares subject to a repurchase request in any quarter, with respect to any shares which have not been repurchased, the requesting stockholder 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 may be made pursuant to the limitations of the share repurchase program 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 is not obligated to repurchase shares of the Company’s common stock under the share repurchase program. In no event shall redemptions under the share repurchase program exceed 5% of the weighted average number of shares of the Company’s common stock outstanding during the prior calendar year. There is no fee in connection with a repurchase of shares of the Company’s common stock. The aggregate amount of repurchases under the Company’s share repurchase program is not expected to exceed the aggregate proceeds received from the sale of shares pursuant to the DRP. However, if this amount is not sufficient to fund repurchase requests, subject to the 5% limitation outlined above, the Company’s board of directors may, in its sole discretion, choose to use other sources of funds to repurchase shares of the Company’s common stock. Such sources of funds could include cash on hand, cash available from borrowings and cash from liquidations of securities investments as of the end of the applicable month, to the extent that such funds are not otherwise dedicated to a particular use, such as working capital, cash distributions to stockholders or purchases of real estate assets. Effective July 1, 2015 with the reinstatement of the share repurchase program, 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 . There is no fee in connection with a repurchase of shares of the Company’s common stock. In addition, the Company’s board of directors may, in its sole discretion, amend, suspend, or terminate the share repurchase program at any time upon 30 days’ notice to the Company’s stockholders if it determines that the funds available to fund the share repurchase program are needed for other business or operational purposes or that amendment, suspension or termination of the share repurchase program is in the best interest of the Company’s stockholders. Pursuant to the share repurchase program, for the three and six months ended June 30, 2014 , the Company reclassified $6,327,073 and $10,289,276 , net of $381,372 and $855,916 of fulfilled redemption requests, respectively, from permanent equity to temporary equity, which is included as redeemable common stock on the accompanying consolidated balance sheets. 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 June 30, 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 and six months ended June 30, 2015 were $13,736,290 and $27,321,969 , including $0 and $78 , or 0 and 8 shares of common stock, respectively, attributable to the DRP. Distributions declared for the three and six months ended June 30, 2014 were $13,454,087 and $26,628,938 , including $6,654,678 and $13,171,466 , or 683,934 and 1,353,696 shares of common stock, respectively, attributable to the DRP. As of June 30, 2015 and December 31, 2014 , $4,528,503 and $4,679,455 in distributions declared were payable, none of which were reinvested pursuant to the DRP. Distributions Paid For the three and six months ended June 30, 2015 , the Company paid cash distributions of $13,887,241 and $27,472,843 , which related to distributions declared for each day in the period from March 1, 2015 through May 31, 2015 and December 1, 2014 through May 31, 2015 , respectively. Additionally, for the three and six months ended June 30, 2015 , 0 and 8 shares of common stock were issued pursuant to the DRP for gross offering proceeds of $0 and $78 , respectively. For the three and six months ended June 30, 2015 , the Company paid total distributions of $13,887,241 and $27,472,921 . For the three and six months ended June 30, 2014 , the Company paid cash distributions of $6,834,399 and $13,290,263 , which related to distributions declared for each day in the period from March 1, 2014 through May 31, 2014 and December 1, 2013 through May 31, 2014 , respectively. Additionally, for the three and six months ended June 30, 2014 , 689,571 and 1,329,601 shares of common stock were issued pursuant to the DRP for gross offering proceeds of $6,709,523 and $12,937,009 , respectively. For the three and six months ended June 30, 2014 , the Company paid total distributions of $13,543,922 and $26,227,272 .

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net loss attributable to the Company $ (2,904,429 ) $ (3,653,679 ) $ (6,735,075 ) $ (17,736,590 ) Less: dividends declared on participating securities 90,284 21,572 179,575 24,886 Net loss attributable to common stockholders (2,994,713 ) (3,675,251 ) (6,914,650 ) (17,761,476 ) Weighted average common shares outstanding — basic and diluted 76,353,485 75,164,490 76,353,485 74,817,466 Loss per common share — basic and diluted $ (0.04 ) $ (0.05 ) $ (0.09 ) $ (0.24 ) As of June 30, 2015 , the Company excluded 488,281.25 and 16,875 of unvested restricted common shares outstanding issued to the Advisor and the Company’s 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2015 and 2014 and amounts outstanding to the Advisor and its affiliates as of June 30, 2015 and December 31, 2014 are as follows: Incurred For the Incurred For the Three Months Ended June 30, Six Months Ended June 30, Payable as of 2015 2014 2015 2014 June 30, 2015 December 31, 2014 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 3,454,795 $ 3,317,493 $ 6,896,717 $ 6,491,789 $ 21,664 $ 1,155,012 Acquisition fees (1) — 917,225 — 2,496,902 — 603,400 Acquisition expenses (2) — 201,945 7,145 411,149 — 4,002 Property management Fees (1) 1,547,586 1,464,108 3,050,754 2,817,406 522,129 501,540 Reimbursement of onsite personnel (3) 4,609,838 4,482,540 9,075,134 8,573,720 533,435 583,161 Other fees (1) 410,986 426,797 834,372 823,350 50,550 76,913 Other operating expenses (4) 440,022 259,125 753,787 482,803 136,026 72,253 Disposition fees (5) — 238,313 — 238,313 — — Consolidated Balance Sheets: Capitalized to real estate Construction management fees 307,328 340,600 572,762 569,742 64,838 43,209 $ 10,770,555 $ 11,648,146 $ 21,190,671 $ 22,905,174 $ 1,328,642 $ 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. (5) Included in gain on sale of real estate, net 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 the actual expenses incurred by the Advisor. Organization costs included all expenses incurred by the Company in connection with the formation of the Company, including, but not limited to, legal fees and other costs to incorporate the Company. Included in organization and offering costs are payments made to Crossroads Capital Advisors, LLC (“Crossroads”), an affiliate of the Sponsor, for certain specified services provided to the Company on behalf of the Advisor, including, without limitation, establishing operational and administrative processes; engaging and negotiating with vendors; providing recommendations and advice for the development of marketing materials and ongoing communications with investors; assisting in public relations activities and the administration of the DRP and share repurchase program; 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 June 30, 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 and six months ended June 30, 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 and six months ended June 30, 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 June 30, 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. The cost of real properties and real estate-related assets that have been sold by the Company during the applicable month is excluded from the fee. Acquisition Fees and Expenses The Company pays the Advisor an acquisition fee equal to 2.0% of (1) the cost of investment, as defined in the Advisory Agreement, in connection with the acquisition or origination of any type of real property or real estate-related asset acquired directly by the Company or (2) the Company’s allocable portion of the purchase price in connection with the acquisition or origination of any type of real property or real estate-related asset acquired through a joint venture, including any acquisition and origination expenses and any debt attributable to such investments. In addition to acquisition fees, the Company reimburses the Advisor for amounts directly incurred by the Advisor or its affiliates, including personnel-related costs for acquisition due diligence, legal and non-recurring management services, and amounts the Advisor pays to third parties in connection with the selection, acquisition or development of a property or acquisition of real estate-related assets, whether or not the Company ultimately acquires the property or the real estate-related assets. The Charter limits the Company’s ability to pay acquisition fees if the total of all acquisition fees and expenses relating to the purchase would exceed 6.0% of the contract purchase price. Under the Charter, a majority of the Company’s board of directors, including a majority of the independent directors, is required to approve any acquisition fees (or portion thereof) that would cause the total of all acquisition fees and expenses relating to an acquisition to exceed 6.0% of the contract purchase price. In connection with the purchase of securities, the acquisition fee may be paid to an affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable FINRA rules would prohibit the payment of the acquisition fee to a firm that is not a registered broker-dealer. Property Management Fees and Expenses The Company has entered into Property Management Agreements with Steadfast Management Company, Inc., an affiliate of the Sponsor (the “Property Manager”), in connection with the acquisition of each of the Company’s properties (other than EBT Lofts, Library Lofts and Stuart Hall Lofts, which are managed by an unaffiliated third-party management company). The property management fee payable with respect to each property under the Property Management Agreements (each a “Property Management Agreement”) ranges from 2.50% to 3.75% of the annual gross revenue collected, which is usual and customary for comparable property management services rendered to similar properties in similar geographic markets, as determined by the Advisor and approved by a majority of the Company’s board of directors, including a majority of the independent directors. The Property Manager also receives an oversight fee of 1% of gross revenues at certain of the properties at which it does not serve as a property manager. Generally, each Property Management Agreement has an initial one year term and 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 at any time without cause or upon an uncured breach of the Property Management Agreement upon 30 days prior written notice to the Property Manager. In addition to the property management fee, the Property Management Agreements also specify certain other fees payable to the Property Manager or its affiliates, including fees 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 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 apartment homes 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 June 30, 2015 , the Company’s total operating expenses, as defined above, 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 Indepe

Incentive Award Plan and Independent Director Compensation	6 Months Ended
	Jun. 30, 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 June 30, 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 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 and as otherwise provided in the Incentive Award Plan. The Company recorded stock-based compensation expense of $22,883 and $45,767 for the three and six months ended June 30, 2015 and $22,176 and $44,352 for the three and six months ended June 30, 2014 , respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 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. The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at June 30, 2015 and December 31, 2014 : June 30, 2015 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 11/1/2016 - 1/1/2019 One-Month LIBOR 28 $ 595,961,000 0.19 % 2.56 % $ 676,015 December 31, 2014 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 11/1/2016 - 1/1/2019 One-Month LIBOR 27 $ 577,961,000 0.17 % 2.38 % $ 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 and six months ended June 30, 2015 resulted in an unrealized loss of $346,588 and $1,368,174 , respectively, which is included in interest expense in the accompanying consolidated statements of operations. The fair value of the interest rate cap agreements of $676,015 as of June 30, 2015 is included in deferred financing costs and other assets, net on the accompanying consolidated balance sheets.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions Paid On July 1, 2015 , the Company paid distributions of $4,528,503 , which related to distributions declared for each day in the period from June 1, 2015 through June 30, 2015 . All such distributions were paid in cash. On August 3, 2015 , the Company paid distributions of $4,679,458 , which related to distributions declared for each day in the period from July 1, 2015 through July 31, 2015 . All such distributions were paid in cash. Issuance and Acceleration of Restricted Stock to Independent Directors The Company’s independent directors are granted shares of restricted common stock of the Company upon initial election and re-election to the board of directors. One-fourth of the shares of restricted common stock generally vest and become non-forfeitable upon issuance and the remaining portion 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 and as otherwise provided in the Incentive Award Plan. In connection with their initial election and re-election to the board of directors, Larry H. Dale and Kerry D. Vandell, respectively, were granted 18,000 and 11,107 shares of the Company’s restricted common stock (collectively, the “Awards”). On August 10, 2015 the board of directors determined it was in the best interest of the Company and its stockholders that all of the time-based vesting restrictions on the awards shall lapse, and the Awards were fully vested effective August 10, 2015. Additionally, in commemoration of Messrs. Dale and Vandell’s service and commitment to the Company, the board of directors determined that it was in the best interest of the Company and its stockholders to grant 2,000 shares of the Company’s restricted common stock that immediately vest to each of Messrs. Dale and Vandell pursuant to the Incentive Award Plan on August 10, 2015.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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.
Reclassifications	Reclassifications Certain prior year amounts in the consolidated financial statements have been reclassified to conform with the current year presentation. These reclassifications have not changed the results of operations of prior periods.
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 line of credit to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts. The fair value of the mortgage notes payable is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities. As of June 30, 2015 and December 31, 2014 , the fair value of the mortgage notes payable was $1,091,142,924 and $1,082,414,832 , respectively, compared to the carrying value of $1,087,119,152 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	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 June 30, 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.
Recently Issued Accounting Standards Updates	Recently Issued Accounting Standards Updates In May 2014, the FASB issued Accounting Standard Updates (“ASU”) 2014-09, Revenue from Contracts with Customers ( Topic 606 ). The new guidance requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new guidance supersedes the revenue requirements in Revenue Recognition ( Topic 605 ) and most industry-specific guidance throughout the Industry Topics of the Codification. The new guidance does not apply to lease contracts within the scope of Leases ( Topic 840 ). In July 2015, the FASB decided to delay the effective date of the new guidance by one year, which will result in the new guidance being effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively. Early adoption is permitted, but can be no earlier than the original public entity effective date of fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is still evaluating the impact of adopting the new guidance on its financial statements, but does not expect the adoption to have a material impact on its financial statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern , that requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern. Until now, the requirement to perform a going concern evaluation existed only in auditing standards. The new guidance requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. The standard states substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The guidance is effective for annual periods ending after December 15, 2016 and for annual periods and interim periods thereafter. Early adoption is permitted. The Company does not expect there to be a material impact from adopting this new guidance. In January 2015, the FASB issued ASU 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items , that eliminates the concept of the extraordinary items from GAAP. The objective of the new guidance is to simplify the income statement presentation requirements of GAAP 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 , that 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.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 2015 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 676,015 $ — December 31, 2014 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 1,978,939 $ —

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles	As of June 30, 2015 and December 31, 2014 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: June 30, 2015 Assets Land Building and Improvements Tenant Origination and Absorption Costs Other Intangible Assets Construction-in-Progress Total Real Estate Investments in real estate $ 174,102,422 $ 1,468,467,030 $ — $ 2,644,263 $ 6,736,304 $ 1,651,950,019 Less: Accumulated depreciation and amortization — (129,837,787 ) — (316,280 ) — (130,154,067 ) Net investments in real estate and related lease intangibles $ 174,102,422 $ 1,338,629,243 $ — $ 2,327,983 $ 6,736,304 $ 1,521,795,952 December 31, 2014 Assets Land Building and Improvements Tenant Origination and Absorption Costs 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 June 30, 2015 and thereafter is as follows: July 1 through December 31, 2015 $ 76,584 2016 153,168 2017 153,168 2018 153,168 2019 153,168 Thereafter 1,638,727 $ 2,327,983
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 June 30, 2015 and thereafter is as follows: July 1 through December 31, 2015 $ 177,516 2016 353,852 2017 358,234 2018 202,540 2019 163,431 Thereafter 198,530 $ 1,454,103

Deferred Financing Costs and 23

Deferred Financing Costs and Other Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization	As of June 30, 2015 and December 31, 2014 , deferred financing costs and other assets, net of accumulated amortization, consisted of: June 30, December 31, Deferred financing costs $ 10,014,657 $ 9,743,277 Less: accumulated amortization (3,242,444 ) (2,510,317 ) 6,772,213 7,232,960 Prepaid expenses 388,749 2,900,609 Interest rate cap agreements 676,015 1,978,939 Deposits 1,321,100 1,343,098 $ 9,158,077 $ 13,455,606

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2015 and December 31, 2014 : June 30, 2015 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed (1) 37 10/1/2017 - 1/1/2053 3.31 % 5.94 % 4.31 % $ 482,654,587 Mortgage notes payable - variable (2) 28 5/16/2017 - 6/1/2025 1-Mo LIBOR + 1.62% 1-Mo LIBOR + 2.75% 2.54 % 604,464,565 Total mortgage notes payable 65 3.33 % $ 1,087,119,152 December 31, 2014 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed (1) 37 10/1/2017 - 1/1/2053 3.31 % 5.94 % 4.30 % $ 481,090,989 Mortgage notes payable - variable (2) 27 5/16/2017 - 8/1/2024 1-Mo LIBOR + 1.62% 1-Mo LIBOR + 2.75% 2.53 % 589,666,036 Total mortgage notes payable 64 3.36 % $ 1,070,757,025 _____________________________ (1) The following table summarizes the debt premiums and discounts as of June 30, 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: Unamortized Portion of Net Debt Premium as of June 30, 2015 Amortization of Net Debt Premium During the Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 $ 4,069,401 $ 308,698 $ 308,699 $ 617,396 $ 617,397 (2) 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.
Summary of Debt Premiums and Discounts	Unamortized Portion of Net Debt Premium as of June 30, 2015 Amortization of Net Debt Premium During the Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 $ 4,069,401 $ 308,698 $ 308,699 $ 617,396 $ 617,397
Summary of Aggregate Maturities	The following is a summary of the Company’s aggregate maturities as of June 30, 2015 : Remainder of 2015 Maturities During the Years Ending December 31, Contractual Obligation Total 2016 2017 2018 2019 Thereafter Principal payments on outstanding debt obligations (1) $ 1,103,049,751 $ 8,206,741 $ 36,402,105 $ 52,553,195 $ 83,997,288 $ 128,172,272 $ 793,718,150 _____________________________ (1) Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the amortization of the debt premiums associated with certain notes payable.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule of Restricted Stock Issued to Independent Directors as Compensation	The issuance and vesting activity for the six months ended June 30, 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 Six Months Ended June 30, 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 six months ended June 30, 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 —
Schedule of Repurchase Prices Under Share Repurchase Plan	The purchase price for shares repurchased under the Company’s share repurchase program is 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 program, the “Estimated Value per Share” equals the most recently determined Estimated Value per Share when the share repurchase program is in effect. (3) The required one year holding period to be eligible to redeem shares under the Company’s share repurchase program 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 is equal to the average issue price per share for all of the stockholder’s shares.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net loss attributable to the Company $ (2,904,429 ) $ (3,653,679 ) $ (6,735,075 ) $ (17,736,590 ) Less: dividends declared on participating securities 90,284 21,572 179,575 24,886 Net loss attributable to common stockholders (2,994,713 ) (3,675,251 ) (6,914,650 ) (17,761,476 ) Weighted average common shares outstanding — basic and diluted 76,353,485 75,164,490 76,353,485 74,817,466 Loss per common share — basic and diluted $ (0.04 ) $ (0.05 ) $ (0.09 ) $ (0.24 )

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2015 and 2014 and amounts outstanding to the Advisor and its affiliates as of June 30, 2015 and December 31, 2014 are as follows: Incurred For the Incurred For the Three Months Ended June 30, Six Months Ended June 30, Payable as of 2015 2014 2015 2014 June 30, 2015 December 31, 2014 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 3,454,795 $ 3,317,493 $ 6,896,717 $ 6,491,789 $ 21,664 $ 1,155,012 Acquisition fees (1) — 917,225 — 2,496,902 — 603,400 Acquisition expenses (2) — 201,945 7,145 411,149 — 4,002 Property management Fees (1) 1,547,586 1,464,108 3,050,754 2,817,406 522,129 501,540 Reimbursement of onsite personnel (3) 4,609,838 4,482,540 9,075,134 8,573,720 533,435 583,161 Other fees (1) 410,986 426,797 834,372 823,350 50,550 76,913 Other operating expenses (4) 440,022 259,125 753,787 482,803 136,026 72,253 Disposition fees (5) — 238,313 — 238,313 — — Consolidated Balance Sheets: Capitalized to real estate Construction management fees 307,328 340,600 572,762 569,742 64,838 43,209 $ 10,770,555 $ 11,648,146 $ 21,190,671 $ 22,905,174 $ 1,328,642 $ 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. (5) Included in gain on sale of real estate, net in the accompanying consolidated statements of operations.

Derivative Financial Instrume28

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2015 and December 31, 2014 : June 30, 2015 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 11/1/2016 - 1/1/2019 One-Month LIBOR 28 $ 595,961,000 0.19 % 2.56 % $ 676,015 December 31, 2014 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 11/1/2016 - 1/1/2019 One-Month LIBOR 27 $ 577,961,000 0.17 % 2.38 % $ 1,978,939

Organization and Business - Nar

Organization and Business - Narrative (Details)	Jul. 10, 2009USD ($)shares	Jun. 12, 2009USD ($)$ / sharesshares	Jun. 30, 2015USD ($)ft²apartmentproperty$ / sharesshares	Jun. 30, 2014USD ($)	Dec. 31, 2009USD ($)shares	Dec. 31, 2014shares
Class of Stock [Line Items]
Issuance of common stock | $			$ 0	$ 26,561,229
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) | $ / shares		$ 9	$ 10.24
Issuance of common stock | $		$ 200,007			$ 200,007
Stock issued to advisor (in shares)			76,858,491			76,858,483
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 | property			65
Number of units in real estate property (in number of units or apartments) | apartment			16,542
Commercial Real Estate [Member]
Class of Stock [Line Items]
Net rentable area (in square feet) | ft²			25,973

Organization and Business - N30

Organization and Business - Narrative - Private Offering (Details) - USD ($)	6 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jul. 09, 2010	Oct. 13, 2009
Class of Stock [Line Items]
Issuance of common stock	$ 0	$ 26,561,229
Private Offering [Member]
Class of Stock [Line Items]
Value of shares in private offering				$ 94,000,000
Share price (in dollars per share)				$ 9.4
Issuance of common stock (in shares)			637,279
Issuance of common stock	$ 2,000,000		$ 5,844,325

Organization and Business - N31

Organization and Business - Narrative - Public Offering (Details) - USD ($)	Sep. 10, 2012	Sep. 09, 2012	Jun. 30, 2015	Jun. 30, 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)	$ 0.001964	$ 0.001917	$ 0.001964
Common stock, distribution rate, percentage	7.00%
Issuance of common stock			$ 0	$ 26,561,229
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, up to (in shares)								15,789,474
Share price, distribution reinvestment plan (in dollars per share)	$ 9.73							$ 9.5
Stock issued during period, shares, new issues (in shares)					73,608,337
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							$ 9.5
Stock issued during period, dividend reinvestment plan (in shares)			4,073,758.93638379		1,588,289
Proceeds from issuance of common stock, dividend reinvestment plan			$ 39,580,847		$ 15,397,232

Summary of Significant Accoun32

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 ($)	Jun. 30, 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	676,015	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 Accoun33

Summary of Significant Accounting Policies - Narrative - Fair Value of Financial Instruments (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable, net	$ 1,087,119,152	$ 1,070,757,025
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable, net	1,087,119,152	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	$ 1,091,142,924	$ 1,082,414,832

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Narrative - Distribution Policy (Details) - $ / shares	Sep. 10, 2012	Sep. 09, 2012	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.001964	$ 0.001917			$ 0.001964
Distributions declared per common share (in dollars per share)			$ 0.179	$ 0.179	$ 0.356	$ 0.356

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Narrative - Segment Disclosure (Details)	6 Months Ended
	Jun. 30, 2015Segment
Accounting Policies [Abstract]
Number of reportable segments	1

Real Estate - Narrative (Detail

Real Estate - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)ft²apartmentproperty	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)ft²apartmentpropertycustomer	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)customer
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			$ 981		$ 966
Depreciation and amortization	$ 16,182,016	$ 17,457,109	$ 32,336,326	$ 37,662,460
Tenant [Member] | Customer Concentration Risk [Member]
Real Estate Properties [Line Items]
Number of tenant representing over 10% of Company's annualized base rent | customer			0		0
Accounts Payable and Accrued Liabilities [Member]
Real Estate Properties [Line Items]
Security deposit liability	4,498,664		$ 4,498,664		$ 4,156,797
Building and Improvements [Member]
Real Estate Properties [Line Items]
Depreciation	16,138,343	14,574,731	32,043,956	28,440,333
Tenant Origination and Absorption Cost [Member]
Real Estate Properties [Line Items]
Amortization	5,381	2,844,086	$ 215,786	9,145,543
Weighted-average amortization period			1 year
Other Intangible Assets [Member]
Real Estate Properties [Line Items]
Amortization	$ 38,292	$ 38,292	$ 76,584	$ 76,584
Residential Real Estate [Member]
Real Estate Properties [Line Items]
Number of multifamily real estate properties owned | property	65		65
Number of units in real estate property (in number of units or apartments) | apartment	16,542		16,542
Percentage leased	97.50%		97.50%
Operating leases, revenue, percentage	99.00%		99.00%		99.00%
Residential Real Estate [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Operating lease term			12 months
Commercial Real Estate [Member]
Real Estate Properties [Line Items]
Net rentable area (in square feet) | ft²	25,973		25,973
Operating leases, revenue, percentage	1.00%		1.00%		1.00%
Commercial Real Estate [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Operating lease term			2 years 8 months
Commercial Real Estate [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Operating lease term			6 years 3 months 15 days

Real Estate - Schedule of Accum

Real Estate - Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	$ 1,651,950,019	$ 1,636,953,413
Less: Accumulated depreciation and amortization	(130,154,067)	(98,342,452)
Net investments in real estate and related lease intangibles	1,521,795,952	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
Net investments in real estate and related lease intangibles	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	1,468,467,030	1,457,633,918
Less: Accumulated depreciation and amortization	(129,837,787)	(97,793,830)
Net investments in real estate and related lease intangibles	1,338,629,243	1,359,840,088
Tenant Origination and Absorption Costs [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	0	524,712
Less: Accumulated depreciation and amortization	0	(308,926)
Net investments in real estate and related lease intangibles	0	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	(316,280)	(239,696)
Net investments in real estate and related lease intangibles	2,327,983	2,404,567
Construction-in-Progress [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	6,736,304	2,048,098
Less: Accumulated depreciation and amortization	0	0
Net investments in real estate and related lease intangibles	$ 6,736,304	$ 2,048,098

Real Estate - Schedule of Futur

Real Estate - Schedule of Future Amortization of Acquired Other Intangible Assets (Details) - Other Intangible Assets [Member]	Jun. 30, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
July 1 through December 31, 2015	$ 76,584
2,016	153,168
2,017	153,168
2,018	153,168
2,019	153,168
Thereafter	1,638,727
Future amortization of acquired other intangible assets	$ 2,327,983

Real Estate - Schedule of Fut39

Real Estate - Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants (Details)	Jun. 30, 2015USD ($)
Real Estate [Abstract]
July 1 through December 31, 2015	$ 177,516
2,016	353,852
2,017	358,234
2,018	202,540
2,019	163,431
Thereafter	198,530
Total future minimum rental receipts	$ 1,454,103

Deferred Financing Costs and 40

Deferred Financing Costs and Other Assets - Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred financing costs	$ 10,014,657	$ 9,743,277
Less: accumulated amortization	(3,242,444)	(2,510,317)
Deferred financing costs, net	6,772,213	7,232,960
Prepaid expenses	388,749	2,900,609
Interest rate cap agreements	676,015	1,978,939
Deposits	1,321,100	1,343,098
Deferred financing costs and other assets, net	$ 9,158,077	$ 13,455,606

Debt - Summary of Notes Payable

Debt - Summary of Notes Payable Secured by Real Property (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)instrument	Dec. 31, 2014USD ($)instrument
Debt Instrument [Line Items]
Principal Outstanding	$ 1,087,119,152	$ 1,070,757,025
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	65	64
Weighted Average Interest Rate	3.33%	3.36%
Principal Outstanding	$ 1,087,119,152	$ 1,070,757,025
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	37	37
Interest Rate Range, Minimum	3.31%	3.31%
Interest Rate Range, Maximum	5.94%	5.94%
Weighted Average Interest Rate	4.31%	4.30%
Principal Outstanding	$ 482,654,587	$ 481,090,989
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	28	27
Weighted Average Interest Rate	2.54%	2.53%
Principal Outstanding	$ 604,464,565	$ 589,666,036
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | Minimum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Variable Rate	1.62%	1.62%
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | Maximum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Variable Rate	2.75%	2.75%

Debt - Summary of Debt Premiums

Debt - Summary of Debt Premiums and Discounts (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument [Line Items]
Amortization of debt premium (discount)			$ 617,396	$ 617,397
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Unamortized Portion of Debt Premium (Discount)	$ 4,069,401		4,069,401
Amortization of debt premium (discount)	$ 308,698	$ 308,699	$ 617,396	$ 617,397

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Jul. 17, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Jul. 18, 2014
Debt Instrument [Line Items]
Revolving credit facility		$ 20,000,000		$ 20,000,000		$ 14,000,000
Interest expense		9,582,276	$ 11,273,624	19,608,271	$ 21,197,645
Amortization of deferred financing costs		368,150	395,300	732,127	759,388
Amortization of debt premium (discount)				617,396	617,397
Unrealized loss on derivatives				1,368,174	3,315,514
Interest capitalized		61,914		100,675	0
Accounts Payable and Accrued Liabilities [Member]
Debt Instrument [Line Items]
Interest payable		2,810,591		2,810,591		2,870,380
Interest Rate Cap [Member]
Debt Instrument [Line Items]
Unrealized loss on derivatives		346,588	2,125,640	1,368,174	3,315,514
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Amortization of debt premium (discount)		308,698	$ 308,699	617,396	$ 617,397
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility		$ 20,000,000		$ 20,000,000		$ 14,000,000
Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity	$ 20,000,000						$ 35,000,000
Revolving Credit Facility [Member] | Line of Credit [Member] | Interest Rate Option One [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, base rate	2.00%
Revolving Credit Facility [Member] | Line of Credit [Member] | Federal Funds Rate [Member] | Interest Rate Option One [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Revolving Credit Facility [Member] | Line of Credit [Member] | LIBOR [Member] | Interest Rate Option One [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Revolving Credit Facility [Member] | Line of Credit [Member] | LIBOR [Member] | Interest Rate Option Two [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 A [Member]
Debt Instrument [Line Items]
Line of credit facility, 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, 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				1.79%

Debt - Summary of Aggregate Mat

Debt - Summary of Aggregate Maturities (Details)	Jun. 30, 2015USD ($)
Debt Disclosure [Abstract]
Total	$ 1,103,049,751
Remainder of 2015	8,206,741
2,016	36,402,105
2,017	52,553,195
2,018	83,997,288
2,019	128,172,272
Thereafter	$ 793,718,150

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative - General (Details) - $ / shares	Jun. 30, 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	999,999,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible Stock [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,000

Stockholders' Equity - Narrat46

Stockholders' Equity - Narrative - Common Stock (Details)	Jun. 11, 2014USD ($)$ / sharesshares	Jun. 12, 2009USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / shares	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)installments$ / sharesshares	Jun. 30, 2014USD ($)	Dec. 31, 2009USD ($)shares	Dec. 20, 2013USD ($)shares
Class of Stock [Line Items]
Issuance of common stock					$ 0	$ 26,561,229
Share-based compensation			$ 22,883	$ 22,176	$ 45,767	44,352
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 Agreement [Member]
Class of Stock [Line Items]
Issuance of restricted common stock to advisor (in shares) | shares	488,281.25
Issuance of restricted common stock to Advisor	$ 5,000,000
Restricted Stock [Member]
Class of Stock [Line Items]
Restricted common stock, weighted average remaining vesting terms					11 months 10 days
Restricted Stock [Member] | Steadfast Income Advisor, LLC [Member] | Tranche One [Member]
Class of Stock [Line Items]
Shares of restricted stock vesting percentage	50.00%
Restricted Stock [Member] | Steadfast Income Advisor, LLC [Member] | Tranche Two [Member]
Class of Stock [Line Items]
Shares of restricted stock vesting percentage	50.00%
Restricted Stock [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member]
Class of Stock [Line Items]
Fair value of shares of restricted stock (in shares)			5,053,711		$ 5,053,711
Restricted Stock [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Restricted Stock Agreement [Member]
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares	$ 10.24
Common stock, basis of conversion, percentage of annual return on stockholders' invested capital	7.00%
Restricted Stock [Member] | General and Administrative Expense [Member]
Class of Stock [Line Items]
Share-based compensation			$ 22,883	$ 22,176	$ 45,767	$ 44,352
Director [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Restricted common stock, vesting installments | installments					4
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
Distribution Reinvestment Plan [Member]
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares) | shares					4,073,758.93638379			1,588,289
Proceeds from issuance of common stock, dividend reinvestment plan					$ 39,580,847			$ 15,397,232
Common Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares		22,223					22,223
Issuance of common stock		$ 200,007					$ 200,007
Share price (in dollars per share) | $ / shares		$ 9	$ 10.24		$ 10.24
Common Stock [Member] | Private Offering and Public Offering [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares					76,732,394.9363838
Issuance of common stock					$ 679,572,220

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Restricted Stock Issued to Independent Directors as Compensation (Details) - Restricted Stock [Member] - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 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 period (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 period (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)	$ 0	$ 10.24	$ 10.24

Stockholders' Equity - Narrat48

Stockholders' Equity - Narrative - Convertible Stock (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Class of Stock [Line Items]
Issuance of common stock	$ 0	$ 26,561,229
Common stock, basis of conversion, percentage of annual return on original issue price of shares	8.00%
Common stock, conversion basis, percent enterprise value	10.00%
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Convertible Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)	1,000
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
Convertible common stock, redemption amount	$ 1

Stockholders' Equity - Narrat49

Stockholders' Equity - Narrative - Preferred Stock (Details)	6 Months Ended
	Jun. 30, 2015classshares	Dec. 31, 2014shares
Equity [Abstract]
Preferred stock, number of classes or series the Board of Directors is authorized to classify or reclassify | class	1
Preferred stock, number of classes or series the Board of Directors is authorized to issue | class	1
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0

Stockholders' Equity - Narrat50

Stockholders' Equity - Narrative - Distribution Reinvestment Plan (Details) - $ / shares	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	$ 9.5

Stockholders' Equity - Narrat51

Stockholders' Equity - Narrative - Share Repurchase Program and Redeemable Common Stock (Details) - USD ($)	3 Months Ended			6 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Class of Stock [Line Items]
Stock repurchase plan, notice of termination, days				30 days
Transfers to redeemable common stock			$ 6,327,073		$ 10,289,276
Share Repurchase Program [Member] | Common Stock [Member]
Class of Stock [Line Items]
Number of shares that can be repurchased before the first anniversary of date of purchase				0
Share repurchase plan, disability or death holding period exemption period, maximum				2 years
Stock repurchase plan, minimum redemption notice period				15 days
Stock repurchase plan, settlement period				30 days
Business days				3 days
Redemption of common stock (in shares)			38,415		87,928
Stock repurchase plan, stock redeemed, value			$ 381,372		$ 855,916
Stock requested for redemption (in shares)			76,036		137,606
Stock requested for redemption, value			$ 731,533		$ 1,346,295
Stock repurchase plan, percentage of weighted-average number of shares outstanding, limit on repurchase				5.00%
Fee charged to repurchase shares				$ 0
Share Repurchase Program [Member] | Scenario, Forecast [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Maximum value of shares allowed to be repurchase per quarter	$ 1,000,000	$ 2,000,000

Stockholders' Equity - Schedu52

Stockholders' Equity - Schedule of Repurchase Prices Under Share Repurchase Program (Details)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Stock repurchase plan, repurchase price percentage, after primary offering, less than 1 year	0.00%
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 - Schedu53

Stockholders' Equity - Schedule of Repurchase Prices Under Share Repurchase Program (Footnote) (Details)	6 Months Ended
	Jun. 30, 2015
Common Stock [Member] | Share Repurchase Program [Member]
Class of Stock [Line Items]
Required holding period to be eligible to redeem shares under share repurchase plan	1 year

Stockholders' Equity - Narrat54

Stockholders' Equity - Narrative - Distributions (Details) - USD ($)	Jun. 11, 2014	Jun. 30, 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, deferral up to		$ 5,000,000
Issuance of restricted common stock to Advisor	$ 5,000,000

Stockholders' Equity - Narrat55

Stockholders' Equity - Narrative - Distributions Declared (Details) - USD ($)	Sep. 10, 2012	Sep. 09, 2012	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 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)	$ 0.001964	$ 0.001917			$ 0.001964
Common stock, distribution rate, percentage	7.00%
Less: dividends declared on participating securities			$ 90,284	$ 21,572	$ 179,575	$ 24,886
Distributions payable			$ 4,528,503		$ 4,528,503		$ 4,679,455
Common Stock [Member]
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)					$ 0.001964
Common stock, distribution rate, percentage					7.00%
Share price (in dollars per share)			$ 10.24		$ 10.24			$ 9
Less: dividends declared on participating securities			$ 13,736,290	13,454,087	$ 27,321,969	26,628,938
Common stock, distributions declared pursuant to DRP			$ 0	$ 6,654,678	$ 78	$ 13,171,466
Common stock, distributions declared pursuant to DRP (in shares)			0	683,934	8	1,353,696
Distributions payable			$ 4,528,503		$ 4,528,503		$ 4,679,455

Stockholders' Equity - Narrat56

Stockholders' Equity - Narrative - Distributions Paid (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Class of Stock [Line Items]
Payments of ordinary dividends, common stock	$ 13,887,241	$ 6,834,399	$ 27,472,843	$ 13,290,263
Distributions paid, common stock, including distribution reinvestment plan	$ 13,887,241	$ 13,543,922	$ 27,472,921	$ 26,227,272
Common Stock [Member]
Class of Stock [Line Items]
Common stock, distributions for DRP (in shares)	0	689,571	8	1,329,601
Distributions declared, DRP	$ 0	$ 6,709,523	$ 78	$ 12,937,009

Earnings (Loss) Per Share - Sch

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		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net loss attributable to the Company	$ (2,904,429)	$ (3,653,679)	$ (6,735,075)	$ (17,736,590)
Less: dividends declared on participating securities	90,284	21,572	179,575	24,886
Net loss attributable to common stockholders	$ (2,994,713)	$ (3,675,251)	$ (6,914,650)	$ (17,761,476)
Weighted average number of common shares outstanding — basic and diluted (in shares)	76,353,485	75,164,490	76,353,485	74,817,466
Loss per common share - basic and diluted (in dollars per share)	$ (0.04)	$ (0.05)	$ (0.09)	$ (0.24)

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) - Unvested Restricted Common Shares [Member]	6 Months Ended
	Jun. 30, 2015shares
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 - Sc

Related Party Arrangements - Schedule of Amounts Attributable to the Advisor and its Affiliates - Amounts Incurred and Payable (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Due to affiliates, net	$ 1,328,642		$ 3,039,490
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	10,770,555	$ 11,648,146	21,190,671	$ 22,905,174
Due to affiliates, net	1,328,642		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	21,664		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	0		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	522,129		501,540
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management Reimbursement of Onsite Personnel [Member]
Related Party Transaction [Line Items]
Due to affiliates, net	533,435		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	50,550		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	136,026		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	307,328	340,600	572,762	569,742
Due to affiliates, net	64,838		43,209
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	3,454,795	3,317,493	6,896,717	6,491,789
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	917,225	0	2,496,902
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	1,547,586	1,464,108	3,050,754	2,817,406
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	410,986	426,797	834,372	823,350
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	0	201,945	7,145	411,149
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Operating, Maintenance and Management [Member] | Property Management Reimbursement of Onsite Personnel [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	4,609,838	4,482,540	9,075,134	8,573,720
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	440,022	259,125	753,787	482,803
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	$ 238,313	$ 0	$ 238,313

Related Party Arrangements - Na

Related Party Arrangements - Narrative - Organization and Offering Costs (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended		74 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2015
Steadfast Income Advisor, LLC [Member]
Related Party Transaction [Line Items]
Due from advisor	$ 0		$ 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	$ 0	$ 0
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member]
Related Party Transaction [Line Items]
Organization and offering cost	0	0	$ 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] | Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Total O&O costs reimbursements recorded by the company	$ 10,770,555	$ 11,648,146			$ 21,190,671	$ 22,905,174

Related Party Arrangements - 61

Related Party Arrangements - Narrative - Investment Management Fee (Details)	6 Months Ended
	Jun. 30, 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	0.0667%

Related Party Arrangements - 62

Related Party Arrangements - Narrative - Acquisition Fees and Expenses (Details) - Steadfast Income Advisor, LLC [Member] - Steadfast Income Advisor, LLC [Member] - Acquisition Fees and Expenses [Member]	6 Months Ended
	Jun. 30, 2015
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 - 63

Related Party Arrangements - Narrative - Property Management Fees and Expenses (Details) - 6 months ended Jun. 30, 2015	Total
Property Manager [Member]
Related Party Transaction [Line Items]
Property management, oversight fee, percent	1.00%
Steadfast Management Company, Inc. [Member] | Property Management Agreement [Member]
Related Party Transaction [Line Items]
Property management agreement, notice of termination breach	30 days
Steadfast Management Company, Inc. [Member] | Property Manager [Member] | Property Management Agreement [Member]
Related Party Transaction [Line Items]
Property management agreement, initial term	1 year
Property management agreement, notice of termination option	60 days
Steadfast Management Company, Inc. [Member] | Minimum [Member] | Property Manager [Member] | Property Management Agreement [Member]
Related Party Transaction [Line Items]
Property management fee, percent	2.50%
Steadfast Management Company, Inc. [Member] | Maximum [Member] | Property Manager [Member] | Property Management Agreement [Member]
Related Party Transaction [Line Items]
Property management fee, percent	3.75%

Related Party Arrangements - 64

Related Party Arrangements - Narrative - Construction Management Fees (Details) - 6 months ended Jun. 30, 2015 - Affiliated Entity [Member] - Pacific Coast Land & Construction, Inc. [Member] - Construction Management Agreement [Member]	Total
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 - 65

Related Party Arrangements - Narrative - Other Operating Expense Reimbursements (Details) - 6 months ended Jun. 30, 2015 - Steadfast Income Advisor, LLC [Member] - Steadfast Income Advisor, LLC [Member] - Other Operating Expense Reimbursement [Member] - quarter	Total
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 - 66

Related Party Arrangements - Narrative - Disposition Fee (Details) - Steadfast Income Advisor, LLC [Member] - Steadfast Income Advisor, LLC [Member]	6 Months Ended
	Jun. 30, 2015
Disposition Fees [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.50%
Disposition fee, maximum brokerage commission paid threshold, percent	50.00%
Disposition fee, maximum, percentage of sales price	3.00%
Acquisition fees and expenses, maximum, percentage of contract purchase price	6.00%
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%

Related Party Arrangements - 67

Related Party Arrangements - Narrative - Restricted Stock Agreement (Details) - Jun. 11, 2014 - Steadfast Income Advisor, LLC [Member] - USD ($)	Total
Related Party Transaction [Line Items]
Issuance of restricted common stock to Advisor	$ 5,000,000
Restricted Stock [Member] | Tranche One [Member]
Related Party Transaction [Line Items]
Shares of restricted stock vesting percentage	50.00%
Restricted Stock [Member] | Tranche Two [Member]
Related Party Transaction [Line Items]
Shares of restricted stock vesting percentage	50.00%
Restricted Stock Agreement [Member] | Steadfast Income Advisor, LLC [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 Agreement [Member] | Steadfast Income Advisor, LLC [Member] | Restricted Stock [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%

Incentive Award Plan and Inde68

Incentive Award Plan and Independent Director Compensation - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jul. 09, 2010	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock			$ 0	$ 26,561,229
Share-based compensation	$ 22,883	$ 22,176	45,767	$ 44,352
Private Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock			$ 2,000,000		$ 5,844,325
Incentive Award Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)			0			0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)			0			10,000	10,000
Restricted Stock [Member] | Independent Directors Compensation Plan [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vesting percentage			25.00%
Restricted common stock, award vesting period			3 years
Initial Election [Member] | Restricted Stock [Member] | Independent Directors Compensation Plan [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)			5,000
Re-Election [Member] | Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)			2,500

Derivative Financial Instrume69

Derivative Financial Instruments - Schedule of Interest Rate Derivative Instruments (Details) - Interest Rate Cap [Member]	Jun. 30, 2015USD ($)instrument	Dec. 31, 2014USD ($)instrument
Derivative [Line Items]
Number of Instruments | instrument	28	27
Notional Amount	$ 595,961,000	$ 577,961,000
Weighted Average Rate Cap	2.56%	2.38%
Fair Value	$ 676,015	$ 1,978,939
LIBOR [Member]
Derivative [Line Items]
Variable Rate	0.19%	0.17%

Derivative Financial Instrume70

Derivative Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Derivative [Line Items]
Unrealized loss on derivatives			$ 1,368,174	$ 3,315,514
Interest Rate Cap [Member]
Derivative [Line Items]
Unrealized loss on derivatives	$ 346,588	$ 2,125,640	1,368,174	$ 3,315,514
Fair value of interest rate cap agreements	$ 676,015		$ 676,015		$ 1,978,939

Subsequent Events - Narrative -

Subsequent Events - Narrative - Distributions Paid (Details) - USD ($)	Aug. 03, 2015	Jul. 01, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan			$ 13,887,241	$ 13,543,922	$ 27,472,921	$ 26,227,272
Dividend Paid [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan	$ 4,679,458	$ 4,528,503

Subsequent Events - Narrative72

Subsequent Events - Narrative - Issuance and Acceleration of Restricted Stock to Independent Directors (Details) - Independent Directors Compensation Plan [Member] - Restricted Stock [Member] - shares	Aug. 10, 2015	Jun. 30, 2015
Director [Member]
Subsequent Event [Line Items]
Shares of restricted stock vesting percentage		25.00%
Restricted common stock, award vesting period		3 years
Director 1 [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		18,000
Director 2 [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		11,107
Subsequent Event [Member] | Director 1 [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	2,000
Subsequent Event [Member] | Director 2 [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	2,000