Steadfast Income REIT 10-K 15 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 07, 2019	Jun. 29, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Steadfast Income REIT, Inc.
Entity Central Index Key	0001468010
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		74,425,373
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Real Estate:
Land	$ 105,754,646	$ 86,684,470
Building and improvements	942,484,745	819,267,249
Other intangible assets	2,644,263	2,644,263
Total real estate held for investment, cost	1,050,883,654	908,595,982
Less accumulated depreciation and amortization	(203,993,817)	(164,048,221)
Total real estate held for investment, net	846,889,837	744,547,761
Real estate held for sale, net	0	282,167,569
Total real estate, net	846,889,837	1,026,715,330
Cash and cash equivalents	142,078,166	171,228,485
Restricted cash	12,114,277	28,959,004
Investment in unconsolidated joint venture	14,085,399	8,133,156
Rents and other receivables	1,791,881	2,737,800
Assets related to real estate held for sale	0	4,908,519
Other assets	2,698,438	3,258,584
Total assets	1,019,657,998	1,245,940,878
Liabilities:
Accounts payable and accrued liabilities	26,893,862	24,399,352
Notes payable:
Mortgage notes payable, net	641,138,114	555,581,831
Credit facility, net	52,363,460	90,222,098
Notes payable related to real estate held for sale, net	0	229,982,009
Total notes payable, net	693,501,574	875,785,938
Distributions payable	3,515,310	4,595,301
Due to affiliates	4,985,918	1,967,129
Liabilities related to real estate held for sale	0	8,545,385
Total liabilities	728,896,664	915,293,105
Commitments and contingencies (Note 11)
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	656,204,073	664,110,915
Cumulative distributions and net income	(366,189,251)	(334,217,946)
Total stockholders’ equity	290,761,334	330,647,773
Total liabilities and stockholders’ equity	1,019,657,998	1,245,940,878
Common stock $0.01 par value per share; 999,999,000 shares authorized, 74,650,139 and 75,479,409 shares issued and outstanding at December 31, 2018 and 2017, respectively [Member]
Notes payable:
Distributions payable	3,515,310	4,595,301
Stockholders’ Equity:
Common stock value	746,502	754,794
Convertible stock, $0.01 par value per share; 1,000 shares authorized, issued and outstanding as of December 31, 2018 and 2017, respectively [Member]
Stockholders’ Equity:
Common stock value	$ 10	$ 10

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Stockholders’ Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0
Common Stock [Member]
Stockholders’ Equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	999,999,000	999,999,000
Common stock, shares issued (in shares)	74,650,139	75,479,409
Common stock, shares outstanding (in shares)	74,650,139	75,479,409
Convertible Stock [Member]
Stockholders’ Equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Rental income	$ 124,498,400	$ 188,019,112	$ 192,088,348
Tenant reimbursements and other	17,490,459	24,950,128	26,149,184
Total revenues	141,988,859	212,969,240	218,237,532
Expenses:
Operating, maintenance and management	38,512,239	58,347,903	57,832,187
Real estate taxes and insurance	24,230,326	35,114,937	36,507,827
Fees to affiliates	15,879,702	21,960,145	25,440,718
Depreciation and amortization	46,109,794	67,755,152	69,513,484
Interest expense	33,158,759	44,114,130	41,772,682
Loss on debt extinguishment	3,621,665	2,380,051	4,932,369
General and administrative expenses	6,269,238	6,732,330	7,817,916
Total expenses	167,781,723	236,404,648	243,817,183
Loss before other income (expense)	(25,792,864)	(23,435,408)	(25,579,651)
Equity in loss of unconsolidated joint venture	(3,339,202)	(663,896)	0
Gain on sales of real estate, net	118,215,618	96,573,171	0
Total other income (loss)	114,876,416	95,909,275	0
Net income (loss)	$ 89,083,552	$ 72,473,867	$ (25,579,651)
Income (loss) per common share — basic and diluted (in dollars per share)	$ 1.19	$ 0.96	$ (0.34)
Weighted average number of common shares outstanding — basic (in shares)	75,049,667	75,794,705	76,195,083
Weighted average number of common shares outstanding — diluted (in shares)	75,062,053	75,807,710	76,195,083

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock [Member]	Common Stock [Member]Common Stock [Member]	Common Stock [Member]Convertible Stock [Member]	Additional Paid- In Capital [Member]	Cumulative Distributions & Net Losses [Member]
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)
Redemption 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 income (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]
Issuance of common stock (in shares)			7,500
Issuance of common stock	(663,896)		$ 75		(75)
Redemption of common stock (in shares)			(730,953)
Repurchase of common stock	(8,000,000)		$ (7,310)		(7,992,690)
Distributions declared	(54,339,823)	$ (54,339,823)				(54,339,823)
Amortization of stock-based compensation	85,486				85,486
Net income (loss)	72,473,867					72,473,867
Ending Balance (in shares) at Dec. 31, 2017			75,479,409	1,000
Ending Balance at Dec. 31, 2017	330,647,773		$ 754,794	$ 10	664,110,915	(334,217,946)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			7,500
Issuance of common stock	(3,339,202)		$ 75		(75)
Redemption of common stock (in shares)			(836,770)
Repurchase of common stock	(8,000,000)		$ (8,367)		(7,991,633)
Distributions declared	(121,054,857)	$ (121,054,857)				(121,054,857)
Amortization of stock-based compensation	84,866				84,866
Net income (loss)	89,083,552					89,083,552
Ending Balance (in shares) at Dec. 31, 2018			74,650,139	1,000
Ending Balance at Dec. 31, 2018	$ 290,761,334		$ 746,502	$ 10	$ 656,204,073	$ (366,189,251)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash Flows from Operating Activities:
Net income (loss)	$ 89,083,552	$ 72,473,867	$ (25,579,651)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	46,109,794	67,755,152	69,513,484
Amortization of deferred financing costs	1,056,249	1,839,952	1,723,186
Amortization of stock-based compensation	84,866	85,486	76,285
Change in value of restricted common stock to Advisor	0	0	312,353
Amortization of loan premiums and discounts	(270,792)	(1,129,960)	(1,243,385)
Change in fair value of interest rate cap agreements	157,268	604,545	(61,698)
Loss on debt extinguishment	3,621,665	2,380,051	4,932,369
Gain on sales of real estate	(118,215,618)	(96,573,171)	0
Insurance claim recoveries	(1,394)	(352,497)	(993,527)
Loss on disposal of buildings and improvements	25,892	147,085	892,396
Unrealized gain on short-term investments	0	(278,883)	(84,750)
Equity in loss of unconsolidated joint venture	(3,339,202)	(663,896)	0
Changes in operating assets and liabilities:
Rents and other receivables	945,919	(333,347)	(8,509)
Other assets	626,178	960,983	(250,396)
Accounts payable and accrued liabilities	(461,309)	(3,106,834)	5,246,172
Due to affiliates	969,963	(1,372,025)	267,009
Net cash provided by operating activities	27,071,435	43,764,300	54,741,338
Cash Flows from Investing Activities:
Short-term investments	0	30,363,633	(30,000,000)
Cash contributions to unconsolidated joint venture	(3,435,411)	(3,854,197)	0
Cash distributions from unconsolidated joint venture	530,100	0	0
Acquisition of real estate investments	(67,886,062)	0	0
Additions to real estate investments	(9,564,647)	(16,401,961)	(28,268,601)
Escrow deposits for pending real estate acquisitions	(2,600,000)	0	0
Purchase of interest rate cap agreements	(223,300)	(37,350)	(259,000)
Proceeds from sales of real estate, net	310,434,652	124,918,577	0
Proceeds from insurance claims	1,394	352,497	993,527
Net cash provided by (used in) investing activities	227,256,726	135,341,199	(57,534,074)
Cash Flows from Financing Activities:
Proceeds from issuance of mortgage notes payable	106,482,000	17,638,751	428,196,350
Principal payments on mortgage notes payable	(239,272,864)	(22,745,424)	(557,964,896)
Borrowings from credit facilities	0	0	251,124,750
Principal payments on credit facilities	(38,410,500)	0	(16,000,000)
Payment of deferred financing costs	(1,323,128)	(310,819)	(5,489,473)
Payment of debt extinguishment costs	(2,572,386)	0	(3,202,337)
Distributions to common stockholders	(122,134,848)	(54,369,877)	(54,871,173)
Repurchases of common stock	(8,000,000)	(8,000,000)	(5,000,000)
Net cash (used in) provided by financing activities	(305,231,726)	(67,787,369)	36,793,221
Net (decrease) increase in cash, cash equivalents and restricted cash	(50,903,565)	111,318,130	34,000,485
Cash, cash equivalents and restricted cash, beginning of year	205,096,008	93,777,878	59,777,393
Cash, cash equivalents and restricted cash, end of year	154,192,443	205,096,008	93,777,878
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of amounts capitalized of $0, $0 and $80,166 for the years ended December 31, 2018, 2017 and 2016, respectively	32,461,746	43,477,719	39,622,084
Supplemental Disclosure of Noncash Transactions:
Decrease in distributions payable	(1,079,991)	(30,054)	(42,906)
Assumption of mortgage notes payable to acquire real estate	65,000,000	0	0
Application of escrow deposits to acquire real estate	2,600,000	0	0
Increase in redeemable common stock payable	0	0	1,000,000
Non-cash contribution to unconsolidated joint venture	0	(3,281,298)	0
Mortgage notes payable assumed by buyer in connection with property sales	(67,140,194)	0	0
Assets and liabilities deconsolidated in connection with property sales:
Real estate, net	(98,350,076)	(382,696,431)	0
Notes payable, net	76,336,778	337,214,942	0
Restricted cash	(913,408)	(7,699,698)	0
Rents and other receivables	0	(346,067)	0
Accounts payable and accrued liabilities	674,912	11,330,808	0
(Decrease) increase in accounts payable and accrued liabilities from additions to investment in unconsolidated joint venture	(398,817)	398,817	0
Increase (decrease) in accounts payable and accrued liabilities from additions to real estate investments	346,169	(607,801)	378,711
Decrease in due to affiliates from additions to real estate investments	$ (3,924)	$ (15,037)	$ (161,652)

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Cash Flows [Abstract]
Interest paid, net of amounts capitalized of $0, $0 and $80,166 for the years ended December 31, 2018, 2017 and 2016, respectively	$ 0	$ 0	$ 80,166

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 2018
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 elected to be taxed as, and currently qualifies as, a real estate investment trust (“REIT”). On June 12, 2009, the Company was initially capitalized pursuant to the sale of 22,223 shares of common stock to Steadfast REIT Investments, LLC (the “Sponsor”) at a purchase price of $9.00 per share for an aggregate purchase price of $200,007 . On July 10, 2009, Steadfast Income Advisor, LLC (the “Advisor”), a Delaware limited liability company formed on May 1, 2009, invested $1,000 in the Company in exchange for 1,000 shares of convertible stock (the “Convertible Stock”) as described in Note 7 (Stockholders’ Equity). The Company owns a diverse portfolio of real estate investments, primarily in the multifamily sector, located throughout the United States. As of December 31, 2018 , the Company owned 35 multifamily properties comprising a total of 9,442 apartment homes, an additional 21,130 square feet of rentable commercial space at two properties and a 10% interest in one unconsolidated joint venture that owned 20 multifamily properties with a total of 4,584 apartment homes. 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 1, 2014, the Company sold 76,095,116 shares of common stock in the Public Offering for gross offering proceeds of $769,573,363 , including 4,073,759 shares of common stock issued pursuant to the DRP for gross offering proceeds of $39,580,847 . 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. On March 13, 2018, the Company’s board of directors determined an estimated value per share of the Company’s common stock of $10.84 as of December 31, 2017. On May 9, 2018, the Company’s board of directors determined an estimated value per share of the Company’s common stock of $9.84 , which represents the estimated value per share of the Company’s common stock of $10.84 as of December 31, 2017, less the special distribution of $1.00 per share of common stock that was paid to stockholders of record as of the close of business on April 20, 2018. On March 13, 2019 , the Company’s board of directors determined an estimated value per share of the Company’s common stock of $9.40 as of December 31, 2018. 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, 2019 . 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. Stira Capital Markets Group, LLC (formerly knows as 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	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, the 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 consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC. Square footage, occupancy and certain other measures used to describe real estate included in the notes to the consolidated financial statements are presented on an unaudited basis. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Real Estate Assets Depreciation and Amortization Real estate costs related to the development, construction and improvement of properties are capitalized. Acquisition costs related to business combinations are expensed as incurred. Acquisition costs related to asset acquisitions are capitalized. Repair and maintenance and tenant turnover costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: Buildings 27.5 years Building improvements 5-25 years Tenant improvements Shorter of lease term or expected useful life Tenant origination and absorption costs Remaining term of related lease Furniture, fixtures, and equipment 5-10 years Real Estate Purchase Price Allocation Prior to the Company’s adoption of ASU 2017-01, Business Combinations (Topic 805): Clarifying the definition of business , or ASU 2017-01, in January 2017, the Company recorded the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination. All assets acquired and liabilities assumed in a business combination were measured at their acquisition-date fair values. Acquisition costs were expensed as incurred. Upon adoption of ASU 2017-01, the Company records the acquisition of income-producing real estate or real estate that are used for the production of income as an asset acquisition. All assets acquired and liabilities assumed in the asset acquisition are measured at their acquisition date fair values. Acquisition costs are capitalized and allocated between land, buildings and improvements and tenant origination and associated costs on the consolidated balance sheet. The Company assesses the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Intangible assets include the value of in-place leases, which represents the estimated value of the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company estimates the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, the Company estimates the amount of lost rentals using market rates during the expected lease-up periods. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases. Should a tenant terminate its lease, the unamortized portion of the in-place lease value and customer relationship intangibles would be charged to expense in that period. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) the Company’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as a reduction or increase to rental income over the remaining non-cancelable terms of the respective leases. The total amount of other lease-related intangible assets acquired will be further allocated to in-place lease values and customer relationship intangible values based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with that respective tenant. Characteristics that the Company considers in allocating these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, and the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The total amount of non-lease-related intangible assets, including amenity access agreements, tax abatement agreements or other contract rights assumed as part of the acquisition of certain properties, will be allocated to other intangible assets based on the present value of the difference between contractual amounts to be paid pursuant to the contracts assumed and the Company’s estimate of the fair market contract rates for corresponding contracts measured over a period equal to the remaining non-cancelable term of the contracts assumed. Other intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related contracts. Estimates of the fair values of the tangible assets, identifiable intangible assets and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Sale of Real Estate Assets The Company records property sales or dispositions when title transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with GAAP. Gains and losses on the sale of real estate are recognized pursuant to ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets. The Company recognizes a gain (loss) on sale of real estate when the criteria for an asset to be derecognized are met, which include when: (i) a contract exists, (ii) the buyer obtains control of the asset, and (iii) it is probable that the Company will receive substantially all of the consideration to which it is entitled. These criteria are generally satisfied at the time of sale. For partial sale of real estate resulting in transfer of control, the Company measures any noncontrolling interest retained at fair value and recognize a gain or loss on the difference between fair value and the carrying amount of the real estate assets retained. The Company classifies real estate assets as real estate held for sale once the criteria, as defined by GAAP, have been met. Impairment of Real Estate Assets The Company accounts for its real estate assets in accordance with ASC 360— Property, Plant and Equipment (“ASC 360”). ASC 360 requires the Company to continually monitor events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets and liabilities may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company records an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets and liabilities. If any assumptions, projections or estimates regarding an asset changes in the future, the Company may have to record an impairment to reduce the net book value of such individual asset. The Company did not record any impairment loss on its real estate assets during the years ended December 31, 2018 , 2017 and 2016 . Investments in Unconsolidated Joint Ventures The Company accounts for investments in unconsolidated joint venture entities in which it may exercise significant influence over, but does not control, using the equity method of accounting. Under the equity method, the investment is initially recorded at cost and subsequently adjusted to reflect additional contributions or distributions and the Company’s proportionate share of equity in the joint venture’s income (loss). The Company recognizes its proportionate share of the ongoing income or loss of the unconsolidated joint venture as equity in income (loss) of unconsolidated joint venture on the consolidated statements of operations. On a quarterly basis, the Company evaluates its investment in an unconsolidated joint venture for other-than-temporary impairments. Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Due to the short-term nature of the operating leases, the Company does not maintain a deferred rent receivable related to the straight-lining of rents. Revenue Recognition On January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers , (“ASC 606”), which establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard requires the Company to recognize, for certain of its revenue sources, the transfer of promised goods or services to customers in an amount that reflects the consideration the Company is entitled to in exchange for those goods or services. The Company selected the modified retrospective transition method but had no cumulative effect adjustment to recognize as of the date of adoption on January 1, 2018. The Company’s revenue consists of rental revenues and tenant reimbursements and other. There was no impact to the Company’s recognition of rental revenue from leasing arrangements as this was specifically excluded from ASC 606. The company identified limited sources of revenues from non-lease components but did not experience a material impact on its revenue recognition in the consolidated financial statements upon adoption. The Company leases apartment and condominium units under operating leases with terms generally of one one year or less. Generally, credit investigations are performed for prospective residents and security deposits are obtained. The Company will recognize minimum rent, including rental abatements, concessions and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the non-cancellable term of the related lease and amounts expected to be received in later years will be recorded as deferred rents. The Company records property operating expense reimbursements due from tenants for common area maintenance, real estate taxes, and other recoverable costs in the period the related expenses are incurred in accordance with ASC 840, Leases . Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. As of December 31, 2018 and 2017 , the Company had amounts in excess of federally insured limits in deposit accounts with a financial institution. The Company limits such deposits to financial institutions with high credit standing. Restricted Cash Restricted cash represents those cash accounts for which the use of funds is restricted by loan covenants and cash placed with a qualified intermediary for reinvestment under Section 1031 of the Internal Revenue Code. As of December 31, 2018 and December 31, 2017 , the Company had a restricted cash balance of $12,114,277 and $28,959,004 , respectively, which represents $0 and $17,197,810 of cash proceeds from property sales that were being held by qualified intermediaries as of December 31, 2018 and 2017 , respectively, and $12,114,277 and $11,761,194 set aside as impounds for future property tax payments, property insurance payments and tenant improvement payments as required by agreements with the Company’s lenders as of December 31, 2018 and 2017 , respectively. The following table represents the components of the cash, cash equivalents and restricted cash presented on the accompanying consolidated statements of cash flows for the years ended December 31, 2018 , 2017 and 2016 : December 31, 2018 2017 2016 Cash and cash equivalents $ 142,078,166 $ 171,228,485 $ 66,224,027 Restricted cash 12,114,277 33,867,523 27,553,851 Total cash, cash equivalents and restricted cash $ 154,192,443 $ 205,096,008 $ 93,777,878 The beginning of period restricted cash balance for the years ended December 31, 2018 , 2017 and 2016 , includes $4,908,519 , $12,086,960 and $0 that is included in assets related to real estate held for sale as of December 31, 2017 , 2016 and 2015, respectively, on the accompanying consolidated balance sheets. All such amounts were disposed of in conjunction with the property sales during the years ended December 31, 2018 and 2017 . Deferred Financing Costs The Company capitalizes deferred financing costs such as commitment fees, legal fees and other third party costs associated with obtaining commitments for financing that result in a closing of such financing, as a contra liability against the respective outstanding debt balances. The Company amortizes these costs over the terms of the respective financing agreements using the effective interest method. The Company expenses unamortized deferred financing costs when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. Derivative Financial Instruments The Company accounts for its derivative financial instruments in accordance with ASC 815— Derivatives and Hedging . The Company’s objective in using derivatives is to add stability to interest expense and to manage the Company’s exposure to interest rate movements or other identified risks. To accomplish these objectives, the Company may use various types of derivative instruments to manage fluctuations in cash flows resulting from interest rate risk attributable to changes in the benchmark interest rate of LIBOR or other applicable benchmark rates. The Company measures its derivative instruments and hedging activities at fair value and records them as an asset or liability, depending on its rights or obligations under the applicable derivative contract. For derivatives designated as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged items are recorded in earnings. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portions of changes in fair value of the derivatives are reported in other comprehensive income (loss) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedges and ineffective portions of hedges are recognized in earnings in the affected period. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. As of December 31, 2018 , the Company did not have any derivatives designated as cash flow or fair value hedges, nor are derivatives being used for trading or speculative purposes. Fair Value Measurements Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources. The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified. Interest rate cap agreements - The Company has entered into certain interest rate cap agreements. These derivatives are recorded at fair value. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the interest rate cap agreements. Therefore, the Company’s interest rate cap agreements were classified within Level 2 of the fair value hierarchy and are included in other assets in the accompanying consolidated balance sheets. Changes in the fair value of the interest rate cap agreements are recorded as interest expense in the accompanying consolidated statements of operations. The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: December 31, 2018 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 117,678 $ — December 31, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 51,646 $ — Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. Fair Value of Financial Instruments The accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities, 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 fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts. The fair value of the notes payable is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities. As of December 31, 2018 and 2017 , the fair value of the notes payable was $681,095,544 and $878,004,294 , respectively, compared to the carrying value of $693,501,574 and $875,785,938 , respectively. The Company has determined that its notes payable are classified as Level 3 within the fair value hierarchy. Accounting for Stock-Based Compensation The Company amortizes the fair value of stock-based compensation awards to expense over the vesting period and records any dividend equivalents earned as dividends for financial reporting purposes. Stock-based compensation awards to independent directors are valued at the fair value on the date of grant and amortized as an expense over the vesting period. Awards to non-employees are remeasured at fair value each reporting period and amortized as an expense over the vesting period. Distribution Policy The Company has elected to be taxed as, and qualifies as, a REIT commencing with the taxable year ended December 31, 2010. To continue to qualify as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). Distributions during the three months ended March 31, 2018, and during the year ended December 31, 2017, were based on daily record dates and calculated at a rate of $0.001964 per share per day. Distributions during the three months ended June 30, 2018, were based on daily record dates and calculated at a rate of $0.001683 per share per day. Distributions during the six months ended December 31, 2018, were based on daily record dates and calculated at a rate of $0.001519 per share per day. Each day during the twelve months ended December 31, 2018 and 2017 , 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 maintain its qualification as a REIT under the Internal Revenue Code. During the year ended December 31, 2018 , the Company declared aggregate distributions of $1.610 per common share including a special distribution the Company’s board of directors declared in the amount $1.00 per share of common stock to stockholders of record as of the close of business on April 20, 2018 . During the year ended December 31, 2017 , the Company declared distributions of $0.718 per common share. Operating Expenses Pursuant to the Advisory Agreement, the Company is limited in the amount of certain operating expenses it may record on a rolling four-quarter basis to the greater of 2% of average invested assets and 25% of net income. Operating expenses include all costs and expenses incurred by the Company, as determined under GAAP, that in any way are related to the operation of the Company, excluding expenses of raising capital, interest payments, taxes, property operating expenses, non-cash expenditures, incentive fees, acquisition fees and expenses and investment management fees. During the four quarters ended December 31, 2018 , the Company recorded operating expenses of $4,717,463 , which amount was not in excess of the 2%/25% Limitation as described in Note 9 (Related Party Arrangements), and are included in general and administrative expenses in the accompanying consolidated statements of operations. Operating expenses of $115,212 remain payable and are included in due to affiliates in the accompanying consolidated balance sheet as of December 31, 2018 . Income Taxes The Company elected to be taxed as, and currently qualifies as, a REIT under the Internal Revenue Code commencing with the taxable year ended December 31, 2010. To continue to qualify as a REIT, the Company must continue to meet certain organizational and operational requirements, including the requirement to distribute at least 90% of the Company’s annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally would not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate income tax rates and generally would not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes it is organized and operates in such a manner as to qualify for treatment as a REIT. The Company follows the Income Taxes Topic of the ASC to recognize, measure, present and disclose in its accompanying consolidated financial statements uncertain tax positions that the Company has taken or expects to take on a tax return. As of December 31, 2018 and 2017 , the Company had no liabilities for uncertain tax positions that it believes should be recognized in its accompanying consolidated financial statements. Due to uncertainty regarding the realization of certain deferred tax assets, the Company has established valuation allowances, primarily in connection with the net operating loss carryforward related to the Company. The Company has no t been assessed material interest or penalties by any major tax jurisdictions. The Company’s evaluation was performed for the tax years ended December 31, 2017 , 2016 and 2015. As of December 31, 2018 , the Company’s tax returns for the tax years ended December 31, 2017 , 2016 and 2015 remain subject to examination by major tax jurisdictions. Per Share Data Basic earnings (loss) per share attributable to common stockholders for all periods presented are computed by dividing net income (loss) by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share is computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assume each share was issued and outstanding each day during the period. Nonvested shares of the Company’s restricted common stock give rise to potentially dilutive shares of the Company’s common stock. 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. Reclassifications Certain amounts in the Company’s prior period condensed consolidated financial statements were reclassified to conform to the current period presentation. These reclassifications did not change the results of operations of prior periods. On January 1, 2018 , the Company adopted ASU 2016-18, as further described below. As a result, the Company no longer presents transfers between cash and restricted cash in the consolidated statements of cash flows. Instead, restricted cash is included with cash and cash equivalents when reconciling the beginning of the period and end of the period total amounts shown on the consolidated statements of cash flows. Segment Disclosure The Company has determined that it has one reportable segment with activities related to investing in multifamily properties. The Company’s investments in real estate are in different geographic regions, and management evaluates operating performance on an individual asset level. However, as each of the Company’s assets has similar economic characteristics, tenants and products and services, its assets have been aggregated into one reportable segment. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Rev

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Real Estate	Real Estate Property Acquisitions During the year ended December 31, 2018 , the Company acquired each of the following two properties through Section 1031 exchanges under the Internal Revenue Code: Purchase Price Allocation Property Name Location Purchase Date Units Land Buildings and Improvements Tenant Origination and Absorption Costs Total Purchase Price Double Creek Flats Plainfield, IN 5/7/2018 240 $ 1,306,880 $ 30,081,288 $ 463,911 $ 31,852,079 Jefferson at Perimeter Apartments Dunwoody, GA 6/11/2018 504 17,763,296 84,567,694 1,302,993 103,633,983 744 $ 19,070,176 $ 114,648,982 $ 1,766,904 $ 135,486,062 As of December 31, 2018 , the Company owned 35 multifamily properties, encompassing in the aggregate 9,442 apartment homes and an additional 21,130 square feet of rentable commercial space at two properties. The total purchase price of the Company’s real estate portfolio was $1,017,661,219 . As of December 31, 2018 and 2017 , the Company’s portfolio was approximately 94.3% and 93.8% occupied and the average monthly rent was $1,068 and $1,037 , respectively. As of December 31, 2018 and 2017 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: December 31, 2018 Assets Land Building and Improvements Other Intangible Assets Total Real Estate Held for Investment Real Estate Held for Sale Investments in real estate $ 105,754,646 $ 942,484,745 $ 2,644,263 $ 1,050,883,654 $ — Less: Accumulated depreciation and amortization — (203,141,450 ) (852,367 ) (203,993,817 ) — Net investments in real estate and related lease intangibles $ 105,754,646 $ 739,343,295 $ 1,791,896 $ 846,889,837 $ — December 31, 2017 Assets Land Building and Improvements Other Intangible Assets Total Real Estate Held for Investment Real Estate Held for Sale Investments in real estate $ 86,684,470 $ 819,267,249 $ 2,644,263 $ 908,595,982 $ 339,701,002 Less: Accumulated depreciation and amortization — (163,349,022 ) (699,199 ) (164,048,221 ) (57,533,433 ) Net investments in real estate and related lease intangibles $ 86,684,470 $ 655,918,227 $ 1,945,064 $ 744,547,761 $ 282,167,569 Depreciation and amortization expenses were $46,109,794 , $67,755,152 and $69,513,484 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Depreciation of the Company’s buildings and improvements was $44,189,723 , $67,601,984 and $69,360,316 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Amortization of the Company’s tenant origination and absorption costs was $1,766,904 for the year ended December 31, 2018 . There was no amortization of the Company’s tenant origination and absorption costs for the years ended December 31, 2017 and 2016 . Tenant origination and absorption costs had a weighted-average amortization period as of the date of acquisition of less than one year. Amortization of the Company’s other intangible assets was $153,167 , $153,168 and $153,168 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Other intangible assets had a weighted-average amortization period as of the date of acquisition of 18.17 years. The future amortization of the Company’s acquired other intangible assets as of December 31, 2018 , and thereafter is as follows: 2019 $ 153,168 2020 153,168 2021 153,168 2022 153,168 2023 153,168 Thereafter 1,026,056 $ 1,791,896 Operating Leases As of December 31, 2018 , the Company’s real estate portfolio comprised 9,442 residential apartment homes and was 95.5% leased by a diverse group of residents. For the years ended December 31, 2018 and 2017 , the Company’s real estate portfolio earned in excess of 99% and less than 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 0.41 to 6.25 years. Some residential and commercial leases contain provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit and/or a letter of credit for commercial tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to tenant leases are included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets and totaled $2,868,600 and $3,339,602 as of December 31, 2018 and 2017 , respectively. The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of December 31, 2018 , and thereafter is as follows: 2019 $ 264,858 2020 218,313 2021 220,535 2022 138,844 2023 81,202 Thereafter 104,299 $ 1,028,051 As of December 31, 2018 and 2017 , 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. Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. On November 10, 2017, the Company, BREIT Steadfast MF JV LP (the “Joint Venture”), BREIT Steadfast MF Parent LLC (“BREIT LP”) and BREIT Steadfast MF GP LLC (“BREIT GP”, and together with BREIT LP, “BREIT”), executed a Contribution Agreement (the “Contribution Agreement”) whereby the Company agreed to contribute a portfolio of 20 properties owned by the Company to the Joint Venture in exchange for a combination of cash and a 10% ownership interest in the Joint Venture (the “Transaction”). BREIT LP owns a 90% interest in the Joint Venture and BREIT GP serves as the general partner of the Joint Venture. Each of BREIT LP and BREIT GP is a wholly-owned subsidiary of Blackstone Real Estate Income Trust, Inc. SIR LANDS Holdings, LLC, a wholly-owned subsidiary of the Company, holds the Company’s 10% interest in the Joint Venture. The 20 properties contributed by the Company to the Joint Venture consist of properties located in Austin, Dallas and San Antonio, Texas, Nashville, Tennessee and Louisville, Kentucky (the “LANDS Portfolio”). On November 15, 2017 (the “First Closing Date”), the Company, through certain indirect wholly-owned subsidiaries, contributed 12 apartment communities (the “First Closing Properties”) to indirect, wholly-owned subsidiaries of the Joint Venture. On January 31, 2018 (the “Second Closing Date”), the Company, through certain indirect wholly-owned subsidiaries, contributed eight apartment communities (the “Second Closing Properties”) to indirect, wholly-owned subsidiaries of the Joint Venture. For additional information on the Transaction, see “Note 4 (Investment in Unconsolidated Joint Venture).” The aggregate purchase price of the First Closing Properties was $318,576,792 , exclusive of closing costs. On the First Closing Date, the Company sold a 90% interest in the First Closing Properties for $335,430,000 , resulting in a gain of $76,135,530 , which includes reductions to the net book value of the properties due to historical depreciation and amortization expense. The aggregate purchase price of the Second Closing Properties was $117,240,032 , exclusive of closing costs. On the Second Closing Date, the Company sold a 90% interest in the Second Closing Properties for $125,370,000 , resulting in a gain of $38,523,427 , which includes reductions to the net book value of the properties due to historical depreciation and amortization expense. The purchaser of the First Closing Properties and Second Closing Properties was the Joint Venture. 2018 Property Dispositions The Moorings Apartments On November 30, 2012 , the Company, through an indirect wholly-owned subsidiary, acquired The Moorings Apartments , a multifamily property located in Roselle, Illinois , containing 216 apartment homes. The purchase price of The Moorings Apartments was $20,250,000 , exclusive of closing costs. On January 5, 2018 , the Company sold The Moorings Apartments for $28,100,000 , resulting in a gain of $9,658,823 , which includes reductions to the net book value of the property due to historical depreciation and amortization expense. The purchaser of The Moorings Apartments was not affiliated with the Company or the Advisor. Arrowhead Apartment Homes On November 30, 2012 , the Company, through an indirect wholly-owned subsidiary, acquired Arrowhead Apartment Homes , a multifamily property located in Palatine, Illinois , containing 200 apartment homes. The purchase price of the Arrowhead Apartment Homes was $16,750,000 , exclusive of closing costs. On January 31, 2018 , the Company sold the Arrowhead Apartment Homes for $23,600,000 , resulting in a gain of $8,928,691 , which includes reductions to the net book value of the property due to historical depreciation and amortization expense. The purchaser of the Arrowhead Apartment Homes was not affiliated with the Company or the Advisor. Willow Crossing Apartments On November 20, 2013 , the Company, through an indirect wholly-owned subsidiary, acquired Willow Crossing Apartments , a multifamily property located in Elk Grove, Illinois , containing 579 apartment homes. The purchase price of the Willow Crossing Apartments was $58,000,000 , exclusive of closing costs. On February 28, 2018 , the Company sold the Willow Crossing Apartments for $79,000,000 , resulting in a gain of $24,136,113 , which includes reductions to the net book value of the property due to historical depreciation and amortization expense. The purchaser of the Willow Crossing Apartments was not affiliated with the Company or the Advisor. Mapleshade Park On March 31, 2014 , the Company, through an indirect wholly-owned subsidiary, acquired Mapleshade Park , a multifamily property located in Dallas, Texas , containing 148 apartment homes. The purchase price of Mapleshade Park was $23,325,000 , exclusive of closing costs. On November 30, 2018 , the Company sold Mapleshade Park for $30,750,000 , resulting in a gain of $9,628,549 , which includes reductions to the net book value of the property due to historical depreciation and amortization expense. The purchaser of Mapleshade Park was not affiliated with the Company or the Advisor. Echo at Katy Ranch On December 19, 2013 , the Company, through an indirect wholly-owned subsidiary, acquired Echo at Katy Ranch , a multifamily property located in Katy, Texas , containing 260 apartment homes. The purchase price of Echo at Katy Ranch was $35,100,000 , exclusive of closing costs. On December 12, 2018 , the Company sold Echo at Katy Ranch for $35,100,000 , resulting in a gain of $5,072,584 , which includes reductions to the net book value of the property due to historical depreciation and amortization expense. The purchaser of Echo at Katy Ranch was not affiliated with the Company or the Advisor. Heights at 2121 On September 30, 2013 , the Company, through an indirect wholly-owned subsidiary, acquired Heights at 2121 , a multifamily property located in Houston, Texas , containing 504 apartment homes. The purchase price of Heights at 2121 was $37,000,000 , exclusive of closing costs. On December 21, 2018 , the Company sold Heights at 2121 for $47,000,000 , resulting in a gain of $14,394,129 , which includes reductions to the net book value of the property due to historical depreciation and amortization expense. The purchaser of Heights at 2121 was not affiliated with the Company or the Advisor. Lodge at Trails Edge On June 18, 2013 , the Company, through an indirect wholly-owned subsidiary, acquired Lodge at Trails Edge , a multifamily property located in Indianapolis, Indiana , containing 268 apartment homes. The purchase price of Lodge at Trails Edge was $18,400,000 , exclusive of closing costs. On December 21, 2018 , the Company sold Lodge at Trails Edge for $24,000,000 , resulting in a gain of $7,873,302 , which includes reductions to the net book value of the property due to historical depreciation and amortization expense. The purchaser of Lodge at Trails Edge was not affiliated with the Company or the Advisor. The results of operations for the years ended December 31, 2018 , 2017 and 2016 , for the disposed properties, including the properties contributed to the Joint Venture, were included in continuing operations on the Company’s consolidated statements of operations and are as follows: For the Year Ended December 31, 2018 2017 2016 Revenues: Rental income $ 15,419,070 $ 86,308,663 $ 90,745,815 Tenant reimbursements and other 2,387,947 12,181,764 12,559,674 Total revenues 17,807,017 98,490,427 103,305,489 Expenses: Operating, maintenance and management 6,071,075 28,762,439 28,943,711 Real estate taxes and insurance 3,085,761 17,266,260 18,011,156 Fees to affiliates 755,971 3,832,896 3,950,983 Depreciation and amortization 4,391,426 30,106,602 32,827,001 Interest expense 3,731,580 19,344,126 18,120,461 Loss on debt extinguishment 3,346,271 2,387,552 1,569,888 General and administrative expenses 584,621 1,217,005 1,168,334 Total expenses $ 21,966,705 $ 102,916,880 $ 104,591,534

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Venture	Investment in Unconsolidated Joint Venture On November 10, 2017 , the Company, the Joint Venture, BREIT LP and BREIT GP executed the Contribution Agreement whereby the Company agreed to contribute the LANDS portfolio to the Joint Venture in exchange for a combination of cash and a 10% ownership interest in the Joint Venture. BREIT LP owns a 90% interest in the Joint Venture and BREIT GP serves as the general partner of the Joint Venture. Each of BREIT LP and BREIT GP is a wholly-owned subsidiary of Blackstone Real Estate Income Trust, Inc. SIR LANDS Holdings, LLC holds the Company’s 10% interest in the Joint Venture. The Company exercises significant influence, but does not control the Joint Venture. Accordingly, as of the First Closing Date and the Second Closing Date, the Company deconsolidated the First Closing Properties and Second Closing Properties and has accounted for its investment in the Joint Venture under the equity method of accounting. Income, losses, contributions and distributions are generally allocated based on the members’ respective equity interests. As of December 31, 2018 and 2017 , the book value of the Company’s investment in the Joint Venture was $14,085,399 and $8,133,156 , respectively, which includes $7,640,166 and $5,515,754 of outside basis difference. The outside basis difference represents the Company’s transaction costs related to entering into the Joint Venture. During the years ended December 31, 2018 and 2017 , $594,886 and $106,519 , respectively, of amortization of this basis difference was included in equity in loss from unconsolidated joint venture on the accompanying consolidated statements of operations. During the year ended December 31, 2018 , the Company received distributions of $530,100 related to its investment in the Joint Venture. No distributions were received during the year ended December 31, 2017 . Unaudited financial information for the Joint Venture as of December 31, 2018 and 2017 , and for the year ended December 31, 2018 and for the period from November 15, 2017 to December 31, 2017, is summarized below: Summarized financial information for the Joint Venture is: December 31, 2018 2017 Assets: Real estate assets, net $ 493,776,142 $ 374,277,205 Other assets 24,091,229 15,328,440 Total assets $ 517,867,371 $ 389,605,645 Liabilities and equity: Notes payable, net $ 340,840,505 $ 264,558,057 Other liabilities 21,501,680 11,525,292 Company’s capital 15,552,513 11,352,230 Other partner’s capital 139,972,673 102,170,066 Total liabilities and equity $ 517,867,371 $ 389,605,645 For the Year Ended December 31, 2018 For the Period from November 15, 2017 to December 31, 2017 Revenues $ 60,210,288 $ 5,756,455 Expenses 87,653,451 11,330,228 Net loss $ (27,443,163 ) $ (5,573,773 ) Company’s proportional net loss $ (2,744,316 ) $ (557,377 ) Amortization of outside basis (594,886 ) (106,519 ) Equity in loss of unconsolidated joint venture $ (3,339,202 ) $ (663,896 )

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets As of December 31, 2018 and 2017 , other assets consisted of: December 31, 2018 2017 Prepaid expenses $ 1,866,024 $ 2,132,212 Interest rate cap agreements (Note 12) 117,678 51,646 Deposits 714,736 1,074,726 Other assets $ 2,698,438 $ 3,258,584

Debt

Debt	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt Mortgage Notes Payable The following is a summary of mortgage notes payable, net secured by real property as of December 31, 2018 and 2017 : December 31, 2018 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed 20 5/1/2019 - 10/1/2056 3.19 % 5.48 % 3.95 % $ 361,723,899 Mortgage notes payable - variable (1) 10 7/1/2023 - 11/1/2027 1-Mo LIBOR + 1.77% 1-Mo LIBOR + 2.38% 4.69 % 283,046,390 Total mortgage notes payable, gross 30 4.27 % 644,770,289 Premium, net (2) 302,530 Deferred financing costs, net (3) (3,934,705 ) Total mortgage notes payable, net $ 641,138,114 December 31, 2017 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed 32 4/1/2018 - 10/1/2056 3.19 % 5.75 % 3.89 % $ 416,673,854 Mortgage notes payable - variable (1) 14 10/1/2018 - 1/1/2026 1-Mo LIBOR +2.02% 1-Mo LIBOR + 2.50% 3.86 % 372,481,000 Total mortgage notes payable, gross 46 3.87 % 789,154,854 Premium, net (2) 673,653 Deferred financing costs, net (3) (4,264,667 ) Total mortgage notes payable, net $ 785,563,840 _______________ (1) See Note 12 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) Accumulated amortization related to debt premiums as of December 31, 2018 and 2017 was $960,519 and $2,468,041 , respectively. (3) Accumulated amortization related to deferred financing costs as of December 31, 2018 and 2017 was $2,929,134 and $3,951,049 , respectively. Refinancing Transactions On June 29 , 2016 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 Newmark Knight Frank (formerly known as Berkeley Point Capital LLC) (“Newmark”) 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 (“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 the terms of the loan. 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 . Revolving Credit Facility The Company entered into a revolving credit facility with PNC Bank to borrow up to $20,000,000. On July 18, 2014, the Company and PNC Bank amended the revolving credit facility to, among other things, increase the potential borrowing limit from $20,000,000 to $35,000,000. The amended and restated credit facility consisted of a Tranche A and a Tranche B, and provided certain security for borrowings under the amended and restated credit facility. The maximum amounts that could be borrowed under Tranche A and Tranche B were $20,000,000 and $15,000,000, respectively. For each advance under the amended and restated revolving credit facility, the Company had the option to select the interest rate from the following options: (1) Base Rate Option (as defined in the amended and restated credit facility) plus (i) with respect to Tranche A, 0.75% and (ii) with respect to Tranche B, 2.0%; or (2) LIBOR Option, which was a rate per annum fixed for the LIBOR Interest Period (as defined in the amended and restated credit facility) equal to the sum of LIBOR plus (i) with respect to Tranche A, 1.6% and (ii) with respect to Tranche B, 3.0%. The Company elected for each draw the LIBOR Option. Additionally, the Company incurred a commitment fee equal to 0.25% of the average daily difference between the $35,000,000 maximum available balance and the aggregate outstanding principal balance. The amended and restated revolving credit facility had a maturity date of July 17, 2016, subject to extension. On June 30, 2016, the Company repaid all outstanding amounts due and terminated the amended and restated revolving credit facility. Credit Facility On July 29, 2016, nine wholly-owned subsidiaries of the Company entered into the Credit Agreement and a multifamily note with PNC Bank (the Credit Agreement, multifamily note, loan and security agreements, mortgages and guaranty entered into in connection with the credit facility are 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 (each, a “Collateral Pool Property” and collectively, the “Collateral Pool Properties”), 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. Between November 15, 2017 and May 31, 2018, seven of the Collateral Pool Properties were either disposed or refinanced, with the advances made to each of the seven Collateral Pool Properties being repaid in full. As of December 31, 2018 and 2017 , the advances obtained under the credit facility on July 29, 2016 , are summarized in the following table: Amount of Advance as of December 31, Collateralized Property (1) 2018 2017 Carrington Park at Huffmeister $ — $ 20,430,500 Carrington Place 27,535,500 27,535,500 Carrington at Champion Forest 25,121,250 25,121,250 Oak Crossing — 17,980,000 52,656,750 91,067,250 Deferred financing costs, net on credit facility (2) (293,290 ) (845,152 ) Credit facility, net $ 52,363,460 $ 90,222,098 ___________ (1) Each property is pledged as collateral for repayment of all amounts advanced under the credit facility. (2) Accumulated amortization related to deferred financing costs for the credit facility as of December 31, 2018 and 2017 , was $294,250 and $390,241 , respectively. Maturity and Interest The following is a summary of the Company’s aggregate maturities as of December 31, 2018 : Maturities During the Years Ending December 31, Contractual Obligation Total 2019 2020 2021 2022 2023 Thereafter Principal payments on outstanding debt obligations (1) $ 697,427,039 $ 51,047,863 $ 41,811,837 $ 70,095,167 $ 31,701,112 $ 216,630,812 $ 286,140,248 ________________ (1) Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the amortization of the deferred financing costs and debt premiums associated with certain notes payable. The Company’s notes payable contain customary financial and non-financial debt covenants. As of December 31, 2018 and 2017 , the Company was in compliance with all financial and non-financial debt covenants. For the years ended December 31, 2018 , 2017 and 2016 , the Company incurred interest of $33,158,759 , $44,114,130 and $40,631,593 , respectively. Interest expense for the years ended December 31, 2018 , 2017 and 2016 , includes amortization of deferred financing costs of $1,056,249 , $1,839,952 and $1,723,186 , amortization of loan premiums and discounts of $270,792 , $1,129,960 and $1,243,385 , net unrealized loss ( gain ) from the change in fair value of interest rate cap agreements of $157,268 , $604,545 and $(61,698) , capitalized interest of $0 , $0 and $80,166 and costs associated with the refinancing of debt of $398,781 , $0 and $1,221,254 , respectively. The capitalized interest was included in real estate on the consolidated balance sheets. Interest expense of $2,520,324 and $2,766,036 was payable as of December 31, 2018 and 2017 , respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2018
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 December 31, 2018 , the Company had issued 76,732,395 shares of common stock in its Private Offering and Public Offering for aggregate 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 offering proceeds of $39,580,847 . Offering costs primarily consisted of selling commissions and dealer manager fees. The Company terminated its Public Offering on December 20, 2013, but continued to offer shares pursuant to the DRP through November 30, 2014. The issuance and vesting activity for the years ended December 31, 2018 , 2017 and 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: 2018 2017 2016 Nonvested shares at the beginning of the year 11,875 11,875 11,250 Granted shares 7,500 7,500 7,500 Vested shares (8,125 ) (7,500 ) (6,875 ) Nonvested shares at the end of the year 11,250 11,875 11,875 The weighted average fair value of restricted stock issued to the Company’s independent directors for the years ended December 31, 2018 , 2017 and 2016 is as follows: Grant Year Weighted Average Fair Value 2016 $ 11.44 2017 11.65 2018 9.84 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 $84,866 , $85,486 and $76,285 for the years ended December 31, 2018 , 2017 and 2016 , respectively, for compensation expense related to the issuance of restricted common stock. The weighted average remaining term of the restricted common stock is 1.61 years as of December 31, 2018 . As of December 31, 2018 , the compensation expense related to the issuance of the restricted common stock not vested was $95,955 . On June 11, 2014 , the Company entered into a restricted stock agreement with the Advisor whereby the Company issued to the Advisor 488,281.25 restricted shares of the Company’s common stock at a fair market value of $10.24 per share in satisfaction of certain deferred fees due to the Advisor in the aggregate amount of $5,000,000 . Pursuant to the restricted stock agreement, the shares of restricted stock vested and became non-forfeitable 50% at December 31, 2015 and 50% at December 31, 2016. The fair value of the vested common stock as of December 31, 2018 and 2017 of $5,637,207 , respectively, was recorded in stockholders’ equity in the accompanying consolidated balance sheets. Included in general and administrative expenses on the accompanying consolidated statements of operations is $0 , $0 and $312,353 for the years ended December 31, 2018 , 2017 and 2016 for the change in value of restricted common stock issued to the Advisor. Convertible Stock During 2009, the Company issued 1,000 shares of Convertible Stock to the Advisor for $1,000 . The Convertible Stock will convert into shares of the Company’s common stock if and when: (A) the Company has made total distributions on the then outstanding shares of common stock equal to the original issue price of those shares plus an 8.0% cumulative, non-compounded, annual return on the original issue price of those shares, (B) subject to specified conditions, the Company lists the common stock for trading on a national securities exchange or (C) the Advisory Agreement is terminated or not renewed by the Company (other than for “cause” as defined in the Advisory Agreement). A “listing” will also be deemed to have occurred on the effective date of any merger of the Company in which the consideration received by the holders of the Company’s common stock is the securities of another issuer that are listed on a national securities exchange. Upon conversion, each share of Convertible Stock will convert into a number of shares of common stock equal to 1/1000 of the quotient of (A) 10% of the amount, if any, by which (1) the Company’s “enterprise value” (as defined in the Charter) plus the aggregate value of distributions paid to date on the outstanding shares of common stock exceeds (2) the aggregate purchase price paid by the stockholders for those shares plus an 8.0% cumulative, non-compounded, annual return on the original issue price of those shares, divided by (B) the Company’s enterprise value divided by the number of outstanding shares of common stock, in each case calculated as of the date of the conversion. In the event of a termination or non-renewal of the Advisory Agreement by the Company for cause, the Convertible Stock will be redeemed by the Company for $1.00 . Preferred Stock The Charter also provides the Company’s board of directors with the authority to issue one or more classes or series of preferred stock, and prior to the issuance of such shares of preferred stock, the board of directors shall have the power from time to time to classify or reclassify, in one or more series, any unissued shares and designate the preferences, rights and privileges of such shares of preferred stock. The Company’s board of directors is authorized to amend the Charter, without the approval of the stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. As of December 31, 2018 and 2017 , 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 repurchase price for shares repurchased under the Company’s share repurchase program prior to April 28, 2018, was as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of Estimated Value per Share (2) 2 years 95.0% of Estimated Value per Share (2) 3 years 97.5% of Estimated Value per Share (2) 4 years 100.0% of Estimated Value per Share (2) In the event of a stockholder’s death or disability (3) Average Issue Price for Shares (4) The Company’s board of directors elected to suspend the Company’s share repurchase program, effective April 28, 2018. The board of directors of the Company subsequently determined to reinstate and amend the terms of the Company’s share repurchase program, effective May 20, 2018. Pursuant to the amended and reinstated share repurchase program, the revised repurchase price is equal to 93% of the most recently publicly disclosed estimated value per share. From May 20, 2018 to December 31, 2018 , the share repurchase price was $9.15 per share, which represents 93% of the estimated value per share of $9.84 , as determined by the Company’s board of directors. The share repurchase price is further reduced based on how long the stockholder has held the shares as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of the Share Repurchase Price (2) 2 years 95.0% of the Share Repurchase Price (2) 3 years 97.5% of the Share Repurchase Price (2) 4 years 100.0% of the Share Repurchase Price (2) In the event of a stockholder’s death or disability (3) Average Issue Price for Shares (4) ________________ (1) As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock. (2) The “Share Repurchase Price” shall equal 93% of the Estimated Value per Share. The “Estimated Value per Share” equals 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 repurchase 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 repurchased 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 year ended December 31, 2018 , the Company repurchased a total of 836,770 shares with a total repurchase value of $8,000,000 and received net requests for the repurchase of 2,786,995 shares with a total net repurchase value of $24,955,829 . During the year ended December 31, 2017 , the Company repurchased a total of 730,953 shares with a total repurchase value of $8,000,000 and received net requests for the repurchase of 2,521,337 shares with a total net repurchase value of $28,904,491 . As of December 31, 2018 and 2017 , the Company’s total outstanding repurchase requests received that were subject to the Company’s limitations on repurchases (discussed below) were 5,050,946 shares and 3,100,720 shares, respectively, with a total net repurchase value of $46,417,038 and $36,198,922 , 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. To the extent that the repurchase requests exceed the Company’s limitations on repurchases 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 is given to repurchase 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 are honored among all requests for repurchases in any given repurchase period as follows: first, pro rata as to repurchases sought upon a stockholder’s death or disability; and, next, pro rata as to other repurchase requests. The Company is not obligated to repurchase shares of the Company’s common stock under the share repurchase program. In no event shall repurchases 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 or the $2,000,000 limit for any quarter put in place by the Company’s board of directors. There is no fee in connection with a repurchase of shares of the Company’s common stock. As of December 31, 2018 , the Company has recognized repurchases 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) accrued daily to stockholders of record as of the close of business on each day, (2) were payable in cumulative amounts on or before the third day of each calendar month with respect to the prior month and (3) were calculated at a rate of $0.001519 per share per day during the six months ended December 31, 2018 , which if paid each day over a 365-day period is equivalent to a 6.0% annualized distribution rate based on a purchase price of $9.24 per share of common stock, were calculated at a rate of $0.001683 per share per day during the three months ended June 30, 2018, which if paid each day over a 365-day period, is equivalent to a 6.0% annualized distribution rate based on a purchase price of $10.24 per share of common stock and were calculated at a rate of $0.001964 per share per day during the three months ended March 31, 2018, 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. Additionally, on April 16, 2018 , the Company’s board of directors declared a special distribution in the amount of $1.00 per share, or $75,298,163 in the aggregate, to stockholders of record as of the close of business on April 20, 2018 . Distributions declared for the years ended December 31, 2018 and 2017 , were $121,054,857 and $54,339,823 , all of which were attributable to cash distributions. As of December 31, 2018 and 2017 , $3,515,310 and $4,595,301 distributions declared were payable. Distributions Paid For the year ended December 31, 2018 , the Company paid cash distributions of $122,134,848 , which related to distributions declared for each day in the period from December 1, 2017 through November 30, 2018 , inclusive of the special distribution in the amount of $75,298,163 paid on May 2, 2018 , to stockholders of record as of the close of business on April 20, 2018 . All such distributions were paid in cash. For the year ended December 31, 2017 , the Company paid cash distributions of $54,369,877 , which related to distributions declared for each day in the period from December 1, 2016 through November 30, 2017 . All such distributions were paid in cash.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The following table presents a reconciliation of net income (loss) attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share (“EPS”) for the years ended December 31, 2018 , 2017 and 2016 : Years Ended December 31, 2018 2017 2016 Net income (loss) attributable to the Company $ 89,083,552 $ 72,473,867 $ (25,579,651 ) Less: dividends declared on participating securities 7,548 9,323 183,805 Net income (loss) attributable to common stockholders 89,076,004 72,464,544 (25,763,456 ) Weighted average common shares outstanding — basic 75,049,667 75,794,705 76,195,083 Weighted average common shares outstanding — diluted 75,062,053 75,807,710 76,195,083 Earnings (loss) per common share — basic and diluted $ 1.19 $ 0.96 $ (0.34 ) For the year ended December 31, 2016 , the Company excluded all unvested restricted common shares outstanding issued to the Advisor and the Company’s independent directors from the calculation of diluted loss per common share as the effect would have been antidilutive.

Related Party Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 2018
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 (earned) for the years ended December 31, 2018 , 2017 and 2016 are as follows: Incurred (Earned) For the Year Ended December 31, 2018 2017 2016 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 9,799,335 $ 13,823,000 $ 14,075,818 Acquisition fees (1) — — 960 Acquisition expenses (2) 444,475 — — Property management: Fees (1) 4,059,216 6,278,850 6,406,479 Reimbursement of onsite personnel (3) 12,857,437 18,716,284 18,751,492 Other fees (1) 1,598,991 1,771,620 1,673,724 Other fees - property operations (3) 138,235 170,067 — Other fees - G&A (2) 86,542 133,419 168,037 Other operating expenses (2) 988,367 1,244,264 1,232,493 Disposition fees (4) 5,893,800 6,706,200 — Disposition transaction costs (4) 84,222 56,922 — Loan coordination fee (1) 422,160 86,675 3,283,737 Property insurance (5) 1,597,712 1,285,490 311,794 Insurance proceeds (6) (75,000 ) (102,147 ) (113,853 ) Consolidated Balance Sheets: Capitalized Construction management: Fees (7) 209,829 526,866 1,493,999 Reimbursement of labor costs (7) 95,631 239,015 367,204 Capital expenditures (7) 39,680 74,709 17,654 Deferred financing costs (8) — 12,930 139,229 Capitalized costs on investment in unconsolidated joint venture (9) 58,386 65,113 — Acquisition expenses (10) 245,048 3,226 — Acquisition fees (10) 705,722 — — $ 39,249,788 $ 51,092,503 $ 47,808,767 ________________ (1) Included in fees to affiliates in the accompanying consolidated statements of operations. (2) Included in general and administrative expenses in the accompanying consolidated statements of operations. Reflects acquisition expenses that did not meet the capitalization criteria under ASU 2017-01. (3) Included in operating, maintenance and management in the accompanying consolidated statements of operations. (4) Included in gain on sales of real estate, net in the accompanying consolidated statements of operations. (5) Property related insurance expense and the amortization of the prepaid insurance deductible account are included in general and administrative expenses in the accompanying consolidated statements of operations. The amortization of the prepaid property insurance is included in operating, maintenance and management expenses in the accompanying consolidated statements of operations. The prepaid insurance is included in other assets in the accompanying consolidated balance sheets upon payment. (6) Included in tenant reimbursements and other in the accompanying consolidated statements of operations. (7) Included in building and improvements in the accompanying consolidated balance sheets. (8) Included in mortgage notes payable, net in the accompanying consolidated balance sheets. (9) Included in investment in unconsolidated joint venture in the accompanying consolidated balance sheets. (10) Included in total real estate, cost in the accompanying consolidated balance sheets. Reflects acquisition expenses that did meet the capitalization criteria under ASU 2017-01. Amounts attributable to the Advisor and its affiliates paid (received) for the years ended December 31, 2018 , 2017 and 2016 are as follows: Paid (Received) For the Year Ended December 31, 2018 2017 2016 Consolidated Statements of Operations: Expensed Investment management fees $ 8,158,850 $ 15,008,001 $ 14,060,587 Acquisition fees — — 960 Acquisition expenses 233,287 — — Property management: Fees 4,126,954 6,410,591 6,392,550 Reimbursement of onsite personnel 13,040,470 18,748,974 18,650,009 Other fees 1,604,623 1,781,318 1,671,282 Other fees - property operations 138,235 170,067 — Other fees - G&A 86,542 133,419 168,037 Other operating expenses 960,376 1,341,997 1,098,568 Disposition fees 4,407,675 6,139,575 — Disposition transaction costs 84,222 56,922 — Loan coordination fee 508,835 — 3,283,737 Property insurance 1,555,825 1,322,247 361,490 Insurance proceeds — (102,147 ) (113,853 ) Consolidated Balance Sheets: Capitalized Construction management: Fees 213,652 536,866 1,548,701 Reimbursement of labor costs 95,730 245,889 474,155 Capital expenditures 39,680 74,709 17,654 Deferred financing costs — 12,930 139,229 Capitalized costs on investment in unconsolidated joint venture 58,386 65,113 — Acquisition expenses 245,048 3,226 — Acquisition fees 705,722 — — $ 36,264,112 $ 51,949,697 $ 47,753,106 Amounts attributable to the Advisor and its affiliates that are payable (prepaid/receivable) as of December 31, 2018 and 2017 are as follows: Payable (Prepaid/Receivable) as of December 31, 2018 2017 Consolidated Statements of Operations: Expensed Investment management fees $ 1,640,485 $ — Acquisition expenses 211,188 — Property management: Fees 334,577 402,315 Reimbursement of onsite personnel 589,551 772,584 Other fees 39,349 44,981 Other operating expenses 115,212 87,221 Disposition fees 2,052,750 566,625 Loan coordination fee — 86,675 Property insurance (119,055 ) (160,942 ) Insurance proceeds (75,000 ) — Consolidated Balance Sheets: Capitalized Construction management: Fees 2,608 6,431 Reimbursement of labor costs 198 297 $ 4,791,863 $ 1,806,187 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, cost of development, construction or improvement 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 investigation, selection and acquisition (by purchase, investment or exchange) of any type of real property or real estate-related asset; provided, however, that the total acquisition fee payable by the Company to the Advisor or its affiliates shall equal 0.5% of the cost of investment in the event that proceeds from a prior sale of an investment are used to fund the acquisition of an investment, or (2) the Company’s allocable cost of a real property or real estate-related asset acquired in a joint venture, in each case including purchase price, acquisition 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 (as amended from time to time, each a “Property Management Agreement”) 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). As of December 31, 2018, the property management fee payable with respect to each property under each Property Management Agreement ranged from 2.50% to 3.50% 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 60 days’ 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, support and training services and capital expenditures. The Company also reimburses the Property Manager for the salaries and related benefits of on-site property management employees. Upon entering into the Joint Venture with BREIT, the Property Manager entered into Property Management Agreements with each wholly-owned subsidiary of the Joint Venture that directly owned a property in the LANDS Portfolio. Effective December 10, 2018, the Joint Venture terminated the Property Management Agreements with the Property Manager. The property management fee payable by the Joint Venture is a component of equity in loss of unconsolidated joint venture in the consolidated statements of operations. 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. As of December 31, 2018, the construction management fee payable with respect to each property pursuant to the Construction Management Agreements (each a “Construction Management Agreement”) ranged from 6.0% 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. Property Insurance 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. In addition, the Company deposits amounts with an affiliate of the Sponsor to cover the cost of property insurance across certain properties of the Company. 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, “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, 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) and investment management fees; (g) real estate commissions on the resale of investments; and (h) other expenses connected with the acquisition, disposition, management and ownership of investments (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of real property). For the year ended December 31, 2018 , the Advisor and its affiliates incurred $988,367 of the Company’s operating expenses, including the allocable share of the Advisor’s overhead expenses of $896,144 , none of which were in excess of the 2%/25% Limitation and are included in the $6,269,238 of general and administrative expenses recognized by the Company. As of December 31, 2018 , the Company’s total operating expenses were 0.1% of its average invested assets and 1.1% of its net income. For the year ended December 31, 2017 , the Advisor and its affiliates incurred $1,244,264 of the Company’s operating expenses, including the allocable share of the Advisor’s overhead expenses of $1,045,532 , none of which were in excess of the 2%/25% Limitation and are included in the $6,732,330 of general and administrative expenses recognized by the Company. For the year ended December 31, 2016 , the Advisor and its affiliates incurred $1,232,493 of the Company’s operating expenses, including the allocable share of the Advisor’s overhead expenses of $772,576 , none of which were in excess of the 2%/25% Limitation, and are included in the $9,039,171 of general and administrative expenses recognized by the Company. Disposition Fee The Company pays 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 pays 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 ; provided, however, that the price per share paid to stockholders as listed in each of clauses (i) through (v) above shall be adjusted for any special distributions, stock splits, combinations, recapitalizations or any similar transaction with respect to our shares. 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. With respect to a property held in a joint venture, the foregoing commission will be reduced to a percentage of such amounts reflecting the Company’s economic interest in the joint venture. Loan Coordination Fee The Company pays the Advisor a loan coordination fee equal to 0.50% of the amount of debt financed or refinanced (in each case, other than at the time of the acquisition of a property or a real estate-related asset), or the Company’s proportionate share of the initial amount of new debt financed or refinanced or the amount of any debt refinanced in the case of investments made through a joint venture. 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’s 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 $378,405 , 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 year ended December 31, 2018, the Company had recorded $305,000 as reimbursement for funds spent by the Company in excess of its proportionate share, all of which was collected from other Steadfast Parties as of December 31, 2018.

Incentive Award Plan and Indepe

Incentive Award Plan and Independent Director Compensation	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive Award Plan and Independent Director Compensation	ncentive Award Plan and Independent Director Compensation The Company has adopted an incentive plan (the “Incentive Award Plan”) that provides for the grant of equity awards to its employees, directors and consultants and those of the Company’s affiliates. The Incentive Award Plan authorizes the grant of non-qualified and incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and other stock-based awards or cash-based awards. No awards have been granted under the Incentive Award Plan as of December 31, 2018 , 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. 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. Each subsequent independent director, if any, that joins the Company's board of directors would receive 5,000 shares of restricted common stock upon election to the Company's board of directors. 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. On August 9, 2016 , the Company granted 2,500 shares of restricted common stock to each of its three independent directors upon their re-election to the Company’s board of directors at the 2016 annual meeting of stockholders. 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. On August 9, 2018 , 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 2018 annual meeting of stockholders. The Company recorded stock-based compensation expense of $84,866 , $85,486 and $76,285 for the years ended December 31, 2018 , 2017 and 2016 respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
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, Oklahoma City, Oklahoma, Columbus, Ohio and Atlanta, Georgia apartment markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, relocations of businesses, increased competition from other apartment communities, decrease in demand for apartments or any other changes, could adversely affect the Company’s operating results and its ability to make distributions to stockholders. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. Legal Matters From time to time, the Company is subject, or party, to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on the Company’s results of operations or financial condition nor is the Company aware of any such legal proceedings contemplated by government agencies.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2018
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 December 31, 2018 and 2017 : December 31, 2018 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 6/1/2019 - 7/1/2021 One-Month LIBOR 10 $ 283,654,000 2.52 % 2.81 % $ 117,678 December 31, 2017 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 1/1/2018 - 10/1/2019 One-Month LIBOR 18 $ 458,655,000 1.56 % 2.89 % $ 51,646 The interest rate cap agreements are not designated as cash flow hedges. Accordingly, the Company records any changes in the fair value of the interest rate cap agreements as interest expense. The change in the fair value of the interest rate cap agreements for the years ended December 31, 2018 , 2017 and 2016 resulted in an unrealized loss ( gain) of $157,268 , $604,545 and $( 61,698 ), respectively, which is included in interest expense in the accompanying consolidated statements of operations. During the years ended December 31, 2018 and 2017 , the Company acquired interest rate cap agreements of $223,300 and $37,350 . The fair value of interest rate cap agreements of $117,678 and $51,646 are included in other assets on the accompanying consolidated balance sheets.

Selected Quarterly Results (una

Selected Quarterly Results (unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Results (unaudited)	Selected Quarterly Results (unaudited) Presented below is a summary of the Company’s unaudited quarterly financial information for the years ended December 31, 2018 and 2017 : First Quarter Second Quarter Third Quarter Fourth Quarter Total 2018 Revenues $ 35,454,927 $ 34,057,008 $ 36,241,718 $ 36,235,206 $ 141,988,859 Net income (loss) 73,280,028 (7,965,511 ) (6,456,722 ) 30,225,757 89,083,552 Income (loss) per common share, basic and diluted 0.97 (0.11 ) (0.09 ) 0.42 1.19 Distributions declared per common share 0.177 1.153 0.140 0.140 1.610 2017 Revenues $ 54,280,265 $ 55,118,406 $ 55,592,107 $ 47,978,462 $ 212,969,240 Net (loss) income (5,644,875 ) (5,656,573 ) (2,326,578 ) 86,101,893 72,473,867 (Loss) income per common share, basic and diluted (0.07 ) (0.07 ) (0.03 ) 1.14 0.96 Distributions declared per common share 0.177 0.179 0.181 0.181 0.718

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated all subsequent event activity through the date these consolidated financial statements were available to be issued. Distributions Paid On January 2, 2019 , the Company paid distributions of $3,515,310 , which related to distributions declared for each day in the period from December 1, 2018 through December 31, 2018 . All such distributions were paid in cash. On February 1, 2019 , the Company paid distributions of $3,514,980 , which related to distributions declared for each day in the period from January 1, 2019 through January 31, 2019 . All such distributions were paid in cash. On March 1, 2019 , the Company paid distributions of $3,165,776 , which related to distributions declared for each day in the period from February 1, 2019 through February 28, 2019 . All such distributions were paid in cash. Repayment of Credit Facility On January 29, 2019, the Company made a principal payment in the amount of $3,089,477 on the credit facility with PNC Bank. Shares Repurchased On January 31, 2019 , the Company repurchased 219,696 shares of its common stock for a total repurchase value of $2,000,000 , or $9.10 per share, pursuant to the Company’s share repurchase program. Estimated Value per Share On March 13, 2019 , the Company’s board of directors determined an estimated value per share of the Company’s common stock of $9.40 as of December 31, 2018 . Distribution Declared On March 13, 2018, 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 for the period commencing on April 1, 2019, and ending on June 30, 2019. The distributions will be equal to $0.001519 per share of the Company’s common stock per day, which if paid each day over a 365-day period is equivalent to a 6.0% annualized distribution rate based on a purchase price of $9.24 per share of common stock. The distributions for each record date in April 2019, May 2019 and June 2019 will be paid in May 2019, June 2019 and July 2019, respectively. The distributions will be payable to stockholders from legally available funds therefor. Sale of Dawntree Apartments On March 8, 2019, the Company, through SIR Dawntree, LLC (“SIR Dawntree”), an indirect, wholly-owned subsidiary of the Company, sold its fee simple interest in Dawntree Apartments, a 400 -unit residential property located in Carrollton, Texas, to an unaffiliated third-party buyer. SIR Dawntree sold Dawntree Apartments for an aggregate sales price of $46,200,000 , excluding closing costs.

Scheule III. REAL ESTATE AND AC

Scheule III. REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION	12 Months Ended
	Dec. 31, 2018
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate Assets and Accumulated Depreciation and Amortization	Description Location Owner-ship Percent Encumbrances (1) Initial Cost of Company Cost Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Original Date of Construction Date Acquired Land Building and Improvements (2) Total Land Building and Improvements (2) Total (3) Clarion Park Apartments Olathe, KS 100% $ 11,930,339 $ 1,470,991 $ 9,744,009 $ 11,215,000 $ 988,626 $ 1,470,991 $ 10,450,720 $ 11,921,711 $ (3,224,329 ) 1994 6/28/11 Truman Farm Villas Grandview, MO 100% — 842,987 8,257,013 9,100,000 1,232,186 842,987 9,248,570 10,091,557 (2,953,604 ) 2008 12/22/11 EBT Lofts Kansas City, MO 100% — 460,362 8,114,638 8,575,000 770,709 460,362 8,543,029 9,003,391 (2,561,371 ) 1899 12/30/11 Spring Creek of Edmond Edmond, OK 100% 17,113,376 2,346,503 17,602,343 19,948,846 1,187,564 2,346,503 18,384,515 20,731,018 (5,204,981 ) 1974 3/9/12 Montclair Parc Apartments Oklahoma City, OK 100% 21,719,269 3,325,556 32,424,444 35,750,000 2,104,988 3,325,556 33,343,837 36,669,393 (8,840,527 ) 1999 4/26/12 Sonoma Grande Apartments Tulsa, OK 100% 20,451,101 2,737,794 29,462,206 32,200,000 1,166,391 2,737,794 30,078,984 32,816,778 (8,015,610 ) 2009 5/24/12 Estancia Apartments Tulsa, OK 100% — 2,544,634 27,240,628 29,785,262 1,005,697 2,544,634 27,724,761 30,269,395 (7,239,095 ) 2006 6/29/12 Hilliard Park Apartments Hilliard, OH 100% 12,390,229 1,413,437 18,484,692 19,898,129 1,037,955 1,413,437 19,117,326 20,530,763 (4,837,983 ) 2000 9/11/12 Sycamore Terrace Apartments Terre Haute, IN 100% 17,847,045 1,321,194 21,852,963 23,174,157 471,708 1,321,194 21,879,086 23,200,280 (5,253,317 ) 2011/2013 9/20/12, 3/5/14 Hilliard Summit Apartments Hilliard, OH 100% 15,027,104 1,536,795 22,639,028 24,175,823 572,011 1,536,795 22,762,387 24,299,182 (5,529,077 ) 2012 9/28/12 Forty-57 Apartments Lexington, KY 100% 35,563,625 3,055,614 49,444,386 52,500,000 1,409,158 3,055,614 50,091,659 53,147,273 (12,032,326 ) 2008 12/20/12 Riverford Crossing Apartments Frankfort, KY 100% 20,229,093 2,595,387 27,404,613 30,000,000 911,816 2,595,387 27,774,395 30,369,782 (6,842,412 ) 2011 12/28/12 Montecito Apartments Austin, TX 100% 12,823,790 3,081,522 15,918,478 19,000,000 2,914,296 3,081,522 18,398,578 21,480,100 (5,151,505 ) 1984 12/31/12 Hilliard Grand Apartments Dublin, OH 100% 28,392,107 2,657,734 38,012,528 40,670,262 701,519 2,657,734 37,897,380 40,555,114 (8,766,861 ) 2010 12/31/12 Library Lofts East Kansas City, MO 100% 8,166,247 1,669,405 11,080,595 12,750,000 540,378 1,669,405 11,415,006 13,084,411 (2,743,641 ) 1906/1923 2/28/13 Deep Deuce at Bricktown Oklahoma City, OK 100% 32,069,379 2,529,318 37,266,648 39,795,966 6,197,411 2,580,318 42,737,983 45,318,301 (12,398,000 ) 2001 3/28/13 Retreat at Quail North Oklahoma City, OK 100% 16,268,147 1,700,810 24,025,543 25,726,353 556,897 1,700,810 24,093,797 25,794,607 (5,539,869 ) 2012 6/12/13 Waterford on the Meadow Plano, TX 100% 15,175,716 2,625,024 20,849,131 23,474,155 3,702,083 2,625,024 23,986,048 26,611,072 (6,140,697 ) 1984 7/3/13 Tapestry Park Apartments Birmingham , AL 100% 43,712,670 3,277,884 47,118,797 50,396,681 420,292 3,277,884 46,900,625 50,178,509 (10,572,417 ) 2012/2014 8/13/13, 12/1/14 Dawntree Apartments Carrollton, TX 100% 14,450,118 3,135,425 21,753,469 24,888,894 2,360,472 3,135,425 23,511,480 26,646,905 (5,864,112 ) 1982 8/15/13 Description Location Owner-ship Percent Encumbrances (1) Initial Cost of Company Cost Capitalized Subsequent to Acquisition Gross Amount at which Carried at Accumulated Depreciation and Amortization Original Date of Construction Date Acquired Land Building and Improvements (2) Total Land Building and Improvements (2) Total (3) Stuart Hall Lofts Kansas City, MO 100% $ 16,045,948 $ 1,585,035 $ 15,264,965 $ 16,850,000 $ 259,800 $ 1,585,035 $ 15,240,006 $ 16,825,041 $ (3,363,616 ) 1910 8/27/13 BriceGrove Park Apartments Canal Winchester, OH 100% 17,133,615 1,596,212 18,503,788 20,100,000 868,554 1,596,212 18,921,522 20,517,734 (4,348,152 ) 2002 8/29/13 Retreat at Hamburg Place Lexington, KY 100% 12,072,255 1,605,839 14,694,161 16,300,000 400,090 1,605,839 14,766,336 16,372,175 (3,359,740 ) 2013 9/5/13 Villas at Huffmeister Houston, TX 100% 27,058,201 5,858,663 31,741,337 37,600,000 1,943,132 5,858,663 32,964,053 38,822,716 (7,702,859 ) 2007 10/10/13 Villas at Kingwood Kingwood, TX 100% 35,156,654 6,512,468 33,637,532 40,150,000 2,333,431 6,512,468 35,182,141 41,694,609 (8,339,936 ) 2008 10/10/13 Waterford Place at Riata Ranch Cypress, TX 100% — 3,184,857 20,215,143 23,400,000 1,098,339 3,184,857 20,813,492 23,998,349 (4,944,919 ) 2008 10/10/13 Carrington Place Houston, TX 100% 27,384,768 5,450,417 27,449,583 32,900,000 1,937,311 5,450,417 28,692,733 34,143,150 (6,646,264 ) 2004 11/7/13 Carrington Champion Forest Houston, TX 100% 24,978,692 3,760,329 29,239,671 33,000,000 1,496,724 3,760,329 30,120,500 33,880,829 (6,893,137 ) 2008 11/7/13 Carrington Park at Huffmeister Houston, TX 100% 19,440,839 3,241,747 21,908,253 25,150,000 1,205,865 3,241,747 22,589,773 25,831,520 (5,300,183 ) 2008 11/7/13 Heritage Grand at Sienna Plantation Missouri City, TX 100% 16,822,121 3,776,547 22,762,411 26,538,958 499,424 3,776,547 22,715,694 26,492,241 (4,979,819 ) 2012 12/20/13 Mallard Crossing Loveland, OH 100% 33,367,682 2,383,256 37,416,744 39,800,000 1,866,149 2,383,256 38,612,320 40,995,576 (7,861,158 ) 1997 12/27/13 Reserve at Creekside Chattanooga, TN 100% 14,241,494 1,344,233 17,530,767 18,875,000 1,242,125 1,344,233 18,420,868 19,765,101 (3,627,475 ) 2004 3/28/14 Oak Crossing Fort Wayne, IN 100% 20,204,961 2,005,491 22,224,509 24,230,000 495,102 2,005,491 22,303,140 24,308,631 (4,171,773 ) 2012-13 6/3/14 Double Creek Flats Plainfield, IN 100% 21,877,897 1,306,880 30,545,199 31,852,079 85,220 1,306,880 30,166,508 31,473,388 (866,844 ) 2016 5/7/18 Jefferson at the Perimeter Dunwoody, GA 100% 64,387,092 17,763,296 85,870,687 103,633,983 712,061 17,763,296 85,279,756 103,043,052 (1,876,207 ) 1996 6/11/18 $ 693,501,574 $ 105,703,646 $ 917,700,902 $ 1,023,404,548 $ 46,695,484 $ 105,754,646 $ 945,129,008 $ 1,050,883,654 $ (203,993,817 ) ________________ (1) Encumbrances include the unamortized portion of loan premiums on assumed debt allocated to individual assets in the aggregate amount of $0.3 million and net deferred financing costs of $4,227,995 as of December 31, 2018 . (2) Building and improvements include tenant origination and absorption costs and other intangible assets. (3) The aggregate cost of real estate for federal income tax purposes was $1.07 billion (unaudited) as of December 31, 2018 . Below is a summary of activity for real estate and accumulated depreciation for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Real estate: Balance at the beginning of the year $ 1,248,296,985 $ 1,694,278,958 $ 1,666,901,082 Acquisitions 135,486,062 — — Improvements 9,906,890 15,621,609 28,485,659 Cost of real estate sold (341,007,619 ) (461,332,750 ) — Write-off of disposed and fully depreciated and fully amortized assets (1,798,664 ) (270,832 ) (1,107,783 ) Balance at the end of the year $ 1,050,883,654 $ 1,248,296,985 $ 1,694,278,958 Accumulated depreciation and amortization: Balance at the beginning of the year $ 221,581,654 $ 232,744,083 $ 163,445,987 Depreciation and amortization expense 46,109,794 67,755,152 69,513,484 Write-off of accumulated depreciation and amortization of real estate assets sold (63,671,739 ) (78,793,834 ) — Write-off of disposed and fully depreciated and fully amortized assets (25,892 ) (123,747 ) (215,388 ) Balance at the end of the year $ 203,993,817 $ 221,581,654 $ 232,744,083

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, the consolidated variable interest entity (“VIE”) that the Company controls and of which the Company is the primary beneficiary, and the Operating Partnership’s subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company.
Basis of Presentation	The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Real Estate Assets	Real Estate Assets Depreciation and Amortization Real estate costs related to the development, construction and improvement of properties are capitalized. Acquisition costs related to business combinations are expensed as incurred. Acquisition costs related to asset acquisitions are capitalized. Repair and maintenance and tenant turnover costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: Buildings 27.5 years Building improvements 5-25 years Tenant improvements Shorter of lease term or expected useful life Tenant origination and absorption costs Remaining term of related lease Furniture, fixtures, and equipment 5-10 years Real Estate Purchase Price Allocation Prior to the Company’s adoption of ASU 2017-01, Business Combinations (Topic 805): Clarifying the definition of business , or ASU 2017-01, in January 2017, the Company recorded the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination. All assets acquired and liabilities assumed in a business combination were measured at their acquisition-date fair values. Acquisition costs were expensed as incurred. Upon adoption of ASU 2017-01, the Company records the acquisition of income-producing real estate or real estate that are used for the production of income as an asset acquisition. All assets acquired and liabilities assumed in the asset acquisition are measured at their acquisition date fair values. Acquisition costs are capitalized and allocated between land, buildings and improvements and tenant origination and associated costs on the consolidated balance sheet. The Company assesses the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Intangible assets include the value of in-place leases, which represents the estimated value of the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company estimates the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, the Company estimates the amount of lost rentals using market rates during the expected lease-up periods. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases. Should a tenant terminate its lease, the unamortized portion of the in-place lease value and customer relationship intangibles would be charged to expense in that period. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) the Company’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as a reduction or increase to rental income over the remaining non-cancelable terms of the respective leases. The total amount of other lease-related intangible assets acquired will be further allocated to in-place lease values and customer relationship intangible values based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with that respective tenant. Characteristics that the Company considers in allocating these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, and the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The total amount of non-lease-related intangible assets, including amenity access agreements, tax abatement agreements or other contract rights assumed as part of the acquisition of certain properties, will be allocated to other intangible assets based on the present value of the difference between contractual amounts to be paid pursuant to the contracts assumed and the Company’s estimate of the fair market contract rates for corresponding contracts measured over a period equal to the remaining non-cancelable term of the contracts assumed. Other intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related contracts. Estimates of the fair values of the tangible assets, identifiable intangible assets and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Sale of Real Estate Assets The Company records property sales or dispositions when title transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with GAAP. Gains and losses on the sale of real estate are recognized pursuant to ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets. The Company recognizes a gain (loss) on sale of real estate when the criteria for an asset to be derecognized are met, which include when: (i) a contract exists, (ii) the buyer obtains control of the asset, and (iii) it is probable that the Company will receive substantially all of the consideration to which it is entitled. These criteria are generally satisfied at the time of sale. For partial sale of real estate resulting in transfer of control, the Company measures any noncontrolling interest retained at fair value and recognize a gain or loss on the difference between fair value and the carrying amount of the real estate assets retained. The Company classifies real estate assets as real estate held for sale once the criteria, as defined by GAAP, have been met. Impairment of Real Estate Assets The Company accounts for its real estate assets in accordance with ASC 360— Property, Plant and Equipment (“ASC 360”). ASC 360 requires the Company to continually monitor events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets and liabilities may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company records an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets and liabilities. If any assumptions, projections or estimates regarding an asset changes in the future, the Company may have to record an impairment to reduce the net book value of such individual asset.
Rents and Other Receivables	Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Due to the short-term nature of the operating leases, the Company does not maintain a deferred rent receivable related to the straight-lining of rents.
Revenue Recognition	Revenue Recognition On January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers , (“ASC 606”), which establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard requires the Company to recognize, for certain of its revenue sources, the transfer of promised goods or services to customers in an amount that reflects the consideration the Company is entitled to in exchange for those goods or services. The Company selected the modified retrospective transition method but had no cumulative effect adjustment to recognize as of the date of adoption on January 1, 2018. The Company’s revenue consists of rental revenues and tenant reimbursements and other. There was no impact to the Company’s recognition of rental revenue from leasing arrangements as this was specifically excluded from ASC 606. The company identified limited sources of revenues from non-lease components but did not experience a material impact on its revenue recognition in the consolidated financial statements upon adoption. The Company leases apartment and condominium units under operating leases with terms generally of one
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. As of December 31, 2018 and 2017 , the Company had amounts in excess of federally insured limits in deposit accounts with a financial institution. The Company limits such deposits to financial institutions with high credit standing. Restricted Cash
Deferred Financing Costs	Deferred Financing Costs The Company capitalizes deferred financing costs such as commitment fees, legal fees and other third party costs associated with obtaining commitments for financing that result in a closing of such financing, as a contra liability against the respective outstanding debt balances. The Company amortizes these costs over the terms of the respective financing agreements using the effective interest method. The Company expenses unamortized deferred financing costs when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close.
Derivative Financial Instruments	Derivative Financial Instruments The Company accounts for its derivative financial instruments in accordance with ASC 815— Derivatives and Hedging . The Company’s objective in using derivatives is to add stability to interest expense and to manage the Company’s exposure to interest rate movements or other identified risks. To accomplish these objectives, the Company may use various types of derivative instruments to manage fluctuations in cash flows resulting from interest rate risk attributable to changes in the benchmark interest rate of LIBOR or other applicable benchmark rates. The Company measures its derivative instruments and hedging activities at fair value and records them as an asset or liability, depending on its rights or obligations under the applicable derivative contract. For derivatives designated as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged items are recorded in earnings. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portions of changes in fair value of the derivatives are reported in other comprehensive income (loss) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedges and ineffective portions of hedges are recognized in earnings in the affected period. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction.
Fair Value Measurements	Fair Value Measurements Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources. The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified. Interest rate cap agreements - The Company has entered into certain interest rate cap agreements. These derivatives are recorded at fair value. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the interest rate cap agreements. Therefore, the Company’s interest rate cap agreements were classified within Level 2 of the fair value hierarchy and are included in 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, 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 fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts. The fair value of the notes payable is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities.
Accounting for Stock-Based Compensation	Accounting for Stock-Based Compensation The Company amortizes the fair value of stock-based compensation awards to expense over the vesting period and records any dividend equivalents earned as dividends for financial reporting purposes. Stock-based compensation awards to independent directors are valued at the fair value on the date of grant and amortized as an expense over the vesting period. Awards to non-employees are remeasured at fair value each reporting period and amortized as an expense over the vesting period.
Distribution Policy	Distribution Policy The Company has elected to be taxed as, and qualifies as, a REIT commencing with the taxable year ended December 31, 2010. To continue to qualify as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). Distributions during the three months ended March 31, 2018, and during the year ended December 31, 2017, were based on daily record dates and calculated at a rate of $0.001964 per share per day. Distributions during the three months ended June 30, 2018, were based on daily record dates and calculated at a rate of $0.001683 per share per day. Distributions during the six months ended December 31, 2018, were based on daily record dates and calculated at a rate of $0.001519 per share per day. Each day during the twelve months ended December 31, 2018 and 2017 , 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 maintain its qualification as a REIT under the Internal Revenue Code. During the year ended December 31, 2018 , the Company declared aggregate distributions of $1.610 per common share including a special distribution the Company’s board of directors declared in the amount $1.00 per share of common stock to stockholders of record as of the close of business on April 20, 2018 . During the year ended December 31, 2017 , the Company declared distributions of $0.718 per common share.
Operating Expenses	Operating Expenses Pursuant to the Advisory Agreement, the Company is limited in the amount of certain operating expenses it may record on a rolling four-quarter basis to the greater of 2% of average invested assets and 25% of net income. Operating expenses include all costs and expenses incurred by the Company, as determined under GAAP, that in any way are related to the operation of the Company, excluding expenses of raising capital, interest payments, taxes, property operating expenses, non-cash expenditures, incentive fees, acquisition fees and expenses and investment management fees.
Income Taxes	Income Taxes The Company elected to be taxed as, and currently qualifies as, a REIT under the Internal Revenue Code commencing with the taxable year ended December 31, 2010. To continue to qualify as a REIT, the Company must continue to meet certain organizational and operational requirements, including the requirement to distribute at least 90% of the Company’s annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally would not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate income tax rates and generally would not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes it is organized and operates in such a manner as to qualify for treatment as a REIT. The Company follows the Income Taxes Topic of the ASC to recognize, measure, present and disclose in its accompanying consolidated financial statements uncertain tax positions that the Company has taken or expects to take on a tax return.
Per Share Data	Per Share Data Basic earnings (loss) per share attributable to common stockholders for all periods presented are computed by dividing net income (loss) by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share is computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assume each share was issued and outstanding each day during the period. Nonvested shares of the Company’s restricted common stock give rise to potentially dilutive shares of the Company’s common stock. 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.
Segment Disclosure	Segment Disclosure The Company has determined that it has one reportable segment with activities related to investing in multifamily properties. The Company’s investments in real estate are in different geographic regions, and management evaluates operating performance on an individual asset level. However, as each of the Company’s assets has similar economic characteristics, tenants and products and services, its assets have been aggregated into one reportable segment.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ( Topic 606 ) (“ASU 2014-09”). ASU 2014-09 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. ASU 2014-09 supersedes the revenue requirements in Revenue Recognition ( Topic 605 ) and most industry-specific guidance throughout the Industry Topics of the Codification. ASU 2014-09 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 ASU 2014-09 by one year, which resulted in ASU 2014-09 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 selected the modified retrospective transition method but had no cumulative effect adjustment to recognize as of the date of adoption of ASU 2014-09 on January 1, 2018. The Company identified limited sources of revenues from non-lease components, and the Company did not experience a material impact on its revenue recognition in the consolidated financial statements upon adoption. Additionally, there was no impact to the Company’s recognition of rental revenue, as rental revenue from leasing arrangements was specifically excluded from ASU 2014-09. In February 2016, the FASB issued ASU 2016-02, Leases , (“ASU 2016-02”), 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. ASU 2016-02 requires a modified retrospective transition approach. ASU 2016-02 will be effective in the first quarter of 2019 and allows for early adoption. The Company has selected the modified retrospective transition method with a cumulative effect recognized as of the date of adoption and adopted the new standard effective January 1, 2019. The Company evaluated the impact of ASU 2016-02 on its leases both as it relates to the Company acting as a lessor and as a lessee. Based on its evaluation, as it relates to the former, the Company did not experience a material impact on the recognition of leases in the consolidated financial statements because under ASU 2016-02, 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 did not experience a material impact on the recognition of leases in the consolidated financial statements because the quantity of leased equipment by the Company is limited and immaterial to the consolidated financial statements. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements (“ASU 2018-11”). The FASB issued ASU 2018-11 to clarify ASU 2016-02. The amendments in ASU 2018-11 provide entities with an additional (and optional) transition method to adopt the new leases standard. Under this new transition method, an entity initially applies ASU 2016-02 at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASU 2018-11 also provides lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: (1) the timing and pattern of transfer of the nonlease components and associated lease component are the same, and (2) the lease component, if accounted for separately, would be classified as an operating lease. If the nonlease components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with Topic 606. Otherwise, the entity must account for the combined component as an operating lease in accordance with Topic 842. For entities that have not adopted Topic 842 before the issuance of ASU 2018-11, the effective date and transition requirements for ASU 2018-11 related to separating components of a contract are the same as the effective date and transition requirements in ASU 2016-02. In its capacity as a lessee, the Company elected to adopt the new transition method offered by ASU 2018-11 and initially applied ASU 2016-02 on January 1, 2019 and recognized a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In its capacity as a lessor and based on its evaluation of the components of its lease contracts, the Company elected to use the practical expedient provided by ASU 2018-11 and did not separate nonlease components from the associated lease components and will instead account for those components as a single component. In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842), Narrow-scope Improvements for Lessors (“ASU 2018-20”). The FASB issued ASU 2018-20 to allow lessors to make an accounting policy election not to evaluate whether sales taxes and other similar taxes imposed by a governmental authority on a specific lease revenue-producing transaction are the primary obligation of the lessor as the owner of the underlying leased asset. The amendments also clarify that when lessors allocate variable payments to lease and non-lease components they are required to follow the recognition guidance in ASU 2016-02 for the lease component and other applicable guidance, such as the new revenue standard, for the non-lease component. The amendments have the same effective date and transition requirements as ASU 2016-02 for entities that have not yet adopted ASU 2016-02. The amendments may be applied either retrospectively or prospectively. The Company is currently evaluating the impact of ASU 2018-20 will have on its consolidated financial statements and related disclosures and does not expect a material impact on its consolidated financial statements and related disclosures from its adoption. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (“ ASU 2016-13”). ASU 2016-13 requires more timely recording of credit losses on loans and other financial instruments that are not accounted for at fair value through net income (loss), including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology in current GAAP. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses (“ASU 2018-19”), which clarifies that operating lease receivables accounted for under ASC 842 Leases , are not in the scope of the new credit losses guidance. The effective date and transition requirements for this guidance are the same as for ASU 2016-13. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements and related disclosures and does not expect a material impact on its consolidated financial statements and related disclosures from its adoption. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 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 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 adopted this guidance January 1, 2018, and applied it retrospectively. As a result of adopting ASU 2016-18, the Company began presenting restricted cash along with cash and cash equivalents in its consolidated statements of cash flows. 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 modified 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 adopted ASU 2014-09 and ASU 2017-05 on January 1, 2018, and experienced an impact on the gain recognized related to the sale of the Second Closing Properties (as defined in Note 3 (Real Estate)). The sale of the Second Closing Properties is considered a partial sale and the Company no longer controlled the Second Closing Properties after the sale. The retained noncontrolling interest was recognized at fair value and a full gain on the sale was recognized under ASU 2014-09. 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 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. Upon adoption of ASU 2017-09 on January 1, 2018, the Company did not experience a material impact. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The FASB issued ASU 2018-13 to improve the effectiveness of fair value measurement disclosures by adding, eliminating, and modifying certain disclosure requirements. The amendments in ASU 2018-13 modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement , based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements , including the consideration of costs and benefits. ASU 2018-13 requires prospective and retrospective application depending on the amendment and is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2018-13 will have on its consolidated financial statements and related disclosures and believes that certain disclosures of interest rate cap agreements in its consolidated financial statements may be impacted by the adoption of ASU 2018-13.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Useful Lives of Assets by Class	The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: Buildings 27.5 years Building improvements 5-25 years Tenant improvements Shorter of lease term or expected useful life Tenant origination and absorption costs Remaining term of related lease Furniture, fixtures, and equipment 5-10 years
Restrictions on Cash and Cash Equivalents	The following table represents the components of the cash, cash equivalents and restricted cash presented on the accompanying consolidated statements of cash flows for the years ended December 31, 2018 , 2017 and 2016 : December 31, 2018 2017 2016 Cash and cash equivalents $ 142,078,166 $ 171,228,485 $ 66,224,027 Restricted cash 12,114,277 33,867,523 27,553,851 Total cash, cash equivalents and restricted cash $ 154,192,443 $ 205,096,008 $ 93,777,878
Summary of Assets Required to be Measured at Fair Value on a Recurring Basis	The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: December 31, 2018 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 117,678 $ — December 31, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 51,646 $ —

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	During the year ended December 31, 2018 , the Company acquired each of the following two properties through Section 1031 exchanges under the Internal Revenue Code: Purchase Price Allocation Property Name Location Purchase Date Units Land Buildings and Improvements Tenant Origination and Absorption Costs Total Purchase Price Double Creek Flats Plainfield, IN 5/7/2018 240 $ 1,306,880 $ 30,081,288 $ 463,911 $ 31,852,079 Jefferson at Perimeter Apartments Dunwoody, GA 6/11/2018 504 17,763,296 84,567,694 1,302,993 103,633,983 744 $ 19,070,176 $ 114,648,982 $ 1,766,904 $ 135,486,062
Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles	As of December 31, 2018 and 2017 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: December 31, 2018 Assets Land Building and Improvements Other Intangible Assets Total Real Estate Held for Investment Real Estate Held for Sale Investments in real estate $ 105,754,646 $ 942,484,745 $ 2,644,263 $ 1,050,883,654 $ — Less: Accumulated depreciation and amortization — (203,141,450 ) (852,367 ) (203,993,817 ) — Net investments in real estate and related lease intangibles $ 105,754,646 $ 739,343,295 $ 1,791,896 $ 846,889,837 $ — December 31, 2017 Assets Land Building and Improvements Other Intangible Assets Total Real Estate Held for Investment Real Estate Held for Sale Investments in real estate $ 86,684,470 $ 819,267,249 $ 2,644,263 $ 908,595,982 $ 339,701,002 Less: Accumulated depreciation and amortization — (163,349,022 ) (699,199 ) (164,048,221 ) (57,533,433 ) Net investments in real estate and related lease intangibles $ 86,684,470 $ 655,918,227 $ 1,945,064 $ 744,547,761 $ 282,167,569
Schedule of Future Amortization of Acquired Other Intangible Assets	The future amortization of the Company’s acquired other intangible assets as of December 31, 2018 , and thereafter is as follows: 2019 $ 153,168 2020 153,168 2021 153,168 2022 153,168 2023 153,168 Thereafter 1,026,056 $ 1,791,896
Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants	The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of December 31, 2018 , and thereafter is as follows: 2019 $ 264,858 2020 218,313 2021 220,535 2022 138,844 2023 81,202 Thereafter 104,299 $ 1,028,051
Disposal Groups, Including Discontinued Operations	The results of operations for the years ended December 31, 2018 , 2017 and 2016 , for the disposed properties, including the properties contributed to the Joint Venture, were included in continuing operations on the Company’s consolidated statements of operations and are as follows: For the Year Ended December 31, 2018 2017 2016 Revenues: Rental income $ 15,419,070 $ 86,308,663 $ 90,745,815 Tenant reimbursements and other 2,387,947 12,181,764 12,559,674 Total revenues 17,807,017 98,490,427 103,305,489 Expenses: Operating, maintenance and management 6,071,075 28,762,439 28,943,711 Real estate taxes and insurance 3,085,761 17,266,260 18,011,156 Fees to affiliates 755,971 3,832,896 3,950,983 Depreciation and amortization 4,391,426 30,106,602 32,827,001 Interest expense 3,731,580 19,344,126 18,120,461 Loss on debt extinguishment 3,346,271 2,387,552 1,569,888 General and administrative expenses 584,621 1,217,005 1,168,334 Total expenses $ 21,966,705 $ 102,916,880 $ 104,591,534

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Venture (Tables)	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Summarized Financial Information of Joint Venture	Summarized financial information for the Joint Venture is: December 31, 2018 2017 Assets: Real estate assets, net $ 493,776,142 $ 374,277,205 Other assets 24,091,229 15,328,440 Total assets $ 517,867,371 $ 389,605,645 Liabilities and equity: Notes payable, net $ 340,840,505 $ 264,558,057 Other liabilities 21,501,680 11,525,292 Company’s capital 15,552,513 11,352,230 Other partner’s capital 139,972,673 102,170,066 Total liabilities and equity $ 517,867,371 $ 389,605,645 For the Year Ended December 31, 2018 For the Period from November 15, 2017 to December 31, 2017 Revenues $ 60,210,288 $ 5,756,455 Expenses 87,653,451 11,330,228 Net loss $ (27,443,163 ) $ (5,573,773 ) Company’s proportional net loss $ (2,744,316 ) $ (557,377 ) Amortization of outside basis (594,886 ) (106,519 ) Equity in loss of unconsolidated joint venture $ (3,339,202 ) $ (663,896 )

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	As of December 31, 2018 and 2017 , other assets consisted of: December 31, 2018 2017 Prepaid expenses $ 1,866,024 $ 2,132,212 Interest rate cap agreements (Note 12) 117,678 51,646 Deposits 714,736 1,074,726 Other assets $ 2,698,438 $ 3,258,584

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2018
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 December 31, 2018 and 2017 : December 31, 2018 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed 20 5/1/2019 - 10/1/2056 3.19 % 5.48 % 3.95 % $ 361,723,899 Mortgage notes payable - variable (1) 10 7/1/2023 - 11/1/2027 1-Mo LIBOR + 1.77% 1-Mo LIBOR + 2.38% 4.69 % 283,046,390 Total mortgage notes payable, gross 30 4.27 % 644,770,289 Premium, net (2) 302,530 Deferred financing costs, net (3) (3,934,705 ) Total mortgage notes payable, net $ 641,138,114 December 31, 2017 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed 32 4/1/2018 - 10/1/2056 3.19 % 5.75 % 3.89 % $ 416,673,854 Mortgage notes payable - variable (1) 14 10/1/2018 - 1/1/2026 1-Mo LIBOR +2.02% 1-Mo LIBOR + 2.50% 3.86 % 372,481,000 Total mortgage notes payable, gross 46 3.87 % 789,154,854 Premium, net (2) 673,653 Deferred financing costs, net (3) (4,264,667 ) Total mortgage notes payable, net $ 785,563,840 _______________ (1) See Note 12 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) Accumulated amortization related to debt premiums as of December 31, 2018 and 2017 was $960,519 and $2,468,041 , respectively. (3) Accumulated amortization related to deferred financing costs as of December 31, 2018 and 2017 was $2,929,134 and $3,951,049 , respectively.
Schedule of Line of Credit Facilities	s of December 31, 2018 and 2017 , the advances obtained under the credit facility on July 29, 2016 , are summarized in the following table: Amount of Advance as of December 31, Collateralized Property (1) 2018 2017 Carrington Park at Huffmeister $ — $ 20,430,500 Carrington Place 27,535,500 27,535,500 Carrington at Champion Forest 25,121,250 25,121,250 Oak Crossing — 17,980,000 52,656,750 91,067,250 Deferred financing costs, net on credit facility (2) (293,290 ) (845,152 ) Credit facility, net $ 52,363,460 $ 90,222,098 ___________ (1) Each property is pledged as collateral for repayment of all amounts advanced under the credit facility. (2) Accumulated amortization related to deferred financing costs for the credit facility as of December 31, 2018 and 2017 , was $294,250 and $390,241 , respectively.
Summary of Aggregate Maturities	he following is a summary of the Company’s aggregate maturities as of December 31, 2018 : Maturities During the Years Ending December 31, Contractual Obligation Total 2019 2020 2021 2022 2023 Thereafter Principal payments on outstanding debt obligations (1) $ 697,427,039 $ 51,047,863 $ 41,811,837 $ 70,095,167 $ 31,701,112 $ 216,630,812 $ 286,140,248 ________________ (1) Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the amortization of the deferred financing costs and debt premiums associated with certain notes payable.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of Restricted Stock Issued to Independent Directors as Compensation	for the years ended December 31, 2018 , 2017 and 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: 2018 2017 2016 Nonvested shares at the beginning of the year 11,875 11,875 11,250 Granted shares 7,500 7,500 7,500 Vested shares (8,125 ) (7,500 ) (6,875 ) Nonvested shares at the end of the year 11,250 11,875 11,875 The weighted average fair value of restricted stock issued to the Company’s independent directors for the years ended December 31, 2018 , 2017 and 2016 is as follows: Grant Year Weighted Average Fair Value 2016 $ 11.44 2017 11.65 2018 9.84
Schedule of Repurchase Prices Under Share Repurchase Plan	Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of Estimated Value per Share (2) 2 years 95.0% of Estimated Value per Share (2) 3 years 97.5% of Estimated Value per Share (2) 4 years 100.0% of Estimated Value per Share (2) In the event of a stockholder’s death or disability (3) Average Issue Price for Shares (4) The Company’s board of directors elected to suspend the Company’s share repurchase program, effective April 28, 2018. The board of directors of the Company subsequently determined to reinstate and amend the terms of the Company’s share repurchase program, effective May 20, 2018. Pursuant to the amended and reinstated share repurchase program, the revised repurchase price is equal to 93% of the most recently publicly disclosed estimated value per share. From May 20, 2018 to December 31, 2018 , the share repurchase price was $9.15 per share, which represents 93% of the estimated value per share of $9.84 , as determined by the Company’s board of directors. The share repurchase price is further reduced based on how long the stockholder has held the shares as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of the Share Repurchase Price (2) 2 years 95.0% of the Share Repurchase Price (2) 3 years 97.5% of the Share Repurchase Price (2) 4 years 100.0% of the Share Repurchase Price (2) In the event of a stockholder’s death or disability (3) Average Issue Price for Shares (4) ________________ (1) As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock. (2) The “Share Repurchase Price” shall equal 93% of the Estimated Value per Share. The “Estimated Value per Share” equals 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 repurchase 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 repurchased upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
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 income (loss) attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share (“EPS”) for the years ended December 31, 2018 , 2017 and 2016 : Years Ended December 31, 2018 2017 2016 Net income (loss) attributable to the Company $ 89,083,552 $ 72,473,867 $ (25,579,651 ) Less: dividends declared on participating securities 7,548 9,323 183,805 Net income (loss) attributable to common stockholders 89,076,004 72,464,544 (25,763,456 ) Weighted average common shares outstanding — basic 75,049,667 75,794,705 76,195,083 Weighted average common shares outstanding — diluted 75,062,053 75,807,710 76,195,083 Earnings (loss) per common share — basic and diluted $ 1.19 $ 0.96 $ (0.34 )

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Schedule of Amounts Attributable to the Advisor and its Affiliates	Amounts attributable to the Advisor and its affiliates incurred (earned) for the years ended December 31, 2018 , 2017 and 2016 are as follows: Incurred (Earned) For the Year Ended December 31, 2018 2017 2016 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 9,799,335 $ 13,823,000 $ 14,075,818 Acquisition fees (1) — — 960 Acquisition expenses (2) 444,475 — — Property management: Fees (1) 4,059,216 6,278,850 6,406,479 Reimbursement of onsite personnel (3) 12,857,437 18,716,284 18,751,492 Other fees (1) 1,598,991 1,771,620 1,673,724 Other fees - property operations (3) 138,235 170,067 — Other fees - G&A (2) 86,542 133,419 168,037 Other operating expenses (2) 988,367 1,244,264 1,232,493 Disposition fees (4) 5,893,800 6,706,200 — Disposition transaction costs (4) 84,222 56,922 — Loan coordination fee (1) 422,160 86,675 3,283,737 Property insurance (5) 1,597,712 1,285,490 311,794 Insurance proceeds (6) (75,000 ) (102,147 ) (113,853 ) Consolidated Balance Sheets: Capitalized Construction management: Fees (7) 209,829 526,866 1,493,999 Reimbursement of labor costs (7) 95,631 239,015 367,204 Capital expenditures (7) 39,680 74,709 17,654 Deferred financing costs (8) — 12,930 139,229 Capitalized costs on investment in unconsolidated joint venture (9) 58,386 65,113 — Acquisition expenses (10) 245,048 3,226 — Acquisition fees (10) 705,722 — — $ 39,249,788 $ 51,092,503 $ 47,808,767 ________________ (1) Included in fees to affiliates in the accompanying consolidated statements of operations. (2) Included in general and administrative expenses in the accompanying consolidated statements of operations. Reflects acquisition expenses that did not meet the capitalization criteria under ASU 2017-01. (3) Included in operating, maintenance and management in the accompanying consolidated statements of operations. (4) Included in gain on sales of real estate, net in the accompanying consolidated statements of operations. (5) Property related insurance expense and the amortization of the prepaid insurance deductible account are included in general and administrative expenses in the accompanying consolidated statements of operations. The amortization of the prepaid property insurance is included in operating, maintenance and management expenses in the accompanying consolidated statements of operations. The prepaid insurance is included in other assets in the accompanying consolidated balance sheets upon payment. (6) Included in tenant reimbursements and other in the accompanying consolidated statements of operations. (7) Included in building and improvements in the accompanying consolidated balance sheets. (8) Included in mortgage notes payable, net in the accompanying consolidated balance sheets. (9) Included in investment in unconsolidated joint venture in the accompanying consolidated balance sheets. (10) Included in total real estate, cost in the accompanying consolidated balance sheets. Reflects acquisition expenses that did meet the capitalization criteria under ASU 2017-01. Amounts attributable to the Advisor and its affiliates paid (received) for the years ended December 31, 2018 , 2017 and 2016 are as follows: Paid (Received) For the Year Ended December 31, 2018 2017 2016 Consolidated Statements of Operations: Expensed Investment management fees $ 8,158,850 $ 15,008,001 $ 14,060,587 Acquisition fees — — 960 Acquisition expenses 233,287 — — Property management: Fees 4,126,954 6,410,591 6,392,550 Reimbursement of onsite personnel 13,040,470 18,748,974 18,650,009 Other fees 1,604,623 1,781,318 1,671,282 Other fees - property operations 138,235 170,067 — Other fees - G&A 86,542 133,419 168,037 Other operating expenses 960,376 1,341,997 1,098,568 Disposition fees 4,407,675 6,139,575 — Disposition transaction costs 84,222 56,922 — Loan coordination fee 508,835 — 3,283,737 Property insurance 1,555,825 1,322,247 361,490 Insurance proceeds — (102,147 ) (113,853 ) Consolidated Balance Sheets: Capitalized Construction management: Fees 213,652 536,866 1,548,701 Reimbursement of labor costs 95,730 245,889 474,155 Capital expenditures 39,680 74,709 17,654 Deferred financing costs — 12,930 139,229 Capitalized costs on investment in unconsolidated joint venture 58,386 65,113 — Acquisition expenses 245,048 3,226 — Acquisition fees 705,722 — — $ 36,264,112 $ 51,949,697 $ 47,753,106 Amounts attributable to the Advisor and its affiliates that are payable (prepaid/receivable) as of December 31, 2018 and 2017 are as follows: Payable (Prepaid/Receivable) as of December 31, 2018 2017 Consolidated Statements of Operations: Expensed Investment management fees $ 1,640,485 $ — Acquisition expenses 211,188 — Property management: Fees 334,577 402,315 Reimbursement of onsite personnel 589,551 772,584 Other fees 39,349 44,981 Other operating expenses 115,212 87,221 Disposition fees 2,052,750 566,625 Loan coordination fee — 86,675 Property insurance (119,055 ) (160,942 ) Insurance proceeds (75,000 ) — Consolidated Balance Sheets: Capitalized Construction management: Fees 2,608 6,431 Reimbursement of labor costs 198 297 $ 4,791,863 $ 1,806,187

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivative Instruments	The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at December 31, 2018 and 2017 : December 31, 2018 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 6/1/2019 - 7/1/2021 One-Month LIBOR 10 $ 283,654,000 2.52 % 2.81 % $ 117,678 December 31, 2017 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 1/1/2018 - 10/1/2019 One-Month LIBOR 18 $ 458,655,000 1.56 % 2.89 % $ 51,646

Selected Quarterly Results (u_2

Selected Quarterly Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of Unaudited Quarterly Financial Information	Presented below is a summary of the Company’s unaudited quarterly financial information for the years ended December 31, 2018 and 2017 : First Quarter Second Quarter Third Quarter Fourth Quarter Total 2018 Revenues $ 35,454,927 $ 34,057,008 $ 36,241,718 $ 36,235,206 $ 141,988,859 Net income (loss) 73,280,028 (7,965,511 ) (6,456,722 ) 30,225,757 89,083,552 Income (loss) per common share, basic and diluted 0.97 (0.11 ) (0.09 ) 0.42 1.19 Distributions declared per common share 0.177 1.153 0.140 0.140 1.610 2017 Revenues $ 54,280,265 $ 55,118,406 $ 55,592,107 $ 47,978,462 $ 212,969,240 Net (loss) income (5,644,875 ) (5,656,573 ) (2,326,578 ) 86,101,893 72,473,867 (Loss) income per common share, basic and diluted (0.07 ) (0.07 ) (0.03 ) 1.14 0.96 Distributions declared per common share 0.177 0.179 0.181 0.181 0.718

Organization and Business - Nar

Organization and Business - Narrative (Details)	Jul. 10, 2009USD ($)shares	Jun. 12, 2009USD ($)$ / sharesshares	Dec. 31, 2018ft²Investmentapartmentproperty$ / sharesshares	Dec. 31, 2009shares	Jun. 30, 2018$ / shares	Mar. 31, 2018$ / shares	Mar. 13, 2018$ / shares	Dec. 31, 2017shares
Class of Stock [Line Items]
Number of multifamily real estate properties owned | property			2
Number of units in real estate property (in number of units or apartments) | apartment			744
Residential Real Estate [Member]
Class of Stock [Line Items]
Number of multifamily real estate properties owned | property			35
Number of units in real estate property (in number of units or apartments) | apartment			9,442
Commercial Real Estate [Member]
Class of Stock [Line Items]
Number of multifamily real estate properties owned | property			2
Net rentable area (in square feet) | ft²			21,130
Advisor [Member]
Class of Stock [Line Items]
Investment from advisor | $	$ 1,000
Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares			$ 9.24		$ 10.24	$ 10.24	$ 9.24
Stock issued to advisor (in shares)			74,650,139					75,479,409
Common Stock [Member] | Sponsor [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)		22,223		22,223
Share price (in dollars per share) | $ / shares		$ 9
Proceeds from issuance of common stock | $		$ 200,007
Convertible Stock [Member]
Class of Stock [Line Items]
Stock issued to advisor (in shares)			1,000					1,000
Convertible Stock [Member] | Advisor [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)			1,000	1,000
Stock issued to advisor (in shares)	1,000
BREIT Steadfast MF JV LP [Member]
Class of Stock [Line Items]
Ownership percentage			10.00%
BREIT Steadfast MF JV LP [Member] | Residential Real Estate [Member]
Class of Stock [Line Items]
Number of multifamily real estate properties owned | property			20
Number of Joint Ventures | Investment			1
Number of units in real estate property (in number of units or apartments) | apartment			4,584

Organization and Business - N_2

Organization and Business - Narrative - Private Offering (Details) - USD ($)	9 Months Ended	12 Months Ended
	Jul. 09, 2010	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Mar. 13, 2018	Oct. 13, 2009
Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share)		$ 9.24	$ 10.24	$ 10.24	$ 9.24
Private Offering [Member]
Class of Stock [Line Items]
Proceeds from issuance of common stock		$ 2,000,000
Private Offering [Member] | Common Stock [Member]
Class of Stock [Line Items]
Values of shares in private offering, up to						$ 94,000,000
Share price (in dollars per share)						$ 9.4
Issuance of common stock (in shares)	637,279
Proceeds from issuance of common stock	$ 5,844,325

Organization and Business - N_3

Organization and Business - Narrative - Public Offering (Details) - USD ($)	May 02, 2018	Mar. 20, 2018	Mar. 13, 2018	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 20, 2013	Dec. 31, 2017	Mar. 13, 2019	May 09, 2018	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 10, 2012	Jul. 19, 2010	Jul. 23, 2009
Class of Stock [Line Items]
Common stock, estimated value, per share (in dollars per share)																	$ 9.84
Distributions declared per common share (in dollars per share)				$ 0.140	$ 0.140	$ 1.153	$ 0.177	$ 0.181	$ 0.181	$ 0.179	$ 0.177	$ 1.610	$ 0.718
Common share, distribution rate per share per day, declared (in dollars per share)			$ 0.00151890410958904		0.001519	0.001683	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
Public Offering [Member]
Class of Stock [Line Items]
Stock issued during period, shares, new issues (in shares)														76,095,116
Proceeds from issuance of common stock														$ 769,573,363
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)														4,073,759
Proceeds from issuance of common stock, dividend reinvestment plan														$ 39,580,847
Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share)			$ 9.24	$ 9.24		$ 10.24	10.24					$ 9.24
Common stock, estimated value, per share (in dollars per share)								$ 10.84					$ 10.84		$ 10.84			$ 11.65	$ 11.44	$ 10.35
Common share, distribution rate per share per day, declared (in dollars per share)					$ 0.001519		$ 0.001964
Common stock, distribution rate, percentage		6.00%			6.00%	6.00%	7.00%
Common Stock [Member] | Primary Offering [Member]
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance, maximum (in shares)																						150,000,000
Share price (in dollars per share)																						$ 10
Common Stock [Member] | Public Offering [Member]
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance, distribution reinvestment plan, up to (in shares)																						15,789,474
Share price, distribution reinvestment plan (in dollars per share)																						$ 9.5
Dividend Paid [Member]
Class of Stock [Line Items]
Distributions declared per common share (in dollars per share)	$ 1
Subsequent Event [Member]
Class of Stock [Line Items]
Share price (in dollars per share)																$ 9.40349170419484
Subsequent Event [Member] | Common Stock [Member]
Class of Stock [Line Items]
Common stock, estimated value, per share (in dollars per share)																$ 9.40

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Useful Lives of Assets by Class (Details)	12 Months Ended
	Dec. 31, 2018
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	27 years 6 months
Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	25 years
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative - Real Estate Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Impairment of real estate assets	$ 0	$ 0	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Narrative - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2018
Maximum [Member]
Operating Leased Assets [Line Items]
Operating lease term	1 year

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Narrative - Restricted Cash (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Restricted cash, excluding restricted cash held-for-sale	$ 12,114,277	$ 28,959,004
Restricted cash and cash equivalents, held by intermediaries for purposes of facilitating a 1031 exchange	0	17,197,810
Restricted cash and cash equivalents, debt covenant, held in impound for future expenses	12,114,277	11,761,194
Beginning cash balances included in assets held for sale	$ 4,908,519	$ 12,086,960	$ 0

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Restricted Cash (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Cash and cash equivalents	$ 142,078,166	$ 171,228,485	$ 66,224,027
Restricted cash	12,114,277	33,867,523	27,553,851
Total cash, cash equivalents and restricted cash	$ 154,192,443	$ 205,096,008	$ 93,777,878	$ 59,777,393

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Summary of Assets Required to be Measured at Fair Value on a Recurring Basis (Details) - Interest Rate Cap [Member] - Fair Value, Measurements, Recurring [Member] - USD ($)	Dec. 31, 2018	Dec. 31, 2017
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	117,678	51,646
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate cap agreements	$ 0	$ 0

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Narrative - Fair Value of Financial Instruments (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable, net	$ 641,138,114	$ 555,581,831
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable at fair value	681,095,544	878,004,294
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable, net	$ 693,501,574	$ 875,785,938

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Narrative - Distribution Policy (Details) - $ / shares	May 02, 2018	Mar. 13, 2018	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Distributions declared per common share (in dollars per share)			$ 0.140	$ 0.140	$ 1.153	$ 0.177	$ 0.181	$ 0.181	$ 0.179	$ 0.177	$ 1.610	$ 0.718
Common share, distribution rate per share per day, declared (in dollars per share)		$ 0.00151890410958904		$ 0.001519	$ 0.001683	$ 0.001964
Dividend Paid [Member]
Related Party Transaction [Line Items]
Distributions declared per common share (in dollars per share)	$ 1

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Narrative - Operating Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Other operating expense reimbursement, percentage of average invested assets, threshold	2.00%
Other operating expense reimbursement, percentage of net income, threshold	25.00%
Due to affiliates	$ 4,985,918	$ 1,967,129
Advisor [Member]
Related Party Transaction [Line Items]
Due to affiliates	115,212
Advisor [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 4,717,463

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Narrative - Income Taxes (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Liability for uncertain tax positions	$ 0	$ 0

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Narrative - Segment Disclosure (Details)	12 Months Ended
	Dec. 31, 2018segment
Accounting Policies [Abstract]
Number of reportable segments	1

Real Estate - Schedule of Purch

Real Estate - Schedule of Purchase Price Allocation (Details)	Dec. 31, 2018USD ($)apartment
Business Acquisition [Line Items]
Units | apartment	744
Land	$ 19,070,176
Buildings and Improvements	114,648,982
Tenant Origination and Absorption Costs	1,766,904
Total Purchase Price	$ 135,486,062
Double Creek Flats Property [Member]
Business Acquisition [Line Items]
Units | apartment	240
Land	$ 1,306,880
Buildings and Improvements	30,081,288
Tenant Origination and Absorption Costs	463,911
Total Purchase Price	$ 31,852,079
Jefferson at Perimeter Apartments [Member]
Business Acquisition [Line Items]
Units | apartment	504
Land	$ 17,763,296
Buildings and Improvements	84,567,694
Tenant Origination and Absorption Costs	1,302,993
Total Purchase Price	$ 103,633,983

Real Estate - Narrative (Detail

Real Estate - Narrative (Details)

Dec. 21, 2018USD ($)

Dec. 12, 2018USD ($)

Nov. 30, 2018USD ($)

Feb. 28, 2018USD ($)

Jan. 31, 2018USD ($)apartment_community

Jan. 05, 2018USD ($)

Nov. 15, 2017USD ($)apartment_community

Nov. 10, 2017apartment_community

Mar. 14, 2014USD ($)apartment

Dec. 19, 2013USD ($)apartment

Nov. 20, 2013USD ($)apartment

Sep. 30, 2013USD ($)apartment

Jun. 18, 2013USD ($)apartment

Nov. 30, 2012USD ($)apartment

Dec. 31, 2018USD ($)ft²apartmentpropertycustomer

Dec. 31, 2017USD ($)customer

Dec. 31, 2016USD ($)

Jul. 03, 2013USD ($)

May 16, 2014USD ($)

Real Estate Properties [Line Items]

Payments to acquire real estate

$ 9,564,647

$ 16,401,961

$ 28,268,601

Number of multifamily real estate properties owned | property

2

Number of units in real estate property (in number of units or apartments) | apartment

744

Purchase price

$ 1,017,661,219

Average percentage of real estate portfolio occupied

94.30%

93.80%

Average monthly collected rent

$ 1,068

$ 1,037

Depreciation and amortization

$ 46,109,794

$ 67,755,152

69,513,484

Customer Concentration Risk [Member] | Tenant [Member]

Real Estate Properties [Line Items]

Number of tenant representing over 10% of Company's annualized base rent | customer

0

0

Accounts Payable and Accrued Liabilities [Member]

Real Estate Properties [Line Items]

Security deposit liability

$ 2,868,600

$ 3,339,602

Maximum [Member]

Real Estate Properties [Line Items]

Operating lease term

1 year

Residential Real Estate [Member]

Real Estate Properties [Line Items]

Number of multifamily real estate properties owned | property

35

Number of units in real estate property (in number of units or apartments) | apartment

9,442

Percentage of units leased

95.50%

Operating leases, revenue, percentage

99.00%

99.00%

Residential Real Estate [Member] | Maximum [Member]

Real Estate Properties [Line Items]

Operating lease term

12 months

Commercial Real Estate [Member]

Real Estate Properties [Line Items]

Number of multifamily real estate properties owned | property

2

Net rentable area (in square feet) | ft²

21,130

Operating leases, revenue, percentage

1.00%

1.00%

Commercial Real Estate [Member] | Minimum [Member]

Real Estate Properties [Line Items]

Operating lease term

4 months 29 days

Commercial Real Estate [Member] | Maximum [Member]

Real Estate Properties [Line Items]

Operating lease term

6 years 3 months

Building and Improvements [Member]

Real Estate Properties [Line Items]

Depreciation

$ 44,189,723

$ 67,601,984

69,360,316

Tenant Origination and Absorption Cost [Member]

Real Estate Properties [Line Items]

Amortization

$ 1,766,904

Weighted-average amortization period

1 year

Real Estate Investment [Member]

Real Estate Properties [Line Items]

Amortization

0

Other Intangible Assets [Member]

Real Estate Properties [Line Items]

Amortization

$ 153,167

153,168

153,168

Weighted-average amortization period

18 years 2 months 1 day

Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member]

Real Estate Properties [Line Items]

Gain on sale

$ 38,523,427

SIR Land Holdings, LLC [Member] | Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member]

Real Estate Properties [Line Items]

Number of properties contributed | apartment_community

8

12

20

Ownership percentage

10.00%

BREIT LP [Member] | Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member]

Real Estate Properties [Line Items]

Ownership percentage

90.00%

First Closing Properties [Member] | Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member]

Real Estate Properties [Line Items]

Payments to acquire real estate

$ 318,576,792

Proceeds from sale

$ 335,430,000

Gain on sale

76,135,530

Second Closing Properties [Member] | Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member]

Real Estate Properties [Line Items]

Payments to acquire real estate

$ 117,240,032

Ownership percent sold

90.00%

Proceeds from sale

$ 125,370,000

Discontinued Operations, Disposed of by Sale [Member]

Real Estate Properties [Line Items]

Depreciation and amortization

$ 4,391,426

$ 30,106,602

$ 32,827,001

Discontinued Operations, Disposed of by Sale [Member] | The Moorings Property [Member]

Real Estate Properties [Line Items]

Number of units in real estate property (in number of units or apartments) | apartment

216

Payments to Acquire Businesses, Gross

$ 20,250,000

Consideration

$ 28,100,000

Gross profit (loss)

$ 9,658,823

Discontinued Operations, Disposed of by Sale [Member] | Arrowhead Property [Member]

Real Estate Properties [Line Items]

Number of units in real estate property (in number of units or apartments) | apartment

200

Payments to Acquire Businesses, Gross

$ 16,750,000

Consideration

$ 23,600,000

Gross profit (loss)

$ 8,928,691

Discontinued Operations, Disposed of by Sale [Member] | Willow Crossing [Member]

Real Estate Properties [Line Items]

Number of units in real estate property (in number of units or apartments) | apartment

579

Payments to Acquire Businesses, Gross

$ 58,000,000

Consideration

$ 79,000,000

Gross profit (loss)

$ 24,136,113

Discontinued Operations, Disposed of by Sale [Member] | Mapleshade Park [Member]

Real Estate Properties [Line Items]

Number of units in real estate property (in number of units or apartments) | apartment

148

Payments to Acquire Businesses, Gross

$ 23,325,000

Consideration

$ 30,750,000

Gross profit (loss)

$ 9,628,549

Discontinued Operations, Disposed of by Sale [Member] | Echo at Katy Ranch [Member]

Real Estate Properties [Line Items]

Number of units in real estate property (in number of units or apartments) | apartment

260

Payments to Acquire Businesses, Gross

$ 35,100,000

Consideration

$ 35,100,000

Gross profit (loss)

$ 5,072,584

Discontinued Operations, Disposed of by Sale [Member] | Heights at 2121 [Member]

Real Estate Properties [Line Items]

Number of units in real estate property (in number of units or apartments) | apartment

504

Payments to Acquire Businesses, Gross

$ 37,000,000

Consideration

$ 47,000,000

Gross profit (loss)

14,394,129

Discontinued Operations, Disposed of by Sale [Member] | The Lodge at Trails Edge [Member]

Real Estate Properties [Line Items]

Number of units in real estate property (in number of units or apartments) | apartment

268

Payments to Acquire Businesses, Gross

$ 18,400,000

Consideration

24,000,000

Gross profit (loss)

$ 7,873,302

Real Estate - Schedule of Accum

Real Estate - Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Investments in real estate	$ 1,050,883,654	$ 908,595,982
Less: Accumulated depreciation and amortization	(203,993,817)	(164,048,221)
Net investments in real estate and related lease intangibles	846,889,837	744,547,761
Land [Member]
Real Estate Properties [Line Items]
Investments in real estate	105,754,646	86,684,470
Less: Accumulated depreciation and amortization	0	0
Net investments in real estate and related lease intangibles	105,754,646	86,684,470
Building and Improvements [Member]
Real Estate Properties [Line Items]
Investments in real estate	942,484,745	819,267,249
Less: Accumulated depreciation and amortization	(203,141,450)	(163,349,022)
Net investments in real estate and related lease intangibles	739,343,295	655,918,227
Other Intangible Assets [Member]
Real Estate Properties [Line Items]
Investments in real estate	2,644,263	2,644,263
Less: Accumulated depreciation and amortization	(852,367)	(699,199)
Net investments in real estate and related lease intangibles	1,791,896	1,945,064
Real Estate Investment [Member]
Real Estate Properties [Line Items]
Investments in real estate	1,050,883,654	908,595,982
Less: Accumulated depreciation and amortization	(203,993,817)	(164,048,221)
Net investments in real estate and related lease intangibles	846,889,837	744,547,761
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Real Estate Investment [Member]
Real Estate Properties [Line Items]
Investments in real estate	0	339,701,002
Less: Accumulated depreciation and amortization	0	(57,533,433)
Net investments in real estate and related lease intangibles	$ 0	$ 282,167,569

Real Estate - Schedule of Futur

Real Estate - Schedule of Future Amortization of Acquired Other Intangible Assets (Details) - Other Intangible Assets [Member]	Dec. 31, 2018USD ($)
Finite-Lived Intangible Assets [Line Items]
2019	$ 153,168
2020	153,168
2021	153,168
2022	153,168
2023	153,168
Thereafter	1,026,056
Future amortization of acquired other intangible assets	$ 1,791,896

Real Estate - Schedule of Fut_2

Real Estate - Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants (Details)	Dec. 31, 2018USD ($)
Real Estate [Abstract]
2019	$ 264,858
2020	218,313
2021	220,535
2022	138,844
2023	81,202
Thereafter	104,299
Total future minimum rental receipts	$ 1,028,051

Real Estate - Joint Venture Arr

Real Estate - Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. (Details)	Jan. 31, 2018apartment_community	Nov. 15, 2017USD ($)apartment_community	Nov. 10, 2017apartment_community	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jul. 03, 2013USD ($)	May 16, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Payments to acquire real estate				$ 9,564,647	$ 16,401,961	$ 28,268,601
Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Gain on sale		$ 38,523,427
First Closing Properties [Member] | Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Payments to acquire real estate								$ 318,576,792
Proceeds from sale		335,430,000
Gain on sale		76,135,530
Second Closing Properties [Member] | Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Payments to acquire real estate							$ 117,240,032
Ownership percent sold	90.00%
Proceeds from sale		$ 125,370,000
SIR Land Holdings, LLC [Member] | Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Number of properties contributed | apartment_community	8	12	20
Ownership percentage			10.00%
BREIT LP [Member] | Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage			90.00%

Real Estate - Schedule of Prope

Real Estate - Schedule of Property Dispositions (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental income									$ 124,498,400	$ 188,019,112	$ 192,088,348
Tenant reimbursements and other									17,490,459	24,950,128	26,149,184
Total revenues	$ 36,235,206	$ 36,241,718	$ 34,057,008	$ 35,454,927	$ 47,978,462	$ 55,592,107	$ 55,118,406	$ 54,280,265	141,988,859	212,969,240	218,237,532
Operating, maintenance and management									38,512,239	58,347,903	57,832,187
Real estate taxes and insurance									24,230,326	35,114,937	36,507,827
Fees to affiliates									15,879,702	21,960,145	25,440,718
Depreciation and amortization									46,109,794	67,755,152	69,513,484
Interest expense									33,158,759	44,114,130	41,772,682
Loss on debt extinguishment									3,621,665	2,380,051	4,932,369
General and administrative expenses									6,269,238	6,732,330	7,817,916
Total expenses									167,781,723	236,404,648	243,817,183
Discontinued Operations, Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental income									15,419,070	86,308,663	90,745,815
Tenant reimbursements and other									2,387,947	12,181,764	12,559,674
Total revenues									17,807,017	98,490,427	103,305,489
Operating, maintenance and management									6,071,075	28,762,439	28,943,711
Real estate taxes and insurance									3,085,761	17,266,260	18,011,156
Fees to affiliates									755,971	3,832,896	3,950,983
Depreciation and amortization									4,391,426	30,106,602	32,827,001
Interest expense									3,731,580	19,344,126	18,120,461
Loss on debt extinguishment									3,346,271	2,387,552	1,569,888
General and administrative expenses									584,621	1,217,005	1,168,334
Total expenses									$ 21,966,705	$ 102,916,880	$ 104,591,534

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Venture - Narrative (Details)	Nov. 10, 2017	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)apartment	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Number of units in real estate property (in number of units or apartments) | apartment			744
Cash distributions from unconsolidated joint venture			$ 530,100	$ 0	$ 0
BREIT Steadfast MF JV LP [Member]
Schedule of Equity Method Investments [Line Items]
Noncash or Part Noncash Acquisition, Interest Acquired	10.00%
Book value of joint venture		$ 8,133,156	14,085,399	8,133,156
Outside difference		5,515,754	7,640,166	5,515,754
Amortization of the basis difference		$ 106,519	$ 594,886	$ 106,519
BREIT LP [Member] | BREIT Steadfast MF JV LP [Member]
Schedule of Equity Method Investments [Line Items]
Noncash or Part Noncash Acquisition, Interest Acquired	90.00%

Investment in Unconsolidated _4

Investment in Unconsolidated Joint Venture - Schedule of Financial Information of Joint Venture (Details) - USD ($)	2 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Company's Proportional Share:
Equity in loss of unconsolidated joint venture		$ (3,339,202)	$ (663,896)	$ 0
BREIT Steadfast MF JV LP [Member]
Assets:
Real estate assets, net	$ 374,277,205	493,776,142	374,277,205
Other assets	15,328,440	24,091,229	15,328,440
Total assets	389,605,645	517,867,371	389,605,645
Liabilities and equity:
Notes payable, net	264,558,057	340,840,505	264,558,057
Other liabilities	11,525,292	21,501,680	11,525,292
Company’s capital	11,352,230	15,552,513	11,352,230
Other partner’s capital	102,170,066	139,972,673	102,170,066
Total liabilities and equity	389,605,645	517,867,371	389,605,645
Income Statement:
Revenues	5,756,455	60,210,288
Expenses	11,330,228	87,653,451
Net loss	(5,573,773)	(27,443,163)
Company's Proportional Share:
Company’s proportional net loss	(557,377)	(2,744,316)
Amortization of outside basis	(106,519)	(594,886)	$ (106,519)
Equity in loss of unconsolidated joint venture	$ (663,896)	$ (3,339,202)

Other Assets - Other Assets (De

Other Assets - Other Assets (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 1,866,024	$ 2,132,212
Interest rate cap agreements	117,678	51,646
Deposits	714,736	1,074,726
Other assets	$ 2,698,438	$ 3,258,584

Debt - Summary of Notes Payable

Debt - Summary of Notes Payable Secured by Real Property (Details)	12 Months Ended
	Dec. 31, 2018USD ($)instrument	Dec. 31, 2017USD ($)instrument
Debt Instrument [Line Items]
Principal Outstanding	$ 641,138,114	$ 555,581,831
Deferred financing costs	(4,227,995)
Total notes payable, net	$ 693,501,574	$ 875,785,938
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	30	46
Weighted Average Interest Rate	4.27%	3.87%
Principal Outstanding	$ 644,770,289	$ 789,154,854
Unamortized Portion of Net Debt Premium	302,530	673,653
Deferred financing costs	(3,934,705)	(4,264,667)
Total notes payable, net	641,138,114	785,563,840
Debt premiums	(960,519)	(2,468,041)
Debt issuance costs	$ (2,929,134)	$ (3,951,049)
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	20	32
Weighted Average Interest Rate	3.95%	3.89%
Principal Outstanding	$ 361,723,899	$ 416,673,854
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.19%	3.19%
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.48%	5.75%
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	10	14
Weighted Average Interest Rate	4.69%	3.86%
Principal Outstanding	$ 283,046,390	$ 372,481,000
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Variable Rate	2.02%	1.65%
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Variable Rate	2.50%	2.65%

Debt - Narrative (Details)

Debt - Narrative (Details)	Jul. 29, 2016USD ($)	Jun. 30, 2016USD ($)subsidiary	Sep. 29, 2016USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Revolving credit facility				$ 52,363,460	$ 90,222,098
Interest expense				33,158,759	44,114,130	$ 40,631,593
Amortization of deferred financing costs				1,056,249	1,839,952	1,723,186
Amortization of debt premium (discount)				270,792	1,129,960	1,243,385
Unrealized loss on derivatives				157,268	604,545	(61,698)
Interest paid, net of amounts capitalized of $0, $0 and $80,166 for the years ended December 31, 2018, 2017 and 2016, respectively				0	0	80,166
Costs associated with refinancing				398,781	0	1,221,254
Real Estate [Member]
Debt Instrument [Line Items]
Interest paid, net of amounts capitalized of $0, $0 and $80,166 for the years ended December 31, 2018, 2017 and 2016, respectively				0	0	80,166
Accounts Payable and Accrued Liabilities [Member]
Debt Instrument [Line Items]
Interest payable				2,520,324	2,766,036
Interest Rate Cap [Member]
Debt Instrument [Line Items]
Unrealized loss on derivatives				157,268	604,545	(61,698)
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Number of subsidiaries involved as borrowers on debt | subsidiary		14
Extinguishment of debt, amount		$ 283,313,677	$ 61,575,025
Amortization of debt premium (discount)				$ 270,792	1,129,960	$ 1,243,385
Notes Payable to Banks [Member] | Refinancing Transactions Loan Agreement [Member]
Debt Instrument [Line Items]
Face amount		$ 358,002,000	$ 63,620,600
Notes Payable to Banks [Member] | Refinancing Transactions Loan Agreement [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.31%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility					$ 0
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.05%
Maximum borrowing capacity	$ 350,000,000
Minimum [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.73%
Maximum [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.93%

Debt - Schedule of Advances Und

Debt - Schedule of Advances Under Credit Facility, by Property (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Subtotal	$ 697,427,039
Total notes payable, net	693,501,574	$ 875,785,938
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Subtotal	52,656,750	91,067,250
Deferred financing costs, net on credit facility	(293,290)	(845,152)
Total notes payable, net	52,363,460	90,222,098
Accumulated amortization related to deferred financing costs	(294,250)	(390,241)
Carrington Park at Huffmeister [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Subtotal	0	20,430,500
Carrington Place [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Subtotal	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]
Subtotal	25,121,250	25,121,250
Oak Crossing [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Subtotal	$ 0	$ 17,980,000

Debt - Summary of Aggregate Mat

Debt - Summary of Aggregate Maturities (Details)	Dec. 31, 2018USD ($)
Debt Disclosure [Abstract]
Total	$ 697,427,039
2019	51,047,863
2020	41,811,837
2021	70,095,167
2022	31,701,112
2023	216,630,812
Thereafter	$ 286,140,248

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative - General (Details)	12 Months Ended
	Dec. 31, 2017vote$ / sharesshares	Dec. 31, 2018$ / sharesshares
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) | $ / shares	$ 0.01	$ 0.01
Common stock, votes per share | vote	1
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) | $ / shares	$ 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) | $ / shares	$ 0.01	$ 0.01

Stockholders' Equity - Narrat_2

Stockholders' Equity - Narrative - Common Stock (Details)	Jun. 11, 2014USD ($)$ / sharesshares	Jun. 12, 2009$ / sharesshares	Dec. 31, 2018USD ($)installments$ / shares	Dec. 31, 2017USD ($)vote	Dec. 31, 2016USD ($)	Dec. 31, 2009USD ($)shares	Dec. 31, 2017USD ($)shares	Jun. 30, 2018$ / shares	Mar. 31, 2018$ / shares	Mar. 13, 2018$ / shares
Class of Stock [Line Items]
Common stock, votes per share | vote				1
Issuance of common stock			$ (3,339,202)	$ (663,896)	$ 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			84,866	85,486	76,285
Change in value of restricted common stock to Advisor			0	0	$ 312,353
Advisor [Member] | Advisor [Member]
Class of Stock [Line Items]
Fair value of shares of common stock (in shares)			$ 5,637,207.03125	$ 5,637,207			5,637,207
Advisor [Member] | Restricted Stock Agreement [Member] | Advisor [Member]
Class of Stock [Line Items]
Issuance of restricted common stock to advisor (in shares) | shares	488,281.25
Issuance of restricted common stock to Advisor	$ 5,000,000
Restricted Stock [Member]
Class of Stock [Line Items]
Weighted-average remaining term			1 year 7 months 8 days
Compensation expense related to issuance of restricted common stock not vested			$ 95,955
Restricted Stock [Member] | Advisor [Member] | Tranche One [Member] | Advisor [Member]
Class of Stock [Line Items]
Shares of restricted stock vesting percentage	50.00%
Restricted Stock [Member] | Advisor [Member] | Tranche Two [Member] | Advisor [Member]
Class of Stock [Line Items]
Shares of restricted stock vesting percentage	50.00%
Restricted Stock [Member] | Advisor [Member] | Restricted Stock Agreement [Member] | Advisor [Member]
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares	$ 10.24
Restricted Stock [Member] | Advisor [Member] | Restricted Stock Agreement [Member] | Tranche One [Member] | Advisor [Member]
Class of Stock [Line Items]
Shares of restricted stock vesting percentage					50.00%
Restricted Stock [Member] | Advisor [Member] | Restricted Stock Agreement [Member] | Tranche Two [Member] | Advisor [Member]
Class of Stock [Line Items]
Shares of restricted stock vesting percentage				50.00%
Restricted Stock [Member] | General and Administrative Expense [Member]
Class of Stock [Line Items]
Share-based compensation			84,866	$ 85,486	$ 76,285
Restricted Stock [Member] | General and Administrative Expense [Member] | Advisor [Member] | Advisor [Member]
Class of Stock [Line Items]
Change in value of restricted common stock to Advisor			$ 0	$ 0	$ 312,353
Restricted Stock [Member] | Director [Member]
Class of Stock [Line Items]
Restricted common stock, vesting installments | installments			4
Shares of restricted stock vesting percentage			25.00%
Private Offering and Public Offering [Member]
Class of Stock [Line Items]
Commissions on sales of common stock and related dealer manager fees to affiliates							$ 95,845,468
Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares			$ 9.24					$ 10.24	$ 10.24	$ 9.24
Common Stock [Member] | Sponsor [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares		22,223				22,223
Issuance of common stock						$ 200,007
Share price (in dollars per share) | $ / shares		$ 9
Common Stock [Member] | Private Offering and Public Offering [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares							76,732,395
Proceeds from Issuance of Common Stock, Net of Offering Costs							$ 679,572,220

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Restricted Stock Issued to Independent Directors as Compensation (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares at the beginning of the year (in shares)	11,875	11,875	11,250
Granted shares (in shares)	7,500	7,500	7,500
Vested shares (in shares)	(8,125)	(7,500)	(6,875)
Nonvested shares at the end of the year (in shares)	11,250	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)	$ 9.84	$ 11.65	$ 11.44

Stockholders' Equity - Narrat_3

Stockholders' Equity - Narrative - Convertible Stock (Details)	12 Months Ended
	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2009shares
Class of Stock [Line Items]
Issuance of common stock	$ (3,339,202)	$ (663,896)	$ 0
Advisor [Member] | Convertible Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares	1,000			1,000
Aggregate percentage of cumulative, non-compounded, annual return on the original issue price added to total distributions qualifying for conversion of stock		8.00%
Convertible stock, conversion basis, multiplier	0.001
Convertible stock, percentage applied to the excess of enterprise value, including distributions to date		10.00%
Advisor [Member] | Advisor [Member] | Convertible Stock [Member]
Class of Stock [Line Items]
Convertible stock, redemption amount	$ 1

Stockholders' Equity - Narrat_4

Stockholders' Equity - Narrative - Preferred Stock (Details)	12 Months Ended
	Dec. 31, 2017classshares	Dec. 31, 2018shares
Equity [Abstract]
Preferred stock, number of classes or series the Board of Directors is authorized to classify or reclassify | class	1
Preferred stock, number of classes or series the Board of Directors is authorized to issue | class	1
Preferred stock, shares issued (in shares) | shares	0	0
Preferred stock, shares outstanding (in shares) | shares	0	0

Stockholders' Equity - Narrat_5

Stockholders' Equity - Narrative - Distribution Reinvestment Plan (Details) - Distribution Reinvestment Plan [Member] - USD ($)	Sep. 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 and dealer manager fees payable	$ 0

Stockholders' Equity - Narrat_6

Stockholders' Equity - Narrative - Share Repurchase Plan and Redeemable Common Stock (Details) - Share Repurchase Plan [Member]	12 Months Ended
	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)assetshares	Sep. 30, 2017shares
Class of Stock [Line Items]
Number of company assets sold that constitute a return of capital as a result of such sale. | asset		1
Notice period for amendment, suspension, or termination of stock repurchase plan.	30 days
Common Stock [Member]
Class of Stock [Line Items]
Number of shares that can be repurchased before the first anniversary of date of purchase | shares			0
Share repurchase plan, disability or death holding period exemption period, maximum		2 years
Stock repurchase plan, minimum redemption notice period	15 days
Stock repurchase plan, settlement period	30 days
Minimum number of days prior to repurchase date a repurchase request may be withdrawn		3 days
Shares redeemed (in shares) | shares	836,770	730,953
Stock repurchase plan, stock redeemed, value | $	$ 8,000,000	$ 8,000,000
Stock requested for redemption (in shares) | shares	2,786,995	2,521,337
Stock requested for redemption, value | $	$ 24,955,829	$ 28,904,491
Stock requested for redemption, outstanding (in shares) | shares	5,050,946	3,100,720
Stock requested for redemption, redemptions payable | $	$ 46,417,038	$ 36,198,922
Maximum percentage of weighted average shares outstanding in prior calendar period that may be repurchased in current calendar period	5.00%
Common Stock [Member] | Accounts Payable and Accrued Liabilities [Member]
Class of Stock [Line Items]
Stock requested for redemption, redemptions payable | $	$ 2,000,000

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Repurchase Prices Under Share Repurchase Plan (Details)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Less than 1 year	0.00%
1 year	92.50%
2 years	95.00%
3 years	97.50%
4 years	100.00%

Stockholders' Equity - Schedu_3

Stockholders' Equity - Schedule of Repurchase Prices Under Share Repurchase Plan (Footnote) (Details)	12 Months Ended
	Dec. 31, 2017
Share Repurchase Plan [Member] | Common Stock [Member]
Class of Stock [Line Items]
Required holding period to be eligible to redeem shares under share repurchase plan	1 year

Stockholders' Equity - Narrat_7

Stockholders' Equity - Narrative - Distributions (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Deferred costs	$ 0	$ 0

Stockholders' Equity - Narrat_8

Stockholders' Equity - Narrative - Distributions Declared (Details) - USD ($)	May 02, 2018	Mar. 20, 2018	Mar. 13, 2018	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)			$ 0.00151890410958904		$ 0.001519	$ 0.001683	$ 0.001964
Distributions declared												$ 121,054,857	$ 54,339,823	$ 54,828,267
Distributions payable				$ 3,515,310				$ 4,595,301				$ 3,515,310	$ 4,595,301
Distributions declared per common share (in dollars per share)				$ 0.140	0.140	$ 1.153	0.177	$ 0.181	$ 0.181	$ 0.179	$ 0.177	$ 1.610	$ 0.718
Common Stock [Member]
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)					$ 0.001519		$ 0.001964
Common stock, distribution rate, percentage		6.00%			6.00%	6.00%	7.00%
Share price (in dollars per share)			$ 9.24	$ 9.24		$ 10.24	$ 10.24					$ 9.24
Distributions declared												$ 121,054,857	$ 54,339,823
Distributions payable				$ 3,515,310				$ 4,595,301				$ 3,515,310	$ 4,595,301
Dividend Paid [Member]
Class of Stock [Line Items]
Distributions declared per common share (in dollars per share)	$ 1
Distributions paid, common stock, including distribution reinvestment plan	$ 75,298,163

Stockholders' Equity - Narrat_9

Stockholders' Equity - Narrative - Distributions Paid (Details) - USD ($)	May 02, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017
Class of Stock [Line Items]
Payments of ordinary dividends, common stock		$ 122,134,848	$ 54,369,877	$ 54,871,173
Stock issued during period, dividend reinvestment plan (in shares)					4,073,759
Proceeds from issuance of common stock, dividend reinvestment plan					$ 39,580,847
Dividend Paid [Member]
Class of Stock [Line Items]
Distributions paid, common stock, including distribution reinvestment plan	$ 75,298,163

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Reconciliation of Net Loss Attributable to Common Stockholders and Shares used in Calculating Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Net income (loss) attributable to the Company	$ 30,225,757	$ (6,456,722)	$ (7,965,511)	$ 73,280,028	$ 86,101,893	$ (2,326,578)	$ (5,656,573)	$ (5,644,875)	$ 89,083,552	$ 72,473,867	$ (25,579,651)
Less: dividends declared on participating securities									7,548	9,323	183,805
Net income (loss) attributable to common stockholders									$ 89,076,004	$ 72,464,544	$ (25,763,456)
Weighted average number of common shares outstanding — basic (in shares)									75,049,667	75,794,705	76,195,083
Weighted average number of common shares outstanding — diluted (in shares)									75,062,053	75,807,710	76,195,083
Loss per common share - basic and diluted (in dollars per share)	$ 0.42	$ (0.09)	$ (0.11)	$ 0.97	$ 1.14	$ (0.03)	$ (0.07)	$ (0.07)	$ 1.19	$ 0.96	$ (0.34)

Related Party Arrangements - Sc

Related Party Arrangements - Schedule of Amounts Attributable to the Advisor and its Affiliates - Amounts Incurred, Paid, and Payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Steadfast Income Advisor, LLC [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Incurred in the period	$ 4,717,463
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Incurred in the period	39,249,788	$ 51,092,503	$ 47,808,767
Paid in the period	36,264,112	51,949,697	47,753,106
Payable (Prepaid) at the end of the period	4,791,863	1,806,187
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Investment Management Fees [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	1,640,485	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Acquisition Fees [Member]
Related Party Transaction [Line Items]
Incurred in the period	705,722	0	0
Paid in the period	705,722	0	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Acquisition Expenses [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	211,188	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Fees [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	334,577	402,315
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Reimbursement of Onsite Personnel [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	589,551	772,584
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Other Fees [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	39,349	44,981
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	115,212	87,221
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Disposition Fees [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	2,052,750	566,625
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Refinancing Fee [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	0	86,675
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Prepaid Insurance Deductible Account [Member]
Related Party Transaction [Line Items]
Incurred in the period	1,597,712	1,285,490	311,794
Paid in the period	1,555,825	1,322,247	361,490
Payable (Prepaid) at the end of the period	(119,055)	(160,942)
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Insurance Proceeds [Member]
Related Party Transaction [Line Items]
Payable (Prepaid) at the end of the period	(75,000)	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Construction Management Fees [Member]
Related Party Transaction [Line Items]
Incurred in the period	209,829	526,866	1,493,999
Paid in the period	213,652	536,866	1,548,701
Payable (Prepaid) at the end of the period	2,608	6,431
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Construction Management Reimbursement of Labor Costs [Member]
Related Party Transaction [Line Items]
Incurred in the period	95,631	239,015	367,204
Paid in the period	95,730	245,889	474,155
Payable (Prepaid) at the end of the period	198	297
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Capital Expenditures [Member]
Related Party Transaction [Line Items]
Incurred in the period	39,680	74,709	17,654
Paid in the period	39,680	74,709	17,654
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Deferred Financing Costs [Member]
Related Party Transaction [Line Items]
Incurred in the period	0	12,930	139,229
Paid in the period	0	12,930	139,229
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Capitalized Costs on Investment in Unconsolidated Joint Venture [Member]
Related Party Transaction [Line Items]
Incurred in the period	58,386	65,113	0
Paid in the period	58,386	65,113	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Capitalized Acquisition Expenses [Member]
Related Party Transaction [Line Items]
Incurred in the period	245,048	3,226	0
Paid in the period	245,048	3,226	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Investment Management Fees [Member]
Related Party Transaction [Line Items]
Incurred in the period	9,799,335	13,823,000	14,075,818
Paid in the period	8,158,850	15,008,001	14,060,587
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Acquisition Fees [Member]
Related Party Transaction [Line Items]
Incurred in the period	0	0	960
Paid in the period	0	0	960
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Property Management, Fees [Member]
Related Party Transaction [Line Items]
Incurred in the period	4,059,216	6,278,850	6,406,479
Paid in the period	4,126,954	6,410,591	6,392,550
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Property Management, Other Fees [Member]
Related Party Transaction [Line Items]
Incurred in the period	1,598,991	1,771,620	1,673,724
Paid in the period	1,604,623	1,781,318	1,671,282
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Property Management, Other Fees, Property Operations [Member]
Related Party Transaction [Line Items]
Incurred in the period	138,235	170,067	0
Paid in the period	138,235	170,067	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Property Management, Other Fees, General and Administrative [Member]
Related Party Transaction [Line Items]
Incurred in the period	86,542	133,419	168,037
Paid in the period	86,542	133,419	168,037
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Disposition Transaction Costs [Member]
Related Party Transaction [Line Items]
Incurred in the period	84,222	56,922	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Acquisition Costs [Member] | Acquisition Expenses [Member]
Related Party Transaction [Line Items]
Incurred in the period	444,475	0	0
Paid in the period	233,287	0	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Operating, Maintenance and Management [Member] | Property Management, Reimbursement of Onsite Personnel [Member]
Related Party Transaction [Line Items]
Incurred in the period	12,857,437	18,716,284	18,751,492
Paid in the period	13,040,470	18,748,974	18,650,009
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | General and Administrative Expense [Member] | Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Incurred in the period	988,367	1,244,264	1,232,493
Paid in the period	960,376	1,341,997	1,098,568
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | General and Administrative Expense [Member] | Refinancing Fee [Member]
Related Party Transaction [Line Items]
Incurred in the period	422,160	86,675	3,283,737
Paid in the period	508,835	0	3,283,737
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | General and Administrative Expense [Member] | Insurance Proceeds [Member]
Related Party Transaction [Line Items]
Incurred in the period	75,000	102,147	113,853
Paid in the period	0	(102,147)	(113,853)
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Sales of Real Estate [Member] | Disposition Fees [Member]
Related Party Transaction [Line Items]
Incurred in the period	5,893,800	6,706,200	0
Paid in the period	4,407,675	6,139,575	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Sales of Real Estate [Member] | Disposition Transaction Costs [Member]
Related Party Transaction [Line Items]
Paid in the period	$ 84,222	$ 56,922	$ 0

Related Party Arrangements - Na

Related Party Arrangements - Narrative - Investment Management Fee (Details)	12 Months Ended
	Dec. 31, 2018
Advisor [Member] | Advisor [Member] | Investment Management Fees [Member]
Related Party Transaction [Line Items]
Monthly investment management fee, percentage	0.06667%

Related Party Arrangements - _2

Related Party Arrangements - Narrative - Acquisition Fees and Expenses (Details) - Advisor [Member] - Advisor [Member] - Acquisition Fees and Expenses [Member]	12 Months Ended
	Dec. 31, 2018
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 - _3

Related Party Arrangements - Narrative - Property Management Fees and Expenses (Details) - Steadfast Management Company, Inc. [Member] - Property Management Agreement [Member]	12 Months Ended
	Dec. 31, 2018
Related Party Transaction [Line Items]
Property management agreement, notice of termination breach	30 days
Property Manager [Member]
Related Party Transaction [Line Items]
Property management, oversight fee, percent	1.00%
Property management agreement, initial term	1 year
Property management agreement, notice of termination option	60 days
Property Manager [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Property management fee, percent	2.50%
Property Manager [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Property management fee, percent	3.50%

Related Party Arrangements - _4

Related Party Arrangements - Narrative - Construction Management (Details) - Pacific Coast Land & Construction, Inc. [Member] - Affiliated Entity [Member] - Construction Management Agreement [Member]	12 Months Ended
	Dec. 31, 2018
Related Party Transaction [Line Items]
Construction management agreement, termination notification period	30 days
Minimum [Member]
Related Party Transaction [Line Items]
Construction management fee, percent	6.00%
Maximum [Member]
Related Party Transaction [Line Items]
Construction management fee, percent	12.00%

Related Party Arrangements - _5

Related Party Arrangements - Narrative - Other Operating Expense Reimbursements (Details)	12 Months Ended
	Dec. 31, 2018USD ($)quarter	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
Other operating expense reimbursement, percentage of average invested assets, threshold	2.00%
Other operating expense reimbursement, percentage of net income, threshold	25.00%
Operating expenses	$ 167,781,723	$ 236,404,648	$ 243,817,183
Other Operating Expense Reimbursement [Member]
Related Party Transaction [Line Items]
General and administrative expenses	$ 6,269,238	6,732,330	9,039,171
Operating expenses, percent of average invested assets	0.10%
Operating expenses, percent of net loss	1.10%
Other Operating Expense Reimbursement [Member] | Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Operating expenses	$ 988,367	1,244,264	1,232,493
Overhead expenses	896,144	1,045,532	772,576
Related party transaction, expenses from transactions with related party	$ 0	$ 0	$ 0
Advisor [Member] | Advisor [Member] | Other Operating Expense Reimbursement [Member]
Related Party Transaction [Line Items]
Operating expenses limited, number of quarters | quarter	4
Other operating expense reimbursement, percentage of average invested assets, threshold	2.00%
Other operating expense reimbursement, percentage of net income, threshold	25.00%
Average invested assets, calculation period	12 months

Related Party Arrangements - _6

Related Party Arrangements - Narrative - Disposition Fee (Details)	12 Months Ended
	Dec. 31, 2018$ / shares
Related Party Transaction [Line Items]
Other operating expense reimbursement, percentage of average invested assets, threshold	2.00%
Other operating expense reimbursement, percentage of net income, threshold	25.00%
Advisor [Member] | Advisor [Member] | Disposition Fee [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.50%
Disposition fee, maximum, percentage of sales price	3.00%
Acquisition fees and expenses, maximum, percentage of contract purchase price	6.00%
Disposition fee, maximum brokerage commission paid, percent	50.00%
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 1 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	0.50%
Share price (in dollars per share)	$ 9
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 2 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	0.75%
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 2 [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 9.01
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 2 [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 10.24
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 3 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.00%
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 3 [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 10.25
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 3 [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 11.24
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 4 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.25%
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 4 [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 11.25
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 4 [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 12
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 5 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.50%
Share price (in dollars per share)	$ 12.01
Advisor [Member] | Advisor [Member] | Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Other operating expense reimbursement, percentage of average invested assets, threshold	2.00%
Other operating expense reimbursement, percentage of net income, threshold	25.00%

Related Party Arrangements - _7

Related Party Arrangements - Narrative - Refinancing Fees (Details) - Steadfast Income Advisor, LLC [Member] - Advisor and its Affiliates [Member] - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 39,249,788	$ 51,092,503	$ 47,808,767
General and Administrative Expense [Member] | Refinancing Fee [Member]
Related Party Transaction [Line Items]
Percentage of refinancing amount	0.50%
Related party transaction, expenses from transactions with related party	$ 422,160	$ 86,675	$ 3,283,737

Related Party Arrangements - _8

Related Party Arrangements - Narrative - Restricted Stock Agreement (Details) - Advisor [Member] - Advisor [Member] - USD ($)	Jun. 11, 2014	Dec. 31, 2017	Dec. 31, 2016
Restricted Stock [Member] | Tranche One [Member]
Related Party Transaction [Line Items]
Shares of restricted stock vesting percentage	50.00%
Restricted Stock [Member] | Tranche Two [Member]
Related Party Transaction [Line Items]
Shares of restricted stock vesting percentage	50.00%
Restricted Stock Agreement [Member]
Related Party Transaction [Line Items]
Issuance of restricted common stock to advisor (in shares)	488,281.25
Issuance of restricted common stock to Advisor	$ 5,000,000
Restricted Stock Agreement [Member] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 10.24
Restricted Stock Agreement [Member] | Restricted Stock [Member] | Tranche One [Member]
Related Party Transaction [Line Items]
Shares of restricted stock vesting percentage			50.00%
Restricted Stock Agreement [Member] | Restricted Stock [Member] | Tranche Two [Member]
Related Party Transaction [Line Items]
Shares of restricted stock vesting percentage		50.00%

Related Party Arrangements - _9

Related Party Arrangements - Narrative - Contributions, Settlement and Release Agreements (Details) - Texas Water Code [Member] - Company Subsidiaries and Property Manager [Member]	12 Months Ended
	Dec. 31, 2018USD ($)lawsuit
Related Party Transaction [Line Items]
Number of Class Action Lawsuits | lawsuit	2
Litigation settlement amount	$ 378,405
Loss contingency accrual	$ 305,000

Incentive Award Plan and Inde_2

Incentive Award Plan and Independent Director Compensation - Narrative (Details)	Aug. 09, 2018shares	Aug. 08, 2017shares	Aug. 09, 2016shares	Dec. 31, 2018USD ($)directorshares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of independent directors | director				3
Share-based compensation | $				$ 84,866	$ 85,486	$ 76,285
Private Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock | $				$ 2,000,000
Incentive Award Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)				0	0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)				7,500	7,500	7,500
Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vesting percentage				25.00%
Restricted Stock [Member] | Director [Member] | Re-Election [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	2,500	2,500	2,500	2,500
Restricted Stock [Member] | Independent Directors Compensation Plan [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted common stock, award vesting period				3 years
Restricted Stock [Member] | Independent Directors Compensation Plan [Member] | Director [Member] | Initial Election [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)				5,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Interest Rate Derivative Instruments (Details) - Interest Rate Cap [Member] - Cash Flow Hedging [Member] - Not Designated as Hedging Instrument [Member]	Dec. 31, 2018USD ($)instrument	Dec. 31, 2017USD ($)instrument
Derivative [Line Items]
Number of instruments | instrument	10	18
Notional Amount	$ 283,654,000	$ 458,655,000
Weighted Average Rate Cap	2.81%	2.89%
Fair Value	$ 117,678	$ 51,646
LIBOR [Member]
Derivative [Line Items]
Variable Rate	2.52%	1.56%

Derivative Financial Instrume_4

Derivative Financial Instruments - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Unrealized gain (loss) on derivatives	$ (157,268)	$ (604,545)	$ 61,698
Interest Rate Cap [Member]
Derivative [Line Items]
Unrealized gain (loss) on derivatives	(157,268)	(604,545)	61,698
Payments for (Proceeds from) Derivative Instrument, Investing Activities	223,300	37,350
Interest Rate Cap [Member] | Deferred Financing Costs and Other Assets, Net [Member]
Derivative [Line Items]
Fair value of interest rate cap agreements	117,678	51,646
Interest Rate Cap [Member] | Interest Expense [Member]
Derivative [Line Items]
Unrealized gain (loss) on derivatives	$ (157,268)	$ (604,545)	$ 61,698

Selected Quarterly Results (u_3

Selected Quarterly Results (unaudited) - Schedule of Unaudited Quarterly Financial Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 36,235,206	$ 36,241,718	$ 34,057,008	$ 35,454,927	$ 47,978,462	$ 55,592,107	$ 55,118,406	$ 54,280,265	$ 141,988,859	$ 212,969,240	$ 218,237,532
Net income (loss)	$ 30,225,757	$ (6,456,722)	$ (7,965,511)	$ 73,280,028	$ 86,101,893	$ (2,326,578)	$ (5,656,573)	$ (5,644,875)	$ 89,083,552	$ 72,473,867	$ (25,579,651)
Loss per common share - basic and diluted (in dollars per share)	$ 0.42	$ (0.09)	$ (0.11)	$ 0.97	$ 1.14	$ (0.03)	$ (0.07)	$ (0.07)	$ 1.19	$ 0.96	$ (0.34)
Distributions declared per common share (in dollars per share)	$ 0.140	$ 0.140	$ 1.153	$ 0.177	$ 0.181	$ 0.181	$ 0.179	$ 0.177	$ 1.610	$ 0.718

Subsequent Events - Narrative -

Subsequent Events - Narrative - Distributions Paid (Details) - Dividend Paid [Member] - USD ($)	Mar. 01, 2019	Feb. 01, 2019	Jan. 02, 2019	May 02, 2018
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan				$ 75,298,163
Subsequent Event [Member]
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan	$ 3,165,776	$ 3,514,980	$ 3,515,310

Subsequent Events - Narrative_2

Subsequent Events - Narrative - Redemption (Details) - Share Repurchase Plan [Member] - Common Stock [Member] - USD ($)	Jan. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Redemption of common stock (in shares)		836,770	730,953
Stock repurchase plan, stock redeemed, value		$ 8,000,000	$ 8,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Redemption of common stock (in shares)	219,696
Stock repurchase plan, stock redeemed, value	$ 2,000,000
Redemption price per share (in dollars per share)	$ 9.10

Subsequent Events - Narrative_3

Subsequent Events - Narrative - Repayment of Credit Facility (Details)	Jan. 29, 2019USD ($)
Refinanced PNC Bank Credit Facility [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Repayments of debt	$ 3,089,477

Subsequent Events - Narrative_4

Subsequent Events - Narrative - Estimated Value per Share (Details)	Mar. 13, 2019$ / shares
Subsequent Event [Member]
Subsequent Event [Line Items]
Estimated value per share (in dollars per share)	$ 9.40349170419484

Subsequent Events - Narrative_5

Subsequent Events - Narrative - Sales (Details)	Dec. 31, 2018apartment	Feb. 28, 2018USD ($)	Jan. 31, 2018USD ($)	Jan. 05, 2018USD ($)	Nov. 20, 2013apartment	Nov. 30, 2012apartment
Subsequent Event [Line Items]
Number of units in real estate property (in number of units or apartments)	744
The Moorings Property [Member] | Discontinued Operations, Disposed of by Sale [Member]
Subsequent Event [Line Items]
Number of units in real estate property (in number of units or apartments)						216
Consideration | $				$ 28,100,000
Arrowhead Property [Member] | Discontinued Operations, Disposed of by Sale [Member]
Subsequent Event [Line Items]
Number of units in real estate property (in number of units or apartments)						200
Consideration | $			$ 23,600,000
Willow Crossing [Member] | Discontinued Operations, Disposed of by Sale [Member]
Subsequent Event [Line Items]
Number of units in real estate property (in number of units or apartments)					579
Consideration | $		$ 79,000,000

Subsequent Events - Narrative_6

Subsequent Events - Narrative - Distributions Declared (Details) - $ / shares	Mar. 20, 2018	Mar. 13, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Mar. 13, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)		$ 0.00151890410958904	$ 0.001519	$ 0.001683	$ 0.001964
Subsequent Event [Member]
Subsequent Event [Line Items]
Share price (in dollars per share)						$ 9.40349170419484
Common Stock [Member]
Subsequent Event [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)			$ 0.001519		$ 0.001964
Common stock, distribution rate, percentage	6.00%		6.00%	6.00%	7.00%
Share price (in dollars per share)		$ 9.24		$ 10.24	$ 10.24		$ 9.24

Subsequent Events - Narrative_7

Subsequent Events - Narrative - Sale of Dawntree Apartments (Details)	Mar. 08, 2019USD ($)apartment	Dec. 31, 2018apartment
Subsequent Event [Line Items]
Number of units in real estate property (in number of units or apartments)		744
Subsequent Event [Member] | Dawntree Apartments [Member] | Discontinued Operations, Disposed of by Sale [Member]
Subsequent Event [Line Items]
Number of units in real estate property (in number of units or apartments)	400
Consideration | $	$ 46,200,000

- Real Estate Assets and Accumu

- Real Estate Assets and Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				$ 693,501,574
Initial Cost of Company
Land				105,703,646
Buildings and Improvements				917,700,902
Total				1,023,404,548
Cost Capitalized Subsequent to Acquisition				46,695,484
Gross Amount at which Carried at Close of Period
Land				105,754,646
Buildings and Improvements				945,129,008
Total	$ 1,248,296,985	$ 1,694,278,958	$ 1,666,901,082	1,050,883,654
Accumulated Depreciation and Amortization				$ (203,993,817)
Real Estate [Roll Forward]
Balance at the beginning of the year	1,248,296,985	1,694,278,958	1,666,901,082
Acquisitions	135,486,062	0	0
Improvements	9,906,890	15,621,609	28,485,659
Cost of real estate sold	(341,007,619)	(461,332,750)	0
Write-off of disposed and fully depreciated and fully amortized assets	(1,798,664)	(270,832)	(1,107,783)
Balance at the end of the year	1,050,883,654	1,248,296,985	1,694,278,958
Accumulated Depreciation [Roll Forward]
Balance at the beginning of the year	221,581,654	232,744,083	163,445,987
Depreciation and amortization expense	46,109,794	67,755,152	69,513,484
Write-off of accumulated depreciation and amortization of real estate assets sold	(63,671,739)	(78,793,834)	0
Write-off of disposed and fully depreciated and fully amortized assets	(25,892)	(123,747)	(215,388)
Balance at the end of the year	203,993,817	$ 221,581,654	$ 232,744,083
Clarion Park Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 11,930,339
Initial Cost of Company
Land				1,470,991
Buildings and Improvements				9,744,009
Total				11,215,000
Cost Capitalized Subsequent to Acquisition				988,626
Gross Amount at which Carried at Close of Period
Land				1,470,991
Buildings and Improvements				10,450,720
Total	11,921,711			11,921,711
Accumulated Depreciation and Amortization				$ (3,224,329)
Real Estate [Roll Forward]
Balance at the end of the year	11,921,711
Truman Farm Villas Property [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 0
Initial Cost of Company
Land				842,987
Buildings and Improvements				8,257,013
Total				9,100,000
Cost Capitalized Subsequent to Acquisition				1,232,186
Gross Amount at which Carried at Close of Period
Land				842,987
Buildings and Improvements				9,248,570
Total	10,091,557			10,091,557
Accumulated Depreciation and Amortization				$ (2,953,604)
Real Estate [Roll Forward]
Balance at the end of the year	10,091,557
EBT Lofts [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 0
Initial Cost of Company
Land				460,362
Buildings and Improvements				8,114,638
Total				8,575,000
Cost Capitalized Subsequent to Acquisition				770,709
Gross Amount at which Carried at Close of Period
Land				460,362
Buildings and Improvements				8,543,029
Total	9,003,391			9,003,391
Accumulated Depreciation and Amortization				$ (2,561,371)
Real Estate [Roll Forward]
Balance at the end of the year	9,003,391
Spring Creek of Edmond [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 17,113,376
Initial Cost of Company
Land				2,346,503
Buildings and Improvements				17,602,343
Total				19,948,846
Cost Capitalized Subsequent to Acquisition				1,187,564
Gross Amount at which Carried at Close of Period
Land				2,346,503
Buildings and Improvements				18,384,515
Total	20,731,018			20,731,018
Accumulated Depreciation and Amortization				$ (5,204,981)
Real Estate [Roll Forward]
Balance at the end of the year	20,731,018
Montclair Parc Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 21,719,269
Initial Cost of Company
Land				3,325,556
Buildings and Improvements				32,424,444
Total				35,750,000
Cost Capitalized Subsequent to Acquisition				2,104,988
Gross Amount at which Carried at Close of Period
Land				3,325,556
Buildings and Improvements				33,343,837
Total	36,669,393			36,669,393
Accumulated Depreciation and Amortization				$ (8,840,527)
Real Estate [Roll Forward]
Balance at the end of the year	36,669,393
Sonoma Grande Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 20,451,101
Initial Cost of Company
Land				2,737,794
Buildings and Improvements				29,462,206
Total				32,200,000
Cost Capitalized Subsequent to Acquisition				1,166,391
Gross Amount at which Carried at Close of Period
Land				2,737,794
Buildings and Improvements				30,078,984
Total	32,816,778			32,816,778
Accumulated Depreciation and Amortization				$ (8,015,610)
Real Estate [Roll Forward]
Balance at the end of the year	32,816,778
Estancia Property [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 0
Initial Cost of Company
Land				2,544,634
Buildings and Improvements				27,240,628
Total				29,785,262
Cost Capitalized Subsequent to Acquisition				1,005,697
Gross Amount at which Carried at Close of Period
Land				2,544,634
Buildings and Improvements				27,724,761
Total	30,269,395			30,269,395
Accumulated Depreciation and Amortization				$ (7,239,095)
Real Estate [Roll Forward]
Balance at the end of the year	30,269,395
Hilliard Park Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 12,390,229
Initial Cost of Company
Land				1,413,437
Buildings and Improvements				18,484,692
Total				19,898,129
Cost Capitalized Subsequent to Acquisition				1,037,955
Gross Amount at which Carried at Close of Period
Land				1,413,437
Buildings and Improvements				19,117,326
Total	20,530,763			20,530,763
Accumulated Depreciation and Amortization				$ (4,837,983)
Real Estate [Roll Forward]
Balance at the end of the year	20,530,763
Sycamore Terrace Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 17,847,045
Initial Cost of Company
Land				1,321,194
Buildings and Improvements				21,852,963
Total				23,174,157
Cost Capitalized Subsequent to Acquisition				471,708
Gross Amount at which Carried at Close of Period
Land				1,321,194
Buildings and Improvements				21,879,086
Total	23,200,280			23,200,280
Accumulated Depreciation and Amortization				$ (5,253,317)
Real Estate [Roll Forward]
Balance at the end of the year	23,200,280
Hilliard Summit Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 15,027,104
Initial Cost of Company
Land				1,536,795
Buildings and Improvements				22,639,028
Total				24,175,823
Cost Capitalized Subsequent to Acquisition				572,011
Gross Amount at which Carried at Close of Period
Land				1,536,795
Buildings and Improvements				22,762,387
Total	24,299,182			24,299,182
Accumulated Depreciation and Amortization				$ (5,529,077)
Real Estate [Roll Forward]
Balance at the end of the year	24,299,182
Forty-57 Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 35,563,625
Initial Cost of Company
Land				3,055,614
Buildings and Improvements				49,444,386
Total				52,500,000
Cost Capitalized Subsequent to Acquisition				1,409,158
Gross Amount at which Carried at Close of Period
Land				3,055,614
Buildings and Improvements				50,091,659
Total	53,147,273			53,147,273
Accumulated Depreciation and Amortization				$ (12,032,326)
Real Estate [Roll Forward]
Balance at the end of the year	53,147,273
Riverford Crossing Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 20,229,093
Initial Cost of Company
Land				2,595,387
Buildings and Improvements				27,404,613
Total				30,000,000
Cost Capitalized Subsequent to Acquisition				911,816
Gross Amount at which Carried at Close of Period
Land				2,595,387
Buildings and Improvements				27,774,395
Total	30,369,782			30,369,782
Accumulated Depreciation and Amortization				$ (6,842,412)
Real Estate [Roll Forward]
Balance at the end of the year	30,369,782
Montecito Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 12,823,790
Initial Cost of Company
Land				3,081,522
Buildings and Improvements				15,918,478
Total				19,000,000
Cost Capitalized Subsequent to Acquisition				2,914,296
Gross Amount at which Carried at Close of Period
Land				3,081,522
Buildings and Improvements				18,398,578
Total	21,480,100			21,480,100
Accumulated Depreciation and Amortization				$ (5,151,505)
Real Estate [Roll Forward]
Balance at the end of the year	21,480,100
Hilliard Grand Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 28,392,107
Initial Cost of Company
Land				2,657,734
Buildings and Improvements				38,012,528
Total				40,670,262
Cost Capitalized Subsequent to Acquisition				701,519
Gross Amount at which Carried at Close of Period
Land				2,657,734
Buildings and Improvements				37,897,380
Total	40,555,114			40,555,114
Accumulated Depreciation and Amortization				$ (8,766,861)
Real Estate [Roll Forward]
Balance at the end of the year	40,555,114
Library Lofts East [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 8,166,247
Initial Cost of Company
Land				1,669,405
Buildings and Improvements				11,080,595
Total				12,750,000
Cost Capitalized Subsequent to Acquisition				540,378
Gross Amount at which Carried at Close of Period
Land				1,669,405
Buildings and Improvements				11,415,006
Total	13,084,411			13,084,411
Accumulated Depreciation and Amortization				$ (2,743,641)
Real Estate [Roll Forward]
Balance at the end of the year	13,084,411
Deep Deuce at Bricktown [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 32,069,379
Initial Cost of Company
Land				2,529,318
Buildings and Improvements				37,266,648
Total				39,795,966
Cost Capitalized Subsequent to Acquisition				6,197,411
Gross Amount at which Carried at Close of Period
Land				2,580,318
Buildings and Improvements				42,737,983
Total	45,318,301			45,318,301
Accumulated Depreciation and Amortization				$ (12,398,000)
Real Estate [Roll Forward]
Balance at the end of the year	45,318,301
Retreat at Quail North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 16,268,147
Initial Cost of Company
Land				1,700,810
Buildings and Improvements				24,025,543
Total				25,726,353
Cost Capitalized Subsequent to Acquisition				556,897
Gross Amount at which Carried at Close of Period
Land				1,700,810
Buildings and Improvements				24,093,797
Total	25,794,607			25,794,607
Accumulated Depreciation and Amortization				$ (5,539,869)
Real Estate [Roll Forward]
Balance at the end of the year	25,794,607
Waterford on the Meadow [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 15,175,716
Initial Cost of Company
Land				2,625,024
Buildings and Improvements				20,849,131
Total				23,474,155
Cost Capitalized Subsequent to Acquisition				3,702,083
Gross Amount at which Carried at Close of Period
Land				2,625,024
Buildings and Improvements				23,986,048
Total	26,611,072			26,611,072
Accumulated Depreciation and Amortization				$ (6,140,697)
Real Estate [Roll Forward]
Balance at the end of the year	26,611,072
Tapestry Park Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 43,712,670
Initial Cost of Company
Land				3,277,884
Buildings and Improvements				47,118,797
Total				50,396,681
Cost Capitalized Subsequent to Acquisition				420,292
Gross Amount at which Carried at Close of Period
Land				3,277,884
Buildings and Improvements				46,900,625
Total	50,178,509			50,178,509
Accumulated Depreciation and Amortization				$ (10,572,417)
Real Estate [Roll Forward]
Balance at the end of the year	50,178,509
Dawntree Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 14,450,118
Initial Cost of Company
Land				3,135,425
Buildings and Improvements				21,753,469
Total				24,888,894
Cost Capitalized Subsequent to Acquisition				2,360,472
Gross Amount at which Carried at Close of Period
Land				3,135,425
Buildings and Improvements				23,511,480
Total	26,646,905			26,646,905
Accumulated Depreciation and Amortization				$ (5,864,112)
Real Estate [Roll Forward]
Balance at the end of the year	26,646,905
Stuart Hall Lofts [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 16,045,948
Initial Cost of Company
Land				1,585,035
Buildings and Improvements				15,264,965
Total				16,850,000
Cost Capitalized Subsequent to Acquisition				259,800
Gross Amount at which Carried at Close of Period
Land				1,585,035
Buildings and Improvements				15,240,006
Total	16,825,041			16,825,041
Accumulated Depreciation and Amortization				$ (3,363,616)
Real Estate [Roll Forward]
Balance at the end of the year	16,825,041
BriceGrove Park Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 17,133,615
Initial Cost of Company
Land				1,596,212
Buildings and Improvements				18,503,788
Total				20,100,000
Cost Capitalized Subsequent to Acquisition				868,554
Gross Amount at which Carried at Close of Period
Land				1,596,212
Buildings and Improvements				18,921,522
Total	20,517,734			20,517,734
Accumulated Depreciation and Amortization				$ (4,348,152)
Real Estate [Roll Forward]
Balance at the end of the year	20,517,734
Retreat at Hamburg Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 12,072,255
Initial Cost of Company
Land				1,605,839
Buildings and Improvements				14,694,161
Total				16,300,000
Cost Capitalized Subsequent to Acquisition				400,090
Gross Amount at which Carried at Close of Period
Land				1,605,839
Buildings and Improvements				14,766,336
Total	16,372,175			16,372,175
Accumulated Depreciation and Amortization				$ (3,359,740)
Real Estate [Roll Forward]
Balance at the end of the year	16,372,175
Villas at Huffmeister [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 27,058,201
Initial Cost of Company
Land				5,858,663
Buildings and Improvements				31,741,337
Total				37,600,000
Cost Capitalized Subsequent to Acquisition				1,943,132
Gross Amount at which Carried at Close of Period
Land				5,858,663
Buildings and Improvements				32,964,053
Total	38,822,716			38,822,716
Accumulated Depreciation and Amortization				$ (7,702,859)
Real Estate [Roll Forward]
Balance at the end of the year	38,822,716
Villas of Kingwood [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 35,156,654
Initial Cost of Company
Land				6,512,468
Buildings and Improvements				33,637,532
Total				40,150,000
Cost Capitalized Subsequent to Acquisition				2,333,431
Gross Amount at which Carried at Close of Period
Land				6,512,468
Buildings and Improvements				35,182,141
Total	41,694,609			41,694,609
Accumulated Depreciation and Amortization				$ (8,339,936)
Real Estate [Roll Forward]
Balance at the end of the year	41,694,609
Waterford Place at Riata Ranch [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 0
Initial Cost of Company
Land				3,184,857
Buildings and Improvements				20,215,143
Total				23,400,000
Cost Capitalized Subsequent to Acquisition				1,098,339
Gross Amount at which Carried at Close of Period
Land				3,184,857
Buildings and Improvements				20,813,492
Total	23,998,349			23,998,349
Accumulated Depreciation and Amortization				$ (4,944,919)
Real Estate [Roll Forward]
Balance at the end of the year	23,998,349
Carrington Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 27,384,768
Initial Cost of Company
Land				5,450,417
Buildings and Improvements				27,449,583
Total				32,900,000
Cost Capitalized Subsequent to Acquisition				1,937,311
Gross Amount at which Carried at Close of Period
Land				5,450,417
Buildings and Improvements				28,692,733
Total	34,143,150			34,143,150
Accumulated Depreciation and Amortization				$ (6,646,264)
Real Estate [Roll Forward]
Balance at the end of the year	34,143,150
Carrington at Champion Forest [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 24,978,692
Initial Cost of Company
Land				3,760,329
Buildings and Improvements				29,239,671
Total				33,000,000
Cost Capitalized Subsequent to Acquisition				1,496,724
Gross Amount at which Carried at Close of Period
Land				3,760,329
Buildings and Improvements				30,120,500
Total	33,880,829			33,880,829
Accumulated Depreciation and Amortization				$ (6,893,137)
Real Estate [Roll Forward]
Balance at the end of the year	33,880,829
Carrington Park at Huffmeister [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 19,440,839
Initial Cost of Company
Land				3,241,747
Buildings and Improvements				21,908,253
Total				25,150,000
Cost Capitalized Subsequent to Acquisition				1,205,865
Gross Amount at which Carried at Close of Period
Land				3,241,747
Buildings and Improvements				22,589,773
Total	25,831,520			25,831,520
Accumulated Depreciation and Amortization				$ (5,300,183)
Real Estate [Roll Forward]
Balance at the end of the year	25,831,520
Heritage Grand at Sienna Plantation [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 16,822,121
Initial Cost of Company
Land				3,776,547
Buildings and Improvements				22,762,411
Total				26,538,958
Cost Capitalized Subsequent to Acquisition				499,424
Gross Amount at which Carried at Close of Period
Land				3,776,547
Buildings and Improvements				22,715,694
Total	26,492,241			26,492,241
Accumulated Depreciation and Amortization				$ (4,979,819)
Real Estate [Roll Forward]
Balance at the end of the year	26,492,241
Mallard Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 33,367,682
Initial Cost of Company
Land				2,383,256
Buildings and Improvements				37,416,744
Total				39,800,000
Cost Capitalized Subsequent to Acquisition				1,866,149
Gross Amount at which Carried at Close of Period
Land				2,383,256
Buildings and Improvements				38,612,320
Total	40,995,576			40,995,576
Accumulated Depreciation and Amortization				$ (7,861,158)
Real Estate [Roll Forward]
Balance at the end of the year	40,995,576
Reserve At Creekside Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 14,241,494
Initial Cost of Company
Land				1,344,233
Buildings and Improvements				17,530,767
Total				18,875,000
Cost Capitalized Subsequent to Acquisition				1,242,125
Gross Amount at which Carried at Close of Period
Land				1,344,233
Buildings and Improvements				18,420,868
Total	19,765,101			19,765,101
Accumulated Depreciation and Amortization				$ (3,627,475)
Real Estate [Roll Forward]
Balance at the end of the year	19,765,101
Double Creek Flats Property [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 21,877,897
Initial Cost of Company
Land				1,306,880
Buildings and Improvements				30,545,199
Total				31,852,079
Cost Capitalized Subsequent to Acquisition				85,220
Gross Amount at which Carried at Close of Period
Land				1,306,880
Buildings and Improvements				30,166,508
Total	31,473,388			31,473,388
Accumulated Depreciation and Amortization				$ (866,844)
Real Estate [Roll Forward]
Balance at the end of the year	31,473,388
Jefferson at Perimeter Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent				100.00%
Encumbrances				$ 64,387,092
Initial Cost of Company
Land				17,763,296
Buildings and Improvements				85,870,687
Total				103,633,983
Cost Capitalized Subsequent to Acquisition				712,061
Gross Amount at which Carried at Close of Period
Land				17,763,296
Buildings and Improvements				85,279,756
Total	103,043,052			103,043,052
Accumulated Depreciation and Amortization				$ (1,876,207)
Real Estate [Roll Forward]
Balance at the end of the year	$ 103,043,052

- Real Estate Assets and Accu_2

- Real Estate Assets and Accumulated Depreciation (Footnote) (Details)	Dec. 31, 2018USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Unamortized portion of loan premiums (discounts) on assumed debt	$ 300,000
Deferred financing costs, net	4,227,995
Aggregate cost of real estate for federal income tax purposes	$ 1,070,000,000