Steadfast Income REIT 10-Q 10 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 04, 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	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		75,660,129

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Real Estate:
Land	$ 174,153,422	$ 174,102,422
Building and improvements	1,524,472,235	1,517,532,273
Other intangible assets	2,644,263	2,644,263
Total real estate, cost	1,701,269,920	1,694,278,958
Less accumulated depreciation and amortization	(268,736,832)	(232,744,083)
Total real estate, net	1,432,533,088	1,461,534,875
Cash and cash equivalents	48,948,868	66,224,027
Restricted cash	20,224,600	27,553,851
Short-term investments	30,097,068	30,084,750
Rents and other receivables	2,563,411	2,750,520
Other assets	1,796,011	4,786,762
Total assets	1,536,163,046	1,592,934,785
Liabilities:
Accounts payable and accrued liabilities	38,895,448	47,377,341
Notes payable:
Mortgage notes payable, net	980,234,531	985,080,154
Credit facility, net	232,920,776	232,636,126
Total notes payable, net	1,213,155,307	1,217,716,280
Distributions payable	4,468,685	4,625,355
Due to affiliates	1,497,483	2,787,566
Total liabilities	1,258,016,923	1,272,506,542
Commitments and contingencies
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	668,051,896	672,018,194
Cumulative distributions and net losses	(390,664,170)	(352,351,990)
Total stockholders’ equity	278,146,123	320,428,243
Total liabilities and stockholders’ equity	1,536,163,046	1,592,934,785
Common Stock [Member]
Notes payable:
Distributions payable	4,468,685	4,625,355
Stockholders’ Equity:
Common stock	758,387	762,029
Convertible Stock [Member]
Stockholders’ Equity:
Common stock	$ 10	$ 10

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 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:
Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Stock, shares authorized (in shares)	999,999,000	999,999,000
Stock, shares issued (in shares)	75,838,681	76,202,862
Stock, shares outstanding (in shares)	75,838,681	76,202,862
Convertible Stock [Member]
Stockholders’ Equity:
Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Stock, shares authorized (in shares)	1,000	1,000
Stock, shares issued (in shares)	1,000	1,000
Stock, shares outstanding (in shares)	1,000	1,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Rental income	$ 48,763,373	$ 47,932,721	$ 96,979,147	$ 95,103,356
Tenant reimbursements and other	6,355,033	6,089,902	12,419,523	11,826,176
Total revenues	55,118,406	54,022,623	109,398,670	106,929,532
Expenses:
Operating, maintenance and management	14,339,889	13,903,048	28,416,090	27,612,858
Real estate taxes and insurance	9,894,525	10,048,699	19,707,271	18,959,719
Fees to affiliates	5,667,962	7,362,697	11,289,985	12,885,120
Depreciation and amortization	18,048,070	17,216,777	36,001,793	34,164,045
Interest expense	11,260,913	10,140,476	22,108,949	20,187,315
Loss on debt extinguishment	0	1,189,044	0	1,189,044
General and administrative expenses	1,563,620	2,201,102	3,176,030	3,588,789
Total expenses	60,774,979	62,061,843	120,700,118	118,586,890
Net loss	$ (5,656,573)	$ (8,039,220)	$ (11,301,448)	$ (11,657,358)
Loss per common share — basic and diluted (in dollars per share)	$ (0.07)	$ (0.11)	$ (0.15)	$ (0.15)
Weighted average number of common shares outstanding — basic and diluted (in shares)	75,878,088	76,252,947	75,969,547	76,301,454
Distributions declared per common share (in dollars per share)	$ 0.179	$ 0.178	$ 0.355	$ 0.356356

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Total	Common Stock [Member]	Stock [Member]Common Stock [Member]	Stock [Member]Convertible Stock [Member]	Additional Paid-In Capital [Member]	Cumulative Distributions & Net Losses [Member]
Beginning balance (in shares) at Dec. 31, 2015			76,674,502	1,000
Beginning balance at Dec. 31, 2015	$ 406,447,523		$ 766,745	$ 10	$ 677,624,840	$ (271,944,072)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			7,500
Issuance of common stock	0		$ 75		(75)
Transfers to redeemable common stock	(1,000,000)				(1,000,000)
Repurchase of common stock (in shares)			(479,140)
Repurchase of common stock	(5,000,000)		$ (4,791)		(4,995,209)
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)
Ending balance (in shares) at Dec. 31, 2016			76,202,862	1,000
Ending balance at Dec. 31, 2016	320,428,243		$ 762,029	$ 10	672,018,194	(352,351,990)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)			(364,181)
Repurchase of common stock	(4,000,000)		$ (3,642)		(3,996,358)
Distributions declared	(27,010,732)	$ (27,010,732)				(27,010,732)
Amortization of stock-based compensation	30,060				30,060
Net loss	(11,301,448)					(11,301,448)
Ending balance (in shares) at Jun. 30, 2017			75,838,681	1,000
Ending balance at Jun. 30, 2017	$ 278,146,123		$ 758,387	$ 10	$ 668,051,896	$ (390,664,170)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flows from Operating Activities:
Net loss	$ (11,301,448)	$ (11,657,358)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	36,001,793	34,164,045
Amortization of deferred financing costs	938,707	777,466
Amortization of stock-based compensation	30,060	25,728
Change in value of restricted common stock to Advisor	0	170,695
Amortization of loan premiums and discounts, net	(617,277)	(617,396)
Change in fair value of interest rate cap agreements	516,089	445,272
Loss on debt extinguishment	0	1,189,044
Insurance claim recoveries	(45,660)	(119,930)
Loss on disposal of building and improvements	6,034	0
Unrealized gain on short-term investments	(181,818)	0
Changes in operating assets and liabilities:
Restricted cash for operating activities	7,076,258	3,864,702
Rents and other receivables	187,109	(578,810)
Other assets	2,474,662	1,374,188
Accounts payable and accrued liabilities	(7,718,680)	(6,054,005)
Due to affiliates	(1,269,100)	658,873
Net cash provided by operating activities	26,096,729	23,642,514
Cash Flows from Investing Activities:
Proceeds from short-term investments	169,500	0
Additions to real estate investments	(7,790,236)	(12,725,753)
Restricted cash for investing activities	252,993	1,079,976
Purchase of interest rate cap agreements	0	(259,000)
Proceeds from insurance claims	45,660	119,930
Net cash used in investing activities	(7,322,083)	(11,784,847)
Cash Flows from Financing Activities:
Proceeds from issuance of mortgage notes payable	303,751	360,616,609
Principal payments on mortgage notes payable	(5,186,154)	(291,459,917)
Borrowings from credit facility	0	16,000,000
Principal payments on credit facility	0	(16,000,000)
Payment of deferred financing costs	0	(2,599,471)
Payment of debt extinguishment costs	0	(191,800)
Distributions to common stockholders	(27,167,402)	(27,498,727)
Repurchase of common stock	(4,000,000)	(2,000,000)
Net cash (used in) provided by financing activities	(36,049,805)	36,866,694
Net (decrease) increase in cash and cash equivalents	(17,275,159)	48,724,361
Cash and cash equivalents, beginning of period	66,224,027	32,076,582
Cash and cash equivalents, end of period	48,948,868	80,800,943
Supplemental Disclosures of Cash Flow Information:
Interest paid, net of amounts capitalized of $0 and $66,367 for the six months ended June 30, 2017 and 2016, respectively	21,116,873	20,144,647
Supplemental Disclosure of Noncash Transactions:
Decrease in distributions payable	(156,670)	(175,887)
(Decrease) increase in accounts payable and accrued liabilities from additions to real estate investments	(763,213)	772,617
Decrease in due to affiliates from additions to real estate investments	$ (20,983)	$ (65,620)

Consolidated Statements of Cas7

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Cash Flows [Abstract]
Amounts capitalized	$ 40,463	$ 0	$ 66,367

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 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 taxed 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. The Company owns a diverse portfolio of real estate investments, primarily in the multifamily sector, located throughout the United States. As of June 30, 2017 , the Company owned 65 multifamily properties comprising a total of 16,709 apartment homes and an additional 25,973 square feet of rentable commercial space at three properties. Private Offering On October 13, 2009, the Company commenced a private offering of up to $94,000,000 in shares of the Company’s common stock at a purchase price of $9.40 per share (with discounts available for certain categories of purchasers) (the “Private Offering”). The Company offered its shares of common stock for sale in the Private Offering pursuant to a confidential private placement memorandum and only to persons that were “accredited investors,” as that term is defined under the Securities Act of 1933, as amended (the “Securities Act”), and Regulation D promulgated thereunder. On July 9, 2010, the Company terminated the Private Offering and on July 19, 2010, the Company commenced its registered Public Offering (defined and 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 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, Steadfast Income REIT Operating Partnership, L.P., a Delaware limited partnership formed on July 6, 2009 (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. Substantially all of the Company’s business is conducted through the Operating Partnership. The Company is the sole general partner of the Operating Partnership. The Company and Advisor entered into an Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Partnership Agreement”) on September 28, 2009. 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 June 30, 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 accompanying 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 and six months ended June 30, 2017 , $97,068 and $181,818 was included in tenant reimbursements and other on the accompanying consolidated statements of operations. No amounts were recorded during the three and six months ended June 30, 2016 . 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: June 30, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 102,752 $ — 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 June 30, 2017 and December 31, 2016 , the fair value of the notes payable was $1,220,111,998 and $1,197,015,105 , respectively, compared to the carrying value of $1,213,155,307 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, and qualifies 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 and six months ended June 30, 2017 and three months ended March 31, 2016 were based on daily record dates and calculated at a rate of $0.001964 per share per day. Distributions were based on daily record dates and calculated at a rate of $0.001958 per share per day during the three months ended June 30, 2016 . Each day during the six months ended June 30, 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 and six months ended June 30, 2017 , the Company declared distributions of $0.179 and $0.355 per common share, respectively. During the three and six months ended June 30, 2016 , the Company declared distributions of $0.178 and $0.356 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 ) (“ASU 2014-09”) . 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’s impact on its revenue recognition with regard to revenue from tenant reimbursements and other. Based on its preliminary assessment, the Company identified the following types of revenues from non-lease components: pass-through tenant reimbursements, administrative fees, participation revenue and revenue from ancillary services. Based on this assessment, the Company does not expect a material impact on its revenue recognition in the consolidated financial statements because revenue from these sources is immaterial to the consolidated financial statements. The Company is also not expecting to experience a material impact from adopting this new guidance in connection with its rental revenue, as rental revenue 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. The guidance will be effective in the first quarter of 2019 and allows for early adoption. The Company is in the preliminary stages of evaluating the impact of this ASU on its leases both as it relates to the Company acting as a lessor and as a lessee. Based on the preliminary results of its evaluation, as it relates to the former, the Company does not expect any material impact on the recognition of leases in the consolidated financial statements because under this guidance, lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. As it relates to the latter, the Company does not expect a material impact on the recognition of leases in the consolidated financial statements because the quantity of leased equipment by the Company is limited. The Company plans to complete its assessment process by the end of the fourth quarter of 2017 and plans to adopt this ASU on January 1, 2019. 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 reclassified payments for debt extinguishment costs of $191,800 from cash flows from operating activities to cash flows from financing activities as of June 30, 2016 . There was no impact as of June 30, 2017 . 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 six months ended June 30, 2017 , the Company did not experience a material impact. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“Subtopic 610-20”): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), that clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset and defines the term in substance nonfinancial asset. ASU 2017-05 also clarifies that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. Subtopic 610-20, which was issued in May 2014 as part of ASU 2014-09 (discussed above), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity is required to apply amendments in ASU 2017-05 at the same time it applies the amendments in ASU 2014-09 (discussed above). ASU 2017-05 requires retrospective application and is effective for fiscal years beginning after December 15, 2017, including interim reporting 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 May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”). The FASB issued ASU 2017-09 to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation , to a change to the terms or conditions of a share-based payment award. The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU No. 2017-09 requires prospective application and 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.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Real Estate	Real Estate As of June 30, 2017 , the Company owned 65 multifamily properties encompassing in the aggregate 16,709 apartment homes and an additional 25,973 square feet of rentable commercial space at three properties. The total purchase price of the Company’s real estate portfolio, including development and construction costs for apartment homes constructed by the Company, was $1,644,240,381 . As of June 30, 2017 and December 31, 2016 , the Company’s portfolio was approximately 94.1% and 93.5% occupied and the average monthly rent was $1,032 and $1,026 , respectively. As of June 30, 2017 and December 31, 2016 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: June 30, 2017 Assets Land Building and Improvements Other Intangible Assets Total Real Estate Investments in real estate $ 174,153,422 $ 1,524,472,235 $ 2,644,263 $ 1,701,269,920 Less: Accumulated depreciation and amortization — (268,114,217 ) (622,615 ) (268,736,832 ) Net investments in real estate and related lease intangibles $ 174,153,422 $ 1,256,358,018 $ 2,021,648 $ 1,432,533,088 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 $18,048,070 and $36,001,793 for the three and six months ended June 30, 2017 , and $17,216,777 and $34,164,045 for the three and six months ended June 30, 2016 , respectively. Depreciation of the Company’s buildings and improvements were $18,009,778 and $35,925,209 for the three and six months ended June 30, 2017 , and $17,178,485 and $34,087,461 for the three and six months ended June 30, 2016 , respectively. Amortization of the Company’s other intangible assets was $38,292 and $76,584 for the three and six months ended June 30, 2017 , and $38,292 and $76,584 for the three and six months ended June 30, 2016 , respectively. The future amortization of the Company’s acquired other intangible assets as of June 30, 2017 and thereafter is as follows: July 1 through December 31, 2017 $ 76,584 2018 153,168 2019 153,168 2020 153,168 2021 153,168 Thereafter 1,332,392 $ 2,021,648 Operating Leases As of June 30, 2017 , the Company’s real estate portfolio comprised 16,709 residential apartment homes and was 96.7% leased by a diverse group of residents. For each of the three and six months ended June 30, 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 1.92 to 7.76 years. Some residential and commercial leases contain provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit and/or a letter of credit for commercial tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to tenant leases are included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets and totaled $5,165,822 and $5,047,792 as of June 30, 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 June 30, 2017 and thereafter is as follows: July 1 through December 31, 2017 $ 127,962 2018 259,143 2019 180,858 2020 74,313 2021 76,535 Thereafter 264,345 $ 983,156 As of June 30, 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	6 Months Ended
	Jun. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets As of June 30, 2017 and December 31, 2016 , other assets consisted of: June 30, December 31, Prepaid expenses $ 587,148 $ 3,041,353 Interest rate cap agreements (Note 11) 102,752 618,841 Deposits 1,106,111 1,126,568 Other assets $ 1,796,011 $ 4,786,762

Debt

Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt Mortgage Notes Payable The following is a summary of mortgage notes payable, net secured by real property as of June 30, 2017 and December 31, 2016 : June 30, 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 % $ 466,966,485 Mortgage notes payable - variable (1) 21 8/31/2017 - 1/1/2026 1-Mo LIBOR + 1.65% 1-Mo LIBOR + 2.65% 3.50 % 517,380,933 Total mortgage notes payable, gross 58 3.75 % 984,347,418 Premium, net (2) 1,591,341 Deferred financing costs, net (3) (5,704,228 ) Total mortgage notes payable, net $ 980,234,531 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, gross 58 3.52 % 989,229,820 Premium/discount, 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 June 30, 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 June 30, 2017 Amortization of Net Debt Premium During the Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 $ 1,591,341 $ 308,639 $ 308,698 $ 617,277 $ 617,396 (3) The following table summarizes the deferred financing costs, net related to mortgage notes payable as of June 30, 2017 and December 31, 2016 : June 30, 2017 December 31, 2016 Deferred financing costs $ 10,104,244 $ 10,104,244 Less: accumulated amortization (4,400,016 ) (3,745,959 ) Deferred financing costs, net $ 5,704,228 $ 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 the one-month London Interbank Offered Rate (“LIBOR”) plus 2.31% . 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 . The entire outstanding principal balance and any accrued and unpaid interest on each of the Loans are due on the maturity date. 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. 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 entire outstanding principal balance and any accrued and unpaid interest on the credit facility are due on the maturity date. 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 June 30, 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) June 30, 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) (2,203,974 ) (2,488,624 ) Credit Facility, net $ 232,920,776 $ 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 June 30, 2017 and December 31, 2016 , was $718,172 and $433,522 , respectively. Maturity and Interest The following is a summary of the Company’s aggregate maturities as of June 30, 2017 : Remainder of 2017 Maturities During the Years Ending December 31, Contractual Obligation Total 2018 2019 2020 2021 Thereafter Principal payments on outstanding debt obligations (1) $ 1,219,472,168 $ 45,282,955 $ 75,827,573 $ 101,699,117 $ 87,236,482 $ 277,870,158 $ 631,555,883 _____________________________ (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 June 30, 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 and six months ended June 30, 2017 , the Company incurred interest expense of $11,260,913 and $22,108,949 , respectively. Interest expense for the three and six months ended June 30, 2017 includes amortization of deferred financing costs of $468,011 and $938,707 , amortization of loan premiums and discounts of $308,639 and $617,277 and net unrealized loss from the change in fair value of interest rate cap agreements of $196,136 and $516,089 , respectively. For the three and six months ended June 30, 2016 , the Company incurred interest of $10,180,939 and $20,253,682 , respectively. Interest expense for the three and six months ended June 30, 2016 includes amortization of deferred financing costs of $395,421 and $777,466 , amortization of loan premiums of $308,698 and $617,396 , net unrealized loss from the change in fair value of interest rate cap agreements of $212,559 and $445,272 and capitalized interest of $40,463 and $66,367 , respectively. The capitalized interest is included in real estate on the consolidated balance sheets. Interest expense of $3,598,719 and $3,444,162 was payable as of June 30, 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	6 Months Ended
	Jun. 30, 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 to June 30, 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 six months ended June 30, 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 Six Months Ended June 30, 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 six months ended June 30, 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 $30,060 for the three and six months ended June 30, 2017 and $12,864 and $25,728 for the three and six months ended June 30, 2016 , respectively, for compensation expense related to the issuance of restricted common stock. The weighted average remaining term of the restricted common stock is 1.22 years as of June 30, 2017 . As of June 30, 2017 , the compensation expense related to the issuance of the restricted common stock not vested was $75,049 . On June 11, 2014 , the Company entered into a restricted stock agreement with the Advisor whereby the Company issued to the Advisor 488,281.25 restricted shares of the Company’s common stock at a fair market value of $10.24 per share in satisfaction of certain deferred fees due to the Advisor in the aggregate amount of $5,000,000 . Pursuant to the restricted stock agreement, the shares of restricted stock vested and became non-forfeitable 50% at December 31, 2015 and 50% at December 31, 2016. The fair value of the vested common stock as of June 30, 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 $57,088 and $170,695 for the three and six months ended June 30, 2016 , respectively, for the change in value of restricted common stock issued to the Advisor. No amounts were recognized during the three and six months ended June 30, 2017 . Convertible Stock The Company issued 1,000 shares of Convertible Stock to the Advisor for $1,000 . The Convertible Stock will convert into shares of the Company’s common stock if and when: (A) the Company has made total distributions on the then outstanding shares of common stock equal to the original issue price of those shares plus an 8.0% cumulative, non-compounded, annual return on the original issue price of those shares, (B) subject to specified conditions, the Company lists the common stock for trading on a national securities exchange or (C) the Advisory Agreement is terminated or not renewed by the Company (other than for “cause” as defined in the Advisory Agreement). A “listing” will also be deemed to have occurred on the effective date of any merger of the Company in which the consideration received by the holders of the Company’s common stock is the securities of another issuer that are listed on a national securities exchange. Upon conversion, each share of Convertible Stock will convert into a number of shares of common stock equal to 1/1000 of the quotient of (A) 10% of the amount, if any, by which (1) the Company’s “enterprise value” (as defined in the Charter) plus the aggregate value of distributions paid to date on the outstanding shares of common stock exceeds (2) the aggregate purchase price paid by the stockholders for those shares plus an 8.0% cumulative, non-compounded, annual return on the original issue price of those shares, divided by (B) the Company’s enterprise value divided by the number of outstanding shares of common stock, in each case calculated as of the date of the conversion. In the event of a termination or non-renewal of the Advisory Agreement by the Company for cause, the Convertible Stock will be redeemed by the Company for $1.00 . Preferred Stock The Charter also provides the Company’s board of directors with the authority to issue one or more classes or series of preferred stock, and prior to the issuance of such shares of preferred stock, the board of directors shall have the power from time to time to classify or reclassify, in one or more series, any unissued shares and designate the preferences, rights and privileges of such shares of preferred stock. The Company’s board of directors is authorized to amend the Charter, without the approval of the stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. As of June 30, 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 does 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)(2) Less than 1 year No Repurchase Allowed 1 year 92.5% of Estimated Value per Share 2 years 95.0% of Estimated Value per Share 3 years 97.5% of Estimated Value per Share 4 years 100.0% of Estimated Value per Share 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 to the end of the applicable quarter. During the three and six months ended June 30, 2017 , the Company redeemed a total of 180,226 and 364,181 shares with a total redemption value of $2,000,000 and $4,000,000 , respectively, and received net requests for the redemption of 503,205 and 1,022,901 shares with a total net redemption value of $5,774,695 and $11,741,716 , respectively. During the three and six months ended June 30, 2016 , the Company redeemed a total of 96,215 and 195,458 shares with a total redemption value of $1,000,000 and $2,000,000 , respectively, and received net requests for the repurchase of 266,949 and 614,461 shares with a total net repurchase value of $2,926,762 and $6,690,074 . As of June 30, 2017 and 2016 , the Company’s total outstanding redemption requests received that were subject to the Company’s limitations on redemptions (discussed below) were 1,969,057 shares and 873,080 shares, respectively, with a total net redemption value of $22,862,852 and $9,484,805 , 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 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 June 30, 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. 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) accrue daily to stockholders of record as of the close of business on each day, (2) are payable in cumulative amounts on or before the third day of each calendar month with respect to the prior month and (3) are calculated at a rate of $0.001964 per share per day, which if paid each day over a 365-day period, is equivalent to a 7.0% annualized distribution rate based on a purchase price of $10.24 per share of common stock. Distributions declared for the three and six months ended June 30, 2017 were $13,563,610 and $27,010,732 , all of which were attributable to cash distributions. Distributions declared for the three and six months ended June 30, 2016 were $13,673,510 and $27,322,840 , all of which were attributable to cash distributions. As of June 30, 2017 and December 31, 2016 , $4,468,685 and $4,625,355 in distributions declared were payable. Distributions Paid For the three and six months ended June 30, 2017 , the Company paid cash distributions of $13,722,790 and $27,167,402 , which related to distributions declared for each day in the period from March 1, 2017 through May 31, 2017 and December 1, 2016 through May 31, 2017 , respectively. All such distributions were paid in cash. For the three and six months ended June 30, 2016 , the Company paid cash distributions of $13,829,064 and $27,498,727 , which related to distributions declared for each day in the period from March 1, 2016 through May 31, 2016 and December 1, 2015 through May 31, 2016 , respectively. All such distributions were paid in cash.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 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 (“EPS”) for the three and six months ended June 30, 2017 and 2016 : Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net loss attributable to the Company $ (5,656,573 ) $ (8,039,220 ) $ (11,301,448 ) $ (11,657,358 ) Less: dividends declared on participating securities 2,122 45,505 4,221 91,010 Net loss attributable to common stockholders (5,658,695 ) (8,084,725 ) (11,305,669 ) (11,748,368 ) Weighted average common shares outstanding — basic and diluted 75,878,088 76,252,947 75,969,547 76,301,454 Loss per common share — basic and diluted $ (0.07 ) $ (0.11 ) $ (0.15 ) $ (0.15 ) 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2017 and 2016 and amounts that are payable (prepaid) to the Advisor and its affiliates as of June 30, 2017 and December 31, 2016 are as follows: Incurred (Received) For the Incurred (Received) For the Payable (Prepaid) as of Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 June 30, 2017 December 31, 2016 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 3,567,979 $ 3,511,165 $ 7,149,134 $ 7,012,289 $ 8,397 $ 1,185,001 Acquisition fees (1) — 960 — 960 — — Property management Fees (1) 1,624,548 1,600,657 3,231,084 3,172,639 541,354 534,056 Reimbursement of onsite personnel (2) 4,776,398 4,601,433 9,607,867 9,165,801 768,615 805,274 Other fees (1) 475,435 459,905 909,767 909,222 51,926 54,679 Other fees - property operations (2) 36,070 — 82,906 — — — Other fees - G&A (3) 29,844 — 70,425 — — — Other operating expenses (3) 215,565 323,886 650,443 670,605 124,571 184,954 Refinancing fee (1) — 1,790,010 — 1,790,010 — — Insurance proceeds (4) (102,147 ) (100,000 ) (102,147 ) (100,000 ) — — Consolidated Balance Sheets: Capitalized Construction management Fees (5) 63,839 270,357 261,718 515,390 830 16,431 Reimbursement of labor costs (5) 65,393 98,832 130,864 181,882 1,790 7,171 Prepaid insurance deductible account (6) 62,093 37,244 124,185 74,489 — (124,185 ) Deferred financing costs (7) — 55,207 — 55,207 — — $ 10,815,017 $ 12,649,656 $ 22,116,246 $ 23,448,494 $ 1,497,483 $ 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 tenant reimbursements and other in the accompanying consolidated statements of operations. (5) Included in building and improvements in the accompanying consolidated balance sheets. (6) 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. (7) Included in mortgage notes payable, net in the accompanying consolidated balance sheets. 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. The investment management 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 can be terminated by either party with 30 days’ prior written notice to the other party. 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 June 30, 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. Refinancing Fee The Company pays the Advisor a refinancing fee equal to 0.50% of the refinancing amount in connection with the refinancing of certain of the Company’s existing mortgage loans. For the three and six months ended June 30, 2016 , the Advisor earned $1,790,010 and $1,790,010 , respectively, in refinancing fees in connection with the June Refinancing Transactions. No amounts were earned by the Advisor for the three and six months ended June 30, 2017 . 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. Contribution, Settlement and Release Agreements Certain of the Company’s subsidiaries and the Property Manager were named as defendants in two Texas class action lawsuits alleging violations of the Texas Water Code (collectively, the “Actions”). The Company’s subsidiaries and the Property Manager disputed plaintiffs’ claims in the Actions; however, to avoid the time and expense associated with defending the Actions, the Company subsidiaries and other affiliated Steadfast entities (collectively, the “Steadfast Parties”) entered into Settlement Agreements with the plaintiffs that provided for a settlement payment to the class members and a release of claims by plaintiffs and class members against the Steadfast Parties. In connection with the settlement agreements, on April 17, 2017, the Steadfast Parties entered into a contribution, settlement and release agreement whereby all agreed to an allocation of all costs related to the actions and their settlements and a release of all claims a Steadfast Party may have against any other Steadfast Party. The Company’s proportionate share of the settlements was $481,765 , which consisted of funds used to pay a portion of (1) the settlement payments to the plaintiffs and class members in the actions and (2) legal costs, less insurance proceeds. During the three and six months ended June 30, 2017, the Company had recorded $247,491 as reimbursement for funds spent by the Company in excess of its proportionate share, of which $103,652 remained as a receivable from other Steadfast Parties as of June 30, 2017.

Incentive Award Plan and Indepe

Incentive Award Plan and Independent Director Compensation	6 Months Ended
	Jun. 30, 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 June 30, 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 first anniversary of the date of grant and ending on the third anniversary of the date of grant; provided, however, that the restricted stock will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability or (2) a change in control of the Company and as otherwise provided in the Incentive Award Plan. The Company recorded stock-based compensation expense of $15,030 and $30,060 for the three and six months ended June 30, 2017 and $12,864 and $25,728 for the three and six months ended June 30, 2016 , respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016 : June 30, 2017 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 7/1/2017 - 10/1/2019 One-Month LIBOR 42 $ 958,239,000 1.22 % 2.78 % $ 102,752 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 and six months ended June 30, 2017 resulted in an unrealized loss of $196,136 and $516,089 , respectively, which is included in interest expense in the accompanying consolidated statements of operations. During the three and six months ended June 30, 2017 , no interest rate cap agreements were acquired by the Company, and during the three and six months ended June 30, 2016 , the Company acquired interest rate cap agreements of $259,000 . The fair value of the interest rate cap agreements of $102,752 and $618,841 as of June 30, 2017 and December 31, 2016 , respectively, are included in other assets on the accompanying consolidated balance sheets.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions Paid On July 5, 2017 , the Company paid distributions of $4,468,685 , which related to distributions declared for each day in the period from June 1, 2017 through June 30, 2017 . All such distributions were paid in cash. On August 1, 2017 , the Company paid distributions of $4,617,014 , which related to distributions declared for each day in the period from July 1, 2017 through July 31, 2017 . All such distributions were paid in cash. Shares Repurchased On July 31, 2017 , the Company repurchased 178,700 shares of its common stock for a total repurchase value of $2,000,000 , or $11.19 per share, pursuant to the Company’s share repurchase program. Distributions Declared On August 8, 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 October 1, 2017 and ending on December 31, 2017. The distributions will be equal to $0.001964 per share of the Company’s common stock. The distributions for each record date in October 2017, November 2017 and December 2017 will be paid in November 2017, December 2017 and January 2018, respectively. The distributions will be payable to stockholders from legally available funds therefor. Restricted Stock Grant On August 8, 2017, 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 2017 annual meeting of stockholders. Sale of Renaissance at Carol Stream On August 8, 2017, the Company, through SIR Carol Stream, LLC (“SIR Carol Stream”), an indirect, wholly-owned subsidiary of the Company, entered into a Purchase and Sale Agreement to sell its fee simple interest in Renaissance at Carol Stream, a 293 -unit residential property located in Carol Stream, Illinois, to a third-party buyer. SIR Carol Stream has agreed to sell Renaissance at Carol Stream for an aggregate sales price of $34,000,000 , excluding closing costs. The Company expects the sale of Renaissance at Carol Stream to close September 28, 2017, unless extended in accordance with the terms of the Purchase and Sale Agreement.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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. 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.
Basis of Presentation	The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three and six months ended June 30, 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, and qualifies 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 and six months ended June 30, 2017 and three months ended March 31, 2016 were based on daily record dates and calculated at a rate of $0.001964 per share per day. Distributions were based on daily record dates and calculated at a rate of $0.001958 per share per day during the three months ended June 30, 2016 . Each day during the six months ended June 30, 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.
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.
Recently Issued Accounting Standards Updates	Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers ( Topic 606 ) (“ASU 2014-09”) . 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’s impact on its revenue recognition with regard to revenue from tenant reimbursements and other. Based on its preliminary assessment, the Company identified the following types of revenues from non-lease components: pass-through tenant reimbursements, administrative fees, participation revenue and revenue from ancillary services. Based on this assessment, the Company does not expect a material impact on its revenue recognition in the consolidated financial statements because revenue from these sources is immaterial to the consolidated financial statements. The Company is also not expecting to experience a material impact from adopting this new guidance in connection with its rental revenue, as rental revenue 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. The guidance will be effective in the first quarter of 2019 and allows for early adoption. The Company is in the preliminary stages of evaluating the impact of this ASU on its leases both as it relates to the Company acting as a lessor and as a lessee. Based on the preliminary results of its evaluation, as it relates to the former, the Company does not expect any material impact on the recognition of leases in the consolidated financial statements because under this guidance, lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. As it relates to the latter, the Company does not expect a material impact on the recognition of leases in the consolidated financial statements because the quantity of leased equipment by the Company is limited. The Company plans to complete its assessment process by the end of the fourth quarter of 2017 and plans to adopt this ASU on January 1, 2019. 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 reclassified payments for debt extinguishment costs of $191,800 from cash flows from operating activities to cash flows from financing activities as of June 30, 2016 . There was no impact as of June 30, 2017 . 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 six months ended June 30, 2017 , the Company did not experience a material impact. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“Subtopic 610-20”): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), that clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset and defines the term in substance nonfinancial asset. ASU 2017-05 also clarifies that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. Subtopic 610-20, which was issued in May 2014 as part of ASU 2014-09 (discussed above), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity is required to apply amendments in ASU 2017-05 at the same time it applies the amendments in ASU 2014-09 (discussed above). ASU 2017-05 requires retrospective application and is effective for fiscal years beginning after December 15, 2017, including interim reporting 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 May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”). The FASB issued ASU 2017-09 to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation , to a change to the terms or conditions of a share-based payment award. The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU No. 2017-09 requires prospective application and 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.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 102,752 $ — 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)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles	As of June 30, 2017 and December 31, 2016 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: June 30, 2017 Assets Land Building and Improvements Other Intangible Assets Total Real Estate Investments in real estate $ 174,153,422 $ 1,524,472,235 $ 2,644,263 $ 1,701,269,920 Less: Accumulated depreciation and amortization — (268,114,217 ) (622,615 ) (268,736,832 ) Net investments in real estate and related lease intangibles $ 174,153,422 $ 1,256,358,018 $ 2,021,648 $ 1,432,533,088 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 June 30, 2017 and thereafter is as follows: July 1 through December 31, 2017 $ 76,584 2018 153,168 2019 153,168 2020 153,168 2021 153,168 Thereafter 1,332,392 $ 2,021,648
Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants	The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of June 30, 2017 and thereafter is as follows: July 1 through December 31, 2017 $ 127,962 2018 259,143 2019 180,858 2020 74,313 2021 76,535 Thereafter 264,345 $ 983,156

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization	As of June 30, 2017 and December 31, 2016 , other assets consisted of: June 30, December 31, Prepaid expenses $ 587,148 $ 3,041,353 Interest rate cap agreements (Note 11) 102,752 618,841 Deposits 1,106,111 1,126,568 Other assets $ 1,796,011 $ 4,786,762

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Summary of Notes Payable Secured by Real Property	The following is a summary of mortgage notes payable, net secured by real property as of June 30, 2017 and December 31, 2016 : June 30, 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 % $ 466,966,485 Mortgage notes payable - variable (1) 21 8/31/2017 - 1/1/2026 1-Mo LIBOR + 1.65% 1-Mo LIBOR + 2.65% 3.50 % 517,380,933 Total mortgage notes payable, gross 58 3.75 % 984,347,418 Premium, net (2) 1,591,341 Deferred financing costs, net (3) (5,704,228 ) Total mortgage notes payable, net $ 980,234,531 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, gross 58 3.52 % 989,229,820 Premium/discount, 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 June 30, 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 June 30, 2017 Amortization of Net Debt Premium During the Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 $ 1,591,341 $ 308,639 $ 308,698 $ 617,277 $ 617,396 (3) The following table summarizes the deferred financing costs, net related to mortgage notes payable as of June 30, 2017 and December 31, 2016 : June 30, 2017 December 31, 2016 Deferred financing costs $ 10,104,244 $ 10,104,244 Less: accumulated amortization (4,400,016 ) (3,745,959 ) Deferred financing costs, net $ 5,704,228 $ 6,358,285
Summary of Debt Premiums and Discounts	The following table summarizes the debt premiums as of June 30, 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 June 30, 2017 Amortization of Net Debt Premium During the Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 $ 1,591,341 $ 308,639 $ 308,698 $ 617,277 $ 617,396
Summary of Deferred Financing Costs	The following table summarizes the deferred financing costs, net related to mortgage notes payable as of June 30, 2017 and December 31, 2016 : June 30, 2017 December 31, 2016 Deferred financing costs $ 10,104,244 $ 10,104,244 Less: accumulated amortization (4,400,016 ) (3,745,959 ) Deferred financing costs, net $ 5,704,228 $ 6,358,285
Schedule of Revolving Credit Facility Advances	As of June 30, 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) June 30, 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) (2,203,974 ) (2,488,624 ) Credit Facility, net $ 232,920,776 $ 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 June 30, 2017 and December 31, 2016 , was $718,172 and $433,522 , respectively.
Summary of Aggregate Maturities	The following is a summary of the Company’s aggregate maturities as of June 30, 2017 : Remainder of 2017 Maturities During the Years Ending December 31, Contractual Obligation Total 2018 2019 2020 2021 Thereafter Principal payments on outstanding debt obligations (1) $ 1,219,472,168 $ 45,282,955 $ 75,827,573 $ 101,699,117 $ 87,236,482 $ 277,870,158 $ 631,555,883 _____________________________ (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)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Schedule of Restricted Stock Issued to Independent Directors as Compensation	The issuance and vesting activity for the six months ended June 30, 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 Six Months Ended June 30, 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 six months ended June 30, 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)(2) Less than 1 year No Repurchase Allowed 1 year 92.5% of Estimated Value per Share 2 years 95.0% of Estimated Value per Share 3 years 97.5% of Estimated Value per Share 4 years 100.0% of Estimated Value per Share 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)	6 Months Ended
	Jun. 30, 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 (“EPS”) for the three and six months ended June 30, 2017 and 2016 : Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net loss attributable to the Company $ (5,656,573 ) $ (8,039,220 ) $ (11,301,448 ) $ (11,657,358 ) Less: dividends declared on participating securities 2,122 45,505 4,221 91,010 Net loss attributable to common stockholders (5,658,695 ) (8,084,725 ) (11,305,669 ) (11,748,368 ) Weighted average common shares outstanding — basic and diluted 75,878,088 76,252,947 75,969,547 76,301,454 Loss per common share — basic and diluted $ (0.07 ) $ (0.11 ) $ (0.15 ) $ (0.15 )

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2017 and 2016 and amounts that are payable (prepaid) to the Advisor and its affiliates as of June 30, 2017 and December 31, 2016 are as follows: Incurred (Received) For the Incurred (Received) For the Payable (Prepaid) as of Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 June 30, 2017 December 31, 2016 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 3,567,979 $ 3,511,165 $ 7,149,134 $ 7,012,289 $ 8,397 $ 1,185,001 Acquisition fees (1) — 960 — 960 — — Property management Fees (1) 1,624,548 1,600,657 3,231,084 3,172,639 541,354 534,056 Reimbursement of onsite personnel (2) 4,776,398 4,601,433 9,607,867 9,165,801 768,615 805,274 Other fees (1) 475,435 459,905 909,767 909,222 51,926 54,679 Other fees - property operations (2) 36,070 — 82,906 — — — Other fees - G&A (3) 29,844 — 70,425 — — — Other operating expenses (3) 215,565 323,886 650,443 670,605 124,571 184,954 Refinancing fee (1) — 1,790,010 — 1,790,010 — — Insurance proceeds (4) (102,147 ) (100,000 ) (102,147 ) (100,000 ) — — Consolidated Balance Sheets: Capitalized Construction management Fees (5) 63,839 270,357 261,718 515,390 830 16,431 Reimbursement of labor costs (5) 65,393 98,832 130,864 181,882 1,790 7,171 Prepaid insurance deductible account (6) 62,093 37,244 124,185 74,489 — (124,185 ) Deferred financing costs (7) — 55,207 — 55,207 — — $ 10,815,017 $ 12,649,656 $ 22,116,246 $ 23,448,494 $ 1,497,483 $ 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 tenant reimbursements and other in the accompanying consolidated statements of operations. (5) Included in building and improvements in the accompanying consolidated balance sheets. (6) 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. (7) Included in mortgage notes payable, net in the accompanying consolidated balance sheets.

Derivative Financial Instrume28

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016 : June 30, 2017 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 7/1/2017 - 10/1/2019 One-Month LIBOR 42 $ 958,239,000 1.22 % 2.78 % $ 102,752 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	Jun. 30, 2017ft²apartmentproperty$ / sharesshares	Dec. 31, 2009shares	Dec. 31, 2016shares
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]
Number of units in real estate property (in number of units or apartments) | property			3
Net rentable area (in square feet) | ft²			25,973
Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares			$ 10.24
Stock issued to advisor (in shares)			75,838,681		76,202,862
Convertible Stock [Member]
Class of Stock [Line Items]
Stock issued to advisor (in shares)			1,000		1,000
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
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 - Pri

Organization and Business - Private Offering (Details) - USD ($)	6 Months Ended	9 Months Ended
	Jun. 30, 2017	Jul. 09, 2010	Oct. 13, 2009
Private Offering [Member]
Class of Stock [Line Items]
Issuance of common stock	$ 2,000,000
Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share)	$ 10.24
Common Stock [Member] | Private Offering [Member]
Class of Stock [Line Items]
Value of shares in private offering			$ 94,000,000
Share price (in dollars per share)			$ 9.4
Issuance of common stock (in shares)		637,279
Issuance of common stock		$ 5,844,325

Organization and Business - Pub

Organization and Business - Public Offering (Details) - USD ($)

3 Months Ended

6 Months Ended

9 Months Ended

41 Months Ended

102 Months Ended

Jun. 30, 2016

Sep. 30, 2016

Jun. 30, 2016

Dec. 31, 2016

Dec. 20, 2013

Jun. 30, 2017

Feb. 25, 2017

Feb. 15, 2017

Mar. 10, 2015

Sep. 10, 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

$ 0.001958

$ 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

IPO [Member]

Class of Stock [Line Items]

Stock issued during period, shares, new issues (in shares)

73,608,337

Issuance of common stock

$ 745,389,748

Distribution Reinvestment Plan [Member]

Class of Stock [Line Items]

Share price (in dollars per share)

$ 9.73

$ 9.5

Stock issued during period, dividend reinvestment plan (in shares)

1,588,289

Proceeds from issuance of common stock, dividend reinvestment plan

$ 15,397,232

Common Stock [Member]

Class of Stock [Line Items]

Share price (in dollars per share)

$ 10.24

Common share, distribution rate per share per day, declared (in dollars per share)

$ 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

Common Stock [Member] | IPO [Member]

Class of Stock [Line Items]

Common stock, capital shares reserved for future issuance, distribution reinvestment plan, up to (in shares)

15,789,474

Share price, distribution reinvestment plan (in dollars per share)

$ 9.5

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Short-term Investments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Investment [Line Items]
Short-term investments	$ 30,097,068		$ 30,097,068		$ 30,084,750
Tenant reimbursements and other	6,355,033	$ 6,089,902	12,419,523	$ 11,826,176
Tenant Improvements And Other [Member]
Investment [Line Items]
Tenant reimbursements and other	97,068		181,818
Certificate of deposit [Member]
Investment [Line Items]
Short-term investments	$ 30,000,000		$ 30,000,000		$ 30,000,000

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 ($)	Jun. 30, 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	102,752	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 - Fair Value of Financial Instruments (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable, net	$ 980,234,531	$ 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	1,220,111,998	1,197,015,105
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable, net	$ 1,213,155,307	$ 1,217,716,280

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Distribution Policy (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Sep. 30, 2016	Jun. 30, 2016
Accounting Policies [Abstract]
Common share, distribution rate per share per day, declared (in dollars per share)		$ 0.001964		$ 0.001958	$ 0.001964
Distributions declared per common share (in dollars per share)	$ 0.179	$ 0.178	$ 0.355		$ 0.356356

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Segment Disclosure (Details)	6 Months Ended
	Jun. 30, 2017segment
Accounting Policies [Abstract]
Number of reportable segments	1

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Recently Issued Accounting Standards (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect on operating cash flows	$ 26,096,729	$ 23,642,514
Effect on financing cash flows	(36,049,805)	36,866,694
Short-term investments	30,097,068		$ 30,084,750
New Accounting Pronouncement, Early Adoption, Effect [Member] | Accounting Standards Update 2016-15 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect on operating cash flows	0	(191,800)
Effect on financing cash flows		$ 191,800
Certificate of deposit [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Short-term investments	$ 30,000,000		$ 30,000,000

Real Estate - Narrative (Detail

Real Estate - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)ft²apartmentproperty	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)ft²apartmentpropertycustomer	Jun. 30, 2016USD ($)customer	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Investments in real estate	$ 1,701,269,920		$ 1,701,269,920		$ 1,694,278,958
Depreciation, Depletion and Amortization, Nonproduction	18,048,070	$ 17,216,777	36,001,793	$ 34,164,045
Contract purchase price			$ 1,644,240,381
Average percentage of real estate portfolio occupied			94.10%		93.50%
Average monthly collected rent			$ 1,032		$ 1,026
Tenant [Member] | Customer Concentration Risk [Member]
Real Estate Properties [Line Items]
Number of tenant representing over 10% of Company's annualized base rent | customer			0	0
Accounts Payable and Accrued Liabilities [Member]
Real Estate Properties [Line Items]
Security deposit liability	5,165,822		$ 5,165,822		5,047,792
Building and Improvements [Member]
Real Estate Properties [Line Items]
Investments in real estate	1,524,472,235		1,524,472,235		1,517,532,273
Depreciation	18,009,778	17,178,485	35,925,209	$ 34,087,461
Other Intangible Assets [Member]
Real Estate Properties [Line Items]
Investments in real estate	2,644,263		2,644,263		$ 2,644,263
Amortization of Intangible Assets	$ 38,292	$ 38,292	$ 76,584	$ 76,584
Residential Real Estate [Member]
Real Estate Properties [Line Items]
Number of multifamily real estate properties owned | property	65		65
Number of units in real estate property (in number of units or apartments) | apartment	16,709		16,709
Percentage leased	96.70%		96.70%
Operating leases, revenue, percentage	99.00%	99.00%	99.00%	99.00%
Residential Real Estate [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Operating lease term			12 months
Commercial Real Estate [Member]
Real Estate Properties [Line Items]
Number of units in real estate property (in number of units or apartments) | property	3		3
Net rentable area (in square feet) | ft²	25,973		25,973
Operating leases, revenue, percentage	1.00%	1.00%	1.00%	1.00%
Commercial Real Estate [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Operating lease term			1 year 11 months
Commercial Real Estate [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Operating lease term			7 years 9 months 2 days

Real Estate - Schedule of Accum

Real Estate - Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	$ 1,701,269,920	$ 1,694,278,958
Less: Accumulated depreciation and amortization	(268,736,832)	(232,744,083)
Net investments in real estate and related lease intangibles	1,432,533,088	1,461,534,875
Land [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	174,153,422	174,102,422
Less: Accumulated depreciation and amortization	0	0
Net investments in real estate and related lease intangibles	174,153,422	174,102,422
Building and Improvements [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	1,524,472,235	1,517,532,273
Less: Accumulated depreciation and amortization	(268,114,217)	(232,198,052)
Net investments in real estate and related lease intangibles	1,256,358,018	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	(622,615)	(546,031)
Net investments in real estate and related lease intangibles	$ 2,021,648	$ 2,098,232

Real Estate - Schedule of Futur

Real Estate - Schedule of Future Amortization of Acquired Other Intangible Assets (Details) - Other Intangible Assets [Member]	Jun. 30, 2017USD ($)
Finite-Lived Intangible Assets [Line Items]
July 1 through December 31, 2017	$ 76,584
2,018	153,168
2,019	153,168
2,020	153,168
2,021	153,168
Thereafter	1,332,392
Future amortization of acquired other intangible assets	$ 2,021,648

Real Estate - Schedule of Fut41

Real Estate - Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants (Details)	Jun. 30, 2017USD ($)
Real Estate [Abstract]
July 1 through December 31, 2017	$ 127,962
2,018	259,143
2,019	180,858
2,020	74,313
2,021	76,535
Thereafter	264,345
Total future minimum rental receipts	$ 983,156

Other Assets (Details)

Other Assets (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 587,148	$ 3,041,353
Interest rate cap agreements (Note 11)	102,752	618,841
Deposits	1,106,111	1,126,568
Other assets	$ 1,796,011	$ 4,786,762

Debt - Summary of Notes Payable

Debt - Summary of Notes Payable Secured by Real Property (Details)	6 Months Ended
	Jun. 30, 2017USD ($)instrument	Jun. 30, 2016	Dec. 31, 2016USD ($)instrument
Debt Instrument [Line Items]
Principal Outstanding	$ 980,234,531		$ 985,080,154
Total notes payable, net	$ 1,213,155,307		$ 1,217,716,280
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	58		58
Weighted Average Interest Rate	3.75%		3.52%
Principal Outstanding	$ 984,347,418		$ 989,229,820
Premium/discount, net	1,591,341		2,208,619
Deferred financing costs, net	(5,704,228)		(6,358,285)
Total notes payable, net	$ 980,234,531		$ 985,080,154
Notes Payable to Banks [Member] | Mortgage Notes Payable - Fixed [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	37		37
Weighted Average Interest Rate	4.06%		4.06%
Principal Outstanding	$ 466,966,485		$ 471,344,145
Notes Payable to Banks [Member] | Mortgage Notes Payable - Fixed [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest Rate Range	3.19%		3.19%
Notes Payable to Banks [Member] | Mortgage Notes Payable - Fixed [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest Rate Range	5.94%		5.94%
Notes Payable to Banks [Member] | Mortgage Notes Payable - Variable [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	21		21
Weighted Average Interest Rate	3.50%		3.05%
Principal Outstanding	$ 517,380,933		$ 517,885,675
Notes Payable to Banks [Member] | Mortgage Notes Payable - Variable [Member] | LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Variable Rate	1.65%	1.62%
Notes Payable to Banks [Member] | Mortgage Notes Payable - Variable [Member] | LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Variable Rate	2.65%	2.65%

Debt - Summary of Debt Premiums

Debt - Summary of Debt Premiums and Discounts (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Amortization of debt premium (discount)			$ 617,277	$ 617,396
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Premium/discount, net	$ 1,591,341		1,591,341		$ 2,208,619
Amortization of debt premium (discount)	$ 308,639	$ 308,698	$ 617,277	$ 617,396

Debt - Schedule of Deferred Fin

Debt - Schedule of Deferred Financing Costs (Details) - Notes Payable to Banks [Member] - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Deferred financing costs of revolving credit facility	$ 10,104,244	$ 10,104,244
Less: accumulated amortization	(4,400,016)	(3,745,959)
Deferred financing costs, net	$ 5,704,228	$ 6,358,285

Debt - Narrative (Details)

Debt - Narrative (Details)	Jul. 29, 2016USD ($)subsidiary	Jun. 30, 2016USD ($)subsidiary	Sep. 29, 2016USD ($)subsidiary	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Interest expense				$ 11,260,913	$ 10,180,939	$ 22,108,949	$ 20,253,682
Amortization of deferred financing costs				468,011	395,421	938,707	777,466
Amortization Of Financing Costs, Including Cash						938,707	777,466
Amortization of debt premium (discount)						617,277	617,396
Unrealized loss on derivatives						516,089	445,272
Capitalized interest					40,463	0	66,367
Accounts Payable and Accrued Liabilities [Member]
Debt Instrument [Line Items]
Interest payable				3,598,719		3,598,719		$ 3,444,162
Interest Rate Cap [Member]
Debt Instrument [Line Items]
Unrealized loss on derivatives				196,136	212,559	516,089	445,272
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Number of subsidiaries | subsidiary	9	14	3
Termination of debt		$ 283,313,677	$ 61,575,025
Amortization of debt premium (discount)				308,639	$ 308,698	617,277	$ 617,396
Notes Payable to Banks [Member] | Refinancing Transactions Loan Agreement [Member]
Debt Instrument [Line Items]
Principal amount			$ 63,620,600	$ 358,002,000		$ 358,002,000
Notes Payable to Banks [Member] | Refinancing Transactions Loan Agreement [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Variable rate		2.31%
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Variable rate	0.05%
Credit agreement limit	$ 350,000,000
Payments of loan origination fees	1,293,186
Refinancing fees paid	$ 1,175,624
Minimum [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Variable rate	1.73%
Maximum [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Variable rate	1.93%

Debt - Summary of Revolving Cre

Debt - Summary of Revolving Credit Facility (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Credit facility advances	$ 1,219,472,168
Total notes payable, net	1,213,155,307	$ 1,217,716,280
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility advances	235,124,750	235,124,750
Deferred financing costs, net on Credit Facility	(2,203,974)	(2,488,624)
Total notes payable, net	232,920,776	232,636,126
Accumulated amortization related to deferred financing cost	(718,172)	(433,522)
Ashley Oak Apartment Homes [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility advances	24,867,500	24,867,500
The Trails at Buda Ranch [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility advances	21,025,000	21,025,000
Deer Valley Apartments [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility advances	22,982,500	22,982,500
Carrington Park at Huffmeister [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility advances	20,430,500	20,430,500
Carrington Place [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility advances	27,535,500	27,535,500
Carrington at Champion Forest [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility advances	25,121,250	25,121,250
Audubon Park Apartments [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility advances	16,602,500	16,602,500
Oak Crossing [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility advances	17,980,000	17,980,000
Meritage at Steiner Ranch [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility advances	$ 58,580,000	$ 58,580,000

Debt - Summary of Aggregate Mat

Debt - Summary of Aggregate Maturities (Details)	Jun. 30, 2017USD ($)
Debt Disclosure [Abstract]
Total	$ 1,219,472,168
Remainder of 2017	45,282,955
2,017	75,827,573
2,018	101,699,117
2,019	87,236,482
2,020	277,870,158
Thereafter	$ 631,555,883

Stockholders' Equity - General

Stockholders' Equity - General (Details) - $ / shares	Jun. 30, 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

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details)	Jun. 11, 2014USD ($)$ / sharesshares	Jun. 12, 2009$ / sharesshares	Jun. 30, 2017USD ($)$ / shares	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)installmentsvote / shares$ / shares	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2009USD ($)shares	Jun. 30, 2017USD ($)$ / sharesshares
Class of Stock [Line Items]
Number of votes per share | vote / shares					1
Value of shares issued							$ 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	$ 30,060	$ 25,728
Change in value of restricted common stock to Advisor					0	170,695
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		$ 5,637,207.03125				5,637,207.03125
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Restricted Stock Agreement [Member]
Class of Stock [Line Items]
Issuance of restricted common stock to advisor (in shares) | shares	488,281.25
Restricted Stock [Member]
Class of Stock [Line Items]
Restricted common stock, weighted average remaining vesting terms					1 year 2 months 19 days
Compensation expense related to nonvested shares			75,049		$ 75,049				75,049
Restricted Stock [Member] | Steadfast Income Advisor, LLC [Member] | Tranche One [Member]
Class of Stock [Line Items]
Shares of restricted stock vesting percentage	50.00%
Restricted Stock [Member] | Steadfast Income Advisor, LLC [Member] | Tranche Two [Member]
Class of Stock [Line Items]
Shares of restricted stock vesting percentage	50.00%
Restricted Stock [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Restricted Stock Agreement [Member]
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares	$ 10.24
Restricted Stock [Member] | General and Administrative Expense [Member]
Class of Stock [Line Items]
Share-based compensation			$ 15,030	12,864	$ 30,060	25,728
Restricted Stock [Member] | General and Administrative Expense [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member]
Class of Stock [Line Items]
Change in value of restricted common stock to Advisor				$ 57,088		$ 170,695
Director [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Restricted common stock, vesting installments | installments					4
Private Offering and Public Offering [Member]
Class of Stock [Line Items]
Commissions on sales of common stock and related dealer manager fees to affiliates									$ 95,845,468
Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares			$ 10.24		$ 10.24				$ 10.24
Common Stock [Member] | Steadfast REIT Investments, LLC [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares		22,223						22,223
Value of shares issued								$ 200,007
Share price (in dollars per share) | $ / shares		$ 9
Common Stock [Member] | Private Offering and Public Offering [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares									76,732,395
Total offering proceeds									$ 679,572,220

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Restricted Stock Issued to Independent Directors as Compensation (Details) - Restricted Stock [Member] - $ / shares	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 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 period (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 period (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 - Converti

Stockholders' Equity - Convertible Stock (Details)	6 Months Ended
	Jun. 30, 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]
Issuance of common stock (in shares) | shares	1,000
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Convertible Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares	1,000
Issuance of common stock | $	$ 1,000
Common stock, basis of conversion, percentage of annual return on original issue price of shares	8.00%
Conversion basis, multiplier	0.001
Convertible common stock, redemption amount | $	$ 1

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred Stock (Details)	6 Months Ended
	Jun. 30, 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 - Distribu

Stockholders' Equity - Distribution Reinvestment Plan (Details) - Distribution Reinvestment Plan [Member] - USD ($)	Jun. 30, 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 on shares sold under the plan	$ 0

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Program and Redeemable Common Stock (Details) - USD ($)	Aug. 09, 2016	Jul. 01, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Class of Stock [Line Items]
Transfers to redeemable common stock							$ (1,000,000)
Share Repurchase Program [Member]
Class of Stock [Line Items]
Maximum value of shares allowed to be repurchase per quarter	$ 2,000,000	$ 1,000,000
Number of days notice					30 days
Share Repurchase Program [Member] | Common Stock [Member]
Class of Stock [Line Items]
Number of shares that can be repurchased before the first anniversary of date of purchase			0		0
Share repurchase plan, disability or death holding period exemption period, maximum					2 years
Required holding period to be eligible to redeem shares under share repurchase plan					1 year
Stock repurchase plan, minimum redemption notice period					15 days
Stock repurchase plan, settlement period					30 days
Business days					3 days
Repurchase of common stock (in shares)			180,226	96,215	364,181	195,458
Stock repurchase plan, stock redeemed, value			$ 2,000,000	$ 1,000,000	$ 4,000,000	$ 2,000,000
Stock requested for redemption (in shares)			503,205	266,949	1,022,901	614,461
Stock requested for redemption, value			$ 5,774,695	$ 2,926,762	$ 11,741,716	$ 6,690,074
Stock requested for redemption, outstanding (in shares)			1,969,057	873,080	1,969,057	873,080
Stock repurchase plan, percentage of weighted-average number of shares outstanding, limit on repurchase					5.00%
Shares requested for redemption			$ 22,862,852	$ 9,484,805	$ 22,862,852	$ 9,484,805
Share Repurchase Program [Member] | Common Stock [Member] | Accounts Payable and Accrued Liabilities [Member]
Class of Stock [Line Items]
Shares requested for redemption			$ 2,000,000		$ 2,000,000
Maximum [Member] | Share Repurchase Program [Member]
Class of Stock [Line Items]
Maximum value of shares allowed to be repurchase per quarter		$ 2,000,000

Stockholders' Equity - Schedu56

Stockholders' Equity - Schedule of Repurchase Prices Under Share Repurchase Program (Details) - Share Repurchase Program [Member] - Common Stock [Member]	6 Months Ended
	Jun. 30, 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%

Stockholders' Equity - Schedu57

Stockholders' Equity - Schedule of Repurchase Prices Under Share Repurchase Program (Footnote) (Details)	6 Months Ended
	Jun. 30, 2017
Common Stock [Member] | Share Repurchase Program [Member]
Class of Stock [Line Items]
Required holding period to be eligible to redeem shares under share repurchase plan	1 year

Stockholders' Equity - Distri58

Stockholders' Equity - Distributions Declared (Details) - USD ($)	3 Months Ended		6 Months Ended			9 Months Ended	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Sep. 30, 2016	Jun. 30, 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		$ 0.001958	$ 0.001964
Less: dividends declared on participating securities			$ 27,010,732				$ 54,828,267
Distributions payable	$ 4,468,685		$ 4,468,685			$ 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
Common stock, distribution rate, percentage						7.00%
Share price (in dollars per share)	$ 10.24		$ 10.24
Less: dividends declared on participating securities	$ 13,563,610	$ 13,673,510	$ 27,010,732		$ 27,322,840
Distributions payable	$ 4,468,685		$ 4,468,685			$ 4,625,355	$ 4,625,355

Stockholders' Equity - Distri59

Stockholders' Equity - Distributions Paid (Details) - USD ($)	3 Months Ended		6 Months Ended		102 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017
Class of Stock [Line Items]
Payments of ordinary dividends, common stock	$ 13,722,790	$ 13,829,064	$ 27,167,402	$ 27,498,727
Stock issued during period, dividend reinvestment plan (in shares)					4,073,759
Proceeds from issuance of common stock, dividend reinvestment plan					$ 39,580,847

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Earnings Per Share [Abstract]
Net loss attributable to the Company	$ (5,656,573)	$ (8,039,220)	$ (11,301,448)	$ (11,657,358)	$ (25,579,651)
Less: dividends declared on participating securities	2,122	45,505	4,221	91,010
Net loss attributable to common stockholders	$ (5,658,695)	$ (8,084,725)	$ (11,305,669)	$ (11,748,368)
Weighted average number of common shares outstanding — basic and diluted (in shares)	75,878,088	76,252,947	75,969,547	76,301,454
Loss per common share — basic and diluted (in dollars per share)	$ (0.07)	$ (0.11)	$ (0.15)	$ (0.15)

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] - Steadfast Income Advisor, LLC and Affiliates [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 10,815,017	$ 12,649,656	$ 22,116,246	$ 23,448,494
Related party transactions, payable (prepaid)	1,497,483		1,497,483		$ 2,663,381
Investment Management Fees [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	8,397		8,397		1,185,001
Acquisition Fees [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	0		0		0
Property Management Fees [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	541,354		541,354		534,056
Property Management Reimbursement of Onsite Personnel [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	768,615		768,615		805,274
Property Management Other Fees [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	51,926		51,926		54,679
Property Management, Other Fees, Property Operations [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	0		0		0
Property Management Other Fees G&A [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	0		0		0
Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	124,571		124,571		184,954
Refinancing Fee [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	0		0		0
Insurance Proceeds [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	0		0		0
Construction Management Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	63,839	270,357	261,718	515,390
Related party transactions, payable (prepaid)	830		830		16,431
Construction Management Reimbursement of Labor Costs [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	65,393	98,832	130,864	181,882
Related party transactions, payable (prepaid)	1,790		1,790		7,171
Insurance Deductible Reserve Account [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	62,093	37,244	124,185	74,489
Related party transactions, payable (prepaid)	0		0		(124,185)
Deferred Financing Costs [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	55,207	0	55,207
Related party transactions, payable (prepaid)	0		0		$ 0
Fees to Affiliates [Member] | Investment Management Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	3,567,979	3,511,165	7,149,134	7,012,289
Fees to Affiliates [Member] | Acquisition Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	960	0	960
Fees to Affiliates [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,624,548	1,600,657	3,231,084	3,172,639
Fees to Affiliates [Member] | Property Management Other Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	475,435	459,905	909,767	909,222
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	36,070	0	82,906	0
Fees to Affiliates [Member] | Property Management Other Fees G&A [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	29,844	0	70,425	0
Operating, Maintenance and Management [Member] | Property Management Reimbursement of Onsite Personnel [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	4,776,398	4,601,433	9,607,867	9,165,801
General and Administrative Expense [Member] | Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	215,565	323,886	650,443	670,605
General and Administrative Expense [Member] | Refinancing Fee [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	1,790,010	0	1,790,010
General and Administrative Expense [Member] | Insurance Proceeds [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 102,147	$ 100,000	$ 102,147	$ 100,000

Related Party Arrangements - In

Related Party Arrangements - Investment Management Fee (Details)	6 Months Ended
	Jun. 30, 2017
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Investment Management Fees [Member]
Related Party Transaction [Line Items]
Investment management monthly fee, percentage of real properties or related assets acquired	0.06667%

Related Party Arrangements - Ac

Related Party Arrangements - Acquisition Fees and Expenses (Details) - Steadfast Income Advisor, LLC [Member] - Steadfast Income Advisor, LLC [Member] - Acquisition Fees and Expenses [Member]	6 Months Ended
	Jun. 30, 2017
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 - Pr

Related Party Arrangements - Property Management Fees and Expenses (Details)	6 Months Ended
	Jun. 30, 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 - Co

Related Party Arrangements - Construction Management Fees (Details) - Affiliated Entity [Member] - Pacific Coast Land & Construction, Inc. [Member] - Construction Management Agreement [Member]	6 Months Ended
	Jun. 30, 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 - Ot

Related Party Arrangements - Other Operating Expense Reimbursements (Details) - Steadfast Income Advisor, LLC [Member] - Steadfast Income Advisor, LLC [Member] - Other Operating Expense Reimbursement [Member]	6 Months Ended
	Jun. 30, 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 - Di

Related Party Arrangements - Disposition Fee (Details) - Steadfast Income Advisor, LLC [Member] - Steadfast Income Advisor, LLC [Member]	6 Months Ended
	Jun. 30, 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%
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 2 [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 9.01
Disposition Fees Range 2 [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 10.24
Disposition Fees Range 3 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.00%
Disposition Fees Range 3 [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 10.25
Disposition Fees Range 3 [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 11.24
Disposition Fees Range 4 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.25%
Disposition Fees Range 4 [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 11.25
Disposition Fees Range 4 [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 12
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
Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Other operating expense reimbursement, percentage of average invested assets, threshold	2.00%
Other operating expense reimbursement, percentage of net income, threshold	25.00%

Related Party Arrangements - Re

Related Party Arrangements - Refinancing Fee (Details) - Steadfast Income Advisor, LLC and Affiliates [Member] - Steadfast Income Advisor, LLC [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 10,815,017	$ 12,649,656	$ 22,116,246	$ 23,448,494
General and Administrative Expense [Member] | Refinancing Fee [Member]
Related Party Transaction [Line Items]
Refinancing fee, percentage			0.50%
Related party transaction, expenses from transactions with related party	$ 0	$ 1,790,010	$ 0	$ 1,790,010

Related Party Arrangements - 69

Related Party Arrangements - Restricted Stock Agreement (Details) - Steadfast Income Advisor, LLC [Member]	Jun. 11, 2014USD ($)$ / sharesshares
Restricted Stock [Member] | Tranche One [Member]
Related Party Transaction [Line Items]
Shares of restricted stock vesting percentage	50.00%
Restricted Stock [Member] | Tranche Two [Member]
Related Party Transaction [Line Items]
Shares of restricted stock vesting percentage	50.00%
Restricted Stock Agreement [Member] | Steadfast Income Advisor, LLC [Member]
Related Party Transaction [Line Items]
Issuance of restricted common stock to advisor (in shares) | shares	488,281.25
Issuance of restricted common stock to Advisor | $	$ 5,000,000
Restricted Stock Agreement [Member] | Steadfast Income Advisor, LLC [Member] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share) | $ / shares	$ 10.24

Related Party Arrangements - 70

Related Party Arrangements - Contributions, Settlement and Release Agreements (Details) - Company Subsidiaries and Property Manager [Member] - Texas Water Code [Member]	3 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)lawsuit	Jun. 30, 2017USD ($)lawsuit
Loss Contingencies [Line Items]
Number of class action lawsuits | lawsuit	2	2
Litigation settlement amount		$ 481,765
Loss contingency accrued	$ 247,491	$ 247,491
Estimated recovery from other Steadfast Parties		103,652

Incentive Award Plan and Inde71

Incentive Award Plan and Independent Director Compensation (Details) - USD ($)	Aug. 10, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation		$ 15,030	$ 12,864	$ 30,060	$ 25,728
Private Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock				$ 2,000,000
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] | Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock vesting percentage				25.00%
Restricted common stock, award vesting period				3 years
Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	2,500
Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	2,500
Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	2,500
Incentive Award Plan [Member] | Restricted Stock [Member] | Director [Member] | Kerry D. Vandell [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	2,000
Initial Election [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)				5,000
Re-Election [Member] | Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)				2,500

Derivative Financial Instrume72

Derivative Financial Instruments - Schedule of Interest Rate Derivative Instruments (Details) - Interest Rate Cap [Member] - Cash Flow Hedging [Member] - Not Designated as Hedging Instrument [Member]	Jun. 30, 2017USD ($)instrument	Dec. 31, 2016USD ($)instrument
Derivative [Line Items]
Number of Instruments | instrument	42	43
Notional Amount	$ 958,239,000	$ 973,400,000
Weighted Average Rate Cap	2.78%	2.70%
Fair Value	$ 102,752	$ 618,841
LIBOR [Member]
Derivative [Line Items]
Variable Rate	1.22%	0.77%

Derivative Financial Instrume73

Derivative Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Derivative [Line Items]
Unrealized loss on derivatives			$ 516,089	$ 445,272
Interest Rate Cap [Member]
Derivative [Line Items]
Unrealized loss on derivatives	$ 196,136	$ 212,559	516,089	445,272
Acquired interest rate cap agreements	0	$ 0	259,000	$ 259,000
Deferred Financing Costs and Other Assets, Net [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Fair value of interest rate cap agreements	102,752		102,752		$ 618,841
Interest Expense [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Unrealized loss on derivatives	$ 196,136		$ 516,089

Subsequent Events - Distributio

Subsequent Events - Distributions Paid (Details) - USD ($)	Aug. 01, 2017	Jul. 05, 2017
Dividend Paid [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan	$ 4,617,014	$ 4,468,685

Subsequent Events - Shares Repu

Subsequent Events - Shares Repurchased (Details) - Share Repurchase Program [Member] - Common Stock [Member] - USD ($)	Jul. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Subsequent Event [Line Items]
Repurchase of common stock (in shares)		180,226	96,215	364,181	195,458
Stock repurchase plan, stock redeemed, value		$ 2,000,000	$ 1,000,000	$ 4,000,000	$ 2,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Repurchase of common stock (in shares)	178,700
Stock repurchase plan, stock redeemed, value	$ 2,000,000
Redemption price per share (in dollars per share)	$ 11.19

Subsequent Events - Distribut76

Subsequent Events - Distributions Declared (Details) - $ / shares	Aug. 08, 2017	Jun. 30, 2016	Sep. 30, 2016	Jun. 30, 2016
Subsequent Event [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)		$ 0.001964	$ 0.001958	$ 0.001964
Subsequent Event [Member]
Subsequent Event [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.001964

Subsequent Events - Restricted

Subsequent Events - Restricted Stock Grant (Details) - Restricted Stock [Member]	Aug. 08, 2017shares	Aug. 10, 2015shares	Jun. 30, 2017shares	Jun. 30, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)			0	7,500
Director One [Member] | Independent Directors Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)		2,500
Director Two [Member] | Independent Directors Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)		2,500
Director Three [Member] | Independent Directors Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)		2,500
Subsequent Event [Member] | Director [Member] | Independent Directors Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of directors	3
Subsequent Event [Member] | Director One [Member] | Independent Directors Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	2,500
Subsequent Event [Member] | Director Two [Member] | Independent Directors Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	2,500
Subsequent Event [Member] | Director Three [Member] | Independent Directors Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	2,500

Subsequent Events - Sale of Ren

Subsequent Events - Sale of Renaissance at Carol Stream (Details) - Subsequent Event [Member] - Renaissance at Carol Stream [Member]	Aug. 08, 2017USD ($)apartment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units in real estate property (in number of units or apartments) | apartment	293
Disposal Group, Including Discontinued Operation, Consideration | $	$ 34,000,000