Steadfast Income REIT 10-Q 13 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 06, 2019
Document and Entity Information [Abstract]
Entity Current Reporting Status	Yes
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	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		73,984,103

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Real Estate:
Land	$ 90,153,980	$ 90,153,980
Building and improvements	799,967,673	795,383,423
Total real estate held for investment, cost	890,121,653	885,537,403
Less accumulated depreciation and amortization	(182,018,205)	(165,112,070)
Total real estate held for investment, net	708,103,448	720,425,333
Real estate held for sale, net	0	126,464,504
Total real estate, net	708,103,448	846,889,837
Cash and cash equivalents	124,685,084	142,078,166
Restricted cash	9,109,706	11,265,317
Investment in unconsolidated joint venture	13,869,450	14,085,399
Rents and other receivables	3,358,501	1,791,881
Assets related to real estate held for sale	0	848,960
Other assets	1,146,553	2,698,438
Total assets	860,272,742	1,019,657,998
Liabilities:
Accounts payable and accrued liabilities	20,569,875	23,899,595
Notes payable:
Mortgage notes payable, net	480,842,343	566,900,461
Credit facility, net	9,926,410	52,363,460
Mortgage notes payable related to real estate held for sale, net	0	74,237,653
Total notes payable, net	490,768,753	693,501,574
Distributions payable	3,381,662	3,515,310
Due to affiliates	1,377,577	4,985,918
Liabilities related to real estate held for sale	0	2,994,267
Total liabilities	516,097,867	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	652,239,394	656,204,073
Cumulative distributions and net income	(308,806,598)	(366,189,251)
Total stockholders’ equity	344,174,875	290,761,334
Total liabilities and stockholders’ equity	860,272,742	1,019,657,998
Common Stock [Member]
Notes payable:
Distributions payable	3,381,662	3,515,310
Stockholders’ Equity:
Common stock	742,069	746,502
Convertible Stock [Member]
Stockholders’ Equity:
Common stock	$ 10	$ 10

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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:
Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Stock, shares authorized (in shares)	999,999,000	999,999,000
Stock, shares issued (in shares)	0	74,650,139
Stock, shares outstanding (in shares)	0	74,650,139
Convertible Stock [Member]
Stockholders’ Equity:
Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Stock, shares authorized (in shares)	1,000	1,000
Stock, shares issued (in shares)	1,000	1,000
Stock, shares outstanding (in shares)	1,000	1,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Rental income	$ 27,152,676	$ 33,041,905	$ 58,091,517	$ 67,578,207
Other income	1,179,907	1,015,103	2,251,858	1,933,727
Total revenues	28,332,583	34,057,008	60,343,375	69,511,934
Expenses:
Operating, maintenance and management	6,771,405	9,059,224	14,848,950	18,478,862
Real estate taxes and insurance	3,790,757	6,809,156	9,344,570	12,672,478
Fees to affiliates	3,428,581	3,809,224	7,149,211	7,741,290
Depreciation and amortization	8,458,798	11,311,894	17,440,777	22,202,690
Interest expense	6,542,401	8,017,417	14,461,190	15,911,669
Loss on debt extinguishment	2,019,546	271,790	2,834,378	2,282,246
General and administrative expenses	1,691,410	1,570,715	3,118,092	3,340,732
Total expenses	32,702,898	40,849,420	69,197,168	82,629,967
Loss before other income (expense)	(4,370,315)	(6,792,412)	(8,853,793)	(13,118,033)
Other income (expense):
Equity in loss from unconsolidated joint venture	(210,642)	(1,173,099)	(199,149)	(2,814,504)
Gain on sales of real estate, net	46,487,211	0	86,888,796	81,247,054
Total other income (expense)	46,276,569	(1,173,099)	86,689,647	78,432,550
Net income (loss)	$ 41,906,254	$ (7,965,511)	$ 77,835,854	$ 65,314,517
Income (loss) per common share — basic and diluted (in dollars per share)	$ 0.56	$ (0.11)	$ 1.05	$ 0.87
Weighted average number of common shares outstanding — basic (in shares)	74,269,454	75,212,006	74,380,395	75,277,570
Weighted average number of common shares outstanding — diluted (in shares)	74,280,704	75,223,881	74,391,645	75,289,445

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Total	Common Stock [Member]	Stock [Member]Common Stock [Member]	Stock [Member]Convertible Stock [Member]	Additional Paid-In Capital [Member]	Cumulative Distributions & Net Losses [Member]
Beginning balance (in shares) at Dec. 31, 2017			75,479,409	1,000
Beginning balance at Dec. 31, 2017	$ 330,647,773		$ 754,794	$ 10	$ 664,110,915	$ (334,217,946)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)			(399,415)
Repurchase of common stock	(4,000,000)		$ (3,994)		(3,996,006)
Distributions declared	(100,139,682)	$ (100,139,682)				(100,139,682)
Amortization of stock-based compensation	34,590				34,590
Net income	65,314,517					65,314,517
Ending balance (in shares) at Jun. 30, 2018			75,079,994	1,000
Ending balance at Jun. 30, 2018	291,857,198		$ 750,800	$ 10	660,149,499	(369,043,111)
Beginning balance (in shares) at Mar. 31, 2018			75,298,005	1,000
Beginning balance at Mar. 31, 2018	388,624,526		$ 752,980	$ 10	662,130,024	(274,258,488)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)			(218,011)
Repurchase of common stock	(2,000,000)		$ (2,180)		(1,997,820)
Distributions declared	(86,819,112)	(86,819,112)				(86,819,112)
Amortization of stock-based compensation	17,295				17,295
Net income	(7,965,511)					(7,965,511)
Ending balance (in shares) at Jun. 30, 2018			75,079,994	1,000
Ending balance at Jun. 30, 2018	291,857,198		$ 750,800	$ 10	660,149,499	(369,043,111)
Beginning balance (in shares) at Dec. 31, 2018			74,650,139	1,000
Beginning balance at Dec. 31, 2018	290,761,334		$ 746,502	$ 10	656,204,073	(366,189,251)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)			(443,291)
Repurchase of common stock	(4,000,000)		$ (4,433)		(3,995,567)
Distributions declared	(20,453,201)	(20,453,201)				(20,453,201)
Amortization of stock-based compensation	30,888				30,888
Net income	77,835,854					77,835,854
Ending balance (in shares) at Jun. 30, 2019			74,206,848	1,000
Ending balance at Jun. 30, 2019	344,174,875		$ 742,069	$ 10	652,239,394	(308,806,598)
Beginning balance (in shares) at Mar. 31, 2019			74,430,443	1,000
Beginning balance at Mar. 31, 2019	314,519,721		$ 744,305	$ 10	654,221,714	(340,446,308)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)			(223,595)
Repurchase of common stock	(2,000,000)		$ (2,236)		(1,997,764)
Distributions declared	(10,266,544)	$ (10,266,544)				(10,266,544)
Amortization of stock-based compensation	15,444				15,444
Net income	41,906,254					41,906,254
Ending balance (in shares) at Jun. 30, 2019			74,206,848	1,000
Ending balance at Jun. 30, 2019	$ 344,174,875		$ 742,069	$ 10	$ 652,239,394	$ (308,806,598)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited)	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)
Cash Flows from Operating Activities:
Net income	$ 77,835,854	$ 65,314,517
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,440,777	22,202,690
Amortization of deferred financing costs	599,287	536,980
Amortization of stock-based compensation	30,888	34,590
Amortization of loan premiums	(48,562)	(174,140)
Change in fair value of interest rate cap agreements	161,297	(85,307)
Gain on sales of real estate	(86,888,796)	(81,247,054)
Loss on debt extinguishment	2,834,378	2,282,246
Insurance claim recoveries	(32,032)	0
Loss on disposal of building and improvements	11,684	0
Equity in loss from unconsolidated joint venture	199,149	2,814,504
Changes in operating assets and liabilities:
Rents and other receivables	(1,778,750)	192,988
Other assets	1,305,776	1,706,699
Accounts payable and accrued liabilities	(4,574,706)	(4,033,829)
Due to affiliates	(3,610,160)	(369,005)
Net cash provided by operating activities	3,486,084	9,175,879
Cash Flows from Investing Activities:
Cash contribution to unconsolidated joint venture	(292,600)	(2,521,078)
Cash distribution from unconsolidated joint venture	309,400	530,100
Acquisition of real estate investments	0	(67,886,062)
Additions to real estate investments	(5,139,455)	(3,955,226)
Escrow deposits for pending real estate acquisitions	0	(2,600,000)
Purchase of interest rate cap agreements	(47,000)	(203,300)
Proceeds from sales of real estate, net	211,746,529	178,277,349
Proceeds from insurance claims	244,162	0
Net cash provided by investing activities	206,821,036	101,641,783
Cash Flows from Financing Activities:
Proceeds from issuance of mortgage notes payable	0	94,482,000
Principal payments on mortgage notes payable	(160,999,357)	(148,490,527)
Principal payments on credit facility	(42,656,750)	(38,410,500)
Payment of deferred financing costs	0	(1,248,916)
Payment of debt extinguishment costs	(2,461,817)	(1,526,431)
Distributions to common stockholders	(20,586,849)	(100,944,127)
Repurchases of common stock	(4,000,000)	(4,000,000)
Net cash used in financing activities	(230,704,773)	(200,138,501)
Net decrease in cash, cash equivalents and restricted cash	(20,397,653)	(89,320,839)
Cash, cash equivalents and restricted cash, beginning of period	154,192,443	205,096,008
Cash, cash equivalents and restricted cash, end of period	133,794,790	115,775,169
Supplemental Disclosures of Cash Flow Information:
Interest paid	14,551,962	15,771,076
Supplemental Disclosure of Noncash Transactions:
Distributions payable	3,381,662	3,790,856
Assumption of mortgage notes payable to acquire real estate	0	65,000,000
Application of escrow deposits to acquire real estate	0	2,600,000
Mortgage notes payable assumed by buyer in connection with property sales	0	(67,140,194)
Assets and liabilities deconsolidated in connection with the Second Closing Properties:
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	382,620	30,459
Due to affiliates from additions to real estate investments	6,461	2,570
Repurchases payable	2,000,000	$ 2,000,000
Operating lease right-of-use asset, net	139,603
Operating lease liabilities, net	$ 125,891

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 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 June 30, 2019 , the Company owned 27 multifamily properties comprising a total of 7,527 apartment homes 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 approved 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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: June 30, 2019 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 3,381 $ — 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 June 30, 2019 and December 31, 2018 , the fair value of the notes payable was $491,773,336 and $681,095,544 , respectively, compared to the carrying value of $490,768,753 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 June 30, 2019 and December 31, 2018 , the Company had a restricted cash balance of $9,109,706 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 June 30, 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 statements of cash flows for the six months ended June 30, 2019 and 2018 : June 30, 2019 2018 Cash and cash equivalents $ 124,685,084 $ 91,588,750 Restricted cash 9,109,706 24,186,419 Total cash, cash equivalents and restricted cash $ 133,794,790 $ 115,775,169 The beginning of period cash, cash equivalents and restricted cash balance for the six months ended June 30, 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 six months ended June 30, 2019 , $848,960 of restricted cash related to real estate held for sale was disposed of during the period. 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 June 30, 2019 and 2018 were based on daily record dates and calculated at a rate of $0.001519 and $0.001683 per share per day, respectively. Distributions were based on daily record dates and calculated at a rate of $0.001519 and $0.001964 per share per day during the six months ended June 30, 2019 and three months ended March 31, 2018, respectively. Each day during the six months ended June 30, 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 and six months ended June 30, 2019 , the Company declared aggregate distributions of $0.138 and $0.275 per common share, respectively. During the three and six months ended June 30, 2018 , the Company declared aggregate distributions of $1.153 and $1.330 per common share, respectively, including a special distribution the Company’s board of directors declared in the amount $1.00 per share of common stock to stockholders of record as of the close of business on April 20, 2018 . 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 June 30, 2018 Six Months Ended June 30, 2018 Rental income (presentation prior to January 1, 2019) $ 30,062,993 $ 61,240,920 Tenant reimbursements (1) (presentation prior to January 1, 2019) 2,978,912 6,337,287 Rental income (presentation effective January 1, 2019) $ 33,041,905 $ 67,578,207 _______________ (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 $94,742 and an operating lease liability, net, of $87,862 . 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. The Company recognized $27,152,676 and $58,091,517 of rental income related to operating lease payments of which $2,497,111 and $5,308,623 was for variable lease payments for the three and six months ended June 30, 2019 , respectively. 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 six months ended June 30, 2019 by presenting a reconciliation of changes in stockholders’ equity for the current and prior period as a separate statement.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Real Estate	Real Estate As of June 30, 2019 , the Company owned 27 multifamily properties encompassing in the aggregate 7,527 residential apartment homes. The total purchase price of the Company’s real estate portfolio was $863,186,219 . As of June 30, 2019 and December 31, 2018 , the Company’s portfolio was approximately 95.1% and 94.3% occupied and the average monthly rent was $1,110 and $1,068 , respectively. As of June 30, 2019 and December 31, 2018 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: June 30, 2019 Assets Land Building and Improvements Total Real Estate Held for Investment Real Estate Held for Sale Investments in real estate $ 90,153,980 $ 799,967,673 $ 890,121,653 $ — Less: Accumulated depreciation and amortization — (182,018,205 ) (182,018,205 ) — Net investments in real estate and related lease intangibles $ 90,153,980 $ 617,949,468 $ 708,103,448 $ — 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 Total depreciation and amortization expenses were $8,458,798 and $17,440,777 for the three and six months ended June 30, 2019 , and $11,311,894 and $22,202,690 for the three and six months ended June 30, 2018 , respectively. Depreciation of the Company’s buildings and improvements was $8,457,713 and $17,425,950 for the three and six months ended June 30, 2019 , and $10,989,153 and $21,841,657 for the three and six months ended June 30, 2018 , respectively. Amortization of the Company’s other intangible assets was $0 and $12,764 for the three and six months ended June 30, 2019 , and $38,292 and $76,584 for the three and six months ended June 30, 2018 , respectively. Operating Leases As of June 30, 2019 , the Company’s real estate portfolio comprised 7,527 residential apartment homes and was 96.9% leased by a diverse group of residents. For each of the three and six months ended June 30, 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. Some residential 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. 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 $2,242,812 and $2,868,600 as of June 30, 2019 and December 31, 2018 , respectively. As of June 30, 2019 and December 31, 2018 , no tenant represented over 10% of the Company’s annualized base rent. 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 a wholly-owned subsidiary of the Operating Partnership, 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 a wholly-owned subsidiary of the Operating Partnership, 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 $9,367,938 , 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. EBT Lofts, Library Lofts East and Stuart Hall Lofts On December 30, 2011 , February 28, 2013 and August 27, 2013 , the Company, through wholly-owned subsidiaries of the Operating Partnership, acquired EBT Lofts , Library Lofts East and Stuart Hall Lofts , respectively, multifamily properties located in Kansas City, Missouri , collectively containing 335 apartment homes. The combined purchase price of EBT Lofts , Library Lofts East and Stuart Hall Lofts was $38,175,000 , exclusive of closing costs. On April 26, 2019 , the Company sold EBT Lofts , Library Lofts East and Stuart Hall Lofts for $50,685,000 , resulting in a gain of $19,120,514 , which includes reductions to the net book value of the properties due to historical depreciation and amortization expense. The purchaser of EBT Lofts , Library Lofts East and Stuart Hall Lofts was not affiliated with the Company or the Advisor. In connection with the disposition of Library Lofts East , the Company, through an indirect wholly-owned subsidiary, entered into an agreement to defease the remaining outstanding principal balance of $8,120,272 under the note payable. As a result of this agreement, the Company made a $95,417 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 $160,080 loss associated with the defeasance, which is included in loss on debt extinguishment on the consolidated statement of income. Waterford on the Meadow On July 3, 2013 , the Company, through a wholly-owned subsidiary of the Operating Partnership, acquired Waterford on the Meadow , a multifamily property located in Plano, Texas , containing 350 apartment homes. The purchase price of Waterford on the Meadow was $23,100,000 , exclusive of closing costs. On May 14, 2019 , the Company sold Waterford on the Meadow for $42,000,000 , resulting in a gain of $20,315,545 , which includes reductions to the net book value of the property due to historical depreciation and amortization expense. The purchaser of Waterford on the Meadow was not affiliated with the Company or the Advisor. In connection with the disposition of Waterford on the Meadow , the Company, through an indirect wholly-owned subsidiary, entered into an agreement to defease the remaining outstanding principal balance of $12,484,478 under the note payable. As a result of this agreement, the Company made a $449,231 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 $517,294 loss associated with the defeasance, which is included in loss on debt extinguishment on the consolidated statement of income. Truman Farm Villas On December 22, 2011 , the Company, through a wholly-owned subsidiary of the Operating Partnership, acquired Truman Farm Villas , a multifamily property located in Grandview, Missouri , containing 200 apartment homes. The purchase price of Truman Farm Villas was $9,100,000 , exclusive of closing costs. On May 15, 2019 , the Company sold Truman Farm Villas for $14,650,000 , resulting in a gain of $7,051,452 , which includes reductions to the net book value of the property due to historical depreciation and amortization expense. The purchaser of Truman Farm Villas was not affiliated with the Company or the Advisor. The results of operations for the three and six months ended June 30, 2019 and 2018 , through the date of sale for all properties disposed of through June 30, 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 June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Revenues: Rental income $ 1,023,417 $ 9,589,845 $ 6,436,219 $ 22,099,273 Tenant reimbursements and other 5,175 232,350 193,397 381,986 Total revenues 1,028,592 9,822,195 6,629,616 22,481,259 Expenses: Operating, maintenance and management 574,144 3,044,633 2,573,007 6,851,154 Real estate taxes and insurance (315,328 ) 1,777,210 462,657 3,644,857 Fees to affiliates 59,866 363,346 299,464 838,432 Depreciation and amortization — 2,970,065 531,447 6,203,946 Interest expense 211,448 1,827,904 954,160 4,320,468 Loss on debt extinguishment 981,701 825 1,796,532 2,011,282 General and administrative expenses 12,604 69,259 38,587 143,261 Total expenses $ 1,524,435 $ 10,053,242 $ 6,655,854 $ 24,013,400

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	6 Months Ended
	Jun. 30, 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 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 June 30, 2019 and December 31, 2018 , the book value of the Company’s investment in the Joint Venture was $13,869,450 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 and six months ended June 30, 2019 and 2018 , $60,294 and $120,588 , and $216,042 and $474,298 , respectively, of amortization of this basis difference was included in equity in losses from unconsolidated joint venture on the accompanying consolidated statements of operations. During the three and six months ended June 30, 2019 and 2018 , the Company received distributions of $109,400 and $309,400 and $263,500 and $530,100 , respectively, related to its investment in the Joint Venture. Unaudited financial information for the Joint Venture as of June 30, 2019 and December 31, 2018 , and for the three and six months ended June 30, 2019 , is summarized below: June 30, 2019 December 31, 2018 Assets: Real estate assets, net $ 492,595,078 $ 493,776,142 Other assets 20,827,496 24,091,229 Total assets $ 513,422,574 $ 517,867,371 Liabilities and equity: Notes payable, net $ 340,447,375 $ 340,840,505 Other liabilities 18,403,624 21,501,680 Company’s capital 15,457,152 15,552,513 Other partner’s capital 139,114,423 139,972,673 Total liabilities and equity $ 513,422,574 $ 517,867,371 For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Revenues $ 15,789,247 $ 15,542,460 $ 32,453,829 $ 29,212,188 Expenses 17,292,724 25,113,025 33,239,439 52,614,244 Net loss $ (1,503,477 ) $ (9,570,565 ) $ (785,610 ) $ (23,402,056 ) Company’s proportional net loss $ (150,348 ) $ (957,057 ) $ (78,561 ) $ (2,340,206 ) Amortization of outside basis (60,294 ) (216,042 ) (120,588 ) (474,298 ) Equity in losses of unconsolidated joint venture $ (210,642 ) $ (1,173,099 ) $ (199,149 ) $ (2,814,504 )

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets As of June 30, 2019 and December 31, 2018 , other assets consisted of: June 30, December 31, Prepaid expenses $ 480,461 $ 1,866,024 Interest rate cap agreements (Note 11) 3,381 117,678 Deposits 523,108 714,736 Operating lease right-of-use assets, net 139,603 — Other assets $ 1,146,553 $ 2,698,438 Amortization of the Company’s operating lease right-of-use assets for the three and six months ended June 30, 2019 were $1,085 and $2,063 , respectively. Amortization of the Company’s operating lease right-of-use assets for the three and six months ended June 30, 2018 were $0 and $0 , respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt Mortgage Notes Payable The following is a summary of mortgage notes payable secured by real property as of June 30, 2019 and December 31, 2018 : June 30, 2019 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed 14 1/1/2020 - 10/1/2056 3.19 % 4.63 % 3.90 % $ 280,421,166 Mortgage notes payable - variable (1) 6 7/1/2023 - 11/1/2027 1-Mo LIBOR + 1.77% 1-Mo LIBOR + 2.38% 4.51 % 203,349,767 Total mortgage notes payable, gross 20 4.16 % 483,770,933 Premium, net (2) — Deferred financing costs, net (3) (2,928,590 ) Total mortgage notes payable, net $ 480,842,343 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 11 (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 June 30, 2019 and December 31, 2018 was $0 and $960,519 , respectively. (3) Accumulated amortization related to deferred financing costs as of June 30, 2019 and December 31, 2018 was $2,114,194 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 (the “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 June 30, 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) June 30, 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) (73,590 ) (293,290 ) Credit Facility, net $ 9,926,410 $ 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 June 30, 2019 and December 31, 2018 , was $513,949 and $294,250 , respectively. Maturity and Interest The following is a summary of the Company’s aggregate maturities as of June 30, 2019 : Remainder of 2019 Maturities During the Years Ending December 31, Contractual Obligation Total 2020 2021 2022 2023 Thereafter Principal payments on outstanding debt obligations (1) $ 493,770,933 $ 2,299,670 $ 17,649,343 $ 15,555,211 $ 30,426,146 $ 153,218,901 $ 274,621,662 __________________ (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 associated with the notes payable. The Company’s notes payable contain customary financial and non-financial debt covenants. As of June 30, 2019 and December 31, 2018 , the Company was in compliance with all financial and non-financial debt covenants. For the three and six months ended June 30, 2019 , the Company incurred interest expense of $6,542,401 and $14,461,190 , respectively. Interest expense for the three and six months ended June 30, 2019 , includes amortization of deferred financing costs of $191,172 and $599,287 , amortization of loan premiums of $4,204 and $48,562 and net unrealized loss from the change in fair value of interest rate cap agreements of $61,418 and $161,297 , respectively. For the three and six months ended June 30, 2018 , the Company incurred interest expense of $8,017,417 and $15,911,669 , respectively. Interest expense for the three and six months ended June 30, 2018 includes amortization of deferred financing costs of $256,743 and $536,980 , amortization of loan premiums of $48,326 and $174,140 and net unrealized loss (gain) from the change in fair value of interest rate cap agreements of $41,953 and $(85,307) , respectively. Interest expense of $1,717,530 and $2,520,324 was payable as of June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2019 , the Company had issued 76,732,395 shares of common stock in a private offering and the 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 six months ended June 30, 2019 , and for the year ended December 31, 2018 , for the restricted stock issued to the Company’s independent directors were as follows: For the Six Months Ended June 30, 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 six months ended June 30, 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 $30,888 for the three and six months ended June 30, 2019 , and $17,295 and $34,590 for the three and six months ended June 30, 2018 , respectively, for compensation expense related to the issuance of restricted common stock. The weighted average remaining term of the restricted common stock is 1.11 years as of June 30, 2019 . As of June 30, 2019 , the compensation expense related to the issuance of the restricted common stock not vested was $65,083 . 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 June 30, 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 selling 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) ________________ (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. 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 approved by the Company’s board of directors. The share repurchase price is further reduced based on how long the stockholder has held the shares as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of the Share Repurchase Price (2) 2 years 95.0% of the Share Repurchase Price (2) 3 years 97.5% of the Share Repurchase Price (2) 4 years 100.0% of the Share Repurchase Price (2) In the event of a stockholder’s death or disability (3) Average Issue Price for Shares (4) ________________ (1) As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock. (2) The “Share Repurchase Price” shall equal 93% of the Estimated Value per Share. (3) The required one -year holding period to be eligible to repurchase shares under the Company’s share repurchase program does not apply in the event of death or disability of a stockholder. (4) The purchase price per share for shares repurchased upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares. The purchase price per share for shares repurchased pursuant to the share repurchase program is further reduced by the aggregate amount of net proceeds per share, if any, distributed to the Company’s stockholders prior to the repurchase date as a result of the sale of one or more of the Company’s assets that constitutes a return of capital distribution as a result of such sales. Repurchases of shares of the Company’s common stock are made quarterly upon written request to the Company at least 15 days prior to the end of the applicable quarter during which the share repurchase program is in effect. Repurchase requests are honored approximately 30 days following the end of the applicable quarter (the “Repurchase Date”). Stockholders may withdraw their repurchase request at any time up to three business days prior to the end of the applicable quarter. 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 June 30, 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 and six months ended June 30, 2019 , the Company repurchased a total of 223,595 and 443,291 shares with a total repurchase value of $2,000,000 and $4,000,000 , respectively, and received requests for the repurchase of 1,052,789 and 1,983,629 shares with a total repurchase value of $9,252,075 and $17,431,742 , respectively. During the three and six months ended June 30, 2018 , the Company repurchased a total of 218,011 and 399,415 shares with a total repurchase value of $2,000,000 and $4,000,000 , respectively, and received requests for the repurchase of 955,293 and 1,571,654 shares with a total net repurchase value of $8,270,898 and $13,863,033 . As of June 30, 2019 and 2018 , the Company’s total outstanding repurchase requests received that were subject to the Company’s limitations on repurchases were 6,161,920 shares and 4,272,959 shares, respectively, with a total net repurchase value of $53,905,878 and $39,527,939 , 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 six months ended June 30, 2019 , which if paid each day over a 365-day period, is equivalent to a 6.0% annualized distribution rate based on a purchase price of $9.24 per share of common stock. Distributions were calculated at a rate of $0.001683 per share per day during the three months ended June 30, 2018, which if paid each day over a 365-day period, is equivalent to a 6.0% annualized distribution rate based on a purchase price of $10.24 per share of common stock and were calculated at a rate of $0.001964 per share per day during the three months ended March 31, 2018, which if paid each day over a 365-day period, is equivalent to a 7.0% annualized distribution rate based on a purchase price of $10.24 per share of common stock. On April 16, 2018 , the Company’s board of directors declared a special distribution in the amount of $1.00 per share, or $75,298,163 in the aggregate, to stockholders of record as of the close of business on April 20, 2018 . Distributions declared for the three and six months ended June 30, 2019 , were $10,266,544 and $20,453,201 , respectively, all of which were attributable to cash distributions. Distributions declared for the three and six months ended June 30, 2018 , were $86,819,112 and $100,139,682 , all of which were attributable to cash distributions. As of June 30, 2019 and December 31, 2018 , $3,381,662 and $3,515,310 in distributions declared were payable. Distributions Paid For the three and six months ended June 30, 2019 , the Company paid cash distributions of $10,390,783 and $20,586,849 , which related to distributions declared for each day in the period from March 1, 2019 through May 31, 2019 , and December 1, 2018 through May 31, 2019 , respectively. All such distributions were paid in cash. For the three and six months ended June 30, 2018 , the Company paid cash distributions of $87,612,706 and $100,944,127 , which related to distributions declared for each day in the period from March 1, 2018 through May 31, 2018 , and December 1, 2017 through May 31, 2018 , respectively, inclusive of the special distribution in the amount of $75,298,163 paid on May 2, 2018 , to stockholders of record as of the close of business on April 20, 2018 . All such distributions were paid in cash.

Related Party Arrangements

Related Party Arrangements	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2019 and 2018 , and amounts that are payable (prepaid) to the Advisor and its affiliates as of June 30, 2019 and December 31, 2018 , are as follows: Incurred (Received) For the Incurred (Received) For the Payable (Prepaid) as of Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 June 30, 2019 December 31, 2018 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 2,027,504 $ 2,343,430 $ 4,303,703 $ 4,766,441 $ 354,017 $ 1,640,485 Due diligence costs (2) — 25,438 — 223,317 — 211,188 Property management: Fees (1) 817,754 978,620 1,725,825 2,003,352 289,946 334,577 Reimbursement of onsite personnel (3) 2,527,546 2,969,457 5,462,565 6,086,367 483,859 589,551 Reimbursements - other (1) 583,323 286,264 1,119,683 609,337 73,487 39,349 Reimbursements - property operations (3) 19,918 18,414 38,603 42,393 — — Reimbursements - G&A (2) 15,504 13,438 56,649 34,726 — — Other operating expenses (2) 418,600 291,236 846,602 675,749 171,758 115,212 Disposition fees (4) 1,610,025 — 3,289,275 3,841,050 — 2,052,750 Disposition transaction costs (4) 27,183 — 39,483 67,464 — — Loan coordination fee (1) — 200,910 — 362,160 — — Property insurance (5) 450,215 314,077 850,583 628,181 — (119,055 ) Insurance proceeds (6) — — — — — (75,000 ) Rental Revenue (7) 3,792 — 3,792 — — — Consolidated Balance Sheets: Capitalized Construction management: Fees (8) 135,922 59,328 155,402 65,473 3,224 2,608 Reimbursement of labor costs (8) 30,635 19,087 54,217 35,437 1,286 198 Capital expenditures (8) — 11,178 — 38,180 — — Capitalized costs on investment in unconsolidated joint venture (9) — — — 58,386 — — Acquisition expenses (10) — 235,847 — 245,048 — — Acquisition fees (10) — 705,722 — 705,722 — — $ 8,667,921 $ 8,472,446 $ 17,946,382 $ 20,488,783 $ 1,377,577 $ 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 other income in the accompanying consolidated statements of operations. (7) Included in rental income in the accompanying consolidated statements of operations. (8) Included in building and improvements in the accompanying consolidated balance sheets. (9) Included in investment in unconsolidated joint venture in the accompanying consolidated balance sheets. (10) Included in total real estate, cost in the accompanying consolidated balance sheets. 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, Inc. (“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 were managed by an unaffiliated third-party management company). As of June 30, 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 received an oversight fee of 1% of gross revenues at certain of the properties at which it did 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 June 30, 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 June 30, 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 3.0% 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 6.0% of the contract sales price. 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	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Incentive Award Plan and Independent Director Compensation	ncentive Award Plan and Independent Director Compensation The Company has adopted an incentive plan (the “Incentive Award Plan”) that provides for the grant of equity awards to its employees, directors and consultants and those of the Company’s affiliates. The Incentive Award Plan authorizes the grant of non-qualified and incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and other stock-based awards or cash-based awards. No awards have been granted under the Incentive Award Plan as of June 30, 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 a private offering that preceded the Public Offering. Each subsequent independent director that joins the Company’s board of directors would receive 5,000 shares of restricted common stock upon election to the Company’s board of directors. In addition, on the date following an independent director’s re-election to the Company’s board of directors, he or she receives 2,500 shares of restricted common stock. One-fourth of the shares of restricted common stock generally vest and become non-forfeitable upon issuance and the remaining portion will vest in three equal annual installments beginning on the first anniversary of the date of grant and ending on the third anniversary of the date of grant; provided, however, that the restricted stock will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability or (2) a change in control of the Company and as otherwise provided in the Incentive Award Plan. 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 $30,888 for the three and six months ended June 30, 2019 , and $17,295 and $34,590 for the three and six months ended June 30, 2018 , respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 : June 30, 2019 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 1/1/2020 - 7/1/2021 One-Month LIBOR 6 $ 203,266,995 2.40 % 3.49 % $ 3,381 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 and six months ended June 30, 2019 , resulted in an unrealized loss of $61,418 and $161,297 , respectively, which is included in interest expense in the accompanying consolidated statements of operations. During the three and six months ended June 30, 2019 , the Company acquired interest rate cap agreements of $47,000 . During the three and six months ended June 30, 2018 , the Company acquired interest rate cap agreements of $203,300 . The fair value of the interest rate cap agreements of $3,381 and $117,678 as of June 30, 2019 and December 31, 2018 , respectively, is included in other assets on the accompanying consolidated balance sheets.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions Paid On July 1, 2019 , the Company paid distributions of $3,381,662 , which related to distributions declared for each day in the period from June 1, 2019 through June 30, 2019 . All such distributions were paid in cash. On August 1, 2019 , the Company paid distributions of $3,494,044 , which related to distributions declared for each day in the period from July 1, 2019 through July 31, 2019 . All such distributions were paid in cash. Shares Repurchased On July 31, 2019 , the Company repurchased 222,982 shares of its common stock for a total repurchase value of $2,000,000 , or $8.97 per share, pursuant to the Company’s share repurchase program. Distributions Declared On August 7, 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 October 1, 2019 and ending on December 31, 2019. The distributions will be equal to $0.001519 per share of the Company’s common stock. The distributions for each record date in October 2019, November 2019 and December 2019 will be paid in November 2019, December 2019 and January 2020, respectively. The distributions will be payable to stockholders from legally available funds therefor. Repayment of Credit Facility On July 29, 2019, the Company made a principal payment in the amount of $10,000,000 on the Credit Facility with PNC Bank thereby terminating the facility. Pending Merger with Steadfast Apartment REIT, Inc. On August 5, 2019 , the Company, Steadfast Apartment REIT, Inc. (“STAR”), Steadfast Apartment REIT Operating Partnership, L.P., STAR’s operating partnership (“STAR Operating Partnership”), the Operating Partnership, and SI Subsidiary, LLC, a wholly-owned subsidiary of STAR (“SIR Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). Subject to the terms and conditions of the Merger Agreement, the Company will merge with and into SIR Merger Sub (the “Merger”), with SIR Merger Sub surviving the Merger, such that following the Merger, the surviving entity will continue as a wholly -owned subsidiary of STAR. In accordance with the applicable provisions of the Maryland General Corporation Law (the “MGCL”), the separate existence of the Company shall cease. At the effective time of the Merger and subject to the terms and conditions of the Merger Agreement, each issued and outstanding share of the Company’s common stock (or a fraction thereof), $0.01 par value per share (“SIR Common Stock”), will be converted into the right to receive 0.5934 shares of STAR’s common stock, $0.01 par value per share. The obligation of each party to consummate the Merger is subject to a number of conditions, including receipt of the approval of the Merger by the holders of a majority of the outstanding shares of SIR Common Stock (the “SIR Stockholder Approval”) and of an amendment to the Charter to delete certain provisions regarding roll-up transactions. The Company (with the prior approval of its special committee) may terminate the Merger Agreement in order to enter into an “Alternative Acquisition Agreement” with respect to a “Superior Proposal” (each as defined in the Merger Agreement) at any time prior to receipt by the Company of the SIR Stockholder Approval pursuant to the terms of the Merger Agreement. STAR may terminate the Merger Agreement at any time prior to the receipt of the SIR Stockholder Approval, in certain limited circumstances, including upon an “Adverse Recommendation Change” (as defined in the Merger Agreement). If the Merger Agreement is terminated in connection with the Company’s acceptance of a Superior Proposal or making an Adverse Recommendation Change, then the Company must pay to STAR a termination fee of (i)(A) $8,694,218 if such termination occurs no later than seven business days after (x) 11:59 p.m. New York City time on September 5, 2019 (the “SIR Go Shop Period End Time”) or (y) the end of the specified period for negotiations with STAR following notice (received within five business days of the SIR Go Shop Period End Time) that the Company intends to enter into a Superior Proposal or (B) $20,866,122 if it occurred thereafter and (ii) up to $2,000,000 as reimbursement for STAR’s Expenses (as defined in the Merger Agreement). On August 5, 2019 , STAR, Steadfast Apartment REIT III Inc., (“STAR III”), STAR Operating Partnership, Steadfast Apartment REIT III Operating Partnership, L.P., the operating partnership of STAR III, and SIII Subsidiary, LLC, a wholly-owned subsidiary of STAR (“STAR III Merger Sub”), entered into an Agreement and Plan of Merger (the “STAR III Merger Agreement”). Subject to the terms and conditions of the STAR III Merger Agreement, STAR III will merge with and into STAR III Merger Sub (the “STAR III Merger”), with STAR III Merger Sub surviving the STAR III Merger, such that following the STAR III Merger, the surviving entity will continue as a wholly -owned subsidiary of STAR. In accordance with the applicable provisions of the MGCL, the separate existence of STAR III shall cease. The consummation of the Company’s merger with STAR is not contingent upon the completion of the merger between STAR and STAR III, and the consummation of the merger between STAR and STAR III is not contingent upon the completion of the Company’s merger with STAR. The combined company after the mergers (the “Combined Company”) will retain the name “Steadfast Apartment REIT, Inc.” Each merger is intended to qualify as a “reorganization” under, and within the meaning of, Section 368(a) of the Internal Revenue Code. If the mergers were to occur today, the Combined Company’s portfolio would consist of 71 properties in 14 states with an average effective rent of $1,158 . Based on occupancy as of June 30, 2019 , the Combined Company’s portfolio would have an occupancy rate of 94% , an average age of 20 years and gross real estate assets of $3.3 billion . Amended and Restated Share Repurchase Plan In connection with the proposed SIR Merger, on August 5, 2019 , the Company’s board of directors approved the Amended and Restated Share Repurchase Plan (the “Amended & Restated SRP”), which will become effective September 5, 2019 , and will apply beginning with repurchases made on the repurchase date (as defined in the Amended & Restated SRP) with respect to the third quarter of 2019 . Under the Amended & Restated SRP, the Company will only repurchase shares of common stock in connection with the death or qualifying disability (as determined by the Company’s board in its sole discretion) of a stockholder, subject to certain terms and conditions specified in the Amended & Restated SRP. Repurchases pursuant to the Amended and Restated SRP will continue to be limited to $2,000,000 per quarter. Termination Agreement Concurrently with the entry into the SIR Merger Agreement, the Company and the Advisor entered into a termination letter agreement (the “Termination Agreement”), effective as of August 5, 2019 . Pursuant to the Termination Agreement, the Advisory Agreement will be terminated at the effective time of the SIR Merger. Also pursuant to the Termination Agreement, the Advisor agreed to waive any disposition fee it otherwise would be entitled to pursuant to the Advisory Agreement related to the SIR Merger and confirmed the disposition fee payable to the Advisor in the event the SIR Merger Agreement is terminated and the Company consummates a different transaction that would entitle the Advisor to a disposition fee. Amendment to Bylaws Effective August 5, 2019 , the Company’s board of directors amended the Company’s Bylaws to add new Article XIV designating the Circuit Court for Baltimore City, Maryland (or, if that Court does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division) as the exclusive forum for certain proceedings relating to the Company, as set forth in the new article.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 declared during the three months ended June 30, 2019 and 2018 were based on daily record dates and calculated at a rate of $0.001519 and $0.001683 per share per day, respectively. Distributions were based on daily record dates and calculated at a rate of $0.001519 and $0.001964 per share per day during the six months ended June 30, 2019 and three months ended March 31, 2018, respectively. Each day during the six months ended June 30, 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.
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.
Recently Issued Accounting Standards Updates	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 $94,742 and an operating lease liability, net, of $87,862 . 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. The Company recognized $27,152,676 and $58,091,517 of rental income related to operating lease payments of which $2,497,111 and $5,308,623 was for variable lease payments for the three and six months ended June 30, 2019 , respectively. 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 six months ended June 30, 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)	6 Months Ended
	Jun. 30, 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: June 30, 2019 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 3,381 $ — 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 statements of cash flows for the six months ended June 30, 2019 and 2018 : June 30, 2019 2018 Cash and cash equivalents $ 124,685,084 $ 91,588,750 Restricted cash 9,109,706 24,186,419 Total cash, cash equivalents and restricted cash $ 133,794,790 $ 115,775,169
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	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 June 30, 2018 Six Months Ended June 30, 2018 Rental income (presentation prior to January 1, 2019) $ 30,062,993 $ 61,240,920 Tenant reimbursements (1) (presentation prior to January 1, 2019) 2,978,912 6,337,287 Rental income (presentation effective January 1, 2019) $ 33,041,905 $ 67,578,207 _______________ (1) Tenants reimbursements include reimbursements for recoverable costs.

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles	As of June 30, 2019 and December 31, 2018 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: June 30, 2019 Assets Land Building and Improvements Total Real Estate Held for Investment Real Estate Held for Sale Investments in real estate $ 90,153,980 $ 799,967,673 $ 890,121,653 $ — Less: Accumulated depreciation and amortization — (182,018,205 ) (182,018,205 ) — Net investments in real estate and related lease intangibles $ 90,153,980 $ 617,949,468 $ 708,103,448 $ — 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 Property Dispositions	The results of operations for the three and six months ended June 30, 2019 and 2018 , through the date of sale for all properties disposed of through June 30, 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 June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Revenues: Rental income $ 1,023,417 $ 9,589,845 $ 6,436,219 $ 22,099,273 Tenant reimbursements and other 5,175 232,350 193,397 381,986 Total revenues 1,028,592 9,822,195 6,629,616 22,481,259 Expenses: Operating, maintenance and management 574,144 3,044,633 2,573,007 6,851,154 Real estate taxes and insurance (315,328 ) 1,777,210 462,657 3,644,857 Fees to affiliates 59,866 363,346 299,464 838,432 Depreciation and amortization — 2,970,065 531,447 6,203,946 Interest expense 211,448 1,827,904 954,160 4,320,468 Loss on debt extinguishment 981,701 825 1,796,532 2,011,282 General and administrative expenses 12,604 69,259 38,587 143,261 Total expenses $ 1,524,435 $ 10,053,242 $ 6,655,854 $ 24,013,400

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Venture (Tables)	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Summarized Financial Information of Joint Venture	Unaudited financial information for the Joint Venture as of June 30, 2019 and December 31, 2018 , and for the three and six months ended June 30, 2019 , is summarized below: June 30, 2019 December 31, 2018 Assets: Real estate assets, net $ 492,595,078 $ 493,776,142 Other assets 20,827,496 24,091,229 Total assets $ 513,422,574 $ 517,867,371 Liabilities and equity: Notes payable, net $ 340,447,375 $ 340,840,505 Other liabilities 18,403,624 21,501,680 Company’s capital 15,457,152 15,552,513 Other partner’s capital 139,114,423 139,972,673 Total liabilities and equity $ 513,422,574 $ 517,867,371 For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Revenues $ 15,789,247 $ 15,542,460 $ 32,453,829 $ 29,212,188 Expenses 17,292,724 25,113,025 33,239,439 52,614,244 Net loss $ (1,503,477 ) $ (9,570,565 ) $ (785,610 ) $ (23,402,056 ) Company’s proportional net loss $ (150,348 ) $ (957,057 ) $ (78,561 ) $ (2,340,206 ) Amortization of outside basis (60,294 ) (216,042 ) (120,588 ) (474,298 ) Equity in losses of unconsolidated joint venture $ (210,642 ) $ (1,173,099 ) $ (199,149 ) $ (2,814,504 )

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization	As of June 30, 2019 and December 31, 2018 , other assets consisted of: June 30, December 31, Prepaid expenses $ 480,461 $ 1,866,024 Interest rate cap agreements (Note 11) 3,381 117,678 Deposits 523,108 714,736 Operating lease right-of-use assets, net 139,603 — Other assets $ 1,146,553 $ 2,698,438

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Summary of Notes Payable Secured by Real Property	The following is a summary of mortgage notes payable secured by real property as of June 30, 2019 and December 31, 2018 : June 30, 2019 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed 14 1/1/2020 - 10/1/2056 3.19 % 4.63 % 3.90 % $ 280,421,166 Mortgage notes payable - variable (1) 6 7/1/2023 - 11/1/2027 1-Mo LIBOR + 1.77% 1-Mo LIBOR + 2.38% 4.51 % 203,349,767 Total mortgage notes payable, gross 20 4.16 % 483,770,933 Premium, net (2) — Deferred financing costs, net (3) (2,928,590 ) Total mortgage notes payable, net $ 480,842,343 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 11 (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 June 30, 2019 and December 31, 2018 was $0 and $960,519 , respectively. (3) Accumulated amortization related to deferred financing costs as of June 30, 2019 and December 31, 2018 was $2,114,194 and $2,929,134 , respectively.
Schedule of Revolving Credit Facility Advances	As of June 30, 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) June 30, 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) (73,590 ) (293,290 ) Credit Facility, net $ 9,926,410 $ 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 June 30, 2019 and December 31, 2018 , was $513,949 and $294,250 , respectively.
Summary of Aggregate Maturities	The following is a summary of the Company’s aggregate maturities as of June 30, 2019 : Remainder of 2019 Maturities During the Years Ending December 31, Contractual Obligation Total 2020 2021 2022 2023 Thereafter Principal payments on outstanding debt obligations (1) $ 493,770,933 $ 2,299,670 $ 17,649,343 $ 15,555,211 $ 30,426,146 $ 153,218,901 $ 274,621,662 __________________ (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 associated with the notes payable.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of Restricted Stock Issued to Independent Directors as Compensation	The issuance and vesting activity for the six months ended June 30, 2019 , and for the year ended December 31, 2018 , for the restricted stock issued to the Company’s independent directors were as follows: For the Six Months Ended June 30, 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 six months ended June 30, 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) ________________ (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. 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 approved by the Company’s board of directors. The share repurchase price is further reduced based on how long the stockholder has held the shares as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of the Share Repurchase Price (2) 2 years 95.0% of the Share Repurchase Price (2) 3 years 97.5% of the Share Repurchase Price (2) 4 years 100.0% of the Share Repurchase Price (2) In the event of a stockholder’s death or disability (3) Average Issue Price for Shares (4) ________________ (1) As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock. (2) The “Share Repurchase Price” shall equal 93% of the Estimated Value per Share. (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.

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2019 and 2018 , and amounts that are payable (prepaid) to the Advisor and its affiliates as of June 30, 2019 and December 31, 2018 , are as follows: Incurred (Received) For the Incurred (Received) For the Payable (Prepaid) as of Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 June 30, 2019 December 31, 2018 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 2,027,504 $ 2,343,430 $ 4,303,703 $ 4,766,441 $ 354,017 $ 1,640,485 Due diligence costs (2) — 25,438 — 223,317 — 211,188 Property management: Fees (1) 817,754 978,620 1,725,825 2,003,352 289,946 334,577 Reimbursement of onsite personnel (3) 2,527,546 2,969,457 5,462,565 6,086,367 483,859 589,551 Reimbursements - other (1) 583,323 286,264 1,119,683 609,337 73,487 39,349 Reimbursements - property operations (3) 19,918 18,414 38,603 42,393 — — Reimbursements - G&A (2) 15,504 13,438 56,649 34,726 — — Other operating expenses (2) 418,600 291,236 846,602 675,749 171,758 115,212 Disposition fees (4) 1,610,025 — 3,289,275 3,841,050 — 2,052,750 Disposition transaction costs (4) 27,183 — 39,483 67,464 — — Loan coordination fee (1) — 200,910 — 362,160 — — Property insurance (5) 450,215 314,077 850,583 628,181 — (119,055 ) Insurance proceeds (6) — — — — — (75,000 ) Rental Revenue (7) 3,792 — 3,792 — — — Consolidated Balance Sheets: Capitalized Construction management: Fees (8) 135,922 59,328 155,402 65,473 3,224 2,608 Reimbursement of labor costs (8) 30,635 19,087 54,217 35,437 1,286 198 Capital expenditures (8) — 11,178 — 38,180 — — Capitalized costs on investment in unconsolidated joint venture (9) — — — 58,386 — — Acquisition expenses (10) — 235,847 — 245,048 — — Acquisition fees (10) — 705,722 — 705,722 — — $ 8,667,921 $ 8,472,446 $ 17,946,382 $ 20,488,783 $ 1,377,577 $ 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 other income in the accompanying consolidated statements of operations. (7) Included in rental income in the accompanying consolidated statements of operations. (8) Included in building and improvements in the accompanying consolidated balance sheets. (9) Included in investment in unconsolidated joint venture in the accompanying consolidated balance sheets. (10) Included in total real estate, cost in the accompanying consolidated balance sheets.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 : June 30, 2019 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 1/1/2020 - 7/1/2021 One-Month LIBOR 6 $ 203,266,995 2.40 % 3.49 % $ 3,381 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, 2019shares	Dec. 31, 2009shares	Jun. 30, 2019Investmentapartmentproperty$ / sharesshares	Mar. 13, 2019$ / shares	Dec. 31, 2018shares	Jun. 30, 2018$ / shares	May 20, 2018$ / shares	Mar. 31, 2018$ / shares
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares									$ 8.74
Residential Real Estate [Member]
Class of Stock [Line Items]
Number of multifamily real estate properties owned | property					27
Units (apartment homes) | apartment					7,527
Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares					$ 9.24			$ 10.24		$ 10.24
Stock issued to advisor (in shares)					0		74,650,139
Convertible Stock [Member]
Class of Stock [Line Items]
Stock issued to advisor (in shares)					1,000		1,000
Steadfast REIT Investments, LLC [Member] | Common Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)		22,223		22,223
Share price (in dollars per share) | $ / shares		$ 9				$ 9.39960797393302
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
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
Units (apartment homes) | apartment					4,584
Number of Joint Ventures | Investment					1

Organization and Business - Pub

Organization and Business - Public Offering (Details) - USD ($)	41 Months Ended	126 Months Ended
	Dec. 20, 2013	Jun. 30, 2019	Jun. 30, 2018	May 20, 2018	Mar. 31, 2018	Sep. 10, 2012	Jul. 19, 2010	Jul. 23, 2009
Class of Stock [Line Items]
Share price (in dollars per share)				$ 8.74
Stock issued during period, dividend reinvestment plan (in shares)		4,073,759
Proceeds from issuance of common stock, dividend reinvestment plan		$ 39,580,847
IPO [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)	76,095,116
Issuance of common stock	$ 769,573,363
Distribution Reinvestment Plan [Member]
Class of Stock [Line Items]
Share price (in dollars per share)						$ 9.73		$ 9.5
Stock issued during period, dividend reinvestment plan (in shares)	4,073,759
Proceeds from issuance of common stock, dividend reinvestment plan	$ 39,580,847
Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share)		$ 9.24	$ 10.24		$ 10.24
Common Stock [Member] | Primary Offering [Member]
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)							150,000,000
Share price (in dollars per share)							$ 10
Common Stock [Member] | IPO [Member]
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance, distribution reinvestment plan, up to (in shares)							15,789,474
Share price, distribution reinvestment plan (in dollars per share)							$ 9.5

Summary of Significant 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, Recurring [Member] - USD ($)	Jun. 30, 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	3,381	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 - Fair Value of Financial Instruments (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable, net	$ 480,842,343	$ 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	491,773,336	681,095,544
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable, net	$ 490,768,753	$ 693,501,574

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 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	$ 9,109,706	$ 11,265,317
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	124,685,084	142,078,166	$ 91,588,750
Restricted cash	9,109,706	11,265,317	24,186,419
Total cash, cash equivalents and restricted cash	133,794,790	154,192,443	$ 115,775,169	$ 205,096,008
Restricted held in real estate assets held for sale	$ 848,960	$ 848,960

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Distribution Policy (Details) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Accounting Policies [Abstract]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.001519			$ 0.001964	$ 0.001683
Distributions declared per common share (in dollars per share)		$ 0.275	$ 1.153		$ 0.138	$ 1.33

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Segment Disclosure (Details)	6 Months Ended
	Jun. 30, 2019segment
Accounting Policies [Abstract]
Number of reportable segments	1

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Reclassifications and Recent Accounting Pronouncements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tenant reimbursements(1) (presentation prior to January 1, 2019)	$ 1,179,907	$ 1,015,103	$ 2,251,858	$ 1,933,727
Operating lease right-of-use asset, net	139,603		139,603		$ 0
Operating lease liabilities, net	125,891		125,891
Rental income	27,152,676	33,041,905	58,091,517	67,578,207
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Rental income (presentation prior to January 1, 2019)		30,062,993		61,240,920
Tenant reimbursements(1) (presentation prior to January 1, 2019)		2,978,912		6,337,287
Rental income (presentation effective January 1, 2019)		$ 33,041,905		$ 67,578,207
Operating lease right-of-use asset, net	94,742		94,742
Operating lease liabilities, net	87,862		87,862
Variable lease income	$ 2,497,111		$ 5,308,623

Real Estate - Narrative (Detail

Real Estate - Narrative (Details)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)apartmentproperty	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)apartmentpropertycustomer	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)customer
Real Estate Properties [Line Items]
Contract purchase price				$ 863,186,219
Average percentage of real estate portfolio occupied		95.10%				94.30%
Average monthly collected rent		$ 1,110				$ 1,068
Depreciation and amortization	$ 8,458,798		$ 11,311,894	$ 17,440,777	$ 22,202,690
Tenant [Member] | Customer Concentration Risk [Member]
Real Estate Properties [Line Items]
Number of tenant representing over 10% of Company's annualized base rent | customer				0		0
Accounts Payable and Accrued Liabilities [Member]
Real Estate Properties [Line Items]
Security deposit liability	2,242,812			$ 2,242,812		$ 2,868,600
Building and Improvements [Member]
Real Estate Properties [Line Items]
Depreciation	8,457,713		10,989,153	17,425,950	21,841,657
Real Estate Investment [Member]
Real Estate Properties [Line Items]
Amortization of Intangible Assets			0
Other Intangible Assets [Member]
Real Estate Properties [Line Items]
Amortization of Intangible Assets	$ 0		$ 38,292	$ 12,764	$ 76,584
Residential Real Estate [Member]
Real Estate Properties [Line Items]
Number of multifamily real estate properties owned | property	27			27
Units (apartment homes) | apartment	7,527			7,527
Percentage leased	96.90%			96.90%
Operating leases, revenue, percentage (more than 99% for residential tenants, less than 1% for commercial office tenants)			99.00%	99.00%	99.00%
Residential Real Estate [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Operating lease term				12 months
Commercial Real Estate [Member]
Real Estate Properties [Line Items]
Operating leases, revenue, percentage (more than 99% for residential tenants, less than 1% for commercial office tenants)			1.00%	1.00%	1.00%

Real Estate - Schedule of Accum

Real Estate - Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	$ 890,121,653	$ 885,537,403
Less: Accumulated depreciation and amortization	(182,018,205)	(165,112,070)
Net investments in real estate and related lease intangibles	708,103,448	720,425,333
Land [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	90,153,980	90,153,980
Less: Accumulated depreciation and amortization	0	0
Net investments in real estate and related lease intangibles	90,153,980	90,153,980
Building and Improvements [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	799,967,673	795,383,423
Less: Accumulated depreciation and amortization	(182,018,205)	(165,112,070)
Net investments in real estate and related lease intangibles	617,949,468	630,271,353
Real Estate Investment [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	890,121,653	885,537,403
Less: Accumulated depreciation and amortization	(182,018,205)	(165,112,070)
Net investments in real estate and related lease intangibles	708,103,448	720,425,333
Real Estate Investment [Member] | Real Estate Held for Sale [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	0	165,346,251
Less: Accumulated depreciation and amortization	0	(38,881,747)
Net investments in real estate and related lease intangibles	$ 0	$ 126,464,504

Real Estate - Joint Venture Arr

Real Estate - Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. (Details)	Jan. 31, 2018apartment_community	Nov. 15, 2017USD ($)apartment_community	Nov. 10, 2017apartment_community	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jul. 03, 2013USD ($)	May 16, 2014USD ($)
Real Estate [Line Items]
Payments to acquire real estate				$ 5,139,455	$ 3,955,226
Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member]
Real Estate [Line Items]
Gain (Loss) on disposition		$ 38,523,427
Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member] | First Closing Properties [Member]
Real Estate [Line Items]
Payments to acquire real estate							$ 318,576,792
Proceeds from sale of real estate		335,430,000
Gain (Loss) on disposition		76,135,530
Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member] | Second Closing Properties [Member]
Real Estate [Line Items]
Payments to acquire real estate						$ 117,240,032
Proceeds from sale of real estate		$ 125,370,000
Ownership percent divested	90.00%
Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member] | SIR Land Holdings, LLC [Member]
Real Estate [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 [Line Items]
Ownership percentage			90.00%

Real Estate - Property Disposit

Real Estate - Property Dispositions (Details)	May 15, 2019USD ($)	May 14, 2019USD ($)	Apr. 26, 2019USD ($)	Mar. 22, 2019USD ($)	Mar. 08, 2019USD ($)	Aug. 15, 2013USD ($)apartment	Jul. 03, 2013USD ($)apartment	Jun. 29, 2012USD ($)apartment	Mar. 24, 2012USD ($)apartment	Dec. 22, 2011USD ($)apartment	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Aug. 27, 2013USD ($)apartment
Revenues:
Rental income											$ 27,152,676		$ 33,041,905	$ 58,091,517	$ 67,578,207
Other income											1,179,907		1,015,103	2,251,858	1,933,727
Total revenues											28,332,583		34,057,008	60,343,375	69,511,934
Expenses:
Operating, maintenance and management											6,771,405		9,059,224	14,848,950	18,478,862
Real estate taxes and insurance											3,790,757		6,809,156	9,344,570	12,672,478
Fees to affiliates											3,428,581		3,809,224	7,149,211	7,741,290
Depreciation and amortization											8,458,798		11,311,894	17,440,777	22,202,690
Interest expense											6,542,401		8,017,417	14,461,190	15,911,669
Loss on debt extinguishment											2,019,546		271,790	2,834,378	2,282,246
General and administrative expenses											1,691,410		1,570,715	3,118,092	3,340,732
Total expenses											32,702,898		40,849,420	69,197,168	82,629,967
Discontinued Operations, Disposed of by Sale [Member]
Revenues:
Rental income											1,023,417	$ 6,436,219	9,589,845		22,099,273
Other income											5,175	193,397	232,350		381,986
Total revenues											1,028,592		9,822,195	$ 6,629,616	22,481,259
Expenses:
Operating, maintenance and management											574,144	2,573,007	3,044,633		6,851,154
Real estate taxes and insurance											(315,328)	462,657	1,777,210		3,644,857
Fees to affiliates											59,866	299,464	363,346		838,432
Depreciation and amortization											0	531,447	2,970,065		6,203,946
Interest expense											211,448	954,160	1,827,904		4,320,468
Loss on debt extinguishment											981,701	1,796,532	825		2,011,282
General and administrative expenses											12,604	38,587	69,259		143,261
Total expenses											$ 1,524,435	$ 6,655,854	$ 10,053,242		$ 24,013,400
Dawntree Apartments [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Units (apartment homes) | apartment						400
Purchase price						$ 24,000,000
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]
Sales price					$ 46,200,000
Gain on sale					24,141,403
Agreement to defease the outstanding notes payable amount					14,201,657
Defease payment					903,564
Dawntree Apartments [Member] | Discontinued Operations, Disposed of by Sale [Member] | Loss on Early Extinguishment of Debt [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss associated with defeasance					$ 811,084
Estancia Apartments [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Units (apartment homes) | apartment								294
Purchase price								$ 27,900,000
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]
Sales price				$ 30,683,000
Gain on sale				6,892,244
Sonoma Grande Apartments [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Units (apartment homes) | apartment									336
Purchase price									$ 32,200,000
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]
Sales price				35,067,000
Gain on sale				$ 9,367,938
EBT Lofts, Library Lofts East and Stuart Hall Lofts [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Units (apartment homes) | apartment																335
Purchase price																$ 38,175,000
EBT Lofts, Library Lofts East and Stuart Hall Lofts [Member] | Discontinued Operations, Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price			$ 50,685,000
Gain on sale			19,120,514
Agreement to defease the outstanding notes payable amount			8,120,272
Defease payment			95,417
EBT Lofts, Library Lofts East and Stuart Hall Lofts [Member] | Discontinued Operations, Disposed of by Sale [Member] | Loss on Early Extinguishment of Debt [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss associated with defeasance			$ 160,080
Waterford on the Meadow [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Units (apartment homes) | apartment							350
Purchase price							$ 23,100,000
Waterford on the Meadow [Member] | Discontinued Operations, Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price		$ 42,000,000
Gain on sale		20,315,545
Agreement to defease the outstanding notes payable amount		12,484,478
Defease payment		449,231
Waterford on the Meadow [Member] | Discontinued Operations, Disposed of by Sale [Member] | Loss on Early Extinguishment of Debt [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss associated with defeasance		$ (517,294)
Truman Farm Villas [Member] | Discontinued Operations, Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Units (apartment homes) | apartment										200
Purchase price										$ 9,100,000
Sales price	$ 14,650,000
Gain on sale	$ 7,051,452

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Venture - Narrative (Details) - USD ($)	Nov. 10, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Cash distribution from unconsolidated joint venture		$ 109,400	$ 263,500	$ 309,400	$ 530,100
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		13,869,450		13,869,450		$ 14,085,399
Outside difference		7,640,166		7,640,166		$ 7,640,166
Amortization of the basis difference		$ 60,294	$ 216,042	$ 120,588	$ 474,298
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 (Details)

Other Assets (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 480,461		$ 480,461		$ 1,866,024
Interest rate cap agreements	3,381		3,381		117,678
Deposits	523,108		523,108		714,736
Operating lease right-of-use assets, net	139,603		139,603		0
Other assets	1,146,553		1,146,553		$ 2,698,438
Amortization of operating lease initial direct costs	$ 1,085	$ 0	$ 2,063	$ 0

Investment in Unconsolidated _4

Investment in Unconsolidated Joint Venture - Schedule of Financial Information of Joint Venture (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Company's Proportional Share:
Equity in loss of unconsolidated joint venture	$ (210,642)	$ (1,173,099)	$ (199,149)	$ (2,814,504)
BREIT Steadfast MF JV LP [Member]
Assets:
Real estate assets, net	492,595,078		492,595,078		$ 493,776,142
Other assets	20,827,496		20,827,496		24,091,229
Total assets	513,422,574		513,422,574		517,867,371
Liabilities and equity:
Notes payable, net	340,447,375		340,447,375		340,840,505
Other liabilities	18,403,624		18,403,624		21,501,680
Company’s capital	15,457,152		15,457,152		15,552,513
Other partner’s capital	139,114,423		139,114,423		139,972,673
Total liabilities and equity	513,422,574		513,422,574		$ 517,867,371
Income Statement:
Revenues	15,789,247	15,542,460	32,453,829	29,212,188
Expenses	17,292,724	25,113,025	33,239,439	52,614,244
Net loss	(1,503,477)	(9,570,565)	(785,610)	(23,402,056)
Company's Proportional Share:
Company’s proportional net loss	(150,348)	(957,057)	(78,561)	(2,340,206)
Amortization of outside basis	(60,294)	(216,042)	(120,588)	(474,298)
Equity in loss of unconsolidated joint venture	$ (210,642)	$ (1,173,099)	$ (199,149)	$ (2,814,504)

Debt - Summary of Notes Payable

Debt - Summary of Notes Payable Secured by Real Property (Details)	6 Months Ended
	Jun. 30, 2019USD ($)instrument	Jun. 30, 2018	Dec. 31, 2018USD ($)instrument
Debt Instrument [Line Items]
Principal Outstanding	$ 480,842,343		$ 566,900,461
Total notes payable, net	$ 490,768,753		$ 693,501,574
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	20		30
Weighted Average Interest Rate	4.16%		4.27%
Principal Outstanding	$ 483,770,933		$ 644,770,289
Premium/discount, net	0		302,530
Deferred financing costs, net	(2,928,590)		(3,934,705)
Total notes payable, net	$ 480,842,343		$ 641,138,114
Notes Payable to Banks [Member] | Mortgage Notes Payable - Fixed [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	14		20
Weighted Average Interest Rate	3.90%		3.95%
Principal Outstanding	$ 280,421,166		$ 361,723,899
Notes Payable to Banks [Member] | Mortgage Notes Payable - Fixed [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest Rate Range	3.19%		3.19%
Notes Payable to Banks [Member] | Mortgage Notes Payable - Fixed [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest Rate Range	4.63%		5.48%
Notes Payable to Banks [Member] | Mortgage Notes Payable - Variable [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	6		10
Weighted Average Interest Rate	4.51%		4.69%
Principal Outstanding	$ 203,349,767		$ 283,046,390
Notes Payable to Banks [Member] | Mortgage Notes Payable - Variable [Member] | LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Variable Rate	1.65%	1.65%
Notes Payable to Banks [Member] | Mortgage Notes Payable - Variable [Member] | LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Variable Rate	2.65%	2.65%

Debt - Summary of Debt Premiums

Debt - Summary of Debt Premiums and Discounts (Details) - Notes Payable to Banks [Member] - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Accumulated amortization, debt premiums	$ 0	$ (960,519)
Accumulated amortization, debt issuance costs	$ (2,114,194)	$ (2,929,134)

Debt - Narrative (Details)

Debt - Narrative (Details)	Jul. 29, 2016USD ($)subsidiary	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Interest expense		$ 6,542,401	$ 8,017,417	$ 14,461,190	$ 15,911,669
Amortization of deferred financing costs		191,172	256,743	599,287	536,980
Amortization Of Financing Costs, Including Cash				599,287	536,980
Amortization of debt premium (discount)				48,562	174,140
Unrealized gain (loss) on derivatives				161,297	(85,307)
Accounts Payable and Accrued Liabilities [Member]
Debt Instrument [Line Items]
Interest payable		1,717,530		1,717,530		$ 2,520,324
Interest Rate Cap [Member]
Debt Instrument [Line Items]
Unrealized gain (loss) on derivatives		61,418	41,953	161,297	(85,307)
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Number of subsidiaries | subsidiary	9
Amortization of debt premium (discount)		$ (4,204)	$ 48,326	$ (48,562)	$ 174,140
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Credit agreement limit	$ 350,000,000
Variable rate	0.05%
Minimum [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Variable rate	1.73%
Maximum [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Variable rate	1.93%

Debt - Summary of Revolving Cre

Debt - Summary of Revolving Credit Facility (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Credit facility advances	$ 493,770,933
Total notes payable, net	490,768,753	$ 693,501,574
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility advances	10,000,000	52,656,750
Deferred financing costs, net on Credit Facility	(73,590)	(293,290)
Total notes payable, net	9,926,410	52,363,460
Accumulated amortization related to deferred financing cost	(513,949)	(294,250)
Carrington Place [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility advances	5,229,244	27,535,500
Carrington at Champion Forest [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility advances	$ 4,770,756	$ 25,121,250

Debt - Summary of Aggregate Mat

Debt - Summary of Aggregate Maturities (Details)	Jun. 30, 2019USD ($)
Debt Disclosure [Abstract]
Total	$ 493,770,933
Remainder of 2019	2,299,670
2020	17,649,343
2021	15,555,211
2022	30,426,146
2023	153,218,901
Thereafter	$ 274,621,662

Stockholders' Equity - General

Stockholders' Equity - General (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2009	Jun. 30, 2019	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]
Issuance of common stock (in shares)	1,000	1,000

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details)	Jun. 12, 2009shares	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)vote / sharesinstallments	Jun. 30, 2018USD ($)	Dec. 31, 2009USD ($)shares	Jun. 30, 2019USD ($)shares
Class of Stock [Line Items]
Number of votes per share | vote / shares				1
Equity in loss from unconsolidated joint venture				$ (199,149)	$ (2,814,504)
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	$ 30,888	34,590
Restricted Stock [Member]
Class of Stock [Line Items]
Restricted common stock, weighted average remaining vesting terms				1 year 1 month 9 days
Compensation expense related to nonvested shares		65,083		$ 65,083			65,083
Restricted Stock [Member] | General and Administrative Expense [Member]
Class of Stock [Line Items]
Share-based compensation		$ 15,444	$ 17,295	$ 30,888	$ 34,590
Director [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Restricted common stock, vesting installments | installments				4
Private Offering and Public Offering [Member]
Class of Stock [Line Items]
Commissions on sales of common stock and related dealer manager fees to affiliates							$ 95,845,468
Common Stock [Member] | Steadfast REIT Investments, LLC [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares	22,223					22,223
Equity in loss from unconsolidated joint venture						$ 200,007
Common Stock [Member] | Private Offering and Public Offering [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares							76,732,395
Total offering proceeds							$ 679,572,220

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Restricted Stock Issued to Independent Directors as Compensation (Details) - Restricted Stock [Member] - $ / shares	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	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 period (in shares)	11,250	11,875	11,875
Granted shares (in shares)	0		7,500
Vested shares (in shares)	0		(8,125)
Nonvested shares at the end of the period (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 - Converti

Stockholders' Equity - Convertible Stock (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2019	Jun. 30, 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]
Issuance of common stock (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%
Conversion basis, multiplier		0.001
Convertible common stock, redemption amount		$ 1

Stockholders' Equity - Preferre

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

Stockholders' Equity - Distribution Reinvestment Plan (Details) - USD ($)	Jun. 30, 2019	May 20, 2018	Sep. 10, 2012	Jul. 23, 2009
Class of Stock [Line Items]
Share price (in dollars per share)		$ 8.74
Distribution Reinvestment Plan [Member]
Class of Stock [Line Items]
Share price (in dollars per share)			$ 9.73	$ 9.5
Sales commissions or dealer manager fees payable on shares sold under the plan	$ 0

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Program and Redeemable Common Stock (Details) - USD ($)	May 20, 2018	Jul. 01, 2015	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Mar. 31, 2018
Class of Stock [Line Items]
Stock repurchase plan, percentage of weighted-average number of shares outstanding, limit on repurchase	93.00%
Share price (in dollars per share)	$ 8.74
Estimated share price (in dollars per share)	$ 9.40
Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share)			$ 9.24	$ 10.24	$ 9.24	$ 10.24		$ 10.24
Share Repurchase Program [Member]
Class of Stock [Line Items]
Number of days notice					30 days
Share Repurchase Program [Member] | Common Stock [Member]
Class of Stock [Line Items]
Number of shares that can be repurchased before the first anniversary of date of purchase			0		0
Share repurchase plan, disability or death holding period exemption period, maximum					2 years
Required holding period to be eligible to redeem shares under share repurchase plan					1 year
Stock repurchase plan, minimum redemption notice period					15 days
Stock repurchase plan, settlement period					30 days
Business days					3 days
Repurchase of common stock (in shares)			223,595	218,011	443,291	399,415
Stock repurchase plan, stock redeemed, value			$ 2,000,000	$ 2,000,000	$ 4,000,000	$ 4,000,000
Stock requested for redemption (in shares)			1,052,789	955,293	1,983,629	1,571,654
Stock requested for redemption, value			$ 9,252,075	$ 8,270,898	$ 17,431,742	$ 13,863,033
Stock requested for redemption, outstanding (in shares)			6,161,920		6,161,920		4,272,959
Stock repurchase plan, percentage of weighted-average number of shares outstanding, limit on repurchase					5.00%
Shares requested for redemption			$ 53,905,878		$ 53,905,878		$ 39,527,939
Share Repurchase Program [Member] | Common Stock [Member] | Accounts Payable and Accrued Liabilities [Member]
Class of Stock [Line Items]
Shares requested for redemption			$ 2,000,000		$ 2,000,000
Maximum [Member] | Share Repurchase Program [Member]
Class of Stock [Line Items]
Maximum value of shares allowed to be repurchase per quarter		$ 2,000,000

Stockholders' Equity - Schedu_2

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

Stockholders' Equity - Distri_2

Stockholders' Equity - Distributions Declared (Details) - USD ($)	Apr. 20, 2018	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	May 20, 2018
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)		$ 0.001519			$ 0.001964	$ 0.001683
Share price (in dollars per share)									$ 8.74
Distributions declared per common share (in dollars per share)			$ 0.275	$ 1.153		$ 0.138	$ 1.33
Dividends declared		$ 10,266,544		$ 86,819,112		$ 20,453,201	$ 100,139,682
Distributions payable		$ 3,381,662				$ 3,381,662		$ 3,515,310
Common Stock [Member]
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)				$ 0.001683	$ 0.001964	$ 0.001519
Common stock, distribution rate, percentage				6.00%	7.00%	6.00%
Share price (in dollars per share)		$ 9.24		$ 10.24	$ 10.24	$ 9.24	$ 10.24
Dividends declared		$ 10,266,544		$ 86,819,112		$ 20,453,201	$ 100,139,682
Distributions payable		$ 3,381,662				$ 3,381,662		$ 3,515,310
Dividend Paid [Member]
Class of Stock [Line Items]
Distributions declared per common share (in dollars per share)	$ 1
Distributions paid, common stock, including distribution reinvestment plan	$ 75,298,163

Stockholders' Equity - Distri_3

Stockholders' Equity - Distributions Paid (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Class of Stock [Line Items]
Payments of ordinary dividends, common stock	$ 10,390,783	$ 87,612,706	$ 20,586,849	$ 100,944,127

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Due to Related Parties	$ (1,377,577)		$ (1,377,577)		$ (4,985,918)
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	8,667,921	$ 8,472,446	17,946,382	$ 20,488,783
Due to Related Parties	(1,377,577)		(1,377,577)		(4,791,863)
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Investment Management Fees [Member]
Related Party Transaction [Line Items]
Due to Related Parties	(354,017)		(354,017)		(1,640,485)
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Acquisition Expenses [Member]
Related Party Transaction [Line Items]
Due to Related Parties	0		0		(211,188)
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Due to Related Parties	(289,946)		(289,946)		(334,577)
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Property Management Reimbursement of Onsite Personnel [Member]
Related Party Transaction [Line Items]
Due to Related Parties	(483,859)		(483,859)		(589,551)
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Property Management Other Fees [Member]
Related Party Transaction [Line Items]
Due to Related Parties	(73,487)		(73,487)		(39,349)
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Property Management, Other Fees, Property Operations [Member]
Related Party Transaction [Line Items]
Due to Related Parties	0		0		0
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Property Management Other Fees G&A [Member]
Related Party Transaction [Line Items]
Due to Related Parties	0		0		0
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Due to Related Parties	(171,758)		(171,758)		(115,212)
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Disposition Fees [Member]
Related Party Transaction [Line Items]
Due to Related Parties	0		0		(2,052,750)
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Disposition Transaction Costs [Member]
Related Party Transaction [Line Items]
Due to Related Parties	0		0		0
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Loan coordination fee [Member]
Related Party Transaction [Line Items]
Due to Related Parties	0		0		0
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Prepaid insurance [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	450,215	314,077	850,583	628,181
Due to Related Parties	0		0		(119,055)
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Insurance Proceeds [Member]
Related Party Transaction [Line Items]
Due to Related Parties	0		0		(75,000)
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Rental Revenue [Member]
Related Party Transaction [Line Items]
Due to Related Parties	0		0		0
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Construction Management Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	135,922	59,328	155,402	65,473
Due to Related Parties	(3,224)		(3,224)		(2,608)
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Construction Management Reimbursement of Labor Costs [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	30,635	19,087	54,217	35,437
Due to Related Parties	(1,286)		(1,286)		(198)
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Capital Expenditures [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	11,178	0	38,180
Due to Related Parties	0		0		0
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and 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	0	0	58,386
Due to Related Parties	0		0		0
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Capitalized Acquisition Expenses [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	235,847	0	245,048
Due to Related Parties	0		0		0
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Acquisition Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	705,722	0	705,722
Due to Related Parties	0		0		$ 0
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Fees to Affiliates [Member] | Investment Management Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	2,027,504	2,343,430	4,303,703	4,766,441
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Fees to Affiliates [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	817,754	978,620	1,725,825	2,003,352
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Fees to Affiliates [Member] | Property Management Other Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	583,323	286,264	1,119,683	609,337
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Fees to Affiliates [Member] | Property Management, Other Fees, Property Operations [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	19,918	18,414	38,603	42,393
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Fees to Affiliates [Member] | Property Management Other Fees G&A [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	15,504	13,438	56,649	34,726
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Fees to Affiliates [Member] | Disposition Transaction Costs [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	27,183	0	39,483	67,464
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Acquisition expenses [Member] | Acquisition Expenses [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	25,438	0	223,317
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Operating, Maintenance and Management [Member] | Property Management Reimbursement of Onsite Personnel [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	2,527,546	2,969,457	5,462,565	6,086,367
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | General and Administrative Expense [Member] | Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	418,600	291,236	846,602	675,749
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | General and Administrative Expense [Member] | Loan coordination fee [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	200,910	0	362,160
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | General and Administrative Expense [Member] | Insurance Proceeds [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	0	0	0
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | General and Administrative Expense [Member] | Rental Revenue [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	3,792	0	3,792	0
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC and Affiliates [Member] | Sales of Real Estate [Member] | Disposition Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 1,610,025	$ 0	$ 3,289,275	$ 3,841,050

Related Party Arrangements - In

Related Party Arrangements - Investment Management Fee (Details)	6 Months Ended
	Jun. 30, 2019
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Investment Management Fees [Member]
Related Party Transaction [Line Items]
Investment management monthly fee, percentage of real properties or related assets acquired	0.06667%

Related Party Arrangements - Ac

Related Party Arrangements - Acquisition Fees and Expenses (Details) - Steadfast Income Advisor, LLC [Member] - Steadfast Income Advisor, LLC [Member] - Acquisition Fees and Expenses [Member]	6 Months Ended
	Jun. 30, 2019
Related Party Transaction [Line Items]
Acquisition fee, percentage of purchase price of real property or related asset	2.00%
Acquisition fees and expenses, maximum, percentage of contract purchase price	6.00%

Related Party Arrangements - Pr

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

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

Related Party Arrangements - Other Operating Expense Reimbursements (Details) - Steadfast Income Advisor, LLC [Member] - Steadfast Income Advisor, LLC [Member] - Other Operating Expense Reimbursement [Member]	6 Months Ended
	Jun. 30, 2019quarter
Related Party Transaction [Line Items]
Operating expenses limited, number of quarters	4
Other operating expense reimbursement, percentage of average invested assets, threshold	2.00%
Other operating expense reimbursement, percentage of net income, threshold	25.00%
Average invested assets calculation period	12 months

Related Party Arrangements - Di

Related Party Arrangements - Disposition Fee (Details) - $ / shares	6 Months Ended
	Jun. 30, 2019	May 20, 2018
Related Party Transaction [Line Items]
Share price (in dollars per share)		$ 8.74
Disposition Fees [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.50%
Disposition fee, maximum brokerage commission paid threshold, percent	50.00%
Disposition fee, maximum, percentage of sales price	3.00%
Acquisition fees and expenses, maximum, percentage of contract purchase price	6.00%
Disposition Fees Range 1 [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [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] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	0.75%
Disposition Fees Range 2 [Member] | Steadfast Income Advisor, LLC [Member] | Minimum [Member] | Steadfast Income Advisor, LLC [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 9.01
Disposition Fees Range 2 [Member] | Steadfast Income Advisor, LLC [Member] | Maximum [Member] | Steadfast Income Advisor, LLC [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 10.24
Disposition Fees Range 3 [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.00%
Disposition Fees Range 3 [Member] | Steadfast Income Advisor, LLC [Member] | Minimum [Member] | Steadfast Income Advisor, LLC [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 10.25
Disposition Fees Range 3 [Member] | Steadfast Income Advisor, LLC [Member] | Maximum [Member] | Steadfast Income Advisor, LLC [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 11.24
Disposition Fees Range 4 [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.25%
Disposition Fees Range 4 [Member] | Steadfast Income Advisor, LLC [Member] | Minimum [Member] | Steadfast Income Advisor, LLC [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 11.25
Disposition Fees Range 4 [Member] | Steadfast Income Advisor, LLC [Member] | Maximum [Member] | Steadfast Income Advisor, LLC [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 12
Disposition Fees Range 5 [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.50%
Share price (in dollars per share)	$ 12.01
Other Operating Expenses [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member]
Related Party Transaction [Line Items]
Other operating expense reimbursement, percentage of average invested assets, threshold	2.00%
Other operating expense reimbursement, percentage of net income, threshold	25.00%

Related Party Arrangements - Lo

Related Party Arrangements - Loan Coordination Fee (Details)	6 Months Ended
	Jun. 30, 2019
Steadfast Income Advisor, LLC and Affiliates [Member] | Steadfast Income Advisor, LLC [Member] | General and Administrative Expense [Member] | Loan coordination fee [Member]
Related Party Transaction [Line Items]
Loan coordination fee, percentage	0.50%

Incentive Award Plan and Inde_2

Incentive Award Plan and Independent Director Compensation (Details) - USD ($)	Aug. 09, 2018	Aug. 10, 2015	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation			$ 15,444	$ 17,295	$ 30,888	$ 34,590
Private Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock					$ 2,000,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)					0		7,500
Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock vesting percentage					25.00%
Restricted common stock, award vesting period					3 years
Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	2,500	2,500
Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	2,500	2,500
Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	2,500	2,500
Initial Election [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)					5,000
Re-Election [Member] | Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)					2,500

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Interest Rate Derivative Instruments (Details) - Interest Rate Cap [Member] - Cash Flow Hedging [Member] - Not Designated as Hedging Instrument [Member]	Jun. 30, 2019USD ($)instrument	Dec. 31, 2018USD ($)instrument
Derivative [Line Items]
Number of Instruments | instrument	6	10
Notional Amount	$ 203,266,995	$ 283,654,000
Weighted Average Rate Cap	3.49%	2.81%
Fair Value	$ 3,381	$ 117,678
LIBOR [Member]
Derivative [Line Items]
Variable Rate	2.40%	2.52%

Derivative Financial Instrume_4

Derivative Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Derivative [Line Items]
Unrealized (loss) gain on derivatives			$ (161,297)	$ 85,307
Interest Rate Cap [Member]
Derivative [Line Items]
Unrealized (loss) gain on derivatives	$ (61,418)	$ (41,953)	(161,297)	85,307
Acquired interest rate cap agreements			47,000	$ 203,300
Deferred Financing Costs and Other Assets, Net [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Fair value of interest rate cap agreements	3,381		3,381		$ 117,678
Interest Expense [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Unrealized (loss) gain on derivatives	$ (61,418)		$ (161,297)

Subsequent Events - Distributio

Subsequent Events - Distributions Paid (Details) - Dividend Paid [Member] - USD ($)	Aug. 01, 2019	Jul. 01, 2019	Apr. 20, 2018
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan			$ 75,298,163
Subsequent Event [Member]
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan	$ 3,494,044	$ 3,381,662

Subsequent Events - Shares Repu

Subsequent Events - Shares Repurchased (Details) - Share Repurchase Program [Member] - Common Stock [Member] - USD ($)	Jul. 31, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Subsequent Event [Line Items]
Repurchase of common stock (in shares)		223,595	218,011	443,291	399,415
Stock repurchase plan, stock redeemed, value		$ 2,000,000	$ 2,000,000	$ 4,000,000	$ 4,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Repurchase of common stock (in shares)	222,982
Stock repurchase plan, stock redeemed, value	$ 2,000,000
Redemption price per share (in dollars per share)	$ 8.97

Subsequent Events - Distribut_2

Subsequent Events - Distributions Declared (Details) - $ / shares	Aug. 07, 2019	Jun. 30, 2019	Mar. 31, 2018	Jun. 30, 2019
Subsequent Event [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)		$ 0.001519	$ 0.001964	$ 0.001683
Subsequent Event [Member]
Subsequent Event [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.001519

Subsequent Events - Repayment o

Subsequent Events - Repayment of Debt (Details)	Jul. 29, 2019USD ($)
Subsequent Event [Member] | Line of Credit [Member] | PNC Bank Credit facility [Member]
Subsequent Event [Line Items]
Repayments of debt	$ 10,000,000

Subsequent Events - Mergers (De

Subsequent Events - Mergers (Details)	Aug. 05, 2019USD ($)propertyStates$ / sharesshares	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Subsequent Event [Line Items]
Average effective rent		$ 1,110	$ 1,068
Forecast [Member] | STAR [Member]
Subsequent Event [Line Items]
Number of real estate properties | property	71
Number of states with real estate rental properties | States	14
Average effective rent	$ 1,158
Percentage leased	94.00%
Properties average age	20 years
Gross rental real estate assets	$ 3,300,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Maximum value of shares allowed to be repurchase per quarter	$ 2,000,000
Subsequent Event [Member] | SIR Merger Sub Agreement [Member]
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Subsequent Event [Member] | SIR Merger Sub Agreement [Member] | STAR [Member]
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Entity shares issued per acquiree share | shares	0.5934
Within the SIR Go Shop Period End Time, termination fee	$ 8,694,218
Termination period occurs after the SIR Go Shop Period End Time (no later than)	7 days
End of negotiations period within SIR Go Shop Period End Time	5 years
After the SIR Go Shop Period End Time, termination fee	$ 20,866,122
Expense reimbursement termination fee (up to)	$ 2,000,000