Steadfast Income REIT 10-Q 10 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2019	May 03, 2019
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-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		74,206,997

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Real Estate:
Land	$ 90,153,980	$ 90,153,980
Building and improvements	796,617,530	795,383,423
Total real estate held for investment, cost	886,771,510	885,537,403
Less accumulated depreciation and amortization	(173,560,492)	(165,112,070)
Total real estate held for investment, net	713,211,018	720,425,333
Real estate held for sale, net	57,719,738	126,464,504
Total real estate, net	770,930,756	846,889,837
Cash and cash equivalents	157,625,094	142,078,166
Restricted cash	8,322,242
Investment in unconsolidated joint venture	14,189,492	14,085,399
Rents and other receivables	1,512,539	1,791,881
Assets related to real estate held for sale	528,949	848,960
Other assets	2,235,722	2,698,438
Total assets	955,344,794	1,019,657,998
Liabilities:
Accounts payable and accrued liabilities	20,013,223	23,899,595
Notes payable:
Mortgage notes payable, net	565,606,862	566,900,461
Credit facility, net	9,917,335	52,363,460
Notes payable related to real estate held for sale	39,377,664	74,237,653
Total notes payable, net	614,901,861	693,501,574
Distributions payable	3,505,901	3,515,310
Due to affiliates	1,317,950	4,985,918
Liabilities related to real estate held for sale	1,086,138	2,994,267
Total liabilities	640,825,073	728,896,664
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	654,221,714	656,204,073
Cumulative distributions and net losses	(340,446,308)	(366,189,251)
Total stockholders’ equity	314,519,721	290,761,334
Total liabilities and stockholders’ equity	955,344,794	1,019,657,998
Common Stock [Member]
Notes payable:
Distributions payable	3,505,901	3,515,310
Stockholders’ Equity:
Common and Convertible Stock	744,305	746,502
Convertible Stock [Member]
Stockholders’ Equity:
Common and Convertible Stock	$ 10	$ 10

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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)	74,430,443	74,650,139
Common stock, shares outstanding (in shares)	74,430,443	74,650,139
Convertible Stock [Member]
Stockholders’ Equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Rental income	$ 30,938,841	$ 34,536,302
Other income	1,071,951	918,625
Total revenues	32,010,792	35,454,927
Expenses:
Operating, maintenance and management	8,085,547	9,419,638
Real estate taxes and insurance	5,545,813	5,863,322
Fees to affiliates	3,720,629	3,932,066
Depreciation and amortization	8,981,978	10,890,796
Interest expense	7,918,789	7,894,252
Loss on debt extinguishment	(814,831)	(2,010,457)
General and administrative expenses	1,426,682	1,770,017
Total expenses	36,494,269	41,780,548
Loss before other income (expense)	(4,483,477)	(6,325,621)
Equity in earnings (loss) from unconsolidated joint venture	11,493	(1,641,405)
Gain on sales of real estate, net	40,401,584	81,247,054
Total other income (expense)	40,413,077	79,605,649
Net income	$ 35,929,600	$ 73,280,028
Income Per Share — basic and diluted (in dollars per share)	$ 0.48	$ 0.97
Weighted average number of common shares outstanding — basic (in shares)	74,492,568	75,343,863
Weighted average number of common shares outstanding — diluted (in shares)	74,503,818	75,355,738

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock [Member]	Common Stock [Member]Common Stock [Member]	Common Stock [Member]Convertible Stock [Member]	Additional Paid-In Capital [Member]	Cumulative Distributions & Net Losses [Member]
BALANCE, beginning of period (in shares) at Dec. 31, 2017			75,479,409	1,000
BALANCE, beginning of period at Dec. 31, 2017	$ 330,647,773		$ 754,794	$ 10	$ 664,110,915	$ (334,217,946)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of common stock (in shares)			(181,404)
Redemption of common stock	(2,000,000)		$ (1,814)		(1,998,186)
Distributions declared	(13,320,570)	$ (13,320,570)				(13,320,570)
Amortization of stock-based compensation	17,295				17,295
Net income	73,280,028					73,280,028
BALANCE, end of period (in shares) at Mar. 31, 2018			75,298,005	1,000
BALANCE, end of period at Mar. 31, 2018	388,624,526		$ 752,980	$ 10	662,130,024	(274,258,488)
BALANCE, beginning of period (in shares) at Dec. 31, 2018			74,650,139	1,000
BALANCE, beginning of period at Dec. 31, 2018	290,761,334		$ 746,502	$ 10	656,204,073	(366,189,251)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of common stock (in shares)			(219,696)
Redemption of common stock	(2,000,000)		$ (2,197)		(1,997,803)
Distributions declared	(10,186,657)	$ (10,186,657)				(10,186,657)
Amortization of stock-based compensation	15,444				15,444
Net income	35,929,600					35,929,600
BALANCE, end of period (in shares) at Mar. 31, 2019			74,430,443	1,000
BALANCE, end of period at Mar. 31, 2019	$ 314,519,721		$ 744,305	$ 10	$ 654,221,714	$ (340,446,308)

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows from Operating Activities:
Net income	$ 35,929,600	$ 73,280,028
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	8,981,978	10,890,796
Amortization of deferred financing costs	408,115	280,237
Amortization of stock-based compensation	15,444	17,295
Amortization of loan premiums	(44,358)	(125,814)
Change in fair value of interest rate cap agreements	99,879	(127,260)
Gain on sales of real estate	40,401,584	81,247,054
Loss on debt extinguishment	814,831	2,010,457
Insurance claim recoveries	(32,032)	0
Loss on disposal of buildings and improvements	11,684	0
Equity in (earnings) loss from unconsolidated joint venture	(11,493)	1,641,405
Changes in operating assets and liabilities:
Rents and other receivables	67,212	(87,525)
Other assets	229,231	937,782
Accounts payable and accrued liabilities	(4,703,612)	(8,415,737)
Due to affiliates	(3,671,224)	(512,086)
Net cash used in operating activities	(2,306,329)	(1,457,476)
Cash Flows from Investing Activities:
Cash contribution to unconsolidated joint venture	292,600	2,491,478
Cash distribution from unconsolidated joint venture	200,000	266,600
Additions to real estate investments	(1,881,819)	(1,378,986)
Escrow deposits for pending real estate acquisitions	0	1,300,100
Proceeds from sales of real estate, net	108,294,795	178,647,348
Proceeds from insurance claims	244,162	0
Net cash provided by investing activities	106,564,538	173,743,384
Cash Flows from Financing Activities:
Proceeds from issuance of mortgage notes payable	0	32,250,000
Principal payments on mortgage notes payable	(36,154,087)	(109,246,843)
Principal payments on credit facility	42,656,750	0
Payment of deferred financing costs	0	199,146
Payment of debt extinguishment costs	967,464	1,350,856
Distributions to common stockholders	(10,196,066)	(13,331,421)
Repurchases of common stock	(2,000,000)	(2,000,000)
Net cash used in financing activities	(91,974,367)	(93,878,266)
Net increase in cash, cash equivalents and restricted cash	12,283,842	78,407,642
Cash, cash equivalents and restricted cash, beginning of period	154,192,443	205,096,008
Cash, cash equivalents and restricted cash, end of period	166,476,285	283,503,650
Supplemental Disclosures of Cash Flow Information:
Interest paid	7,708,215	8,341,253
Supplemental Disclosure of Noncash Transactions:
Distributions payable	3,505,901	4,584,450
Mortgage notes payable assumed in connection with property sales	0	(67,140,194)
Real estate, net	0	(98,350,076)
Notes payable, net	0	76,336,778
Restricted cash	0	(913,408)
Accounts payable and accrued liabilities	0	674,912
Accounts payable and accrued liabilities from additions to real estate investments	206,727	79,189
Repurchases payable	2,000,000	2,000,000
Due to affiliates from additions to real estate investments	(7,898)	$ (9,040)
Operating lease right-of-use asset, net	132,628
Operating lease liabilities, net	$ 132,628

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , the Company owned 32 multifamily properties comprising a total of 8,412 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. 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. 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 . 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 known as Steadfast Capital Markets Group, LLC) (the “Dealer Manager”), an affiliate of the Advisor, 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	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2018 , other than Accounting Standards Update (“ASU”) 2016-02 and the Securities and Exchange Commission’s (“SEC”) Disclosure Update and Simplification rule (Release 33-10532), as further described below. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2018 , included in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2019. Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, the consolidated variable interest entity (“VIE”) that the Company controls and of which the Company is the primary beneficiary, and the Operating Partnership’s subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company. The Operating Partnership is a VIE as the limited partner lacks substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of, and consolidates, the Operating Partnership. The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . The unaudited consolidated financial statements herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . 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. 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 unaudited 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: March 31, 2019 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 17,799 $ — December 31, 2018 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 117,678 $ — 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 March 31, 2019 and December 31, 2018 , the fair value of the notes payable was $608,578,537 and $681,095,544 , respectively, compared to the carrying value of $614,901,861 and $693,501,574 , respectively. The Company has determined that its notes payable are classified as Level 3 within the fair value hierarchy. Restricted Cash Restricted cash represents those cash accounts for which the use of funds is restricted by loan covenants. As of March 31, 2019 and December 31, 2018 , the Company had a restricted cash balance of $8,322,242 and $11,265,317 , respectively, which represents impounds for future property tax payments, property insurance payments and tenant improvement payments as required by agreements with the Company’s lenders as of March 31, 2019 and December 31, 2018 , respectively. The following table represents the components of the cash, cash equivalents and restricted cash presented on the accompanying consolidated statement of cash flows for the three months ended March 31, 2019 and 2018 : March 31, 2019 2018 Cash and cash equivalents $ 157,625,094 $ 217,672,108 Restricted cash 8,322,242 65,831,542 Restricted cash equivalents in assets related to real estate held for sale 528,949 — Total cash, cash equivalents and restricted cash $ 166,476,285 $ 283,503,650 The beginning of period cash, cash equivalents and restricted cash balance for the three months ended March 31, 2019 , includes $142,078,166 of cash and cash equivalents, $11,265,317 of restricted cash and $848,960 of restricted cash related to real estate held for sale as of December 31, 2018 , on the accompanying consolidated balance sheet. In conjunction with property sales during the three months ended March 31, 2019 , $320,011 of restricted cash related to real estate held for sale was disposed of while $528,949 was included in assets related to real estate held for sale as of March 31, 2019 for those properties that had not been sold as of March 31, 2019 . 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 earnings (loss). The Company recognizes its proportionate share of the ongoing income or loss of the unconsolidated joint venture as equity in earnings (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. The Company has elected the cumulative earnings approach to classify cash receipts from the unconsolidated joint venture on the accompanying consolidated statements of cash flows. 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 declared during the three months ended March 31, 2019 and 2018 were based on daily record dates and calculated at a rate of $0.001519 and $0.001964 per share per day, respectively. Each day during the three months ended March 31, 2019 and 2018 was a distribution record date. Distributions to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements and annual distribution requirements in order for the Company to qualify as a REIT under the Internal Revenue Code. During the three months ended March 31, 2019 and 2018 , the Company declared distributions of $0.137 and $0.177 per common share, respectively. Per Share Data Basic earnings (loss) per share attributable to common stockholders for all periods presented are computed by dividing net income 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 consolidated financial statements were reclassified to conform to the current period presentation. These reclassifications did not change the results of operations of those prior periods. On January 1, 2019, the Company adopted ASU 2016-02, as further described below. As a result, all income earned pursuant to tenant leases is reflected as one line item, “Rental Income,” in the consolidated statements of operations. To facilitate comparability, the Company has reclassified prior period’s lease and non-lease income consistently with the current year. The table below provides a reconciliation of the prior period presentation of the income statement line items that were reclassified in our consolidated statements of operations to conform to the current period presentation, pursuant to the adoption of the new lease accounting standard and election of the single component practical expedient: Three Months Ended March 31, 2018 Rental income (presentation prior to January 1, 2019) $ 31,177,928 Tenant reimbursements (1) (presentation prior to January 1, 2019) 3,358,374 Rental income (presentation effective January 1, 2019) $ 34,536,302 _______________ (1) Tenants reimbursements include reimbursements for recoverable costs. 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 February 2016, the FASB established ASC Topic 842 , Leases (“ASC 842”), by issuing ASU 2016-02, which requires lessees to recognize right-of-use assets and lease liabilities for operating leases on the balance sheet and disclose key information about leasing arrangements. ASC 842 also makes targeted changes to lessor accounting. ASC 842 was subsequently amended by ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842 (“ASU 2018-01”), ASU 2018-10, Codification Improvements to Topic 842 (“ASU 2018-10”), ASU 2018-11, Targeted Improvements (ASU 2018-11”) and ASU 2018-20, Leases (Topic 842), Narrow-scope Improvements for Lessors (“ASU 2018-20”). ASC 842 requires a modified retrospective transition approach and was effective in the first quarter of 2019 and allowed for early adoption. The Company elected an optional transition method that allows entities to initially apply ASC 842 at the adoption date (January 1, 2019) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company evaluated the impact of ASC 842 on its leases both as it relates to the Company acting as a lessee and as a lessor. Based on its evaluation, as it relates to the former, the Company elected to apply each of the practical expedients described in ASC 842-10-65-1(f) that allowed the Company, among other things, to not reassess lease classification conclusions or initial direct cost accounting as of December 31, 2018, therefore these leases continue to be accounted for as operating leases. The Company also elected the practical expedient described in ASC 842-20-25-2 not to apply the recognition requirements in ASC 842 to short-term leases and instead, to recognize lease payments in the consolidated statement of operations on a straight-line basis over the lease term. 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. Upon adoption, the Company recognized an initial operating lease right-of-use asset, net, of $96,818 and an operating lease liability, net, of $89,937 . As it relates to the Company as lessor, the Company did not experience a material impact on the recognition of leases in the consolidated financial statements because under ASC 842, lessors continue to account for leases using an approach that is substantially equivalent to historical guidance for sales-type leases, direct financing leases, and operating leases. The Company elected a practical expedient which allows lessors to not separate non-lease components from the lease component when the timing and pattern of transfer for the lease components and non-lease components are the same and if the lease component is classified as an operating lease. As a result, on January 1, 2019, the Company began presenting all rentals and reimbursements from tenants as a single line item rental income within the consolidated statements of operations. As of January 1, 2019, the Company implemented changes to its business processes and controls related to accounting for and the presentation and disclosure of leases, including the reclassification of tenant reimbursements, previously disclosed as part of tenant reimbursements and other, to rental income, in the consolidated statements of operations. Under ASC 842, beginning on January 1, 2019, changes in the probability of collecting tenant rental income could result in direct adjustments of rental income and tenant receivables. The Company did not experience a material impact on its rental income and tenant receivables as of the adoption date. The Company’s rental income consists of fixed rental payments from tenants under operating leases and is recognized on a straight-line basis over the respective operating lease terms. The Company recognizes 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-cancelable term of the related lease. The Company’s rental income that relates to variable lease payments consists of tenant reimbursements and includes reimbursements for recoverable costs, which are recognized as revenue in the period during which the applicable expenses are incurred and the tenant’s obligation to reimburse the Company arises. We recognized $30,938,841 of rental income related to operating lease payments of which $2,811,512 was for variable lease payments for the three months ended March 31, 2019. For the three months ended March 31, 2019, rental income relating to variable lease payments not included in the measurement of lease receivables was $2,816,828 . 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 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 issuance of ASU 2018-13 is part of a disclosure framework project. The disclosure framework project’s objective and primary focus are to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. Achieving the objective of improving the effectiveness of the notes to financial statements includes: (1) the development of a framework that promotes consistent decisions by the FASB board about disclosure requirements and (2) the appropriate exercise of discretion by reporting entities. 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 benefit. ASU 2018-13 removed certain disclosure requirements under Topic 820 such as the disclosure requirements of the valuation process for level 3 fair value measurements and modified and added certain of the disclosure requirements in Topic 820. 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. The SEC’s Disclosure Update and Simplification rule (Release 33-10532) amends the interim financial statement requirements to require a reconciliation of changes in stockholder’ equity in the notes or as a separate statement. This analysis should reconcile the beginning balance to the ending balance of each caption in stockholders’ equity for each period for which an income statement is required to be filed and comply with the remaining content requirements of Rule 3-04 of Regulation S-X. As a result, registrants will have to provide the reconciliation for both the year-to-date and quarterly periods and comparable periods in Form 10-Q but only for the year-to-date periods in registration statements. The rule does not prescribe the format of the presentation as long as the appropriate periods are provided. Per a Compliance and Disclosure Interpretation (Q 105.09, Exchange Act Forms, 10-Q), “The amendments are effective for all filings made on or after November 5, 2018. In light of the timing of effectiveness of the amendments and proximity of effectiveness to the filing date for most filers’ quarterly reports, the staff would not object if the filer’s first presentation of the changes in the shareholders’ equity is included in its Form 10-Q for the quarter that begins after the effective date of the amendments.” This allows the Company to adopt the amendment for the Company’s first quarter 2019 filing. The Company has adopted this guidance in the three months ended March 31, 2019 by presenting a reconciliation of changes in stockholders’ equity for the current and prior period as a separate statement.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate	Real Estate As of March 31, 2019 , the Company owned 32 multifamily properties, encompassing in the aggregate 8,412 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 $933,561,219 . As of March 31, 2019 and December 31, 2018 , the Company’s portfolio was approximately 94.0% and 94.3% occupied and the average monthly rent was $1,089 and $1,068 , respectively. As of March 31, 2019 and December 31, 2018 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: March 31, 2019 Assets Land Building and Improvements Total Real Estate Held for Investment Real Estate Held for Sale Investments in real estate $ 90,153,980 $ 796,617,530 $ 886,771,510 $ 75,761,880 Less: Accumulated depreciation and amortization — (173,560,492 ) (173,560,492 ) (18,042,142 ) Net investments in real estate and related lease intangibles $ 90,153,980 $ 623,057,038 $ 713,211,018 $ 57,719,738 December 31, 2018 Assets Land Building and Improvements Total Real Estate Held for Investment Real Estate Held for Sale Investments in real estate $ 90,153,980 $ 795,383,423 $ 885,537,403 $ 165,346,251 Less: Accumulated depreciation and amortization — (165,112,070 ) (165,112,070 ) (38,881,747 ) Net investments in real estate and related lease intangibles $ 90,153,980 $ 630,271,353 $ 720,425,333 $ 126,464,504 Depreciation and amortization expenses were $8,981,978 and $10,890,796 for the three months ended March 31, 2019 and 2018 , respectively. Depreciation of the Company’s buildings and improvements were $8,968,237 and $10,852,504 for the three months ended March 31, 2019 and 2018 , respectively. Amortization of the Company’s other intangible assets for the three months ended March 31, 2019 and 2018 , were $12,763 and $38,292 , respectively. Other intangible assets had a weighted-average amortization period as of the date of acquisition of 18.17 years. The Company’s other intangible assets were included in real estate held for sale, net on the accompanying consolidated balance sheets as of March 31, 2019 . Operating Leases As of March 31, 2019 , the Company’s real estate portfolio comprised 8,412 residential apartment homes and was 95.4% leased by a diverse group of residents. For each of the three months ended March 31, 2019 and 2018 , 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 0.59 to 6.01 years. Some residential and commercial leases contain provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit and/or a letter of credit for commercial tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to tenant leases are included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets and totaled $2,602,900 and $2,868,600 as of March 31, 2019 and December 31, 2018 , respectively. The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of March 31, 2019 , and thereafter, through the date properties that included commercial tenants were sold, is as follows: April 1 through April 25, 2019 $ 18,224 2020 — 2021 — 2022 — 2023 — Thereafter — $ 18,224 As of March 31, 2019 and December 31, 2018 , 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. 2019 Property Dispositions Dawntree Apartments On August 15, 2013 , the Company, through an indirect wholly-owned subsidiary, acquired Dawntree Apartments , a multifamily property located in Carrollton, Texas , containing 400 apartment homes. The purchase price of Dawntree Apartments was $24,000,000 , exclusive of closing costs. On March 8, 2019 , the Company sold Dawntree Apartments for $46,200,000 , resulting in a gain of $24,141,403 , which includes reductions to the net book value of the property due to historical depreciation and amortization expense. The purchaser of Dawntree Apartments was not affiliated with the Company or the Advisor. In connection with the disposition of Dawntree Apartments , the Company, through an indirect wholly-owned subsidiary, entered into an agreement to defease the remaining outstanding principal balance of $14,201,657 under the note payable. As a result of this agreement, the Company made a $903,564 defeasance payment (excluding expenses), the collateral was released, and the Company was released from all primary debtor obligations associated with the note payable. The Company recognized a $811,084 loss associated with the defeasance, which is included in loss on debt extinguishment on the consolidated statement of income. Estancia Apartments On June 29, 2012 , the Company, through an indirect wholly-owned subsidiary, acquired Estancia Apartments , a multifamily property located in Tulsa, Oklahoma , containing 294 apartment homes. The purchase price of Estancia Apartments was $27,900,000 , exclusive of closing costs. On March 22, 2019 , the Company sold Estancia Apartments for $30,683,000 , resulting in a gain of $6,892,244 , which includes reductions to the net book value of the property due to historical depreciation and amortization expense. The purchaser of Estancia Apartments was not affiliated with the Company or the Advisor. Sonoma Grande Apartments On May 24, 2012 , the Company, through an indirect wholly-owned subsidiary, acquired Sonoma Grande Apartments , a multifamily property located in Tulsa, Oklahoma , containing 336 apartment homes. The purchase price of Sonoma Grande Apartments was $32,200,000 , exclusive of closing costs. On March 22, 2019 , the Company sold Sonoma Grande Apartments for $35,067,000 , resulting in a gain of $9,367,937 , which includes reductions to the net book value of the property due to historical depreciation and amortization expense. The purchaser of Sonoma Grande Apartments was not affiliated with the Company or the Advisor. The results of operations for the three months ended March 31, 2019 and 2018 , through the date of sale for all properties disposed of through March 31, 2019 , including the properties contributed to the Joint Venture on the Second Closing Date, were included in continuing operations on the Company’s consolidated statements of operations and are as follows: For the Three Months Ended March 31, 2019 2018 Revenues: Rental income $ 2,519,185 $ 9,676,153 Other income 164,788 128,853 Total revenues 2,683,973 9,805,006 Expenses: Operating, maintenance and management 1,005,344 2,836,184 Real estate taxes and insurance 436,438 1,531,633 Fees to affiliates 137,641 395,176 Depreciation and amortization 251,416 2,383,888 Interest expense 288,728 1,966,601 Loss on debt extinguishment 814,831 2,010,457 General and administrative expenses 7,097 61,243 Total expenses $ 2,941,495 $ 11,185,182 Real Estate Held for Sale EBT Lofts, Library Lofts East and Stuart Hall As of March 31, 2019 , EBT Lofts , Library Lofts East and Stuart Hall Lofts , multifamily properties located in Kansas City, Missouri , met all the criteria to be classified as held for sale. EBT Lofts , Library Lofts East and Stuart Hall Lofts were sold on April 26, 2019 to a single, unaffiliated buyer. See Note 13 (Subsequent Events). The real estate, other assets, mortgage notes and other liabilities related to EBT Lofts , Library Lofts East and Stuart Hall Lofts are disclosed separately for the periods presented in the accompanying consolidated balance sheets. Waterford on the Meadow As of March 31, 2019 , Waterford on the Meadow , a multifamily property located in Plano, Texas , met all the criteria to be classified as held for sale. Waterford on the Meadow is currently expected to sell on May 14, 2019 . The real estate, other assets, mortgage notes and other liabilities related to Waterford on the Meadow are disclosed separately for the periods presented in the accompanying consolidated balance sheets. Truman Farm Villas As of March 31, 2019 , Truman Farm Villas , a multifamily property located in Grandview, Missouri , met all the criteria to be classified as held for sale. Truman Farm Villas is currently expected to sell on May 15, 2019 . The real estate, other assets, mortgage notes and other liabilities related to Truman Farm Villas are disclosed separately for the periods presented in the accompanying consolidated balance sheets. The results of operations from Waterford on the Meadow , EBT Lofts , Library Lofts East , Stuart Hall Lofts and Truman Farm Villas for the three months ended March 31, 2019 and 2018 , which are summarized in the following table, were included in continuing operations on the Company’s consolidated statements of operations. For the Three Months Ended March 31, 2019 2018 Revenues $ 2,917,051 $ 2,854,058 Expenses 2,189,923 2,774,976 Total Income $ 727,128 $ 79,082

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	3 Months Ended
	Mar. 31, 2019
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, a wholly-owned subsidiary of the Operating Partnership, 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 March 31, 2019 and December 31, 2018 , the book value of the Company’s investment in the Joint Venture was $14,189,492 and $14,085,399 , respectively, which includes $7,640,166 and $7,640,166 of outside basis difference. The outside basis difference represents the Company’s transaction costs related to entering into the Joint Venture. During the three months ended March 31, 2019 and 2018 , $60,294 and $258,256 , respectively, of amortization of this basis difference was included in equity in earnings (loss) from unconsolidated joint venture on the accompanying consolidated statements of operations. During the three months ended March 31, 2019 and 2018 , the Company received distributions of $200,000 and $266,600 , respectively, related to its investment in the Joint Venture. Summarized unaudited financial information for the Joint Venture as of March 31, 2019 and December 31, 2018 , and for the three months ended March 31, 2019 and 2018 , is summarized below: March 31, 2019 December 31, 2018 Assets: Real estate assets, net $ 493,577,041 $ 493,776,142 Other assets 22,529,292 24,091,229 Total assets $ 516,106,333 $ 517,867,371 Liabilities and equity: Notes payable, net $ 340,636,020 $ 340,840,505 Other liabilities 18,387,261 21,501,680 Company’s capital 15,708,300 15,552,513 Other partner’s capital 141,374,752 139,972,673 Total liabilities and equity $ 516,106,333 $ 517,867,371 For the Three Months Ended March 31, 2019 2018 Revenues $ 16,664,582 $ 13,669,728 Expenses 15,946,717 27,501,219 Net income (loss) $ 717,865 $ (13,831,491 ) Company’s proportional net income (loss) $ 71,787 $ (1,383,149 ) Amortization of outside basis (60,294 ) (258,256 ) Equity in earnings (loss) of unconsolidated joint venture $ 11,493 $ (1,641,405 )

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets As of March 31, 2019 and December 31, 2018 , other assets consisted of: March 31, 2019 December 31, 2018 Prepaid expenses $ 1,306,085 $ 1,866,024 Interest rate cap agreements (Note 12) 17,799 117,678 Deposits 761,836 714,736 Operating lease right-of-use assets, net 150,002 — Other assets $ 2,235,722 $ 2,698,438 Amortization of the Company’s operating lease right-of-use assets for the three months ended March 31, 2019 and 2018 , were $978 and $0 , respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt Mortgage Notes Payable The following is a summary of mortgage notes payable, net secured by real property as of March 31, 2019 and December 31, 2018 : March 31, 2019 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed 18 5/1/2019 - 10/1/2056 3.19 % 4.78 % 3.92 % $ 325,942,816 Mortgage notes payable - variable (1) 10 7/1/2023 - 11/1/2027 1-Mo LIBOR + 1.77% 1-Mo LIBOR + 2.38% 4.66 % 282,673,387 Total mortgage notes payable, gross 28 4.27 % 608,616,203 Premium, net (2) 84,080 Deferred financing costs, net (3) (3,715,757 ) Total mortgage notes payable, net $ 604,984,526 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 _______________ (1) See Note 12 (Derivative Financial Instruments) 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 March 31, 2019 and December 31, 2018 was $290,075 and $960,519 , respectively. (3) Accumulated amortization related to deferred financing costs as of March 31, 2019 and December 31, 2018 was $2,902,173 and $2,929,134 , respectively. Credit Facility On July 29, 2016, nine wholly-owned subsidiaries of the Company entered into a Credit Agreement and a multifamily note with PNC Bank, National Association (“PNC Bank”) (as amended, the Credit Agreement, multifamily note, loan and security agreements, mortgages and guaranty 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 then 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 subsidiaries’ properties (the “Collateral Pool Property”), pursuant to a mortgage deed of trust with the Company’s subsidiaries party to the credit facility in favor of PNC Bank. The credit facility accrues interest at the one-month London Inter-bank Offered Rate 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. The entire outstanding principal balance and any accrued and unpaid interest on the credit facility are due on the maturity date. The Company’s 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 subsidiaries (as applicable). 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 of or refinanced, with the advances made to each of the seven Collateral Pool Properties being repaid in full. As of March 31, 2019 and December 31, 2018 , the advances remaining outstanding under the credit facility are summarized in the following table: Amount of Advance as of Collateralized Property (1) March 31, 2019 December 31, 2018 Carrington Place $ 5,229,244 $ 27,535,500 Carrington at Champion Forest 4,770,756 25,121,250 10,000,000 52,656,750 Deferred financing costs, net on credit facility (2) (82,665 ) (293,290 ) Credit facility, net $ 9,917,335 $ 52,363,460 ___________ (1) Each property is pledged as collateral for repayment of all amounts advanced under the credit facility. (2) Accumulated amortization related to deferred financing costs for the credit facility as of March 31, 2019 and December 31, 2018 , was $504,875 and $294,250 , respectively. Maturity and Interest The following is a summary of the Company’s aggregate maturities as of March 31, 2019 : Maturities During the Years Ending December 31, Contractual Obligation Total Remainder of 2019 2020 2021 2022 2023 Thereafter Principal payments on outstanding debt obligations (1) $ 618,616,203 $ 25,831,540 $ 41,569,397 $ 16,782,251 $ 31,716,612 $ 216,588,417 $ 286,127,986 ________________ (1) Scheduled principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the amortization of the deferred financing costs and debt premiums associated with certain notes payable. The Company’s notes payable contain customary financial and non-financial debt covenants. As of March 31, 2019 and December 31, 2018 , the Company was in compliance with all financial and non-financial debt covenants. For the three months ended March 31, 2019 and 2018 , the Company incurred interest expense of $7,918,789 and $7,894,252 . Interest expense for the three months ended March 31, 2019 and 2018 includes amortization of deferred financing costs of $408,115 and $280,237 , amortization of loan premiums of $44,358 and $125,814 and net unrealized loss (gain) from the change in fair value of interest rate cap agreements of $99,879 and $(127,260) , respectively. Interest expense of $2,267,262 and $2,520,324 was payable as of March 31, 2019 and December 31, 2018 , respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , 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 three months ended March 31, 2019 , and for the year ended December 31, 2018 , for the restricted stock issued to the Company’s independent directors as compensation for services in connection with their re-election to the board of directors at the Company’s annual meeting is as follows: For the Three Months Ended March 31, 2019 For the Year Ended December 31, 2018 Nonvested shares at the beginning of the period 11,250 11,875 Granted shares — 7,500 Vested shares — (8,125 ) Nonvested shares at the end of the period 11,250 11,250 The weighted average fair value of restricted stock issued to the Company’s independent directors for the three months ended March 31, 2019 , and for the year ended December 31, 2018 , is as follows: Grant Year Weighted Average Fair Value 2018 $ 9.84 2019 n/a The shares of restricted common stock vest and become non-forfeitable in four equal annual installments beginning on the date of grant and ending on the third anniversary of the date of grant and will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to death or disability, or (2) a change in control of the Company and as otherwise provided in the Incentive Award Plan, as defined below. Included in general and administrative expenses is $15,444 and $17,295 for the three months ended March 31, 2019 and 2018 , respectively, for compensation expense related to the issuance of restricted common stock. The weighted average remaining term of the restricted common stock is 1.36 years as of March 31, 2019 . As of March 31, 2019 , the compensation expense related to the issuance of the restricted common stock not vested was $80,519 . 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 March 31, 2019 and December 31, 2018 , 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 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. The current share repurchase price is $8.74 per share, which represents 93% of the estimated value per share of $9.40 , 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 (5) 2 years 95.0% of the Share Repurchase Price (5) 3 years 97.5% of the Share Repurchase Price (5) 4 years 100.0% of the Share Repurchase Price (5) 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 “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. (5) The “Share Repurchase Price” shall equal 93% of the Estimated Value per Share. 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. 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 March 31, 2019 , 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. During the three months ended March 31, 2019 , the Company repurchased a total of 219,696 shares with a total repurchase value of $2,000,000 and received requests for the repurchase of 930,840 shares with a total repurchase value of $8,179,667 . During the three months ended March 31, 2018 , the Company repurchased a total of 181,404 shares with a total repurchase value of $2,000,000 , and received net requests for the repurchase of 616,361 shares with a total net repurchase value of $5,592,135 . As of March 31, 2019 and 2018 , the Company’s total outstanding repurchase requests received that were subject to the Company’s limitations on repurchases (discussed below) were 5,523,474 shares and 3,535,677 shares, respectively, with a total net repurchase value of $48,319,288 and $33,484,695 , 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’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 three months ended March 31, 2019 and were calculated at a rate of $0.001964 per share per day during the three months ended March 31, 2018. Distributions declared for the three months ended March 31, 2019 and 2018 , were $10,186,657 and $13,320,570 , all of which were attributable to cash distributions. As of March 31, 2019 and December 31, 2018 , $3,505,901 and $3,515,310 of distributions declared were payable. Distributions Paid For the three months ended March 31, 2019 and 2018 , the Company paid cash distributions of $10,196,066 and $13,331,421 , which related to distributions declared for each day in the period from December 1, 2018 through February 28, 2019 and December 1, 2017 through February 28, 2018 , respectively. All such distributions were paid in cash.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents a reconciliation of net income attributable to common stockholders and shares used in calculating basic and diluted earnings per share for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 Net income attributable to the Company $ 35,929,600 $ 73,280,028 Less: dividends declared on participating securities 1,538 2,099 Net income attributable to common stockholders 35,928,062 73,277,929 Weighted average common shares outstanding — basic 74,492,568 75,343,863 Weighted average common shares outstanding — diluted 74,503,818 75,355,738 Earnings per common share — basic and diluted $ 0.48 $ 0.97

Related Party Arrangements

Related Party Arrangements	3 Months Ended
	Mar. 31, 2019
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 obligated to reimburse the Advisor and its affiliates for acquisition and origination expenses and certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company. Amounts attributable to the Advisor and its affiliates incurred for the three months ended March 31, 2019 and 2018 , and amounts that are payable (prepaid) to the Advisor and its affiliates as of March 31, 2019 and December 31, 2018 , are as follows: Incurred For the Three Months Ended March 31, Payable (Prepaid) as of 2019 2018 March 31, 2019 December 31, 2018 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 2,276,198 $ 2,423,011 $ — $ 1,640,485 Acquisition expenses (2) — 197,879 — 211,188 Property management Fees (1) 908,071 1,024,732 298,462 334,577 Reimbursement of onsite personnel (3) 2,935,019 3,116,910 616,749 589,551 Reimbursements - other (1) 536,360 323,073 36,295 39,349 Reimbursements - property operations (3) 18,685 23,979 — — Reimbursements - G&A (2) 41,145 21,288 — — Other operating expenses (2) 428,002 384,513 358,546 115,212 Disposition fees (4) 1,679,250 3,841,050 — 2,052,750 Disposition transaction costs (4) 12,300 67,464 — — Loan coordination fees (1) — 161,250 — — Property insurance (5) 400,368 314,104 (178,315 ) (119,055 ) Insurance proceeds — — — (75,000 ) Consolidated Balance Sheets: Capitalized Construction management Fees (6) 19,480 6,145 7,348 2,608 Reimbursement of labor costs (6) 23,582 16,350 550 198 Capital expenditures (6) — 27,002 — — Capitalized costs on investment in unconsolidated joint venture (7) — 58,386 — — Acquisition expenses (8) — 9,201 — — $ 9,278,460 $ 12,016,337 $ 1,139,635 $ 4,791,863 ________________ (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. (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 building and improvements in the accompanying consolidated balance sheets. (7) Included in investment in unconsolidated joint venture in the accompanying consolidated balance sheets. (8) Included in total real estate, cost in the accompanying consolidated balance sheets. Investment Management Fee The Company pays the Advisor a monthly investment management fee equal to one-twelfth of 0.80% of (1) the cost of real properties and real estate-related assets acquired directly by the Company or (2) the Company’s allocable cost of each real property or real estate-related asset acquired through a joint venture. The investment management fee is calculated including acquisition fees, acquisition expenses, 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 Financial Industry Regulatory Authority (“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 March 31, 2019 , 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 reimbursements payable to the Property Manager or its affiliates, including reimbursements 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. 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 March 31, 2019 , 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). At March 31, 2019 , the Company’s total operating expenses, as defined above, did not exceed the 2% / 25% Limitation. 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.

Incentive Award Plan and Indepe

Incentive Award Plan and Independent Director Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive Award Plan and Independent Director Compensation	Incentive Award Plan and Independent Director Compensation The Company has adopted an incentive plan (the “Incentive Award Plan”) that provides for the grant of equity awards to its employees, directors and consultants and those of the Company’s affiliates. The Incentive Award Plan authorizes the grant of non-qualified and incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and other stock-based awards or cash-based awards. No awards have been granted under the Incentive Award Plan as of March 31, 2019 and 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 that joins the Company’s board of directors receives 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. These restricted stock awards entitle the holders to participate in distributions even if the shares are not fully vested. The Company recorded stock-based compensation expense of $15,444 and $17,295 for the three months ended March 31, 2019 and 2018 , respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
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, Atlanta, Georgia and Lexington, Kentucky apartment markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, relocations of businesses, increased competition from other apartment communities, decrease in demand for apartments or any other changes, could adversely affect the Company’s operating results and its ability to make distributions to stockholders. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. Legal Matters From time to time, the Company is subject, or party, to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on the Company’s results of operations or financial condition nor is the Company aware of any such legal proceedings contemplated by government agencies.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company uses interest rate derivatives with the objective of managing exposure to interest rate movements thereby minimizing the effect of interest rate changes and the effect they could have on future cash flows. Interest rate cap agreements are used to accomplish this objective. The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at March 31, 2019 and December 31, 2018 : March 31, 2019 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 2.49 % 2.91 % $ 17,799 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 The interest rate cap agreements are not designated as cash flow hedges. Accordingly, the Company records any changes in the fair value of the interest rate cap agreements as interest expense. The change in the fair value of the interest rate cap agreements for the three months ended March 31, 2019 and 2018 resulted in an unrealized ( loss ) gain of $(99,879) and $127,260 , respectively, which is included in interest expense in the accompanying consolidated statements of operations. The fair value of interest rate cap agreements of $17,799 and $117,678 are included in other assets on the accompanying consolidated balance sheets. No interest rate cap agreements were acquired during the three months ended March 31, 2019 and 2018 .

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions Paid On April 1, 2019 , the Company paid distributions of $3,505,901 , which related to distributions declared for each day in the period from March 1, 2019 through March 31, 2019 . All such distributions were paid in cash. On May 1, 2019 , the Company paid distributions of $3,391,668 , which related to distributions declared for each day in the period from April 1, 2019 through April 30, 2019 . All such distributions were paid in cash. Repayment and Termination of loan On April 1, 2019, the Company repaid in full the existing mortgage loan secured by Montclair Parc Apartment Homes with an aggregate principal amount of $21,580,360 . Sale of EBT Lofts, Library Lofts East and Stuart Hall Lofts On April 26, 2019 , the Company, through SIR EBT Lofts, LLC (“SIR EBT Lofts”), SIR Library Lofts, LLC (“SIR Library Lofts”) and SIR Stuart Hall, LLC (“SIR Stuart Hall”), indirect, wholly-owned subsidiaries of the Company, sold their fee simple interests in EBT Lofts , Library Lofts East and Stuart Hall Lofts , respectively, each located in Kansas City, Missouri (collectively, the “Kansas City Properties”), to an unaffiliated third-party buyer. SIR EBT Lofts, SIR Library Lofts and SIR Stuart Hall sold the Kansas City Properties for an aggregate sales price of $14,137,671 , $15,855,055 and $20,692,274 , respectively, and $50,685,000 in the aggregate, excluding closing costs. Shares Repurchased On April 30, 2019 , the Company repurchased 223,595 shares of its common stock for a total repurchase value of $2,000,000 , or $8.94 per share, pursuant to the Company’s share repurchase program. Distributions Declared On May 8, 2019, the Company’s board of directors approved and authorized a daily distribution to stockholders of record as of the close of business on each day of the period commencing on July 1, 2019 and ending on September 30, 2019. The distributions will be equal to $0.001519 per share of the Company’s common stock, which if paid over a 365-day period represents a 6.0% annual return based on $9.24 per share of common stock. The distributions for each record date in July 2019, August 2019 and September 2019 will be paid in August 2019, September 2019 and October 2019, respectively. The distributions will be payable to stockholders from legally available funds therefor.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, the consolidated variable interest entity (“VIE”) that the Company controls and of which the Company is the primary beneficiary, and the Operating Partnership’s subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company. The Operating Partnership is a VIE as the limited partner lacks substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of, and consolidates, the Operating Partnership.
Basis of Presentation	The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . The unaudited consolidated financial statements herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 .
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.
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. Changes in the fair value of the interest rate cap agreements are recorded as interest expense in the accompanying unaudited consolidated statements of operations.
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.
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 to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements and annual distribution requirements in order for the Company to qualify as a REIT under the Internal Revenue Code.
Per Share Data	Per Share Data Basic earnings (loss) per share attributable to common stockholders for all periods presented are computed by dividing net income 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.
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 February 2016, the FASB established ASC Topic 842 , Leases (“ASC 842”), by issuing ASU 2016-02, which requires lessees to recognize right-of-use assets and lease liabilities for operating leases on the balance sheet and disclose key information about leasing arrangements. ASC 842 also makes targeted changes to lessor accounting. ASC 842 was subsequently amended by ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842 (“ASU 2018-01”), ASU 2018-10, Codification Improvements to Topic 842 (“ASU 2018-10”), ASU 2018-11, Targeted Improvements (ASU 2018-11”) and ASU 2018-20, Leases (Topic 842), Narrow-scope Improvements for Lessors (“ASU 2018-20”). ASC 842 requires a modified retrospective transition approach and was effective in the first quarter of 2019 and allowed for early adoption. The Company elected an optional transition method that allows entities to initially apply ASC 842 at the adoption date (January 1, 2019) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company evaluated the impact of ASC 842 on its leases both as it relates to the Company acting as a lessee and as a lessor. Based on its evaluation, as it relates to the former, the Company elected to apply each of the practical expedients described in ASC 842-10-65-1(f) that allowed the Company, among other things, to not reassess lease classification conclusions or initial direct cost accounting as of December 31, 2018, therefore these leases continue to be accounted for as operating leases. The Company also elected the practical expedient described in ASC 842-20-25-2 not to apply the recognition requirements in ASC 842 to short-term leases and instead, to recognize lease payments in the consolidated statement of operations on a straight-line basis over the lease term. 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. Upon adoption, the Company recognized an initial operating lease right-of-use asset, net, of $96,818 and an operating lease liability, net, of $89,937 . As it relates to the Company as lessor, the Company did not experience a material impact on the recognition of leases in the consolidated financial statements because under ASC 842, lessors continue to account for leases using an approach that is substantially equivalent to historical guidance for sales-type leases, direct financing leases, and operating leases. The Company elected a practical expedient which allows lessors to not separate non-lease components from the lease component when the timing and pattern of transfer for the lease components and non-lease components are the same and if the lease component is classified as an operating lease. As a result, on January 1, 2019, the Company began presenting all rentals and reimbursements from tenants as a single line item rental income within the consolidated statements of operations. As of January 1, 2019, the Company implemented changes to its business processes and controls related to accounting for and the presentation and disclosure of leases, including the reclassification of tenant reimbursements, previously disclosed as part of tenant reimbursements and other, to rental income, in the consolidated statements of operations. Under ASC 842, beginning on January 1, 2019, changes in the probability of collecting tenant rental income could result in direct adjustments of rental income and tenant receivables. The Company did not experience a material impact on its rental income and tenant receivables as of the adoption date. The Company’s rental income consists of fixed rental payments from tenants under operating leases and is recognized on a straight-line basis over the respective operating lease terms. The Company recognizes 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-cancelable term of the related lease. The Company’s rental income that relates to variable lease payments consists of tenant reimbursements and includes reimbursements for recoverable costs, which are recognized as revenue in the period during which the applicable expenses are incurred and the tenant’s obligation to reimburse the Company arises. We recognized $30,938,841 of rental income related to operating lease payments of which $2,811,512 was for variable lease payments for the three months ended March 31, 2019. For the three months ended March 31, 2019, rental income relating to variable lease payments not included in the measurement of lease receivables was $2,816,828 . 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 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 issuance of ASU 2018-13 is part of a disclosure framework project. The disclosure framework project’s objective and primary focus are to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. Achieving the objective of improving the effectiveness of the notes to financial statements includes: (1) the development of a framework that promotes consistent decisions by the FASB board about disclosure requirements and (2) the appropriate exercise of discretion by reporting entities. 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 benefit. ASU 2018-13 removed certain disclosure requirements under Topic 820 such as the disclosure requirements of the valuation process for level 3 fair value measurements and modified and added certain of the disclosure requirements in Topic 820. 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. The SEC’s Disclosure Update and Simplification rule (Release 33-10532) amends the interim financial statement requirements to require a reconciliation of changes in stockholder’ equity in the notes or as a separate statement. This analysis should reconcile the beginning balance to the ending balance of each caption in stockholders’ equity for each period for which an income statement is required to be filed and comply with the remaining content requirements of Rule 3-04 of Regulation S-X. As a result, registrants will have to provide the reconciliation for both the year-to-date and quarterly periods and comparable periods in Form 10-Q but only for the year-to-date periods in registration statements. The rule does not prescribe the format of the presentation as long as the appropriate periods are provided. Per a Compliance and Disclosure Interpretation (Q 105.09, Exchange Act Forms, 10-Q), “The amendments are effective for all filings made on or after November 5, 2018. In light of the timing of effectiveness of the amendments and proximity of effectiveness to the filing date for most filers’ quarterly reports, the staff would not object if the filer’s first presentation of the changes in the shareholders’ equity is included in its Form 10-Q for the quarter that begins after the effective date of the amendments.” This allows the Company to adopt the amendment for the Company’s first quarter 2019 filing. The Company has adopted this guidance in the three months ended March 31, 2019 by presenting a reconciliation of changes in stockholders’ equity for the current and prior period as a separate statement.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Assets Required to be Measured at Fair Value on a Recurring Basis	The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: March 31, 2019 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 17,799 $ — December 31, 2018 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 117,678 $ —
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 statement of cash flows for the three months ended March 31, 2019 and 2018 : March 31, 2019 2018 Cash and cash equivalents $ 157,625,094 $ 217,672,108 Restricted cash 8,322,242 65,831,542 Restricted cash equivalents in assets related to real estate held for sale 528,949 — Total cash, cash equivalents and restricted cash $ 166,476,285 $ 283,503,650
Operating Lease, Lease Income	The table below provides a reconciliation of the prior period presentation of the income statement line items that were reclassified in our consolidated statements of operations to conform to the current period presentation, pursuant to the adoption of the new lease accounting standard and election of the single component practical expedient: Three Months Ended March 31, 2018 Rental income (presentation prior to January 1, 2019) $ 31,177,928 Tenant reimbursements (1) (presentation prior to January 1, 2019) 3,358,374 Rental income (presentation effective January 1, 2019) $ 34,536,302 _______________ (1) Tenants reimbursements include reimbursements for recoverable costs.

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles	As of March 31, 2019 and December 31, 2018 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: March 31, 2019 Assets Land Building and Improvements Total Real Estate Held for Investment Real Estate Held for Sale Investments in real estate $ 90,153,980 $ 796,617,530 $ 886,771,510 $ 75,761,880 Less: Accumulated depreciation and amortization — (173,560,492 ) (173,560,492 ) (18,042,142 ) Net investments in real estate and related lease intangibles $ 90,153,980 $ 623,057,038 $ 713,211,018 $ 57,719,738 December 31, 2018 Assets Land Building and Improvements Total Real Estate Held for Investment Real Estate Held for Sale Investments in real estate $ 90,153,980 $ 795,383,423 $ 885,537,403 $ 165,346,251 Less: Accumulated depreciation and amortization — (165,112,070 ) (165,112,070 ) (38,881,747 ) Net investments in real estate and related lease intangibles $ 90,153,980 $ 630,271,353 $ 720,425,333 $ 126,464,504
Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants	The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of March 31, 2019 , and thereafter, through the date properties that included commercial tenants were sold, is as follows: April 1 through April 25, 2019 $ 18,224 2020 — 2021 — 2022 — 2023 — Thereafter — $ 18,224
Disposal Groups, Including Discontinued Operations	The results of operations from Waterford on the Meadow , EBT Lofts , Library Lofts East , Stuart Hall Lofts and Truman Farm Villas for the three months ended March 31, 2019 and 2018 , which are summarized in the following table, were included in continuing operations on the Company’s consolidated statements of operations. For the Three Months Ended March 31, 2019 2018 Revenues $ 2,917,051 $ 2,854,058 Expenses 2,189,923 2,774,976 Total Income $ 727,128 $ 79,082 The results of operations for the three months ended March 31, 2019 and 2018 , through the date of sale for all properties disposed of through March 31, 2019 , including the properties contributed to the Joint Venture on the Second Closing Date, were included in continuing operations on the Company’s consolidated statements of operations and are as follows: For the Three Months Ended March 31, 2019 2018 Revenues: Rental income $ 2,519,185 $ 9,676,153 Other income 164,788 128,853 Total revenues 2,683,973 9,805,006 Expenses: Operating, maintenance and management 1,005,344 2,836,184 Real estate taxes and insurance 436,438 1,531,633 Fees to affiliates 137,641 395,176 Depreciation and amortization 251,416 2,383,888 Interest expense 288,728 1,966,601 Loss on debt extinguishment 814,831 2,010,457 General and administrative expenses 7,097 61,243 Total expenses $ 2,941,495 $ 11,185,182

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Venture (Tables)	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Summarized Financial Information of Joint Venture	Summarized unaudited financial information for the Joint Venture as of March 31, 2019 and December 31, 2018 , and for the three months ended March 31, 2019 and 2018 , is summarized below: March 31, 2019 December 31, 2018 Assets: Real estate assets, net $ 493,577,041 $ 493,776,142 Other assets 22,529,292 24,091,229 Total assets $ 516,106,333 $ 517,867,371 Liabilities and equity: Notes payable, net $ 340,636,020 $ 340,840,505 Other liabilities 18,387,261 21,501,680 Company’s capital 15,708,300 15,552,513 Other partner’s capital 141,374,752 139,972,673 Total liabilities and equity $ 516,106,333 $ 517,867,371 For the Three Months Ended March 31, 2019 2018 Revenues $ 16,664,582 $ 13,669,728 Expenses 15,946,717 27,501,219 Net income (loss) $ 717,865 $ (13,831,491 ) Company’s proportional net income (loss) $ 71,787 $ (1,383,149 ) Amortization of outside basis (60,294 ) (258,256 ) Equity in earnings (loss) of unconsolidated joint venture $ 11,493 $ (1,641,405 )

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization	As of March 31, 2019 and December 31, 2018 , other assets consisted of: March 31, 2019 December 31, 2018 Prepaid expenses $ 1,306,085 $ 1,866,024 Interest rate cap agreements (Note 12) 17,799 117,678 Deposits 761,836 714,736 Operating lease right-of-use assets, net 150,002 — Other assets $ 2,235,722 $ 2,698,438 Amortization of the Company’s operating lease right-of-use assets for the three months ended March 31, 2019 and 2018 , were $978 and $0 , respectively.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 : March 31, 2019 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed 18 5/1/2019 - 10/1/2056 3.19 % 4.78 % 3.92 % $ 325,942,816 Mortgage notes payable - variable (1) 10 7/1/2023 - 11/1/2027 1-Mo LIBOR + 1.77% 1-Mo LIBOR + 2.38% 4.66 % 282,673,387 Total mortgage notes payable, gross 28 4.27 % 608,616,203 Premium, net (2) 84,080 Deferred financing costs, net (3) (3,715,757 ) Total mortgage notes payable, net $ 604,984,526 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 _______________ (1) See Note 12 (Derivative Financial Instruments) 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 March 31, 2019 and December 31, 2018 was $290,075 and $960,519 , respectively. (3) Accumulated amortization related to deferred financing costs as of March 31, 2019 and December 31, 2018 was $2,902,173 and $2,929,134 , respectively.
Schedule of Collateralized Property	As of March 31, 2019 and December 31, 2018 , the advances remaining outstanding under the credit facility are summarized in the following table: Amount of Advance as of Collateralized Property (1) March 31, 2019 December 31, 2018 Carrington Place $ 5,229,244 $ 27,535,500 Carrington at Champion Forest 4,770,756 25,121,250 10,000,000 52,656,750 Deferred financing costs, net on credit facility (2) (82,665 ) (293,290 ) Credit facility, net $ 9,917,335 $ 52,363,460 ___________ (1) Each property is pledged as collateral for repayment of all amounts advanced under the credit facility. (2) Accumulated amortization related to deferred financing costs for the credit facility as of March 31, 2019 and December 31, 2018 , was $504,875 and $294,250 , respectively.
Summary of Aggregate Maturities	The following is a summary of the Company’s aggregate maturities as of March 31, 2019 : Maturities During the Years Ending December 31, Contractual Obligation Total Remainder of 2019 2020 2021 2022 2023 Thereafter Principal payments on outstanding debt obligations (1) $ 618,616,203 $ 25,831,540 $ 41,569,397 $ 16,782,251 $ 31,716,612 $ 216,588,417 $ 286,127,986 ________________ (1) Scheduled principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the amortization of the deferred financing costs and debt premiums associated with certain notes payable.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule of Restricted Stock Issued to Independent Directors as Compensation	The issuance and vesting activity for the three months ended March 31, 2019 , and for the year ended December 31, 2018 , for the restricted stock issued to the Company’s independent directors as compensation for services in connection with their re-election to the board of directors at the Company’s annual meeting is as follows: For the Three Months Ended March 31, 2019 For the Year Ended December 31, 2018 Nonvested shares at the beginning of the period 11,250 11,875 Granted shares — 7,500 Vested shares — (8,125 ) Nonvested shares at the end of the period 11,250 11,250 The weighted average fair value of restricted stock issued to the Company’s independent directors for the three months ended March 31, 2019 , and for the year ended December 31, 2018 , is as follows: Grant Year Weighted Average Fair Value 2018 $ 9.84 2019 n/a
Schedule of Repurchase Prices Under Share Repurchase Plan	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. The current share repurchase price is $8.74 per share, which represents 93% of the estimated value per share of $9.40 , 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 (5) 2 years 95.0% of the Share Repurchase Price (5) 3 years 97.5% of the Share Repurchase Price (5) 4 years 100.0% of the Share Repurchase Price (5) 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 “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. (5) The “Share Repurchase Price” shall equal 93% of the Estimated Value per Share.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
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 attributable to common stockholders and shares used in calculating basic and diluted earnings per share for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 Net income attributable to the Company $ 35,929,600 $ 73,280,028 Less: dividends declared on participating securities 1,538 2,099 Net income attributable to common stockholders 35,928,062 73,277,929 Weighted average common shares outstanding — basic 74,492,568 75,343,863 Weighted average common shares outstanding — diluted 74,503,818 75,355,738 Earnings per common share — basic and diluted $ 0.48 $ 0.97

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of Amounts Attributable to the Advisor and its Affiliates	Amounts attributable to the Advisor and its affiliates incurred for the three months ended March 31, 2019 and 2018 , and amounts that are payable (prepaid) to the Advisor and its affiliates as of March 31, 2019 and December 31, 2018 , are as follows: Incurred For the Three Months Ended March 31, Payable (Prepaid) as of 2019 2018 March 31, 2019 December 31, 2018 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 2,276,198 $ 2,423,011 $ — $ 1,640,485 Acquisition expenses (2) — 197,879 — 211,188 Property management Fees (1) 908,071 1,024,732 298,462 334,577 Reimbursement of onsite personnel (3) 2,935,019 3,116,910 616,749 589,551 Reimbursements - other (1) 536,360 323,073 36,295 39,349 Reimbursements - property operations (3) 18,685 23,979 — — Reimbursements - G&A (2) 41,145 21,288 — — Other operating expenses (2) 428,002 384,513 358,546 115,212 Disposition fees (4) 1,679,250 3,841,050 — 2,052,750 Disposition transaction costs (4) 12,300 67,464 — — Loan coordination fees (1) — 161,250 — — Property insurance (5) 400,368 314,104 (178,315 ) (119,055 ) Insurance proceeds — — — (75,000 ) Consolidated Balance Sheets: Capitalized Construction management Fees (6) 19,480 6,145 7,348 2,608 Reimbursement of labor costs (6) 23,582 16,350 550 198 Capital expenditures (6) — 27,002 — — Capitalized costs on investment in unconsolidated joint venture (7) — 58,386 — — Acquisition expenses (8) — 9,201 — — $ 9,278,460 $ 12,016,337 $ 1,139,635 $ 4,791,863 ________________ (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. (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 building and improvements in the accompanying consolidated balance sheets. (7) Included in investment in unconsolidated joint venture in the accompanying consolidated balance sheets. (8) Included in total real estate, cost in the accompanying consolidated balance sheets.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivative Instruments	The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at March 31, 2019 and December 31, 2018 : March 31, 2019 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 2.49 % 2.91 % $ 17,799 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

Organization and Business - Nar

Organization and Business - Narrative (Details)	Jul. 10, 2009USD ($)shares	Jun. 12, 2009USD ($)$ / sharesshares	Mar. 31, 2019ft²Investmentapartmentpropertyshares	Dec. 31, 2009shares	May 08, 2019$ / shares	Mar. 13, 2019$ / shares	Dec. 31, 2018shares
Common Stock [Member]
Class of Stock [Line Items]
Stock issued to advisor (in shares)			74,430,443				74,650,139
Common stock, estimated value, per share (in dollars per share) | $ / shares						$ 9.40
Convertible Stock [Member]
Class of Stock [Line Items]
Stock issued to advisor (in shares)			1,000				1,000
Residential Real Estate [Member]
Class of Stock [Line Items]
Number of multifamily real estate properties owned | property			32
Number of units in real estate property (in number of units or apartments) | apartment			8,412
Commercial Real Estate [Member]
Class of Stock [Line Items]
Net rentable area (in square feet) | ft²			21,130
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 units in real estate property (in number of units or apartments) | apartment			4,584
Number of Joint Ventures | Investment			1
Steadfast REIT Investments, LLC [Member] | Common Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)		22,223		22,223
Share price (in dollars per share) | $ / shares		$ 9
Proceeds from issuance of common stock | $		$ 200,007
Steadfast Income Advisor, LLC [Member]
Class of Stock [Line Items]
Investment from advisor | $	$ 1,000
Steadfast Income Advisor, LLC [Member] | Convertible Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)			1,000	1,000
Stock issued to advisor (in shares)	1,000
Subsequent Event [Member] | Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares					$ 9.24

Organization and Business - N_2

Organization and Business - Narrative - Public Offering (Details) - USD ($)	12 Months Ended	108 Months Ended
	Dec. 14, 2014	Dec. 31, 2017	May 20, 2018	Sep. 10, 2012	Jul. 19, 2010	Jul. 23, 2009
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)		4,073,759
Proceeds from issuance of common stock, dividend reinvestment plan		$ 39,580,847
Distribution Reinvestment Plan [Member]
Class of Stock [Line Items]
Share price (in dollars per share)				$ 9.73		$ 9.5
Common Stock [Member] | Primary Offering [Member]
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)					150,000,000
Share price (in dollars per share)					$ 10
Common Stock [Member] | IPO [Member]
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance, distribution reinvestment plan (in shares)					15,789,474
Share price, distribution reinvestment plan (in dollars per share)					$ 9.5
Stock issued during period, shares, new issues (in shares)	76,095,116
Proceeds from issuance of common stock	$ 769,573,363
Common Stock [Member] | Distribution Reinvestment Plan [Member]
Class of Stock [Line Items]
Share price (in dollars per share)			$ 9.40
Stock issued during period, dividend reinvestment plan (in shares)	4,073,759
Proceeds from issuance of common stock, dividend reinvestment plan	$ 39,580,847

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Assets Required to be Measured at Fair Value on a Recurring Basis (Details) - Interest Rate Cap [Member] - Fair Value, Measurements, Recurring [Member] - USD ($)	Mar. 31, 2019	Dec. 31, 2018
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	17,799	117,678
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate cap agreements	$ 0	$ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative - Fair Value of Financial Instruments (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable, net	$ 565,606,862	$ 566,900,461
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable at fair value	608,578,537	681,095,544
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable, net	$ 614,901,861	$ 693,501,574

Summary of Significant Accoun_6

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Narrative - Restricted Cash (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Restricted cash impounds set aside for future property taxes, property insurance payments, and tenant improvements as required by lenders	$ 8,322,242	$ 11,265,317
Restricted cash related to real estate held of sale disposed of	320,011
Restricted cash included in real estate assets held for sale	528,949
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	157,625,094	142,078,166	$ 217,672,108
Restricted cash	8,322,242	11,265,317	65,831,542
Restricted cash equivalents in assets related to real estate held for sale	528,949	848,960	0
Total cash, cash equivalents and restricted cash	$ 166,476,285	$ 154,192,443	$ 283,503,650	$ 205,096,008

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Narrative - Distribution Policy (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accounting Policies [Abstract]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.001519	$ 0.001964
Distributions declared per common share (in dollars per share)	$ 0.137	$ 0.177

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Narrative - Segment Disclosure (Details)	3 Months Ended
	Mar. 31, 2019segment
Accounting Policies [Abstract]
Number of reportable segments	1

Summary of Significant Accoun_9

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Schedule of Rental Income (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Lessee, Lease, Description [Line Items]
Rental income (presentation prior to January 1, 2019)		$ 31,177,928
Tenant reimbursements		3,358,374
Rental income (presentation effective January 1, 2019)		$ 34,536,302
Accounting Standards Update 2016-02 [Member]
Lessee, Lease, Description [Line Items]
Rental income (presentation effective January 1, 2019)	$ 2,816,828

Summary of Significant Accou_10

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Narrative - Recent Accounting Pronouncements (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets, net	$ 150,002
Rental income	30,938,841	$ 34,536,302
Rental income		31,177,928
Operating Lease, Lease Income		$ 34,536,302
Accounting Standards Update 2016-02 [Member]
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets, net	96,818
Operating lease, liability	89,937
Variable lease payments	2,811,512
Operating Lease, Lease Income	$ 2,816,828

Real Estate - Narrative (Detail

Real Estate - Narrative (Details)	Jan. 31, 2018apartment_community	Nov. 15, 2017USD ($)apartment_community	Nov. 10, 2017apartment_community	Mar. 31, 2019USD ($)ft²apartmentproperty	Mar. 31, 2018USD ($)	Jul. 03, 2013USD ($)	May 16, 2014USD ($)	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Contract purchase price				$ 933,561,219
Average percentage of real estate portfolio occupied				94.00%	94.30%
Average monthly collected rent				$ 1,089	$ 1,068
Depreciation and amortization				8,981,978	10,890,796
Payments to acquire real estate				1,881,819	$ 1,378,986
Accounts Payable and Accrued Liabilities [Member]
Real Estate Properties [Line Items]
Security deposit liability				$ 2,602,900				$ 2,868,600
Residential Real Estate [Member]
Real Estate Properties [Line Items]
Number of multifamily real estate properties owned | property				32
Number of units in real estate property (in number of units or apartments) | apartment				8,412
Percentage leased				95.40%
Operating leases, revenue, percentage				99.00%	99.00%
Residential Real Estate [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Operating lease term				12 months
Commercial Real Estate [Member]
Real Estate Properties [Line Items]
Net rentable area (in square feet) | ft²				21,130
Operating leases, revenue, percentage				1.00%	1.00%
Commercial Real Estate [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Operating lease term				7 months 1 day
Commercial Real Estate [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Operating lease term				6 years 2 days
Building and Improvements [Member]
Real Estate Properties [Line Items]
Depreciation				$ 8,968,237	$ 10,852,504
Other Intangible Assets [Member]
Real Estate Properties [Line Items]
Weighted average useful life				18 years 2 months 1 day
Amortization				$ 12,763	$ 38,292
Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member]
Real Estate Properties [Line Items]
Gain (loss) on disposition of assets		$ 38,523,427
Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member] | SIR Land Holdings, LLC [Member]
Real Estate Properties [Line Items]
Number of properties contributed | apartment_community	8	12	20
Ownership percentage			10.00%
Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member] | BREIT LP [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 of real estate		$ 335,430,000
Gain (loss) on disposition of assets		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 divested	90.00%
Proceeds from sale of real estate		$ 125,370,000

Real Estate - Schedule of Accum

Real Estate - Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Total real estate held for investment, cost	$ 886,771,510	$ 885,537,403
Less: Accumulated depreciation and amortization	(173,560,492)	(165,112,070)
Total real estate held for investment, net	713,211,018	720,425,333
Land [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Total real estate held for investment, cost	90,153,980	90,153,980
Less: Accumulated depreciation and amortization	0	0
Total real estate held for investment, net	90,153,980	90,153,980
Building and Improvements [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Total real estate held for investment, cost	796,617,530	795,383,423
Less: Accumulated depreciation and amortization	(173,560,492)	(165,112,070)
Total real estate held for investment, net	623,057,038	630,271,353
Real Estate Investment [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Total real estate held for investment, cost	886,771,510	885,537,403
Less: Accumulated depreciation and amortization	(173,560,492)	(165,112,070)
Total real estate held for investment, net	713,211,018	720,425,333
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Real Estate Investment [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Total real estate held for investment, cost	75,761,880	165,346,251
Less: Accumulated depreciation and amortization	(18,042,142)	(38,881,747)
Total real estate held for investment, net	$ 57,719,738	$ 126,464,504

Real Estate - Schedule of Futur

Real Estate - Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants (Details)	Mar. 31, 2019USD ($)
Real Estate [Abstract]
April 1 through April 25, 2019	$ 18,224
2020	0
2021	0
2022	0
2023	0
Thereafter	0
Total future minimum rental receipts	$ 18,224

Real Estate Real Estate - Prope

Real Estate Real Estate - Property Dispositions (Details)	Dec. 21, 2018USD ($)	Dec. 12, 2018USD ($)	Dec. 19, 2013USD ($)apartment	Sep. 30, 2013USD ($)apartment	Jun. 18, 2013USD ($)apartment	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payment of debt extinguishment costs						$ (967,464)	$ (1,350,856)
Rental income						30,938,841	34,536,302
Other income						1,071,951	918,625
Total revenues						32,010,792	35,454,927
Operating, maintenance and management						8,085,547	9,419,638
Real estate taxes and insurance						5,545,813	5,863,322
Fees to affiliates						3,720,629	3,932,066
Depreciation and amortization						8,981,978	10,890,796
Interest expense						7,918,789	7,894,252
Loss on debt extinguishment						814,831	2,010,457
General and administrative expenses						1,426,682	1,770,017
Total expenses						36,494,269	41,780,548
Discontinued Operations, Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental income						2,519,185	9,676,153
Other income						164,788	128,853
Total revenues						2,683,973	9,805,006
Operating, maintenance and management						1,005,344	2,836,184
Real estate taxes and insurance						436,438	1,531,633
Fees to affiliates						137,641	395,176
Depreciation and amortization						251,416	2,383,888
Interest expense						288,728	1,966,601
Loss on debt extinguishment						814,831	2,010,457
General and administrative expenses						7,097	61,243
Total expenses						$ 2,941,495	$ 11,185,182
Dawntree Apartments [Member] | Discontinued Operations, Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units in real estate property (in number of units or apartments) | apartment			400
Payments to acquire business			$ 24,000,000
Consideration		$ 46,200,000
Extinguishment of debt, amount		14,201,657
Payment of debt extinguishment costs		(903,564)
Gain (loss) on disposal		24,141,403
Loss on debt extinguishment		$ 811,084
Estancia Apartments [Member] | Discontinued Operations, Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units in real estate property (in number of units or apartments) | apartment				294
Payments to acquire business				$ 27,900,000
Consideration	$ 30,683,000
Gain (loss) on disposal	6,892,244
Sonoma Grande Apartments [Member] | Discontinued Operations, Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units in real estate property (in number of units or apartments) | apartment					336
Payments to acquire business					$ 32,200,000
Consideration	35,067,000
Gain (loss) on disposal	$ 9,367,937

Real Estate Real Estate - Held

Real Estate Real Estate - Held for Sale (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Expenses	$ 36,494,269	$ 41,780,548
Waterford on the Meadow, EBT Lofts, Library Lofts East, Stuart Hall Lofts and Truman Farm Villas [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	2,917,051	2,854,058
Expenses	2,189,923	2,774,976
Total Income	$ 727,128	$ 79,082

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Venture - Narrative (Details) - USD ($)	Nov. 10, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Cash distribution from unconsolidated joint venture		$ 200,000	$ 266,600
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		14,189,492		$ 14,085,399
Outside difference		7,640,166		$ 7,640,166
Amortization of the basis difference		$ 60,294	$ 258,256
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%

Other Assets - Schedule of Defe

Other Assets - Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 1,306,085		$ 1,866,024
Interest rate caps agreements	17,799		117,678
Deposits	761,836		714,736
Operating lease right-of-use assets, net	150,002
Other assets	2,235,722		$ 2,698,438
Operating lease, Right-of-Use asset, amortization	$ 978	$ 0

Investment in Unconsolidated _4

Investment in Unconsolidated Joint Venture - Schedule of Financial Information of Joint Venture (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Company's Proportional Share:
Equity in loss of unconsolidated joint venture	$ 11,493	$ (1,641,405)
BREIT Steadfast MF JV LP [Member]
Assets:
Real estate assets, net	493,577,041		$ 493,776,142
Other assets	22,529,292		24,091,229
Total assets	516,106,333		517,867,371
Liabilities and equity:
Notes payable, net	340,636,020		340,840,505
Other liabilities	18,387,261		21,501,680
Company’s capital	15,708,300		15,552,513
Other partner’s capital	141,374,752		139,972,673
Total liabilities and equity	516,106,333		$ 517,867,371
Income Statement:
Revenues	16,664,582	13,669,728
Expenses	15,946,717	27,501,219
Net loss	717,865	(13,831,491)
Company's Proportional Share:
Company’s proportional net loss	71,787	(1,383,149)
Amortization of outside basis	(60,294)	(258,256)
Equity in loss of unconsolidated joint venture	$ 11,493	$ (1,641,405)

Debt - Summary of Notes Payable

Debt - Summary of Notes Payable Secured by Real Property (Details)	3 Months Ended
	Mar. 31, 2019USD ($)instrument	Mar. 31, 2018	Dec. 31, 2018USD ($)instrument
Debt Instrument [Line Items]
Mortgage notes payable	$ 565,606,862		$ 566,900,461
Total notes payable, net	$ 614,901,861		$ 693,501,574
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	28		30
Weighted Average Interest Rate	4.27%		4.27%
Mortgage notes payable	$ 608,616,203		$ 644,770,289
Premium/discount, net	84,080		302,530
Deferred financing costs, net	(3,715,757)		(3,934,705)
Total notes payable, net	$ 604,984,526		$ 641,138,114
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	18		20
Weighted Average Interest Rate	3.92%		3.95%
Mortgage notes payable	$ 325,942,816		$ 361,723,899
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest Rate Range	3.19%		3.19%
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest Rate Range	4.78%		5.48%
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	10		10
Weighted Average Interest Rate	4.66%		4.69%
Mortgage notes payable	$ 282,673,387		$ 283,046,390
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | Minimum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.02%	2.02%
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | Maximum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%	2.50%

Debt - Summary of Debt Premiums

Debt - Summary of Debt Premiums and Discounts (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Amortization of Debt Discount (Premium)	$ (44,358)	$ (125,814)
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Accumulated Amortization, Debt Premiums	290,075		$ 960,519
Accumulated amortization of deferred financing costs	(2,902,173)		$ (2,929,134)
Amortization of Debt Discount (Premium)	$ (44,358)	$ (125,814)

Debt - Summary of Deferred Fina

Debt - Summary of Deferred Financing Costs (Details) - Notes Payable to Banks [Member] - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Less: accumulated amortization	$ (2,902,173)	$ (2,929,134)
Deferred financing costs, net	$ 3,715,757	$ 3,934,705

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Jul. 29, 2016	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Interest expense		$ 7,918,789	$ 7,894,252
Amortization of deferred financing costs		408,115	280,237
Amortization of debt premium (discount)		44,358	125,814
Unrealized loss on derivatives		99,879	(127,260)
Accounts Payable and Accrued Liabilities [Member]
Debt Instrument [Line Items]
Interest payable		2,267,262		$ 2,520,324
Interest Rate Cap [Member]
Debt Instrument [Line Items]
Unrealized loss on derivatives		99,879	(127,260)
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Amortization of debt premium (discount)		$ 44,358	$ 125,814
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000
Basis spread on variable rate	0.05%
Minimum [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.73%
Maximum [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.93%

Debt - Advances Obtained Under

Debt - Advances Obtained Under Credit Facility (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total notes payable, net	$ 618,616,203
Total notes payable, net	614,901,861	$ 693,501,574
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Total notes payable, net	10,000,000	52,656,750
Deferred financing costs, net on credit facility	(82,665)	(293,290)
Total notes payable, net	9,917,335	52,363,460
Accumulated amortization of deferred financing costs	(504,875)	(294,250)
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | Carrington Place [Member]
Debt Instrument [Line Items]
Total notes payable, net	5,229,244	27,535,500
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | Carrington at Champion Forest [Member]
Debt Instrument [Line Items]
Total notes payable, net	$ 4,770,756	$ 25,121,250

Debt - Summary of Aggregate Mat

Debt - Summary of Aggregate Maturities (Details)	Mar. 31, 2019USD ($)
Debt Disclosure [Abstract]
Total	$ 618,616,203
Remainder of 2019	25,831,540
2020	41,569,397
2021	16,782,251
2022	31,716,612
2023	216,588,417
Thereafter	$ 286,127,986

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative - General (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2009	Dec. 31, 2018
Class of Stock [Line Items]
Common and preferred stock, shares authorized (in shares)	1,100,000,000
Preferred stock, shares authorized (in shares)	100,000,000		100,000,000
Preferred stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	999,999,000		999,999,000
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Convertible Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,000		1,000
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Convertible Stock [Member] | Steadfast Income Advisor, LLC [Member]
Class of Stock [Line Items]
Stock issued during period, shares, new issues (in shares)	1,000	1,000

Stockholders' Equity - Narrat_2

Stockholders' Equity - Narrative - Common Stock (Details)	Jun. 12, 2009$ / sharesshares	Mar. 31, 2019USD ($)installmentsvote / shares	Mar. 31, 2018USD ($)	Dec. 31, 2009USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2018USD ($)
Class of Stock [Line Items]
Issuance of common stock		$ 11,493	$ (1,641,405)
Stock issued during period, dividend reinvestment plan (in shares) | shares					4,073,759
Proceeds from issuance of common stock, dividend reinvestment plan					$ 39,580,847
Share-based compensation		$ 15,444	17,295
Common Stock [Member]
Class of Stock [Line Items]
Vote per share | vote / shares		1
Restricted Stock [Member]
Class of Stock [Line Items]
Restricted common stock, weighted average remaining vesting terms		1 year 4 months 9 days
Compensation expense related to issuance of restricted stock, not vested		$ 80,519
Restricted Stock [Member] | Director [Member]
Class of Stock [Line Items]
Restricted common stock, vesting installments | installments		4
Restricted Stock [Member] | General and Administrative Expense [Member]
Class of Stock [Line Items]
Share-based compensation		$ 15,444	$ 17,295
Private Offering and Public Offering [Member]
Class of Stock [Line Items]
Commissions on sales of common stock and related dealer manager fees to affiliates					$ 95,845,468
Private Offering and Public Offering [Member] | Common Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares					76,732,395
Proceeds from issuance of stock, net					$ 679,572,220
Steadfast REIT Investments, LLC [Member] | Common Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares	22,223			22,223
Issuance of common stock				$ 200,007
Share price (in dollars per share) | $ / shares	$ 9
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member]
Class of Stock [Line Items]
Fair value of shares of restricted stock (in shares)						$ 5,637,207

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Restricted Stock Issued to Independent Directors as Compensation (Details) - Restricted Stock [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares at the beginning of the year (in shares)	11,250	11,875
Granted shares (in shares)	0	7,500
Vested shares (in shares)	0	(8,125)
Nonvested shares at the end of the year (in shares)	11,250	11,250
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

Stockholders' Equity - Narrat_3

Stockholders' Equity - Narrative - Convertible Stock (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2009
Class of Stock [Line Items]
Common stock, basis of conversion, percentage of annual return on original issue price of shares	8.00%
Common stock, conversion basis, percent enterprise value	10.00%
Steadfast Income Advisor, LLC [Member] | Convertible Stock [Member]
Class of Stock [Line Items]
Stock issued during period, shares, new issues (in shares)	1,000	1,000
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Convertible Stock [Member]
Class of Stock [Line Items]
Common stock, basis of conversion, percentage of annual return on original issue price of shares	8.00%
Convertible common stock, redemption amount	$ 1
Conversion basis multiplier	0.001

Stockholders' Equity - Narrat_4

Stockholders' Equity - Narrative - Preferred Stock (Details)	3 Months Ended
	Mar. 31, 2019classshares	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 outstanding (in shares) | shares	0	0
Preferred stock, shares issued (in shares) | shares	0	0

Stockholders' Equity - Narrat_5

Stockholders' Equity - Narrative - Distribution Reinvestment Plan (Details) - Distribution Reinvestment Plan [Member] - USD ($)	Mar. 31, 2019	Sep. 10, 2012	Jul. 23, 2009
Class of Stock [Line Items]
Share price (in dollars per share)		$ 9.73	$ 9.5
Sales commissions or dealer manager fees payable	$ 0

Stockholders' Equity - Narrat_6

Stockholders' Equity - Narrative - Share Repurchase Plan and Redeemable Common Stock (Details) - USD ($)	May 20, 2018	Jul. 01, 2015	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Sep. 10, 2012	Jul. 23, 2009
Class of Stock [Line Items]
Stock repurchase plan, percentage of weighted-average number of shares outstanding, limit on repurchase	93.00%
Stock Repurchase Program, Estimated Share Price	$ 8.74
Common share, distribution rate per share per day, declared (in dollars per share)			$ 0.001519	$ 0.001964
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
Share Repurchase Plan [Member]
Class of Stock [Line Items]
Termination notice period			30 days
Share Repurchase Plan [Member] | Common Stock [Member]
Class of Stock [Line Items]
Number of shares that can be repurchased before the first anniversary of date of purchase			0
Share repurchase plan, disability or death holding period exemption period, maximum			2 years
Stock repurchase plan, minimum redemption notice period			15 days
Stock repurchase plan, settlement period			30 days
Business days			3 days
Redemption of common stock (in shares)			219,696	181,404
Redemption of common stock			$ 2,000,000	$ 2,000,000
Stock requested for redemption, (in shares)			930,840	616,361
Stock requested for redemption, value			$ 8,179,667	$ 5,592,135
Redemption requests outstanding (in shares)			5,523,474		3,535,677
Total net redemption value			$ 48,319,288		$ 33,484,695
Stock repurchase plan, percentage of weighted-average number of shares outstanding, limit on repurchase			5.00%
Fee charged to repurchase shares			$ 0
Share Repurchase Plan [Member] | Common Stock [Member] | Accounts Payable and Accrued Liabilities [Member]
Class of Stock [Line Items]
Total net redemption value			$ 2,000,000
Maximum [Member] | Share Repurchase Plan [Member]
Class of Stock [Line Items]
Share repurchase program, authorized amount		$ 2,000,000
Distribution Reinvestment Plan [Member]
Class of Stock [Line Items]
Share price (in dollars per share)						$ 9.73	$ 9.5
Distribution Reinvestment Plan [Member] | Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share)	$ 9.40

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Repurchase Prices Under Share Repurchase Plan (Details) - Share Repurchase Plan [Member] - Common Stock [Member]	3 Months Ended
	Mar. 31, 2019
Class of Stock [Line Items]
Stock repurchase plan, repurchase price percentage, after primary offering, less than 1 year	0.00%
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 1	92.50%
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 2	95.00%
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 3	97.50%
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 4	100.00%
Required holding period to be eligible to redeem shares under share repurchase plan	1 year

Stockholders' Equity - Narrat_7

Stockholders' Equity - Narrative - Distributions Declared (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.001519	$ 0.001964
Less: dividends declared on participating securities	$ 10,186,657	$ 13,320,570
Distributions payable	$ 3,505,901		$ 3,515,310
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
Less: dividends declared on participating securities	$ 10,186,657	$ 13,320,570
Distributions payable	$ 3,505,901		$ 3,515,310

Stockholders' Equity - Narrat_8

Stockholders' Equity - Narrative - Distributions Paid (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Class of Stock [Line Items]
Distributions to common stockholders	$ 10,196,066	$ 13,331,421

Earnings Per Share - Schedule o

Earnings 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
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net income attributable to the Company	$ 35,929,600	$ 73,280,028
Less: dividends declared on participating securities	1,538	2,099
Net income attributable to common stockholders	$ 35,928,062	$ 73,277,929
Weighted average number of common shares outstanding — basic (in shares)	74,492,568	75,343,863
Weighted average number of common shares outstanding — diluted (in shares)	74,503,818	75,355,738
Income Per Share — basic and diluted (in dollars per share)	$ 0.48	$ 0.97

Related Party Arrangements - Sc

Related Party Arrangements - Schedule of Amounts Attributable to the Advisor and its Affiliates - Amounts Incurred and Payable (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Document Fiscal Year Focus	2019
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 9,278,460	$ 12,016,337
Related Party Transaction, Due from (to) Related Party	1,139,635		$ 4,791,863
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Investment Management Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	0		1,640,485
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Investment Management Fees [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	2,276,198	2,423,011
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Acquisition Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	0		211,188
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Acquisition Expenses [Member] | Business Combination, Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	197,879
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	298,462		334,577
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Fees [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	908,071	1,024,732
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Labor and Related Benefits [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	616,749		589,551
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Labor and Related Benefits [Member] | Operating, Maintenance and Management [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	2,935,019	3,116,910
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Other Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	36,295		39,349
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Other Fees [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	536,360	323,073
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Other Fees, Property Operations [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	0		0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Other Fees, Property Operations [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	18,685	23,979
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Other Fees, General and Administrative [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	0		0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Property Management, Other Fees, General and Administrative [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	41,145	21,288
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	358,546		115,212
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Other Operating Expenses [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	428,002	384,513
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Disposition Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	0		2,052,750
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Disposition Fees [Member] | Sales of Real Estate [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,679,250	3,841,050
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Disposition Transaction Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	0		0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Disposition Transaction Costs [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	12,300	67,464
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Refinancing Fee [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	0		0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Refinancing Fee [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	161,250
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Prepaid Insurance [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	400,368	314,104
Related Party Transaction, Due from (to) Related Party	(178,315)		(119,055)
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Insurance Proceeds [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	0		(75,000)
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Insurance Proceeds [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Construction Management Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	19,480	6,145
Related Party Transaction, Due from (to) Related Party	7,348		2,608
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Construction Management Reimbursement [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	23,582	16,350
Related Party Transaction, Due from (to) Related Party	550		198
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Capital Expenditures [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	27,002
Related Party Transaction, Due from (to) Related Party	0		0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Capitalized Costs on Investment in Unconsolidated Joint Venture [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	58,386
Related Party Transaction, Due from (to) Related Party	0		0
Steadfast Income Advisor, LLC [Member] | Advisor and its Affiliates [Member] | Capitalized Acquisition Expenses [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	$ 9,201
Related Party Transaction, Due from (to) Related Party	$ 0		$ 0

Related Party Arrangements - Na

Related Party Arrangements - Narrative - Acquisition Fees and Expenses (Details) - Steadfast Income Advisor, LLC [Member] - Steadfast Income Advisor, LLC [Member]	3 Months Ended
	Mar. 31, 2019
Investment Management Fees [Member]
Related Party Transaction [Line Items]
Investment management fee, percentage	0.06667%
Acquisition Fees and Expenses [Member]
Related Party Transaction [Line Items]
Acquisition fee, percentage of purchase price of real property or related asset	2.00%
Acquisition fee, percentage of purchase price of real property if prior proceeds used to fund acquisition	0.50%
Acquisition fees and expenses, maximum, percentage of contract purchase price	6.00%

Related Party Arrangements - _2

Related Party Arrangements - Narrative - Property Management Fees and Expenses (Details)	3 Months Ended
	Mar. 31, 2019
Property Manager [Member]
Related Party Transaction [Line Items]
Property management, oversight fee, percent	1.00%
Steadfast Management Company, Inc. [Member] | Property Management Agreement [Member]
Related Party Transaction [Line Items]
Property management agreement, notice of termination breach	30 days
Steadfast Management Company, Inc. [Member] | Property Manager [Member] | Property Management Agreement [Member]
Related Party Transaction [Line Items]
Property management agreement, initial term	1 year
Property management agreement, notice of termination option	60 days
Steadfast Management Company, Inc. [Member] | Minimum [Member] | Property Manager [Member] | Property Management Agreement [Member]
Related Party Transaction [Line Items]
Property management fee, percent	2.50%
Steadfast Management Company, Inc. [Member] | Maximum [Member] | Property Manager [Member] | Property Management Agreement [Member]
Related Party Transaction [Line Items]
Property management fee, percent	3.50%

Related Party Arrangements - _3

Related Party Arrangements - Narrative - Construction Management Fees (Details) - Pacific Coast Land & Construction, Inc. [Member] - Affiliated Entity [Member] - Construction Management Agreement [Member]	3 Months Ended
	Mar. 31, 2019
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 - _4

Related Party Arrangements - Narrative - Other Operating Expense Reimbursements (Details) - Steadfast Income Advisor, LLC [Member]	3 Months Ended
	Mar. 31, 2019quarter
Steadfast Income Advisor, LLC [Member] | Other Operating Expense Reimbursement [Member]
Related Party Transaction [Line Items]
Operating expenses limited, number of quarters	4
Other operating expense reimbursement, percentage of average invested assets, threshold	2.00%
Other operating expense reimbursement, percentage of net income, threshold	25.00%
Average invested assets calculation period	12 months
General and Administrative Expense [Member] | Advisor and its Affiliates [Member] | Refinancing Fee [Member]
Related Party Transaction [Line Items]
Refinancing fee, percentage of refinancing amount	0.50%

Related Party Arrangements - _5

Related Party Arrangements - Narrative - Disposition Fee (Details) - Steadfast Income Advisor, LLC [Member] - Steadfast Income Advisor, LLC [Member]	3 Months Ended
	Mar. 31, 2019$ / shares
Disposition Fees [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.50%
Disposition fee, maximum brokerage commission paid threshold, percent	50.00%
Disposition fee, maximum, percentage of sales price	3.00%
Acquisition fees and expenses, maximum, percentage of contract purchase price	6.00%
Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Other operating expense reimbursement, percentage of average invested assets, threshold	2.00%
Other operating expense reimbursement, percentage of net income, threshold	25.00%
Disposition Fees Range 1 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	0.50%
Share price (in dollars per share)	$ 9
Disposition Fees Range 2 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	0.75%
Disposition Fees Range 3 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.00%
Disposition Fees Range 4 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.25%
Disposition Fees Range 5 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.50%
Share price (in dollars per share)	$ 12.01
Minimum [Member] | Disposition Fees Range 2 [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	9.01
Minimum [Member] | Disposition Fees Range 3 [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	10.25
Minimum [Member] | Disposition Fees Range 4 [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	11.25
Maximum [Member] | Disposition Fees Range 2 [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	10.24
Maximum [Member] | Disposition Fees Range 3 [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	11.24
Maximum [Member] | Disposition Fees Range 4 [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 12

Incentive Award Plan and Inde_2

Incentive Award Plan and Independent Director Compensation - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 15,444	$ 17,295
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	0		7,500
Independent Directors Compensation Plan [Member] | Director [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vesting percentage	25.00%
Restricted common stock, award vesting period	3 years
Initial Election [Member] | Independent Directors Compensation Plan [Member] | Director [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	5,000
Re-Election [Member] | Director [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	2,500
Private Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock	$ 2,000,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Interest Rate Derivative Instruments (Details) - Cash Flow Hedging [Member] - Not Designated as Hedging Instrument [Member] - Interest Rate Cap [Member]	Mar. 31, 2019USD ($)instrument	Dec. 31, 2018USD ($)instrument
Derivative [Line Items]
Number of Instruments | instrument	10	10
Notional Amount	$ 283,654,000	$ 283,654,000
Weighted Average Rate Cap	2.91%	2.81%
Interest rate derivative assets, fair value	$ 17,799	$ 117,678
LIBOR [Member]
Derivative [Line Items]
Variable Rate	2.49%	2.52%

Derivative Financial Instrume_4

Derivative Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Derivative [Line Items]
Unrealized loss on derivatives	$ (99,879)	$ 127,260
Interest Rate Cap [Member]
Derivative [Line Items]
Unrealized loss on derivatives	(99,879)	127,260
Interest rate cap agreements acquired during the period	0	0
Interest Rate Cap [Member] | Deferred Financing Costs and Other Assets, Net [Member]
Derivative [Line Items]
Interest rate derivative assets, fair value	17,799		$ 117,678
Interest Expense [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Unrealized loss on derivatives	$ (99,879)	$ 127,260

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($)	May 08, 2019	May 01, 2019	Apr. 30, 2019	Apr. 01, 2019	Mar. 31, 2019	Mar. 31, 2018	Apr. 26, 2019
Subsequent Event [Line Items]
Distributions declared per common share (in dollars per share)					$ 0.137	$ 0.177
Share Repurchase Plan [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Redemption of common stock (in shares)					219,696	181,404
Redemption of common stock					$ 2,000,000	$ 2,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Distributions declared per common share (in dollars per share)	$ 0.001519
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Common stock, distribution rate, percentage	6.00%
Share price (in dollars per share)	$ 9.24
Subsequent Event [Member] | Share Repurchase Plan [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Redemption of common stock (in shares)			223,595
Redemption of common stock			$ 2,000,000
Repurchase price per share			$ 8.94
Subsequent Event [Member] | Discontinued Operations, Disposed of by Sale [Member]
Subsequent Event [Line Items]
Consideration							$ 50,685,000
Subsequent Event [Member] | Discontinued Operations, Disposed of by Sale [Member] | EBT Lofts Property [Member]
Subsequent Event [Line Items]
Consideration							14,137,671
Subsequent Event [Member] | Discontinued Operations, Disposed of by Sale [Member] | Library Lofts Property [Member]
Subsequent Event [Line Items]
Consideration							15,855,055
Subsequent Event [Member] | Discontinued Operations, Disposed of by Sale [Member] | Stuart Hall Lofts [Member]
Subsequent Event [Line Items]
Consideration							$ 20,692,274
Subsequent Event [Member] | Dividend Paid [Member]
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan		$ 3,391,668		$ 3,505,901
Notes Payable to Banks [Member] | Mortgage Loan Secured by Montclair Parc Apartment Homes [Member]
Subsequent Event [Line Items]
Repayments of Debt				$ 21,580,360