Steadfast Income REIT 10-K 16 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 10, 2017	Jun. 30, 2016
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-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		76,011,185
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Real Estate:
Land	$ 174,102,422	$ 174,102,422
Building and improvements	1,517,532,273	1,487,961,762
Other intangible assets	2,644,263	2,644,263
Construction-in-progress	0	2,192,635
Total real estate, cost	1,694,278,958	1,666,901,082
Less accumulated depreciation and amortization	(232,744,083)	(163,445,987)
Total real estate, net	1,461,534,875	1,503,455,095
Cash and cash equivalents	66,224,027	32,076,582
Restricted cash	27,553,851	27,700,811
Short-term investments	30,084,750	0
Rents and other receivables	2,750,520	2,742,011
Other assets, net	4,786,762	4,328,851
Total assets	1,592,934,785	1,570,303,350
Liabilities:
Accounts payable and accrued liabilities	47,377,341	40,752,458
Notes payable:
Mortgage notes payable, net	985,080,154	1,115,752,899
Credit facilities, net	232,636,126	0
Total notes payable, net	1,217,716,280	1,115,752,899
Distributions payable	4,625,355	4,668,261
Due to affiliates	2,787,566	2,682,209
Total liabilities	1,272,506,542	1,163,855,827
Commitments and contingencies (Note 10)
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	672,018,194	677,624,840
Cumulative distributions and net losses	(352,351,990)	(271,944,072)
Total stockholders’ equity	320,428,243	406,447,523
Total liabilities and stockholders’ equity	1,592,934,785	1,570,303,350
Common stock $0.01 par value per share; 999,999,000 shares authorized, 76,202,862 and 76,674,502 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively [Member]
Notes payable:
Distributions payable	4,625,355	4,668,261
Stockholders’ Equity:
Stock $0.01 par value per share	762,029	766,745
Convertible stock, $0.01 par value per share; 1,000 shares authorized, issued and outstanding as of December 31, 2016 and December 31, 2015, respectively [Member]
Stockholders’ Equity:
Stock $0.01 par value per share	$ 10	$ 10

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Stockholders’ Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0
Common Stock [Member]
Stockholders’ Equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	999,999,000	999,999,000
Common stock, shares issued (in shares)	76,202,862	76,674,502
Common stock, shares outstanding (in shares)	76,202,862	76,674,502
Convertible Stock [Member]
Stockholders’ Equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rental income	$ 192,088,348	$ 186,264,470	$ 175,267,082
Tenant reimbursements and other	26,149,184	23,126,188	20,662,774
Total revenues	218,237,532	209,390,658	195,929,856
Expenses:
Operating, maintenance and management	57,832,187	53,915,306	52,427,001
Real estate taxes and insurance	36,507,827	35,825,445	34,750,097
Fees to affiliates	25,440,718	21,927,913	23,923,921
Depreciation and amortization	69,513,484	65,640,196	69,681,177
Interest expense	40,551,427	39,149,018	40,370,846
Loss on debt extinguishment	4,932,369	0	1,939,817
General and administrative expenses	9,039,171	5,949,993	6,896,519
Acquisition costs	0	7,145	1,626,904
Total expenses	243,817,183	222,415,016	231,616,282
Loss from continuing operations	(25,579,651)	(13,024,358)	(35,686,426)
Gain on sales of real estate, net	0	0	9,944,134
Net loss	$ (25,579,651)	$ (13,024,358)	$ (25,742,292)
Loss per common share - basic and diluted (in dollars per share)	$ (0.34)	$ (0.18)	$ (0.34)
Weighted average common shares outstanding - basic and diluted (in shares)	76,195,083	76,335,114	75,450,215

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock [Member]	Total Stockholders’ Equity [Member]	Common Stock [Member]Common Stock [Member]	Common Stock [Member]Convertible Stock [Member]	Additional Paid- In Capital [Member]	Cumulative Distributions & Net Losses [Member]
Beginning Balance at Dec. 31, 2013			$ 517,118,528	$ 741,538	$ 10	$ 640,181,521	$ (123,804,541)
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	$ 24,968		24,170,846
Issuance of common stock (in shares)				2,496,806
Issuance of restricted common stock to Advisor			5,000,000	$ 4,883		4,995,117
Issuance of restricted common stock to Advisor (in shares)				488,281
Transfers from (to) redeemable common stock			13,393,647			13,393,647
Redemption of common stock			(2,723,948)	$ (2,804)		(2,721,144)
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)				(25,742,292)
Ending Balance at Dec. 31, 2014	477,063,230			$ 768,585	$ 10	680,138,132	(203,843,497)
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			$ 140		(62)
Issuance of common stock (in shares)				14,008
Transfers from (to) redeemable common stock	(1,000,000)					(1,000,000)
Redemption of common stock	(2,000,000)			$ (1,980)		(1,998,020)
Redemption of common stock (in shares)				(197,989)
Distributions declared	(55,076,217)	$ (55,076,217)					(55,076,217)
Amortization of stock-based compensation	184,350					184,350
Change in value of restricted common stock to Advisor	300,440					300,440
Net loss	(13,024,358)						(13,024,358)
Ending Balance at Dec. 31, 2015	406,447,523			$ 766,745	$ 10	677,624,840	(271,944,072)
Ending Balance (in shares) at Dec. 31, 2015				76,674,502	1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	0			$ 75		(75)
Issuance of common stock (in shares)				7,500
Transfers from (to) redeemable common stock	(1,000,000)					(1,000,000)
Redemption of common stock	(5,000,000)			$ (4,791)		(4,995,209)
Redemption of common stock (in shares)				(479,140)
Distributions declared	(54,828,267)	$ (54,828,267)					(54,828,267)
Amortization of stock-based compensation	76,285					76,285
Change in value of restricted common stock to Advisor	312,353					312,353
Net loss	(25,579,651)						(25,579,651)
Ending Balance at Dec. 31, 2016	$ 320,428,243			$ 762,029	$ 10	$ 672,018,194	$ (352,351,990)
Ending Balance (in shares) at Dec. 31, 2016				76,202,862	1,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Flows from Operating Activities:
Net loss	$ (25,579,651)	$ (13,024,358)	$ (25,742,292)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	69,513,484	65,640,196	69,681,177
Accretion of below-market leases	0	0	(163,237)
Amortization of deferred financing costs	1,723,186	1,479,710	1,489,834
Amortization of stock-based compensation	76,285	184,350	118,145
Change in value of restricted common stock to Advisor	312,353	300,440	0
Amortization of loan premiums and discounts	(1,243,385)	(1,234,793)	(1,234,793)
Change in fair value of interest rate cap agreements	(61,698)	2,032,746	4,353,301
Loss on debt extinguishment	4,932,369	0	1,939,817
Gain on sales of real estate	0	0	(9,944,134)
Insurance claim recoveries	(993,527)	0	0
Loss on disposal of buildings and improvements	892,396	0	0
Unrealized gain on short-term investments	(84,750)	0	0
Changes in operating assets and liabilities:
Restricted cash for operating activities	(481,918)	(2,822,331)	(1,166,924)
Rents and other receivables	(8,509)	(749,701)	8,622
Other assets	(250,396)	326,182	164,858
Accounts payable and accrued liabilities	5,246,172	(209,027)	9,023,776
Due to affiliates, net	267,009	(499,327)	1,822,698
Net cash provided by operating activities	54,259,420	51,424,087	50,350,848
Cash Flows from Investing Activities:
Short-term investments	(30,000,000)	0	0
Acquisition of real estate investments	0	0	(126,718,757)
Additions to real estate investments	(28,268,601)	(29,908,727)	(26,806,870)
Escrow deposits for pending real estate acquisitions	0	0	(3,120,400)
Restricted cash for investing activities	628,878	600,459	931,301
Purchase of interest rate cap agreements	(259,000)	(351,950)	(863,934)
Proceeds from sales of real estate, net	0	0	29,761,182
Proceeds from insurance claims	993,527	0	0
Net cash used in investing activities	(56,905,196)	(29,660,218)	(126,817,478)
Cash Flows from Financing Activities:
Proceeds from issuance of mortgage notes payable	428,196,350	110,986,313	156,238,185
Principal payments on mortgage notes payable	(557,964,896)	(58,058,174)	(71,576,167)
Borrowings from credit facilities	251,124,750	6,000,000	49,000,000
Principal payments on credit facilities	(16,000,000)	(20,000,000)	(35,000,000)
Proceeds from issuance of common stock	0	0	26,561,229
Reimbursement of other offering costs to affiliates	0	0	(3,105,246)
Payment of deferred financing costs	(5,489,473)	(1,057,405)	(1,664,326)
Payment of debt extinguishment costs	(3,202,337)	0	(1,794,001)
Distributions to common stockholders	(54,871,173)	(55,087,333)	(29,491,989)
Redemptions of common stock	(5,000,000)	(2,000,000)	(2,723,948)
Net cash provided by (used in) financing activities	36,793,221	(19,216,599)	86,443,737
Net increase in cash and cash equivalents	34,147,445	2,547,270	9,977,107
Cash and cash equivalents, beginning of year	32,076,582	29,529,312
Cash and cash equivalents, end of year	66,224,027	32,076,582	29,529,312
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of amounts capitalized of $80,166, $153,920 and $41,898 for the years ended December 31, 2016, 2015 and 2014, respectively	39,622,084	36,734,805	35,432,090
Supplemental Disclosure of Noncash Transactions:
Increase in distributions payable	0	0	621,003
Application of escrow deposits to acquire real estate	0	0	3,620,400
Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan	0	78	24,183,672
Issuance of restricted common stock to settle liability	0	0	5,000,000
Decrease in redeemable common stock, net	0	0	13,393,647
Increase in redeemable common stock payable	1,000,000	1,000,000	0
Increase in accounts payable and accrued liabilities from additions to real estate investments	378,711	433,557	0
(Decrease) increase in due to affiliates from additions to real estate investments	$ (161,652)	$ 142,046	$ 0

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Cash Flows [Abstract]
Interest paid, net of amounts capitalized of $80,166, $153,920 and $41,898 for the years ended December 31, 2016, 2015 and 2014, respectively	$ 80,166	$ 153,920	$ 41,898

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 2016
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 limited 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 December 31, 2016 , the Company owned 65 multifamily properties comprising a total of 16,709 apartment homes and 25,973 square feet of rentable commercial space. For more information on the Company’s real estate portfolio, see Note 3. Private Offering On October 13, 2009, the Company commenced a private offering of up to $94,000,000 in shares of the Company’s common stock at a purchase price of $9.40 per share (with discounts available for certain categories of purchasers) (the “Private Offering”). The Company offered its shares of common stock for sale in the Private Offering pursuant to a confidential private placement memorandum and only to persons that were “accredited investors,” as that term is defined under the Securities Act of 1933, as amended (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 new offering price of $10.24 per share. The Company terminated its Public Offering on December 20, 2013 . Following termination of the Public Offering, the Company continued to offer shares of common stock pursuant to the DRP until the Company’s board of directors suspended the DRP effective with distributions earned beginning on 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 . On March 10, 2015, the Company’s board of directors determined an estimated value per share of the Company’s common stock of $10.35 as of December 31, 2014. On February 25, 2016, the Company’s board of directors again determined an estimated value per share of the Company’s common stock of $11.44 as of December 31, 2015. See “ —N ote 14. Subsequent Events” for further information regarding the estimated value per share. The business of the Company is externally managed by the Advisor pursuant to the Advisory Agreement by and among the Company, the Operating Partnership and the Advisor (as amended, the “Advisory Agreement”), which is subject to annual renewal by the Company’s board of directors. The current term of the Advisory Agreement expires on November 15, 2017 . 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 Advisor, along with the Dealer Manager, also provides marketing, investor relations and other administrative services on the Company’s behalf. The Partnership Agreement provides that the Operating Partnership is operated in a manner that will enable the Company to (1) satisfy the requirements for being classified as a REIT for tax purposes, (2) avoid any federal income or excise tax liability and (3) ensure that the Operating Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), which classification could result in the Operating Partnership being taxed as a corporation, rather than as a partnership. In addition to the administrative and operating costs and expenses incurred by the Operating Partnership in acquiring and operating real properties, the Operating Partnership will pay all of the Company’s administrative costs and expenses, and such expenses will be treated as expenses of the Operating Partnership.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, the Operating Partnership and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company. The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC. Square footage, occupancy and certain other measures used to describe real estate included in the notes to the consolidated financial statements are presented on an unaudited basis. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Reclassifications Certain prior year amounts in the consolidated financial statements have been reclassified to conform with the current year presentation. These reclassifications have not changed the results of operations of prior periods. During the year ended December 31, 2016 , the Company adopted new accounting guidance to simplify the presentation of debt issuance costs. As a result, net deferred financing costs of $6,697,472 related to mortgage notes payable as of December 31, 2015 , were reclassified from other assets, net to mortgage notes payable, net on the consolidated balance sheets. Additionally, during the year ended December 31, 2016 , the Company adopted new accounting guidance to clarify how certain cash receipts and cash payments should be classified on the statement of cash flows. As a result, the Company reclassified payments for debt extinguishment costs of $0 and $1,794,001 from cash flows from operating activities to cash flows from financing activities for the years ended December 31, 2015 and 2014 on the consolidated statements of cash flows. Real Estate Assets Depreciation and Amortization Real estate costs related to the development, construction and improvement of properties are capitalized. Acquisition costs related to business combinations are expensed as incurred. Acquisition costs related to asset acquisitions are capitalized. Repair and maintenance and tenant turnover costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: Buildings 27.5 years Building improvements 5-25 years Tenant improvements Shorter of lease term or expected useful life Tenant origination and absorption costs Remaining term of related lease Furniture, fixtures, and equipment 5-10 years Real Estate Purchase Price Allocation The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. Acquisition costs related to business combinations are expensed as incurred. The Company assesses the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Intangible assets include the value of in-place leases, which represents the estimated value of the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company estimates the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, the Company estimates the amount of lost rentals using market rates during the expected lease-up periods. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases. Should a tenant terminate its lease, the unamortized portion of the in-place lease value and customer relationship intangibles would be charged to expense in that period. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) the Company’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as a reduction or increase to rental income over the remaining non-cancelable terms of the respective leases. The total amount of other lease-related intangible assets acquired will be further allocated to in-place lease values and customer relationship intangible values based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with that respective tenant. Characteristics that the Company considers in allocating these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, and the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The total amount of non-lease-related intangible assets, including amenity access agreements, tax abatement agreements or other contract rights assumed as part of the acquisition of certain properties, will be allocated to other intangible assets based on the present value of the difference between contractual amounts to be paid pursuant to the contracts assumed and the Company’s estimate of the fair market contract rates for corresponding contracts measured over a period equal to the remaining non-cancelable term of the contracts assumed. Other intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related contracts. Estimates of the fair values of the tangible assets, identifiable intangible assets and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Sale of Real Estate Assets Property sales or dispositions are recorded when title transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with GAAP. The Company classifies real estate assets as real estate held for sale once the criteria, as defined by GAAP, have been met. Impairment of Real Estate Assets The Company accounts for its real estate assets in accordance with ASC 360— Property, Plant and Equipment (“ASC 360”). ASC 360 requires the Company to continually monitor events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets and liabilities may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company records an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets and liabilities. If any assumptions, projections or estimates regarding an asset changes in the future, the Company may have to record an impairment to reduce the net book value of such individual asset. The Company did not record any impairment loss on its real estate assets during the years ended December 31, 2016 , 2015 and 2014 . Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Due to the short-term nature of the operating leases, the Company does not maintain a deferred rent receivable related to the straight-lining of rents. Revenue Recognition The Company leases apartment and condominium units under operating leases with terms generally of one year or less. Generally, credit investigations are performed for prospective residents and security deposits are obtained. The Company will recognize minimum rent, including rental abatements, concessions and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease and amounts expected to be received in later years will be recorded as deferred rents. The Company records property operating expense reimbursements due from tenants for common area maintenance, real estate taxes, and other recoverable costs in the period the related expenses are incurred. The Company recognizes gains on sales of real estate either in total or deferred for a period of time, depending on whether a sale has been consummated, the extent of the buyer’s investment in the property being sold, whether the receivable is subject to future subordination, and the degree of the Company’s continuing involvement with the property after the sale. If the criteria for profit recognition under the full-accrual method are not met, the Company will defer gain recognition and account for the continued operations of the property by applying the percentage-of-completion, reduced profit, deposit, installment or cost recovery method, as appropriate, until the appropriate criteria are met. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. As of December 31, 2016 and 2015 , the Company had amounts in excess of federally insured limits in deposit accounts with a financial institution. The Company limits such deposits to financial institutions with high credit standing. Restricted Cash Restricted cash represents those cash accounts for which the use of funds is restricted by loan covenants. As of December 31, 2016 and 2015 , the Company had a restricted cash balance of $27,553,851 and $27,700,811 , respectively, which represents amounts set aside as impounds for future property tax payments, property insurance payments and tenant improvement payments as required by agreements with the Company’s lenders. Short-term Investments Short-term investments consist of any highly-liquid securities that have an original maturity of less than one year but greater than three months at the time of purchase. As of December 31, 2016 , short-term investments consisted of $30,000,000 held in a certificate of deposit and are included in short-term investments on the consolidated balance sheets. No short-term investments were held as of December 31, 2015 . The short-term investment is classified as held-to-maturity and was recorded at the amortized cost on the accompanying consolidated balance sheets. During the year ended December 31, 2016 , $84,750 was included in tenant reimbursements and other on the accompanying consolidated statements of operations. Deferred Financing Costs The Company capitalizes deferred financing costs such as commitment fees, legal fees and other third party costs associated with obtaining commitments for financing that result in a closing of such financing, as a contra liability against the respective outstanding debt balances. The Company amortizes these costs over the terms of the respective financing agreements using the effective interest method. The Company expenses unamortized deferred financing costs when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. Derivative Financial Instruments The Company accounts for its derivative financial instruments in accordance with ASC 815— Derivatives and Hedging . The Company’s objective in using derivatives is to add stability to interest expense and to manage the Company’s exposure to interest rate movements or other identified risks. To accomplish these objectives, the Company may use various types of derivative instruments to manage fluctuations in cash flows resulting from interest rate risk attributable to changes in the benchmark interest rate of LIBOR or other applicable benchmark rates. The Company measures its derivative instruments and hedging activities at fair value and records them as an asset or liability, depending on its rights or obligations under the applicable derivative contract. For derivatives designated as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged items are recorded in earnings. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portions of changes in fair value of the derivatives are reported in other comprehensive income (loss) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedges and ineffective portions of hedges are recognized in earnings in the affected period. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. As of December 31, 2016 , the Company did not have any derivatives designated as cash flow or fair value hedges, nor are derivatives being used for trading or speculative purposes. Fair Value Measurements Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources. The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified. Interest rate cap agreements - The Company has entered into certain interest rate cap agreements. These derivatives did not qualify as fair value hedges. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the 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: December 31, 2016 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 618,841 $ — December 31, 2015 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 298,143 $ — 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, short-term investments, rents and other receivables, accounts payable and accrued liabilities, distributions payable, 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 distributions payable to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The Company considers the carrying value of short-term investments to approximate fair value as it was recorded at amortized cost. 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 notes payable is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities. As of December 31, 2016 and 2015 , the fair value of the notes payable was $1,197,015,105 and $1,118,126,231 , respectively, compared to the carrying value of $1,217,716,280 and $1,115,752,899 , respectively. The Company has determined that its notes payable are classified as Level 3 within the fair value hierarchy. Accounting for Stock-Based Compensation The Company amortizes the fair value of stock-based compensation awards to expense over the vesting period and records any dividend equivalents earned as dividends for financial reporting purposes. Stock-based compensation awards to independent directors are valued at the fair value on the date of grant and amortized as an expense over the vesting period. Awards to non-employees are remeasured at fair value each reporting period and amortized as an expense over the vesting period. Distribution Policy The Company has elected to be taxed as a REIT and to operate as a REIT beginning with its taxable year ended December 31, 2010. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). Distributions were based on daily record dates and calculated at a rate of $0.001964 per share per day during the year ended December 31, 2015 and the three months ended March 31, 2016. Distributions were based on daily record dates and calculated at a rate of $0.001958 per share per day during the nine months ended December 31, 2016 . Each day during the period from January 1, 2016 through December 31, 2016 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. Operating Expenses Pursuant to the Advisory Agreement, the Company is limited in the amount of certain operating expenses it may record on a rolling four-quarter basis to the greater of 2% of average invested assets and 25% of net income. Operating expenses include all costs and expenses incurred by the Company, as determined under GAAP, that in any way are related to the operation of the Company, excluding expenses of raising capital, interest payments, taxes, property operating expenses, non-cash expenditures, incentive fees, acquisition fees and expenses and investment management fees. During the four quarters ended December 31, 2016 , the Company recorded operating expenses of $6,243,984 , which is included in general and administrative expenses in the accompanying consolidated statements of operations. Operating expenses of $184,954 remain payable and are included in due to affiliates in the accompanying consolidated balance sheet as of December 31, 2016 . Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code beginning with the tax year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including the requirement to distribute at least 90% of the Company’s annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes it is organized and operates in such a manner as to qualify for treatment as a REIT. The Company follows the Income Taxes Topic of the ASC to recognize, measure, present and disclose in its accompanying consolidated financial statements uncertain tax positions that the Company has taken or expects to take on a tax return. As of December 31, 2016 and 2015 , the Company had no liabilities for uncertain tax positions that it believes should be recognized in its accompanying consolidated financial statements. Due to uncertainty regarding the realization of certain deferred tax assets, the Company has established valuation allowances, primarily in connection with the net operating loss carryforward related to the REIT. The Company has no t been assessed material interest or penalties by any major tax jurisdictions. The Company’s evaluation was performed for the tax years ended December 31, 2016 and 2015 . As of December 31, 2016 , the Company’s tax returns for calendar years 2015 , 2014 and 2013 remain subject to examination by major tax jurisdictions. Per Share Data Basic earnings (loss) per share attributable to common stockholders for all periods presented are computed by dividing net income (loss) by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share is 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 assume each share was issued and outstanding each day during the period. Nonvested shares of the Company’s restricted common stock give rise to potentially dilutive shares of the Company’s common stock, but such shares were excluded from the computation of diluted earnings (loss) per share because such shares were anti-dilutive during the period. In accordance with FASB ASC Topic 260-10-45, Earnings Per Share , the Company uses the two-class method to calculate earnings (loss) per share. Basic earnings (loss) per share is calculated based on dividends declared (“distributed earnings”) and the rights of common shares and participating securities in any undistributed earnings, which represents net income (loss) remaining after deduction of dividends declared during the period. The undistributed earnings (loss) are allocated to all outstanding common shares based on the relative percentage of each class of shares. The Company does not have any participating securities outstanding other than the shares of common stock and the unvested restricted common stock during the period presented. Earnings (loss) attributable to the unvested restricted common stock are deducted from earnings (loss) in the computation of per share amounts where applicable Segment Disclosure The Company has determined that it has one reportable segment with activities related to investing in multifamily properties. The Company’s investments in real estate are in different geographic regions, and management evaluates operating performance on an individual asset level. However, as each of the Company’s assets has similar economic characteristics, tenants and products and services, its assets have been aggregated into one reportable segment. Recent Accounting Pronouncements In May 2014, the FASB issued 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 August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) , which delayed 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 anticipates selecting the modified retrospective transition method with a cumulative effect recognized as of the date of adoption and will adopt the new standard effective January 1, 2018. The Company is continuing to evaluate the standard; however, the Company does not expect its adoption to have a material impact on the consolidated financial statements, as rental income from leasing arrangements is specifically excluded from the standard. 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 did not experience 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. The Company did not experience a material impact from adopting this new guidance. In February 2015, the FASB issued ASU 2015-02, Consolidation , which makes changes to both the variable interest model and the voting model of consolidation. Under ASU 2015

Other Assets, Net

Other Assets, Net	12 Months Ended
	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets, Net	Other Assets, Net As of December 31, 2016 and 2015 , other assets, net of accumulated amortization, consisted of: December 31, 2016 2015 Deferred financing costs $ — $ 660,585 Less: accumulated amortization — (547,402 ) — 113,183 Prepaid expenses 3,041,353 2,648,238 Interest rate cap agreements (Note 11) 618,841 298,143 Other deposits 1,126,568 1,269,287 Other assets, net $ 4,786,762 $ 4,328,851

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Real Estate	Real Estate As of December 31, 2016 , the Company owned 65 multifamily properties, encompassing in the aggregate 16,709 residential apartment homes and 25,973 square feet of rentable commercial space. The total purchase price of the Company’s real estate portfolio, including development and construction costs for apartment homes constructed by the Company, was $1,644,177,333 . As of December 31, 2016 and 2015 , the Company’s portfolio was approximately 93.5% and 94.0% occupied and the average monthly rent was $1,026 and $999 , respectively. As of December 31, 2016 and 2015 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: December 31, 2016 Assets Land Building and Improvements Other Intangible Assets Construction-in-Progress Total Real Estate Investments in real estate $ 174,102,422 $ 1,517,532,273 $ 2,644,263 $ — $ 1,694,278,958 Less: Accumulated depreciation and amortization — (232,198,052 ) (546,031 ) — (232,744,083 ) Net investments in real estate and related lease intangibles $ 174,102,422 $ 1,285,334,221 $ 2,098,232 $ — $ 1,461,534,875 December 31, 2015 Assets Land Building and Improvements Other Intangible Assets Construction-in-Progress Total Real Estate Investments in real estate $ 174,102,422 $ 1,487,961,762 $ 2,644,263 $ 2,192,635 $ 1,666,901,082 Less: Accumulated depreciation and amortization — (163,053,124 ) (392,863 ) — (163,445,987 ) Net investments in real estate and related lease intangibles $ 174,102,422 $ 1,324,908,638 $ 2,251,400 $ 2,192,635 $ 1,503,455,095 Depreciation and amortization expenses were $69,513,484 , $65,640,196 and $69,681,177 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Depreciation of the Company’s buildings and improvements was $69,360,316 , $65,271,243 and $59,014,085 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Amortization of the Company’s tenant origination and absorption costs was $0 , $215,786 and $10,513,924 for the years ended December 31, 2016 , 2015 and 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 December 31, 2015 , all tenant origination and absorption costs were fully amortized and written off. Amortization of the Company’s other intangible assets was $153,168 , $153,167 and $153,168 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Other intangible assets had a weighted-average amortization period as of the date of acquisition of 18.17 years. The increase in rental income as a result of the accretion of the Company’s below-market lease intangible liabilities for the years ended December 31, 2016 , 2015 and 2014 was $0 , $0 and $163,237 , respectively. The Company’s below-market lease intangible liabilities had a weighted-average accretion period as of the date of acquisition of less than one year. The future amortization of the Company’s acquired other intangible assets as of December 31, 2016 and thereafter is as follows: 2017 $ 153,168 2018 153,168 2019 153,168 2020 153,168 2021 153,168 Thereafter 1,332,392 $ 2,098,232 Operating Leases As of December 31, 2016 , the Company’s real estate portfolio comprised 16,709 residential apartment homes and was 95.4% leased by a diverse group of residents. For the years ended December 31, 2016 and 2015 , the Company’s real estate portfolio earned approximately 99% and 1% of its rental income from residential tenants and commercial office tenants, respectively. The residential tenant lease terms consist of lease durations equal to 12 months or less. The commercial office tenant leases consist of lease durations varying from 2.41 to 8.25 years. Some residential and commercial leases contain provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit and/or a letter of credit for commercial tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to tenant leases are included in accounts payables and accrued liabilities in the accompanying consolidated balance sheets and totaled $5,047,792 and $4,672,961 as of December 31, 2016 and 2015 , respectively. The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of December 31, 2016 and thereafter is as follows: 2017 $ 238,140 2018 259,143 2019 180,858 2020 74,313 2021 76,535 Thereafter 264,345 $ 1,093,334 As of December 31, 2016 and 2015 , 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.

Debt

Debt	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt Mortgage Notes Payable The following is a summary of mortgage notes payable secured by real property as of December 31, 2016 and 2015 : December 31, 2016 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed 37 10/1/2017 - 10/1/2056 3.19 % 5.94 % 4.06 % $ 471,344,145 Mortgage notes payable - variable (1) 21 8/31/2017 - 1/1/2026 1-Mo LIBOR + 1.65% 1-Mo LIBOR + 2.65% 3.05 % 517,885,675 Total mortgage notes payable 58 3.52 % 989,229,820 Premium, net (2) 2,208,619 Deferred financing costs, net (3) (6,358,285 ) Total mortgage notes payable, net $ 985,080,154 December 31, 2015 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed 37 10/1/2017 - 1/1/2053 3.31 % 5.94 % 4.32 % $ 477,139,001 Mortgage notes payable - variable (1) 30 5/16/2017 - 1/1/2026 1-Mo LIBOR + 1.62% 1-Mo LIBOR + 2.75% 2.77 % 641,859,365 Total mortgage notes payable 67 3.44 % 1,118,998,366 Premium/discount, net (2) 3,452,005 Deferred financing costs, net (3) (6,697,472 ) Total mortgage notes payable, net $ 1,115,752,899 _______________ (1) 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. (2) The following table summarizes the debt premiums and discounts as of December 31, 2016 , 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 December 31, 2016 Amortization of Net Debt Premium During the Years Ended December 31, 2016 2015 2014 $ 2,208,619 $ 1,243,385 $ 1,234,793 $ 1,234,793 (3) The following table summarizes the deferred financing costs, net related to mortgage notes payable as of December 31, 2016 and December 31, 2015 : December 31, 2016 2015 Deferred financing costs $ 10,104,244 $ 10,140,097 Less: accumulated amortization (3,745,959 ) (3,442,625 ) Deferred financing costs, net $ 6,358,285 $ 6,697,472 Refinancing Transactions On June 29 and June 30, 2016 , 14 wholly-owned subsidiaries of the Company terminated the existing mortgage loans with their respective lenders for an aggregate principal amount of $283,313,677 and entered into new loan agreements (each a “Loan Agreement”) with, as applicable, PNC Bank, National Association (“PNC Bank”) and Berkeley Point Capital LLC (“Berkeley” and, together with PNC Bank, the “Lenders”) for an aggregate principal amount of $358,002,000 (the “June Refinancing Transactions”). On July 29, 2016 , nine wholly-owned subsidiaries of the Company also entered into a credit agreement (the “Credit Agreement”) with PNC Bank in connection with the refinancing of certain additional mortgage loans as further detailed below. Further, on August 30, 2016 and September 29, 2016 , three wholly-owned subsidiaries of the Company terminated the existing mortgage loans with an aggregate principal amount of $61,575,025 and entered into new mortgage notes for an aggregate principal amount of $63,620,600 (together with the June Refinancing Transactions, the “Refinancing Transactions”). In the June Refinancing Transactions, each Loan Agreement was made pursuant to the Freddie Mac Capital Markets Execution Program (the “CME”), as evidenced by a multifamily note. Pursuant to the CME, the applicable Lender originates the mortgage loan and then transfers the loan to the Federal Home Loan Mortgage Association. Each Loan Agreement provides for a term loan with a maturity date of July 1, 2023 , unless the maturity date is accelerated in accordance with its terms. Each loan accrues interest at one-month LIBOR plus 2.31% . The entire outstanding principal balance and any accrued and unpaid interest on each of the Loans are due on the maturity date. Interest and principal payments on the loans are payable monthly in arrears on specified dates as set forth in each Loan Agreement. Monthly payments are due and payable on the first day of each month, commencing August 1, 2016 . Revolving Credit Facility The Company entered into a revolving credit facility with PNC Bank to borrow up to $20,000,000 . 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 consisted of a Tranche A and a Tranche B, and provided certain security for borrowings under the credit facility. The maximum amounts that could be borrowed under Tranche A and Tranche B were $20,000,000 and $15,000,000 , respectively. For each advance under the amended and restated revolving credit facility, the Company had 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 was 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 the LIBOR Option. Additionally, the Company incurred a commitment fee equal to 0.25% of the average daily difference between the $35,000,000 maximum available balance and the aggregate outstanding principal balance. No amounts were outstanding under the revolving credit facility as of December 31, 2016 or December 31, 2015 . The amended and restated revolving credit facility had a maturity date of July 17, 2016 , subject to extension. On June 30, 2016 , the Company repaid all outstanding amounts due and terminated the amended and restated revolving credit facility. Credit Facility On July 29, 2016, nine wholly-owned subsidiaries of the Company entered into the Credit Agreement and a multifamily note with PNC Bank (the Credit Agreement, Loan and Security Agreements, Mortgages and Guaranty, collectively referred to herein as the “Loan Documents”) that provide for a new credit facility in an amount not to exceed $350,000,000 to refinance certain of the Company’s existing mortgage loans. The credit facility has a maturity date of August 1, 2021 , subject to extension, as further described in the Credit Agreement. Advances made under the credit facility are secured by the properties set out in the schedule below (the “Collateral Pool Property”), pursuant to a mortgage deed of trust with the nine wholly-owned subsidiaries of the Company in favor of PNC Bank. The credit facility accrues interest at the one-month LIBOR plus (1) the servicing spread of 0.05% and (2) the net spread, based on the debt service coverage ratio, of between 1.73% and 1.93% , as further described in the Credit Agreement. The entire outstanding principal balance and any accrued and unpaid interest on the credit facility are due on the maturity date. Interest only payments on the credit facility are payable monthly in arrears and are due and payable on the first day of each month, commencing September 1, 2016. The Company’s nine wholly-owned subsidiaries may voluntarily prepay all or a portion of the amounts advanced under the Loan Documents. Notwithstanding the foregoing, in the event a Collateral Pool Property is released or the Credit Agreement is terminated, a termination fee is due and payable by the Company’s nine wholly-owned subsidiaries. In certain instances of a breach of the Credit Agreement, the Company guarantees to PNC Bank the full and prompt payment and performance when due of all amounts for which the Company’s nine wholly-owned subsidiaries are personally liable under the Loan Documents, in addition to all costs and expenses incurred by PNC Bank in enforcing such guaranty. The Company paid loan origination fees to PNC Bank of $1,293,186 , and the Advisor earned a refinancing fee of $1,175,624 . As of December 31, 2016 , the advances obtained under the credit facility on July 29, 2016 are summarized in the following table: Collateralized Property (1) Amount of Advance Ashley Oaks Apartment Homes $ 24,867,500 Trails at Buda Ranch 21,025,000 Deer Valley Apartments 22,982,500 Carrington Park at Huffmeister 20,430,500 Carrington Place 27,535,500 Carrington at Champion Forest 25,121,250 Audubon Park Apartments 16,602,500 Oak Crossing 17,980,000 Meritage at Steiner Ranch 58,580,000 $ 235,124,750 Deferred financing costs, net on credit facility (2) (2,488,624 ) Credit facility, net $ 232,636,126 ___________ (1) Each property is pledged as collateral for repayment of all amounts advanced under the credit facility. (2) Accumulated amortization related to deferred financing costs for the credit facility as of December 31, 2016 , was $433,522 . Maturity and Interest The following is a summary of the Company’s aggregate maturities as of December 31, 2016 : Maturities During the Years Ending December 31, Contractual Obligation Total 2017 2018 2019 2020 2021 Thereafter Principal payments on outstanding debt obligations (1) $ 1,224,354,570 $ 50,172,191 $ 76,235,702 $ 89,447,884 $ 101,538,337 $ 279,271,221 $ 627,689,235 ________________ (1) Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the amortization of the deferred financing costs and debt premiums associated with certain notes payable. The Company’s notes payable contain customary financial and non-financial debt covenants. As of December 31, 2016 and 2015 , the Company was in compliance with all financial and non-financial debt covenants. For the years ended December 31, 2016 , 2015 and 2014 , the Company incurred interest of $40,631,593 , $39,302,938 and $40,412,744 , respectively. Interest expense for the years ended December 31, 2016 , 2015 and 2014 includes amortization of deferred financing costs of $1,723,186 , $1,553,718 and $1,489,834 , amortization of loan premiums and discounts of $1,243,385 , $1,234,793 and $1,234,793 , net unrealized ( gain ) loss from the change in fair value of interest rate cap agreements of $(61,698) , $2,032,746 and $4,353,301 , and capitalized interest of $80,166 , $153,920 and $41,898 , respectively. The capitalized interest is included in real estate on the consolidated balance sheets. Interest expense of $3,444,162 and $2,932,922 was payable as of December 31, 2016 and 2015 , respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity General Under the Company’s Third Articles of Amendment and Restatement (the “Charter”), the total number of shares of capital stock authorized for issuance is 1,100,000,000 shares, consisting of 999,999,000 shares of common stock with a par value of $0.01 per share, 1,000 shares of convertible stock with a par value of $0.01 per share and 100,000,000 shares designated as preferred stock with a par value of $0.01 per share. Common Stock The shares of the Company’s common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive dividends and other distributions as authorized by the Company’s board of directors in accordance with the Maryland General Corporation Law and to all rights of a stockholder pursuant to the Maryland General Corporation Law. The common stock has no preferences or preemptive, conversion or exchange rights. During 2009, the Company issued 22,223 shares of common stock to the Sponsor for $200,007 . From inception through December 31, 2016 , 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 consisted 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 years ended December 31, 2016 , 2015 and 2014 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, upon their departure from the board of directors, or in appreciation of their service and commitment to the Company is as follows: 2016 2015 2014 Nonvested shares at the beginning of the year 11,250 16,875 18,750 Granted shares 7,500 14,000 10,000 Vested shares (6,875 ) (19,625 ) (11,875 ) Nonvested shares at the end of the year 11,875 11,250 16,875 The weighted average fair value of restricted stock issued to the Company’s independent directors for the years ended December 31, 2016 , 2015 and 2014 is as follows: Grant Year Weighted Average Fair Value 2014 $ 10.24 2015 10.35 2016 11.44 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 $76,285 , $184,350 and $118,145 for the years ended December 31, 2016 , 2015 and 2014 , respectively, for compensation expense related to the issuance of restricted common stock. The weighted average remaining vesting term of the restricted common stock is 1.72 years as of December 31, 2016 . As of December 31, 2016 , the compensation expense related to the issuance of the restricted common stock not vested was $105,111 . 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 . Pursuant to the restricted stock agreement, the shares of restricted stock vested and became non-forfeitable 50% at December 31, 2015 and 50% at December 31, 2016. The fair value of the vested common stock as of December 31, 2016 and 2015 of $5,637,207 and $5,493,164 , respectively, are recorded in stockholders’ equity in the accompanying consolidated balance sheets. Included in general and administrative expenses on the accompanying consolidated statements of operations is $312,353 and $300,440 for the years ended December 31, 2016 and 2015 for the change in value of restricted common stock issued to the Advisor. No such amounts were incurred for the year ended December 31, 2014 . Convertible Stock The Company issued 1,000 shares of Convertible Stock to the Advisor for $1,000 . The Convertible Stock will convert into shares of the Company’s common stock if and when: (A) the Company has made total distributions on the then outstanding shares of common stock equal to the original issue price of those shares plus an 8.0% cumulative, non-compounded, annual return on the original issue price of those shares, (B) subject to specified conditions, the Company lists the common stock for trading on a national securities exchange or (C) the Advisory Agreement is terminated or not renewed by the Company (other than for “cause” as defined in the Advisory Agreement). A “listing” will also be deemed to have occurred on the effective date of any merger of the Company in which the consideration received by the holders of the Company’s common stock is the securities of another issuer that are listed on a national securities exchange. Upon conversion, each share of Convertible Stock will convert into a number of shares of common stock equal to 1/1000 of the quotient of (A) 10% of the amount, if any, by which (1) the Company’s “enterprise value” (as defined in the Charter) plus the aggregate value of distributions paid to date on the outstanding shares of common stock exceeds (2) the aggregate purchase price paid by the stockholders for those shares plus an 8.0% cumulative, non-compounded, annual return on the original issue price of those shares, divided by (B) the Company’s enterprise value divided by the number of outstanding shares of common stock, in each case calculated as of the date of the conversion. In the event of a termination or non-renewal of the Advisory Agreement by the Company for cause, the Convertible Stock will be redeemed by the Company for $1.00 . Preferred Stock The Charter also provides the Company’s board of directors with the authority to issue one or more classes or series of preferred stock, and prior to the issuance of such shares of preferred stock, the board of directors shall have the power from time to time to classify or reclassify, in one or more series, any unissued shares and designate the preferences, rights and privileges of such shares of preferred stock. The Company’s board of directors is authorized to amend the Charter, without the approval of the stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. As of December 31, 2016 and 2015 , no shares of the Company’s preferred stock were issued and outstanding. Distribution Reinvestment Plan The Company’s board of directors had approved the DRP through which common stockholders could elect to reinvest an amount equal to the distributions declared on their shares of common stock in additional shares of the Company’s common stock in lieu of receiving cash distributions. The initial purchase price per share under the DRP was $9.50 . Effective September 10, 2012, shares of the Company’s common stock were issued pursuant to the DRP at a price of $9.73 per share. Effective with distributions earned beginning on December 1, 2014, the Company’s board of directors elected to suspend the DRP. As a result, all distributions are paid in cash and not reinvested in shares of the Company’s common stock. The Company’s board of directors may, in its sole discretion, from time to time, reinstate the DRP, although there is no assurance as to if or when this will happen, and change the DRP price based upon changes in the Company’s estimated value per share and other factors that the Company’s board of directors deems relevant. No sales commissions or dealer manager fees 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” will equal the most recently determined Estimated Value per Share. (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 will be equal to the average issue price per share for all of the stockholder’s shares. The purchase price per share for shares repurchased pursuant to the share repurchase 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 which the share repurchase program 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 the end of the applicable quarter. On October 21, 2014, the Company’s board of directors elected to suspend the Company’s share repurchase program, effective November 20, 2014. On May 12, 2015, the Company’s board of directors elected to reinstate the share repurchase program effective July 1, 2015. During the year ended December 31, 2016 , the Company redeemed a total of 479,147 shares with a total redemption value of $5,000,000 and received net requests for the redemption of 1,335,407 shares with a total redemption value of $14,625,190 . During the year ended December 31, 2015 , the Company redeemed a total of 197,989 shares with a total redemption value of $2,000,000 and received net requests for the redemption of 652,066 shares with a total redemption value of $6,562,585 . 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 redemption requests exceed the Company’s restrictions on limitation or 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 will be given to redemption requests in the case of the death or disability of a stockholder. If the Company repurchases less than all of the shares subject to a repurchase request in any quarter, with respect to any shares which have not been repurchased, the requesting stockholder 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. Effective July 1, 2015, the Company’s board of directors determined to limit the amount of shares repurchased pursuant to the share repurchase program to an amount not to exceed $2,000,000 during the quarter beginning July 1, 2015, with each subsequent quarter not to exceed $1,000,000 . On August 9, 2016, the Company’s board of directors approved and authorized an increase to the value of the shares that may be repurchased pursuant to the share repurchase program from $1,000,000 to $2,000,000 per quarter, effective on the October 2016 repurchase date. There is no fee in connection with a repurchase of shares of the Company’s common stock. As of December 31, 2016 , the Company has recognized redemptions payable of $2,000,000 , which is included in accounts payable and accrued expenses on the accompanying consolidated balance sheets. 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. Therefore, stockholders may not have the opportunity to make a repurchase request prior to any potential termination of the Company’s share repurchase program. Distributions Declared Distributions declared during 2016 (1) accrued daily to stockholders of record as of the close of business on each day, (2) were payable in cumulative amounts on or before the third day of each calendar month with respect to the prior month and (3) (i) for the three months ended March 31, 2016, were calculated at a rate of $0.001964 per share of common stock 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, and (ii) for the nine months ended December 31, 2016, were calculated at a rate of $0.001958 per share per day, which if paid each day over a 366-day period is equivalent to a 7.0% annualized distribution rate based on a purchase price of $10.24 per share of common stock. Distributions declared for the years ended December 31, 2016 and 2015 were $54,828,267 and $55,076,217 , including $0 and $78 , or 0 shares and 8 shares, respectively, of common stock issued pursuant to the DRP. As of December 31, 2016 and 2015 , $4,625,355 and $4,668,261 distributions declared were payable, none of which were reinvested pursuant to the DRP. Distributions Paid For the years ended December 31, 2016 and 2015 , the Company paid cash distributions of $54,871,173 and $55,087,333 , which related to distributions declared for each day in the period from December 1, 2015 through November 30, 2016 and December 1, 2014 through November 30, 2015 , respectively. Additionally, for the years ended December 31, 2016 and 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 years ended December 31, 2016 and 2015 , the Company paid total distributions of $54,871,173 and $55,087,411 .

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share, or EPS, for the years ended December 31, 2016 , 2015 and 2014 : Years Ended December 31, 2016 2015 2014 Net loss attributable to the Company $ (25,579,651 ) $ (13,024,358 ) $ (25,742,292 ) Less: dividends declared on participating securities 183,805 360,446 203,990 Net loss attributable to common stockholders (25,763,456 ) (13,384,804 ) (25,946,282 ) Weighted average common shares outstanding - basic and diluted 76,195,083 76,335,114 75,450,215 Loss per common share - basic and diluted $ (0.34 ) $ (0.18 ) $ (0.34 ) The Company excluded all unvested restricted common shares outstanding issued to the Advisor and the Company’s independent directors from the calculation of diluted loss per common share as the effect would have been antidilutive.

Related Party Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 2016
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 (received) for the years ended December 31, 2016 , 2015 and 2014 are as follows: Incurred (Received) For the Year Ended December 31, 2016 2015 2014 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 14,075,818 $ 13,854,825 $ 13,252,309 Acquisition fees (1) 960 187,735 3,251,400 Acquisition expenses (2) — 7,145 587,513 Property management Fees (1) 6,406,479 6,188,525 5,802,772 Reimbursement of onsite personnel (3) 18,751,492 18,760,621 17,841,495 Other fees (1) 1,673,724 1,696,828 1,617,440 Other fees - G&A (4) 168,037 — — Other operating expenses (4) 1,232,493 1,346,002 980,195 Disposition fees (5) — — 463,688 Refinancing fee (1) 3,283,737 — — Insurance proceeds (6) (113,853 ) — — Consolidated Balance Sheets: Capitalized Construction management Fees (7) 1,493,999 1,618,438 1,391,360 Reimbursement of labor costs (7) 367,204 233,748 88,781 Prepaid insurance deductible account (8) 198,674 74,489 — Deferred financing costs (9) 139,229 — — $ 47,677,993 $ 43,968,356 $ 45,276,953 ________________ (1) Included in fees to affiliates in the accompanying consolidated statements of operations. (2) Included in acquisition costs in the accompanying consolidated statements of operations. (3) Included in operating, maintenance and management in the accompanying consolidated statements of operations. (4) Included in general and administrative expenses in the accompanying consolidated statements of operations. (5) Included in gain on sales of real estate, net in the accompanying consolidated statements of operations. (6) Included in tenant reimbursements and other in the accompanying consolidated statements of operations. (7) Included in building and improvements in the accompanying consolidated balance sheets. (8) Included in other assets, net in the accompanying consolidated balance sheets upon payment. The amortization of the prepaid insurance deductible account is included in general and administrative expenses in the accompanying consolidated statements of operations. (9) Included in mortgage notes payable, net in the accompanying consolidated balance sheets. Amounts attributable to the Advisor and its affiliates incurred and paid (received) for the years ended December 31, 2016 , 2015 and 2014 are as follows: Paid (Received) For the Year Ended December 31, 2016 2015 2014 Consolidated Statements of Operations: Expensed Investment management fees $ 14,060,587 $ 13,840,067 $ 16,627,339 Acquisition fees 960 791,135 3,296,422 Acquisition expenses — 11,147 583,511 Property management Fees 6,392,550 6,169,938 5,717,813 Reimbursement of onsite personnel 18,650,009 18,639,991 17,827,185 Other fees 1,671,282 1,721,504 1,585,747 Other fees - G&A 168,037 — — Other operating expenses 1,098,568 1,367,226 915,618 Disposition fees — — 463,688 Refinancing fee 3,283,737 — — Insurance proceeds (113,853 ) — — Consolidated Balance Sheets: Capitalized Construction management Fees 1,548,701 1,590,514 1,348,151 Reimbursement of labor costs 474,155 119,626 88,781 Prepaid insurance deductible account 248,370 148,978 — Deferred financing costs 139,229 — — Additional paid-in-capital Other offering costs reimbursement — — 3,105,246 $ 47,622,332 $ 44,400,126 $ 51,559,501 Amounts attributable to the Advisor and its affiliates that are payable (prepaid) as of December 31, 2016 and 2015 are as follows: Payable (Prepaid) as of December 31, 2016 2015 Consolidated Statements of Operations: Expensed Investment management fees $ 1,185,001 $ 1,169,770 Acquisition fees — — Acquisition expenses — — Property management Fees 534,056 520,127 Reimbursement of onsite personnel 805,274 703,791 Other fees 54,679 52,237 Other fees - G&A — — Other operating expenses 184,954 51,029 Disposition fees — — Refinancing fee — — Insurance proceeds — — Consolidated Balance Sheets: Capitalized Construction management Fees 16,431 71,133 Reimbursement of labor costs 7,171 114,122 Prepaid insurance deductible account (124,185 ) (74,489 ) Deferred financing costs — — $ 2,663,381 $ 2,607,720 Investment Management Fee The Company pays the Advisor a monthly investment management fee equal to one-twelfth of 0.80% of (1) the cost of real properties and real estate-related assets acquired directly by the Company or (2) the Company’s allocable cost of each real property or real estate-related asset acquired through a joint venture. Such fee is calculated including acquisition fees, acquisition expenses and any debt attributable to such investments, or the Company’s proportionate share thereof in the case of investments made through joint ventures. The cost of real properties and real estate-related assets that have been sold by the Company during the applicable month is excluded from the fee. Acquisition Fees and Expenses The Company pays the Advisor an acquisition fee equal to 2.0% of (1) the cost of investment, as defined in the Advisory Agreement, in connection with the acquisition or origination of any type of real property or real estate-related asset acquired directly by the Company or (2) the Company’s allocable portion of the purchase price in connection with the acquisition or origination of any type of real property or real estate-related asset acquired through a joint venture, including any acquisition and origination expenses and any debt attributable to such investments. In addition to acquisition fees, the Company reimburses the Advisor for amounts directly incurred by the Advisor or its affiliates, including personnel-related costs for acquisition due diligence, legal and non-recurring management services, and amounts the Advisor pays to third parties in connection with the selection, acquisition or development of a property or acquisition of real estate-related assets, whether or not the Company ultimately acquires the property or the real estate-related assets. The Charter limits the Company’s ability to pay acquisition fees if the total of all acquisition fees and expenses relating to the purchase would exceed 6.0% of the contract purchase price. Under the Charter, a majority of the Company’s board of directors, including a majority of the independent directors, is required to approve any acquisition fees (or portion thereof) that would cause the total of all acquisition fees and expenses relating to an acquisition to exceed 6.0% of the contract purchase price. In connection with the purchase of securities, the acquisition fee may be paid to an affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable FINRA rules would prohibit the payment of the acquisition fee to a firm that is not a registered broker-dealer. Property Management Fees and Expenses The Company has entered into Property Management Agreements with Steadfast Management Company, Inc., an affiliate of the Sponsor (the “Property Manager”), in connection with the acquisition of each of the Company’s properties (other than EBT Lofts, Library Lofts and Stuart Hall Lofts, which are managed by an unaffiliated third-party management company). The property management fee payable with respect to each property under the Property Management Agreements (each a “Property Management Agreement”) ranges from 2.50% to 3.75% of the annual gross revenue collected, which is usual and customary for comparable property management services rendered to similar properties in similar geographic markets, as determined by the Advisor and approved by a majority of the Company’s board of directors, including a majority of the independent directors. The Property Manager also receives an oversight fee of 1% of gross revenues at certain of the properties at which it does not serve as a property manager. Generally, each Property Management Agreement has an initial one year term and will continue thereafter on a month-to-month basis unless either party gives a 60 day prior notice of its desire to terminate the Property Management Agreement, provided that the Company may terminate the Property Management Agreement at any time upon a determination of gross negligence, willful misconduct or bad acts of the Property Manager or its employees 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, information technology infrastructure, licenses, and support and training services. The Company also reimburses the Property Manager for the salaries and related benefits of on-site property management employees. Construction Management The Company has entered into Construction Management Agreements with Pacific Coast Land and Construction, Inc., an affiliate of the Sponsor (the “Construction Manager”), in connection with the planned capital improvements and renovation for certain of the Company’s properties. The construction management fee payable with respect to each property under the Construction Management Agreements (each a “Construction Management Agreement”) ranges from 5.0% to 12.0% of the costs of the improvements for which the Construction Manager has planning and oversight authority. Generally, each Construction Management Agreement has a term equal to the planned renovation timeline unless either party gives a 30 day prior notice of its desire to terminate the Construction Management Agreement. Construction management fees are capitalized to the respective real estate properties in the period in which they are incurred, as such costs relate to capital improvements and renovations for units taken out of service while they undergo the planned renovation. The Company may also reimburse the Construction Manager for the salaries and related benefits of certain of its employees for time spent working on capital improvements and renovations at its properties. Prepaid Insurance Deductible Account The Company deposits amounts with an affiliate of the Sponsor to fund a prepaid insurance deductible account to cover the cost of required insurance deductibles across all multifamily properties of the Company and other affiliated entities. Upon filing a major claim, proceeds from the insurance deductible account may be used by the Company or another affiliate of the Sponsor. Other Operating Expense Reimbursement In addition to the various fees paid to the Advisor, the Company is obligated to pay directly or reimburse all expenses incurred by the Advisor in providing services to the Company, including the Company’s allocable share of the Advisor’s overhead, such as rent, employee costs, utilities and information technology costs. The Company will not reimburse the Advisor for employee costs in connection with services for which the Advisor or its affiliates receive acquisition fees or disposition fees or for the salaries the Advisor pays to the Company’s executive officers. The Charter limits the Company’s total operating expenses during any four fiscal quarters to the greater of 2% of the Company’s average invested assets or 25% of the Company’s net income for the same period (the “ 2% / 25% Limitation”). The Company may reimburse the Advisor, at the end of each fiscal quarter, for operating expenses incurred by the Advisor; provided, however, that the Company shall not reimburse the Advisor at the end of any fiscal quarter for operating expenses that exceed the 2%/25% Limitation unless the independent directors have determined that such excess expenses were justified based on unusual and non-recurring factors. The Advisor must reimburse the Company for the amount by which the Company’s operating expenses for the preceding four fiscal quarters then ended exceed the 2% / 25% Limitation unless the independent directors have determined that such excess expenses were justified. For purposes of determining the 2% / 25% Limitation amount, “average invested assets” means the average monthly book value of the Company’s assets invested directly or indirectly in equity interests and loans secured by real estate during the 12 -month period before deducting depreciation, bad debts or other non-cash reserves. “Total operating expenses” means all expenses paid or incurred by the Company that are in any way related to the Company’s operation, including the Company’s allocable share of Advisor overhead and investment management fees, but excluding (a) the expenses of raising capital such as organization and offering expenses, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, listing and registration of shares of the Company’s common stock; (b) interest payments; (c) taxes; (d) non-cash expenditures such as depreciation, amortization and bad debt reserves; (e) reasonable incentive fees based on the gain in the sale of the Company’s assets; (f) acquisition fees and acquisition expenses (including expenses relating to potential acquisitions that the Company does not close); (g) real estate commissions on the resale of investments; and (h) other expenses connected with the acquisition, disposition, management and ownership of investments (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of real property). For the year ended December 31, 2016 , the Advisor and its affiliates incurred $1,232,493 of the Company’s operating expenses, including the allocable share of the Advisor’s overhead expenses of $1,232,493 , none of which were in excess of the 2%/25% Limitation and are included in the $9,039,171 of general and administrative expenses recognized by the Company. As of December 31, 2016 , the Company’s total operating expenses were 0.1% of its average invested assets and 4.8% of its net loss. For the year ended December 31, 2015 , the Advisor and its affiliates incurred $1,346,002 of the Company’s operating expenses, including the allocable share of the Advisor’s overhead expenses of $1,346,002 , none of which were in excess of the 2%/25% Limitation and are included in the $5,949,993 of general and administrative expenses recognized by the Company. For the year ended December 31, 2014 , the Advisor and its affiliates incurred $980,192 of the Company’s operating expenses, including the allocable share of the Advisor’s overhead expenses of $980,192 , none of which were in excess of the 2%/25% Limitation, and $2,571,910 of previously deferred operating expenses, all of which are included in the $6,896,519 of general and administrative expenses recognized by the Company. Disposition Fee The Company will pay the Advisor a disposition fee in connection with a sale of a property or real estate-related asset and in the event of the sale of the entire Company (a “Final Liquidity Event”), in either case when the Advisor or its affiliates provides a substantial amount of services as determined by a majority of the Company’s independent directors. With respect to a sale of a property or real estate-related asset, the Company will pay the Advisor a disposition fee equal to 1.5% of the contract sales price of the investment sold. With respect to a Final Liquidity Event, the Company will pay the Advisor a disposition fee equal to (i) 0.5% of the total consideration paid in a Final Liquidity Event if the price per share paid to stockholders is less than or equal to $9.00 ; (ii) 0.75% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is between $9.01 and $10.24 ; (iii) 1.00% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is between $10.25 and $11.24 ; (iv) 1.25% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is between $11.25 and $12.00 ; and (v) 1.50% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is greater than or equal to $12.01 . 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. Refinancing Fee The Company paid the Advisor a refinancing fee equal to 0.50% of the refinancing amount in connection with the refinancing of certain of the Company’s existing mortgage loans. For the year ended December 31, 2016 , the Advisor earned $3,283,737 in refinancing fees in connection with the Refinancing Transactions, which was expensed by the Company. No amounts were earned by the Advisor for the years ended December 31, 2015 and 2014 . Additionally, in connection with the Refinancing Transactions, the Company reimbursed certain deferred financing costs payable to an affiliate of the Sponsor that have been recorded to notes payable, net on the accompanying consolidated balance sheets. 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 . Pursuant to the terms of the restricted stock agreement, the shares of restricted stock vested and became non-forfeitable 50% at December 31, 2015 and 50% at December 31, 2016.

Incentive Award Plan and Indepe

Incentive Award Plan and Independent Director Compensation	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive Award Plan and Independent Director Compensation	Incentive Award Plan and Independent Director Compensation The Company has adopted an incentive plan (the “Incentive Award Plan”) that provides for the grant of equity awards to its employees, directors and consultants and those of the Company’s affiliates. The Incentive Award Plan authorizes the grant of non-qualified and incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and other stock-based awards or cash-based awards. No awards have been granted under the Incentive Award Plan as of December 31, 2016 and 2015 , 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 then 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 and at the initial election of a new independent director. The Company’s initial board of directors, and each of the independent directors, agreed to delay the initial grant of restricted stock until the Company raised $2,000,000 in gross offering proceeds in the Private Offering. In addition, on the date following an independent director’s re-election to the Company’s board of directors, he or she receives 2,500 shares of restricted common stock. One-fourth of the shares of restricted common stock generally vest and become non-forfeitable upon issuance and the remaining portion will vest in three equal annual installments beginning on the date of grant and ending on the third anniversary of the date of grant; provided, however, that the restricted stock will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability, or (2) a change in control of the Company and as otherwise provided in the Incentive Award Plan. On August 5, 2014 , the Company granted each of the four independent directors 2,500 shares of restricted stock upon re-election to the Company’s board of directors. On August 10, 2015, the Company’s board of directors granted 2,000 shares of restricted common stock pursuant to the Incentive Award Plan to each of Larry H. Dale and Kerry D. Vandell in appreciation of their service as independent directors and commitment to the Company for their prior years of service as independent directors, all of which vested immediately. On August 11, 2015, the Company granted each of the two independent directors 2,500 shares of restricted common stock upon re-election to the Company’s board of directors. On August 11, 2015, the Company granted 5,000 shares of restricted common stock to its new independent director. On August 9, 2016 , the Company granted 2,500 shares of restricted common stock to each of its three independent directors upon their re-election to the Company’s board of directors at the 2016 annual meeting of stockholders. The Company recorded stock-based compensation expense of $76,285 , $184,350 and $118,145 for the years ended December 31, 2016 , 2015 and 2014 respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Economic Dependency The Company is dependent on the Advisor and its affiliates for certain services that are essential to the Company, including the sale of the Company’s shares of common and preferred stock available for issue; the identification, evaluation, negotiation, purchase, and disposition of real estate and real estate-related investments; management of the daily operations of the Company’s real estate and real estate-related investment portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, the Company will be required to obtain such services from other sources. Concentration of Credit Risk The geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the Houston, Texas, Chicago, Illinois and Austin, Texas apartment markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, relocations of businesses, increased competition from other apartment communities, decrease in demand for apartments or any other changes, could adversely affect the Company’s operating results and its ability to make distributions to stockholders. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. Legal Matters From time to time, the Company is subject, or party, to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on the Company’s results of operations or financial condition nor is the Company aware of any such legal proceedings contemplated by government agencies.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company uses interest rate derivatives with the objective of managing exposure to interest rate movements thereby minimizing the effect of interest rate changes and the effect they could have on future cash flows. Interest rate cap agreements are used to accomplish this objective. As of December 31, 2016 , the Company had 43 interest rate cap agreements with notional amounts totaling $973,400,000 . The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at December 31, 2016 and 2015 : December 31, 2016 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 4/1/2017 - 10/1/2019 One-Month LIBOR 43 $ 973,400,000 0.77 % 2.70 % $ 618,841 December 31, 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 - 10/1/2019 One-Month LIBOR 30 $ 637,110,000 0.43 % 2.68 % $ 298,143 The interest rate cap agreements are not designated as cash flow hedges. Accordingly, the Company records any changes in the fair value of the interest rate cap agreements as interest expense. The change in the fair value of the interest rate cap agreements for the years ended December 31, 2016 , 2015 and 2014 resulted in an unrealized gain ( loss ) of $61,698 , $(2,032,746) and $(4,353,301) , respectively, which is included in interest expense in the accompanying consolidated statements of operations. During the years ended December 31, 2016 and 2015 , the Company acquired interest rate cap agreements of $259,000 and 351,950 . The fair value of interest rate cap agreements of $618,841 and $298,143 are included in other assets, net on the accompanying consolidated balance sheets.

Selected Quarterly Results (una

Selected Quarterly Results (unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Results (unaudited)	Selected Quarterly Results (unaudited) Presented below is a summary of the Company’s unaudited quarterly financial information for the years ended December 31, 2016 and 2015 : First Quarter Second Quarter Third Quarter Fourth Quarter Total 2016 Revenues $ 52,906,908 $ 54,022,623 $ 56,371,925 $ 54,936,076 $ 218,237,532 Net loss (3,618,142 ) (8,039,220 ) (9,699,187 ) (4,223,102 ) (25,579,651 ) Loss per common share, basic and diluted (0.05 ) (0.11 ) (0.13 ) (0.05 ) (0.34 ) Distributions declared per common share 0.178 0.178 0.180 0.180 0.716 2015 Revenues $ 51,051,301 $ 52,243,802 $ 53,166,421 $ 52,929,134 $ 209,390,658 Net loss (3,830,646 ) (2,904,429 ) (3,603,728 ) (2,685,555 ) (13,024,358 ) Loss per common share, basic and diluted (0.05 ) (0.04 ) (0.05 ) (0.04 ) (0.18 ) Distributions declared per common share 0.177 0.179 0.181 0.181 0.718

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated all subsequent event activity through the date these consolidated financial statements were available to be issued. Distributions Paid On January 3, 2017 , the Company paid distributions of $4,625,355 , which related to distributions declared for each day in the period from December 1, 2016 through December 31, 2016 . All such distributions were paid in cash. On February 1, 2017 , the Company paid distributions of $4,639,320 , which related to distributions declared for each day in the period from January 1, 2017 through January 31, 2017 . All such distributions were paid in cash. On March 1, 2017 , the Company paid distributions of $4,180,195 , which related to distributions declared for each day in the period from February 1, 2017 through February 28, 2017 . All such distributions were paid in cash. Redemption On January 31, 2017 , the Company redeemed 183,955 shares of its common stock for a total redemption value of $2,000,000 , or $10.87 per share, pursuant to the Company’s share repurchase program. Estimated Value per Share On February 15, 2017 , the Company’s board of directors determined an estimated value per share of the Company’s common stock of $11.65 as of December 31, 2016 . In connection with the determination of the estimated value per share, redemptions pursuant to our share repurchase program will be based on a price of $11.65 commencing on the repurchase date for the quarter ended March 31, 2017.

Scheule III. REAL ESTATE AND AC

Scheule III. REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate Assets and Accumulated Depreciation and Amortization	Description Location Owner-ship Percent Encumbrances (1) Initial Cost of Company Cost Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Original Date of Construction Date Acquired Land Building and Improvements (2) Total Land Building and Improvements (2) Total (3) Park Place Condominiums Des Moines, IA 100% $ 4,684,652 $ 500,000 $ 7,823,400 $ 8,323,400 $ 1,336,729 $ 410,000 $ 8,435,749 $ 8,845,747 $ (2,170,351 ) 1986 12/22/10 Clarion Park Apartments Olathe, KS 100% 8,136,274 1,470,991 9,744,009 11,215,000 658,698 1,470,991 10,120,792 11,591,783 (2,313,011 ) 1994 6/28/11 Cooper Creek Village Louisville, KY 100% 6,224,663 593,610 9,826,390 10,420,000 593,397 593,610 10,235,577 10,829,187 (2,260,840 ) 1997 8/24/11 Truman Farm Villas Grandview, MO 100% 5,465,173 842,987 8,257,013 9,100,000 998,241 842,987 9,014,625 9,857,612 (2,054,821 ) 2008 12/22/11 EBT Lofts Kansas City, MO 100% 5,167,644 460,362 8,114,638 8,575,000 712,494 460,362 8,484,814 8,945,176 (1,721,239 ) 1899 12/30/11 Windsor on the River Cedar Rapids, IA 100% 22,650,962 3,381,946 29,618,054 33,000,000 1,904,731 3,381,946 30,329,856 33,711,802 (6,149,216 ) 1982 1/26/12 Renaissance St. Andrews Louisville, KY 100% 8,509,637 838,685 11,661,315 12,500,000 928,954 838,685 12,347,865 13,186,550 (2,588,524 ) 2001 2/17/12 Spring Creek of Edmond Edmond, OK 100% 12,854,648 2,346,503 17,602,343 19,948,846 749,023 2,346,503 17,945,974 20,292,477 (3,665,352 ) 1974 3/9/12 Montclair Parc Apartments Oklahoma City, OK 100% 22,770,672 3,325,556 32,424,444 35,750,000 1,354,603 3,325,556 32,593,452 35,919,008 (6,044,463 ) 1999 4/26/12 Sonoma Grande Apartments Tulsa, OK 100% 21,372,685 2,737,794 29,462,206 32,200,000 670,190 2,737,794 29,582,783 32,320,577 (5,582,829 ) 2009 5/24/12 Estancia Apartments Tulsa, OK 100% 20,738,073 2,544,634 27,240,628 29,785,262 638,375 2,544,634 27,357,439 29,902,073 (5,004,351 ) 2006 6/29/12 Montelena Apartments Round Rock, TX 100% 11,617,425 1,860,351 17,375,907 19,236,258 1,118,408 1,860,351 18,039,155 19,899,506 (3,331,915 ) 1998 7/13/12 Valley Farms Apartments Louisville, KY 100% 9,580,194 724,771 14,375,229 15,100,000 468,483 724,771 14,583,123 15,307,894 (2,535,034 ) 2007 8/30/12 Hilliard Park Apartments Hilliard, OH 100% 12,935,281 1,413,437 18,484,692 19,898,129 750,143 1,413,437 18,829,514 20,242,951 (3,210,369 ) 2000 9/11/12 Sycamore Terrace Apartments Terre Haute, IN 100% 17,794,863 1,321,194 21,852,963 23,174,157 253,629 1,321,194 21,661,008 22,982,202 (3,474,702 ) 2011/2013 9/20/12, 3/5/14 Hilliard Summit Apartments Hilliard, OH 100% 15,710,108 1,536,795 22,639,028 24,175,823 299,652 1,536,795 22,490,028 24,026,823 (3,730,353 ) 2012 9/28/12 Springmarc Apartments San Marcos, TX 100% 14,478,724 1,917,909 20,027,929 21,945,838 191,528 1,917,909 19,787,579 21,705,488 (3,360,558 ) 2008 10/19/12 Renaissance at St. Andrews Condominiums Louisville, KY 100% — 92,255 1,282,745 1,375,000 372,603 92,255 1,628,683 1,720,938 (315,718 ) 2001 10/31/12 Ashley Oaks Apartments San Antonio, TX 100% 24,599,195 3,819,796 26,970,204 30,790,000 3,143,971 3,819,796 29,378,393 33,198,189 (5,492,084 ) 1985 11/29/12 Arrowhead Apartments Palatine, IL 100% 11,780,189 2,094,728 14,655,272 16,750,000 522,991 2,094,728 14,775,664 16,870,392 (2,483,129 ) 1976 11/30/12 The Moorings Apartments Roselle, IL 100% 14,240,269 2,250,208 17,999,792 20,250,000 1,704,628 2,250,208 19,282,954 21,533,162 (3,223,466 ) 1976 11/30/12 Description Location Owner-ship Percent Encumbrances (1) Initial Cost of Company Cost Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Original Date of Construction Date Acquired Land Building and Improvements (2) Total Land Building and Improvements (2) Total (3) Forty-57 Apartments Lexington, KY 100% $ 37,031,543 $ 3,055,614 $ 49,444,386 $ 52,500,000 $ 991,127 $ 3,055,614 $ 49,673,628 $ 52,729,242 $ (8,009,307 ) 2008 12/20/12 Keystone Farms Apartments Nashville, TN 100% 5,838,649 1,052,401 7,347,599 8,400,000 419,971 1,052,401 7,587,711 8,640,112 (1,302,888 ) 1998 12/28/12 Riverford Crossing Apartments Frankfort, KY 100% 21,047,995 2,595,387 27,404,613 30,000,000 561,378 2,595,387 27,423,957 30,019,344 (4,543,289 ) 2011 12/28/12 Valley Farms North Louisville, KY 100% 9,670,974 2,212,402 3,062,598 5,275,000 9,431,261 2,212,402 12,427,823 14,640,225 (1,002,296 ) 2010 12/28/12 Montecito Apartments Austin, TX 100% 13,398,273 3,081,522 15,918,478 19,000,000 2,010,551 3,081,522 17,494,833 20,576,355 (3,127,534 ) 1984 12/31/12 Hilliard Grand Apartments Dublin, OH 100% 29,112,914 2,657,734 38,012,528 40,670,262 346,192 2,657,734 37,542,053 40,199,787 (5,809,899 ) 2010 12/31/12 The Hills at Fair Oaks Fair Oaks Ranch, TX 100% 23,877,008 3,008,363 31,700,639 34,709,002 225,562 3,008,363 31,300,409 34,308,772 (4,985,452 ) 2012 1/31/13 Library Lofts East Kansas City, MO 100% 8,517,144 1,669,405 11,080,595 12,750,000 320,683 1,669,405 11,195,311 12,864,716 (1,760,405 ) 1906/1923 2/28/13 The Trails at Buda Ranch Buda, TX 100% 20,793,446 2,504,114 20,495,886 23,000,000 619,347 2,504,114 20,609,163 23,113,277 (3,101,817 ) 2009 3/28/13 Deep Deuce at Bricktown Oklahoma City, OK 100% 25,019,201 2,529,318 37,266,648 39,795,966 5,389,403 2,529,318 41,980,975 44,510,293 (7,658,658 ) 2001 3/28/13 Deer Valley Apartments Lake Bluff, IL 100% 22,796,336 2,494,142 26,105,858 28,600,000 1,281,791 2,494,142 26,858,741 29,352,883 (4,166,884 ) 1991 4/30/13 Grayson Ridge North Richland, TX 100% 13,873,891 1,594,099 12,705,901 14,300,000 1,490,206 1,594,099 13,842,333 15,436,432 (2,328,649 ) 1988 5/31/13 Rosemont at Olmos Park San Antonio, TX 100% 14,113,839 2,064,447 19,985,553 22,050,000 418,637 2,064,447 19,981,067 22,045,514 (2,816,561 ) 1995 5/31/13 Retreat at Quail North Oklahoma City, OK 100% 16,686,497 1,700,810 24,025,543 25,726,353 289,501 1,700,810 23,826,401 25,527,211 (3,528,686 ) 2012 6/12/13 The Lodge at Trails Edge Indianapolis, IN 100% 12,053,618 2,389,613 16,128,107 18,517,720 480,803 2,389,613 16,223,290 18,612,903 (2,345,643 ) 1981 6/18/13 Arbors of Carrollton Carrollton, TX 100% 5,970,787 1,424,432 7,560,527 8,984,959 626,698 1,424,432 7,963,035 9,387,467 (1,303,824 ) 1984 7/3/13 Waterford on the Meadow Plano, TX 100% 15,850,173 2,625,024 20,849,131 23,474,155 2,681,671 2,625,024 22,965,636 25,590,660 (3,345,355 ) 1984 7/3/13 The Belmont Grand Prairie, TX 100% 8,817,677 1,550,028 11,264,510 12,814,538 804,563 1,550,028 11,706,430 13,256,458 (1,690,496 ) 1983 7/26/13 Meritage at Steiner Ranch Austin, TX 100% 58,137,072 7,353,620 73,356,373 80,709,993 7,787,008 7,353,620 79,692,598 87,046,218 (11,642,139 ) 2001 8/6/13 Tapestry Park Apartments Birmingham , AL 100% 43,595,145 3,277,884 47,118,797 50,396,681 172,341 3,277,884 46,652,674 49,930,558 (6,345,414 ) 2012/2014 8/13/13, 12/1/14 Dawntree Apartments Carrollton, TX 100% 15,138,014 3,135,425 21,753,469 24,888,894 1,806,673 3,135,425 22,957,681 26,093,106 (3,441,941 ) 1982 8/15/13 Stuart Hall Lofts Kansas City, MO 100% 15,968,742 1,585,035 15,264,965 16,850,000 132,759 1,585,035 15,112,965 16,698,000 (2,092,972 ) 1910 8/27/13 Description Location Owner-ship Percent Encumbrances (1) Initial Cost of Company Cost Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Original Date of Construction Date Acquired Land Building and Improvements (2) Total Land Building and Improvements (2) Total (3) BriceGrove Park Apartments Canal Winchester, OH 100% $ 17,072,164 $ 1,596,212 $ 18,503,788 $ 20,100,000 $ 610,535 $ 1,596,212 $ 18,663,503 $ 20,259,715 $ (2,646,653 ) 2002 8/29/13 Retreat at Hamburg Place Lexington, KY 100% 12,031,675 1,605,839 14,694,161 16,300,000 282,991 1,605,839 14,649,237 16,255,076 (2,076,333 ) 2013 9/5/13 Cantare at Indian Lake Village Nashville, TN 100% 28,090,912 2,489,757 26,510,243 29,000,000 229,795 2,489,757 26,278,537 28,768,294 (3,528,727 ) 2013 9/24/13 Landing at Mansfield Mansfield, TX 100% 27,151,099 3,375,831 27,524,169 30,900,000 461,928 3,375,831 27,353,633 30,729,464 (3,624,415 ) 2006 9/27/13 The Heights Apartments Houston, TX 100% 38,211,186 9,869,925 27,130,075 37,000,000 2,525,594 9,869,925 28,293,938 38,163,863 (4,550,038 ) 1977 9/30/13 Villas at Huffmeister Houston, TX 100% 27,136,015 5,858,663 31,741,337 37,600,000 1,313,137 5,858,663 32,334,058 38,192,721 (4,551,111 ) 2007 10/10/13 Villas at Kingwood Kingwood, TX 100% 35,269,793 6,512,468 33,637,532 40,150,000 1,686,569 6,512,468 34,535,279 41,047,747 (4,873,640 ) 2008 10/10/13 Waterford Place at Riata Ranch Cypress, TX 100% 17,251,113 3,184,857 20,215,143 23,400,000 841,041 3,184,857 20,556,194 23,741,051 (2,935,027 ) 2008 10/10/13 Carrington Place Houston, TX 100% 27,260,883 5,450,417 27,449,583 32,900,000 1,271,692 5,450,417 28,027,114 33,477,531 (3,858,036 ) 2004 11/7/13 Carrington Champion Forest Houston, TX 100% 24,861,504 3,760,329 29,239,671 33,000,000 1,079,818 3,760,329 29,703,594 33,463,923 (4,067,232 ) 2008 11/7/13 Carrington Park at Huffmeister Houston, TX 100% 20,204,368 3,241,747 21,908,253 25,150,000 926,359 3,241,747 22,310,267 25,552,014 (3,121,645 ) 2008 11/7/13 Willow Crossing Elk Grove Village, IL 100% 57,611,490 8,091,870 49,908,130 58,000,000 6,225,527 8,091,870 54,418,750 62,510,620 (7,844,662 ) 1977-81 11/20/13 Echo at Katy Ranch Katy, TX 100% — 4,402,862 30,419,853 34,822,715 341,550 4,402,862 30,287,683 34,690,545 (3,808,330 ) 2013 12/19/13 Heritage Grand at Sienna Plantation Missouri City, TX 100% 17,245,125 3,776,547 22,762,411 26,538,958 321,845 3,776,547 22,538,115 26,314,662 (2,942,740 ) 2012 12/20/13 Audubon Park Nashville, TN 100% 16,338,651 2,489,428 14,260,572 16,750,000 4,274,554 2,489,428 18,116,033 20,605,461 (2,766,635 ) 1968 12/27/13 Mallard Crossing Loveland, OH 100% 33,488,573 2,383,256 37,416,744 39,800,000 957,780 2,383,256 37,703,951 40,087,207 (4,541,177 ) 1997 12/27/13 Renaissance at Carol Stream Carol Stream, IL 100% 23,028,160 4,605,682 24,544,318 29,150,000 1,174,704 4,605,682 25,145,094 29,750,776 (3,160,231 ) 1972 12/31/13 Reserve at Creekside Chattanooga, TN 100% 14,190,376 1,344,233 17,530,767 18,875,000 282,030 1,344,233 17,460,773 18,805,006 (2,038,086 ) 2004 3/28/14 Mapleshade Park Dallas, TX 100% 19,235,309 3,585,171 19,739,829 23,325,000 1,788,113 3,585,171 20,919,343 24,504,514 (2,555,555 ) 1995 3/31/14 Richland Falls Murfreesboro, TN 100% 20,137,110 1,306,794 19,693,206 21,000,000 10,079,447 1,306,794 29,502,008 30,808,802 (2,206,780 ) 2012-13 5/16/14 Oak Crossing Fort Wayne, IN 100% 17,644,671 2,005,491 22,224,509 24,230,000 231,175 2,005,491 22,039,213 24,044,704 (2,286,220 ) 2012-13 6/3/14 Park Shore St. Charles, IL 100% 15,635,835 1,619,712 16,730,288 18,350,000 1,194,761 1,619,712 17,416,478 19,036,190 (1,698,378 ) 1965 9/12/14 $ 1,217,716,280 $ 174,192,422 $ 1,459,075,487 $ 1,633,267,909 $ 95,760,542 $ 174,102,422 $ 1,520,176,536 $ 1,694,278,958 $ (232,744,083 ) ________________ (1) Encumbrances include the unamortized portion of loan premiums (discounts) on assumed debt allocated to individual assets in the aggregate amount of $2.2 million and net deferred financing costs of $8,846,909 as of December 31, 2016 . (2) Building and improvements include tenant origination and absorption costs and other intangible assets. (3) The aggregate cost of real estate for federal income tax purposes was $1.75 billion (unaudited) as of December 31, 2016 . A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Real estate: Balance at the beginning of the year $ 1,666,901,082 $ 1,636,953,413 $ 1,519,883,478 Acquisitions — — 130,339,157 Improvements 28,485,659 30,484,330 26,806,872 Cost of real estate sold — — (22,738,038 ) Write-off of disposed and fully depreciated and fully amortized assets (1,107,783 ) (536,661 ) (17,338,056 ) Balance at the end of the year $ 1,694,278,958 $ 1,666,901,082 $ 1,636,953,413 Accumulated depreciation and amortization: Balance at the beginning of the year $ 163,445,987 $ 98,342,452 $ 48,920,319 Depreciation and amortization expense 69,513,484 65,640,196 69,681,177 Write-off of accumulated depreciation and amortization of real estate assets sold — — (2,920,988 ) Write-off of disposed and fully depreciated and fully amortized assets (215,388 ) (536,661 ) (17,338,056 ) Balance at the end of the year $ 232,744,083 $ 163,445,987 $ 98,342,452

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
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 consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Real Estate Assets	Real Estate Assets Depreciation and Amortization Real estate costs related to the development, construction and improvement of properties are capitalized. Acquisition costs related to business combinations are expensed as incurred. Acquisition costs related to asset acquisitions are capitalized. Repair and maintenance and tenant turnover costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: Buildings 27.5 years Building improvements 5-25 years Tenant improvements Shorter of lease term or expected useful life Tenant origination and absorption costs Remaining term of related lease Furniture, fixtures, and equipment 5-10 years Real Estate Purchase Price Allocation The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. Acquisition costs related to business combinations are expensed as incurred. The Company assesses the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Intangible assets include the value of in-place leases, which represents the estimated value of the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company estimates the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, the Company estimates the amount of lost rentals using market rates during the expected lease-up periods. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases. Should a tenant terminate its lease, the unamortized portion of the in-place lease value and customer relationship intangibles would be charged to expense in that period. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) the Company’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as a reduction or increase to rental income over the remaining non-cancelable terms of the respective leases. The total amount of other lease-related intangible assets acquired will be further allocated to in-place lease values and customer relationship intangible values based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with that respective tenant. Characteristics that the Company considers in allocating these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, and the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The total amount of non-lease-related intangible assets, including amenity access agreements, tax abatement agreements or other contract rights assumed as part of the acquisition of certain properties, will be allocated to other intangible assets based on the present value of the difference between contractual amounts to be paid pursuant to the contracts assumed and the Company’s estimate of the fair market contract rates for corresponding contracts measured over a period equal to the remaining non-cancelable term of the contracts assumed. Other intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related contracts. Estimates of the fair values of the tangible assets, identifiable intangible assets and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Sale of Real Estate Assets Property sales or dispositions are recorded when title transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with GAAP. The Company classifies real estate assets as real estate held for sale once the criteria, as defined by GAAP, have been met. Impairment of Real Estate Assets The Company accounts for its real estate assets in accordance with ASC 360— Property, Plant and Equipment (“ASC 360”). ASC 360 requires the Company to continually monitor events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets and liabilities may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company records an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets and liabilities. If any assumptions, projections or estimates regarding an asset changes in the future, the Company may have to record an impairment to reduce the net book value of such individual asset.
Rents and Other Receivables	Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Due to the short-term nature of the operating leases, the Company does not maintain a deferred rent receivable related to the straight-lining of rents.
Revenue Recognition	Revenue Recognition The Company leases apartment and condominium units under operating leases with terms generally of one year or less. Generally, credit investigations are performed for prospective residents and security deposits are obtained. The Company will recognize minimum rent, including rental abatements, concessions and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease and amounts expected to be received in later years will be recorded as deferred rents. The Company records property operating expense reimbursements due from tenants for common area maintenance, real estate taxes, and other recoverable costs in the period the related expenses are incurred. The Company recognizes gains on sales of real estate either in total or deferred for a period of time, depending on whether a sale has been consummated, the extent of the buyer’s investment in the property being sold, whether the receivable is subject to future subordination, and the degree of the Company’s continuing involvement with the property after the sale. If the criteria for profit recognition under the full-accrual method are not met, the Company will defer gain recognition and account for the continued operations of the property by applying the percentage-of-completion, reduced profit, deposit, installment or cost recovery method, as appropriate, until the appropriate criteria are met.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. As of December 31, 2016 and 2015 , the Company had amounts in excess of federally insured limits in deposit accounts with a financial institution. The Company limits such deposits to financial institutions with high credit standing. Restricted Cash Restricted cash represents those cash accounts for which the use of funds is restricted by loan covenants. As of December 31, 2016 and 2015 , the Company had a restricted cash balance of $27,553,851 and $27,700,811 , respectively, which represents amounts set aside as impounds for future property tax payments, property insurance payments and tenant improvement payments as required by agreements with the Company’s lenders.
Short-term Investments	Short-term Investments Short-term investments consist of any highly-liquid securities that have an original maturity of less than one year but greater than three months at the time of purchase. As of December 31, 2016 , short-term investments consisted of $30,000,000 held in a certificate of deposit and are included in short-term investments on the consolidated balance sheets. No short-term investments were held as of December 31, 2015 . The short-term investment is classified as held-to-maturity and was recorded at the amortized cost on the accompanying consolidated balance sheets. During the year ended December 31, 2016 , $84,750 was included in tenant reimbursements and other on the accompanying consolidated statements of operations.
Deferred Financing Costs	Deferred Financing Costs The Company capitalizes deferred financing costs such as commitment fees, legal fees and other third party costs associated with obtaining commitments for financing that result in a closing of such financing, as a contra liability against the respective outstanding debt balances. The Company amortizes these costs over the terms of the respective financing agreements using the effective interest method. The Company expenses unamortized deferred financing costs when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close.
Derivative Financial Instruments	Derivative Financial Instruments The Company accounts for its derivative financial instruments in accordance with ASC 815— Derivatives and Hedging . The Company’s objective in using derivatives is to add stability to interest expense and to manage the Company’s exposure to interest rate movements or other identified risks. To accomplish these objectives, the Company may use various types of derivative instruments to manage fluctuations in cash flows resulting from interest rate risk attributable to changes in the benchmark interest rate of LIBOR or other applicable benchmark rates. The Company measures its derivative instruments and hedging activities at fair value and records them as an asset or liability, depending on its rights or obligations under the applicable derivative contract. For derivatives designated as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged items are recorded in earnings. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portions of changes in fair value of the derivatives are reported in other comprehensive income (loss) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedges and ineffective portions of hedges are recognized in earnings in the affected period. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction.
Fair Value Measurements	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 - The Company has entered into certain interest rate cap agreements. These derivatives did not qualify as fair value hedges. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the 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, short-term investments, rents and other receivables, accounts payable and accrued liabilities, distributions payable, 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 distributions payable to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The Company considers the carrying value of short-term investments to approximate fair value as it was recorded at amortized cost. 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 notes payable is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities.
Accounting for Stock-Based Compensation	Accounting for Stock-Based Compensation The Company amortizes the fair value of stock-based compensation awards to expense over the vesting period and records any dividend equivalents earned as dividends for financial reporting purposes. Stock-based compensation awards to independent directors are valued at the fair value on the date of grant and amortized as an expense over the vesting period. Awards to non-employees are remeasured at fair value each reporting period and amortized as an expense over the vesting period.
Distribution Policy	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. Distribution Policy The Company has elected to be taxed as a REIT and to operate as a REIT beginning with its taxable year ended December 31, 2010. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP).
Operating Expenses	Operating Expenses Pursuant to the Advisory Agreement, the Company is limited in the amount of certain operating expenses it may record on a rolling four-quarter basis to the greater of 2% of average invested assets and 25% of net income. Operating expenses include all costs and expenses incurred by the Company, as determined under GAAP, that in any way are related to the operation of the Company, excluding expenses of raising capital, interest payments, taxes, property operating expenses, non-cash expenditures, incentive fees, acquisition fees and expenses and investment management fees.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code beginning with the tax year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including the requirement to distribute at least 90% of the Company’s annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes it is organized and operates in such a manner as to qualify for treatment as a REIT. The Company follows the Income Taxes Topic of the ASC to recognize, measure, present and disclose in its accompanying consolidated financial statements uncertain tax positions that the Company has taken or expects to take on a tax return.
Per Share Data	Per Share Data Basic earnings (loss) per share attributable to common stockholders for all periods presented are computed by dividing net income (loss) by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share is 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 assume each share was issued and outstanding each day during the period. Nonvested shares of the Company’s restricted common stock give rise to potentially dilutive shares of the Company’s common stock, but such shares were excluded from the computation of diluted earnings (loss) per share because such shares were anti-dilutive during the period. In accordance with FASB ASC Topic 260-10-45, Earnings Per Share , the Company uses the two-class method to calculate earnings (loss) per share. Basic earnings (loss) per share is calculated based on dividends declared (“distributed earnings”) and the rights of common shares and participating securities in any undistributed earnings, which represents net income (loss) remaining after deduction of dividends declared during the period. The undistributed earnings (loss) are allocated to all outstanding common shares based on the relative percentage of each class of shares.
Segment Disclosure	Segment Disclosure The Company has determined that it has one reportable segment with activities related to investing in multifamily properties. The Company’s investments in real estate are in different geographic regions, and management evaluates operating performance on an individual asset level. However, as each of the Company’s assets has similar economic characteristics, tenants and products and services, its assets have been aggregated into one reportable segment.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued 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 August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) , which delayed 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 anticipates selecting the modified retrospective transition method with a cumulative effect recognized as of the date of adoption and will adopt the new standard effective January 1, 2018. The Company is continuing to evaluate the standard; however, the Company does not expect its adoption to have a material impact on the consolidated financial statements, as rental income from leasing arrangements is specifically excluded from the standard. 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 did not experience 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. The Company did not experience a material impact from adopting this new guidance. In February 2015, the FASB issued ASU 2015-02, Consolidation , which makes changes to both the variable interest model and the voting model of consolidation. Under ASU 2015-02, companies will need to re-evaluate whether an entity meets the criteria to be considered a variable interest entity (“VIE”) or whether the consolidation of an entity should be assessed under the voting model. The new standard specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. The new standard was effective for the Company beginning on January 1, 2016. The adoption of the new standard did not result in the consolidation of entities not previously consolidated or the deconsolidation of any entities previously consolidated. Upon adopting the new standard, the Operating Partnership became a VIE as the limited partner lacks substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of, and continues to consolidate, the Operating Partnership determined to be a VIE. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , as amended in August 2015 by ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, 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 FASB will permit debt issuance costs related to line-of-credit arrangements to be deferred and presented as an asset and subsequently amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. 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 reclassified net debt issuance costs of $8,846,909 and $6,697,472 as of December 31, 2016 and 2015 , respectively, related to mortgage notes payable from other assets, net to mortgage notes payable, net on the consolidated balance sheets. In February 2016, the FASB issued ASU 2016-02, Leases , amending the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The guidance will be effective in the first quarter of 2019 and allows for early adoption. The Company is continuing to evaluate the standard; however, we do not expect its adoption to have a material impact on the consolidated financial statements, as lessor accounting for leases will be substantially equivalent to existing guidance. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting , that simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. The guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years. The Company is currently evaluating the impact of this guidance. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), that clarifies how certain cash receipts and cash payments should be classified on the statement of cash flows. This ASU addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. Upon adoption, the Company reclassified payments for debt extinguishment costs of $3,202,337 , $0 and $1,794,001 from cash flows from operating activities to cash flows from financing activities as of December 31, 2016 , 2015 and 2014 , respectively. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU No. 2016-18”). ASU No. 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. ASU No. 2016-18 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the definition of business , that clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. This ASU provides a screen to determine when a set is not a business. If the screen is not met, it (1) requires that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) removes the evaluation of whether a market participant could replace the missing elements. The guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The Company does not expect there to be a material impact from adopting this new guidance.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Useful Lives of Assets by Class	The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: Buildings 27.5 years Building improvements 5-25 years Tenant improvements Shorter of lease term or expected useful life Tenant origination and absorption costs Remaining term of related lease Furniture, fixtures, and equipment 5-10 years
Summary of Assets Required to be Measured at Fair Value on a Recurring Basis	The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: December 31, 2016 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 618,841 $ — December 31, 2015 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 298,143 $ —

Other Assets, Net (Tables)

Other Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization	As of December 31, 2016 and 2015 , other assets, net of accumulated amortization, consisted of: December 31, 2016 2015 Deferred financing costs $ — $ 660,585 Less: accumulated amortization — (547,402 ) — 113,183 Prepaid expenses 3,041,353 2,648,238 Interest rate cap agreements (Note 11) 618,841 298,143 Other deposits 1,126,568 1,269,287 Other assets, net $ 4,786,762 $ 4,328,851

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles	As of December 31, 2016 and 2015 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: December 31, 2016 Assets Land Building and Improvements Other Intangible Assets Construction-in-Progress Total Real Estate Investments in real estate $ 174,102,422 $ 1,517,532,273 $ 2,644,263 $ — $ 1,694,278,958 Less: Accumulated depreciation and amortization — (232,198,052 ) (546,031 ) — (232,744,083 ) Net investments in real estate and related lease intangibles $ 174,102,422 $ 1,285,334,221 $ 2,098,232 $ — $ 1,461,534,875 December 31, 2015 Assets Land Building and Improvements Other Intangible Assets Construction-in-Progress Total Real Estate Investments in real estate $ 174,102,422 $ 1,487,961,762 $ 2,644,263 $ 2,192,635 $ 1,666,901,082 Less: Accumulated depreciation and amortization — (163,053,124 ) (392,863 ) — (163,445,987 ) Net investments in real estate and related lease intangibles $ 174,102,422 $ 1,324,908,638 $ 2,251,400 $ 2,192,635 $ 1,503,455,095
Schedule of Future Amortization of Acquired Other Intangible Assets	The future amortization of the Company’s acquired other intangible assets as of December 31, 2016 and thereafter is as follows: 2017 $ 153,168 2018 153,168 2019 153,168 2020 153,168 2021 153,168 Thereafter 1,332,392 $ 2,098,232
Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants	The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of December 31, 2016 and thereafter is as follows: 2017 $ 238,140 2018 259,143 2019 180,858 2020 74,313 2021 76,535 Thereafter 264,345 $ 1,093,334

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2016
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 December 31, 2016 and 2015 : December 31, 2016 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed 37 10/1/2017 - 10/1/2056 3.19 % 5.94 % 4.06 % $ 471,344,145 Mortgage notes payable - variable (1) 21 8/31/2017 - 1/1/2026 1-Mo LIBOR + 1.65% 1-Mo LIBOR + 2.65% 3.05 % 517,885,675 Total mortgage notes payable 58 3.52 % 989,229,820 Premium, net (2) 2,208,619 Deferred financing costs, net (3) (6,358,285 ) Total mortgage notes payable, net $ 985,080,154 December 31, 2015 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed 37 10/1/2017 - 1/1/2053 3.31 % 5.94 % 4.32 % $ 477,139,001 Mortgage notes payable - variable (1) 30 5/16/2017 - 1/1/2026 1-Mo LIBOR + 1.62% 1-Mo LIBOR + 2.75% 2.77 % 641,859,365 Total mortgage notes payable 67 3.44 % 1,118,998,366 Premium/discount, net (2) 3,452,005 Deferred financing costs, net (3) (6,697,472 ) Total mortgage notes payable, net $ 1,115,752,899 _______________ (1) 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. (2) The following table summarizes the debt premiums and discounts as of December 31, 2016 , 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 December 31, 2016 Amortization of Net Debt Premium During the Years Ended December 31, 2016 2015 2014 $ 2,208,619 $ 1,243,385 $ 1,234,793 $ 1,234,793 (3) The following table summarizes the deferred financing costs, net related to mortgage notes payable as of December 31, 2016 and December 31, 2015 : December 31, 2016 2015 Deferred financing costs $ 10,104,244 $ 10,140,097 Less: accumulated amortization (3,745,959 ) (3,442,625 ) Deferred financing costs, net $ 6,358,285 $ 6,697,472
Summary of Debt Premiums and Discounts	The following table summarizes the debt premiums and discounts as of December 31, 2016 , 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 December 31, 2016 Amortization of Net Debt Premium During the Years Ended December 31, 2016 2015 2014 $ 2,208,619 $ 1,243,385 $ 1,234,793 $ 1,234,793
Summary of Deferred Finance Costs	The following table summarizes the deferred financing costs, net related to mortgage notes payable as of December 31, 2016 and December 31, 2015 : December 31, 2016 2015 Deferred financing costs $ 10,104,244 $ 10,140,097 Less: accumulated amortization (3,745,959 ) (3,442,625 ) Deferred financing costs, net $ 6,358,285 $ 6,697,472
Schedule of Line of Credit Facilities	As of December 31, 2016 , the advances obtained under the credit facility on July 29, 2016 are summarized in the following table: Collateralized Property (1) Amount of Advance Ashley Oaks Apartment Homes $ 24,867,500 Trails at Buda Ranch 21,025,000 Deer Valley Apartments 22,982,500 Carrington Park at Huffmeister 20,430,500 Carrington Place 27,535,500 Carrington at Champion Forest 25,121,250 Audubon Park Apartments 16,602,500 Oak Crossing 17,980,000 Meritage at Steiner Ranch 58,580,000 $ 235,124,750 Deferred financing costs, net on credit facility (2) (2,488,624 ) Credit facility, net $ 232,636,126 ___________ (1) Each property is pledged as collateral for repayment of all amounts advanced under the credit facility. (2) Accumulated amortization related to deferred financing costs for the credit facility as of December 31, 2016 , was $433,522 .
Summary of Aggregate Maturities	The following is a summary of the Company’s aggregate maturities as of December 31, 2016 : Maturities During the Years Ending December 31, Contractual Obligation Total 2017 2018 2019 2020 2021 Thereafter Principal payments on outstanding debt obligations (1) $ 1,224,354,570 $ 50,172,191 $ 76,235,702 $ 89,447,884 $ 101,538,337 $ 279,271,221 $ 627,689,235 ________________ (1) Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the amortization of the deferred financing costs and debt premiums associated with certain notes payable.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Schedule of Restricted Stock Issued to Independent Directors as Compensation	for the years ended December 31, 2016 , 2015 and 2014 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, upon their departure from the board of directors, or in appreciation of their service and commitment to the Company is as follows: 2016 2015 2014 Nonvested shares at the beginning of the year 11,250 16,875 18,750 Granted shares 7,500 14,000 10,000 Vested shares (6,875 ) (19,625 ) (11,875 ) Nonvested shares at the end of the year 11,875 11,250 16,875 The weighted average fair value of restricted stock issued to the Company’s independent directors for the years ended December 31, 2016 , 2015 and 2014 is as follows: Grant Year Weighted Average Fair Value 2014 $ 10.24 2015 10.35 2016 11.44
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” will equal the most recently determined Estimated Value per Share. (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 will be 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)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Schedule of Reconciliation of Net Loss Attributable to Common Stockholders and Shares used in Calculating Basic and Diluted Earnings (Loss) Per Share	The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share, or EPS, for the years ended December 31, 2016 , 2015 and 2014 : Years Ended December 31, 2016 2015 2014 Net loss attributable to the Company $ (25,579,651 ) $ (13,024,358 ) $ (25,742,292 ) Less: dividends declared on participating securities 183,805 360,446 203,990 Net loss attributable to common stockholders (25,763,456 ) (13,384,804 ) (25,946,282 ) Weighted average common shares outstanding - basic and diluted 76,195,083 76,335,114 75,450,215 Loss per common share - basic and diluted $ (0.34 ) $ (0.18 ) $ (0.34 )

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Schedule of Amounts Attributable to the Advisor and its Affiliates	Amounts attributable to the Advisor and its affiliates incurred (received) for the years ended December 31, 2016 , 2015 and 2014 are as follows: Incurred (Received) For the Year Ended December 31, 2016 2015 2014 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 14,075,818 $ 13,854,825 $ 13,252,309 Acquisition fees (1) 960 187,735 3,251,400 Acquisition expenses (2) — 7,145 587,513 Property management Fees (1) 6,406,479 6,188,525 5,802,772 Reimbursement of onsite personnel (3) 18,751,492 18,760,621 17,841,495 Other fees (1) 1,673,724 1,696,828 1,617,440 Other fees - G&A (4) 168,037 — — Other operating expenses (4) 1,232,493 1,346,002 980,195 Disposition fees (5) — — 463,688 Refinancing fee (1) 3,283,737 — — Insurance proceeds (6) (113,853 ) — — Consolidated Balance Sheets: Capitalized Construction management Fees (7) 1,493,999 1,618,438 1,391,360 Reimbursement of labor costs (7) 367,204 233,748 88,781 Prepaid insurance deductible account (8) 198,674 74,489 — Deferred financing costs (9) 139,229 — — $ 47,677,993 $ 43,968,356 $ 45,276,953 ________________ (1) Included in fees to affiliates in the accompanying consolidated statements of operations. (2) Included in acquisition costs in the accompanying consolidated statements of operations. (3) Included in operating, maintenance and management in the accompanying consolidated statements of operations. (4) Included in general and administrative expenses in the accompanying consolidated statements of operations. (5) Included in gain on sales of real estate, net in the accompanying consolidated statements of operations. (6) Included in tenant reimbursements and other in the accompanying consolidated statements of operations. (7) Included in building and improvements in the accompanying consolidated balance sheets. (8) Included in other assets, net in the accompanying consolidated balance sheets upon payment. The amortization of the prepaid insurance deductible account is included in general and administrative expenses in the accompanying consolidated statements of operations. (9) Included in mortgage notes payable, net in the accompanying consolidated balance sheets. Amounts attributable to the Advisor and its affiliates incurred and paid (received) for the years ended December 31, 2016 , 2015 and 2014 are as follows: Paid (Received) For the Year Ended December 31, 2016 2015 2014 Consolidated Statements of Operations: Expensed Investment management fees $ 14,060,587 $ 13,840,067 $ 16,627,339 Acquisition fees 960 791,135 3,296,422 Acquisition expenses — 11,147 583,511 Property management Fees 6,392,550 6,169,938 5,717,813 Reimbursement of onsite personnel 18,650,009 18,639,991 17,827,185 Other fees 1,671,282 1,721,504 1,585,747 Other fees - G&A 168,037 — — Other operating expenses 1,098,568 1,367,226 915,618 Disposition fees — — 463,688 Refinancing fee 3,283,737 — — Insurance proceeds (113,853 ) — — Consolidated Balance Sheets: Capitalized Construction management Fees 1,548,701 1,590,514 1,348,151 Reimbursement of labor costs 474,155 119,626 88,781 Prepaid insurance deductible account 248,370 148,978 — Deferred financing costs 139,229 — — Additional paid-in-capital Other offering costs reimbursement — — 3,105,246 $ 47,622,332 $ 44,400,126 $ 51,559,501 Amounts attributable to the Advisor and its affiliates that are payable (prepaid) as of December 31, 2016 and 2015 are as follows: Payable (Prepaid) as of December 31, 2016 2015 Consolidated Statements of Operations: Expensed Investment management fees $ 1,185,001 $ 1,169,770 Acquisition fees — — Acquisition expenses — — Property management Fees 534,056 520,127 Reimbursement of onsite personnel 805,274 703,791 Other fees 54,679 52,237 Other fees - G&A — — Other operating expenses 184,954 51,029 Disposition fees — — Refinancing fee — — Insurance proceeds — — Consolidated Balance Sheets: Capitalized Construction management Fees 16,431 71,133 Reimbursement of labor costs 7,171 114,122 Prepaid insurance deductible account (124,185 ) (74,489 ) Deferred financing costs — — $ 2,663,381 $ 2,607,720

Derivative Financial Instrume30

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivative Instruments	The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at December 31, 2016 and 2015 : December 31, 2016 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 4/1/2017 - 10/1/2019 One-Month LIBOR 43 $ 973,400,000 0.77 % 2.70 % $ 618,841 December 31, 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 - 10/1/2019 One-Month LIBOR 30 $ 637,110,000 0.43 % 2.68 % $ 298,143

Selected Quarterly Results (u31

Selected Quarterly Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Unaudited Quarterly Financial Information	Presented below is a summary of the Company’s unaudited quarterly financial information for the years ended December 31, 2016 and 2015 : First Quarter Second Quarter Third Quarter Fourth Quarter Total 2016 Revenues $ 52,906,908 $ 54,022,623 $ 56,371,925 $ 54,936,076 $ 218,237,532 Net loss (3,618,142 ) (8,039,220 ) (9,699,187 ) (4,223,102 ) (25,579,651 ) Loss per common share, basic and diluted (0.05 ) (0.11 ) (0.13 ) (0.05 ) (0.34 ) Distributions declared per common share 0.178 0.178 0.180 0.180 0.716 2015 Revenues $ 51,051,301 $ 52,243,802 $ 53,166,421 $ 52,929,134 $ 209,390,658 Net loss (3,830,646 ) (2,904,429 ) (3,603,728 ) (2,685,555 ) (13,024,358 ) Loss per common share, basic and diluted (0.05 ) (0.04 ) (0.05 ) (0.04 ) (0.18 ) Distributions declared per common share 0.177 0.179 0.181 0.181 0.718

Organization and Business - Nar

Organization and Business - Narrative (Details)	Jul. 10, 2009USD ($)shares	Jun. 12, 2009USD ($)$ / sharesshares	Dec. 31, 2016USD ($)ft²apartmentproperty$ / sharesshares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)	Dec. 31, 2009shares
Class of Stock [Line Items]
Proceeds from issuance of common stock | $			$ 0	$ 0	$ 26,561,229
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			16,709
Commercial Real Estate [Member]
Class of Stock [Line Items]
Net rentable area (in square feet) | ft²			25,973
Advisor [Member]
Class of Stock [Line Items]
Investment from advisor | $	$ 1,000
Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares			$ 10.24
Stock issued to advisor (in shares)			76,202,862	76,674,502
Common Stock [Member] | Sponsor [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)		22,223				22,223
Share price (in dollars per share) | $ / shares		$ 9
Proceeds from issuance of common stock | $		$ 200,007
Convertible Stock [Member]
Class of Stock [Line Items]
Stock issued to advisor (in shares)			1,000	1,000
Convertible Stock [Member] | Advisor [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)			1,000
Stock issued to advisor (in shares)	1,000

Organization and Business - N33

Organization and Business - Narrative - Private Offering (Details) - USD ($)	9 Months Ended	12 Months Ended
	Jul. 09, 2010	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Oct. 13, 2009
Class of Stock [Line Items]
Proceeds from issuance of common stock		$ 0	$ 0	$ 26,561,229
Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share)		$ 10.24
Private Offering [Member]
Class of Stock [Line Items]
Proceeds from issuance of common stock		$ 2,000,000
Private Offering [Member] | Common Stock [Member]
Class of Stock [Line Items]
Values of shares in private offering, up to					$ 94,000,000
Share price (in dollars per share)					$ 9.4
Issuance of common stock (in shares)	637,279
Proceeds from issuance of common stock	$ 5,844,325

Organization and Business - N34

Organization and Business - Narrative - Public Offering (Details) - USD ($)	Sep. 10, 2012	Sep. 09, 2012	Mar. 31, 2016	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 20, 2013	Mar. 10, 2015	Jul. 12, 2012	Jul. 23, 2009
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)				$ 0.001958			$ 0.001964
Proceeds from issuance of common stock						$ 0	$ 0	$ 26,561,229
Stock issued during period, dividend reinvestment plan (in shares)						4,073,759
Proceeds from issuance of common stock, dividend reinvestment plan						$ 39,580,847
Distribution Reinvestment Plan [Member]
Class of Stock [Line Items]
Share price (in dollars per share)	$ 9.73											$ 9.5
Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share)					$ 10.24	$ 10.24
Common stock, estimated value, per share (in dollars per share)							$ 11.44			$ 10.35	$ 10.24
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.001964	$ 0.001917	$ 0.001964		$ 0.001958
Common stock, distribution rate, percentage	7.00%				7.00%
Stock issued during period, dividend reinvestment plan (in shares)						0	8
Proceeds from issuance of common stock, dividend reinvestment plan						$ 0	$ 78
Common Stock [Member] | Primary Offering [Member]
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance, maximum (in shares)												150,000,000
Share price (in dollars per share)					$ 10.24	$ 10.24					$ 10.24	$ 10
Distributions reinvested, percentage of share price, distribution reinvestment plan	95.00%
Common Stock [Member] | Public Offering [Member]
Class of Stock [Line Items]
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
Proceeds from issuance of common stock									$ 745,389,748
Common Stock [Member] | Distribution Reinvestment Plan [Member]
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)									1,588,289
Proceeds from issuance of common stock, dividend reinvestment plan									$ 15,397,232

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Narrative - Reclassifications (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred financing costs	$ 0	$ (113,183)
Payment of debt extinguishment costs	3,202,337	0	$ 1,794,001
Accounting Standards Update 2015-15 [Member] | Other Assets [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred financing costs	$ 8,846,909	$ 6,697,472

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Summary of Useful Lives of Assets by Class (Details)	12 Months Ended
	Dec. 31, 2016
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	27 years 6 months
Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	25 years
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Narrative - Real Estate Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Impairment of real estate assets	$ 0	$ 0	$ 0

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Narrative - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2016
Maximum [Member]
Operating Leased Assets [Line Items]
Operating lease term	1 year

Summary of Significant Accoun39

Summary of Significant Accounting Policies - Narrative - Restricted Cash (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Restricted cash and cash equivalents	$ 27,553,851	$ 27,700,811

Summary of Significant Accoun40

Summary of Significant Accounting Policies - Narrative - Short-term Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Short-term investments	$ 30,084,750	$ 0
Tenant reimbursements and other	26,149,184	$ 23,126,188	$ 20,662,774
Tenant Improvements And Other [Member]
Schedule of Investments [Line Items]
Tenant reimbursements and other	84,750
Certificates of Deposit [Member]
Schedule of Investments [Line Items]
Short-term investments	$ 30,000,000

Summary of Significant Accoun41

Summary of Significant Accounting Policies - Summary of Assets Required to be Measured at Fair Value on a Recurring Basis (Details) - Interest Rate Cap [Member] - Fair Value, Measurements, Recurring [Member] - USD ($)	Dec. 31, 2016	Dec. 31, 2015
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	618,841	298,143
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate cap agreements	$ 0	$ 0

Summary of Significant Accoun42

Summary of Significant Accounting Policies - Narrative - Fair Value of Financial Instruments (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable, net	$ 985,080,154	$ 1,115,752,899
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable at fair value	1,197,015,105	1,118,126,231
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable, net	$ 1,217,716,280	$ 1,115,752,899

Summary of Significant Accoun43

Summary of Significant Accounting Policies - Narrative - Distribution Policy (Details) - $ / shares	6 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.001958	$ 0.001964

Summary of Significant Accoun44

Summary of Significant Accounting Policies - Narrative - Operating Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Other operating expense reimbursement, percentage of average invested assets, threshold	2.00%
Other operating expense reimbursement, percentage of net income, threshold	25.00%
Due to affiliates	$ 2,787,566	$ 2,682,209
Advisor [Member]
Related Party Transaction [Line Items]
Due to affiliates	184,954
Advisor [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 6,243,984

Summary of Significant Accoun45

Summary of Significant Accounting Policies - Narrative - Income Taxes (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Liability for uncertain tax positions	$ 0	$ 0

Summary of Significant Accoun46

Summary of Significant Accounting Policies - Narrative - Segment Disclosure (Details)	12 Months Ended
	Dec. 31, 2016segment
Accounting Policies [Abstract]
Number of reportable segments	1

Summary of Significant Accoun47

Summary of Significant Accounting Policies - Narrative - Recent Accounting Pronouncements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs	$ 0	$ (113,183)
Net cash provided by (used in) operating activities	(54,259,420)	(51,424,087)	$ (50,350,848)
Other Assets [Member] | Accounting Standards Update 2015-15 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs	8,846,909	6,697,472
New Accounting Pronouncement, Early Adoption, Effect [Member] | Accounting Standards Update 2016-15 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by (used in) operating activities	$ 3,202,337	$ 0	$ 1,794,001

Other Assets, Net - Schedule of

Other Assets, Net - Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred financing costs	$ 0	$ 660,585
Less: accumulated amortization	0	(547,402)
Deferred financing costs, net	0	113,183
Prepaid expenses	3,041,353	2,648,238
Interest rate cap agreements (Note 11)	618,841	298,143
Other deposits	1,126,568	1,269,287
Other assets, net	$ 4,786,762	$ 4,328,851

Real Estate - Narrative (Detail

Real Estate - Narrative (Details)	12 Months Ended
	Dec. 31, 2016USD ($)ft²apartmentpropertycustomer	Dec. 31, 2015USD ($)customer	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Purchase price	$ 1,644,177,333
Average percentage of real estate portfolio occupied	93.50%	94.00%
Average monthly collected rent	$ 1,026	$ 999
Depreciation and amortization	$ 69,513,484	$ 65,640,196	$ 69,681,177
Customer Concentration Risk [Member] | Tenant [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	$ 5,047,792	$ 4,672,961
Maximum [Member]
Real Estate Properties [Line Items]
Operating lease term	1 year
Residential Real Estate [Member]
Real Estate Properties [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	16,709
Percentage of units leased	95.40%
Operating leases, revenue, percentage	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
Operating leases, revenue, percentage	1.00%	1.00%
Commercial Real Estate [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Operating lease term	2 years 4 months 29 days
Commercial Real Estate [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Operating lease term	8 years 3 months
Building and Improvements [Member]
Real Estate Properties [Line Items]
Depreciation	$ 69,360,316	$ 65,271,243	59,014,085
Tenant Origination and Absorption Cost [Member]
Real Estate Properties [Line Items]
Amortization	$ 0	215,786	10,513,924
Weighted-average amortization period	1 year
Other Intangible Assets [Member]
Real Estate Properties [Line Items]
Amortization	$ 153,168	153,167	153,168
Weighted-average amortization period	18 years 2 months 1 day
Below - Market Leases [Member]
Real Estate Properties [Line Items]
Weighted-average amortization period	1 year
Increase in rental income	$ 0	$ 0	$ 163,237

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 ($)	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Investments in real estate	$ 1,694,278,958	$ 1,666,901,082
Less: Accumulated depreciation and amortization	(232,744,083)	(163,445,987)
Net investments in real estate and related lease intangibles	1,461,534,875	1,503,455,095
Land [Member]
Real Estate Properties [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 Properties [Line Items]
Investments in real estate	1,517,532,273	1,487,961,762
Less: Accumulated depreciation and amortization	(232,198,052)	(163,053,124)
Net investments in real estate and related lease intangibles	1,285,334,221	1,324,908,638
Other Intangible Assets [Member]
Real Estate Properties [Line Items]
Investments in real estate	2,644,263	2,644,263
Less: Accumulated depreciation and amortization	(546,031)	(392,863)
Net investments in real estate and related lease intangibles	2,098,232	2,251,400
Construction-in-Progress [Member]
Real Estate Properties [Line Items]
Investments in real estate	0	2,192,635
Less: Accumulated depreciation and amortization	0	0
Net investments in real estate and related lease intangibles	$ 0	$ 2,192,635

Real Estate - Schedule of Futur

Real Estate - Schedule of Future Amortization of Acquired Other Intangible Assets (Details) - Other Intangible Assets [Member]	Dec. 31, 2016USD ($)
Finite-Lived Intangible Assets [Line Items]
2,017	$ 153,168
2,018	153,168
2,019	153,168
2,020	153,168
2,021	153,168
Thereafter	1,332,392
Future amortization of acquired other intangible assets	$ 2,098,232

Real Estate - Schedule of Fut52

Real Estate - Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants (Details)	Dec. 31, 2016USD ($)
Real Estate [Abstract]
2,017	$ 238,140
2,018	259,143
2,019	180,858
2,020	74,313
2,021	76,535
Thereafter	264,345
Total future minimum rental receipts	$ 1,093,334

Debt - Summary of Notes Payable

Debt - Summary of Notes Payable Secured by Real Property (Details)	12 Months Ended
	Dec. 31, 2016USD ($)instrument	Dec. 31, 2015USD ($)instrument
Debt Instrument [Line Items]
Principal Outstanding	$ 985,080,154	$ 1,115,752,899
Deferred financing costs	0	(113,183)
Total notes payable, net	$ 1,217,716,280	$ 1,115,752,899
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	58	67
Weighted Average Interest Rate	3.52%	3.44%
Principal Outstanding	$ 989,229,820	$ 1,118,998,366
Unamortized Portion of Net Debt Premium	2,208,619	3,452,005
Deferred financing costs	(6,358,285)	(6,697,472)
Total notes payable, net	$ 985,080,154	$ 1,115,752,899
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	37	37
Weighted Average Interest Rate	4.06%	4.32%
Principal Outstanding	$ 471,344,145	$ 477,139,001
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.19%	3.31%
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.94%	5.94%
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	21	30
Weighted Average Interest Rate	3.05%	2.77%
Principal Outstanding	$ 517,885,675	$ 641,859,365
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Variable Rate	1.62%	1.62%
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | LIBOR [Member] | Maximum [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 ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Amortization of Net Debt Premium	$ 1,243,385	$ 1,234,793	$ 1,234,793
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Unamortized Portion of Net Debt Premium	2,208,619	3,452,005
Amortization of Net Debt Premium	$ 1,243,385	$ 1,234,793	$ 1,234,793

Debt - Summary of Deferred Fina

Debt - Summary of Deferred Finance Costs (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Deferred financing costs	$ 0	$ 660,585
Accumulated amortization related to deferred financing costs	0	(547,402)
Deferred financing costs, net	0	113,183
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Deferred financing costs	10,104,244	10,140,097
Accumulated amortization related to deferred financing costs	(3,745,959)	(3,442,625)
Deferred financing costs, net	$ 6,358,285	$ 6,697,472

Debt - Narrative (Details)

Debt - Narrative (Details)	Jul. 29, 2016USD ($)subsidiary	Jun. 30, 2016USD ($)subsidiary	Jul. 18, 2014USD ($)	Jul. 17, 2014USD ($)	Sep. 29, 2016USD ($)subsidiary	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Revolving credit facility						$ 232,636,126	$ 0
Interest expense						40,631,593	39,302,938	$ 40,412,744
Amortization of deferred financing costs						1,723,186	1,553,718	1,489,834
Amortization of debt premium (discount)						1,243,385	1,234,793	1,234,793
Unrealized loss on derivatives						(61,698)	2,032,746	4,353,301
Interest paid, net of amounts capitalized of $80,166, $153,920 and $41,898 for the years ended December 31, 2016, 2015 and 2014, respectively						80,166	153,920	41,898
Accounts Payable and Accrued Liabilities [Member]
Debt Instrument [Line Items]
Interest payable						3,444,162	2,932,922
Interest Rate Cap [Member]
Debt Instrument [Line Items]
Unrealized loss on derivatives						(61,698)	2,032,746	4,353,301
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Number of subsidiaries involved as borrowers on debt | subsidiary	9	14			3
Amortization of debt premium (discount)						1,243,385	$ 1,234,793	$ 1,234,793
Extinguishment of debt, amount		$ 283,313,677			$ 61,575,025
Notes Payable to Banks [Member] | Refinancing Transactions Loan Agreement [Member]
Debt Instrument [Line Items]
Face amount					$ 63,620,600	358,002,000
Notes Payable to Banks [Member] | Refinancing Transactions Loan Agreement [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.31%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility						$ 0
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.05%
Maximum borrowing capacity	$ 350,000,000
Payments for loans and leases	1,293,186
Fees and commissions	$ 1,175,624
Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 35,000,000	$ 20,000,000
Line of credit facility, commitment fee				0.25%
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche A [Member]
Debt Instrument [Line Items]
Maximum 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]
Maximum 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%
Minimum [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.73%
Maximum [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.93%

Debt - Schedule of Advances Und

Debt - Schedule of Advances Under Credit Facility, by Property (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Subtotal	$ 1,224,354,570
Total notes payable, net	1,217,716,280	$ 1,115,752,899
Accumulated amortization related to deferred financing costs	0	$ (547,402)
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Subtotal	235,124,750
Deferred financing costs, net on credit facility	(2,488,624)
Total notes payable, net	232,636,126
Accumulated amortization related to deferred financing costs	(433,522)
Ashley Oak Apartments [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Subtotal	24,867,500
The Trails at Buda Ranch [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Subtotal	21,025,000
Deer Valley Apartments [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Subtotal	22,982,500
Carrington Park at Huffmeister [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Subtotal	20,430,500
Carrington Place [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Subtotal	27,535,500
Carrington at Champion Forest [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Subtotal	25,121,250
Audubon Park [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Subtotal	16,602,500
Oak Crossing [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Subtotal	17,980,000
Meritage at Steiner Ranch [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Subtotal	$ 58,580,000

Debt - Summary of Aggregate Mat

Debt - Summary of Aggregate Maturities (Details)	Dec. 31, 2016USD ($)
Debt Disclosure [Abstract]
Total	$ 1,224,354,570
2,017	50,172,191
2,018	76,235,702
2,019	89,447,884
2,020	101,538,337
2,021	279,271,221
Thereafter	$ 627,689,235

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative - General (Details) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Common and preferred stock, shares authorized (in shares)	1,100,000,000
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	999,999,000	999,999,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

Stockholders' Equity - Narrat60

Stockholders' Equity - Narrative - Common Stock (Details)	Jun. 11, 2014USD ($)$ / sharesshares	Jun. 12, 2009$ / sharesshares	Mar. 31, 2016vote / shares	Dec. 31, 2016USD ($)installments$ / sharesshares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)	Dec. 31, 2009USD ($)shares
Class of Stock [Line Items]
Common stock, votes per share | vote / shares			1
Issuance of common stock				$ 0	$ 78
Stock issued during period, dividend reinvestment plan (in shares) | shares				4,073,759
Proceeds from issuance of common stock, dividend reinvestment plan				$ 39,580,847
Share-based compensation				76,285	184,350	$ 118,145
Change in value of restricted common stock to Advisor				312,353	300,440	0
Advisor [Member] | Advisor [Member]
Class of Stock [Line Items]
Fair value of shares of common stock (in shares)				$ 5,637,207	5,493,164
Advisor [Member] | Restricted Stock Agreement [Member] | Advisor [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]
Weighted-average remaining term				1 year 8 months 18 days
Compensation expense related to issuance of restricted common stock not vested				$ 105,111
Restricted Stock [Member] | Advisor [Member] | Tranche One [Member] | Advisor [Member]
Class of Stock [Line Items]
Shares of restricted stock vesting percentage	50.00%
Restricted Stock [Member] | Advisor [Member] | Tranche Two [Member] | Advisor [Member]
Class of Stock [Line Items]
Shares of restricted stock vesting percentage	50.00%
Restricted Stock [Member] | Advisor [Member] | Restricted Stock Agreement [Member] | Advisor [Member]
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares	$ 10.24
Restricted Stock [Member] | Advisor [Member] | Restricted Stock Agreement [Member] | Tranche One [Member] | Advisor [Member]
Class of Stock [Line Items]
Shares of restricted stock vesting percentage				50.00%
Restricted Stock [Member] | Advisor [Member] | Restricted Stock Agreement [Member] | Tranche Two [Member] | Advisor [Member]
Class of Stock [Line Items]
Shares of restricted stock vesting percentage				50.00%
Restricted Stock [Member] | General and Administrative Expense [Member]
Class of Stock [Line Items]
Share-based compensation				$ 76,285	184,350	118,145
Restricted Stock [Member] | General and Administrative Expense [Member] | Advisor [Member] | Advisor [Member]
Class of Stock [Line Items]
Change in value of restricted common stock to Advisor				$ 312,353	$ 300,440	$ 0
Restricted Stock [Member] | Director [Member]
Class of Stock [Line Items]
Restricted common stock, vesting installments | installments				4
Shares of restricted stock vesting percentage				25.00%
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
Common Stock [Member]
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares) | shares				0	8
Proceeds from issuance of common stock, dividend reinvestment plan				$ 0	$ 78
Share price (in dollars per share) | $ / shares				$ 10.24
Common Stock [Member] | Sponsor [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares		22,223					22,223
Issuance of common stock							$ 200,007
Share price (in dollars per share) | $ / shares		$ 9
Common Stock [Member] | Private Offering and Public Offering [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares				76,732,395
Proceeds from Issuance of Common Stock, Net of Offering Costs				$ 679,572,220

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Restricted Stock Issued to Independent Directors as Compensation (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares at the beginning of the year (in shares)	11,250	16,875	18,750
Granted shares (in shares)	7,500	14,000	10,000
Vested shares (in shares)	(6,875)	(19,625)	(11,875)
Nonvested shares at the end of the year (in shares)	11,875	11,250	16,875
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)	$ 11.44	$ 10.35	$ 10.24

Stockholders' Equity - Narrat62

Stockholders' Equity - Narrative - Convertible Stock (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)
Class of Stock [Line Items]
Issuance of common stock | $		$ 0	$ 78
Advisor [Member] | Convertible Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares		1,000
Aggregate percentage of cumulative, non-compounded, annual return on the original issue price added to total distributions qualifying for conversion of stock	8.00%
Convertible stock, conversion basis, multiplier		0.001
Convertible stock, percentage applied to the excess of enterprise value, including distributions to date	10.00%
Advisor [Member] | Advisor [Member] | Convertible Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares		1,000
Convertible stock, redemption amount | $		$ 1

Stockholders' Equity - Narrat63

Stockholders' Equity - Narrative - Preferred Stock (Details)	3 Months Ended
	Mar. 31, 2016class	Dec. 31, 2016shares	Dec. 31, 2015shares
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 issued (in shares) | shares		0	0
Preferred stock, shares outstanding (in shares) | shares		0	0

Stockholders' Equity - Narrat64

Stockholders' Equity - Narrative - Distribution Reinvestment Plan (Details) - Distribution Reinvestment Plan [Member] - USD ($)	Mar. 31, 2016	Sep. 10, 2012	Jul. 23, 2009
Class of Stock [Line Items]
Share price (in dollars per share)		$ 9.73	$ 9.5
Sales commissions and dealer manager fees payable	$ 0

Stockholders' Equity - Narrat65

Stockholders' Equity - Narrative - Share Repurchase Plan and Redeemable Common Stock (Details) - Share Repurchase Plan [Member]	Aug. 09, 2016USD ($)	Jul. 01, 2015USD ($)	Mar. 31, 2016assetshares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares
Class of Stock [Line Items]
Number of company assets sold that constitute a return of capital as a result of such sale. | asset			1
Maximum value of shares allowed to be repurchased per quarter	$ 2,000,000	$ 1,000,000
Notice period for amendment, suspension, or termination of stock repurchase plan.				30 days
Common Stock [Member]
Class of Stock [Line Items]
Number of shares that can be repurchased before the first anniversary of date of purchase | shares			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
Minimum number of days prior to repurchase date a repurchase request may be withdrawn			3 days
Shares redeemed (in shares) | shares				479,147	197,989
Stock repurchase plan, stock redeemed, value				$ 5,000,000	$ 2,000,000
Stock requested for redemption (in shares) | shares				1,335,407	652,066
Stock requested for redemption, value				$ 14,625,190	$ 6,562,585
Maximum percentage of weighted average shares outstanding in prior calendar period that may be repurchased in current calendar period				5.00%
Common Stock [Member] | Accounts Payable and Accrued Liabilities [Member]
Class of Stock [Line Items]
Stock requested for redemption, redemptions payable				$ 2,000,000
Maximum [Member]
Class of Stock [Line Items]
Maximum value of shares allowed to be repurchased per quarter		$ 2,000,000

Stockholders' Equity - Schedu66

Stockholders' Equity - Schedule of Repurchase Prices Under Share Repurchase Plan (Details)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Less than 1 year	0.00%
1 year	92.50%
2 years	95.00%
3 years	97.50%
4 years	100.00%

Stockholders' Equity - Schedu67

Stockholders' Equity - Schedule of Repurchase Prices Under Share Repurchase Plan (Footnote) (Details)	3 Months Ended
	Mar. 31, 2016
Share Repurchase Plan [Member] | Common Stock [Member]
Class of Stock [Line Items]
Required holding period to be eligible to redeem shares under share repurchase plan	1 year

Stockholders' Equity - Narrat68

Stockholders' Equity - Narrative - Distributions (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Deferred costs	$ 0	$ 0

Stockholders' Equity - Narrat69

Stockholders' Equity - Narrative - Distributions Declared (Details) - USD ($)	Sep. 10, 2012	Sep. 09, 2012	Mar. 31, 2016	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Jul. 12, 2012	Jul. 23, 2009
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)				$ 0.001958			$ 0.001964
Distributions declared						$ 54,828,267	$ 55,076,217
Distributions payable					$ 4,625,355	$ 4,625,355	4,668,261
Common Stock [Member]
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.001964	$ 0.001917	$ 0.001964		$ 0.001958
Common stock, distribution rate, percentage	7.00%				7.00%
Share price (in dollars per share)					$ 10.24	$ 10.24
Distributions declared						$ 54,828,267	55,076,217
Common stock, distributions declared pursuant to DRP						$ 0	$ 78
Common stock, distributions declared pursuant to DRP (in shares)						0	8
Distributions payable					$ 4,625,355	$ 4,625,355	$ 4,668,261
Primary Offering [Member] | Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share)					$ 10.24	$ 10.24		$ 10.24	$ 10

Stockholders' Equity - Narrat70

Stockholders' Equity - Narrative - Distributions Paid (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Payments of ordinary dividends, common stock	$ 54,871,173	$ 55,087,333	$ 29,491,989
Stock issued during period, dividend reinvestment plan (in shares)	4,073,759
Proceeds from issuance of common stock, dividend reinvestment plan	$ 39,580,847
Distributions paid, common stock, including distribution reinvestment plan	$ 54,871,173	$ 55,087,411
Common Stock [Member]
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	0	8
Proceeds from issuance of common stock, dividend reinvestment plan	$ 0	$ 78

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								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Net loss attributable to the Company	$ (4,223,102)	$ (9,699,187)	$ (8,039,220)	$ (3,618,142)	$ (2,685,555)	$ (3,603,728)	$ (2,904,429)	$ (3,830,646)	$ (25,579,651)	$ (13,024,358)	$ (25,742,292)
Less: dividends declared on participating securities									183,805	360,446	203,990
Net loss attributable to common stockholders									$ (25,763,456)	$ (13,384,804)	$ (25,946,282)
Weighted average common shares outstanding - basic and diluted (in shares)									76,195,083	76,335,114	75,450,215
Loss per common share - basic and diluted (in dollars per share)	$ (0.05)	$ (0.13)	$ (0.11)	$ (0.05)	$ (0.04)	$ (0.05)	$ (0.04)	$ (0.05)	$ (0.34)	$ (0.18)	$ (0.34)

Related Party Arrangements - Sc

Related Party Arrangements - Schedule of Amounts Attributable to the Advisor and its Affiliates - Amounts Incurred, Paid, and Payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Steadfast Income Advisor, LLC [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Incurred in the period	$ 6,243,984
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Incurred in the period	47,677,993	$ 43,968,356	$ 45,276,953
Paid in the period	47,622,332	44,400,126	51,559,501
Payable (Prepaid) at the end of the period	(2,663,381)	(2,607,720)
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Investment Management Fees [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	(1,185,001)	(1,169,770)
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Acquisition Fees [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	0	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Acquisition Expenses [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	0	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Fees [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	(534,056)	(520,127)
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Reimbursement of Onsite Personnel [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	(805,274)	(703,791)
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Other Fees [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	(54,679)	(52,237)
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Other Fees, General and Administrative [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	0	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	(184,954)	(51,029)
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Disposition Fees [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	0	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Construction Management Fees [Member]
Related Party Transaction [Line Items]
Incurred in the period	1,493,999	1,618,438	1,391,360
Paid in the period	1,548,701	1,590,514	1,348,151
Payable (Prepaid) at the end of the period	(16,431)	(71,133)
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Construction Management Reimbursement of Labor Costs [Member]
Related Party Transaction [Line Items]
Incurred in the period	367,204	233,748	88,781
Paid in the period	474,155	119,626	88,781
Payable (Prepaid) at the end of the period	(7,171)	(114,122)
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Other Offering Costs Reimbursement [Member] | Additional Paid-In Capital [Member]
Related Party Transaction [Line Items]
Paid in the period	0	0	3,105,246
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Refinancing Fee [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	0	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Insurance Proceeds [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	0	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Prepaid Insurance Deductible Account [Member]
Related Party Transaction [Line Items]
Incurred in the period	198,674	74,489	0
Paid in the period	248,370	148,978	0
Payable (Prepaid) at the end of the period	124,185	74,489
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Deferred Financing Costs [Member]
Related Party Transaction [Line Items]
Incurred in the period	139,229	0	0
Paid in the period	139,229	0	0
Payable (Prepaid) at the end of the period	0	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Investment Management Fees [Member]
Related Party Transaction [Line Items]
Incurred in the period	14,075,818	13,854,825	13,252,309
Paid in the period	14,060,587	13,840,067	16,627,339
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Acquisition Fees [Member]
Related Party Transaction [Line Items]
Incurred in the period	960	187,735	3,251,400
Paid in the period	960	791,135	3,296,422
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Property Management, Fees [Member]
Related Party Transaction [Line Items]
Incurred in the period	6,406,479	6,188,525	5,802,772
Paid in the period	6,392,550	6,169,938	5,717,813
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Property Management, Other Fees [Member]
Related Party Transaction [Line Items]
Incurred in the period	1,673,724	1,696,828	1,617,440
Paid in the period	1,671,282	1,721,504	1,585,747
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Property Management, Other Fees, General and Administrative [Member]
Related Party Transaction [Line Items]
Incurred in the period	168,037	0	0
Paid in the period	168,037	0	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Acquisition Costs [Member] | Acquisition Expenses [Member]
Related Party Transaction [Line Items]
Incurred in the period	0	7,145	587,513
Paid in the period	0	11,147	583,511
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]
Incurred in the period	18,751,492	18,760,621	17,841,495
Paid in the period	18,650,009	18,639,991	17,827,185
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | General and Administrative Expense [Member] | Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Incurred in the period	1,232,493	1,346,002	980,195
Paid in the period	1,098,568	1,367,226	915,618
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | General and Administrative Expense [Member] | Refinancing Fee [Member]
Related Party Transaction [Line Items]
Incurred in the period	3,283,737	0	0
Paid in the period	3,283,737	0	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | General and Administrative Expense [Member] | Insurance Proceeds [Member]
Related Party Transaction [Line Items]
Incurred in the period	113,853	0	0
Paid in the period	(113,853)	0	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Sales of Real Estate [Member] | Disposition Fees [Member]
Related Party Transaction [Line Items]
Incurred in the period	0	0	463,688
Paid in the period	$ 0	$ 0	$ 463,688

Related Party Arrangements - Na

Related Party Arrangements - Narrative - Investment Management Fee (Details)	12 Months Ended
	Dec. 31, 2016
Advisor [Member] | Advisor [Member] | Investment Management Fees [Member]
Related Party Transaction [Line Items]
Monthly investment management fee, percentage	0.06667%

Related Party Arrangements - 74

Related Party Arrangements - Narrative - Acquisition Fees and Expenses (Details) - Advisor [Member] - Advisor [Member] - Acquisition Fees and Expenses [Member]	12 Months Ended
	Dec. 31, 2016
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 - 75

Related Party Arrangements - Narrative - Property Management Fees and Expenses (Details) - Steadfast Management Company, Inc. [Member] - Property Management Agreement [Member]	12 Months Ended
	Dec. 31, 2016
Related Party Transaction [Line Items]
Property management agreement, notice of termination breach	30 days
Property Manager [Member]
Related Party Transaction [Line Items]
Property management, oversight fee, percent	1.00%
Property management agreement, initial term	1 year
Property management agreement, notice of termination option	60 days
Property Manager [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Property management fee, percent	2.50%
Property Manager [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Property management fee, percent	3.75%

Related Party Arrangements - 76

Related Party Arrangements - Narrative - Construction Management (Details) - Pacific Coast Land & Construction, Inc. [Member] - Affiliated Entity [Member] - Construction Management Agreement [Member]	12 Months Ended
	Dec. 31, 2016
Related Party Transaction [Line Items]
Construction management agreement, termination notification period	30 days
Minimum [Member]
Related Party Transaction [Line Items]
Construction management fee, percent	5.00%
Maximum [Member]
Related Party Transaction [Line Items]
Construction management fee, percent	12.00%

Related Party Arrangements - 77

Related Party Arrangements - Narrative - Other Operating Expense Reimbursements (Details)	12 Months Ended
	Dec. 31, 2016USD ($)quarter	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Related Party Transaction [Line Items]
Other operating expense reimbursement, percentage of average invested assets, threshold	2.00%
Other operating expense reimbursement, percentage of net income, threshold	25.00%
Operating expenses	$ 243,817,183	$ 222,415,016	$ 231,616,282
Other Operating Expense Reimbursement [Member]
Related Party Transaction [Line Items]
General and administrative expenses	$ 9,039,171	5,949,993	6,896,519
Operating expenses, percent of average invested assets	0.10%
Operating expenses, percent of net loss	4.80%
Deferred operating expenses			2,571,910
Other Operating Expense Reimbursement [Member] | Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Operating expenses	$ 1,232,493	1,346,002	980,192
Overhead expenses	1,232,493	1,346,002	980,192
Related party transaction, expenses from transactions with related party	$ 0	$ 0	$ 0
Advisor [Member] | Advisor [Member] | Other Operating Expense Reimbursement [Member]
Related Party Transaction [Line Items]
Operating expenses limited, number of quarters | quarter	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 - 78

Related Party Arrangements - Narrative - Disposition Fee (Details)	12 Months Ended
	Dec. 31, 2016$ / shares
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%
Advisor [Member] | Advisor [Member] | Disposition Fee [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.50%
Disposition fee, maximum, percentage of sales price	3.00%
Acquisition fees and expenses, maximum, percentage of contract purchase price	6.00%
Disposition fee, maximum brokerage commission paid, percent	50.00%
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 1 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	0.50%
Share price (in dollars per share)	$ 9
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 2 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	0.75%
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 2 [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 9.01
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 2 [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 10.24
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 3 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.00%
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 3 [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 10.25
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 3 [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 11.24
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 4 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.25%
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 4 [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 11.25
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 4 [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 12
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 5 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.50%
Share price (in dollars per share)	$ 12.01
Advisor [Member] | Advisor [Member] | Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Other operating expense reimbursement, percentage of average invested assets, threshold	2.00%
Other operating expense reimbursement, percentage of net income, threshold	25.00%

Related Party Arrangements - 79

Related Party Arrangements - Narrative - Refinancing Fees (Details) - Steadfast Income Advisor, LLC [Member] - Advisor and its Affiliates [Member] - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 47,677,993	$ 43,968,356	$ 45,276,953
General and Administrative Expense [Member] | Refinancing Fee [Member]
Related Party Transaction [Line Items]
Percentage of refinancing amount	0.50%
Related party transaction, expenses from transactions with related party	$ 3,283,737	$ 0	$ 0

Related Party Arrangements - 80

Related Party Arrangements - Narrative - Restricted Stock Agreement (Details) - Advisor [Member] - Advisor [Member] - USD ($)	Jun. 11, 2014	Dec. 31, 2016
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]
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] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 10.24
Restricted Stock Agreement [Member] | Restricted Stock [Member] | Tranche One [Member]
Related Party Transaction [Line Items]
Shares of restricted stock vesting percentage		50.00%
Restricted Stock Agreement [Member] | Restricted Stock [Member] | Tranche Two [Member]
Related Party Transaction [Line Items]
Shares of restricted stock vesting percentage		50.00%

Incentive Award Plan and Inde81

Incentive Award Plan and Independent Director Compensation - Narrative (Details)	Aug. 11, 2015directorshares	Aug. 10, 2015shares	Aug. 05, 2014directorshares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock | $				$ 0	$ 0	$ 26,561,229
Number of board of directors members | director	2		4
Share-based compensation | $				76,285	$ 184,350	$ 118,145
Private Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock | $				$ 2,000,000
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)				7,500	14,000	10,000
Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vesting percentage				25.00%
Restricted Stock [Member] | Director [Member] | Re-Election [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	2,500		2,500	2,500
Restricted Stock [Member] | Independent Directors Compensation Plan [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted common stock, award vesting period				3 years
Restricted Stock [Member] | Independent Directors Compensation Plan [Member] | Director [Member] | Initial Election [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)				5,000
Restricted Stock [Member] | Incentive Award Plan [Member] | Director [Member] | Larry H. Dale [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)		2,000
Restricted Stock [Member] | Incentive Award Plan [Member] | Director [Member] | Kerry D. Vandell [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)		2,000
Restricted Stock [Member] | Incentive Award Plan [Member] | Director [Member] | Don B. Saulic [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	5,000

Derivative Financial Instrume82

Derivative Financial Instruments - Schedule of Interest Rate Derivative Instruments (Details) - Interest Rate Cap [Member]	Dec. 31, 2016USD ($)instrumentderivative	Dec. 31, 2015USD ($)instrument
Derivative [Line Items]
Number of instruments | derivative	43
Notional Amount	$ 973,400,000
Cash Flow Hedging [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Number of instruments | instrument	43	30
Notional Amount	$ 973,400,000	$ 637,110,000
Weighted Average Rate Cap	2.70%	2.68%
Fair Value	$ 618,841	$ 298,143
Cash Flow Hedging [Member] | Not Designated as Hedging Instrument [Member] | LIBOR [Member]
Derivative [Line Items]
Variable Rate	0.77%	0.43%

Derivative Financial Instrume83

Derivative Financial Instruments - Narrative (Details)	12 Months Ended
	Dec. 31, 2016USD ($)derivative	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Derivative [Line Items]
Unrealized gain (loss) on derivatives	$ 61,698	$ (2,032,746)	$ (4,353,301)
Interest Rate Cap [Member]
Derivative [Line Items]
Number of instruments | derivative	43
Notional amount	$ 973,400,000
Unrealized gain (loss) on derivatives	61,698	(2,032,746)	(4,353,301)
Payments for (Proceeds from) Derivative Instrument, Investing Activities	259,000	351,950
Interest Rate Cap [Member] | Deferred Financing Costs and Other Assets, Net [Member]
Derivative [Line Items]
Fair value of interest rate cap agreements	618,841	298,143
Interest Rate Cap [Member] | Interest Expense [Member]
Derivative [Line Items]
Unrealized gain (loss) on derivatives	$ 61,698	$ (2,032,746)	$ (4,353,301)

Selected Quarterly Results (u84

Selected Quarterly Results (unaudited) - Schedule of Unaudited Quarterly Financial Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 54,936,076	$ 56,371,925	$ 54,022,623	$ 52,906,908	$ 52,929,134	$ 53,166,421	$ 52,243,802	$ 51,051,301	$ 218,237,532	$ 209,390,658	$ 195,929,856
Net loss	$ (4,223,102)	$ (9,699,187)	$ (8,039,220)	$ (3,618,142)	$ (2,685,555)	$ (3,603,728)	$ (2,904,429)	$ (3,830,646)	$ (25,579,651)	$ (13,024,358)	$ (25,742,292)
Loss per common share - basic and diluted (in dollars per share)	$ (0.05)	$ (0.13)	$ (0.11)	$ (0.05)	$ (0.04)	$ (0.05)	$ (0.04)	$ (0.05)	$ (0.34)	$ (0.18)	$ (0.34)
Distributions declared per common share (in dollars per share)	$ 0.180	$ 0.180	$ 0.178	$ 0.178	$ 0.181	$ 0.181	$ 0.179	$ 0.177	$ 0.716	$ 0.718

Subsequent Events - Narrative -

Subsequent Events - Narrative - Distributions Paid (Details) - USD ($)	Mar. 01, 2017	Feb. 01, 2017	Jan. 03, 2017	Dec. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan				$ 54,871,173	$ 55,087,411
Dividend Paid [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan	$ 4,180,195	$ 4,639,320	$ 4,625,355

Subsequent Events - Narrative86

Subsequent Events - Narrative - Redemption (Details) - Share Repurchase Plan [Member] - Common Stock [Member] - USD ($)	Jan. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Redemption of common stock (in shares)		479,147	197,989
Stock repurchase plan, stock redeemed, value		$ 5,000,000	$ 2,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Redemption of common stock (in shares)	183,955
Stock repurchase plan, stock redeemed, value	$ 2,000,000
Redemption price per share (in dollars per share)	$ 10.87

Subsequent Events - Narrative87

Subsequent Events - Narrative - Estimated Value per Share (Details)	Feb. 15, 2017$ / shares
Subsequent Event [Member]
Subsequent Event [Line Items]
Estimated value per share (in dollars per share)	$ 11.65

- Real Estate Assets and Accumu

- Real Estate Assets and Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				$ 1,217,716,280
Initial Cost of Company
Land				174,192,422
Buildings and Improvements				1,459,075,487
Total				1,633,267,909
Cost Capitalized Subsequent to Acquisition				95,760,542
Gross Amount at which Carried at Close of Period
Land				174,102,422
Buildings and Improvements				1,520,176,536
Total	$ 1,666,901,082	$ 1,636,953,413	$ 1,519,883,478	1,694,278,958
Accumulated Depreciation and Amortization				$ (232,744,083)
Real Estate [Roll Forward]
Balance at the beginning of the year	1,666,901,082	1,636,953,413	1,519,883,478
Acquisitions	0	0	130,339,157
Improvements	28,485,659	30,484,330	26,806,872
Cost of real estate sold	0	0	(22,738,038)
Write-off of disposed and fully depreciated and fully amortized assets	(1,107,783)	(536,661)	(17,338,056)
Balance at the end of the year	1,694,278,958	1,666,901,082	1,636,953,413
Accumulated Depreciation [Roll Forward]
Balance at the beginning of the year	163,445,987	98,342,452	48,920,319
Depreciation and amortization expense	69,513,484	65,640,196	69,681,177
Write-off of accumulated depreciation and amortization of real estate assets sold	0	0	(2,920,988)
Write-off of disposed and fully depreciated and fully amortized assets	(215,388)	(536,661)	(17,338,056)
Balance at the end of the year	232,744,083	$ 163,445,987	$ 98,342,452
Park Place Condominiums [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 4,684,652
Initial Cost of Company
Land				500,000
Buildings and Improvements				7,823,400
Total				8,323,400
Cost Capitalized Subsequent to Acquisition				1,336,729
Gross Amount at which Carried at Close of Period
Land				410,000
Buildings and Improvements				8,435,749
Total	8,845,747			8,845,747
Accumulated Depreciation and Amortization				$ (2,170,351)
Real Estate [Roll Forward]
Balance at the end of the year	8,845,747
Clarion Park Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 8,136,274
Initial Cost of Company
Land				1,470,991
Buildings and Improvements				9,744,009
Total				11,215,000
Cost Capitalized Subsequent to Acquisition				658,698
Gross Amount at which Carried at Close of Period
Land				1,470,991
Buildings and Improvements				10,120,792
Total	11,591,783			11,591,783
Accumulated Depreciation and Amortization				$ (2,313,011)
Real Estate [Roll Forward]
Balance at the end of the year	11,591,783
Cooper Creek [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 6,224,663
Initial Cost of Company
Land				593,610
Buildings and Improvements				9,826,390
Total				10,420,000
Cost Capitalized Subsequent to Acquisition				593,397
Gross Amount at which Carried at Close of Period
Land				593,610
Buildings and Improvements				10,235,577
Total	10,829,187			10,829,187
Accumulated Depreciation and Amortization				$ (2,260,840)
Real Estate [Roll Forward]
Balance at the end of the year	10,829,187
Truman Farm Villas [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 5,465,173
Initial Cost of Company
Land				842,987
Buildings and Improvements				8,257,013
Total				9,100,000
Cost Capitalized Subsequent to Acquisition				998,241
Gross Amount at which Carried at Close of Period
Land				842,987
Buildings and Improvements				9,014,625
Total	9,857,612			9,857,612
Accumulated Depreciation and Amortization				$ (2,054,821)
Real Estate [Roll Forward]
Balance at the end of the year	9,857,612
EBT Lofts [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 5,167,644
Initial Cost of Company
Land				460,362
Buildings and Improvements				8,114,638
Total				8,575,000
Cost Capitalized Subsequent to Acquisition				712,494
Gross Amount at which Carried at Close of Period
Land				460,362
Buildings and Improvements				8,484,814
Total	8,945,176			8,945,176
Accumulated Depreciation and Amortization				$ (1,721,239)
Real Estate [Roll Forward]
Balance at the end of the year	8,945,176
Windsor on the River [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 22,650,962
Initial Cost of Company
Land				3,381,946
Buildings and Improvements				29,618,054
Total				33,000,000
Cost Capitalized Subsequent to Acquisition				1,904,731
Gross Amount at which Carried at Close of Period
Land				3,381,946
Buildings and Improvements				30,329,856
Total	33,711,802			33,711,802
Accumulated Depreciation and Amortization				$ (6,149,216)
Real Estate [Roll Forward]
Balance at the end of the year	33,711,802
Renaissance St. Andrews [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 8,509,637
Initial Cost of Company
Land				838,685
Buildings and Improvements				11,661,315
Total				12,500,000
Cost Capitalized Subsequent to Acquisition				928,954
Gross Amount at which Carried at Close of Period
Land				838,685
Buildings and Improvements				12,347,865
Total	13,186,550			13,186,550
Accumulated Depreciation and Amortization				$ (2,588,524)
Real Estate [Roll Forward]
Balance at the end of the year	13,186,550
Spring Creek of Edmond [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 12,854,648
Initial Cost of Company
Land				2,346,503
Buildings and Improvements				17,602,343
Total				19,948,846
Cost Capitalized Subsequent to Acquisition				749,023
Gross Amount at which Carried at Close of Period
Land				2,346,503
Buildings and Improvements				17,945,974
Total	20,292,477			20,292,477
Accumulated Depreciation and Amortization				$ (3,665,352)
Real Estate [Roll Forward]
Balance at the end of the year	20,292,477
Montclair Parc Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 22,770,672
Initial Cost of Company
Land				3,325,556
Buildings and Improvements				32,424,444
Total				35,750,000
Cost Capitalized Subsequent to Acquisition				1,354,603
Gross Amount at which Carried at Close of Period
Land				3,325,556
Buildings and Improvements				32,593,452
Total	35,919,008			35,919,008
Accumulated Depreciation and Amortization				$ (6,044,463)
Real Estate [Roll Forward]
Balance at the end of the year	35,919,008
Sonoma Grande Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 21,372,685
Initial Cost of Company
Land				2,737,794
Buildings and Improvements				29,462,206
Total				32,200,000
Cost Capitalized Subsequent to Acquisition				670,190
Gross Amount at which Carried at Close of Period
Land				2,737,794
Buildings and Improvements				29,582,783
Total	32,320,577			32,320,577
Accumulated Depreciation and Amortization				$ (5,582,829)
Real Estate [Roll Forward]
Balance at the end of the year	32,320,577
Estancia Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 20,738,073
Initial Cost of Company
Land				2,544,634
Buildings and Improvements				27,240,628
Total				29,785,262
Cost Capitalized Subsequent to Acquisition				638,375
Gross Amount at which Carried at Close of Period
Land				2,544,634
Buildings and Improvements				27,357,439
Total	29,902,073			29,902,073
Accumulated Depreciation and Amortization				$ (5,004,351)
Real Estate [Roll Forward]
Balance at the end of the year	29,902,073
Montelena Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 11,617,425
Initial Cost of Company
Land				1,860,351
Buildings and Improvements				17,375,907
Total				19,236,258
Cost Capitalized Subsequent to Acquisition				1,118,408
Gross Amount at which Carried at Close of Period
Land				1,860,351
Buildings and Improvements				18,039,155
Total	19,899,506			19,899,506
Accumulated Depreciation and Amortization				$ (3,331,915)
Real Estate [Roll Forward]
Balance at the end of the year	19,899,506
Valley Farms Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 9,580,194
Initial Cost of Company
Land				724,771
Buildings and Improvements				14,375,229
Total				15,100,000
Cost Capitalized Subsequent to Acquisition				468,483
Gross Amount at which Carried at Close of Period
Land				724,771
Buildings and Improvements				14,583,123
Total	15,307,894			15,307,894
Accumulated Depreciation and Amortization				$ (2,535,034)
Real Estate [Roll Forward]
Balance at the end of the year	15,307,894
Hilliard Park Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 12,935,281
Initial Cost of Company
Land				1,413,437
Buildings and Improvements				18,484,692
Total				19,898,129
Cost Capitalized Subsequent to Acquisition				750,143
Gross Amount at which Carried at Close of Period
Land				1,413,437
Buildings and Improvements				18,829,514
Total	20,242,951			20,242,951
Accumulated Depreciation and Amortization				$ (3,210,369)
Real Estate [Roll Forward]
Balance at the end of the year	20,242,951
Sycamore Terrace Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 17,794,863
Initial Cost of Company
Land				1,321,194
Buildings and Improvements				21,852,963
Total				23,174,157
Cost Capitalized Subsequent to Acquisition				253,629
Gross Amount at which Carried at Close of Period
Land				1,321,194
Buildings and Improvements				21,661,008
Total	22,982,202			22,982,202
Accumulated Depreciation and Amortization				$ (3,474,702)
Real Estate [Roll Forward]
Balance at the end of the year	22,982,202
Hilliard Summit Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 15,710,108
Initial Cost of Company
Land				1,536,795
Buildings and Improvements				22,639,028
Total				24,175,823
Cost Capitalized Subsequent to Acquisition				299,652
Gross Amount at which Carried at Close of Period
Land				1,536,795
Buildings and Improvements				22,490,028
Total	24,026,823			24,026,823
Accumulated Depreciation and Amortization				$ (3,730,353)
Real Estate [Roll Forward]
Balance at the end of the year	24,026,823
Springmarc Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 14,478,724
Initial Cost of Company
Land				1,917,909
Buildings and Improvements				20,027,929
Total				21,945,838
Cost Capitalized Subsequent to Acquisition				191,528
Gross Amount at which Carried at Close of Period
Land				1,917,909
Buildings and Improvements				19,787,579
Total	21,705,488			21,705,488
Accumulated Depreciation and Amortization				$ (3,360,558)
Real Estate [Roll Forward]
Balance at the end of the year	21,705,488
Renaissance at St. Andrews Condominiums [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 0
Initial Cost of Company
Land				92,255
Buildings and Improvements				1,282,745
Total				1,375,000
Cost Capitalized Subsequent to Acquisition				372,603
Gross Amount at which Carried at Close of Period
Land				92,255
Buildings and Improvements				1,628,683
Total	1,720,938			1,720,938
Accumulated Depreciation and Amortization				$ (315,718)
Real Estate [Roll Forward]
Balance at the end of the year	1,720,938
Ashley Oaks Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 24,599,195
Initial Cost of Company
Land				3,819,796
Buildings and Improvements				26,970,204
Total				30,790,000
Cost Capitalized Subsequent to Acquisition				3,143,971
Gross Amount at which Carried at Close of Period
Land				3,819,796
Buildings and Improvements				29,378,393
Total	33,198,189			33,198,189
Accumulated Depreciation and Amortization				$ (5,492,084)
Real Estate [Roll Forward]
Balance at the end of the year	33,198,189
Arrowhead Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 11,780,189
Initial Cost of Company
Land				2,094,728
Buildings and Improvements				14,655,272
Total				16,750,000
Cost Capitalized Subsequent to Acquisition				522,991
Gross Amount at which Carried at Close of Period
Land				2,094,728
Buildings and Improvements				14,775,664
Total	16,870,392			16,870,392
Accumulated Depreciation and Amortization				$ (2,483,129)
Real Estate [Roll Forward]
Balance at the end of the year	16,870,392
The Moorings Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 14,240,269
Initial Cost of Company
Land				2,250,208
Buildings and Improvements				17,999,792
Total				20,250,000
Cost Capitalized Subsequent to Acquisition				1,704,628
Gross Amount at which Carried at Close of Period
Land				2,250,208
Buildings and Improvements				19,282,954
Total	21,533,162			21,533,162
Accumulated Depreciation and Amortization				$ (3,223,466)
Real Estate [Roll Forward]
Balance at the end of the year	21,533,162
Forty-57 Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 37,031,543
Initial Cost of Company
Land				3,055,614
Buildings and Improvements				49,444,386
Total				52,500,000
Cost Capitalized Subsequent to Acquisition				991,127
Gross Amount at which Carried at Close of Period
Land				3,055,614
Buildings and Improvements				49,673,628
Total	52,729,242			52,729,242
Accumulated Depreciation and Amortization				$ (8,009,307)
Real Estate [Roll Forward]
Balance at the end of the year	52,729,242
Keystone Farms Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 5,838,649
Initial Cost of Company
Land				1,052,401
Buildings and Improvements				7,347,599
Total				8,400,000
Cost Capitalized Subsequent to Acquisition				419,971
Gross Amount at which Carried at Close of Period
Land				1,052,401
Buildings and Improvements				7,587,711
Total	8,640,112			8,640,112
Accumulated Depreciation and Amortization				$ (1,302,888)
Real Estate [Roll Forward]
Balance at the end of the year	8,640,112
Riverford Crossing Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 21,047,995
Initial Cost of Company
Land				2,595,387
Buildings and Improvements				27,404,613
Total				30,000,000
Cost Capitalized Subsequent to Acquisition				561,378
Gross Amount at which Carried at Close of Period
Land				2,595,387
Buildings and Improvements				27,423,957
Total	30,019,344			30,019,344
Accumulated Depreciation and Amortization				$ (4,543,289)
Real Estate [Roll Forward]
Balance at the end of the year	30,019,344
Southpointe at Valley Farms North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 9,670,974
Initial Cost of Company
Land				2,212,402
Buildings and Improvements				3,062,598
Total				5,275,000
Cost Capitalized Subsequent to Acquisition				9,431,261
Gross Amount at which Carried at Close of Period
Land				2,212,402
Buildings and Improvements				12,427,823
Total	14,640,225			14,640,225
Accumulated Depreciation and Amortization				$ (1,002,296)
Real Estate [Roll Forward]
Balance at the end of the year	14,640,225
Montecito Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 13,398,273
Initial Cost of Company
Land				3,081,522
Buildings and Improvements				15,918,478
Total				19,000,000
Cost Capitalized Subsequent to Acquisition				2,010,551
Gross Amount at which Carried at Close of Period
Land				3,081,522
Buildings and Improvements				17,494,833
Total	20,576,355			20,576,355
Accumulated Depreciation and Amortization				$ (3,127,534)
Real Estate [Roll Forward]
Balance at the end of the year	20,576,355
Hilliard Grand Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 29,112,914
Initial Cost of Company
Land				2,657,734
Buildings and Improvements				38,012,528
Total				40,670,262
Cost Capitalized Subsequent to Acquisition				346,192
Gross Amount at which Carried at Close of Period
Land				2,657,734
Buildings and Improvements				37,542,053
Total	40,199,787			40,199,787
Accumulated Depreciation and Amortization				$ (5,809,899)
Real Estate [Roll Forward]
Balance at the end of the year	40,199,787
The Hills at Fair Oaks [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 23,877,008
Initial Cost of Company
Land				3,008,363
Buildings and Improvements				31,700,639
Total				34,709,002
Cost Capitalized Subsequent to Acquisition				225,562
Gross Amount at which Carried at Close of Period
Land				3,008,363
Buildings and Improvements				31,300,409
Total	34,308,772			34,308,772
Accumulated Depreciation and Amortization				$ (4,985,452)
Real Estate [Roll Forward]
Balance at the end of the year	34,308,772
Library Lofts East [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 8,517,144
Initial Cost of Company
Land				1,669,405
Buildings and Improvements				11,080,595
Total				12,750,000
Cost Capitalized Subsequent to Acquisition				320,683
Gross Amount at which Carried at Close of Period
Land				1,669,405
Buildings and Improvements				11,195,311
Total	12,864,716			12,864,716
Accumulated Depreciation and Amortization				$ (1,760,405)
Real Estate [Roll Forward]
Balance at the end of the year	12,864,716
The Trails at Buda Ranch [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 20,793,446
Initial Cost of Company
Land				2,504,114
Buildings and Improvements				20,495,886
Total				23,000,000
Cost Capitalized Subsequent to Acquisition				619,347
Gross Amount at which Carried at Close of Period
Land				2,504,114
Buildings and Improvements				20,609,163
Total	23,113,277			23,113,277
Accumulated Depreciation and Amortization				$ (3,101,817)
Real Estate [Roll Forward]
Balance at the end of the year	23,113,277
Deep Deuce at Bricktown [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 25,019,201
Initial Cost of Company
Land				2,529,318
Buildings and Improvements				37,266,648
Total				39,795,966
Cost Capitalized Subsequent to Acquisition				5,389,403
Gross Amount at which Carried at Close of Period
Land				2,529,318
Buildings and Improvements				41,980,975
Total	44,510,293			44,510,293
Accumulated Depreciation and Amortization				$ (7,658,658)
Real Estate [Roll Forward]
Balance at the end of the year	44,510,293
Deer Valley Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 22,796,336
Initial Cost of Company
Land				2,494,142
Buildings and Improvements				26,105,858
Total				28,600,000
Cost Capitalized Subsequent to Acquisition				1,281,791
Gross Amount at which Carried at Close of Period
Land				2,494,142
Buildings and Improvements				26,858,741
Total	29,352,883			29,352,883
Accumulated Depreciation and Amortization				$ (4,166,884)
Real Estate [Roll Forward]
Balance at the end of the year	29,352,883
Grayson Ridge [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 13,873,891
Initial Cost of Company
Land				1,594,099
Buildings and Improvements				12,705,901
Total				14,300,000
Cost Capitalized Subsequent to Acquisition				1,490,206
Gross Amount at which Carried at Close of Period
Land				1,594,099
Buildings and Improvements				13,842,333
Total	15,436,432			15,436,432
Accumulated Depreciation and Amortization				$ (2,328,649)
Real Estate [Roll Forward]
Balance at the end of the year	15,436,432
Rosemont at Olmos Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 14,113,839
Initial Cost of Company
Land				2,064,447
Buildings and Improvements				19,985,553
Total				22,050,000
Cost Capitalized Subsequent to Acquisition				418,637
Gross Amount at which Carried at Close of Period
Land				2,064,447
Buildings and Improvements				19,981,067
Total	22,045,514			22,045,514
Accumulated Depreciation and Amortization				$ (2,816,561)
Real Estate [Roll Forward]
Balance at the end of the year	22,045,514
Retreat at Quail North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 16,686,497
Initial Cost of Company
Land				1,700,810
Buildings and Improvements				24,025,543
Total				25,726,353
Cost Capitalized Subsequent to Acquisition				289,501
Gross Amount at which Carried at Close of Period
Land				1,700,810
Buildings and Improvements				23,826,401
Total	25,527,211			25,527,211
Accumulated Depreciation and Amortization				$ (3,528,686)
Real Estate [Roll Forward]
Balance at the end of the year	25,527,211
The Lodge at Trails Edge [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 12,053,618
Initial Cost of Company
Land				2,389,613
Buildings and Improvements				16,128,107
Total				18,517,720
Cost Capitalized Subsequent to Acquisition				480,803
Gross Amount at which Carried at Close of Period
Land				2,389,613
Buildings and Improvements				16,223,290
Total	18,612,903			18,612,903
Accumulated Depreciation and Amortization				$ (2,345,643)
Real Estate [Roll Forward]
Balance at the end of the year	18,612,903
Arbors At Carrollton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 5,970,787
Initial Cost of Company
Land				1,424,432
Buildings and Improvements				7,560,527
Total				8,984,959
Cost Capitalized Subsequent to Acquisition				626,698
Gross Amount at which Carried at Close of Period
Land				1,424,432
Buildings and Improvements				7,963,035
Total	9,387,467			9,387,467
Accumulated Depreciation and Amortization				$ (1,303,824)
Real Estate [Roll Forward]
Balance at the end of the year	9,387,467
Waterford on the Meadow [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 15,850,173
Initial Cost of Company
Land				2,625,024
Buildings and Improvements				20,849,131
Total				23,474,155
Cost Capitalized Subsequent to Acquisition				2,681,671
Gross Amount at which Carried at Close of Period
Land				2,625,024
Buildings and Improvements				22,965,636
Total	25,590,660			25,590,660
Accumulated Depreciation and Amortization				$ (3,345,355)
Real Estate [Roll Forward]
Balance at the end of the year	25,590,660
The Belmont [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 8,817,677
Initial Cost of Company
Land				1,550,028
Buildings and Improvements				11,264,510
Total				12,814,538
Cost Capitalized Subsequent to Acquisition				804,563
Gross Amount at which Carried at Close of Period
Land				1,550,028
Buildings and Improvements				11,706,430
Total	13,256,458			13,256,458
Accumulated Depreciation and Amortization				$ (1,690,496)
Real Estate [Roll Forward]
Balance at the end of the year	13,256,458
Meritage at Steiner Ranch [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 58,137,072
Initial Cost of Company
Land				7,353,620
Buildings and Improvements				73,356,373
Total				80,709,993
Cost Capitalized Subsequent to Acquisition				7,787,008
Gross Amount at which Carried at Close of Period
Land				7,353,620
Buildings and Improvements				79,692,598
Total	87,046,218			87,046,218
Accumulated Depreciation and Amortization				$ (11,642,139)
Real Estate [Roll Forward]
Balance at the end of the year	87,046,218
Tapestry Park Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 43,595,145
Initial Cost of Company
Land				3,277,884
Buildings and Improvements				47,118,797
Total				50,396,681
Cost Capitalized Subsequent to Acquisition				172,341
Gross Amount at which Carried at Close of Period
Land				3,277,884
Buildings and Improvements				46,652,674
Total	49,930,558			49,930,558
Accumulated Depreciation and Amortization				$ (6,345,414)
Real Estate [Roll Forward]
Balance at the end of the year	49,930,558
Dawntree Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 15,138,014
Initial Cost of Company
Land				3,135,425
Buildings and Improvements				21,753,469
Total				24,888,894
Cost Capitalized Subsequent to Acquisition				1,806,673
Gross Amount at which Carried at Close of Period
Land				3,135,425
Buildings and Improvements				22,957,681
Total	26,093,106			26,093,106
Accumulated Depreciation and Amortization				$ (3,441,941)
Real Estate [Roll Forward]
Balance at the end of the year	26,093,106
Stuart Hall Lofts [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 15,968,742
Initial Cost of Company
Land				1,585,035
Buildings and Improvements				15,264,965
Total				16,850,000
Cost Capitalized Subsequent to Acquisition				132,759
Gross Amount at which Carried at Close of Period
Land				1,585,035
Buildings and Improvements				15,112,965
Total	16,698,000			16,698,000
Accumulated Depreciation and Amortization				$ (2,092,972)
Real Estate [Roll Forward]
Balance at the end of the year	16,698,000
BriceGrove Park Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 17,072,164
Initial Cost of Company
Land				1,596,212
Buildings and Improvements				18,503,788
Total				20,100,000
Cost Capitalized Subsequent to Acquisition				610,535
Gross Amount at which Carried at Close of Period
Land				1,596,212
Buildings and Improvements				18,663,503
Total	20,259,715			20,259,715
Accumulated Depreciation and Amortization				$ (2,646,653)
Real Estate [Roll Forward]
Balance at the end of the year	20,259,715
Retreat at Hamburg Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 12,031,675
Initial Cost of Company
Land				1,605,839
Buildings and Improvements				14,694,161
Total				16,300,000
Cost Capitalized Subsequent to Acquisition				282,991
Gross Amount at which Carried at Close of Period
Land				1,605,839
Buildings and Improvements				14,649,237
Total	16,255,076			16,255,076
Accumulated Depreciation and Amortization				$ (2,076,333)
Real Estate [Roll Forward]
Balance at the end of the year	16,255,076
Cantare - Indian Lake Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 28,090,912
Initial Cost of Company
Land				2,489,757
Buildings and Improvements				26,510,243
Total				29,000,000
Cost Capitalized Subsequent to Acquisition				229,795
Gross Amount at which Carried at Close of Period
Land				2,489,757
Buildings and Improvements				26,278,537
Total	28,768,294			28,768,294
Accumulated Depreciation and Amortization				$ (3,528,727)
Real Estate [Roll Forward]
Balance at the end of the year	28,768,294
Landing at Mansfield [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 27,151,099
Initial Cost of Company
Land				3,375,831
Buildings and Improvements				27,524,169
Total				30,900,000
Cost Capitalized Subsequent to Acquisition				461,928
Gross Amount at which Carried at Close of Period
Land				3,375,831
Buildings and Improvements				27,353,633
Total	30,729,464			30,729,464
Accumulated Depreciation and Amortization				$ (3,624,415)
Real Estate [Roll Forward]
Balance at the end of the year	30,729,464
The Heights Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 38,211,186
Initial Cost of Company
Land				9,869,925
Buildings and Improvements				27,130,075
Total				37,000,000
Cost Capitalized Subsequent to Acquisition				2,525,594
Gross Amount at which Carried at Close of Period
Land				9,869,925
Buildings and Improvements				28,293,938
Total	38,163,863			38,163,863
Accumulated Depreciation and Amortization				$ (4,550,038)
Real Estate [Roll Forward]
Balance at the end of the year	38,163,863
Villas at Huffmeister [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 27,136,015
Initial Cost of Company
Land				5,858,663
Buildings and Improvements				31,741,337
Total				37,600,000
Cost Capitalized Subsequent to Acquisition				1,313,137
Gross Amount at which Carried at Close of Period
Land				5,858,663
Buildings and Improvements				32,334,058
Total	38,192,721			38,192,721
Accumulated Depreciation and Amortization				$ (4,551,111)
Real Estate [Roll Forward]
Balance at the end of the year	38,192,721
Villas at Kingwood [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 35,269,793
Initial Cost of Company
Land				6,512,468
Buildings and Improvements				33,637,532
Total				40,150,000
Cost Capitalized Subsequent to Acquisition				1,686,569
Gross Amount at which Carried at Close of Period
Land				6,512,468
Buildings and Improvements				34,535,279
Total	41,047,747			41,047,747
Accumulated Depreciation and Amortization				$ (4,873,640)
Real Estate [Roll Forward]
Balance at the end of the year	41,047,747
Waterford Place at Riata Ranch [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 17,251,113
Initial Cost of Company
Land				3,184,857
Buildings and Improvements				20,215,143
Total				23,400,000
Cost Capitalized Subsequent to Acquisition				841,041
Gross Amount at which Carried at Close of Period
Land				3,184,857
Buildings and Improvements				20,556,194
Total	23,741,051			23,741,051
Accumulated Depreciation and Amortization				$ (2,935,027)
Real Estate [Roll Forward]
Balance at the end of the year	23,741,051
Carrington Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 27,260,883
Initial Cost of Company
Land				5,450,417
Buildings and Improvements				27,449,583
Total				32,900,000
Cost Capitalized Subsequent to Acquisition				1,271,692
Gross Amount at which Carried at Close of Period
Land				5,450,417
Buildings and Improvements				28,027,114
Total	33,477,531			33,477,531
Accumulated Depreciation and Amortization				$ (3,858,036)
Real Estate [Roll Forward]
Balance at the end of the year	33,477,531
Carrington at Champion Forest [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 24,861,504
Initial Cost of Company
Land				3,760,329
Buildings and Improvements				29,239,671
Total				33,000,000
Cost Capitalized Subsequent to Acquisition				1,079,818
Gross Amount at which Carried at Close of Period
Land				3,760,329
Buildings and Improvements				29,703,594
Total	33,463,923			33,463,923
Accumulated Depreciation and Amortization				$ (4,067,232)
Real Estate [Roll Forward]
Balance at the end of the year	33,463,923
Carrington Park at Huffmeister [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 20,204,368
Initial Cost of Company
Land				3,241,747
Buildings and Improvements				21,908,253
Total				25,150,000
Cost Capitalized Subsequent to Acquisition				926,359
Gross Amount at which Carried at Close of Period
Land				3,241,747
Buildings and Improvements				22,310,267
Total	25,552,014			25,552,014
Accumulated Depreciation and Amortization				$ (3,121,645)
Real Estate [Roll Forward]
Balance at the end of the year	25,552,014
Willow Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 57,611,490
Initial Cost of Company
Land				8,091,870
Buildings and Improvements				49,908,130
Total				58,000,000
Cost Capitalized Subsequent to Acquisition				6,225,527
Gross Amount at which Carried at Close of Period
Land				8,091,870
Buildings and Improvements				54,418,750
Total	62,510,620			62,510,620
Accumulated Depreciation and Amortization				$ (7,844,662)
Real Estate [Roll Forward]
Balance at the end of the year	62,510,620
Echo at Katy Ranch [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 0
Initial Cost of Company
Land				4,402,862
Buildings and Improvements				30,419,853
Total				34,822,715
Cost Capitalized Subsequent to Acquisition				341,550
Gross Amount at which Carried at Close of Period
Land				4,402,862
Buildings and Improvements				30,287,683
Total	34,690,545			34,690,545
Accumulated Depreciation and Amortization				$ (3,808,330)
Real Estate [Roll Forward]
Balance at the end of the year	34,690,545
Heritage Grand at Sienna Plantation [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 17,245,125
Initial Cost of Company
Land				3,776,547
Buildings and Improvements				22,762,411
Total				26,538,958
Cost Capitalized Subsequent to Acquisition				321,845
Gross Amount at which Carried at Close of Period
Land				3,776,547
Buildings and Improvements				22,538,115
Total	26,314,662			26,314,662
Accumulated Depreciation and Amortization				$ (2,942,740)
Real Estate [Roll Forward]
Balance at the end of the year	26,314,662
Audubon Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 16,338,651
Initial Cost of Company
Land				2,489,428
Buildings and Improvements				14,260,572
Total				16,750,000
Cost Capitalized Subsequent to Acquisition				4,274,554
Gross Amount at which Carried at Close of Period
Land				2,489,428
Buildings and Improvements				18,116,033
Total	20,605,461			20,605,461
Accumulated Depreciation and Amortization				$ (2,766,635)
Real Estate [Roll Forward]
Balance at the end of the year	20,605,461
Mallard Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 33,488,573
Initial Cost of Company
Land				2,383,256
Buildings and Improvements				37,416,744
Total				39,800,000
Cost Capitalized Subsequent to Acquisition				957,780
Gross Amount at which Carried at Close of Period
Land				2,383,256
Buildings and Improvements				37,703,951
Total	40,087,207			40,087,207
Accumulated Depreciation and Amortization				$ (4,541,177)
Real Estate [Roll Forward]
Balance at the end of the year	40,087,207
Renaissance at Carol Stream [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 23,028,160
Initial Cost of Company
Land				4,605,682
Buildings and Improvements				24,544,318
Total				29,150,000
Cost Capitalized Subsequent to Acquisition				1,174,704
Gross Amount at which Carried at Close of Period
Land				4,605,682
Buildings and Improvements				25,145,094
Total	29,750,776			29,750,776
Accumulated Depreciation and Amortization				$ (3,160,231)
Real Estate [Roll Forward]
Balance at the end of the year	29,750,776
Reserve at Creekside [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 14,190,376
Initial Cost of Company
Land				1,344,233
Buildings and Improvements				17,530,767
Total				18,875,000
Cost Capitalized Subsequent to Acquisition				282,030
Gross Amount at which Carried at Close of Period
Land				1,344,233
Buildings and Improvements				17,460,773
Total	18,805,006			18,805,006
Accumulated Depreciation and Amortization				$ (2,038,086)
Real Estate [Roll Forward]
Balance at the end of the year	18,805,006
Mapleshade Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 19,235,309
Initial Cost of Company
Land				3,585,171
Buildings and Improvements				19,739,829
Total				23,325,000
Cost Capitalized Subsequent to Acquisition				1,788,113
Gross Amount at which Carried at Close of Period
Land				3,585,171
Buildings and Improvements				20,919,343
Total	24,504,514			24,504,514
Accumulated Depreciation and Amortization				$ (2,555,555)
Real Estate [Roll Forward]
Balance at the end of the year	24,504,514
Richland Falls [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 20,137,110
Initial Cost of Company
Land				1,306,794
Buildings and Improvements				19,693,206
Total				21,000,000
Cost Capitalized Subsequent to Acquisition				10,079,447
Gross Amount at which Carried at Close of Period
Land				1,306,794
Buildings and Improvements				29,502,008
Total	30,808,802			30,808,802
Accumulated Depreciation and Amortization				$ (2,206,780)
Real Estate [Roll Forward]
Balance at the end of the year	30,808,802
Oak Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 17,644,671
Initial Cost of Company
Land				2,005,491
Buildings and Improvements				22,224,509
Total				24,230,000
Cost Capitalized Subsequent to Acquisition				231,175
Gross Amount at which Carried at Close of Period
Land				2,005,491
Buildings and Improvements				22,039,213
Total	24,044,704			24,044,704
Accumulated Depreciation and Amortization				$ (2,286,220)
Real Estate [Roll Forward]
Balance at the end of the year	24,044,704
Park Shore [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 15,635,835
Initial Cost of Company
Land				1,619,712
Buildings and Improvements				16,730,288
Total				18,350,000
Cost Capitalized Subsequent to Acquisition				1,194,761
Gross Amount at which Carried at Close of Period
Land				1,619,712
Buildings and Improvements				17,416,478
Total	19,036,190			19,036,190
Accumulated Depreciation and Amortization				$ (1,698,378)
Real Estate [Roll Forward]
Balance at the end of the year	$ 19,036,190

- Real Estate Assets and Accu89

- Real Estate Assets and Accumulated Depreciation (Footnote) (Details) $ in Millions	Dec. 31, 2016USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Unamortized portion of loan premiums (discounts) on assumed debt	$ 2.2
Aggregate cost of real estate for federal income tax purposes	$ 1,750