Steadfast Income REIT 10-Q 11 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2017	May 05, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Steadfast Income REIT, Inc.
Entity Central Index Key	1,468,010
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		75,838,829

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Real Estate:
Land	$ 174,102,422	$ 174,102,422
Building and improvements	1,521,600,455	1,517,532,273
Other intangible assets	2,644,263	2,644,263
Total real estate, cost	1,698,347,140	1,694,278,958
Less accumulated depreciation and amortization	(250,695,674)	(232,744,083)
Total real estate, net	1,447,651,466	1,461,534,875
Cash and cash equivalents	55,200,301	66,224,027
Restricted cash	16,741,218	27,553,851
Short-term investments	30,000,000	30,084,750
Rents and other receivables	2,903,177	2,750,520
Other assets	3,351,042	4,786,762
Total assets	1,555,847,204	1,592,934,785
Liabilities:
Accounts payable and accrued liabilities	34,434,803	47,377,341
Notes payable:
Mortgage notes payable, net	982,767,140	985,080,154
Credit facility, net	232,778,538	232,636,126
Total notes payable, net	1,215,545,678	1,217,716,280
Distributions payable	4,627,865	4,625,355
Due to affiliates	1,887,582	2,787,566
Total liabilities	1,256,495,928	1,272,506,542
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	670,035,064	672,018,194
Cumulative distributions and net losses	(371,443,987)	(352,351,990)
Total stockholders’ equity	299,351,276	320,428,243
Total liabilities and stockholders’ equity	1,555,847,204	1,592,934,785
Common stock, $0.01 par value per share; 999,999,000 shares authorized, 76,575,259 and 76,674,502 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively [Member]
Notes payable:
Distributions payable	4,627,865	4,625,355
Stockholders’ Equity:
Stock $0.01 par value per share	760,189	762,029
Convertible stock, $0.01 par value per share; 1,000 shares issued and outstanding as of March 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 (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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)	76,575,259	76,674,502
Common stock, shares outstanding (in shares)	76,575,259	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 ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Rental income	$ 48,215,774	$ 47,170,635
Tenant reimbursements and other	6,064,491	5,736,273
Total revenues	54,280,265	52,906,908
Expenses:
Operating, maintenance and management	14,076,201	13,709,810
Real estate taxes and insurance	9,812,747	8,911,021
Fees to affiliates	5,622,023	5,522,423
Depreciation and amortization	17,953,723	16,947,268
Interest expense	10,848,036	10,046,840
General and administrative expenses	1,612,410	1,387,688
Total expenses	59,925,140	56,525,050
Net loss	$ (5,644,875)	$ (3,618,142)
Loss per common share - basic and diluted (in dollars per share)	$ (0.07)	$ (0.05)
Weighted average number of common shares outstanding — basic and diluted (in shares)	76,066,450	76,350,555
Distributions declared per common share (in dollars per share)	$ 0.177	$ 0.178

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock [Member]	Common Stock [Member]Common Stock [Member]	Common Stock [Member]Convertible Stock [Member]	Additional Paid-In Capital [Member]	Cumulative Distributions & Net Losses [Member]
BALANCE, beginning of period at Dec. 31, 2015	$ 406,447,523		$ 766,745	$ 10	$ 677,624,840	$ (271,944,072)
BALANCE, beginning of period (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 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)
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)
BALANCE, end of period at Dec. 31, 2016	320,428,243		$ 762,029	$ 10	672,018,194	(352,351,990)
BALANCE, end of period (in shares) at Dec. 31, 2016			76,202,862	1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of common stock	(2,000,000)		$ (1,840)		(1,998,160)
Redemption of common stock (in shares)			(183,955)
Distributions declared	(13,447,122)	$ (13,447,122)				(13,447,122)
Amortization of stock-based compensation	15,030				15,030
Net loss	(5,644,875)					(5,644,875)
BALANCE, end of period at Mar. 31, 2017	$ 299,351,276		$ 760,189	$ 10	$ 670,035,064	$ (371,443,987)
BALANCE, end of period (in shares) at Mar. 31, 2017			76,018,907	1,000

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows from Operating Activities:
Net loss	$ (5,644,875)	$ (3,618,142)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	17,953,723	16,947,268
Amortization of deferred financing costs	470,696	382,044
Amortization of stock-based compensation	15,030	12,864
Change in value of restricted common stock to Advisor	0	113,607
Amortization of loan premiums and discounts	(308,639)	(308,698)
Change in fair value of interest rate cap agreements	319,953	232,712
Insurance claim recoveries	(7,895)	0
Loss on disposal of buildings and improvements	4,025	0
Unrealized gain on short-term investments	(84,750)	0
Changes in operating assets and liabilities:
Restricted cash for operating activities	10,621,456	9,544,451
Rents and other receivables	(152,657)	(659,186)
Other assets	1,115,767	951,635
Accounts payable and accrued liabilities	(12,504,541)	(10,840,794)
Due to affiliates	(892,691)	(814,996)
Net cash provided by operating activities	10,904,602	11,942,765
Cash Flows from Investing Activities:
Proceeds from short-term investments	169,500	0
Additions to real estate investments	(4,519,629)	(5,810,659)
Restricted cash for investing activities	191,177	876,767
Proceeds from insurance claims	7,895	0
Net cash used in investing activities	(4,151,057)	(4,933,892)
Cash Flows from Financing Activities:
Proceeds from issuance of mortgage notes payable	303,751	162,086
Principal payments on mortgage notes payable	(2,636,410)	(4,097,630)
Borrowings from credit facility	0	16,000,000
Distributions to common stockholders	(13,444,612)	(13,669,663)
Redemptions of common stock	(2,000,000)	(1,000,000)
Net cash used in financing activities	(17,777,271)	(2,605,207)
Net (decrease) increase in cash and cash equivalents	(11,023,726)	4,403,666
Cash and cash equivalents, beginning of period	66,224,027	32,076,582
Cash and cash equivalents, end of period	55,200,301	36,480,248
Supplemental Disclosures of Cash Flow Information:
Interest Paid	10,262,157	9,598,899
Supplemental Disclosure of Noncash Transactions:
Increase (decrease) in distributions payable	2,510	(20,333)
(Decrease) increase in accounts payable and accrued liabilities from additions to real estate investments	(437,997)	648,313
Decrease in due to affiliates from additions to real estate investments	$ 7,293	$ 129,078

CONSOLIDATED STATEMENT OF CASH7

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Cash Flows [Abstract]
Interest capitalized	$ 0	$ 25,904

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , the Company owned 65 multifamily properties comprising a total of 16,709 apartment homes and 25,973 square feet of rentable commercial space. 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 19, 2010, the Company commenced its initial public offering of up to 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 offered 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 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, 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 determined an estimated value per share of the Company’s common stock of $11.44 as of December 31, 2015. 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. 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	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2016 . For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 16, 2017. Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, the consolidated variable interest entity (“VIE”) that the Company controls and of which the Company is the primary beneficiary, and the Operating Partnership’s 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 Operating Partnership is a VIE as the limited partner lacks substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of, and consolidates, the Operating Partnership. The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The unaudited consolidated financial statements herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . 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. 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 March 31, 2017 and 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. The certificate of deposit originally matured on March 28, 2017; however, upon maturity, the balance was rolled into a new six-month certificate of deposit. 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 three months ended March 31, 2017 and 2016 , $84,750 and $0 was included in tenant reimbursements and other on the accompanying consolidated statements of operations. 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 other assets in the accompanying consolidated balance sheets. The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: March 31, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 298,888 $ — December 31, 2016 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 618,841 $ — 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 March 31, 2017 and December 31, 2016 , the fair value of the notes payable was $1,219,644,512 and $1,197,015,105 , respectively, compared to the carrying value of $1,215,545,678 and $1,217,716,280 , respectively. The Company has determined that its notes payable are classified as Level 3 within the fair value hierarchy. Distribution Policy The Company has elected to be taxed as a REIT and to operate as a REIT beginning with its taxable year ending December 31, 2010. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). Distributions during the three months ended March 31, 2017 and 2016 were based on daily record dates and calculated at a rate of $0.001964 per share per day. Each day during the three months ended March 31, 2017 and 2016 was a distribution record date. Distributions to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements and annual distribution requirements in order for the Company to qualify as a REIT under the Internal Revenue Code. During the three months ended March 31, 2017 and 2016 , the Company declared distributions of $0.177 and $0.178 per common share, respectively. 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 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 periods 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 Accounting Standards Update (“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 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, the Company does 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 did not experience a material impact from adopting this new 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. The Company did not experience a material impact from adopting this new guidance. 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. Upon adoption of this new guidance during the three months ended March 31, 2017 , the Company did not experience a material impact.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Real Estate	Real Estate As of March 31, 2017 , the Company owned 65 multifamily properties, encompassing in the aggregate 16,709 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 $1,644,189,381 . As of March 31, 2017 and December 31, 2016 , the Company’s portfolio was approximately 93.6% and 93.5% occupied and the average monthly rent was $1,025 and $1,026 , respectively. As of March 31, 2017 and December 31, 2016 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: March 31, 2017 Assets Land Building and Improvements Other Intangible Assets Total Real Estate Investments in real estate $ 174,102,422 $ 1,521,600,455 $ 2,644,263 $ 1,698,347,140 Less: Accumulated depreciation and amortization — (250,111,351 ) (584,323 ) (250,695,674 ) Net investments in real estate and related lease intangibles $ 174,102,422 $ 1,271,489,104 $ 2,059,940 $ 1,447,651,466 December 31, 2016 Assets Land Building and Improvements Other Intangible Assets 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 Depreciation and amortization expenses were $17,953,723 and $16,947,268 for the three months ended March 31, 2017 and 2016 , respectively. Depreciation of the Company’s buildings and improvements were $17,915,431 and $16,908,976 for the three months ended March 31, 2017 and 2016 , respectively. Amortization of the Company’s other intangible assets for the three months ended March 31, 2017 and 2016 were $38,292 and $38,292 , respectively. The future amortization of the Company’s acquired other intangible assets as of March 31, 2017 and thereafter is as follows: April 1 through December 31, 2017 $ 114,876 2018 153,168 2019 153,168 2020 153,168 2021 153,168 Thereafter 1,332,392 $ 2,059,940 Operating Leases As of March 31, 2017 , the Company’s real estate portfolio comprised 16,709 residential apartment homes and was 95.8% leased by a diverse group of residents. For each of the three months ended March 31, 2017 and 2016 , 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 remaining lease durations varying from 2.17 to 8.01 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 $5,083,549 and $5,047,792 as of March 31, 2017 and December 31, 2016 , respectively. The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of March 31, 2017 and thereafter is as follows: April 1 through December 31, 2017 $ 191,526 2018 259,143 2019 180,858 2020 74,313 2021 76,535 Thereafter 264,345 $ 1,046,720 As of March 31, 2017 and December 31, 2016 , 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.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets As of March 31, 2017 and December 31, 2016 , other assets consisted of: March 31, 2017 December 31, 2016 Prepaid expenses $ 1,929,301 $ 3,041,353 Interest rate cap agreements (Note 11) 298,888 618,841 Other deposits 1,122,853 1,126,568 Other assets $ 3,351,042 $ 4,786,762

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt Mortgage Notes Payable The following is a summary of mortgage notes payable secured by real property as of March 31, 2017 and December 31, 2016 : March 31, 2017 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 % $ 469,122,776 Mortgage notes payable - variable (1) 21 8/31/2017 - 1/1/2026 1-Mo LIBOR + 1.65% 1-Mo LIBOR + 2.65% 3.26 % 517,774,385 Total mortgage notes payable 58 3.63 % 986,897,161 Premium, net (2) 1,899,980 Deferred financing costs, net (3) (6,030,001 ) Total mortgage notes payable, net $ 982,767,140 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 _______________ (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 as of March 31, 2017 , 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 March 31, 2017 Amortization of Net Debt Premium During the Three Months Ended March 31, 2017 2016 $ 1,899,980 $ 308,639 $ 308,698 (3) The following table summarizes the deferred financing costs, net related to mortgage notes payable as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Deferred financing costs $ 10,104,244 $ 10,104,244 Less: accumulated amortization (4,074,243 ) (3,745,959 ) Deferred financing costs, net $ 6,030,001 $ 6,358,285 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 London Interbank Offered Rate (“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 . 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, multifamily note, 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 March 31, 2017 and December 31, 2016 , the advances obtained under the credit facility on July 29, 2016 are summarized in the following table: Amount of Advance as of Collateralized Property (1) March 31, 2017 December 31, 2016 Ashley Oaks Apartment Homes $ 24,867,500 $ 24,867,500 Trails at Buda Ranch 21,025,000 21,025,000 Deer Valley Apartments 22,982,500 22,982,500 Carrington Park at Huffmeister 20,430,500 20,430,500 Carrington Place 27,535,500 27,535,500 Carrington at Champion Forest 25,121,250 25,121,250 Audubon Park Apartments 16,602,500 16,602,500 Oak Crossing 17,980,000 17,980,000 Meritage at Steiner Ranch 58,580,000 58,580,000 $ 235,124,750 $ 235,124,750 Deferred financing costs, net on credit facility (2) (2,346,212 ) (2,488,624 ) Credit facility, net $ 232,778,538 $ 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 March 31, 2017 and December 31, 2016 , was $575,934 and $433,522 , respectively. Maturity and Interest The following is a summary of the Company’s aggregate maturities as of March 31, 2017 : Maturities During the Years Ending December 31, Contractual Obligation Total Remainder of 2017 2018 2019 2020 2021 Thereafter Principal payments on outstanding debt obligations (1) $ 1,222,021,911 $ 47,836,071 $ 75,880,559 $ 101,893,298 $ 87,550,294 $ 278,217,869 $ 630,643,820 ________________ (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 March 31, 2017 and December 31, 2016 , the Company was in compliance with all financial and non-financial debt covenants. The Company has significant debt maturing within one year from the date the consolidated financial statements are available to be issued. Although the Company does not currently have the liquid funds necessary to repay the debt at maturity, it believes that it is probable that it will be able to refinance all or a portion of the debt prior to maturity. For the three months ended March 31, 2017 and 2016 , the Company incurred interest of $10,848,036 and $10,072,744 . Interest expense for the three months ended March 31, 2017 and 2016 includes amortization of deferred financing costs of $470,696 and $382,044 , amortization of loan premiums and discounts of $308,639 and $308,698 , net unrealized loss from the change in fair value of interest rate cap agreements of $319,953 and $232,712 and capitalized interest of $0 and $25,904 , respectively. The capitalized interest is included in real estate on the consolidated balance sheets. Interest expense of $3,548,031 and $3,444,162 was payable as of March 31, 2017 and December 31, 2016 , respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , 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 three months ended March 31, 2017 and for the year ended December 31, 2016 for the restricted stock issued to the Company’s independent directors as compensation for services in connection with their re-election to the board of directors at the Company’s annual meeting is as follows: For the Three Months Ended March 31, 2017 For the Year Ended December 31, 2016 Nonvested shares at the beginning of the period 11,875 11,250 Granted shares — 7,500 Vested shares — (6,875 ) Nonvested shares at the end of the period 11,875 11,875 The weighted average fair value of restricted stock issued to the Company’s independent directors for the three months ended March 31, 2017 and for the year ended December 31, 2016 is as follows: Grant Year Weighted Average Fair Value 2016 $ 11.44 2017 n/a The shares of restricted common stock vest and become non-forfeitable in four equal annual installments beginning on the date of grant and ending on the third anniversary of the date of grant and will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to 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 $15,030 and $12,864 for the three months ended March 31, 2017 and 2016 , respectively, for compensation expense related to the issuance of restricted common stock. The weighted average remaining vesting term of the restricted common stock is 1.47 years as of March 31, 2017 . As of March 31, 2017 , the compensation expense related to the issuance of the restricted common stock not vested was $90,080 . 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 issued to the Advisor as of March 31, 2017 and December 31, 2016 of $5,637,207 was recorded in stockholders’ equity in the accompanying consolidated balance sheets. Included in general and administrative expenses on the accompanying consolidated statements of operations is $0 and $113,607 for the three months ended March 31, 2017 and 2016 , respectively, for the change in value of restricted common stock issued to the Advisor. Convertible Stock The Company issued 1,000 shares of Convertible Stock to the Advisor for $1,000 . The Convertible Stock will convert into shares of the Company’s common stock if and when: (A) the Company has made total distributions on the then outstanding shares of common stock equal to the original issue price of those shares plus an 8.0% cumulative, non-compounded, annual return on the original issue price of those shares, (B) subject to specified conditions, the Company lists the common stock for trading on a national securities exchange or (C) the Advisory Agreement is terminated or not renewed by the Company (other than for “cause” as defined in the Advisory Agreement). A “listing” will also be deemed to have occurred on the effective date of any merger of the Company in which the consideration received by the holders of the Company’s common stock is the securities of another issuer that are listed on a national securities exchange. Upon conversion, each share of Convertible Stock will convert into a number of shares of common stock equal to 1/1000 of the quotient of (A) 10% of the amount, if any, by which (1) the Company’s “enterprise value” (as defined in the Charter) plus the aggregate value of distributions paid to date on the outstanding shares of common stock exceeds (2) the aggregate purchase price paid by the stockholders for those shares plus an 8.0% cumulative, non-compounded, annual return on the original issue price of those shares, divided by (B) the Company’s enterprise value divided by the number of outstanding shares of common stock, in each case calculated as of the date of the conversion. In the event of a termination or non-renewal of the Advisory Agreement by the Company for cause, the Convertible Stock will be redeemed by the Company for $1.00 . Preferred Stock The Charter also provides the Company’s board of directors with the authority to issue one or more classes or series of preferred stock, and prior to the issuance of such shares of preferred stock, the board of directors shall have the power from time to time to classify or reclassify, in one or more series, any unissued shares and designate the preferences, rights and privileges of such shares of preferred stock. The Company’s board of directors is authorized to amend the Charter, without the approval of the stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. As of March 31, 2017 and December 31, 2016 , 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 determined by the Company’s board of directors. (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. During the three months ended March 31, 2017 , the Company redeemed a total of 183,955 shares with a total redemption value of $2,000,000 and received net requests for the redemption of 519,696 shares with a total net redemption value of $5,967,020 . During the three months ended March 31, 2016 , the Company redeemed a total of 99,243 shares with a total redemption value of $1,000,000 , and received net requests for the redemption of 347,512 shares with a total net redemption value of $3,763,312 . As of March 31, 2017 and 2016 , the Company’s total outstanding redemption requests received that were subject to the Company’s limitations on redemptions (discussed below) were 1,646,078 shares and 702,345 shares, respectively, with a total net redemption value of $19,009,693 and $7,759,225 , respectively. 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 limitations on redemptions (discussed below) 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 March 31, 2017 , the Company has recognized redemptions payable of $2,000,000 , which is included in accounts payable and accrued liabilities 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 (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) were calculated at a rate of $0.001964 per share per day during the three months ended March 31, 2017 and 2016 . Distributions declared for the three months ended March 31, 2017 and 2016 were $13,447,122 and $13,649,330 , all of which were attributable to cash distributions. As of March 31, 2017 and December 31, 2016 , $4,627,865 and $4,625,355 distributions declared were payable. Distributions Paid For the three months ended March 31, 2017 and 2016 , the Company paid cash distributions of $13,444,612 and $13,669,663 , which related to distributions declared for each day in the period from December 1, 2016 through February 28, 2017 and December 1, 2015 through February 29, 2016 , respectively. All such distributions were paid in cash.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2017
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 for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Net loss attributable to the Company $ (5,644,875 ) $ (3,618,142 ) Less: dividends declared on participating securities 2,099 45,505 Net loss attributable to common stockholders (5,646,974 ) (3,663,647 ) Weighted average common shares outstanding — basic and diluted 76,066,450 76,350,555 Loss per common share — basic and diluted $ (0.07 ) $ (0.05 ) 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	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements The Company has entered into the Advisory Agreement with the Advisor. Pursuant to the Advisory Agreement, the Company is obligated to pay the Advisor specified fees upon the provision of certain services related to the investment of funds in real estate and real estate-related investments, the management of the Company’s investments and for other services (including, but not limited to, the disposition of investments). Subject to the limitations described below, the Company is also obligated to reimburse the Advisor and its affiliates for organization and offering costs incurred by the Advisor and its affiliates on behalf of the Company, and the Company is obligated to reimburse the Advisor and its affiliates for acquisition and origination expenses and certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company. Amounts attributable to the Advisor and its affiliates incurred for the three months ended March 31, 2017 and 2016 and amounts that are payable (prepaid) to the Advisor and its affiliates as of March 31, 2017 and December 31, 2016 are as follows: Incurred For the Three Months Ended March 31, Payable (Prepaid) as of 2017 2016 March 31, 2017 December 31, 2016 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 3,581,155 $ 3,501,124 $ 38,717 $ 1,185,001 Property management Fees (1) 1,606,536 1,571,982 537,572 534,056 Reimbursement of onsite personnel (2) 4,831,469 4,564,368 1,015,869 805,274 Other fees (1) 434,332 449,317 51,597 54,679 Other fees - property operations (2) 46,836 — — — Other fees - G&A (3) 40,581 — — — Other operating expenses (3) 434,878 346,719 227,517 184,954 Consolidated Balance Sheets: Capitalized Construction management Fees (4) 197,879 245,033 8,645 16,431 Reimbursement of labor costs (4) 65,471 83,050 7,665 7,171 Prepaid insurance deductible account (5) 62,092 37,245 (62,093 ) (124,185 ) $ 11,301,229 $ 10,798,838 $ 1,825,489 $ 2,663,381 ________________ (1) Included in fees to affiliates in the accompanying consolidated statements of operations. (2) Included in operating, maintenance and management in the accompanying consolidated statements of operations. (3) Included in general and administrative expenses in the accompanying consolidated statements of operations. (4) Included in building and improvements in the accompanying consolidated balance sheets. (5) Included in other assets 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. 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 members 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 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). At March 31, 2017 , the Company’s allocable share of the Advisor’s overhead expenses did not exceed the 2%/25% Limitation test. 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. 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	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive Award Plan and Independent Director Compensation	Incentive Award Plan and Independent Director Compensation The Company has adopted an incentive plan (the “Incentive Award Plan”) that provides for the grant of equity awards to its employees, directors and consultants and those of the Company’s affiliates. The Incentive Award Plan authorizes the grant of non-qualified and incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and other stock-based awards or cash-based awards. No awards have been granted under the Incentive Award Plan as of March 31, 2017 and December 31, 2016 , 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 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 $15,030 and $12,864 for the three months ended March 31, 2017 and 2016 , respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Economic Dependency The Company is dependent on the Advisor and its affiliates for certain services that are essential to the Company, including the identification, evaluation, negotiation, purchase, and disposition of real estate and real estate-related investments; management of the daily operations of the Company’s real estate and real estate-related investment portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, the Company will be required to obtain such services from other sources. Concentration of Credit Risk The geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the Houston, Texas, Chicago, Illinois and Austin, Texas apartment markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, relocations of businesses, increased competition from other apartment communities, decrease in demand for apartments or any other changes, could adversely affect the Company’s operating results and its ability to make distributions to stockholders. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. Legal Matters From time to time, the Company is subject, or party, to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on the Company’s results of operations or financial condition nor is the Company aware of any such legal proceedings contemplated by government agencies.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company uses interest rate derivatives with the objective of managing exposure to interest rate movements thereby minimizing the effect of interest rate changes and the effect they could have on future cash flows. Interest rate cap agreements are used to accomplish this objective. The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at March 31, 2017 and December 31, 2016 : March 31, 2017 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 0.98 % 2.75 % $ 298,888 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 The interest rate cap agreements are not designated as cash flow hedges. Accordingly, the Company records any changes in the fair value of the interest rate cap agreements as interest expense. The change in the fair value of the interest rate cap agreements for the three months ended March 31, 2017 and 2016 resulted in an unrealized loss of $319,953 and $232,712 , respectively, which is included in interest expense in the accompanying consolidated statements of operations. The fair value of interest rate cap agreements of $298,888 and $618,841 are included in other assets on the accompanying consolidated balance sheets.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions Paid On April 3, 2017 , the Company paid distributions of $4,627,865 , which related to distributions declared for each day in the period from March 1, 2017 through March 31, 2017 . All such distributions were paid in cash. On May 1, 2017 , the Company paid distributions of $4,477,560 , which related to distributions declared for each day in the period from April 1, 2017 through April 30, 2017 . All such distributions were paid in cash. Redemption On April 28, 2017 , the Company redeemed 180,226 shares of its common stock for a total redemption value of $2,000,000 , or $11.10 per share, pursuant to the Company’s share repurchase program. Distributions Declared On May 9, 2017, the Company’s board of directors approved and authorized a daily distribution to stockholders of record as of the close of business on each day of the period commencing on July 1, 2017 and ending on September 30, 2017. The distributions will be equal to $0.001964 per share of the Company’s common stock. The distributions for each record date in July 2017, August 2017 and September 2017 will be paid in August 2017, September 2017 and October 2017, respectively. The distributions will be payable to stockholders from legally available funds therefor.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, the consolidated variable interest entity (“VIE”) that the Company controls and of which the Company is the primary beneficiary, and the Operating Partnership’s subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company.
Basis of Presentation	The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The unaudited consolidated financial statements herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 .
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.
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.
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 other assets 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.
Distribution Policy	Distribution Policy The Company has elected to be taxed as a REIT and to operate as a REIT beginning with its taxable year ending December 31, 2010. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). Distributions to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements and annual distribution requirements in order for the Company to qualify as a REIT under the Internal Revenue Code.
Per Share Data	Per Share Data Basic earnings (loss) per share attributable 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 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 periods 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	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 Accounting Standards Update (“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 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, the Company does 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 did not experience a material impact from adopting this new 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. The Company did not experience a material impact from adopting this new guidance. 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. Upon adoption of this new guidance during the three months ended March 31, 2017 , the Company did not experience a material impact.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Assets Required to be Measured at Fair Value on a Recurring Basis	The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: March 31, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 298,888 $ — December 31, 2016 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 618,841 $ —

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles	As of March 31, 2017 and December 31, 2016 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: March 31, 2017 Assets Land Building and Improvements Other Intangible Assets Total Real Estate Investments in real estate $ 174,102,422 $ 1,521,600,455 $ 2,644,263 $ 1,698,347,140 Less: Accumulated depreciation and amortization — (250,111,351 ) (584,323 ) (250,695,674 ) Net investments in real estate and related lease intangibles $ 174,102,422 $ 1,271,489,104 $ 2,059,940 $ 1,447,651,466 December 31, 2016 Assets Land Building and Improvements Other Intangible Assets 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
Schedule of Future Amortization of Acquired Other Intangible Assets	The future amortization of the Company’s acquired other intangible assets as of March 31, 2017 and thereafter is as follows: April 1 through December 31, 2017 $ 114,876 2018 153,168 2019 153,168 2020 153,168 2021 153,168 Thereafter 1,332,392 $ 2,059,940
Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants	The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of March 31, 2017 and thereafter is as follows: April 1 through December 31, 2017 $ 191,526 2018 259,143 2019 180,858 2020 74,313 2021 76,535 Thereafter 264,345 $ 1,046,720

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization	As of March 31, 2017 and December 31, 2016 , other assets consisted of: March 31, 2017 December 31, 2016 Prepaid expenses $ 1,929,301 $ 3,041,353 Interest rate cap agreements (Note 11) 298,888 618,841 Other deposits 1,122,853 1,126,568 Other assets $ 3,351,042 $ 4,786,762

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of Notes Payable Secured by Real Property	The following is a summary of mortgage notes payable secured by real property as of March 31, 2017 and December 31, 2016 : March 31, 2017 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 % $ 469,122,776 Mortgage notes payable - variable (1) 21 8/31/2017 - 1/1/2026 1-Mo LIBOR + 1.65% 1-Mo LIBOR + 2.65% 3.26 % 517,774,385 Total mortgage notes payable 58 3.63 % 986,897,161 Premium, net (2) 1,899,980 Deferred financing costs, net (3) (6,030,001 ) Total mortgage notes payable, net $ 982,767,140 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 _______________ (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 as of March 31, 2017 , 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 March 31, 2017 Amortization of Net Debt Premium During the Three Months Ended March 31, 2017 2016 $ 1,899,980 $ 308,639 $ 308,698 (3) The following table summarizes the deferred financing costs, net related to mortgage notes payable as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Deferred financing costs $ 10,104,244 $ 10,104,244 Less: accumulated amortization (4,074,243 ) (3,745,959 ) Deferred financing costs, net $ 6,030,001 $ 6,358,285
Summary of Debt Premiums and Discounts	The following table summarizes the debt premiums as of March 31, 2017 , 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 March 31, 2017 Amortization of Net Debt Premium During the Three Months Ended March 31, 2017 2016 $ 1,899,980 $ 308,639 $ 308,698
Summary of Deferred Financing Costs	The following table summarizes the deferred financing costs, net related to mortgage notes payable as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Deferred financing costs $ 10,104,244 $ 10,104,244 Less: accumulated amortization (4,074,243 ) (3,745,959 ) Deferred financing costs, net $ 6,030,001 $ 6,358,285
Schedule of Collateralized Property	As of March 31, 2017 and December 31, 2016 , the advances obtained under the credit facility on July 29, 2016 are summarized in the following table: Amount of Advance as of Collateralized Property (1) March 31, 2017 December 31, 2016 Ashley Oaks Apartment Homes $ 24,867,500 $ 24,867,500 Trails at Buda Ranch 21,025,000 21,025,000 Deer Valley Apartments 22,982,500 22,982,500 Carrington Park at Huffmeister 20,430,500 20,430,500 Carrington Place 27,535,500 27,535,500 Carrington at Champion Forest 25,121,250 25,121,250 Audubon Park Apartments 16,602,500 16,602,500 Oak Crossing 17,980,000 17,980,000 Meritage at Steiner Ranch 58,580,000 58,580,000 $ 235,124,750 $ 235,124,750 Deferred financing costs, net on credit facility (2) (2,346,212 ) (2,488,624 ) Credit facility, net $ 232,778,538 $ 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 March 31, 2017 and December 31, 2016 , was $575,934 and $433,522 , respectively.
Summary of Aggregate Maturities	The following is a summary of the Company’s aggregate maturities as of March 31, 2017 : Maturities During the Years Ending December 31, Contractual Obligation Total Remainder of 2017 2018 2019 2020 2021 Thereafter Principal payments on outstanding debt obligations (1) $ 1,222,021,911 $ 47,836,071 $ 75,880,559 $ 101,893,298 $ 87,550,294 $ 278,217,869 $ 630,643,820 ________________ (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)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of Restricted Stock Issued to Independent Directors as Compensation	The issuance and vesting activity for the three months ended March 31, 2017 and for the year ended December 31, 2016 for the restricted stock issued to the Company’s independent directors as compensation for services in connection with their re-election to the board of directors at the Company’s annual meeting is as follows: For the Three Months Ended March 31, 2017 For the Year Ended December 31, 2016 Nonvested shares at the beginning of the period 11,875 11,250 Granted shares — 7,500 Vested shares — (6,875 ) Nonvested shares at the end of the period 11,875 11,875 The weighted average fair value of restricted stock issued to the Company’s independent directors for the three months ended March 31, 2017 and for the year ended December 31, 2016 is as follows: Grant Year Weighted Average Fair Value 2016 $ 11.44 2017 n/a
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 determined by the Company’s board of directors. (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)	3 Months Ended
	Mar. 31, 2017
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 for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Net loss attributable to the Company $ (5,644,875 ) $ (3,618,142 ) Less: dividends declared on participating securities 2,099 45,505 Net loss attributable to common stockholders (5,646,974 ) (3,663,647 ) Weighted average common shares outstanding — basic and diluted 76,066,450 76,350,555 Loss per common share — basic and diluted $ (0.07 ) $ (0.05 )

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Schedule of Amounts Attributable to the Advisor and its Affiliates	Amounts attributable to the Advisor and its affiliates incurred for the three months ended March 31, 2017 and 2016 and amounts that are payable (prepaid) to the Advisor and its affiliates as of March 31, 2017 and December 31, 2016 are as follows: Incurred For the Three Months Ended March 31, Payable (Prepaid) as of 2017 2016 March 31, 2017 December 31, 2016 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 3,581,155 $ 3,501,124 $ 38,717 $ 1,185,001 Property management Fees (1) 1,606,536 1,571,982 537,572 534,056 Reimbursement of onsite personnel (2) 4,831,469 4,564,368 1,015,869 805,274 Other fees (1) 434,332 449,317 51,597 54,679 Other fees - property operations (2) 46,836 — — — Other fees - G&A (3) 40,581 — — — Other operating expenses (3) 434,878 346,719 227,517 184,954 Consolidated Balance Sheets: Capitalized Construction management Fees (4) 197,879 245,033 8,645 16,431 Reimbursement of labor costs (4) 65,471 83,050 7,665 7,171 Prepaid insurance deductible account (5) 62,092 37,245 (62,093 ) (124,185 ) $ 11,301,229 $ 10,798,838 $ 1,825,489 $ 2,663,381 ________________ (1) Included in fees to affiliates in the accompanying consolidated statements of operations. (2) Included in operating, maintenance and management in the accompanying consolidated statements of operations. (3) Included in general and administrative expenses in the accompanying consolidated statements of operations. (4) Included in building and improvements in the accompanying consolidated balance sheets. (5) Included in other assets 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.

Derivative Financial Instrume28

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivative Instruments	The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at March 31, 2017 and December 31, 2016 : March 31, 2017 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 0.98 % 2.75 % $ 298,888 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

Organization and Business - Nar

Organization and Business - Narrative (Details)	Jul. 10, 2009USD ($)shares	Jun. 12, 2009USD ($)$ / sharesshares	Mar. 31, 2017ft²apartmentpropertyshares	Dec. 31, 2009shares	Dec. 31, 2016shares
Common Stock [Member]
Class of Stock [Line Items]
Stock issued to advisor (in shares)			76,575,259		76,674,502
Convertible Stock [Member]
Class of Stock [Line Items]
Stock issued to advisor (in shares)			1,000		1,000
Residential Real Estate [Member]
Class of Stock [Line Items]
Number of multifamily real estate properties owned | property			65
Number of units in real estate property (in number of units or apartments) | apartment			16,709
Commercial Real Estate [Member]
Class of Stock [Line Items]
Net rentable area (in square feet) | ft²			25,973
Steadfast REIT Investments, LLC [Member] | Common Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)		22,223		22,223
Share price (in dollars per share) | $ / shares		$ 9
Proceeds from issuance of common stock | $		$ 200,007
Steadfast Income Advisor, LLC [Member]
Class of Stock [Line Items]
Investment from advisor | $	$ 1,000
Steadfast Income Advisor, LLC [Member] | Convertible Stock [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 - N30

Organization and Business - Narrative - Private Offering (Details) - Private Offering [Member] - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2017	Jul. 09, 2010	Oct. 13, 2009
Class of Stock [Line Items]
Value of shares in private offering			$ 94,000,000
Share price (in dollars per share)			$ 9.40
Issuance of common stock (in shares)		637,279
Proceeds from issuance of common stock	$ 2,000,000	$ 5,844,325

Organization and Business - N31

Organization and Business - Narrative - Public Offering (Details) - USD ($)	Sep. 10, 2012	Sep. 09, 2012	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 20, 2013	Feb. 15, 2017	Mar. 10, 2015	Jul. 12, 2012	Jul. 19, 2010	Jul. 23, 2009
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)			$ 0.001964	$ 0.001964
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]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.001964	$ 0.001917	$ 0.001964		$ 0.001964
Common stock, distribution rate, percentage	7.00%
Common stock, estimated value, per share (in dollars per share)					$ 11.44		$ 11.65	$ 10.35
Common Stock [Member] | Primary Offering [Member]
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)										150,000,000
Share price (in dollars per share)									$ 10.24	$ 10
Distributions reinvested, percentage of share price, distribution reinvestment plan	95.00%
Common Stock [Member] | IPO [Member]
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance, distribution reinvestment plan (in shares)										15,789,474
Share price, distribution reinvestment plan (in dollars per share)	$ 9.73									$ 9.5
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 Accoun32

Summary of Significant Accounting Policies - Narrative - Short-term Investments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Investment [Line Items]
Short-term investments	$ 30,000,000		$ 30,084,750
Tenant Reimbursements And Other	6,064,491	$ 5,736,273
Certificates of Deposit [Member]
Investment [Line Items]
Short-term investments	30,000,000		$ 30,000,000
Tenant Improvements And Other [Member]
Investment [Line Items]
Tenant Reimbursements And Other	$ 84,750	$ 0

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Summary of Assets Required to be Measured at Fair Value on a Recurring Basis (Details) - Interest Rate Cap [Member] - Fair Value, Measurements, Recurring [Member] - USD ($)	Mar. 31, 2017	Dec. 31, 2016
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	298,888	618,841
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate cap agreements	$ 0	$ 0

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Narrative - Fair Value of Financial Instruments (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable, net	$ 982,767,140	$ 985,080,154
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable at fair value	1,219,644,512	1,197,015,105
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable, net	$ 1,215,545,678	$ 1,217,716,280

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Narrative - Distribution Policy (Details) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accounting Policies [Abstract]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.001964	$ 0.001964
Distributions declared per common share (in dollars per share)	$ 0.177	$ 0.178

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Narrative - Segment Disclosure (Details)	3 Months Ended
	Mar. 31, 2017segment
Accounting Policies [Abstract]
Number of reportable segments	1

Real Estate - Narrative (Detail

Real Estate - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)ft²apartmentpropertycustomer	Mar. 31, 2016USD ($)customer	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Contract purchase price	$ 1,644,189,381
Average percentage of real estate portfolio occupied	93.60%		93.50%
Average monthly collected rent	$ 1,025		$ 1,026
Depreciation and amortization	$ 17,953,723	$ 16,947,268
Tenant [Member] | Customer Concentration Risk [Member]
Real Estate Properties [Line Items]
Number of major customers | customer	0	0
Accounts Payable and Accrued Liabilities [Member]
Real Estate Properties [Line Items]
Security deposit liability	$ 5,083,549		$ 5,047,792
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 leased	95.80%
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 2 months
Commercial Real Estate [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Operating lease term	8 years 2 days
Building and Improvements [Member]
Real Estate Properties [Line Items]
Depreciation	$ 17,915,431	$ 16,908,976
Other Intangible Assets [Member]
Real Estate Properties [Line Items]
Amortization	$ 38,292	$ 38,292

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 ($)	Mar. 31, 2017	Dec. 31, 2016
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	$ 1,698,347,140	$ 1,694,278,958
Less: Accumulated depreciation and amortization	(250,695,674)	(232,744,083)
Total real estate, net	1,447,651,466	1,461,534,875
Land [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	174,102,422	174,102,422
Less: Accumulated depreciation and amortization	0	0
Total real estate, net	174,102,422	174,102,422
Building and Improvements [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	1,521,600,455	1,517,532,273
Less: Accumulated depreciation and amortization	(250,111,351)	(232,198,052)
Total real estate, net	1,271,489,104	1,285,334,221
Other Intangible Assets [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	2,644,263	2,644,263
Less: Accumulated depreciation and amortization	(584,323)	(546,031)
Total real estate, net	$ 2,059,940	$ 2,098,232

Real Estate - Schedule of Futur

Real Estate - Schedule of Future Amortization of Acquired Other Intangible Assets (Details) - Other Intangible Assets [Member]	Mar. 31, 2017USD ($)
Finite-Lived Intangible Assets [Line Items]
July 1 through December 31, 2016	$ 114,876
2,017	153,168
2,018	153,168
2,019	153,168
2,020	153,168
Thereafter	1,332,392
Future amortization of acquired other intangible assets	$ 2,059,940

Real Estate - Schedule of Fut40

Real Estate - Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants (Details)	Mar. 31, 2017USD ($)
Real Estate [Abstract]
April 1 through December 31, 2017	$ 191,526
2,018	259,143
2,019	180,858
2,020	74,313
2,021	76,535
Thereafter	264,345
Total future minimum rental receipts	$ 1,046,720

Other Assets - Schedule of Defe

Other Assets - Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 1,929,301	$ 3,041,353
Interest rate caps	298,888	618,841
Deposits	1,122,853	1,126,568
Deferred financing costs and other assets, net	$ 3,351,042	$ 4,786,762

Debt - Summary of Notes Payable

Debt - Summary of Notes Payable Secured by Real Property (Details)	3 Months Ended
	Mar. 31, 2017USD ($)instrument	Mar. 31, 2016	Dec. 31, 2016USD ($)instrument
Debt Instrument [Line Items]
Mortgage notes payable	$ 982,767,140		$ 985,080,154
Total notes payable, net	$ 1,215,545,678		$ 1,217,716,280
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	58		58
Weighted Average Interest Rate	3.63%		3.52%
Mortgage notes payable	$ 986,897,161		$ 989,229,820
Premium/discount, net	1,899,980		2,208,619
Deferred financing costs, net	(6,030,001)		(6,358,285)
Total notes payable, net	$ 982,767,140		$ 985,080,154
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%		4.06%
Mortgage notes payable	$ 469,122,776		$ 471,344,145
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest Rate Range	3.19%		3.19%
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest Rate Range	5.94%		5.94%
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	21		21
Weighted Average Interest Rate	3.26%		3.05%
Mortgage notes payable	$ 517,774,385		$ 517,885,675
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | Minimum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%	1.65%
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | Maximum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.65%	2.65%

Debt - Summary of Debt Premiums

Debt - Summary of Debt Premiums and Discounts (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Amortization of debt premium (discount)	$ 308,639	$ 308,698
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Premium/discount, net	1,899,980		$ 2,208,619
Amortization of debt premium (discount)	$ 308,639	$ 308,698

Debt - Summary of Deferred Fina

Debt - Summary of Deferred Financing Costs (Details) - Notes Payable to Banks [Member] - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Deferred financing costs	$ 10,104,244	$ 10,104,244
Less: accumulated amortization	(4,074,243)	(3,745,959)
Deferred financing costs, net	$ 6,030,001	$ 6,358,285

Debt - Narrative (Details)

Debt - Narrative (Details)	Jul. 29, 2016USD ($)subsidiary	Jun. 30, 2016USD ($)subsidiary	Sep. 29, 2016USD ($)subsidiary	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Credit facility, net				$ 232,778,538		$ 232,636,126
Interest expense				10,848,036	$ 10,072,744
Amortization of deferred financing costs				470,696	382,044
Amortization of debt premium (discount)				308,639	308,698
Unrealized loss on derivatives				319,953	232,712
Interest capitalized				0	25,904
Accounts Payable and Accrued Liabilities [Member]
Debt Instrument [Line Items]
Interest payable				3,548,031		$ 3,444,162
Interest Rate Cap [Member]
Debt Instrument [Line Items]
Unrealized loss on derivatives				319,953	232,712
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)				308,639	$ 308,698
Extinguishment of Debt, Amount		$ 283,313,677	$ 61,575,025
Notes Payable to Banks [Member] | Refinancing Transactions Loan Agreement [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 63,620,600	$ 358,002,000
Notes Payable to Banks [Member] | Refinancing Transactions Loan Agreement [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		2.31%
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.05%
Line of Credit Facility, Maximum Borrowing Capacity	$ 350,000,000
Payments for (Proceeds from) Loans and Leases	1,293,186
Fees and Commissions	$ 1,175,624
Minimum [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.73%
Maximum [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.93%

Debt - Advances Obtained Under

Debt - Advances Obtained Under Credit Facility (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total notes payable, net	$ 1,222,021,911
Total notes payable, net	1,215,545,678	$ 1,217,716,280
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Total notes payable, net	235,124,750	235,124,750
Deferred financing costs, net on credit facility	(2,346,212)	(2,488,624)
Total notes payable, net	232,778,538	232,636,126
Accumulated amortization of deferred financing costs	(575,934)	(433,522)
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | Ashley Oak Apartments [Member]
Debt Instrument [Line Items]
Total notes payable, net	24,867,500	24,867,500
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | The Trails at Buda Ranch [Member]
Debt Instrument [Line Items]
Total notes payable, net	21,025,000	21,025,000
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | Deer Valley Apartments [Member]
Debt Instrument [Line Items]
Total notes payable, net	22,982,500	22,982,500
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | Carrington Park at Huffmeister [Member]
Debt Instrument [Line Items]
Total notes payable, net	20,430,500	20,430,500
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | Carrington Place [Member]
Debt Instrument [Line Items]
Total notes payable, net	27,535,500	27,535,500
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | Carrington at Champion Forest [Member]
Debt Instrument [Line Items]
Total notes payable, net	25,121,250	25,121,250
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | Audubon Park [Member]
Debt Instrument [Line Items]
Total notes payable, net	16,602,500	16,602,500
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | Oak Crossing [Member]
Debt Instrument [Line Items]
Total notes payable, net	17,980,000	17,980,000
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | Meritage at Steiner Ranch [Member]
Debt Instrument [Line Items]
Total notes payable, net	$ 58,580,000	$ 58,580,000

Debt - Summary of Aggregate Mat

Debt - Summary of Aggregate Maturities (Details)	Mar. 31, 2017USD ($)
Debt Disclosure [Abstract]
Total	$ 1,222,021,911
Remainder of 2017	47,836,071
2,018	75,880,559
2,019	101,893,298
2,020	87,550,294
2,021	278,217,869
Thereafter	$ 630,643,820

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative - General (Details) - $ / shares	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Common and preferred stock, shares authorized (in shares)	1,100,000,000
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	999,999,000	999,999,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible Stock [Member] | Steadfast Income Advisor, LLC [Member]
Class of Stock [Line Items]
Stock issued during period, shares, new issues (in shares)	1,000
Convertible Stock [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member]
Class of Stock [Line Items]
Stock issued during period, shares, new issues (in shares)	1,000

Stockholders' Equity - Narrat49

Stockholders' Equity - Narrative - Common Stock (Details)	Jun. 11, 2014USD ($)$ / sharesshares	Jun. 12, 2009$ / sharesshares	Mar. 31, 2017USD ($)installmentsvote / sharesshares	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2009USD ($)shares
Class of Stock [Line Items]
Vote per share | vote / shares			1
Issuance of common stock					$ 0
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			15,030	$ 12,864
Change in value of restricted common stock to Advisor			$ 0	113,607
Restricted Stock [Member]
Class of Stock [Line Items]
Restricted common stock, weighted average remaining vesting terms			1 year 5 months 19 days
Compensation expense related to issuance of restricted stock, not vested			$ 90,080
Restricted Stock [Member] | Director [Member]
Class of Stock [Line Items]
Restricted common stock, vesting installments | installments			4
Restricted Stock [Member] | General and Administrative Expense [Member]
Class of Stock [Line Items]
Share-based compensation			$ 15,030	12,864
Private Offering and Public Offering [Member]
Class of Stock [Line Items]
Commissions on sales of common stock and related dealer manager fees to affiliates			$ 95,845,468
Private Offering and Public Offering [Member] | Common Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares			76,732,395
Proceeds from issuance of stock, net			$ 679,572,220
Steadfast REIT Investments, LLC [Member] | Common Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares		22,223				22,223
Issuance of common stock						$ 200,007
Share price (in dollars per share) | $ / shares		$ 9
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member]
Class of Stock [Line Items]
Fair value of shares of restricted stock (in shares)	$ 5,000,000		5,637,207.03125		$ 5,637,207
Steadfast Income Advisor, LLC [Member] | Restricted Stock Agreement [Member] | Steadfast Income Advisor, LLC [Member]
Class of Stock [Line Items]
Issuance of restricted common stock to advisor (in shares) | shares	488,281.25
Steadfast Income Advisor, LLC [Member] | Restricted Stock [Member] | Tranche One [Member]
Class of Stock [Line Items]
Shares of restricted stock vesting percentage	50.00%
Steadfast Income Advisor, LLC [Member] | Restricted Stock [Member] | Tranche Two [Member]
Class of Stock [Line Items]
Shares of restricted stock vesting percentage	50.00%
Steadfast Income Advisor, LLC [Member] | Restricted Stock [Member] | Restricted Stock Agreement [Member] | Steadfast Income Advisor, LLC [Member]
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares	$ 10.24
Steadfast Income Advisor, LLC [Member] | Restricted Stock [Member] | General and Administrative Expense [Member] | Steadfast Income Advisor, LLC [Member]
Class of Stock [Line Items]
Change in value of restricted common stock to Advisor			$ 0	$ 113,607

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Restricted Stock Issued to Independent Directors as Compensation (Details) - Restricted Stock [Member] - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
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)	11,875	11,250	11,250
Granted shares (in shares)	0	7,500
Vested shares (in shares)	0	(6,875)
Nonvested shares at the end of the year (in shares)	11,875		11,875
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

Stockholders' Equity - Narrat51

Stockholders' Equity - Narrative - Convertible Stock (Details)	3 Months Ended
	Mar. 31, 2017USD ($)shares
Class of Stock [Line Items]
Common stock, basis of conversion, percentage of annual return on original issue price of shares	8.00%
Common stock, conversion basis, percent enterprise value	10.00%
Steadfast Income Advisor, LLC [Member] | Convertible Stock [Member]
Class of Stock [Line Items]
Stock issued during period, shares, new issues (in shares)	1,000
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Convertible Stock [Member]
Class of Stock [Line Items]
Stock issued during period, shares, new issues (in shares)	1,000
Common stock, basis of conversion, percentage of annual return on original issue price of shares	8.00%
Convertible common stock, redemption amount | $	$ 1
Conversion basis multiplier	0.001

Stockholders' Equity - Narrat52

Stockholders' Equity - Narrative - Preferred Stock (Details)	3 Months Ended
	Mar. 31, 2017classshares	Dec. 31, 2016shares
Equity [Abstract]
Preferred stock, number of classes or series the Board of Directors is authorized to classify or reclassify | class	1
Preferred stock, number of classes or series the Board of Directors is authorized to issue | class	1
Preferred stock, shares outstanding (in shares) | shares	0	0
Preferred stock, shares issued (in shares) | shares	0	0

Stockholders' Equity - Narrat53

Stockholders' Equity - Narrative - Distribution Reinvestment Plan (Details) - Distribution Reinvestment Plan [Member] - USD ($)	Mar. 31, 2017	Sep. 10, 2012	Jul. 23, 2009
Class of Stock [Line Items]
Share price (in dollars per share)		$ 9.73	$ 9.5
Sales commissions or dealer manager fees payable	$ 0

Stockholders' Equity - Narrat54

Stockholders' Equity - Narrative - Share Repurchase Plan and Redeemable Common Stock (Details) - Share Repurchase Plan [Member] - USD ($)	Aug. 09, 2016	Jul. 01, 2015	Mar. 31, 2017	Mar. 31, 2016
Class of Stock [Line Items]
Share repurchase program, authorized amount	$ 2,000,000	$ 1,000,000
Termination notice period			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			0
Share repurchase plan, disability or death holding period exemption period, maximum			2 years
Stock repurchase plan, minimum redemption notice period			15 days
Stock repurchase plan, settlement period			30 days
Business days			3 days
Redemption of common stock (in shares)			183,955	99,243
Redemption of common stock			$ 2,000,000	$ 1,000,000
Stock requested for redemption, (in shares)			519,696	347,512
Stock requested for redemption, value			$ 5,967,020	$ 3,763,312
Redemption requests outstanding (in shares)			1,646,078	702,345
Total net redemption value			$ 19,009,693	$ 7,759,225
Stock repurchase plan, percentage of weighted-average number of shares outstanding, limit on repurchase			5.00%
Fee charged to repurchase shares			$ 0
Common Stock [Member] | Accounts Payable and Accrued Liabilities [Member]
Class of Stock [Line Items]
Total net redemption value			$ 2,000,000
Maximum [Member]
Class of Stock [Line Items]
Share repurchase program, authorized amount		$ 2,000,000

Stockholders' Equity - Schedu55

Stockholders' Equity - Schedule of Repurchase Prices Under Share Repurchase Plan (Details) - Share Repurchase Plan [Member] - Common Stock [Member]	3 Months Ended
	Mar. 31, 2017
Class of Stock [Line Items]
Stock repurchase plan, repurchase price percentage, after primary offering, less than 1 year	0.00%
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 1	92.50%
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 2	95.00%
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 3	97.50%
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 4	100.00%
Required holding period to be eligible to redeem shares under share repurchase plan	1 year

Stockholders' Equity - Narrat56

Stockholders' Equity - Narrative - Distributions Declared (Details) - USD ($)	Sep. 10, 2012	Sep. 09, 2012	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2016
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)			$ 0.001964	$ 0.001964
Less: dividends declared on participating securities			$ 13,447,122			$ 54,828,267
Distributions payable			$ 4,627,865		$ 4,625,355	4,625,355
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		$ 0.001964
Less: dividends declared on participating securities			$ 13,447,122	$ 13,649,330
Distributions payable			$ 4,627,865		$ 4,625,355	$ 4,625,355

Stockholders' Equity - Narrat57

Stockholders' Equity - Narrative - Distributions Paid (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Class of Stock [Line Items]
Distributions to common stockholders	$ 13,444,612	$ 13,669,663

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
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Earnings Per Share [Abstract]
Net loss attributable to the Company	$ (5,644,875)	$ (3,618,142)	$ (25,579,651)
Less: dividends declared on participating securities	2,099	45,505
Net loss attributable to common stockholders	$ (5,646,974)	$ (3,663,647)
Weighted average common shares outstanding - basic and diluted (in shares)	76,066,450	76,350,555
Loss per common share - basic and diluted (in dollars per share)	$ (0.07)	$ (0.05)

Related Party Arrangements - Sc

Related Party Arrangements - Schedule of Amounts Attributable to the Advisor and its Affiliates - Amounts Incurred and Payable (Details) - Steadfast Income Advisor, LLC [Member] - Advisor and its Affiliates [Member] - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 11,301,229	$ 10,798,838
Related Party Transaction, Due from (to) Related Party	1,825,489		$ 2,663,381
Investment Management Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	38,717		1,185,001
Property Management, Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	537,572		534,056
Property Management, Labor and Related Benefits [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	1,015,869		805,274
Property Management, Other Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	51,597		54,679
Property Management, Other Fees, Property Operations [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	0		0
Property Management, Other Fees, General and Administrative [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	0		0
Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	227,517		184,954
Construction Management Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	197,879	245,033
Related Party Transaction, Due from (to) Related Party	8,645		16,431
Construction Management Reimbursement [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	65,471	83,050
Related Party Transaction, Due from (to) Related Party	7,665		7,171
Prepaid Insurance [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	62,092	37,245
Related Party Transaction, Due from (to) Related Party	(62,093)		$ (124,185)
Fees to Affiliates [Member] | Investment Management Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	3,581,155	3,501,124
Fees to Affiliates [Member] | Property Management, Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,606,536	1,571,982
Fees to Affiliates [Member] | Property Management, Other Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	434,332	449,317
Fees to Affiliates [Member] | Property Management, Other Fees, Property Operations [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	46,836	0
Fees to Affiliates [Member] | Property Management, Other Fees, General and Administrative [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	40,581	0
Operating, Maintenance and Management [Member] | Property Management, Labor and Related Benefits [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	4,831,469	4,564,368
General and Administrative Expense [Member] | Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 434,878	$ 346,719

Related Party Arrangements - Na

Related Party Arrangements - Narrative - Acquisition Fees and Expenses (Details) - Steadfast Income Advisor, LLC [Member] - Steadfast Income Advisor, LLC [Member]	3 Months Ended
	Mar. 31, 2017
Investment Management Fees [Member]
Related Party Transaction [Line Items]
Investment management fee, percentage	0.06667%
Acquisition Fees and Expenses [Member]
Related Party Transaction [Line Items]
Acquisition fee, percentage of purchase price of real property or related asset	2.00%
Acquisition fees and expenses, maximum, percentage of contract purchase price	6.00%

Related Party Arrangements - 61

Related Party Arrangements - Narrative - Property Management Fees and Expenses (Details)	3 Months Ended
	Mar. 31, 2017
Property Manager [Member]
Related Party Transaction [Line Items]
Property management, oversight fee, percent	1.00%
Steadfast Management Company, Inc. [Member] | Property Management Agreement [Member]
Related Party Transaction [Line Items]
Property management agreement, notice of termination breach	30 days
Steadfast Management Company, Inc. [Member] | Property Manager [Member] | Property Management Agreement [Member]
Related Party Transaction [Line Items]
Property management agreement, initial term	1 year
Property management agreement, notice of termination option	60 days
Steadfast Management Company, Inc. [Member] | Minimum [Member] | Property Manager [Member] | Property Management Agreement [Member]
Related Party Transaction [Line Items]
Property management fee, percent	2.50%
Steadfast Management Company, Inc. [Member] | Maximum [Member] | Property Manager [Member] | Property Management Agreement [Member]
Related Party Transaction [Line Items]
Property management fee, percent	3.75%

Related Party Arrangements - 62

Related Party Arrangements - Narrative - Construction Management Fees (Details) - Pacific Coast Land & Construction, Inc. [Member] - Affiliated Entity [Member] - Construction Management Agreement [Member]	3 Months Ended
	Mar. 31, 2017
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 - 63

Related Party Arrangements - Narrative - Other Operating Expense Reimbursements (Details) - Steadfast Income Advisor, LLC [Member] - Steadfast Income Advisor, LLC [Member] - Other Operating Expense Reimbursement [Member]	3 Months Ended
	Mar. 31, 2017quarter
Related Party Transaction [Line Items]
Operating expenses limited, number of quarters	4
Other operating expense reimbursement, percentage of average invested assets, threshold	2.00%
Other operating expense reimbursement, percentage of net income, threshold	25.00%
Average invested assets calculation period	12 months

Related Party Arrangements - 64

Related Party Arrangements - Narrative - Disposition Fee (Details) - Steadfast Income Advisor, LLC [Member] - Steadfast Income Advisor, LLC [Member]	3 Months Ended
	Mar. 31, 2017$ / shares
Disposition Fees [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.50%
Disposition fee, maximum brokerage commission paid threshold, percent	50.00%
Disposition fee, maximum, percentage of sales price	3.00%
Acquisition fees and expenses, maximum, percentage of contract purchase price	6.00%
Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Other operating expense reimbursement, percentage of average invested assets, threshold	2.00%
Other operating expense reimbursement, percentage of net income, threshold	25.00%
Disposition Fees Range 1 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	0.50%
Share price (in dollars per share)	$ 9
Disposition Fees Range 2 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	0.75%
Disposition Fees Range 3 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.00%
Disposition Fees Range 4 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.25%
Disposition Fees Range 5 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.50%
Share price (in dollars per share)	$ 12.01
Minimum [Member] | Disposition Fees Range 2 [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	9.01
Minimum [Member] | Disposition Fees Range 3 [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	10.25
Minimum [Member] | Disposition Fees Range 4 [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	11.25
Maximum [Member] | Disposition Fees Range 2 [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	10.24
Maximum [Member] | Disposition Fees Range 3 [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	11.24
Maximum [Member] | Disposition Fees Range 4 [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 12

Related Party Arrangements - 65

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

Incentive Award Plan and Inde66

Incentive Award Plan and Independent Director Compensation - Narrative (Details) - USD ($)	Aug. 09, 2016	Mar. 31, 2017	Mar. 31, 2016	Jul. 09, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation		$ 15,030	$ 12,864
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)		0	7,500
Independent Directors Compensation Plan [Member] | Director [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vesting percentage		25.00%
Restricted common stock, award vesting period		3 years
Initial Election [Member] | Independent Directors Compensation Plan [Member] | Director [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)		5,000
Re-Election [Member] | Director [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	2,500	2,500
Private Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock		$ 2,000,000		$ 5,844,325

Derivative Financial Instrume67

Derivative Financial Instruments - Schedule of Interest Rate Derivative Instruments (Details) - Cash Flow Hedging [Member] - Not Designated as Hedging Instrument [Member] - Interest Rate Cap [Member]	Mar. 31, 2017USD ($)instrument	Dec. 31, 2016USD ($)instrument
Derivative [Line Items]
Number of Instruments | instrument	43	43
Notional Amount	$ 973,400,000	$ 973,400,000
Weighted Average Rate Cap	2.75%	2.70%
Interest rate derivative assets, fair value	$ 298,888	$ 618,841
LIBOR [Member]
Derivative [Line Items]
Variable Rate	0.98%	0.77%

Derivative Financial Instrume68

Derivative Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Derivative [Line Items]
Unrealized loss on derivatives	$ (319,953)	$ (232,712)
Interest Rate Cap [Member]
Derivative [Line Items]
Unrealized loss on derivatives	(319,953)	(232,712)
Interest Rate Cap [Member] | Deferred Financing Costs and Other Assets, Net [Member]
Derivative [Line Items]
Interest rate derivative assets, fair value	298,888		$ 618,841
Interest Expense [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Unrealized loss on derivatives	$ (319,953)	$ (232,712)

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($)	May 09, 2017	May 01, 2017	Apr. 28, 2017	Apr. 03, 2017	Mar. 31, 2017	Mar. 31, 2016
Subsequent Event [Line Items]
Distributions declared per common share (in dollars per share)					$ 0.177	$ 0.178
Share Repurchase Plan [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Redemption of common stock (in shares)					183,955	99,243
Redemption of common stock					$ 2,000,000	$ 1,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Distributions declared per common share (in dollars per share)	$ 0.001964
Subsequent Event [Member] | Share Repurchase Plan [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Redemption of common stock (in shares)			180,226
Redemption of common stock			$ 2,000,000
Redemption value per share (in dollars per share)			$ 11.10
Subsequent Event [Member] | Dividend Paid [Member]
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan		$ 4,477,560		$ 4,627,865